Introduction
Entrepreneurship is unique business gamble that is innovative. In most cases, the person behind the business project works to present something new to a future market. This includes a significant amount of planning and understanding the needs of your potential market. This is considered a competitive option that requires research, useful resources, and detailed innovation if you expect to be successful. In short, it is like going into business for yourself but you take on risks in hopes of reaping the rewards you hope to achieve. Interestingly, much popular as it is, there is no universally accepted definition of the term “entrepreneur”. A large amount of literature has been published on the theory of entrepreneurship. The first
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He is also the contractor who deals with or initiates the process of entrepreneurship. The entrepreneur is the person who is responsible for running the system which is in place in a normal process. He is the one who organizes the entire process. Entrepreneur creates or sells a product and/or service so that he could earn a considerable profit/benefit. The entrepreneur is the risk bearer and an organizer within the business enterprise. More than anything else, an entrepreneur is a leader by sheer definition. An entrepreneur wants to achieve high since his ambitions are always at the top. He is a person who believes in dedication and hard work. (Drucker, 1985) These people like to work for their own selves rather than working for some other business. They believe in quality of work and take acceptance for responsibility which is a hallmark of a true leader. These entrepreneurs believe in a positive approach and give rewards whenever they deem fit. Their thinking is more on the lines of providing excellence towards work and they are good organizers as far as work ethics are concerned. They want to make a profit and this profit helps them to accomplish more and more in their passage towards success and achievements. (Ramsay, 2004) Some of the well-known entrepreneurs have included names like Ben Cohen of the Ben & Jerry’s Ice Cream, Elisha Otis related with elevators, Ted Turner with the media …show more content…
Team building is all the more important because the entrepreneur needs to take decisions in line with the knowledge that his team can deliver under crunch situations and also because he has to take the company forward all this while. Thus it is imperative on his part to understand that the strengths and weaknesses of the team members are equally crucial and his requirement takes more ground in this whole equation when a difficult situation crops up. (Hocker, 2001) Thus a good team is only built when the leader (entrepreneur) knows his team members pretty well and turns the weaknesses of different individuals within the team into their strengths and not only that but also in the strength of the team overall. (Harper, 2003) An entrepreneur can only be termed an effective one when he understands his resources and what his team members can possibly do to their maximum in those available resources. Only then there is a sense of empathy and understanding amongst the team members and consideration towards the leader of the team which in this case is the entrepreneur himself. Thus, a good team is developed when there is complete harmony in the activities of the team members and there is basically a synergy amongst all of them. This synergy can only be
An entrepreneur is someone who recognizes an opening in the market for a product or service and carries it out using initiative. Usually being innovators; entrepreneurs are risk takers in means of not knowing whether their ideas will in fact succeed (Business Dictionary, 2016). Fashion leaders are considered entrepreneurs because to be strong in the fashion industry one must attempt to stay ahead of competitors and know what is already out there as would an entrepreneur. One of Australia’s most successful fashion designers could also be considered an entrepreneur; Collette Dinnigan is an award winning fashion designer who has exhibited in London and Paris and was the first Australian to launch a ‘ready-to-wear’ collection, as well as being
Due to recent increase in competition in various workplace or organization, leaders, managers and organization members has face with the challenges to set up the effective communication that will help in teambuilding in his or her assigned area in other to accomplish the set organizational goals and improve productivities which will strengthen the organization against others. The aim of the team is to bring the best out of the team in other to ensure self-development, effective communication, leadership skills and the ability to work closely with one and other. These will help the team in problem solving and improving their performance which will enhance a better outcome for the organization. Team building help improve effective communication among staffs and job satisfaction. Team building strategies help assist the leader and manager to build an effective work team by strengthening communication and interpersonal relationships, so that the staffs can function as more cohesive group than individual. Team building involves variety of activities presented to organization with the goals of improving productivities. According to literature, the success of teamwork, depend on many factors. Such as organizational culture, leadership effectiveness, staffs commitment, the organizational system of compensation and rewards and the level of staffs autonomy.
An entrepreneur is someone that starts up their own business. Mark Zuckerburg became an entrepeneur because of his social networking site called Fackbook. It all started in his college dorm in 2004 at Harvard University. He made a website called Facesmash for Harvard students only. This site let you vote on which two students from Harvard were “Hot or Not”. Then he started making “TheFacebook”, which was the name of facebook when it started.Soon he soon changed it to just “Facebook”. A man named Peter Theil was the first to invest in the company for 10.2% of the company. Zuckerburg branched out to more private schools, then next thing you know the site was all over the U.S. They made their money by letting ads be on the site. The companies pay facebook to put ads on the site, then Facebook makes money. The company went public in 2012 to the stocks. This was big. They would make even more money. It was risky, but Zuckerburg did it.
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.
Teams are important to a company simply because they motivate transformation and expansion. While teams play a key role in the expansion process of a business; the entire process can be delayed, if not disabled altogether due to a lack of participation on individual levels of commitment. Studies show that if a team is constructed and managed effectively they are 30-50% more productive. (Williams, 1995) Whatever the reason behind the formation of a team in a business it is always wise to take the proper approach to overcome any obstacle.
Overall company will find it extremely hard to succeed without the support of teams. Work group members will not only help each other improve their performance but also help improve the performance of the business. Teamwork allows them to learn to trust and respect each other; this will come in handy when the business is forced to deal with a loss of a team member or loss in revenue. Creating strong hard working teams will benefit a business in the short-run as well as in the long-run. That’s what business of the 21st century should strive for.
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. No matter the outcome, they believe in themselves and have an extreme confidence not only in themselves, but also in what they do.
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.
Many businesses place an emphasis on the importance of teamwork. A good team consists of people with different skills, abilities and characters. A successful team is able to blend these differences together to enable the organisation to achieve its desired objectives.
Entrepreneurship - a special kind of activity. Its constant conditions are limited resources, competition and uncertainty of the situation. The main tools of the entrepreneur are: thrift, cooperation and innovation. Consequently, enterprise is the independent economic entity, with rights of a legal entity, which is based on the use of labor collective property produces and sells products, works, and provides services.
The success of a business is greatly dependent on its entrepreneur. An entrepreneur is someone who takes the financial risk of starting and managing a new business venture. In order to be a successful entrepreneur, one must be ready to take a risk and invest one’s own savings into a business. The job requires that the individual be ambitious and committed to working hard in order to achieve the set targets. A successful entrepreneur is able to multi-task and communicates effectively with people, possessing leadership qualities such as confidence and motivation. The individual must play the role of constant motivator and inspire employees to improve their work performance, whilst ensuring a comfortable environment for the employees to work in. According to Schumpeter (1982), an entrepreneur is more of a ‘heroic’ than an ‘economic’ figure; his motivation should not solely be monetary, rather stemming more from inspiration and ambition.
The first definition on entrepreneur was simply someone who invented something. Eventually, it turned into someone who owned a business. But the best definition, the one used most often today, is someone who organizes, manages, and assumes the risks for a business or enterprise. This shows that not only does a person "invent" something, but that they see the opportunity and build a business around it. An entrepreneur has a vision and builds around this vision.
The entrepreneur is defined differently across many platforms they all share some commonality (Davison, 2008). This commonality consists of certain traits such as risk taking, innovative thinking, and an opportunity-seeking mindset to create, improve or expand a business (Davison, 2008). The entrepreneur functions as a promoter to the generation of wealth (Davison, 2008). The entrepreneur is important for the movement of the market and constant challenge to the status quo, indirectly improving all related business involved.
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.
The team members not only share expectations for accomplishing group tasks, but trust and support one another and respect one another's individual differences. Your role as a team builder is to lead your team toward cohesiveness and productivity. A team takes on a life of its own and you have to regularly nurture and maintain it, just as you do for individual employees. Teambuilding is important for several reasons. It facilitates better communication and it motivates employees. The more comfortable your employees are to express their ideas and opinions, the more confident they will become. This will motivate them to take on new challenges. Team building also promotes creativity and develops problem solving skills. It also breaks the barrier because team building increases the trust factor with your employees. The first rule of team building is an obvious one: to lead a team effectively, you must first establish your leadership with each team member. Communication should be clear and manager should describe team values and goal. Trust and cooperation is also important when building effective team. Opinions of all group members are important and all of them are equal. One of most important thing is encourage listening and