Some of Scotland’s great entrepreneur success stories result from highly driven individuals acting on a simple idea. Whether that idea is to sell tyres and exhausts, run a bus service between two communities or sell copiers. The people who use their ideas and drive to form a business are called entrepreneurs. Entrepreneurs recognise a gap in the marketplace and see it as a business opportunity. Examples of successful Scottish entrepreneurs include Sir Tom Farmer, Sir Brian Souter and Tom Flockhart, to name a few.
Entrepreneurship doesn’t stop at implementing an idea; the idea must be supported by a vision and a plan of action. Entrepreneurs are passionate about their idea. They must be able to communicate and sell their vision to the marketplace and dedicate all their time to the development and growth of their business operations. The benefits of entrepreneurship are immense, well beyond financial reward. Entrepreneurs are driven by how their product or service positively impacts their customers and their community.
Successful entrepreneurs are highly regarded
New and growing businesses help stimulate the economy by offering new/improved products and services and providing more jobs. Key traits of entrepreneurs include ambition, drive, self-belief and single-mindedness.
People are often driven to entrepreneurship for its benefits where the attraction of being in charge of their own destiny overshadows the risks. The prospect of owning and developing your own business model and creating your own success is very powerful.
Social entrepreneurial opportunities also create improvements in the third sector. This refers to charities and non-profit organisations. While social opportunities may not be as financially rewarding as a successful business opportunity, they are personally rewarding, where social entrepreneurs are in the “business” of helping and developing people.
In both cases of entrepreneurial success (business and social) the entrepreneur usually exudes all three of the following characteristics towards their idea: Passion, Vision and Action.