Topic > The Components of Entrepreneurship: How People Become Entrepreneurs

The term and meaning of entrepreneur have evolved over the centuries. They were known as a risk-taker in the 15th century, first introduced by the Irish banker Richard Cantillon (1680-1734). At the beginning of the 20th century, Joseph Schumpeter (1883-1950) linked entrepreneurship with innovation. When we mention the word “entrepreneur”, our mind will automatically think of someone who is never satisfied with the status quo, is passionate and dedicated to getting things done. Their mind seems to have a different form of intuition where they see things differently than most of us, this is what we call innovative thinking. They are people who love challengers, welcome change and are always the first to jump in and take the leap of faith when they are sure something will work. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay In the world we live in today, change is the only constant thing happening around us. Through accelerating the complexity and uncertainty of change, an employee would approach a task predefined by their leader with an entrepreneurial mindset. In light of focusing on innovation and identifying new opportunities. One study shows that 40-50% of students entering college in 2016 in the United States will be self-employed or freelance at some point in their careers. These students are made up of a population of Millennials who strive to work with passion and want to make an impact in the things they do. Entrepreneurship is considered a driver of global economic development, the need to create people and organizations with entrepreneurial mindsets and skills is more urgent than before. That said, does an aspiring entrepreneur have what it takes to successfully start a business fueled only by passion and creative thinking, without adequate knowledge of how to actually run a business? Made or Born? There has been much discussion and numerous studies have been conducted on this golden question of which successful entrepreneur is either born to be one, or slowly developed into one. He claims that entrepreneurs are born, not made. He claims that his subjects share common characteristics, which include: restlessness, independence, a tendency to be solitary and extreme self-confidence. On the other hand, other personality characteristics that are uniquely entrepreneurial include innovativeness, action orientation, a high need for personal control, and high autonomy. In many cases, entrepreneurs are often described as impulsive and gambling adventurers, intoxicated by their own adrenaline. But even if they put themselves at risk, they are actually motivated to achieve something greater, which is what sets them apart from the rest of people. An example of a born entrepreneur is Henry Ford. Ford's dropping out of school at the age of 16, his interest in building a horseless carriage that would attract investors and possible business start-ups, and his determination to build cars that were attractive and accessible to the masses are the proof of his talent as an entrepreneur. “He placed himself at the forefront of the social revolution that had an immeasurable impact on American life.” Along with Ford are Bill Gates and Steve Jobs. Both have had similar experiences as high school dropouts with minimal educational background or suitable environment that encourages or encourages them to become entrepreneurs, but have an innate sense of entrepreneurial traits; an intuition that guides them in building their businesses. On the other hand,.