Entrepreneurs Essay Example | Topics and Well Written Essays - 1000 words

Entrepreneurs - Essay Example The basic attributes of an entrepreneur comprise risk taking, opportunity seeking, innovation, high degree of motivation, unconventional, positivism, goal-oriented, leadership skills, team management, problem solving skills and most importantly, ability to take initiatives. The innovative nature and ability to take measured risk differentiate entrepreneurs from other business owners (Cuervo, Ribeiro and Roig, 2007). Entrepreneurs are considered extremely important for social and economic development. The main advantages of entrepreneurial development are effective utilisation of resources, employment generation, creation of human and social capital, development of backward and rural areas, minimisation of power and wealth inequality, reduction in regional imbalance and economic growth. Cantillon’s theory suggests that involvement of risk in entrepreneurship helps in maintaining equilibrium in demand and supply in an economy. Entrepreneurial development for societal progress is supported by a number of theories such as, David McClelland’s theory of needs and Maslow’s hierarchy of needs (Bula, 2012). In addition, Schumpeter and Drucker argued that entrepreneurial innovation is necessary for exploiting unseen opportunities and encouraging changes in the economy (Śledzik, 2013). There are a number of entrepreneurs presently operating in surrounding business environment. Under broad categories, they can be classified as: social entrepreneurs, women entrepreneurs and intrapreneurs. Social entrepreneurs are by nature innovators, but they are different from business entrepreneurs in terms of purpose. They play distinct role in developing and initiating changes in the society. Social entrepreneur is an individual who recognises problems prevailing in the society and employ principles of entrepreneurship for creating and supporting scope of social ventures. Social entrepreneurs