Potential Problems of an Entrepreneur
[ April 1, 2012 ]
When we scope in on potential problems of entrepreneurship, we notice that the main seven problems that they deal with is Political instability which in most cases does not encourage an investor to invest in the economy even if he has invested, he might decide to fold up due to the prevailing hostile economic climate. Presence of inflation: Inflation is an economic condition characterized by a general and continuous rise in the price level coupled with a fall in the value of money. Hence inflation is economically harmful to suppliers because of unstable quoted market prices. Inadequacy of information dealing with the ...view middle of the document...
The profit motive, as well as the attendant physiological achievement associated with successful entrepreneurships, is the driving force to be an entrepreneur. So as to achieve desire goals and objectives an entrepreneur must try as much as possible overcome the above problems.
The practice of entrepreneurship combines three major sets of practices:
*The use of initiative and innovation.
*The ability to take reasonable risk.
* The user of entrepreneurial/managerial ability that ensures accomplishment.
The use of initiative and innovation is a good thing, as being innovative is an important part of what we bring to our clients. But it creates challenges: how do we make sure our people have the confidence to try new things? And how do we encourage innovation while expecting technical excellence and ensuring prudence?
In response to the first question, we believe in creating an open working environment where there is room for honest mistakes, and where people understand that learning from them is part of being an innovative firm. To help that, junior lawyers share offices with senior lawyers and work within high standards of supervision. As for the second question, maintaining the quality of our work means checking everything meticulously before it goes to a client, creating a culture of consultation, having an “open door” policy and providing for peer review whenever it is needed. The ability to take reasonable risk is important for entrepreneurship because if you take calculated risks you can push your business forward, instead of staying in one place all the time. Before I proceed, to define entrepreneurship means to embrace failure. The only way to win is to know how to lose. Lose your pride and your conventions to gain freedom from normalcy and the chance to change your life or someone else. I believe one important fact that needs to be focused on is social entrepreneurship. We define social entrepreneurs as, individuals with innovative solutions to society's most pressing social problems. They are ambitious and persistent, tackling major social issues and offering new ideas for wide-scale change." As we look into this topic of social and economic entrepreneurship of New Orleans, La, we find that the concept of social entrepreneurs may be relatively new in New Orleans, but these innovators are making their presence known quickly with the impact they have made both socially and economically. These individuals recognize some of society’s most pressing problems, such as poverty and public education, and use entrepreneurial principles to develop and curate a venture to achieve social change. Contrary to popular belief, social entrepreneurs are not necessarily non-profit organizations. Many are for-profit ventures; however, the enterprise is built with a primary goal to achieve a solution to a societal problem.
One group at the forefront of social entrepreneurship is the Social Entrepreneurs of New Orleans, an...