Becoming an Entrepreneur

5446 Words May 3rd, 2008 22 Pages
Becoming an Entrepreneur

Reel Classics Vintage Movies Memorabilia

Coordinator: Prof. Anca Mândruleanu
Student: Chioibasu Cristina Series A, Group 112

TABLE OF CONTENTS

PART I. Theoretical Support

What is entrepreneurship? .................................................................... p. 2
Reasons for becoming an entrepreneur .................................................. p.2
Entrepreneurship’s importance .............................................................p.3
The entrepreneurial process ....................................................................p.4

PART II. Implementing the business idea

Business opportunity recognition ..........................................................p.6
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Passion is particularly important for entrepreneurs because although rewarding, the process of starting and building a new firm is demanding. Entrepreneurship isn’t for the person who us only partially committed.
Product/Customer focus. This concept underscores an understanding of the two most important elements in any business – products and customers. While it is important to think about management, marketing, finance, and the like, none of those functions makes any difference if a firm does not have good products with the capability to satisfy customers. An entrepreneur’s keen focus on products and customers typically stems from the fact that most successful entrepreneurs are, at heart, craftspeople. They are obsessed with making products that can satisfy customer’s need. This is an important point to remember , particularly in an era when it is tempting to envision new businesses resulting from every advance in technology.
Tenacity despite failure. Because entrepreneurs are typically trying something new, the failure rate associated with their efforts is naturally high. In addition, the process of developing a new business is somewhat similar to what a scientist experiences in the laboratory. Developing a new business idea may require a certain
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