Features Of Entrepreneurs And Risk Taking - 1553 Words

Characteristic features of Entrepreneurs Brian identified the entrepreneur as a person who is optimistic, future-oriented, thinking that achievement is conceivable and being open to attempting risky methods to accomplish their objectives of benefits. They are capable of succeeding their objectives of benefits by trying different methods and also changing quickly as they get new data. (Brian Tracy, 2005) Entrepreneurs and risk taking Risk-taking is a part of entrepreneurial life. Due to this reason entrepreneurs have to have a risk-taking spirit, because not taking risks can kill an enterprise before it gets off the ground. Dr. Shailendra Vyakarnam (2013) adds that entrepreneurs are people who also know their limitations. As entrepreneurs take risks, what they mostly come across are uncertainty and imperfect information. Uncertainty and its importance by Entrepreneurs According to the Business Word Reference (2015); uncertainty is a circumstance where the current condition of learning is such that the request or nature of things is obscure, the outcomes, degree or greatness of circumstances, conditions or occasions is eccentric. The announcement what’s to come is dubious is a conspicuous one –of course it is. In administration we cannot recognize what is going to happen or when or what the effect of it will be. We can assemble data and break down it to attempt to see better what may happen and what the outcomes may be, however we can never know beyond any doubt. AnShow MoreRelatedThe Practice Of Entrepreneurship Through Time And The Global Enterprise1642 Words   |  7 Pagesdevelopment of ideas, comprehensive risk, commitment of time and resources, and vision with the overarching goal of holistic success and autonomy (Arthur Hisrich, 2011). The entrepreneur exudes behaviors which foster initiative, orchestrate options, and accept responsibility for the success or failure (Arthur Hisrich, 2011). Entrepreneurship has transformed the global marketplace and imprinted all disciplines. Therefore, a balanced discussion on identifying features, characteristics, and venues ofRead MoreEnterprise, E ntrepreneurship And Intrapreneurship. Enterprise1638 Words   |  7 PagesIntroduction Entrepreneur came from the French word called ‘Enteprendre’, which means ‘to undertake’ when translated into English and that is what entrepreneurs basically do. This report not only discusses what entrepreneurship is but also the different methods an entrepreneur can use to develop a business and how a new/fresh business can help the economy and third world countries too. This report explains what can go wrong within a business and what sorts of misconceptions there are, and if they’reRead MoreThe Success Of New Ventures1354 Words   |  6 Pagesattached to advertisements pushing the sale of franchises or becoming an entrepreneur. It is a fallacy. A franchise owner is not necessarily an entrepreneur. Entrepreneurs are good business people. They are visionaries who take the time to plan, and the time to participate in the day to day activities needed to achieve long term objectives, and who are passionate about an idea; all of these lead to a successful entrepreneur. Research shows the reasons for success in new ventures are attributed to:Read MoreInnovation Placement Of A Good Or Service Into The Market That Patrons Can Buy1523 Words   |  7 Pagesmarket that patrons can buy (Pearce Robinson, 2011, p. 371). There are 2 types of innovation that a firm can experience which include incremental and breakthrough. It’s important of organizations and leaders to aware of the associated differences and risks involved as one fuels the other. The following essay will discuss the aforementioned characteristics. There are a few difference between the innovation types. First, incremental innovation is the act of making small, simple changes to products, servicesRead MoreBusiness Management : The Specificities Of Dealing With A Small Business Essay1462 Words   |  6 Pagestake into account an adjustment in obligations Develop aptitude base of your workers †¢ Diversifies their expertise set/gives opportunities. Ability to adapt to a changing environment: -Business person should need to change agreeing business like Entrepreneurs ought to Offer what individuals need to purchase, not exactly what you need to offer. Individuals hop into a business constructed around an item or administration they think will be effective, instead of one that is as of now demonstrated to haveRead MoreFactors That Can Promote or Hinder Enterpreneurship1492 Words   |  6 PagesLIST AND EXPLAIN FACTORS THAT CAN PROMOTE OR HINDER ENTREPRENEURSHIP. Entrepreneur: An entrepreneur is a person who starts an enterprise. He searches for change and responds to it. A number of definitions have been given of an entrepreneur- The economists view him as a fourth factor of production along with land labour and capital. To put it very simply an entrepreneur is someone who perceives opportunity, organizes resources needed for exploiting that opportunity and exploits it. Computers, mobileRead MoreEntrepreneurial Behavior and Perspective1553 Words   |  7 Pagesentrepreneurship. In the economic literature, Cantillon defines the entrepreneur as responsible for all exchange and circulation in the economy. He explains that the entrepreneur earns an uncertain profit from the difference between a known buying price and an uncertain selling price, and that the entrepreneur equilibrates supply and demand in the economy, bearing risk and uncertainty. Jean-Baptiste Say defines the entrepreneur as the main agent of production in the economy and should have a principalRead MoreEntrepreneurship Essay1729 Words   |  7 PagesAccording to Henry, Hill Leitch (2003) the word entrepreneur was derived from the French word ‘entreprendre’ which means to undertake, and the first person who introduced and used the word of entrepreneur was Richard Cantillon (1680-1734), an Irish economist. Cantillon defined entrepreneur as a person with the foresight and confidence to work in conditions when costs may be known, but rewards are uncertain (Bridge, O’Neill Cromie 1998). Therefore, it can be concluded that entrepreneurship demandsRead MoreImpact Of Entrepreneurship On Business Management1495 Words   |  6 Pagespossibility and level of risk involved for instance lack of funds, an unforeseeable economic crisis or poor business decisions. Entrepreneurship is about how people identify opportunities, evaluate whether they are viable and then decide to exploit them or not. The decision to exploit an opportunity or not depends on several factors that the entrepreneur is responsible for including cost versus how much the idea will generate, the market demand, and the risks involved. An entrepreneur is thus an innovatorRead MoreTma B3221695 Words   |  7 PagesPerception variation alo ng with mood and meaning of general assumptions can form an innovation. 7. New knowledge acquired based on fresh advances in scientific and technological fields can produce new goods to the market. [Tetteh,2008] Gary was a risk taker, his innovations were the result of unexpected happenings that combined with his great mind generated new and interesting products. It is said that his first step of being innovative and risky was an end result after reading a newspaper ad about