Business Entrepreneurs: Meaning, Examples, Types and Characteristics

Introductions to Business Entrepreneurs 

Entrepreneurs can invent a new technology and launch it into the market, start a new business organization or company, or launch an existing business in another geographical area.

Business often comes with a lot of challenges, and it requires innovations, and the ability to take risks to remain relevant in business.

It is expedient that an entrepreneur should have a strong entrepreneurship background that is necessary to set up a business such as knowing how to write a business plan, funding the business, financing and managerial accounting, sales and marketing strategic planning, business law, ethics business management, leadership, business communication, and networking.

Over the past three decades, Entrepreneurs have made significant impacts in all aspects of human endeavor. Inventing computers, movies, music, phones, tablet computing, and the digital publishing world as well as inventing Apps and social media platforms to make life better for man and at the same to making a profit from such inventions or creations.

They have created or invented various items to alleviate poverty by providing opportunities for wealth through the establishment of skills acquisition centers.

 What is a Business Entrepreneur?

Business entrepreneurs are individuals who create business ideas, organize production, undertake business risk, and handle the economic uncertainty involved in the business enterprise in other make a profit.

Similarly, they are individuals who originate business ideals and create innovation from such businesses.  Venture-creating entrepreneurs need special abilities, willingness, and capacities to successfully manage their venture or business.

In recent times private bodies, governments, and non-governmental are creating and sanitizing individuals to take up business in other earn a living. In developing countries, youth and young adults are breaking even in the business world making use of various technologies.

Many countries have embraced the tech entrepreneur as the population increased, the rate of unemployment leading to various crimes and social vices.

The government is gradually creating an avenue for citizens to operate their businesses and creating an enabling environment for citizens to cope with the economic responsibilities to obtain economic survival.

In many countries, the government gives monetary awards, empowers and sets up businesses for individuals to operate and undertake the risks associated with such enterprises or venture

On the other hand, Business entrepreneurs are individuals who source revenue using their collateral securities for loans from financial institutes in exchange for setting up the business.

 

Read Also: Accounting for Entrepreneurs: Definition, Reason, and Types of Accounting for Entrepreneurs

The goal of Business of Entrepreneurs

The goals of this type of entrepreneur are:

1. To produce an individual that is self-sufficient by the reasoning of running their own business or enterprise.
2. To orient individuals to acquire practical skills, abilities, and business knowledge to be able to run and manage business effectively
3. To help individuals realize and recognize the business opportunities available in their environments.
4. Equip individuals with practices and guided discoveries to be applied to attain business perfection.
5. To help individuals develop and harness abilities to manage business risk effectively.
6. Equip individuals with relevant skills for human relationships in their environment.

Examples of Business Entrepreneurs 

Examples of individual who have managed their discovery, take the risk of managing a business and making a profit. These individuals are mostly in the technology sector and few in the corporate business world.  They are:

1. Aliko Dangote: The Africa richest businessman. The behind the Dangote cement, sugar, and refinery. He is the man to look up to as a true business entrepreneur. He is not a technology expert, but a pure businessman who built his business from scratch to the level it is now.
2. Jeff Bezos: The e-commerce entrepreneur, the man behind the Amazon. This is the man to look up to as an ideal technology entrepreneur making progress in the business world.
3. Bill Gates: a tech entrepreneur and co-founder of Microsoft Corporation who has managed the invention as a business to earn a living and impact the globe.
4. Henry Ford: the founder of the Ford Motor that have taken over the car business across the world. Tech entrepreneurs whose car businesses have spread across the globe.
5. Steve Jobs: developed the Apple computer and had a significant impact on the computer, movies, music, phones, tablet computing, and digital publishing world with fast data processing and information technologies that have spread across the globe.
6. Elon Musk: the owner of multi-tech businesses such as Twitter, Open AI, Paypal, SpaceX, Tesla, and Nerualink ( as cited by atriauniversity.edu.)
7. Jack Dorsey: the co-founder of co-founding Twitter. Who has made significant progress in the tech entrepreneur’s business world?
8. Mark Zuckerberg: the tech entrepreneur who owns Facebook and other social media apps.

Read Also:  Top 7 Contributions of Entrepreneurs to National Development That You Are Not Aware of.

Characteristics of Business Entrepreneurs.

It is expedient to know that an entrepreneur is an independent person who starts his venture or business enjoys the dividends and bears the risk of the business failure.

The characteristics or traits of enterprising entrepreneurs are numerous, some could be positive while others are negative. However, successful venture-creating entrepreneurs are known to possess certain positive characteristics which include the following.

1. Ambitions: outstanding venture-creating entrepreneurs are usually very ambitious, have big dreams, know what they want, and set up and organize, a consistent course of action to achieve it. Their motivation to achieve something positive, assertive, and established, can be difficult and overwhelming. This innate ambition is often the driving force that wakes the entrepreneur up from sleep and puts him into action, turning his ambition into action for productive and valuable products.
2. Self-confidence: Business-creating entrepreneurs must not only be sure of themselves but must believe in themselves and trust their judgments at all times. Absolute confidence is an essential ingredient of good planning management and decisions or clarification-making. He is a strong believer in himself sees obstacles or difficulties as challenges and works consistently to overcome such challenges.
3. Creativity: good business entrepreneurs are creative and innovative. They often think differently from others and the ordinary. In the first place, it is creativity that drives entrepreneurs to envision business ideas and this carries them through to overcome problems or hitches that might come their way. It is largely creativity that enables outstanding entrepreneurs to turn roadblocks into opportunities. Being resourceful, versatile, knowledgeable, and imaginative are all creativity attributes.
4. Decision making: this is another characteristic of business entrepreneurs, a good wealth-creating entrepreneur is consistent and not afraid to make decisions that must be based on sound judgments and conventions. When decisions are made, he stands by them. Creativity makes an entrepreneur a man of ideas. It is a Decision that entrepreneurs make that will determine the fate, success, or failure of the company. Good decision-making skills are necessary, as these will ensure the best possible measures and decisions are enforced.
5. Risk Taking:  A good entrepreneur must be capable of taking reasonable risks which provides a reasonable and challenging chance of success. Although not afraid of failure, entrepreneurs must reasonably calculate risks involved in the projects being undertaken, and assess situations and factors involved, with a focus on the talent, skills, abilities, and experiences of others who have succeeded or failed in similar circumferences.
6. Physical stamina and health: good entrepreneurs must have good health stamina, vigor, and energy which enables them to work for long hours and sometimes under stress and harsh weather or environmental conditions. His voice, hearing, and vision must be good to provide efficient leadership. Good health is necessary for patience, long hours of work, confidence, and a secure feeling necessary for business success.
7. Leadership: a good enterprising entrepreneur must have good leadership qualities to enable him to motivate, direct, and guide people to accomplish a set of goals for both small, medium, and large-scale businesses.  The entrepreneur is the manager and leader. Leadership traits are needed in exploiting and selecting investment opportunities. Above all, he must be able to inspire and carry along his workers, clients, and all those involved in the business to accomplish set tasks and achieve the overall objectives of the venture.
8. persistence: entrepreneurs must have a drive and be resilient in any business environment which is often challenging. In posit of his drive, the entrepreneur must be cautious and sensitive to the needs, rights, and privileges of others and the communities.
9. Characteristics and personality: the entrepreneur must exhibit good characteristics and personality at all times. He should upload the truth, fairs, and high moral standards at all times. This should and particularly necessary in his day-to-day dealings with his clients, associates, and customers. He must possess a pleasant but forceful and pushful personality. The ability to interact, mix freely, and adapt himself to his environment and the changing socio-economies, and political situation is important.
10. Intelligence: a good entrepreneur needs to be above average intelligence and possess a reasonable level of education. This will enable him to think more solidly and rationally, analyze problems, and make the most rational decisions god memory and a high level of common sense and practical judgment are important.

 

Types of Business Entrepreneurs

Developing and incubating business opportunities always exist in every sphere of human endeavors.

In every area of life, business opportunities exist but it takes a creative and intelligent individual to bring that idea into the real business world. Some types of types above entrepreneurs are:

Small-scale Business Entrepreneurship

 These are private business-creating individuals who operate small enterprises with small amounts of financial resources or capital and require small numbers of employees.

These individuals may not be specialists in the business area but out of curiosity and motivation set up businesses in that particular field and take the risk effectively.

The ownership, operations, and scope of influence of the small business entrepreneur is usually very limited but with the focus on expanding and dominating their various industries in the future.

Small-scale business entrepreneurs although have limited resources possess a certain vision to provide a framework that will enable them to identify viable business opportunities in their environment.

These entrepreneurs do not have the financial capacity to use sophisticated and advanced technology as well as employ a large number of employees.

simply since a large amount of resources is required in the purchase of modern technology. Small-scale business entrepreneurs take place in all professions. In the law industry, two or three lawyers may put resources together to set up a chamber.

Multiple Business Entrepreneurship

This is also called a serial business entrepreneur. This type of entrepreneur owns, operates, and manages multiple businesses and undertakes the risk thereof. They create several businesses within a particular location.

These types of entrepreneurs unlike small-scale enterprises involve the use of sophisticated and advanced technology due to the presence of financial capacity available at their disposal.

Multiple venture-creating entrepreneurs due to the presence of businesses located in several environments employ different skilled labor or employers to manage their business simultaneously.

These entrepreneurs have established structures, unlike small-scale entrepreneurs. They are very resilient and creative in ensuring the success of the business enterprise.

Techno Business Entrepreneurship

These are individuals who create, operate, and manage a business enterprise that involves providing technology services and products to consumers (Igi-global).

On the other hand, these types of entrepreneurs specialize in providing services related to information technology occupation.

They are usually large business enterprises that employ and utilize sophisticated and advanced technology as well as employ large numbers of employees usually from 2 to 100 employees.

They possess a large amount of resources which are needed to purchase modern technology in the area of information and communication technology.

tech entrepreneurs take place in all professions. Examples of tech entrepreneurs are Steve Jobs and Elon Mask. theses individuals are investing heavily in information technology such as Facebook, google, skype, Snapchat, and so on.

They succeeded in carving out a business niche through information communication technology and managing the risk involved. 

Global Business Entrepreneurship

These are individuals who establish and transact business across multiple nations.

They are creative and visionary individuals who take the risk of migrating from the boundary of their nations to another geographical area to establish and operate businesses.

 With the experience and innovation acquired in the business world, such experience and innovation are brought to other nations or countries expanding and creating new branches of business.

These types of entrepreneurs navigate different countries and cultures simultaneously in a bid to provide services.

They also utilized modern internet facilities to provide investors with data on emerging markets.

They are majorly found in the informational technology sectors. They can also spread by partnership, franchise, or entirely new business.

Examples include mobile telecommunication networks, global communication networks, Gotv, Airtel and so on that have spread across the African continent and beyond.

E-commerce Entrepreneurship

These are individuals creating and managing businesses with the use of information communication technology.

In the past few decades, e-commerce entrepreneurs have flooded the internet world selling ordering providing services using online platforms.

These individuals create websites, email, or any social media platform where can simply showcase their products online to make informed choices.  

They promote and sell their products online via the website or an online market platform.  They barely have a store for the sales of their products but they take orders and accept payment without seeing their customers face-to-face.

The e-commerce entrepreneur can sell their products without much difficulty, immediately these goods and products hit the internet potential buyers start bidding for such goods creating fast marketing strategies.

Is Business entrepreneur a career?

Business entrepreneur is a career opportunity in the general entrepreneurship program. it is a special program offered purposely to equip individuals with skills, ability, and competency to excel in the business world. 

The business entrepreneurship programs consist of programs such as corporate business entrepreneurship, e-commerce business entrepreneurship, family business entrepreneurship, global business entrepreneurship, small-scale business entrepreneurship, and so on.

What is the job of a business entrepreneur?

There are various job opportunities available for professionals in this field. some of them are: 

1. Corporate Entrepreneur: A corporate entrepreneur is an individual who is gainfully employed in an organization whose role is to develop new business ideas and innovations for the organization’s growth and development.   
2. Business Development expert: A business development expert or specialist as the case may be is an individual equipped with relevant skills, ability, and competence to identify business opportunities, develop new products and services, develop new lines of business, as well as develop workable marketing and sales strategies for companies, and individuals.
3. Business Entrepreneur coaches:  These are individuals who are professionals in the field of business entrepreneurship who provide information and educate business owners and intent business owners on how to establish, and grow business. 

Best business entrepreneur

All the types of entrepreneurs studied in this program such as corporate, e-commerce, family business, technopreneurs, global and small-scale business entrepreneurs are very enterprising, but the best entrepreneur in this area is the techno business entrepreneur. 

In conclusion

Wealth-creating entrepreneurs spring up daily all over the world, from various areas of specialization making active use of technology to explore relevant areas in their profession and turning them into good profit-making organizations.

This article vividly discusses the concepts, types, and examples of these entrepreneurs in the business world.