Entrepreneur As An Entrepreneur

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Entrepreneurship In this century the concept of entrepreneurship has been explored from an individual viewpoint. There are three main elements that have been explored and are part of every definition of entrepreneurship. These elements include: (1) initiative taking, (2) the arranging and redesigning of social and monetary systems to turn assets and circumstances to practical account, (3) the acceptance of risk and failure. To an economist, entrepreneur is the one, who knows how to optimally use different recourses like labor, assets and materials. They have the quality of being innovative and they know how to create new process to generate more profits. Ta a psychologist, entrepreneur is the person who wants to be their own boss, or they…show more content…
Two of these rewards are being independent and self-satisfaction. Entrepreneurship V/S Businessman Over the last 25 years, the terms entrepreneurship and business were used interchangeably by educators, authors and researchers. But these two terms refer to different practices and are defined totally in a different way. The person who is engaged to entrepreneurship is someone creates something new or someone who is an innovator. Entrepreneurs constantly develop new products or initiates new procedures to manage business. Entrepreneurs never want to be full time managers or they never hire professionals to manage day to day activities linked with running a company. The entrepreneurs create a venture rather than managing a venture. On the other hand, business man is the one who is involved in the actual management of the company. Business man usually avoids being an innovator and taking risks. They may belong to a family having business background and they lack the quality of being creative. Key activities for a New Venture The activities involved to set up a new venture are: • Identifying an…show more content…
• Growth The organization then moves in the direction of making its products or administration, creating income and moving toward feasible execution. The accentuation shifts from planning to execution. As of right now, you keep on making inquiries however invest a greater amount of your time carrying out plans. Why to become an entrepreneur? • Making own decisions Being an entrepreneur one can make its own decision. There is no boss to decide whether to hire or fire. • Large number of unfulfilled market needs There is large number of inefficiencies in market. The entrepreneurs are self-motivated to consider these efficiencies as opportunities and generate high profits from them. • Limitation in Compensation as an Employee One gets the raises and promotions as an employee but the earning potential is capped no matter how long one stay in that job. • Learning a Variety of Skills Being an entrepreneur one can learn a variety of skills from others. To make sure that their ideas come to reality they tend to acquire a number of

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