What is Entrepreneur? According to the Business Dictionary (2014), entrepreneur is someone who exercises initiative, a risk-taker who is willing to pursue a project or mission that others might view as a threat or deem a failure. An entrepreneur is usually the decision maker, sole proprietor, partner, or someone who owns a large portion of the organization’s shares. Entrepreneurs usually determine how much risk is appropriate for certain ventures and control how much of a service will be produced. (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. Planning a Start-up Business The word entrepreneur originates from the French word “entreprendre”, which means to launch or to begin. The French use the word “entreprendre” to describe an individual who organizes or operates one or multiple organizations. The word was adopted and introduced to the English language by an Irish economist of French descent, Richard Cantillon who lived from1680 to 1734. (Hayek, 1985) It is said, that Richard Cant... ... middle of paper ... ...rvice, great food, and continues to attract more and more customers. Therefore, this once small and humble business, achieved a great level of success through their proper planning, good management, humbleness, and strategic planning that is displayed through their great customer satisfaction. References Business Dictionary (2014), Business Dictionary copyright 2014 Web Finance, Inc. Retrieved March 13, 2014, from http://www.businessdictionary.com Hayek, Friedrich A. (1985). Richard Cantillon. Micheal O. Suileabhain, trans. Fall 1985. Library of Economics and Liberty. Retrieved March 13, 2014 from the World Wide Web: http://www.econlib.org/library Rivera, Lesonsky (2010). Start Your Own Business: The only Start-Up book You’ll Ever Need (5th ed.). Entrepreneur Media Inc. Schermerhorn, J.R. (2013). Management. (12th ed.). New York, NY: Wiley & Sons
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
An entrepreneur is a person who is a special talent for searching out and taking advantage of new business opportunities, as well as developing new products in a new way of doing
“An entrepreneur is a person that perceives an opportunity and creates an organization to pursue it. The entrepreneurial process involves all the functions, activities, and actions associated with perceiving opportunities.”
For many years, economist viewed entrepreneurship as a small part of our economy. Whether they are students (typically college or high school) recent college graduates, unemployed, or newly retired from one career, today entrepreneurs have a central role in the economy. According to the research I have conducted throughout the semester, an entrepreneur is defined as someone who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it. Two important characteristics of a businessperson are risk-taking and innovation. The most common reasons for starting a business according to the Small Business Administration are: to be your own boss, to accommodate a desired lifestyle, to achieve financial independence, to enjoy creative freedom, and finally to use knowledge or skills. Starting a business can be exhilarating and wildly fulfilling. However, it can be quite complicated, and may challenge you in ways you had not imagined. Knowing the challenges and problems you may encounter in your start-up can help you to prepare for the unexpected, and possibly help avoid common drawbacks. The SBA points out that many new entrepreneurs will have questions about where and how to begin because business owners trigger the production and sale of a new product or service. New entrepreneurs will need professional, expert help to start and run a small business effectively and successfully. The financial resources needed to start or grow a business can be extensive and an entrepreneur must identify when and how to ask and receive financial assistance.
Finding a consistent well paying job has been getting harder and harder in recent years. A number of new and great business opportunities are available to the public. These opportunities only cash in if you run a well oiled business plan. Anything from wholesaling vehicles to owning your own pizza parlor are great starts in business. Although, owning and operating a business is a great burden on a person, it can turn out to be very profitable.
An entrepreneur is an innovator or developer who recognizes and seizes opportunities; converts those opportunities into workable and marketable ideas; adds value through time, effort, money or skills; and assumes the risks of the competitive marketplace to implement these ideas (Kuratko, 2009). Arnold Aranez is one such entrepreneur. He has used his skills to develop a unique product line that fills a niche gap in the market.
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 ‘entreprendre,’ 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
In writing the business plan, I determined our target market and our marketing strategy to gain a share of the market. I also had t...
First, I want to tell you where the word entrepreneur come from. The word entrepreneur come from the French words entre, meaning ‘’between’’ and prendre, meaning ‘’ to take’’. This word is used to describe people who ‘’take on the risk’’ between buyers and sellers or someone who starting a new business (theory from Entrepreneurship: Successfully Launching New Ventures Fourth Edition by Bruce R. Barringer and R. Duane Ireland. Page: 32).
In Webster’s dictionary, the simple definition of an entrepreneur is defined as a person who starts a business and is willing to risk loss in order to make money. The full definition uses words of deeper meaning such as, organizes, manages, and assumes the risk of a business or enterprise. An entrepreneur sees the finish line before the race begins. In this paper I cover the major aspects of becoming an entrepreneur. Some of the ideas expressed have been research, applied, worked, and failed in my own entrepreneurial journey. Individuals with more balanced skill sets are more likely to become entrepreneurs. People usually refer to this type of person as a “jack of all trades.” They can do many different types of work but they aren’t necessarily
"Entrepreneurs who start and build new businesses are more celebrated than studied. They embody, in the popular imagination and in the eyes of some scholars, the virtues of "boldness, ingenuity, leadership, persistence and determination." Policymakers see them as a crucial source of employment and productivity growth. Yet our systematic knowledge of how entrepreneurs start and grow their businesses is limited. The activity does not occupy a prominent place in the study of business and economics.
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. Over the centuries, there are numbers of big entrepreneurs that have emerged and impacted people on a global scale.
Entrepreneurship started many years ago. An entrepreneur is a business person who starts his or own business in hopes of making a profit. Many famous people in history were the first entrepreneurs. Marco Polo had ideas of trading with Asia via venture capitalists in the 13th century. All of Polo’s expeditions were financed by venture capitalists. Venture capitalists were assured that they would share in the profits by Polo. Polo was forced to do this so that his ideas would be financed. This continues today as venture capitalists perform the same operations then as they did today. Polo had faith that his materials could trade well and be well liked by others. Thomas Edison also needed a person to finance his ideas and inventions. He ran into a huge financial crunch when he wanted to finance his ideas and inventions. He was forced to hire other employees to help solve all of his financial problems. Edison is seen as the first to hire employees under an entrepreneurship. Thus, creating what business stands as today (Clarke). Clearly, entrepreneurship has been occurring for a substantial amount of time.
When it comes to starting your own business you’ll need a roadmap, a business plan. You’ll need a business plan to define how you intend to make it happen or “get ’er done” for you and your family.
Starting a small business is often one of the hardest things a person can do. Some people start a business out of pure fascination, or even as a hobby. Whether starting a business for personal reasons or simply the grandeur to make loads of money, everybody needs to have a plan. Starting a small business is no easy task and can take days if not months to prepare. The most important aspect to have is the tempura and heart to start a small business, as without passion, no business can succeed. One has to be his or her own boss, make dream, reality and be willing to market and sell a product. It takes a lot of discipline, long hours and hard work, something many do not have. However with the right willingness, passion and dedication a business can be the start of something big.