In today's business environment, the concept of entrepreneurship has gained immense importance as the entrepreneurs have revolutionised the way in businesses carry on their operations to compete effectively. The entrepreneurs are defined as individuals who are willing to create an innovative product or service offering that will fulfil the unmet needs of the people. Most of the researchers such as Baron, Tang and Hmieleski (2011) and Schjoedt (2009) believe that entrepreneurs are different from other ordinary people as they possess certain set of distinctive capabilities that make them look different.
On the other hand, the studies of Amit, Glosten and Muller (2007), Dyer, Gregersen, and Christensen (2008) and Shepherd (2009) revealed that entrepreneurship skills can be developed by learning the key features that are required for running successful ventures in the market. For many years, the researchers have been debating that entrepreneurs are either born or made or can be even combination of both factors. However, majority of the theorists are of the opinion that the entrepreneurs are born with special gifts from God which with the passage of time get polished to assist them in running well-thought and innovative enterprises.
Importance of entrepreneurship
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According to Deakins and Freel (2006), entrepreneurship is a complex process that is an outcome of adequate balancing of the opportunistic initiatives along with rewards and risks. It is a technique used by people who want to purse the opportunities that they believe will make some valuable contribution in the industry and accomplish the wants or needs by undertaking innovations by paying less attention to their controlled resources. For entrepreneurs, the resources are the key ingredient for smooth running of the venture; risk taking is one of the crucial elements that are found in the entrepreneurs.
As the entrepreneurs are planning to go ahead with specific opportunity, they want to be assured that they will have access to the resources required for flourishing the new idea. In addition to the personality traits that are possessed by the entrepreneurs, they have to acquire the mandatory skills to handle the challenges that will be encountered in their path of success (Bregust et al., 2011). It has been said by Cassen, cited by White, Thornhill and Hampson (2007) that an entrepreneur has speciality in taking risk who insures that the people of the venture will employ every effort for its success and the person bears the risk of price fluctuations in the market.
Factors for successful entrepreneurship
There are many factors that set these entrepreneurs apart from other ordinary people and the best examples of successful entrepreneurs are Richard Branson, Bill Gates, Oprah Winfrey, Benjaman Franklin and William Penny (Baron, Tang & Hmielesk, 2011). From the observations of the success of their business enterprises, it is evident that they possessed certain skills that are possessed in their personality and some are acquired with the experience in the market (Kuratko, 2005).
The main reasons for the robust growth in their respective industries are that they had entrepreneurial characters within themselves and they even modified their personality to meet the changing requirements of the businesses; developed effective business culture for using influential leadership power for achieving the objectives of the firm and it was the foundation for growth and success of the company in the long-run; management team was expert and professional of the field that had good control on business financial and operational systems; and they had well-developed strategies for leading the corporations towards successes in the markets (Lumburg et al., 2008).
Qualities of entrepreneurs
In order to make sure that the entrepreneurs can run the organisations smoothly, they have to ensure that they have strong will power and inspiration to do something new and aspiring in the business environment. The proponents of the argument that entrepreneurs are born not made strongly emphasise that such people have extraordinary powers such as ability of inspiring people, getting the work done effectively, strength of initiating challenging tasks, willingness to face huge amount of risk, controlling the resources efficieintly and desire of achieving something worthwhile in their lives (Amit, Glosten & Muller, 2007).
According to Baron, Tang and Hmieleski (2011), it is important for the entrepreneurs to think about their new ventures strategically so that they have adequate understanding about the factors that can impact their survival in the market. Since information about the market needs to be gathered from reliable sources so they need to learn the skill of moving smartly and intelligently so that they can be proactive in their decisions and ensure that they can mitigate the risk of failure. It has been stated by Lamburg et al. (2008) that the main reasons of entrepreneurship failure are the lack of vision, following unrealistic dreams and insufficient resources for implementing the new ideas.
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However, the entrepreneurs can successfully endeavour in their newly created venture by developing mandatory skills that will allow them to prosper with zeal and zest in the entrepreneurial field. The vital skills that are required to be acquired by the entrepreneurs are technical (oral and written communication, organising and technical management skills), business management (decision making, accounting, marketing and planning skills), personal entrepreneurial (innovation, risk taking, inner control and self-motivational skills) and other important skills such as persistence, visionary, locus of control and change oriented (White, Thornhill & Hampson, 2007).
Entrepreneurs are born not made
The researchers have been striving hard to answer question to 'is entrepreneur born or made'; there are many people who believe that the entrepreneurs are either born or made and others believe that the entrepreneurs possesses hereditary characteristics and acquired skills. It has been found that majority of the successful entrepreneurs i.e. 80% have both genetic entrepreneurial characteristics and obtain necessary skills by acquiring the education that will help them in making successful progression in the market (Schjoedt, 2009).
In order to help the entrepreneurs in attaining reputable position in the market, the universities and educational institutions have designed entrepreneurial programs that help the individuals in making themselves competitive for the business environment. There are many educational institutions that have ensured that they offer specialized degrees for future entrepreneurs so that they can ensure that their innovative ideas are in compatible with the demands of the market.
It has been stated by Kuratko (2005) that entrepreneurship is both an art and science; the science part that comprises of the skills required for the business management and work can be taught and the art part which is related to the innovative and inherent attributes of entrepreneurship that can be easily taught to the entrepreneurs. The notion that entrepreneurs cannot be made is somewhat untrue as the people have to learn the skills and competencies that will help them in developing the realistic and genuine projects.
It is important for the entrepreneurs to ensure that they attain the success in their venture by thinking about ahead about their inspirations, developing a vision for running the enterprise, working out the important attributes of the business, ensure that the resources are effectively gathered and utilized and evaluating the new initiative from every aspect so that there are less risks of failure. Almost all the entrepreneurs who have ensured that they are capable of developing new ventures with perfection have moved ahead with their visions and they have been successful in their ventures.
It is vital for the entrepreneurs to ensure that they develop the new and innovative ventures after conducting careful market analysis so that they can meet the demands of the customers effectively and ensure that the best enterprises are developed with accuracy. Likewise, it is important for the entrepreneurs to ensure that they develop the mandatory skills required for lucratively running the business so that there are less risks of failure in the long-term.
The concept of entrepreneurship is new in the market and the educational institutions are offering the latest programs in accordance to the demands of the upcoming entrepreneurs so that they can acquire the skills and competencies required for launching successful ventures in the market. In order to develop successful enterprises, the entrepreneurs have to ensure that they obtain necessary qualifications from well-known institutions and avail opportunities available in the market that will help them in making productive contribution in the industry.
Although most of the entrepreneurs are born with characteristics required for starting well-thought and conceptually conceived ideas but they can successfully prosper only by polishing their present skills by undertaking necessary training programs and qualifications. The researchers have been studying the topic extensively so that they can ensure that they can provide genuine guidance and assistance to the upcoming entrepreneurs who want to be assured that they have the expertise and professionalism required for moving ahead in the industry.
Hence, it can be said that the entrepreneurs have to upgrade their already possessed skills by availing mandatory qualifications that will ensure that they have all the skills required for running the entrepreneurial businesses. They even need to widen their abilities and expertise so that they have strong determination and will power to proficiently implement their innovative ideas and concepts. Hence, entrepreneurs have both hereditary characteristics and need to acquire the expertise that will ensure that their ventures are thriving and they are victorious in their industries.
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