Interesting facts 13 9. Conclusion 14 10. Bibliography 15 Entrepreneurship is the ability to transfer ones resources in response to changing circumstances. Starting a business from scratch at its core includes everything from the idea origin to managing the company for the long run. Richard Branson said: "What is an entrepreneur?
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.
In the managerial role resources are allocated to solve problems and improve the administrative efficiency. The entrepreneurship is very a old concept according to which anyone who runs business is called an entrepreneur. The more precise meaning of entrepreneur is; one who perceives a need and then brings together manpower, material and capital required to meet that need. Entrepreneur is one who understands the market dynamics and searches for change respond to it and exploit it as an
From this research, it has been made clear that a large number of entrepreneurs affirmed personal initiative as one of the major key to success. It has also illustrated that entrepreneurs with high personal initiative will further enhance their management, improve business operation skills, and embark in a continuous learning and development attitude. CHARACTERISTICS OF A SUCCESSFUL ENTREPRENEUR 1. Know your personal brand: Successful entrepreneurs know themselves well and can perceive others accurately. They have a high degree of self-awareness and the ability to engage in self- reflection that allows them to accurately recognize their strengths and weaknesses and to be open to the prospect of positive change.
EVERYONE SHOULD BECOME AN ENTREPRENEUR Entrepreneurs is someone who build and manage on one business or more. Being an entrepreneur is not easy because you have to think what kind of business that you want to build and have an idea to make the business work. But somehow many entrepreneurs are success to make the business work and I know it cost a lot of work. But above all of that, I believe everyone should become an entrepreneur because; the opportunity that you have, the life that you will get, the impact to become an entrepreneur. First, think about your opportunity that you have.
After this Self-assessment Questionnaire, I know the important Personal Characteristics of the Entrepreneur are Prior Experience, Cognitive Factors, Social Networks and Creativity. These Characteristics that tend to make some people better at recognizing
It 's perhaps second in importance only to asking for the sale in terms of home business musts. In business, negotiation skills are used daily. Confidence:To withstand the stresses associated with starting a new business and overseeing its day to day management, an entrepreneur must have a great amount of confidence in her own abilities. As well, she must trust her own special knowledge and take advantage of her unique insights; entrepreneurs must have a particular confidence in their own thoughts. People are more likely to invest both effort and money in an entrepreneur with confidence.
Entrepreneurs are willing to face high risk and are willing to make quick decisions and decisions with less information when needed. Entrepreneurs know that the chance of their adventure is a big success. Business owners must know when to seek loans, when to expand, and when to brave a steady salary, is conducive to self-employment, and how to determine the potential benefits of adventure. They must balance and over-risk may damage the business and its owners ' credit, financial and personal life. For example, the opening of a second store, other business owners dare to open, you can use a loyal customer base to repay.
Entrepreneur – a risk-taker, decision maker, disciplined. There are many ways to define an entrepreneur. The French word entrepreneur first appeared in the French dictionary in 1723 to describe a person who organizes and operates a business by taking a financial risk (Hoque, 1). There are a lot of perks about going to work for yourself. You make your own schedule, you get to work from home, you can decide who you work with and what projects you take on, you get to create a business that is in line with your beliefs and most importantly you get to put something out in the world that is a product or idea all your own.
Entrepreneurship is the capacity and willingness to develop, organise and manage a business venture along with any of its risk in order to make profit. Entrepreneurship is much broader than the creation of a new business venture . Entrepreneurship is both the investigation of how new organizations are made and additionally the genuine procedure of beginning another business – the term is utilized reciprocally. Entrepreneurs are the one who takes on idea, develop a business around it, manage the business and assumes the risk for its strength .Entrepreneurs need to be sometime effectuate, be cognitively adoptable and learn from failure. An entrepreneur motivation is not simply from personal profit but also from loyalty to products, loyalty to market and customers personal grow, and they need to prove themselves • Characteristic of successful entrepreneurs Entrepreneurs need to be able to deal with obstacles, they are risk takers .They have the ability to overcome hardship, failure is not an option for them.