A word that has been associated in many fields and is defined and had been defined in variety of people in many ways.
Well, the word itself was of French origin which evolved into meanings that pertain to people who take the risks, founders of businesses and or someone who is accountable in case of failure or success in a business venture.
Being a person who founded a new enterprise, it is also understood that entrepreneurs take the largest part when it comes to risks inherent to businesses. After all, they are normally the owners of the company or the business unit.
The common perception with entrepreneurs is that they are the establishers of new entities that aim to offer innovative or existing services or products in the market. The talk of profit or non-profit issues also vary, depending on the type of business management being referred to.
They are of course, one of the main components of the capitalistic world. They take the largest loses or gains since they are the manipulators of the funds. Central to this is the belief of opportunities in a specific area that require the filling of the demands. They are like the providers for the needs and thus, they take the gain in exchange for the provision. They are basically service- or product-oriented who device means to create the fillers for the two said demands. The main focus of their acts is towards the gain of profit.
There are many types of typical entrepreneurs. And because of this evolution from the simple merchants to the more sophisticated corporate men, entrepreneurship has also matured in ways unimaginable when men first thought of selling their own produce.
§ The risk bearers
Risks are incalculable and rather undefined. They come as problems arise and they develop as more problems sprout. There are no specific ways by which risks come out. They just do and they seem to be the eternal parts of any business ventures. Entrepreneurs are not only risk bearers, they also take all the disadvantages of uncertainties.
While both may appeal the same, it is an undeniable fact that they may offer different horizons for individual business people.
Risks can be subjected to insurance principles. Meaning, there are methods by which their intensity or frequency can be measured. Thus, we can provide options in decreasing one’s susceptibility over risks. However, uncertainties may be considered to be more on the subjective side. Since they can’t be calculated and their very nature can’t be estimated. These two combined, it is easier to assume that entrepreneurs can be characterized both as decision-makers and improvisers. They provide solutions to immediate and long-term demands, which are unachievable, even when business routines are carefully studied.
Entrepreneurs certainly are great risk takers. Without this element of uncertainty, no business could have evolved in ways that lead to the growth of certain industries. There surely are things that must be met with responses that are either detrimental to a business unit or would create changes for its betterment.
§ The organizers
Entrepreneurs are typically the founders. It is only proper that they are equipped with facilities that make leaders lead. Founders are the leaders of the pack, they are the builders. They too are planners and the organizers of schemes for giving birth and growth to a business organization.
They are the planners for maximizing the resources. They combine specific factors like land resources, the capital from a partner, the labor of his employees or the resources that came from him to create products that would meet certain demands.
He will then create organizational tactics to come out with the earnings of his profit after everything is settled.
Being the organizer, it is understood that he also is the leader. Organizers always have the authority to set things in their proper places.
But being a leader is a matter of having a good combination of values and abilities that will support the group. And because we are not all born leaders nor were we all made leaders, too few really achieve successes in business. However, leadership is not at the core of entrepreneurship.
It is the will. The will to start with uncertainty and keep believing that it would in the end, turn out well.