An entrepreneur is a person who creates something new and assumes the risks and rewards associated with that innovation. Let us also consider the following definitions:
F.H. Knight said, “Entrepreneurs are a specialized group of people who bear risks and deal with Uncertainty”.
According to ILO (International Labor organization) – “Entrepreneurs are people who have the ability to see and evaluate business opportunities, gather the necessary resources, take advantages of them and to initiate appropriate action to ensure success”.
Characteristics of an entrepreneur:
An entrepreneur is a person who creates something new and assumes the risks and rewards associated with that innovation. There are some characteristics of an entrepreneur. These are as follows:
Work hard endlessly: Most of the successful entrepreneurs work hard endlessly. This willingness to work hard distinguishes a successful entrepreneur from an unsuccessful one.
An aspiration for high attainment: The entrepreneurs have a strong aspiration to achieve high goals in business. This high achievement motive supports them to do something novel.
Decidedly confident: The successful entrepreneurs are not disturbed by the present problems faced by them. They are always optimistic about the future.
Self-determination: The entrepreneurs do not like to be guided by others and follow their routine. They liked to be independent in the matters of their business.
Prescience: The entrepreneurs have a good prescience about the future environment. They can imagine the likely changes to take place in the market, consumer attitude, technological developments, etc. and take timely actions accordingly.
Excellent coordinator: Factors of production are divorced from each other. The entrepreneurs bring together all resources to produce goods.
Pioneering: The entrepreneurs initiate research and pioneering activities to produce goods to satisfy the customers changing demands for the products. This is why they are always innovative.
So, these are the various characteristics of an entrepreneur.
Finally, we can say that an entrepreneur is a person who takes risks in order to create utility for the welfare of human beings as well as for him/her.