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Entrepreneurship is a process of visualizing, designing, gathering resources, and running new business (Drucker, 2014). In this process the activities of a business are performed at small scale at the beginning and gradually develops into a bigger organisation (Kirzner,2015). It also involves some basic skills in an entrepreneur to start a business venture. The main functions performed are designing the process, planning the operations, fulfilling the basic staffing needs and implementing the plans formed (Herrington and et.al, 2010). The main factor in the function is the risk of starting a new business venture in a dynamic and competitive market. These features drive a person to create a vision and work towards achieving it (Barringer, 2012).
The term entrepreneur defines a person who is capable and innovative enough to create an idea and develop it to turn it into a reality by using the resources available in a right manner while identifying and grabbing the opportunities to fulfil unsatisfied demands in the market (Bosma and Levie, 2010). Main feature which enables them to continuously believe and work for their idea is self-motivation (Schaper and et.al, 2014). Thus, reluctance by people and leaders in the industry does not diminish their spirit and passion to follow their decision (Morris, Kuratko and Covin, 2010). They recognize a hidden need or create it among customers which will be satisfied through their product or service (Storey and Greene, 2010). The experts have observed characteristics and traits in several famous and successful entrepreneurs as well as stated that only a few features are commonly found in them which has resulted in their success (Bridge and O'Neill, 2012). Regardless of their background, community, religion, race and gender, they have some common features such as:
Tenacity- The term gives essence of the features required by an entrepreneur. The tenacity or determination to achieve their goal drives them (Burns, 2010). An entrepreneur needs to have the mind set of commitment for working towards successful actualization of their vision (Monitor, 2010). An entrepreneur having tenacity is also bound to fail at some point but the determination for towards his work make him act again on it with better techniques (Kuratko, 2016).
Passion- For a successful entrepreneur, second most important feature to have is the passion (Baum, Frese and Baron, 2014). The zeal and dedication towards achieving the vision and goal is what drives them. The focus of a business venture instead of making huge profits is their passion for their idea (Storey ed., 2016). Like every other start up, entrepreneur faces problems and hardships as well as the passion to achieve their set targets.
Resilience- A start up business always carry risk of failure and obstructions with it till the time it is completely accepted by industry and society (Wiklund and et.al, 2011). Even after that, a minimum risk is always present for a company. To have patience and tolerance to go through all these phases is one of the most important feature required (Welter, 2011). If an entrepreneur has passion and determination but lack in tolerance to overcome hardships then it would lead to downfall of the business and its owner (Dacin, Dacin and Matear, 2010).
Self-belief- The key trait of a successful business owner is to have belief in self and product. The utter belief in idea and its need in the market can only make an entrepreneur to work harder and ignore all cynic opinions to restrict them from going further (Defourny and Nyssens, 2010).
Flexibility- Business operates in a dynamic and uncertain environment which makes it a necessity for the business owner to have flexibility in his ideas and plans (Bruton, Ahlstrom and Li, 2010). This feature allows to respond to any uncertain changes in the market or other factors which have direct or indirect impact on business operations. As a business takes time to get established, during the process time, entrepreneur needs to change and adapt his product and idea to the changing market conditions (Oosterbeek, Van Praag and Ijsselstein, 2010).
Unconventional- To perform in the market of orthodox and established players, a start-up entrepreneur needs to have an unconventional approach to divert attention of the customers form these companies towards his product (George and Bock, 2011). It does not necessarily mean that this approach will be immediately accepted, whereas usually it gets criticism in the initial phase but gradually accepted when its importance is realised (Karlan and Valdivia, 2011). These characteristics and traits are what makes up an entrepreneur and his business venture successful. To further analyse these, an example is provided (Santos, 2012).
A famous and successful entrepreneur as well as owner of a Bharti Enterprise, a conglomerate is taken as an example (Nicholls, 2010). He is considered as one of the most innovative and visionary entrepreneur base in India (Delgado, Porter and Stern, 2010). As stated by him that people with passion have power to change the world, Bharti Enterprise is one largest companies expanded in various industries and sectors (Neck and Greene, 2011). It deals in Telecommunications, agri business, manufacturing and financial services. It started as manufacturing company for bicycles and gradually diversified into other sectors (Djankov and et.al, 2010). The characteristics required for an entrepreneur to become successful can be observed in the mentioned business owner.
Tenacity to keep working on the project of idea and to make it a reality can be seen in Sunil Mittal. Even working in a entirely unrelated sector he started a telecom company when the government started providing licenses for telecommunication as he saw an opportunity for an emerging market (Dacin, Dacin and Tracey, 2011). He had an undying passion for technology and he worked in the same field to create better services and software. The opinions and criticism of many people around him and in industry could not make him belief in himself and his ideas any less (Short and et.al, 2010). He changed his approaches and working methods to adapt the changing environment and used unconventional ways to create new technology.
An entrepreneur is the main controller and manager of the business organisation no matter the size of it (Jones, Coviello and Tang, 2011). To design and plan the implementation of his ideas, proper strategies and approaches needs to be selected (Onetti and et.al, 2012). The owner plays most important role in the shaping up the company for leading it to success (Shane, 2012). The roles and functions can be observed as:
Planning- The first and foremost function of an role of an entrepreneur is to prepare a plan for the operating activities in the company. It includes functions of every department and set targets to be achieved in limited time period (Hall, Daneke and Lenox, 2010). Planning of each process is a lengthy and challenging task and hence is done by the owners and CEOs of the business (Samila and Sorenson, 2011).
Location- To apply the working operations so formed, a location site is required to be selected in order to set up the business (Schaltegger and Wagner, 2011). Entrepreneur search and identifies the suitable business location for the firm considering all aspects such as market, products needs and demand, availability of raw material, etc. This step forms a base for the further functions (Campbell and et.al, 2012).
Financial needs- The term better known as start up cost for a project includes the capital and funds required to install a business setup and implement the operations (Hockerts and Wüstenhagen, 2010). A company has various sources available in the market to chose appropriate method as per the company type and future needs (Koellinger and Roy Thurik, 2012). The owner needs to find an investor for the company which believes in his ability to deliver his ideas and convert them into profitable venture (Agarwal, Audretsch and Sarkar, 2010).
Acquiring tools- For a business venture to start operations, proper machines and raw material is required (Entrepreneurship: Characteristics,Importance, Types, and Functions of Entrepreneurship, 2016). These can vary according to the industry type and product or service. Along with acquiring proper machines and material, getting them at appropriate cost is also important as it will effect the further business functions (Von Graevenitz, Harhoff and Weber, 2010).
Staffing- The major asset for a business is considered its employees (The Role Of Entrepreneurship In National Development: The Story Of The Dangote Group, 2015). The function of staffing involves attracting and selecting proper candidate from a pool of job applicants to fulfil the required needs (Tracey, Phillips and Jarvis, 2011). Entrepreneur needs a strong human resource team to manage and guide the staff in order to increase efficiency and productivity of the firm (Functions of Management, 2017).
Decision making- The process of decision making is one of the crucial traits for a successful entrepreneur (Klapper, Amit and Guillén, 2010). The ability to make quick and prompt decisions when the situation requires is important as it shapes the further functions of a company (The Role of Technology to an Entrepreneur, 2017).
Identifying opportunities- The analysis of the market trends and conditions is a must in order to identify the opportunities prevailing in the market and proper methods to capture them (Sarasvathy and Venkataraman, 2011). Along with opportunities, the entrepreneur is required to access the threats and weaknesses which can hinder the working process in the firm.
Innovation- The main feature of a business venturer is the ability to be as innovative as possible according to the changing market requirements and trends (Nga and Shamuganathan, 2010). He is responsible to create innovative ideas and implement them through proper approaches. This qualifies him as a leader as well as a manager. The dual roles played by entrepreneur makes him capable to lead the organisation (Slotte‐Kock and Coviello, 2010).
Risk taking- The last but one of the major factors related with the business venture is the risk (Braunerhjelm and et.al, 2010). An entrepreneur plays the role of a risk taker in the market for the company as he is bearer of all the losses and rewarded with profits as well. This final responsibility of an entrepreneur makes him a leader which guides and leads along with bearing all the hardships and failure (Puffer, McCarthy and Boisot, 2010).
As mentioned above, the functions performed by an entrepreneur to develop a successful business venture can be related to example of Sunil Mittal (Grimaldi and et.al, 2011). As said and observed by many he was considered as one of the most successful entrepreneur (The Qualities of Successful Entrepreneurs, 2017). The expansion of Bharti Enterprise and the ups and downs survived by the company made him more of a successful leader (Hitt and et.al, 2011). His leadership style is considered as complex unlike other entrepreneur which can be related to a already given theory of leadership (Martin, McNally and Kay, 2013). As an entrepreneur and leader he had immense focus on development of his ideas, confident enough to take huge risks and charismatic to acquire combination of best employees in his team as well as customers to pursue his goals rigorously (Navis and Glynn, 2010). he expanded and penetrated in diverse market sectors which made him a better leader and entrepreneur. (Naudé, 2010). Sunil Mittal started the company and performed all the responsibilities of an entrepreneur which led to his and company's success (Samwel Mwasalwiba, 2010). he also explored the sectors of finance after capturing the telecommunication market (Shepherd and Patzelt, 2011).
Thus, the overall combination of entrepreneurial traits can only lead to success of a business venture (Corner and Ho, 2010). These characteristics and skills are the basic tools for a business owner to create a successful business venture (Gompers and et.al, 2010). Even the most innovative and skilled minds cannot achieve the desired results and success without having the main traits along with the roles to be played by an entrepreneur in organisation (Venkataraman and et.al, 2012).
In the above report, the meaning of an entrepreneur along with its the main characteristics and traits are explained. The features leading to a successful business venture and how they are used in the company. These characteristics observed in the entrepreneur are described with an example of a successful business venturer. Various functions and roles of a business owner in a company and their affect with examples are described. Their background and starting stages of their business are explained. The support required and received by them during their struggle and development phase is given. Along with these the enterprising theory and affection theory are also given in brief.
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