Term Paper

1082 words - 5 pages

Questions:
1.) Define entrepreneurship? Atleast 2 definition.
2.) What is entrepreneur?
3.) Characteristics of entrepreneurship.
4.) Advantages or Benefits of becoming an Entrepreneur.
5.) Disadvantages of becoming an Entrepreneur.
Answer.
1.) Entrepreneurship is the willingness to take risks and develop, organize and manage a business venture in a competitive global marketplace that is constantly evolving. An entrepreneurial spirit of innovation and ambition is essential to the process.
Entrepreneurship is the process of creating or seizing an opportunity, and pursuing it regardless of the resources currently controlled.
The capacity and willingness to develop, ...view middle of the document...

Let us now think of why all business persons are not entrepreneurs. Think of a woman who sits by the roadside leading to your home and who has been selling the same type of food, from the same size of saucepan or pot, from the same table top, and may not have been able to change her standard of living to any appreciable extent. Such a woman may be a business person but not an entrepreneur. The entrepreneur, on the other hand is the business person who is not satisfied with his/her performance and therefore always finds ways to improve and grow.

3.) The Characteristics of entrepreneur are the following:
* Initiative - An entrepreneur takes actions that goes beyond job requirements or the demand of the situation
* Opportunity seeking - An entrepreneur is quick to see and seize opportunities. He/she does things before he/she is asked to work by people or forced by situation.
* Persistence - An entrepreneur is not discouraged by difficulties and problems that come up in the business or his/her personal life. Once she sets a goal she is committed to the goal and will become completely absorbed in it.
* Information seeking - An entrepreneur undertakes personal research on how to satisfy customers and solve problems. He/she knows that different people have different capabilities that can be of help to them. He/she seeks relevant information from his/her clients, suppliers, competitors and others. He/she always wants to learn things which will help the business to grow.
* Demand for quality and efficiency - An entrepreneur is always competing with others to do things better, faster, and at less cost he/she strives to achieve excellence.
* Risk taking - Are you afraid of uncertainties? Then you cannot be an entrepreneur. Entrepreneurs are not high risk takers. They are also not gamblers; they calculate their risks before taking action. They place themselves in situations involving moderate risk so they are moderate risk takers.
* Goal setting - An entrepreneur sets meaningful and challenging goals for him/herself. An entrepreneur does not just dream. Him/she thinks and plans what he/she does. He/she is certain or has hope about the future.
* Commitment to work - An entrepreneur will work long hours after into the night just to be able to keep his/her promise to his/her client. He/she does the work together with his/her...

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