What is Entrepreneurship?

The first person to define entrepreneurship was the economist Robert Cantillon (1755) who classified entrepreneurs as those who connected producers with consumers, with the motive of earning profits.

Later, Joseph Schumpeter (1939) sometimes referred to as the father of the study of modern entrepreneurship theory described entrepreneurs as serving as key players in the economy through invention, innovation and introduction of new products and services into the marketplace.

Another foremost proponent of the study of entrepreneurship, Israel Kirzner (1973) defined entrepreneurs as those who are alert to opportunities which come about as a result of economic disequilibrium (a situation where there is demand for a product and the supply is inadequate).

Certain factors can make a person more prone to become an entrepreneur. These include socio-cultural factors such as the community that the entrepreneur grew up in or now lives in, the values of that society or their social position within that society. Education is also argued to make a difference. Individuals who received education that taught them to be enterprising will tend to venture into business. Loosing a job or being unable to get one in the first place motivates the entrepreneurial spirit to rise. Such individuals are known as entrepreneurs by necessity as opposed to opportunity entrepreneurs who have ventured into business because they saw a need in the market for a product or service and they want to exploit it.

Entrepreneur traits

There is some disagreement over whether entrepreneurship is inborn, or whether it is or can be learned (the nature vs, nurture debate). However, if you look at famous entrepreneurs such as Bill Gates or Donald Trump, they too have some common entrepreneur traits:

• They are creative: they see opportunity where others see problems.

• They are persistent: they don't let small setbacks hinder their progress.

• They are focused: they know the business they want to succeed in and they don't allow any distractions to take them off course.

• They take calculated risks where others would be hesitant to venture.

• They are prepared for tough times and know how to remain motivated to continue their work.

• They have initiative and are also solution and goal focused.

• They are also curious, inquisitive and exhibit a thirsty desire to learn.

• Most entrepreneurs are good communicators, especially when discussing their business