Role Of Uncertainty And Imperfect Information On An Entrepreneur

2106 Words9 Pages
The main objective of this paper is to evaluate and examine the role of uncertainty and imperfect information to an entrepreneur. Oxford word reference (2015) defines entrepreneurs as individuals who set up business and taking on monetary dangers in the trust of benefit. To turn into a successful and ambitious entrepreneur there are a few attributes which are required including: being exceedingly self inspired, being daring individuals, being taught and obviously not being terrified of coming up short. (Joe Robinson, 2014) As we think about the role of entrepreneurship in terms of the economic growth, entrepreneurs make new organizations and new organizations,thus they create employment opportunities, based on the above explanation, they…show more content…
They are capable of succeeding their objectives of benefits by trying different methods and also changing quickly as they get new data. (Brian Tracy, 2005). Entrepreneurs and risk taking Risk-taking is a part of entrepreneurial life. Due to this reason entrepreneurs have to have a risk-taking spirit, because not taking risks can kill an enterprise before it gets off the ground. Dr. Shailendra Vyakarnam (2013) adds that entrepreneurs are people who also know their limitations. As entrepreneurs take risks, what they mostly come across are uncertainty and imperfect information. Uncertainty and its importance by Entrepreneurs According to the Business Word Reference (2015); uncertainty is a circumstance where the current condition of learning is such that the request or nature of things is obscure, the outcomes, degree or greatness of circumstances, conditions or occasions is eccentric. The announcement 'what’s to come is dubious ' is a conspicuous one –of course it is. In administration we cannot recognize what is going to happen or when or what the effect of it will be. We can assemble data and break down it to attempt to see better what may happen and what the outcomes may be, however we can never know beyond any doubt. An unwillingness to shoulder instability is esteemed in charge of keeping prospective entrepreneurs from taking part in entrepreneurial activity. (Stokes, Wilson& Mador, 2010). For Knight, benefit was connected not to risk

More about Role Of Uncertainty And Imperfect Information On An Entrepreneur

Open Document