Challenges Facing Entrepreneurs

Entrepreneurs are risk takers in the market. They are willing to gamble their hard work for a business that may fail or succeed. Many fail to keep their business alive, however; others are lucky to compete and survive in the market. Entrepreneurs like Maribel Galsim, owner of Maribel’s Daycare, were successful in their business. Maribel’s Daycare was successful because of hard work, patience, and being adaptable.

Entrepreneurs are hard working, innovative people who enjoy taking risks. They accept their failures and work back up to success. When they fall hard to the ground, they rise back up to the top with another new invention. There are countless of thriving entrepreneurs in the world today. Two of the most well known entrepreneurs are Thomas Edison and Steve Jobs.

Starting a business is the latest trend. Just take a look at Instagram. Several profiles have the caption ‘Entrepreneur’. At this very moment, there is someone, somewhere working on an idea, a business plan or launching a startup. Entrepreneurship is on the rise like never before. The flexibility and independence that comes with being one’s own boss is attractive and worth taking the leap in starting a business. However, most people don’t know that being an entrepreneur is a grueling journey that can be very lonely and stressful at times. According to the Small Business Administration (SBA), 50% of businesses fail during the first year. Starting a business can be a scary task, but the

Becoming an entrepreneur will be very exciting journey; from the beginning till the development and realisation of one's product or service.

Entrepreneur is a person who establishes, owns or operates a business and is characterised by traits such as creativity, strong will, motivation, passion, determination, leadership qualities, work ethic and non-conformity. They are willing to take (non-excessive) risk in order to make a financial profit and are fully responsible for the outcomes. Their ideas are usually ground-breaking and innovative in their particular field.

However, there are few reasons that each organization should support or adopt organizational structure. For example, structure give members clear guidance for how to retain order and get rid of disagreements, it helps bonding members together. In conclusion, it is suggested that it is very important to deal or develop the structure early in organizations’ development.

Personal organization can have direct impact on your small business 's success. When your important tasks, projects, events and schedule are all managed in a productive way, the result is likely to be that your business is also organized and able to grow. Poor organization skills lead to low productivity, which in turn leads to wasted time and effort. That 's wasted time and effort you simply can 't afford when you are working hard at growing your small business.

Entrepreneurship is a term often used to describe a person who owns and operates their own business, but the 2009 World Economic Forum report describes it, “The pursuit of opportunity beyond the resources you currently control” Stevenson (1983, 1985); Stevenson and Jarillo (1991) and the 2008 European Commission published a framework definition derived from representatives from ETF, GIZ, ILO, UNESCO and UNEVOC that states, “Entrepreneurship refers to an individual’s ability to turn ideas into action…”. But no matter how you define it, the most important skills, traits, and characteristics needed to be successful are vastly analogous. Along with this week’s reading, I conducted internet searches for the top characteristics, traits, and skills for entrepreneurship and my findings were surprisingly similar. The most common result that I found was determination (willpower, self-discipline, drive, motivation). In this submission, I will identify a successful entrepreneur and describe the their type of innovation or business, what characteristics or traits they have, how they got started, and what they did in order to become and remain successful.

An entrepreneur is a person that can acquire and capture an idea, which could be about presenting anything, a specific product, or any type of service. He would have the ability and proficiency for taking up challenges and risks in order to present that idea towards reality and make it happen. Entrepreneurship on the other hand, consists of the opportunities that would be needed to explore (Akudolu, 2010).

Being organized is a major problem to most of the business leaders. In case you can not handle various things at the same time, then you shouldn 't go into business for yourself. There is NEVER just one thing going on when you own business. There are customer problems; there are vendor/supplier problems, and there are competition problems. As a business owner, you have to be able to quickly know and understand which problems need attention first. You have to be able to prioritize your problems and know that those same priorities may change on a moments notice.

In the start-up cycle an organization will typically have substantial limitations. For example, organizations during this phase will often have limited operational budgets, infrastructure and manpower. The internal structure will be comprised of a few members, if not just the founder in some cases. This non-bureaucratic environment contributes to other challenges which include: highly controlled decisions and information, as well as placing the overall ownership in the hands of one or few individuals. The decision-making process is placed in the hands of the one(s) who are focused on the development and existence of the organization (Lester, Parnell & Carraher, 2003). During this phase the organization will attempt to secure a competitive place in the marketplace through the use of long hours, informal structure and information, and centralization. Other challenges deal with the organization’s focus on production and quality while operating with limited resources (Beverland & Lockshin, 2001). These are just a few challenges management must consider during the start-up cycle.

            An entrepreneur is a person who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods and who accepts the risks associated with them. (Schaper, Michael.2002) He can be anyone who identifies an opportunity in a market and has a belief that it would succeed in the economy and on that belief he starts exploiting the opportunity. They may create a new organization or may be a part of an existing organization where they revitalize the organization in response to their perceived opportunity. Generally, the word entrepreneur is used to denote a person who starts a

The entrepreneur is the pioneer, the managers the applier of existing best practices. The entrepreneur engages in strategic activity, the managers need to focus on tactical or operational activity. The entrepreneur formulates a strategy, the manager implements that strategy. Business success will depend on the continuing renewal and application of the entrepreneurial spirits. Business success depends on the application and an efficient management team. The attrition rate of any new business is extremely high. In the US, the supporter of the entrepreneurial spirit, numerous new enterprises will fail each year. However in a long-term historical perspective, business success is short-lived. Only a handful of the largest companies with break

In his book authored by Patel (1995) titled ‘The Seven Business Crises’ addressed business planning, management and growth issues of entrepreneurial organisations. The author took a consultative approach and expressed that entrepreneur’s attitude and psychology is important for growth as most of the problems are rooted within the venture rather than outside and recommended a carefully crafted strategic growth plan with high degree of entrepreneurial intensity to create a niche. He also advocated that taking outside help in the planning process may lead better results.

More than ever before, entrepreneurship is trending. If you log onto any social media platform, you can't scroll for long before running into a small business owner's advertisement for their latest product or service. While there are many people who are starting small businesses, most of them won't experience exponential growth. According to statistics, eight out of ten small businesses fail within the first 18 months. Being an entrepreneur isn't an easy feat and requires a lot of personal mindset development. In order to become a better entrepreneur, take a look at gurus like Shark Tank's Kevin Harrington. He has experienced and seen a lot within his career that showed him the keys to great entrepreneurship. Consider these quotes whenever you feel a pang of discouragement.