What Are The Benefits Of Entrepreneurship?

An entrepreneur, according to Oakley, is one who “sees an opportunity others do not fully recognise, to meet an unsatisfied demand or to radically improve the performance of an existing business. They have unquenchable 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. They are not diverted or discouraged by scepticism from ‘experts’ or from those who they seek backing or support, but willing to weigh all advice and select that which will be helpful. They are prepared not to just work seriously hard but to back their judgement with personal investment at a level which will cause problems if they are wrong about the opportunity. They understand

Schumpeter (2007; 56), who believed that the entrepreneur is one is a creative, driven individual who finds ‘new combinations’ of factors of production to develop a new product, corner a new market, or design new technology. This article by Schmupeter is fully reliable and has no limitations with reference to the topic at hand. From those who sell newspapers at the robot to those owning big firms, unfortunately we cannot look at the success of their businesses and think that entrepreneurship is easy to pursue, it takes hard work and dedication, especially if you are young and new to the business industry, therefore this report is to critically assess the possible challenges young entrepreneurs could face when starting their own company.

Being an entrepreneur means bringing new fresh ideas to the world, unfortunately easier said than done, imagine planting a tree, from the smallest seed, you need rich soil, good fertiliser and almost daily maintenance to ensure the growth of your tree. We also know that the tree won’t grow in one day, it’ll take a few years for the tree to grow to its full potential, keeping this analogy in mind with reference to young entrepreneurs starting their own business, it is very difficult to start a new business as said before, and it needs time and