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 to entrepreneurs Entrepreneurship refers to the concept of developing and managing a business venture to gain profit by taking several risks in the corporate world. Simply put, entrepreneurship is the willingness to start a new business. Entrepreneurship has played a vital role in the economic development of the expanding global marketplace. An entrepreneur is willing to work for himself and by himself. There are several different meanings of the term entrepreneurship.
An entrepreneur is an individual who rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes. Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary to take good new ideas to market and make the right decisions to make the idea profitable. An entrepreneur supplies risk capital as a risk taker, monitors and controls the business activities.
Many people list the personal characteristics that are needed for successful entrepreneurs. Thus, according to Surridge and Gillespie (2012), “have defined the term successful entrepreneurs as someone who is prepared to work very hard, especially in the initial stages of setting up the business” (p. 7). Cynthia (2009), “explained entrepreneurs as people who own, operate and take risks of a business venture”. There many characteristics that successful entrepreneur should have in order to start up and operate the business. If you are willing to be an entrepreneur here are characteristics that an entrepreneur should have.
Gartner, W. believes that the entrepreneur is part of the complex process of new venture creation and research entrepreneur should focus on what they does. Entrepreneurs often proceed with a very different order of questions compared with administrators. Therefore, someone who discovers and identifies the opportunities is not necessarily an entrepreneur. It is very important to capitalize the opportunities. So entrepreneurs are identified by a set of behaviors which connect them with organization creation.
Introduction: In this entrepreneurial project, the definition of an entrepreneur will be discussed as well as the qualities of a good entrepreneur and the advantages and disadvantages of being an entrepreneur. Entrepreneurs in South Africa and their contribution will also be looked at. One famous entrepreneur will be chosen and discussed as well as the business this entrepreneur created and their product. 1) Entrepreneurship: Definition: “Entrepreneurship is the development of a business from the ground up — coming up with an idea and turning it into a profitable business. But while the definition of entrepreneurship may be simple, its execution is much more difficult.” -www.businessnewsdaily.com/2642-entrepreneurship.html (5 January 2015)
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.
Entrepreneurship is the process of generating new ideas and introducing it into the market in the form of a new product, service or a process. It gives rise to entrepreneurs who are dynamic and flexible and introduce a new business from the purpose of being successful. For example, Sachin and Binny Bansal, the proud owners of one of the biggest e-commerce giant “Flipkart” are big entrepreneurs who have become so successful with their abilities of self-confidence and risk taking with proper planning and execution. When an entrepreneur has a new idea and his/her intention is to bring it into the market with a new business venture, the key for success is the good idea and a very good plan to execute that idea. Not only this, an entrepreneur also needs a proper business plan for more clarity about what is to be done when.
In this introductory section, I plan on giving a definition of entrepreneurship, showing how entrepreneurship has evolved throughout time and what are the driving forces behind it, what traits does one need to possess in order to succeed as an entrepreneur, the types of entrepreneurs, and the effects of having high success rates on the country versus low success rates. Human history has always been fascinated by evolution, from the biological scientists such as Charles Darwin who is best known for his contribution on evolutionary theory which roughly states that life can be traced back to a common origin and that only the best survive throughout time by adapting to changes in the environment and other species that might be a threat to
Entrepreneurship has been described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit” (www.businessdictionary.com). Entrepreneurship takes the economy and the society to the state of progress and prosperity. New businesses can create new jobs and therefore will increase the employment rate of the nation. This will also generate income to the entirety of the nation. People who pursue entrepreneurship can generate new ideas which will provide a diversity of offerings for the consumer (Ramos, 2014).