What Is an Entrepreneur?
One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them.
Characteristics of Entrepreneurs
- Desire for responsibility
- Preference for moderate risk – risk eliminators
- Confidence in their ability to succeed
- Desire for immediate feedback
- High level of energy
- Future orientation – serial entrepreneurs
- Skilled at organizing
- Value achievement over money
Entrepreneurship
- One characteristic of entrepreneurs stands out:
Diversity!
- Anyone – regardless of age, race, gender, color, national origin, or any other characteristic – can become an entrepreneur (although not everyone should).
Benefits of Entrepreneurship
- The opportunity to:
- Create your own destiny
- Make a difference
- Reach your full potential
- Reap impressive profits
- Contribute to society and to be recognized for your efforts
- Do what you enjoy and to have fun at it
Drawbacks of Entrepreneurship
- Uncertainty of income
- Risk of losing your entire investment
- Long hours and hard work
- Uncertainty of income
- Risk of losing your entire investment
- Long hours and hard work
Feeding the Entrepreneurial Fire
- Entrepreneurs as heroes
- Entrepreneurial education
- Demographic and economic factors
- Shift to a service economy
- Technological advancements
- Independent lifestyles
- E-commerce and the World Wide Web
The Cultural Diversity of Entrepreneurship
- Young entrepreneurs
- Women entrepreneurs
- Home-based businesses
- Family businesses
- Copreneurs
- Corporate castoffs
- Corporate dropouts
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