Entrepreneurship is a key factor in economic growth, innovation and growth of enterprises and businesses. Modern economic methods, market cultures and available of new technologies have helped entrepreneurs in a big way. These help them to bring the capital funds, resources and persons together to establish the enterprise. In this chapter, you will learn about the role of an entrepreneur in economic development of the country. You will also learn how entrepreneurs act as an innovator in the economic growth and help in the generation of employment opportunities, in complementing and supplementing economic growth.
Success is what everyone is looking for. One of the many ways people do to achieve it is to start a business. The idea of becoming an entrepreneur has become a trend in all societies, especially among young people. Therefore, today many people who have successfully become entrepreneurs at a young age. This is not surprising, because many people are starting to feel tired and limited by just being employees, so the thought of making a business of choice.
INTRODUCTION: “Entrepreneur is the person who comes up with a business proposal to start a venture taking into consideration the constraints like human resources, cost, demand after studying the whole market and identifying the gap and understanding his own skills and competencies. The whole process altogether is called Entrepreneurship” Any idea that have to be commercialized into a business have to go through a series of steps before it could go live. The person first has to come up with a business plan. A B-Plan is a written document of one’s business idea and what he is planned to do and how to implement or go forward with the same. This business plan will be written after understanding one’s own competencies and about the industry he/she
Introduction Being a successful entrepreneur means more than starting new ventures every other day. It means the right attitude towards a business and the determination and grit to achieve success. They should not only set big goals for themselves but also see that they are actually committed to achieving them regardless of the countless setbacks that occur. A successful entrepreneur always has a strong sense of self confidence and a healthy opinion of their skills and abilities. Their personality is assertive and strong.
Richard Branson said: "What is an entrepreneur? An entrepreneur is someone who wants to make a difference to other people's lives. "If you can create something a difference
Research has shown that self-employed entrepreneurs and business owners are three times more likely to become millionaires than those in conventional employer-employee arrangement. As a business owner, your earning power is theoretically without any limits as you have the opportunity to go as far as your business will take you. You also get to benefit directly from your success and take as little or as much from your business as you desire. The proverbial ‘fruits’ of your labors literally belong to you. Another immense benefit of owning and running a business, when viewed from a professional standpoint, is the fact that being an entrepreneur affords you the opportunity of advancing faster in life than you would in a conventional office setting.
An entrepreneur may be experienced a lot of failures before experience a success as the failures become a supportive sight to be better in future planning. Everything will not be right at all time, so an entrepreneur should learn positively from the failures and use that as the chances to try something new for upcoming business planning. The owner of Adzie Cafe and Bakery said that an entrepreneur should has strong and positive mentality to maintain in business industry. There might be a lot of challenges out there to maintain and stabilizing a business, but to become a successful entrepreneur, we should be able to take the challenges as the opportunities for us to be a proactive entrepreneur and should not easily give up over that uncertain circumstances that would not guaranteed us any good
Entrepreneurs are described as the value adders, who represents the prosperity of the nation and its prospective to produce employment; they are the driving force of any nation. All the same, an entrepreneur owns the following qualities: 1. They are alert to new opportunities, resourceful and energetic. An entrepreneur must and is able to bend in with varying situations. Also, they are enthusiastic to believe the risks in expansion and change.
An entrepreneur uses creative talents to develop new things and exploit new opportunities in the markets. Choose the best option: An entrepreneur finalizes a concept or an idea only after considering a variety of options. He analyses their strengths and weaknesses by applying different techniques. He tests the product's applicability, supplements it with empirical findings, and then chooses the best alternative. Then he applies his ideas in practice.
As everyone knows that to start up a business a person needs resources, capital, and manpower which are key elements to start any business. An Entrepreneur is a person who tries to minimize the risk in the business and to maximize the profits (Wiley, 2012). For every entrepreneur, there