Many people want to be entrepreneurs, yet, only a few manage to do so. They are either scared of the risk factors or believe it’s not a “real” job, thus, not worth pursuing. They don’t understand the role of an entrepreneur.
Entrepreneurs impact the socio-economic development of their country, although there are different factors in developing and developed countries, such as quantity, quality, motivation, etc. This article will present the role of an entrepreneur in business, economic development and society.
What is an Entrepreneur?
Simply put, an entrepreneur is someone who creates a business. They take an idea and turn it into a profitable reality, offering new products and services. It‘s a high-risk, high-reward endeavour. There is the possibility of financial loss, mental and emotional fatigue, a lack of security and no guarantee of success. Entrepreneurs, however, enjoy the impact they make when their dreams become a reality.
Type of Entrepreneurship
While entrepreneurship has some basic principles, there are also different kinds of entrepreneurship depending on the type of business you run.
When an entrepreneur manages their business without the help of investors, it’s a small business. They have no desire to become a larger company and are often satisfied with making enough profit to support their lifestyle. Small local companies fall under that category: restaurants, grocery stores, barber shops, etc.
Scalable start-ups are companies that start with a unique but highly profitable idea. These entrepreneurs aim to expand their business widely as fast as possible. They need many investors and capital to sustain and grow their business.
Large companies have finite life cycles. They introduce new products or services to their market or customise existing ventures to their customers’ demands. This type of company requires constant innovative work.
Social entrepreneurs want to impact the world and make it a better place. Although they profit from their products or services, their main goal is to serve their community. To get more insight on social entrepreneurship, check out this article.
Qualities of an Entrepreneur
It’s a challenge to be a successful entrepreneur, no matter which type of business you create. You need to develop certain qualities to reach your goals.
Passion is what you love doing the most, what brings you joy. It’s the thing you turn to when you’re feeling down. It’s what you never seem tired of doing, no matter the circumstances. You can be passionate about one or many things.
Passion is essential as an entrepreneur. It motivates you, keeps you going, and helps you stay focused. It allows you to rise when you fall and act despite the fear and the obstacles.
When you are passionate about what you do, you just do it.
Creativity is one’s ability to bring new things to life. An entrepreneur creates or improves. They take what they have and produce a new product, a new way of doing things.
The ability to think unconventionally makes this journey fascinating. Creativity ensures growth and business success.
Entrepreneurship is about taking risks, from financial to emotional ones. Their stories show that every successful entrepreneur has taken risks to be where they are today. It requires courage which is why the results are so rewarding.
When you launch a business, you have put time, effort, and financial resources into it. Some of this you may never get back. There is no guarantee you will profit. Are you willing to risk it all for your vision?
To please your market, you must be able to recognise opportunities. Often, they are not yet visible. It might seem like there are no problems or needs in your area, yet, there is always something new that can be discovered and offered.
It’s your responsibility to seek those opportunities and make the most out of them.
Entrepreneurship has ups and downs. It is not a linear course. Staying on track can seem challenging at times. You may feel like giving up or questioning everything you’re pursuing. It is in those times you need to push through.
Persistence means you work even when you don’t see the results yet. You follow plans or change them. Try a new way of doing things. Ask for help, but don’t give up.
“Self-discipline is the ability to do what you should do when you should do it, whether you feel like it or not.” – Brian Tracy.
How often was “I don’t feel like it” the reason you didn’t reach your goals? Stop letting your feelings dictate when and how you should act. It’s good to pay attention to yourself and adjust your work pace to your needs and capacity, but if it prevents you from moving forward, discard it.
Set goals and work to reach them, no matter what.
Role of an Entrepreneur
An entrepreneur gains a lot of advantages from their business. They also contribute immensely to their community. They are a source of development in a business environment, economy, and society.
Role of an Entrepreneur in Business
As someone who creates, an entrepreneur is a source of innovation in their industry. They adapt to changes in the market and come up with exciting products and services. They bring new ideas to life and turn challenges into opportunities.
Entrepreneurs are risk-takers. They dare go after what they want with little to no hesitation. They take charge, assess a situation, and make a decision.
Entrepreneur manages time, resources, and teams for the company’s growth. They are leaders who see to the success of their business.
Role of an Entrepreneur in Economic Development
Entrepreneurship brings financial independence. When you start your business, you seek to make a profit. With suitable tools, you can reach that goal. You gain the freedom to manage your finances how you want and, if you desire, create wealth.
Entrepreneurship is also beneficial on a collective scale. The more companies there are, the more job opportunities there are. Entrepreneurs need people to do the work for business growth. Consequently, more people are making money.
The number of existing businesses in a country contributes to its national income. Entrepreneurs are very competitive. They’re always introducing new products and technologies and seizing every opportunity to expand their business, which in turn leads to more production on a national level.
At the same time, regional development is happening. Businesses of every kind are created all around the country. They directly or indirectly influence the infrastructure and respond to the needs of this particular region, making it self-sufficient.
Role of an Entrepreneur in the Society
Entrepreneurs create businesses that deal with problems in society. They use the challenges people face and provide them with solutions. They see beyond the surface and make offers that improve the lifestyle of individuals.
“Stagnation is death. If you don’t change, you die. It’s that simple. It’s that scary.”- Leonard Sweet.
Entrepreneurs are innovators who challenge the traditions and customs and introduce new ways of thinking and doing.
Successful entrepreneurs encourage and inspire others to create.
The role of an entrepreneur may vary from person to person and business to business, but entrepreneurs are essential to regional and national development. If you want to pursue entrepreneurship as a career path, do it. Its risky nature makes it more rewarding. If you are already on that path, keep going. You play a significant role in the lives around you.