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Characteristics of an entrepreneur
Discuss in details characteristics of successful entrepreneur
Characteristics of an entrepreneur
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Entrepreneur is called owner of entrepreneurship. He is a person who manages and organizes any enterprise. It is necessary to consider success story of entrepreneur that what he have done differently from other that led its organization towards success. Few steps are required to follow by entrepreneurs to be successful in the business. This paper is written to analyze success story of entrepreneurs. In this paper, I highlighted reasons of its success. I also described challenges faced by entrepreneur during this journey. Purpose of this report is to give others lessons from that success story. I also learned from positive approach that entrepreneur used for business success.
Reasons for success
Every success has reasons behind it. Success
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For building good reputation of business, all requirements of business should be followed. Business image is a key to success. It is responsibility of every entrepreneur to throw positive image of his business towards other concerned person. Another reason for his success was understanding value of network of peer. Entrepreneur can never be successful without this network. Relationship with business and financial partners, resources and peers should be managed effectively (Hull, 2012) A clear competitive advantage should be developed. Entrepreneur should have done something different in his business as compared to competitors. Do not cheat customers in any way. Always deliver them promised product or service. Customers cannot be compromised in any cost.
Challenges
No business can be free from challenges. Best approach is to learn from business challenges. I also discussed challenges that entrepreneur faced during his success. First was selection of business. He faced challenges in selection of right business. Another challenge that he faced was have little financed for his business. He solved this problem by taking loan from bank. He used these challenges in positive way for his business success (Brwon, 2012).
... 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.
It would be an understatement to say that the twenty figures presented in Gross's Forbes Greatest Business Stories of All Time are success stories. These people have molded and shaped the way we live our everyday lives through their incredible achievements. Imagine starting with only a vision, while lacking the financial resources and personnel to make that dream a reality. This was the case for most of the entrepreneurs presented in this book. They found a way to create something out of nothing. Obviously, they had to overcome constant obstacles and setbacks on their way to success. A few also faced some morally challenging issues that may have been questionable, which will be addressed later. The striking similarities amongst some of the most innovative and recognized entrepreneurs in the world helped contribute to their revolutionary business ventures. By reading and analyzing this book, lessons and advice can be inferred and applied to our everyday lives.
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).
We need to know that these success stories did not come from a vacuum, and behind every big success story there are many events , difficulties and problems faced these people to arrive to this success.
To be a successful entrepreneur, there are steps that one must follow when starting a new enterprise. These steps are termed as the process of entrepreneurial which is the systematic method of preparation of an enterprise that consists of four steps. The four steps are fundamental to the success of an entrepreneur venture. The four entrepreneurial processes includes discovering, assessing and opportunity, developing a business plan, establishing resource needs, and managing the resulting enterprise (Barringer & Ireland, 2010). Each individual step is vital for the start of an entrepreneur venture and for an entrepreneur to achieve their entrepreneurial goals. This paper will discuss the four steps of the entrepreneurial process,
“There is no one definitive profile of an entrepreneur. Successful entrepreneurs come in various ages, income levels, gender, and race. They differ in education and experience. But research indicates that most successful entrepreneurs share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence, and smarts." (Principles of Entrepreneurship)
person is going through some following stages to be entrepreneur are crystallized idea from executable project then they should search abut the project and how to implement it to achieve comment goals . So entrepreneur is a person who is not genius , but he con transform a man his thoughts and dreams , no matter how difficult the fact. ALSO, they have talent and abilities and skills through which they can detect good opportunity to be profitable venture and triest to measure the necessary resources to turn this opportunity into reality teal is characterized by leading business group of person qualities are they desire to achieve their dream and ability to solve the risk to achieve their goal .Moreover , entrepreneur is the owner of one or more projects succeeded in expanding the range of goods and services or work in more then one activity , they should make plan to increase capital and labor required other resources . The most important qualities of entrepreneur such as , solve the challenges and anticipate future opportunities . ALSO , implementation of plan . IF there any new ideas search for them even they are far fetoned and work to achieve them
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.
For my future career I want to be a business owner or in other words an entrepreneur, business has always fascinated me to this day some of the key point of a business owner are the duties of a business owner, the salary, the training and education, how does someone succeed in this career field and, what my goals are for this career field. An entrepreneur is individual who, instead of working for a business, runs their own business and takes all the risks and reward of a given business venue, idea, or good or service offered for sale. The entrepreneur is mainly seen as a business owner of ideas and business processes.
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.
We learned a lot of things in this course, but I think the most important lesson I learned is that it’s not easy to be an entrepreneur. I was surprised to hear in the first class that 80% of startups fail, but after reading The Art of Start and E-myth Revisited I understood why this happens more often than one might expects. Some people start their own businesses for the wrong reason and some start with wrong mindset. I’ve always thought that if someone has a brilliant business idea and hardworking they will succeed and grow their business. However, now I know that there are many things to consider before starting any business. In fact, there are many strategies that an entrepreneur could follow to achieve success, such as know your customers, work “on” the business, and how
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.
Most successful entrepreneurs are have a passion for their product or service as well as a desire to solve a problem and make life easier, better, cheaper (10 Qualities of successful entrepreneurs, 2010). Their desire to be an entrepreneur is mostly due to in internal factor rather than an external such as money.
1. WHY? Develop your "why". As an entrepreneur, not all times you have in business will be perfect. In fact, there will be many, many difficulties along the way. However, if you can develop your why, you can achieve success. Your why must be this personal, passionate, emotional drive that keeps you going, when the world tells you to give up. It is the reason you commit and work so hard. Pushing on when it seems all the odds and world is against you. Your "why" becomes your driving will to wake up and do it again tomorrow.
Studies have found that there is a deep link between Entrepreneurship and Need of Achievement. According to Begley and Boyd (1987), those who have founded their own companies had a higher need for achievement than non-founders or owner managers. Also, (Stewart et al., 1998) responded that need for achievement is higher in entrepreneurs than the corporate manager and owner managers. Need for Achievement is usually high in entrepreneurs than the general population. It provides them with motivation to go ahead and achieve their next target easily. Entrepreneurs showing this tendency usually are good planners, sets their goals, always look for information and learning (Miner, 2000). They accept success and failure of their work and this need of achievement help them to overcome failure, obstacles and setbacks.