Socio-Economic Development | Characteristics of Entrepreneurs!

Socio-Economic Development | Characteristics of Entrepreneurs!

Socio-Economic Development | Characteristics of Entrepreneurs!

One important ingredient is getting your butt up and doing something. It's that easy. Many have ideas, but now few have decided to do anything about it. Not tomorrow. Not next week, but today.


To be a successful entrepreneur, you must have a fire in your stomach to bring your business ideas to life and make them successful. According to Peter Drucker, entrepreneurship is a systemic innovation, which consists of a directed and organizational search for change, and a systematic analysis of the opportunities that such changes can offer for economic and social innovation.

It is a unique ability to build and create something that fits and succeeds out of almost anything. From a broader perspective, entrepreneurship is an attitude; the search for challenging opportunities, the quality that only considers the calculated risks and benefits that come from building a profitable business. There are a number of functions related to the quality of entrepreneurship, most of which focus on broader socio-economic development. The main roles of the entrepreneur are discussed here.


According to Richard Cantillon, entrepreneurship is the willingness and foresight to take risks by taking actions that are calculated to generate profit or loss. He says that an entrepreneur must be a vigilant risk-taker, forward-thinking and effective, if not truly innovative. The role of the entrepreneur involves two types of risk; measured and unmeasured. However, a successful entrepreneur has the ability to anticipate and take immeasurable risks in their business, turning them into business opportunities for growth and profit.


Entrepreneurship plays an important role in acquiring knowledge that has not been used recently to design, manufacture, and market new and innovative products and to establish new forms and functions of production. Experts emphasized that the innovation here does not mean that it should be rediscovered. An entrepreneur's quality is in using existing knowledge that has not been used before in production. An entrepreneur should have the potential to attract more inventions for profitable commercial exploitation than becoming an inventor.


This is one of the key roles of entrepreneurship. According to Alfred Marshall, an entrepreneur should be a natural leader of men who can choose helpers wisely, but also exercise overall control over everything and maintain order and unity in the main business plan.

He must constantly be on the lookout for innovative methods, ensuring that it is the most profitable in the way it is currently used. He must have the unique quality of leading the business and the workforce towards a better socio-economic scenario in the broader future.