Without doubt entrepreneurship is viewed as a stronghold for enhancing economic growth, development and employment opportunities in a nation. It is an activity in which entrepreneur of various kinds start one's own business, improve on the business and makes profit from such business which could help in economic development and socioeconomic transformation.
Entrepreneurship is a way of life. It is the management and leadership style that involves pursuing opportunities without regard to resources currently controlled. It is a risk-bearing factor with the ability to create, innovate, improve and make profit from the business.
Entrepreneur on the other hand, is a person who involves in entrepreneurship. It is someone who undertakes the start of a new business in other to make money while knowing and ready to bear the risk of the new business. He is an innovator who uses opportunity into profitable ideas by adding value through time, effort, money and skills.
A business owner or potential business owner must have certain attributes, behavior and characteristics in other to see the business successful.
Some of these attributes includes,
1) Creativity: The entrepreneur should be able to think out of the box. They should be able to use their imagination to produce new ideas which yield profitability and growth of the business.
2) Taking Initiative: The entrepreneur should have the ability to plan, make decisions and take control of the business. They should have the mindset to make plans and decision in the business that would enhance growth.
3) Idea generation: The entrepreneur should generate ideas that would yield positive innovation and profit. They should see and seize opportunities in the ideas generated.
4) Overcoming Obstacles: This is an important trait in entrepreneurship. The entrepreneur should be able to make way from a challenge or potential challenge despite resources. They should have the creativity, mindset and idea generation skill in overcoming obstacles.
5) Bearing risk: In a successful new business, the entrepreneur should know and acknowledge risk in other to overcome them. The risk would be in profit or loss which could come from uncertainty in the decisions made.
Other attributes include,
6) Patience
7) Getting the job done
8) Opportunity perception
9) Having energy and positive reaction to set back.
10) Goal oriented amongst others.
In spite of the various attributes an entrepreneur is likely to have, they should be aware of various factors, barriers and obstacles which they might face in the cause of their desired goal.
These barriers includes,
1) Some socio-cultural factors like belief, religion, behavior etc limits entrepreneurship.
2) Gender based factors like in some countries where female entrepreneur are often underestimated and overlooked.
3) Country law not encouraging and supporting entrepreneur for their efforts.
4) High cost of doing business
5) Lack of adequate infrastructure like electricity, road, schools etc.
6) Getting capital to start a new business because of the countries political and economic instability.
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