Introduction
‘Entrepreneurship has always been important. The concept of a person or group of people using their minds and creativity to solve a problem is both the foundation of a business and also basis of human progress” – (https://richardhlucas.wordpress.com)An entrepreneur is a person who accepts a large risk in order to use their creative initiative to start a company. Entrepreneurial activity is the backbone of the economy, and leads to economic growth, creates job opportunities, and raises stability and creativity. However, entrepreneurs face a large number of challenges in their business ventures. They conquer these challenges through the use of financial strategies and other important planning.
The Role of Entrepreneurs in Society
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According to The Oxford English Dictionary, an entrepreneur is “a person who sets up a business or businesses, taking on financial risks in the hope of profit”. Entrepreneurial development has become extremely important, because it is crucial to economic expansion. Entrepreneurs produce and provide goods and services for customers and consumers to purchase. The items that billions of people rely on daily are formed as products from business, and most of the time are designed by the entrepreneurs themselves. Therefore, entrepreneurs occupy a dominant position in the economy. Entrepreneurs actively pursue disequilibrium in the wants and needs of customers, and the goods and services that are available. They use their energy, creativity, intrinsic motivation, and passion to generate a solution to this imbalance in a market place, and thus businesses are born. However, entrepreneurship is not an end location, but a process. One must combine the key elements of entrepreneurship in order to successfully create a business.
Key Elements of Entrepreneurship
There are many key elements that contribute to entrepreneurial success. The most important component behind any business is innovation. Innovation is the process of converting an idea into a consumable good or service, and is crucial for every business venture.
Preparation is imperative for entrepreneurs, as the more preparation is done, the more likely the business is to succeed.
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Issues facing Entrepreneurs
One of the most prevalent issues facing entrepreneurs is the problem of funding the company. Most business owners choose to use a financial loan as a way to get money to start the business. While this is one method, in order to be considered for a bank loan, entrepreneurs must have an extremely detailed business plan. As well as this, if the bank loan is approved, entrepreneurs must be prepared to pay back interest. Entrepreneurs can also borrow money from family and friends, without interest, however this may mean that a portion of the business is expected in return.
Another important problem that may face new business starters, is the issue of finding customers. Many people are already devoted to brands, as the devotion has developed since their childhood. Entrepreneurs are pushed to discover new and exciting ways to attract customers to their companies.
Many of the problems that entrepreneurs face can be remedied through the use of strategies and
... their money to turn a profit. Being an entrepreneur and starting a business does not mean that the person knows what they are doing, and most of the time they are just defending their ideas until they ultimately fail. They spend most of their time in the business and not on the business, and in return if they do not realize this they will fail as well. By being an entrepreneur, it can be easy if you follow all the guidelines listed in this book, and there will be success in any business which has been started. For some entrepreneurs their minds are consumed by their ideas, without wanting to listen to others, failure will be in the imminent future. Therefore after reading this book it is evident that an entrepreneur must follow these concepts and processes in order to overcome this problem among entrepreneurs in society, and by doing so they will achieve success.
Entrepreneurship activities can be discovered across innumerable industries and company domains. Merriam-Webster dictionary defines entrepreneurship as “one who organises, manages and assumes the risks of a company or enterprise” (Nelson 2012). The entrepreneur needs to comprehend the company’s clear association, the nature of company and has to understand whether the company is stable. In fact entrepreneurs hold leadership positions to work their company initiatives and mobilise resources to make their encounter in the market. Change is closely connected to each entrepreneurship activity. Change is the most vital instrument of entrepreneurship (Drucker 1985). Hence change can be believed as adding something new to a continuing procedure or a product to make it work larger and be extra effective. The exploitation of new thoughts leads towards innovation. Change begins alongside creative thoughts but this is not an adequate condition (Okpara 2007).
For entrepreneurs whom are willing to accept the risk associated with starting a business, some have made themselves extremely wealthy. Although our economy is focused on capitalism as a means of promo...
There has been a large amount of attention paid to the subject of entrepreneurship in the last few years; mainly because most people have chosen to go from working for somebody else, to be their own bosses and work for their dreams. Nevertheless, many still wonder what is entrepreneurship and what is that sets entrepreneurs apart from other regular business owners. At first, it seems both concepts do not differ much from each other since they both start up and run businesses and assume risks to pursue opportunities; however, there are certain traits that difference them.
Other than that, behavior and attitude of an entrepreneur also can help for trying to determine the chances or any opportunity and provide some thought or plan and put into practice. This behavior and attitude will be complete successfully by individual, group, and usually this all are demand for ingenuity and the willingness to do something never done before that could be risky (4).
Joseph Schumpeter, an American economist, renowned for his term ‘creative destruction,’ defined ‘entrepreneurs as individuals who exploit market opportunity through technical and/ or organisational innovation.’ Entrepreneur is derived from the French verb ‘entières,’ meaning to undertake and consequently entrepreneurship is the ability and will to develop and manage a business scheme; accompanied by any of its risks with the intention of making turnover. Conversely, innovation is the process of transforming a creation into a product or service that generates value; ‘the commercially successful exploitation of ideas.’ It is integral to any developing economy, particularly in those where prevailing business models have become outmoded. Entrepreneurship and innovation play fundamental roles in the creation of knowledge with the purpose of generating value and encouraging sustainable economic and organisational development.
Before going into the details of either strategy, however, it is essential to clarify the importance of strategy in entrepreneurship.
Entrepreneur are employees who work in business in an entrepreneurial capacity, creating innovative new products and processes for organization. “Entrepreneurs are “dreamers who do”, those who take hands-on responsibility for creating innovation of any kind within an organization.” -Gifford Pinchot The entrepreneur is an essential ingredient in every innovation. -Dr. William Souder, 2003
Entrepreneurship incorporates unconstrained imagination and a readiness to settle on choices without strong information. The entrepreneur may be driven by a need to make something new or assemble something unmistakable. As new ventures have low achievement rates, the business person should have impressive tirelessness. Because of this, the entrepreneur may have the best risk of achievement by concentrating on a business sector corner either too little or too new to have been commanded by built up organizations.
Entrepreneurship, innovation and economic development are the key factors of a successful business. These concepts are inter-linked and this essay will further explore and elaborate the relationship they have with each other. Additionally, sustainability also plays a role in this relationship and contributes greatly to a business’ success and reputation.
Every “true” entrepreneur knows that there will be never enough time or money to make things right when starting a new business. So it’s vital to focus on the most important thing, which is the customer. To understand the importance of knowing customers, imagine an entrepreneur with a flawless and innovative product but doesn’t have enough customers to sustain the business and the opposite is true. For entrepreneurs to be customer-focused they need to understand customers needs rather than focusing on great products or wonderful services. This is what I did on my final project; the idea behind my business is to offer customers who live in a very hot area of the world cold treats but in a different and new way. This point is should be clarified in the “customers” slide in the pitch to show that the owner knows who are the customers and the show why they might be interested in the product or the service the owner is planning to
Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship.
This paper examines the myths associated with what it takes to be an entrepreneur, the profiles and the common characteristics among these successful entrepreneurs.
entrepreneurs have the ability to come up with new ideas in various situations of which one might have never imagined. Entrepreneurs have a curiosity that identifies overlooked niches and they are constantly trying to innovate (Robinson, 2014). They imagine another world and have the ability to communicate that vision effectively to investors, customers and staff.
Entrepreneur's should have a strong drive to successes and overcome obstacles. Confidence and strong will are must. An entrepreneur should be sharp and always think of ways to run their business flexibly .Another important quality of a successful entrepreneur is being adaptable to