The Importance Of Entrepreneurs In Business

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Task 1 Introduction Entrepreneurs are persons who manage capital, land, labour, and cost of capital for manufacturing and selling the products for earning profits (Gasparski, 2011). Entrepreneurs indulge in business because they expect to earn high profits from the business. The Entrepreneur is also defined as a person who follows business actions in the industrial world. These persons have a scarcity of resources, yet ready to take risks to earn high profits. 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 are some values, culture, political pressure, peer pressure, which might affect the work of an entrepreneur. The Entrepreneur has to face many risks because there are many risks which can affect a business. Some risks to start a business are financing risks, product risk, technology risk, market risk, and margin risk. Entrepreneur enjoys his work even in the worst time; if he will not enjoy his work then the chances of success will also be less. An Entrepreneur must be a creative person; he must have a new idea to establish a business. Even with little or no resources, he must be able to start a business of his own. Entrepreneur must have intuitive power, as businesses do not run on a luck basis. The Entrepreneur creates a path while

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