Who’s an Entrepreneur
An entrepreneur can be defined as someone who comes up with a business idea and turns it into a working business model. Entrepreneurs range from small business owners to people who started multi-million dollar companies.
TThere’s a famous quote by Reid Hoffman, an American internet entrepreneur, that goes like this “An entrepreneur is someone who jumps off a cliff and builds a plane on the way down.” This goes to say that entrepreneurs take several risks and face uncertainties during the course of launching their idea successfully. They see possibilities and solutions that others don’t. They think outside the box. They take action and make a change in this world for the better.
Entrepreneurship involves the whole process of designing, launching, and running a business. It is also about solving big problems and transforming the world. Entrepreneurship potential is a key factor that determines your chances of self-employment.
Several characteristics define a successful entrepreneur. These include self-belief, open-mindedness, efficiency, strategic planning, a flair for leadership, and risk-taking ability. /p>
Entrepreneurship potential is determined by several factors, including environmental factors, genetics, and your capabilities as a person.
Importance of Entrepreneurship
Entrepreneurship is of immense importance in the economic development of society. It
- Creates job opportunities
- Promotes innovation
- Accelerates economic growth
- Promotes research and development
- Creates new and improved products
- Creates social change
- Plays a role in community development
Genetics and Entrepreneurship Potential
Studies have shown that 30 to 35% of the entrepreneurial traits are heritable. Though this implies that environmental factors contribute to the rest of the major 70%, 1/3rd of the fraction is a significant number. People with certain genetic types have a higher likelihood of being entrepreneurs.
The RNF144B Gene
The RNF144B gene carries instructions for the production of Ring Finger Protein 144B. This protein is involved in protein modification pathways. Research shows that changes in this gene influence entrepreneurship potential.
rs6906622 is a single nucleotide polymorphism or SNP in the RNF144B gene. Individuals with the minor allele T are found to have a higher probability of being self-employed.
The SV2C Gene
The SV2C gene carries instructions for the production of Synaptic Vesicle Glycoprotein 2C. It plays a role in controlling secretion by neural and endocrine cells. Changes in the SV2C gene are found to influence entrepreneurship potential.
rs2358531 is an SNP in the SV2C gene. People with the AA genotype of this SNP are more likely to be self-employed.
Non-Genetic Factors That Influence Entrepreneurship Potential
Certain characteristics that are key to entrepreneurial success include creativity, passion, industry knowledge, leadership skills, and the ability to take calculated risks.
Economic and environmental factors that influence entrepreneurship potential include the strength of the business idea, the location of the business, the political and regulatory environment, and access to early finance, modern technology, law and order assistance, transportation facility, business associations, market channels, and a good network of people.
Recommendations To Boost Your Entrepreneurship Potential
Succeeding as an entrepreneur is tough but not impossible. The journey can be full of obstacles , but following these suggestions will help you overcome those obstacles and establish your business.
- Overcome your fear of failure. Though you may not get everything right the first time, and your failures make others doubt your ability, persevere courageously till you reach your goal.
- Seek out opportunities to improve your leadership skills.You can volunteer to lead fundraisers or coach a children’s group. Start clubs in areas you are interested in and organize club activities to reach more people.
- Try finding a mentor, you can get inspiration from. Mentors can help you with things that seem new and difficult to you initially. They may already have experience in the industry and can help you avoid common mistakes.
- Learn new things and keep up with modern trends in the industry.
- Problem-solving is an essential skill for any entrepreneur. Look for different ways to solve problems put forth to you.
- Sales is an important aspect of every business. You will be able to develop a better understanding of the market and its demand when you get involved in sales.
- Entrepreneurship involves the whole process of designing, launching, and running a business. Entrepreneurship potential is a key factor that determines your chances of self-employment.
- Entrepreneurship potential is determined by several factors, including environmental factors, genetics, and your capabilities as a person.
- Studies show that genetics influences entrepreneurship potential. Individuals with the T allele of SNP rs6906622 found in the RNF144B gene and carriers of the AA genotype of SNP rs2358531 found in the SV2C gene are more likely to be self-employed.
- Certain characteristics like passion, creativity, high leadership potential, ability to take calculated risks, and industry knowledge are key to becoming a successful entrepreneur. Some economic and environmental factors also influence entrepreneurship potential.
- There are several ways by which you can improve your entrepreneurship potential including learning from mentors, seeking leadership opportunities, and keeping abreast of the latest developments in your field.