Characteristics of an Ideal Entrepreneur Essay - 1953 Words

What an Entrepreneur Is An entrepreneur is a person who finds it worth risking, especially in term of his or her finances, in a particular project with a hope of introducing new related ventures that will culminate into visible success financially (Foley, 2006). Sometimes, an entrepreneur can also be taken to mean a person who is in the verge of organizing a virtually new project and targeting to use previously unused channels after discovering a hidden opportunity in the eyes of others. Evidently, in both cases, there is a risk factor and therefore maximum care and guided moves are things to take care of first. More often than not, the term entrepreneur is employed in a business context. Some other people argue that entrepreneurship is†¦show more content†¦Examples are coming up with a technology that reduces costs in terms of inputs, researching on cheaper marketing while expanding the market boundaries, introducing a new and effective management modes and rebranding of the products or services offered by the venture. An entrepreneur works independently in most cases. He therefore needs to be self contented with information in all areas of concern (Fuller et al, 1999). A wide scope of knowledge in terms of social factors of the community in which, his or her ventures revolves, the political limitations plus local council regulations, demographic pattern and structures for the estimation of the potential market limits, and the external environment (global market availability issues) for the expansion of the business, are core fields that an ambitious entrepreneur need to be fully armed with. In terms of financial base, an entrepreneur has to independently be resourceful basing on the fact that there is always a risk factor. Optimism is another requirement. Not many people will afford risking. Accepting a risk takes a person with an inherent optimistic and non-giving up heart in the background (Dyer Handler, 1994). Optimism is a virtue in the business context and a tool towards success (Eden Ackermann, 1998). However, optimism is expressed to the internal self and makes seemingly immovable barriers lack their effectiveness. One is bound byShow MoreRelatedThe Practice Of Entrepreneurship Through Time And The Global Enterprise1642 Words   |  7 Pagesoverarching 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 of consequence for an entrepreneur will drive the dire ction of this analysis. Identifying PersonalityRead MoreSkills Required For A Successful Entrepreneur1157 Words   |  5 PagesThe list of skills required to become a successful entrepreneur is not definitive, as researchers can only suggest the skills they believe should be developed. William L. Smith (2007) believes that there is a particular set of seventeen skills required to become a successful entrepreneur, the skills can be divided into four categories: Technical skills, managerial skills, entrepreneurial skills and personal maturity skills. This, however, is not the only list of entrepreneurial skills available;Read MoreBiography Of Joseph Schumpeter ( 1883-1950 )933 Words   |  4 Pageslectured until his death. He published numerous books including the Theory of Economics (1911) and Business Cycles (1939). 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All men are Captains of industry and are entrepreneurs, innovators, and business leaders who have varying ideas on leadership. But they all have common ideals that make them entrepreneurial leaders. Steve Case, the former CEO and Chairman of AOL, is the person behind the idea of the 3 P’s – People, Passion, and Perseverance. James Kouzes, a well-renownedRead MoreIndi An Emerging Economy Country1723 Words   |  7 Pagesfresh talent, young individuals and entrepreneurs. Having said that, corruption is an epidemic gashing into India s economic well-being, since people don’t make enough money for a living and with tedious regulations, people follow the easy way out of bribery. According to statistics provided by International Monetary Fund, India had a Current Account deficit of $50,000 million and a poverty as a percentage of population is still about 24%. The characteristics that the World Bank avails to define