Entrepreneur usually called upon to lead a variety of situation. As a leader or entrepreneur of the company, it is the job of entrepreneur to motivate the workers so that they can give 110% effort to complete the task in a timely manner. Entrepreneur need the charisma of leadership to convince or persuade partners and investors to believe the business and provide essential support that needed to meet the objective or goal of the new business so that company could make profit. Entrepreneur as a leader of the company need to be able to come up the right decision for the best of all especially the clients, shareholders, employees and so
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.
INTRODUCTION Quote – “Start-ups pursue opportunity with resources that don’t match the task; although they may have one or two critical ones such as a product idea or access to an experimental customer, they lack all the resources required to win.” – Cohan Peters Analysis: Opportunities are there for everyone. It is important who identifies it at the earliest and exploits it to not only create value for the society but also develop a sense of satisfaction for themselves. It is assumed or believed that the entrepreneurs have the agility to withstand the risk that is associated with starting a new business. Most of the times the entrepreneurs don’t have the resources that they actually need to implement their idea. So these identification of
Business leadership development plays an integral part in the metamorphosis of a good manager into a great one. Many believe the terms leadership and management to be synonymous, though nothing could be farther from the truth. They are as different as night from day, and a good leader might not make a good manager and vice versa. However, business leadership development planning can be used to improve the capability of managers to lead and become competent in dealing with people and persuasion rather than position and power. A good leader will have followers as distinct from the subordinates of managers, yet the two need not be mutually exclusive: A good manager can become a good leader, and the development of leadership will not only enhance
Purpose/ Uses of Entrepreneurship Choosing a career path to gain profit for the long haul is the most important reason why people opt for entrepreneurship. Maintaining a reliable source of income is the best and the most important way to create a stable job. Keeping this in mind, being your own boss and having things in your control are what majority of the people desire. To fulfil this need, entrepreneurs start their own business to control their career. 1.Several
Entrepreneurs make hard decisions, often without complete knowledge of the factors that could affect their businesses. They must deal with the challenges of scarce resources, high uncertainty, and ambiguity. 3. Think through possibilities and practicalities: Entrepreneurs must constantly hone their abilities to think outside of the box. Successful entrepreneurs can look at an existing idea or product and make it into something even better by looking at it with fresh eyes.
The development of any company depends on their project implementation. But for an entrepreneur, it is not always easy to appoint functions. At the beginning of any business, there is always a tendency for centralization of activities in the hands of the owner of the company. However, as time goes by, that can impair the growth of the company and therefore, the role of a manager is fundamental. In the business industry, it is known that building a good team is critical to the growth of any company.
It is an overall structure strategy for a business. Planned strategy in most of firm plays a very important role. It act as the spirit of the firm’s marketing and promotional strategy through scientific, restrict and feasible researches. And practically follow the planned strategies to achieve ultimate goal- earn profit for its shareholders. Meanwhile, creating a good company reputation to maintain its long term growth and survival of the firm in cruel business competition.
However being part of a start-up team is uniquely exciting because it provides opportunities and experiences that established corporations simply couldn’t match. The role of managers in start-up companies are very important because they have to try to keep their team motivate while they helping them to fight through feelings of apprehension The first and the most important factor to keep the team motivated, is to know what you’re working with. This means developing a great base line understanding how engaged the team members are. As an example some companies do the annual engagement survey in order to ask employees about their satisfaction at work. However the results don’t give the objective data on how engaged people actually are.
Eliminating the worrying sense is needed, so that an entrepreneur can work more passionate and feeling optimistic. But do not have it sense will make an entrepreneur take reckless and dangerous decisions. Having a sense of worry will help an entrepreneur to think carefully before taking the risk. Denial Not accept all suggestions or deny some of the statements is an attitude that must be owned by an entrepreneur. Because any advice given is not necessarily correspond with the business.