Pros And Disadvantages Of Entrepreneur

A person who starts a business is someone who assumes the financial risk of the initiation, the operation, and management of the business. ,“An entrepreneur is someone who organizes a business venture and assumes the risk for it”. (Define an Entrepreneur, Source: H) A person who has possession of a new enterprise, or “idea and assumes significant accountability for the inherent risks and the outcome” (Source: H) can be known as an entrepreneur. “The term is originally a loanword from French and was first defined by the Irish economist Richard Cantillon.” (Define an Entrepreneur, Source: H) “Entrepreneur in English is a term applied to the type of personality who is willing to take upon her

An entrepreneur “refers to anyone who has responsibility for a firms decisions concerning choice of technology, rates of investment and scrapping, research expenditures etc. The group included he individual owner-manager head manager and individual or groups of corporate officials”( Entrepreneurship 1870-1914 floud and Cosky) .An Entrepreneur is one who organizes

An Entrepreneur is a person who forms and operates a business. Entrepreneurs form and start companies by themselves, or with partners. Most of the time companies which are started by entrepreneurs are relatively small in size, but some grow into huge corporations, such as Microsoft which is owned by Bill Gates. Entrepreneurs have four different options when starting a business, which include a sole proprietorship, Partnership, limited liability company, and also a corporation. Each form has its advantages and also disadvantages depending on what the type of business is, and also what service it provides.

Entrepreneurs, individuals who come up with an plan in means of profit while knowing the risks that comes along. however, in adam smith time(1723-1790), the definition of an entrepreneur was different it was an “ individual purusing his or her own good to achieve the best good for all”. Those individuals led by the “invisible hand” would provide

Entrepreneur is a person who habitually creates and innovates something with recognised value and seizes the opportunities to convert them to marketable ideas (Bolton & Thompson, 2004). Kuratko (2009) describes entrepreneurship as a process of vision and creation that requires an application of energy and passion towards the creation and implantation of new ideas and creative solutions.

An entrepreneur is a person who organizes and manages a business undertaking, assuming the risk for the sake of profit. According to Martin (2010) an entrepreneur sees an opportunity which others do not fully recognize, to meet an unsatisfied demand or to radically improve the performance of an existing business. To have self-belief that this opportunity can be made real through hard work, commitment and the adaptability to learn the lessons of the market along the way. For example, When an almost bankrupt security company was offered to her, Datuk Maznah Hamid and her

Entrepreneurship is the willingness to take risks to create and operate a business. An entrepreneur is someone who sees a potentially

An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise (Merriam-Webster, n.d). Some characteristics of an entrepreneur are, the willingness to work hard, the desire for responsibility and the confidence in their ability to succeed. The person that I chose to interview for this paper is, Adama Kuyateh.

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.

According to Ferrell and Hirt (1996), the small business ownership advantages are having an independence, it only requires small capital to start and maintain the business, it adopts easily to changing market demands, it can only focus to its customers and it has a reputation for its service and quality. High stress level for its owner is the disadvantage of small business ownership.

Entrepreneurship is difficult to define throughout its history research. Even nowadays, this concept is still a debatable point (Rajendra, et al., 2017). Based on four decades of research, Gartner (1988) concludes that entrepreneurs are founders of new firms. Shane and Venkataraman (2000) consider entrepreneurship as “a new venture’s risk-taking endeavor seeking an opportunity” and Fortunato (2014) adds innovative value into the concept of entrepreneurship. Thus, research on the definition of entrepreneurship continue. According to those diverse views, I will interpret six unique entrepreneurial characteristics and theoretically analyze each one. Risk taker, need for achievement and proactivity as my strengthens will be illustrated with my experience. Innovativeness, internal locus of control and tolerance for ambiguity are my weaknesses, thus I will describe relevant successful Entrepreneurs’ experiences.

Creating a corporation requires knowledge about all laws and regulations in the country of your choice. Usually, you need many approvals from different government agencies before you can do anything. I can ensure, it will be very difficult involving bureaucracy and patience. Probably you need lawyers and experts, supporting and advising you with all formalities. It is very essential when selecting the country and location of your corporation that required skilled and qualified labor is available. Another critical point is the cost of labor that will influence the cost of your product or service, speak profitability. According to Lapowsky (2010) before you start your corporation in any country, you must build connections and relationship to influential people supporting you (chap. 4). Khanna, Sinha and Palepu (2014) stated “Successful companies develop strategies for doing business in emerging markets that are different from those they use at home and often find novel ways of implementing them, too” (chap. 5).

Briefly describe the nature of business you have or might like to have in the future.

Entrepreneurs, including those people that are novice in this kind of venture, needs a lot of tips and advices when it comes to expenses and balancing their financial stability. Together with these helpful facts, they can be at ease in controlling the flow of their assets, liabilities and profits which can greatly contribute for the betterment of their business. As long as they perform the actuality of profitable approach in regards to the improvement of their entities, there is no way that they will not achieve those target profits will make their business fonder in a lot of competent categories that are settled by the market.

* Collaboration. As compared to a sole proprietorship, which is essentially the same business form but with only one owner, a partnership offers the advantage of allowing the owners to draw on the resources and expertise of the co-partners. Running a business on your own, while simpler, can also be a constant struggle. But with partners to share the responsibilities and lighten the workload, members of a partnership often find that they have more time for the other activities in their lives.