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Qualities of an ideal entrepreneur
Qualities of an ideal entrepreneur
Key elements of a successful business
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Entrepreneurship in the Philippines is currently booming and one of the best things a person can do today is start taking actions in putting up its own business or acquiring a franchise (Louren, 2017). Entrepreneurship is a state of mind. It is not identified or measured with the type of business a person is in the success of that business but rather it is the total way of life for entrepreneurs. Being an entrepreneur requires distinct personality traits such as having a risk-taking personality, need for achievement, internal focus of control, tolerance for ambiguity and having a type A behavior or striving to achieve more in less time and general competitiveness (Gilles and Mondejar, 2008).
Entrepreneurship has been described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit” (www.businessdictionary.com). Entrepreneurship takes the economy and the society to the state of progress and prosperity. A career in entrepreneurship provides opportunities for individuals to achieve financial stability and independence. It can also contribute greatly to the economy by creating new jobs, innovation, and increasing economic growth (Ramos, 2014).
According to the 2015 Census of Philippine Business Industry (CPBI), CALABARZON placed second as to the number of growing food industries
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This study intends to help future entrepreneurs in Cavite City to decide on which entry strategy should they use based on this study. The study also aims to contribute to the general knowledge to those who seeks additional learnings regarding entry
The aim of this paper is to understand and critically evaluate entry modes of businesses in international market and understand their pros and cons; this research question was chosen to figure out how an enterprise decides to engage in international market and whether that choice is a good or bad decision for the future of the company. The first part of the paper which is literature review will explain in the details types of entry choices, after evaluating the first part, the second part de...
Entrepreneurship is associated merely towards the perspective of risks taking and innovation. Several individuals do not have these guts to opt for a new business and they prefer doing a generalized job to feed their families. The perspective of entrepreneurship offers growth and employment to different sectors. Entrepreneurship in Pakistan evolved dramatically as people carried owns their businesses from the Indian region and they continued them in Pakistan. However, in the earlier days entrepreneurship was mainly concerned with the perspective of governmental interest. In the early days, the policies mainly focused on the elite class so that they can have all the privilege to continue their business in different regions of Pakistan (Rana, 2012). This biasness depicted the real ideology of entrepreneurship in this region while it halted the performance of several individuals who wanted to start their own business. In the earlier days, these incentives resulted in
My group’s case study on Entrepreneurial Capitalism in the United States proved very informative; with many of our findings tying directly back to concepts and themes we have discussed and studied throughout the semester. The main source we used in our case study was Steven Klepper’s Experimental Capitalism: The Nanoeconomics of America’s High-Tech Industries, which discussed how & why industries become successful, how government involvement impacts the success of a high-tech industry, and how free trade and competition is involved with American high-tech capitalism. Much of our case study focused on six distinct industries in the United States: penicillin, tires, automobiles, semiconductors, TV receivers, and lasers.
In the United States, approximately one in eight adults are self-employed. In their minds exists a one common dream. This is the entrepreneurial dream of self-employment. It is the freedom to start, grow, and cash in a new business. Most of the extravagant millionaires of today build up their wealth in this way. An entrepreneur is someone who has the ability to build and develop his own business. In today's fast paced world of business, many people chose to work for themselves. A career as an entrepreneur is a risky, yet personally rewarding endeavor.
Have you ever wondered about the challenges that new entrepreneurs face in today’s ultra-competitive business world? Entrepreneurship is accompanied by a host of issues, and for new and young entrepreneurs, there are some harsh challenges that are exceptionally tough to conquer. Some of these challenges may include: abandoning another career; lack of finances; facing criticism; team building; business idea issues; inability to market the business; not knowing how to plan a business; loneliness; rule-making; decision-making; and understanding the legal themes. Finding a stable place in the business world depends on the entrepreneurs’ ability to overcome obstacles that may arise throughout the journey. They should prepare themselves for the following challenges they might face as young, new entrepreneurs.
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.
Entrepreneurship is the process of identifying and starting a new business venture, sourcing and organizing the required resources, while taking both the risks and rewards associated with the venture.
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.
It is true that most entrepreneurs typically have a flair for the creative and a lot of energy. They are born with it. But having these characteris...
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.
An entrepreneur is a person who organizes and manages a business undertaking, assuming the risk for the sake of profit. According to Martin (2010) an entrepreneur sees an opportunity which others do not fully recognize, to meet an unsatisfied demand or to radically improve the performance of an existing business. To have self-belief that this opportunity can be made real through hard work, commitment and the adaptability to learn the lessons of the market along the way. For example, When an almost bankrupt security company was offered to her, Datuk Maznah Hamid and her husband, who were eager to change their ordinary life, took the plunge and sacrificed RM5,000 of their saving. Only then she realized that apart from managing the operation, she also had to be a manager, a clerk, an accountant and a receptionist. To grow their business, they had to sell their house and moved to a slum that came without electricity. But she persevered. Today, it’s difficult to find someone who has never heard of Securiforce.
In addition, the principle that must be held by entrepreneurs / entrepreneurs in running their business is the courage to bear the risk, but that does not mean ignoring the risks in entrepreneurship. Based on this explanation, it can be concluded that the understanding of the entrepreneur is a person who is able to utilize the resources and resources available
The main concern in the article was about the relationship between strategic management and entrepreneurship. Researchers have been inconsistent in their definitions of entrepreneurship. Entrepreneurship is defined as self-employment of any sort. Entrepreneurs buy at certain prices in the present and sell at uncertain prices in the future. The entrepreneur is a bearer of uncertainty (Richard Cantillon (circa 1730). Meanwhile, strategic management can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives. Entrepreneurship focuses on innovation by identifying market opportunities and by building a unique set of resources through which the opportunities can be exploited. The key challenges for entrepreneurs is to deal with strong strategic that required the growth of enterprise. Therefore, a manageable set of the most attractive alternative strategies must be developed. The advantages, disadvantages, trade-offs, costs, and benefits of these strategies should be determined. The most obvious linkages between entrepreneurship and strategic management are opportunities. Opportunities are very familiar in entrepreneurship and part of SWOT analysis. Enterprise can identifying opportunities through internal and external environment to develop competitive advantages. For example the application of strategy in small and medium-enterprise (SME) is a main part of relationship between entrepreneurship and strategic management. There are several different strategic management instruments can be applied depends on the situation of enterprise. SWOT analysis is one of the instruments that can develop future strategies and business plan in SMEs as
Entrepreneurship has been described as a “social process involving the efforts of individuals in activities that ultimately have economic implications at a regional and or national level” (O'Connor, 2013, p.559). Through the new businesses, entrepreneurs provide solutions to the problems that exist in the society. The entrepreneurs identify opportunities, develop new businesses and thereby ‘driving the economies forward through innovation, competence, job creation and by generally improving the wellbeing of the society’ (Cuervo, et al., 2007).