The concept of entrepreneurship creates some kind of confusion in the mind of many, especially startup entrepreneurs. It is usually common in this part of the world for people to find ambiguous, otherwise self-explanatory concepts even when such individuals are themselves the definitions of the terms at hand.
In a lay man’s knowledge, an entrepreneur is simply an individual who understands a need and tries to meet such a need by creating an expectant service, for which in return he or she acquires a form of financial compensation in return for the rendered services. Thus, an entrepreneur is a person who provides certain unique services in order to fill a want or need. In other words, an entrepreneur provides a valuable service.
People often wonder who an entrepreneur is whereas it requires no miracle to identify an entrepreneur in a large continent like Africa, with its numerous entrepreneurial opportunities such as animal production e.g., fish farming, snail farming, poultry, and even he emerging IT industry etc. However, many do not realize that a food seller, mechanic, tailor, provision shop owner, farmer, blogger, sachet water maker and seller, soap maker, restaurant owner, timber shade owner, barber, hairdresser, stylist, a chemist owner, a cloth seller and dry cleaners are all entrepreneurs rendering various services to teeming customers. So, who is an entrepreneur?
There are, however, some traits that distinguish an entrepreneur and stand him or her out. Here are some basic characteristics of an entrepreneur:
SERVICE PROVIDER
Clearly, the primary function of an entrepreneur is the provision of services to the society or clients. An entrepreneur is thus distinguished by the kind of service he or she provides, service is at the core of entrepreneurship. In fact, there is no entrepreneurship where there is no need or service provision. This is the hallmark of entrepreneurship.
A RESEARCHER
An entrepreneur beyond the provision of services is a researcher. For the establishment of a successful business, the entrepreneur undertakes critical researches or market surveys in order to identify an area and the requirement for the provision of the desired services. This also includes a market survey that cuts across the overall implications involved in setting up a particular service provision outlet.
FUNDER/FUND RAISER
Often, an entrepreneur is also the funder of his or her business with or without any angel investors. Most businesses cannot be run without appropriate funding or capital and it is the responsibility of the entrepreneur to raise funds in order to be able actualise his dreams of service provision in his chosen area of interest. Take for example, how do you start fish farming when you have no resources to procure fingerlings and to also set up a fish pond? Or to even provide the feeds and vaccination that sustain the fishes?
A VISIONARY AND GOAL ACHIEVER
There is no entrepreneur without a vision of his or her business; in fact, the business is largely sustained by the quality of vision of the entrepreneur and the kind of goals he or she sets for him or herself. Thus, the success of a business depends to a certain extent on the vision of the owner of the business, because it is what would eventually lead to the expansion or extinction of the business. An entrepreneur is a very focused and determined individual with exceptional ideas to change the game by providing exceptional quality services.
A FEARLESS RISK TAKER
And finally, an entrepreneur is a risk taker and an adventurer who dares the unknown terrain in order to create change and value. Every entrepreneur understands the exigency of risk taking in business, just as life itself is said to be a risk. As humans we keep exploring different realities and opportunities until we find the right path that leads us to our desired goals and aspirations. Such is the fate of an entrepreneur!
An entrepreneur is a risk taker willing to give his all for the actualization of his or her dreams. He is a hard worker who never relents in pursuing his goals and seeing to its actualization.