An entrepreneur is defined as an individual that adopts certain business practices to achievebenefits while dealing with the risks that come with them (York and Venkataraman, 2010).These business activities that the individual conducts are collectively known as entrepreneurship. An entrepreneur may utilise an array of competencies and skills to carry out their business in an efficient manner.
An entrepreneur should possess accurate knowledge with respect to the nature of business because it enables the entrepreneur to form an ideology and value that aids the entrepreneurial individual in accomplishing an operative and productive path. It is imperative for the entrepreneur to formulate long-term goals. This would enable the entrepreneur to attain these goals in a timely manner while keeping in view the mission of the business at all times.
An efficient entrepreneur is gifted with certain risk-taking competencies, whichcomplementthe majority of the entrepreneurial activities, for instance, credit and operational risk. However, the process of evaluation significantly helps in mitigating the occurrence of any potential risk (Burns, 2016). The entrepreneur should also possess the competency of adaptability. This is because being adaptable allows the leader to adopt strategic change if the need arises. The competencies pertaining to risk-taking and adaptability allows the entrepreneur the luxury to attain a productive economic and strategic position in the desired market segment.
It is important for the entrepreneur to devise an authentic, reliable, and valuable system to evaluate the entrepreneurial business idea that needs to be implemented. To form an operative and productive idea for an entrepreneurial business, the Stage-Gate model is taken into account.