The Importance Of Entrepreneurship

Personal Characteristics: Under this category, it would be important for an entrepreneur to have optimism, the hopeful feeling that all is going to turn out well. An entrepreneur should have a vision, the ability to envisage a compelling future and articulate it to others. An

that takes the risk in order to succeed. They are also the ones that boost and help the economy of a country. Last Friday, our teacher has invited guests to talk about being an entrepreneur. I learned many things and I was able to know how entrepreneur does things. The first speakers were Miss Archelle Ferrandiz and Arabelle Santamaria from Miriam College. They came up with a non-food business named Inabel that supports the dying industry of weaving. Sadly, Inabel was stopped because their other partners don’t have the same vision like they do. They stopped contributing ideas because they are not gaining money. According to Miss Archelle Ferrandiz, sometimes it is not only about gaining money it is also giving back to others. The way I think about on how business works were changed. Now, business for me is not all about money but being happy on what your business does to people around you. She said that we should be risk-takers in doing business. It simply means that we believe in our vision that it will hit the market. If ever the business fails, we will able to know what went wrong and with that if we start a business again the chance of falling again is decreased because we have the advantage of knowing what could possibly went wrong. She also quoted a quote from Martin Luther King “IF YOU CAN’T FLY THEN RUN, IF YOU CAN’T RUN THEN WALK, IF YOU CAN’T WALK THEN CRAWL, BUT WHATEVER YOU DO YOU HAVE TO KEEP

What do entrepreneurs do that distinguishes them from any other person involved in business? Why is it that personality characteristics may be good predictors of who will be a successful entrepreneur?

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.

Entrepreneur is a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so. This career is stressful at time but this could be fun to be able to have the ability to bring ideas to reality and change today’s generation. Being an entrepreneur doesn’t mean creating clothing but also having your own service business. For an example, lawn mowing service or a tree cutting service. You can also make your own invention. Something so small can become something so big, the best inventor didn’t become entrepreneurs overnight some of the even made their inventions by accident and now their invention are still around and have changed generation today. Becoming an entrepreneur you need to know the education, duties, and responsibilities of an entrepreneur.

An entrepreneur is a person who organizes, operates, and assumes the risk for a business venture (www.dictionary.com). Even though this is the definition of an entrepreneur, there are also many other attributes that are missing. As an entrepreneur you must have a wide variety of traits which can not only help you in creating ideas but improve them as well. Risk taking and leadership are only a few of the many characteristics you should possess. However, the one trait that is a necessity in anything you do is passion. Without it not only will you become bored with your work, but you will have less of a chance of becoming successful. One film that shows this passion and dedication is "Men of Honor" starring Cuba Gooding Jr. and Robert

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.

Entrepreneurship is a thrilling and exciting journey. The possibilities of financial freedom and professional gratification are abundant. At the same time, the challenges can be unforeseen and discouraging. As a result of the challenges, many people throw the towel in and accept defeat. If you're in a direct sales business, you have the unique opportunity to be an entrepreneur yet still have the safety net of a company to give you guidance, tools and more. If you really want to thrive in a direct sales model, it's more than possible. In order to reach your goal of success, there are four tips you'll want to keep at the top of your mind as you write your business goals down.

Global development is inflowing a phase where Entrepreneurship will gradually play an important role in the economic development. Entrepreneurship has been gaining power from the past decades. In the present scenario, Entrepreneurship was influenced by many factors like social, cultural, economic, political and etc (BrajaballavKar, Dr.RamakantaMishra, & Dr.JitendraMohanty, 2014). Among all other factors the impact of socio cultural factors in the economy was large. Mostly in the developing countries like India the socio cultural factors play an important in influencing entrepreneurship. Most of the studies have concentrated on the economic, social dimensions of the entrepreneurship none of the study reveals the socio cultural

The entrepreneurial competencies explain about entrepreneurs through their characteristics and qualities. This model is composed by Driessen (2005) that divided into six characteristics and three qualities. (van der Laan, Driessen & Zwart, 2011) Driessen & Zwart (1999) conducted the research to establish a “scanner” in order to measure elements of entrepreneurship and entrepreneurial traits. (Ismail, Zain & Zulihar, 2015) The findings from past research showed that high score of these traits from successful entrepreneurs compared those who failed in their venture. It is shows what is necessary to develop entrepreneurial attitudes, the seven characteristics such as:

There has been extensive research conducted on the characteristics that successful entrepreneurs possess. These attributes vary widely across literature, however there are common key traits that are required to achieve any form of success. Frederick et al (2013) suggest entrepreneurs are risk takers, optimistic, have sound judgement and an ability to manage. While a review of literature relating to the psychology of an entrepreneur reveals a large variety of characteristics in a successful entrepreneur, these can be consolidated to a a few into only a few traits that are essential for a successful entrepreneur. Whilst taking into

“They have employed existing means of production differently, more appropriately, more adventurously. They have “carried out new combinations”. They are entrepreneurs” – Joseph Schumpeter (Lumsdaine and Binks, 2007). Entrepreneurship is a procedure through which individuals identify opportunities (problems that need to be solved or unmet needs) in the market place, allocate resources, initiate change by being innovative and creative and create value through solutions. One of the Factors of Production to produce goods or services is Enterprise with Land, Labour and Capital; an entrepreneur combines all other factors of production by enterprise, which is actually problem solving, risk taking and creativity, to come up with innovative

Ability to establish, run and successfully conclude projects: An Entrepreneur’s key trait is passion and dedication. These abilities help Entrepreneur to be able to create and control a business. Skills like Organization, interpersonal, marketing, management, financing and administration are very important for an Entrepreneur. This is the most important for build self-confidence and avoids risk.

An entrepreneur is viewed to be an individual that possesses a unique set of characteristics and abilities which embody qualities such as; freedom of spirit, creativity, vision, innovation and zeal according to Burns, P.