Many dream of becoming successful entrepreneurs, but what is the actual meaning of entrepreneur itself? What are the characteristics of true entrepreneurs, and what factors determine their success? Understand more before deciding to pursue independent business ideas!
What is Entrepreneur According to Experts?
Entrepreneur, in general, refers to the business management process where every aspect is handled by the owner, such as selecting ideas, marketing, determining concepts and target markets, and management. Entrepreneurs may employ staff, but the fundamental concept of their business originates from their own ideas.
The concept of entrepreneur was first introduced by Austrian economist Joseph Alois Schumpeter (1883-1950). According to him, entrepreneurs are the driving force of the economy and a source of innovation. His theory of “creative destruction” emphasizes that in an active economy, old ideas will always be replaced by new and innovative ones.
Experts have varied opinions on what entrepreneur is. 19th-century French economist and businessman Jean-Baptiste Say believed that entrepreneur is the economic management of diverse resources to produce valuable goods. Meanwhile, John F. Burgess emphasized the risk factor, describing entrepreneur as the management and taking of risks to open new business opportunities.
Goals of Starting an Independent Business
Various definitions of entrepreneur can serve as a guide to determine the goals of establishing a business.
Why does someone aspire to be an entrepreneur? The answer can vary, for example:
- Transforming raw materials into marketable products
- Connecting the target market with the products they need (e.g., reseller business)
- Offering services needed by the target market for profit
- Social motivation such as community empowerment
- Environmental motivation such as transforming or managing waste into marketable products
An entrepreneur may have several motivations for starting a business, but the primary motivation is usually stated in the business vision and mission. This is because the main motivation serves as the driving force for effectively managing the business.
Ideal Characteristics of an Entrepreneur
Capital is not the sole determinant of entrepreneurial success. Through the definition of entrepreneur, we can conclude various ideal characteristics that a successful independent entrepreneur possesses. Examples include:
- Many successful business ideas stem from creativity and the ability to filter ideas from common things. This aligns with Schumpeter’s concept of creative destruction, where creative ideas can break outdated concepts and create new business fields.
- Passionate, Energetic, Motivated
- Even the most potential business ideas will not succeed if the entrepreneur lacks passion, energy, and motivation. These three elements act as driving forces in developing the business and facing inevitable obstacles.
- Successful entrepreneurs have a strong vision that reflects the image of success and the goals of establishing the business. Visionary entrepreneurs tend to be more resilient, creative, and able to find ideas or innovations suitable for their type of business.
- Good Social Skills
- The business world requires entrepreneurs to establish connections with many people, such as business partners, suppliers, new and existing customers, fellow business owners, and the target market. Good social skills act as “lubricants” to ensure smooth and positive relationships that impact the business.
Examples of social skills include effective verbal and nonverbal communication, negotiation skills, a positive attitude, and responsibility.
- Good entrepreneurs usually have an instinct to provide the best for customers. This aligns with the contemporary business trend that emphasizes customer satisfaction. When entrepreneurs focus on customer satisfaction, both in creating products or services and serving unsatisfied customers, their business will gain a good reputation and be more likely to succeed.
- Enthusiastic Learner
- The business world is constantly evolving, with various innovations, concepts, and new products continuously emerging. An entrepreneur must have the enthusiasm to learn and develop to keep up with trends and understand challenges and competition.
- Technologies such as the internet, digital applications, and social media have become commonplace. Even small business owners should be able to use at least email and social media to promote their products or services, especially if they want to expand their business. An example of suitable technology for entrepreneurs is a virtual office.
Why is a Virtual Office Suitable for Entrepreneurs?
Starting a business from scratch requires efficiency in various aspects, including costs. A virtual office provides facilities for managing a business without as many costs as a traditional office. Virtual office services, such as vOffice, offer a solution for a digital workspace that helps save up to 90 percent of operational costs.
By combining workspace support features with an exclusive digital environment, vOffice helps entrepreneurs create a digital office to support collaborative work. So, are you interested in renting a virtual office?
If yes, you can contact the vOffice team. We provide virtual office services in various prestigious locations in Indonesia.
Here are the strategic location options from vOffice for virtual offices in Indonesia:
- Rent a Virtual Office in Jakarta
- Rent a Virtual Office in Tangerang
- Rent a Virtual Office in Bekasi
- Rent a Virtual Office in Surabaya
- Rent a Virtual Office in Bali
- Rent a Virtual Office in Medan
- Rent a Virtual Office in Bandung
What are you waiting for? Contact us now and get various attractive offers!
Looking at various definitions of entrepreneur, becoming an entrepreneur requires financial support, positive characteristics, network connections, resource management, and technology. Get the vOffice virtual office to create a successful independent business.