Entrepreneurship Research Paper

Entrepreneurs are quick to exploit market opportunities and its potential. A successful entrepreneur considers the chances of success within the economic context. More factors such as culture, labour, work force, infrastructure and trade regulations are also considered when exploiting an opportunity. Entrepreneurs are people with lot of qualities such as creativity, the ability to keep going in the face of hardship and social skills needed to build teams. (Mindtools.com, 2014) They have the abil... ... middle of paper ... ...: University Press.

definition and meaning. 2014. What is entrepreneurship? definition and meaning. [ONLINE] Available at: http://www.businessdictionary.com/definition/entrepreneurship.html.

INDIVIDUAL ASSIGNMENT An entrepreneur is an individual who conducts business for the benefit of themselves or the nation. He or she is someone who searches for opportunity and creates and grows a company to pursue it. They are creative and innovative at the same time which allows them to bring new discoveries that enhances the society life. An opportunist, a high risk-taker, independent, strong leadership, visionary and unwavering passion are several qualities that are essential to make a successful entrepreneur. Not everyone can be one unless they are ready to fail.

Introduction The following assignment is about the importance of entrepreneurship and the effect it has on a community and the country’s economy. Included in this assignment is a profile done on a business entity in my area which focuses on the functionality of the business, the various markets which affect the business and determining whether the business entity is successful or not. Theme 1: Importance of Entrepreneurship in the development and growth of the economy of a country Entrepreneurship can be defined as the ability and desire to create, sustain and manage a business entity, which includes accepting any risks that are involved in order to generate a profit for the entrepreneur/s. Entrepreneurship is an

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.

Pratt, Siofra. "How Social Media Affected Recruitment in 2013 - Kelly Services 2013 Global Workforce Index Results - Social Talent." Social Talent. N.p., 28 Nov. 2013. Web.

To be an entrepreneur, it takes the willingness to prosper with calculated risks; both personal and financial-and then do everything possible to get the odds in your favor. Driven by an intense commitment and determined perseverance, entrepreneurs work very hard at what they do. They excel and want to win. Entrepreneurs are amazing people with a high respect of character. They use their mistakes as something to learn from rather than a failure.

Characteristics of successful entrepreneurs An entrepreneur is someone with the capacity to lead a business to success and is willing to take the risks in order to accomplish their goals. (Dollonger, 2002). Starting a new business is an example of entrepreneurship. Entrepreneurs are very important in order for any business to succeed, however, only some entrepreneurs will succeed in life. Here are some of the characteristics of successful entrepreneurs.

Enterprise is the procedure of beginning a business or other association. The business visionary picks/adds to a plan of action, procures the human and other required assets and is completely in charge of its prosperity or disappointment. Business enterprise is the soul of individual. It is a quality which might be natural or created for the financial improvement of a nation, entrepreneurial expertise should be produced. Business assumes an essential part as far as: • Generation of vocation opportunities.

(Business Dictionary, 2014) It appears that, entrepreneurs are people who are creative, innovative, independent, optimistic, educated, spontaneous, and with high self-esteems willing to take financial risks, as well as, monitoring and controlling the business activities. Entrepreneurs, through their innovative ideas and entrepreneurial opportunities tend to play a vital role in the economy. Therefore, in this paper, one will elaborate furthermore on entrepreneurs. One will explain the importance of feasibility study and business plan, where entrepreneurs can go for funding, and what type of short and long term planning would be required for success. In addition, an example of a company that started with a humble beginning and bloomed successfully due to proper planning will be provided.