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Who is an entrepreneur? Types, Qualities and functions

Entrepreneurship
Who is an entrepreneur? Types, Qualities and functions

You must have noticed that startups, small businesses, and entrepreneurship are mentioned all over the place these days. And why not, this era is all about creating and inspiring, and starting your own venture with your own idea allows you to encourage it. 

People nowadays are shifting their interest greatly towards opening their business and being an entrepreneur. And this statement can be backed by the report that tells us that the total number of startups has risen in India from 471 in 2016 to 72,993 in 2022.

Saw the difference? That’s what we are talking about.

Startups and small businesses are factors that contribute a great deal to the economic growth of India. Not only that, but it also increases employment opportunities for others. 

Being an entrepreneur is considered cool at present and is the most trending topic among the youth population of India. Even with the rising popularity of the term "Entrepreneur", most people are still confused about what exactly does entrepreneur mean? Who is an entrepreneur? What does an entrepreneur do? 

And if you are among the people who want to be an entrepreneur and still don’t understand what it has for you, then follow through this article to get fundamental and introductory knowledge of entrepreneur and entrepreneurship.

Who is an entrepreneur?

According to Cambridge Dictionary, an entrepreneur is someone who starts their own business, especially when this involves seeing a new opportunity. 

In more simple words, an entrepreneur is an innovative individual who sets up a business or venture to solve a common problem by identifying them. An entrepreneur is also known as a businessman who initiates new ideas, projects, and businesses intending to make a profit from the enterprises. 

What are the qualities of an entrepreneur?

To become a master of any role you must need to have certain characteristics and qualities and it is the same for an entrepreneur too. Here are a few qualities that you must have to become a successful entrepreneur.

  • Innovation- We have mentioned this point before and will remind you of it again as a business owner needs to be innovative. You should be able to generate new ideas, open a firm, and earn profit from it. In this competitive market, you need to be open-minded and bring change in the way a product is launched and operated more effectively.

  • Risk-taker- Every new idea and project has an equal chance of failure and success, and with this scenario, an entrepreneur should be ready to take the risk. And hence you should have the courage to dive into it, evaluate your options, and have the ability to take the risk.

  • Open-minded- When you are entering the business world, you have to be open-minded. You must have the ability to see a certain situation as an opportunity and make use of it for the success of your company. 

  • Flexible- Flexibility is ideal for every situation and an entrepreneur should be flexible too. You should be open to change and alterations when the need arises. It is a very important attribute to accept if you want to be in the market.

Functions of an entrepreneur

  • Goal-oriented- A successful entrepreneur not only believes in setting a goal but thriving and achieving those goals too. They are goal-getters and someone who knows that it is not just words but action that speaks most. Most people know how to set goals, but not all of them know how to act upon them. And that's how you recognize a successful entrepreneur.

  • A leader- Being a leader is the most challenging part of being an entrepreneur. It is given that you cannot make it alone to the top, but it is you who have to pave the way for your employees. A good leader knows how to boost the confidence of their personnel and get towards success along with them.

  • Decision-maker- One wrong decision can change the course of your firm and tells us how important the decision-making process is for an entrepreneur. You must be able to recognize the objective and requirement to the time to make the right decision.

  • Problem solver- An entrepreneur should be able to identify the problem and find a quick solution for the same too. This process is not only applicable for the beginner level but throughout the functioning of the firm. It is important to ensure that there is no setback for future reference.

An entrepreneur is a risk taker who takes responsibility for failure along with success. It is his/her leadership that decides the profit or loss of the respective company. 

A businessman is often seen as someone who brings new products and ideas to the market replacing the old ones. Despite the notion that being an entrepreneur is not limited to opening a startup, it also constitutes small businesses, home businesses, multinationals, etc.

Types of entrepreneurs

1. Small business entrepreneurs

As you can tell from the name itself, small business entrepreneurs are those who open small-scale enterprises like salons, travel agents, grocery stores, electricians, plumbers, nail studios, etc. They run their own business or sometimes take help from a family member or hire some local employees. 

2. Startup entrepreneur

Startup entrepreneurs start their business with the view of changing dynamics of the world. They present out-of-the-box ideas to an investor who provides them funds to open their business if they get impressed by them. Because they have to make their place in this competitive market they generally hire talented and bright employees who will provide some value to the company.

3. Large company entrepreneur

Large company entrepreneurship is the addition of another product in the existing company that revolves around the primary product. The CEO of this company sees a new demand or competition in the market and technology and they plan to expand their existing branch with the help of top to lower level management of their company.

4. Social entrepreneur

Social entrepreneurs start a business for the betterment of society and communities rather than with the aim of earning profit for themselves. Their products and services revolve around social needs and problems. 

Conclusion

Entrepreneurs are the backbone of our country's economy and we as a citizen should understand and appreciate the individuals who are taking initiative and presenting India with their unique ideas. 

To acknowledge this requirement QWEEN has taken an initiative to show its support to the women entrepreneurs by organizing Women Entrepreneurship and Conclave Awards 2022.

Here the women entrepreneur will not only get the chance to be a part of an inspiring environment but also get the opportunity to network with like-minded and already established female entrepreneurs. So what are waiting for register now


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