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An Outline of the Concept of Entrepreneur: Conclusion

An Outline of the Concept of Entrepreneur: ConclusionAdam Smith considered that the capitalists are the privileged of the economic system. They “get away” from competition, since they hold the “manufacturing secrets” and they may unite themselves in powerful coalitions, holding information to which the other social categories cannot have access. This is not possible if one promotes an efficient governing system that excludes or at least limits the entrepreneurs’ opportunist behavior, determining them to act with the purpose of meeting the requirements of all people interested in the company’s long – term profitable operation and not just in pursuit of their personal objectives or interest coalitions. Global Banking Survey

Schumpeter formulated the idea that the entrepreneurs are born, and they cannot be trained, while Peter Drucker asserted that being an entrepreneur is not a personal feature, but more behavior, and the management activity may only be successfully practiced if the manager possesses specialized knowledge.
To my opinion, the entrepreneurs must have innate capacities, but such an aspect is not enough if they are not further trained and improved by education. The good entrepreneurs start their activity with their talents that they shape further according to the successful and unsuccessful experiences. In order to be a good entrepreneur one must have what it is commonly called “managerial capacity” to which Say referred to when he used the term “entrepreneurs’ capacity” as the one that exerts the greatest influence in the management process and wealth distribution.
A good entrepreneur must be able to train at his turn other entrepreneurs for all hierarchic levels of the company. In consequence, the final test for an entrepreneur is his/her skill to train other entrepreneurs as well. Thus, the behaviorist point of view exceeds the entrepreneur’s traditional model, based on innate qualities, since the practice demonstrates that the fulfillment of the objectives is closely conditioned by the training in time of management skills. In the case of many entrepreneurs it is not necessarily the lack of skills, but their incapacity of transmitting a vision, understanding and trust among those that follow him.
As mentioned earlier in this paper, some regard the entrepreneur as being the source of creative destruction and the one who performs new combinations in production. From this perspective, the entrepreneur triggers the change, but one also must take into account that the change is an extremely unsteady process, since along the years, the requirements of a society modify. The entrepreneur is always looking for a change, reacts to it and exploits it as an opportunity, as Say noted. Such qualities stand for the connection that maintains the organization’s cohesion, which helps it to formulate and implement coherent strategies, to increase the flexibility and successfully adjust to the change.
Schumpeter is the one that considers that the entrepreneurs are innovators as well, because they perform new combinations of the things already existent. To my opinion, the entrepreneurs are those people that are not necessarily inventors or innovators, but those persons that initiate a business, assuming the risks that normally others cannot afford, with the purpose of recording profit.
Some authors asserted that the entrepreneurs are adventurers, taking in account that they assume risks that others would not assume. To this regard, I consider that the risk is an important element of the entrepreneurial process. Nevertheless, I think that the existent perception regarding the risk assumed by the entrepreneur is wrong because most of the entrepreneurs prepare and plan their actions. Thus, the entrepreneur does not deliberately seek risks and nor he/she assumes them and has no hesitation when it comes to unavoidable risks.
According to the economist Peter Drucker, it is less probable that the people who need certainties be good entrepreneurs. All such undertaking activities require decision taking for a specific purpose, and the essence of any decision is the uncertainty. Anybody may cope with such a situation, can learn how to be a good entrepreneur and to behave accordingly. Uncertainty, doubt, lack of conviction may lead to managerial failures that block the path towards excellence. The lack of conviction supposes the lack of a motivation powerfully anchored in the faith of a prompt, precise and qualitative achievement of the activities, objectives, in the application of new peak methodologies used for products.
The entrepreneur can only manifest the necessary determination to ensure the success by having faith that he/she will be successful in what he/she does, and thus he/she will always advance in the direction of his convictions. Entrepreneurs will most probably fulfill those things that they think themselves capable of fulfilling. This is because there is an extraordinary power in the conviction that one can reach anything one wants to. The one who has a great self – trust is freed from the uncertainness of his/her situation, even if it is precarious and thus, he/she eliminates any uncertainty about the future. In other words, the one that is protected by his/her faith is free from all fears and concerns that may defeat those who have less faith in the things they can achieve. He/she is free to make use of his/her qualities to their maximum value. Nobody is able to make full use of qualities when he/she is over whelmed by worries, anxiety, fear or uncertainty. The entrepreneur represents a topic of great relevance not only for management or entrepreneurship studies or for broader economic studies. In order to better grasp this complex economic actor, an increased input from psychological – behavioral and sociological studies remains of crucial importance.