Entrepreneur Business - Research Paper Example

America is said to be built by such pioneers who were capable of performing such tasks out of their broad vision and hard work. Entrepreneurship is generally defined as the act of being entrepreneur, the individual who undertakes finance, innovation and business insight and shrewdness in order to convert the innovation into the finished economic goods. The outcome of such an entrepreneurship is the revitalization of mature organizations for the purpose of responding to the perception of opportunity.

The initiation of a company is the most obvious shape of entrepreneurship and this has been taken ahead to include the political and social forms of the activity involving the entrepreneurial actions. In order to study the qualities of an entrepreneur in details I have selected Peter Smith, the father of Gerrit Smith, who has proven to be a successful entrepreneur of his time. There have been valuable contributions made by both son and father in the field of entrepreneurship. Peter was the business associate of John Jacob and was qualified in the business practices of the 19th century.

His creativity and unique behavior made him a successful initiator of creativity along with an entrepreneur and a businessman which he was made through his resourcefulness, ingeniousness, and opportunistic behavior. His toughness and pragmatism bestowed him with extreme optimism and talent. Smith has various records of untiring travelling as well which gave him much knowledge of the places and a chance to observe people and methods in order to enhance his keenness and analytical thinking. To be a successful entrepreneur, we can now understand that the personal skills and capabilities are just as necessary as the innate abilities.

The major aspect and requirement of entrepreneurship is to be spontaneous and creative so that the decision-making ability is assisted at a faster pace. Optimism is the foremost requirement of being an entrepreneur and an ability to possess deep insights, brainstorming, and a bit of cunningness as well as creativity also works. For many writers such as Peter Drucker and Frank H. Knight, the skill of entrepreneurship is considered with the risk-taking potential of an individual. Its behavior is the reflection of the person’s potentials and efforts put in career financial security, and then, taking the risks.

This risk taking involves the initiation of innovation or an idea and investing capital and time on the arrangement being initiated. The entrepreneurship involves uncertainty, fears, and planning and organizing the individual’s own resources in availing the opportunities and making decisions. As a result of being a good entrepreneur, the economic activities grow, and histories are written. The wise exploitation of resources gives rise to new organizations, sophisticated development of entrepreneurial thinking culture and fulfillment of people’s dreams.

The ultimate is also the reduction in unemployment and poverty in the country since the skilled entrepreneurs are shrewd enough to exploit the resources for long-terms and useful gains. Moreover, a skilled entrepreneur keeps balances in his attitudes, behaviours, and personal and professional life. REFERENCES The Peter Smith Papers,