An entrepreneur is basically an initiator, challenger and driver. Entrepreneur is basically a person who is in charge of a venture, activity or a project. An entrepreneur is a person who sits at the top and at the driver’s seat from where he changes the direction, accelerates, slow down and sometimes stop the project or the venture. He is a person who looks to exercise the initiatives by organizing the project and implementing it. An entrepreneur is also a risk taker, he is the person who invests capital and eventually looks to explore the business opportunities.
Originally, the word ‘entrepreneur’ comes from the old French word ‘entreprendre’, meaning ‘to begin something, to undertake’. Though the terms ‘entrepreneur’ and ‘entrepreneurship’ sound alike and are sometimes used interchangeably, they actually mean different things. An entrepreneur can simply be described as a person that starts, operates and assumes risk of running an enterprise. Entrepreneurship, however, is the whole creation process of the enterprise, including originality, capabilities, skills and possible difficulties. An entrepreneur always precedes entrepreneurship.
Also, they are enthusiastic to believe the risks in expansion and change. 2. An entrepreneur improves and develops further the quality of their products through the introduction of technological changes. 3. They focus more on expanding the current scale of operations and puts in his hard work for the purpose.
An entrepreneur is someone who should be willing to handle the danger of a business endeavor where there is a noteworthy chance for making profit. Entrepreneurship is essentially the act of establishing a business keeping in mind the end goal to make profit on a freshly discovered opening in the market. Entrepreneurship is a testing job as a number of businesses which begin fail to be successful. Entrepreneurship has numerous instabilities particularly when new goods are made for which there is no market. Entrepreneurship influences economic growth in different ways.
For example, the economic sociologist Schumpeter coined entrepreneurship as change-oriented and innovative behavior (1934). In contrast, alertness to opportunity recognition was the economist Kirzner’s definition (1979). “Although there seems to be no generally accepted definition of entrepreneurship, many assessments are unified by the notion that entrepreneurship is about creating something new” (Reynolds et al. 2005). A key focus for modern academic researchers is nascent entrepreneurship.
Entrepreneurship according to Onuoha (2007), “is the practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities.” Schumpeter (1965) defined “entrepreneurs as individuals who exploit market opportunity through technical and or organizational innovation”. For Frank H. Knight (1921) and Peter Drucker (1970) “entrepreneurship is about taking risk”. Bolton and Thompson (2000) have defined an entrepreneur as “a person who habitually creates and innovates to build something of recognized value around perceived opportunities”. Harwood et al., (1999), states that “…risk is uncertainty that matters and may involve the probability of losing money, possible
They state that it is characterized as a new and dynamic venture, which accounts of various fields. For example entrepreneurship includes the examination of the relationship between entrepreneurship and organisations. It could also be understood as the process of grasping entrepreneurial opportunities or the development of new ventures. Moreover, it compromises the process of making effective use of entrepreneurship. The reader needs to be aware, though, that Arcs, & Audretsch (2010:2) explicitly exclude non-business organisations from their definition of
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.
Entrepreneurship Career Entrepreneurs are business builders who make their own business. Over time, business owners create corporations where they work with other individuals. This career is important because business owners offer employment to other individuals which helps the economy. A pro of becoming an entrepreneur is that you make your ideas become reality, while leading your business ("Becoming an Entrepreneur”). My ideal career choice is entrepreneurship because I can have flexible working hours, is one of the best paid careers on business, also my personality character concords with this career.
Entrepreneur has to figure out what is wanted to achieve and then how he is going to make it happen, with products, customers and operations probably using mentor’s guidance. This research paper examines the role of mentorship in entrepreneurial success. The specific objectives are; to identify possible benefits of mentorship to entrepreneurs; to examine the effect of mentorship on the entrepreneurial activity. It’s an exploratory paper which reviews some key areas that actually relates to the subject matter of mentorships and success of been mentored in