This website uses cookies to ensure you have the best experience. Learn more

Characteristics Of The Entrepreneur And Maximizing Opportunities For Innovation

1072 words - 5 pages

Entry 1
Entrepreneurship is a process carried out by individuals by identifying opportunities and converting them into marketable products or services. Entrepreneur makes an investment, sets up an organisation, markets the product / services and makes profit from it.
In my view, to be a successful entrepreneur, one must be confident, should be able to take calculated risk, flexible and creative. He should be able to lead his organisation to achieve his goal by ethical means (Schaper, Volery, Weber & Lewis, 2011).
I have understood that for entrepreneur to be successful, he has to be literate, possess good interpersonal communication skills and leadership qualities (Birt & Sleeman, 1999).
Entrepreneurs are most likely to succeed when markets are in disequilibrium and customer needs remain unfulfilled.
The entrepreneur has the autonomy and can follow his own lifestyle and I would like to have that freedom. I would prefer to have freedom of creativity and innovation to build and grow my business.
Entrepreneurs may or may not have a business plan. Some entrepreneurs start a business with planned budget to achieve the objectives. These objectives are measurable, feasible and achievable. I feel that an entrepreneur should have a proper business plan so that he can attract investors (Chaston, 2009).
I would prefer to have a business plan and revenue model for opening a business as it is important for the current and future market. Business plan and revenue model are used as a justification for taking the loan from the bank for starting the business.
Entry 2
Opportunity is a situation in which a new product, service or process can be introduced and sold at greater price than its cost of production.
I have learnt that entrepreneurs look constantly for opportunities. They frequently rely on their own ability to identify opportunities. They should have relevant data about size of the market, target market, customer looking for which benefits, how and when customers acquire information and the nature of competition. Observing customer behaviour or the trading activities of the competition can generate invaluable new understanding (Chaston, 2009).
It is really hard to open a business in a different country as culture; beliefs, norms, etc. are different so people use sole agents of that country to start their business. Business people make social contacts as much as they can. Social capital is greatest in small, high – tech firms. Collaboration means speeds up innovation. Some entrepreneurs like to open a franchise business instead of creating a new business.
Entry 3
I have learnt that there are five stages in business. They are launch, capacity expansion, organisational formalisation, succession and long term growth. Before starting a business, the focus is on identifying/validating the market, product feasibility and possibly...

Find Another Essay On Characteristics of the Entrepreneur and Maximizing Opportunities for Innovation

The Opportunities and Risks of Globalization

1618 words - 6 pages economic ties. Conclusion. The best way to deal with the changes being brought about by the international integration of markets for goods, services and capital is to be open and honest about them. Globalization brings opportunities, but it also brings risks. While exploiting the opportunities for higher economic growth and better living standards that more openness brings, policymakers - international, national and local – also face the challenge

The Life of an entrepreneur Essay

1921 words - 8 pages entrepreneurship. Thus, creating what business stands as today (Clarke). Clearly, entrepreneurship has been occurring for a substantial amount of time. There stands many poems about entrepreneurs. The poem Entrepreneurship by Eric Niehoff presents the exact attitudes needed by an entrepreneur to attain success. “Creative and driven, bound to succeed, seeing opportunity, where others concede” (Niehoff).This illustrates that an entrepreneur must be creative

The Life of an entrepreneur

1883 words - 8 pages Qualifications to become an entrepreneur can be attained through many colleges, but education is not necessary to be qualified. One can start a business and be successful through their own intuition and skill. Steve jobs only attended college for one semester, then dropped out. Yet, Apple is now one of the most profitable companies in the world. If one chooses to go to college, some elite schools for entrepreneurship include the College of

Literature For The Evaluation Of The Digital Opportunities Projects

2057 words - 8 pages Opportunities projects in U.K; the secondoverviews briefly international initiatives similar to the Digital Opportunities projects; thethird summarises information from evaluations and research of projects similar to the fourDigital Opportunities projects; and the fourth presents conclusions.EVALUATIONSEvaluation DesignsThere are a number of models and approaches to evaluation, for the purposes of thisreview the evaluation and research included in the

4 major characteristics of services and the marketing strategies available for the service organization

2185 words - 9 pages Qns: Discuss the 4 major characteristics of services and the marketing strategies available for the service organization.Qns: What are the primary differences between product and services? Give examples that highlight these differences between product and services. Give examples that highlight these differences and provide examples of hybrid offer.Qns. Using a service example of your choice, explain how the service company can deal with

3-Concepts to be used for maximizing the shareholders wealth

653 words - 3 pages CFO of a company has the responsibility in maximizing the shareholders wealth without affective the goals of the organization. CFO is responsible for making crucial financial decision of a company. CFO of a company has to play the role of a steward, catalyst, operator and strategist, no investment decision of the company can be made without the approval of the CFO. These roles and responsibilities clearly narrate their significant part in

Innovation and Change of the Ipod

2415 words - 10 pages Innovation and Change of the Ipod INTRODUCTION This report on innovation and change examines how Apple's iPod is the first entry into the marketplace that addresses the needs of the portable digital music market segment. It explains how it is small enough to fit comfortably in a shirt pocket. It shows how the device addresses the shortcomings of other portable MP3 music devices. It also looks at how market segmentation has been one of the

The Characteristics and Culture of Bangladesh

2935 words - 12 pages noticeable cooling to 43 degrees or less at night. The rainy season usually start in April and ends in October. The rainfall is of critical importance for agriculture in Bangladesh. In case of the absence of the April rain, which softens the ground, it becomes necessary to postpone rice crops and jute, the main market culture crop. Tidal waves, hurricanes and tropical cyclones terrorize the coastal districts of Bangladesh, especially adjacent to the

OPEC’s challenges and creation of incentives for technological innovation

1142 words - 5 pages OPEC’s challenges and creation of incentives for technological innovation OPEC is an unstable cartel representing the same interest of the major players in the oil exporting nations. It had its time when it has been effective in raising up the price of oil allowing the member nations to obtain a significant amount of premium collected on behalf of their sovereigns for the cartel and to their loyalty. The essay summarizes a cause and effect that

Xerox fall into complacency and the struggle for innovation

806 words - 3 pages ) that did not allow for change and thwarted innovation. When Xerox' patents began to expire in the early 1970's competition from Japan became fierce as prices were cut down. The need for innovation became clear, and top management leadership was the key to success.Allaire became CEO of Xerox after 24 years of working himself up through the finance and administration ranks. He was respected and well known within the company, and we assume he was a

Challenging Topgrading Concepts Of Maximizing Human Resources And Reduces Cost

3837 words - 16 pages performance of the entire department.ConclusionTalent needs to be translated into performance before any maximizing HR or minimizing cost can be realized. On the contrary, talent would incline to performance but does not guarantee it. Talent is the ability of individuals that is only one part of performance. The other three; motivation, clarity of expectations and opportunity needs to be provides by organizations for performance to thrive.4.4Pay

Similar Essays

Leadership Characteristics Of A Successful Entrepreneur

955 words - 4 pages Successful entrepreneurs are specialized types of leaders that have a definite set of leadership characteristics that make them good at what they do--motivate people. Successful entrepreneurs are usually very focused in their vision and are immersed in making their venture successful. A good entrepreneur uses a dynamic and charismatic approach to motivate their employees to feel the same sort of feelings of success that he or she feels towards

The Nature And Role Of The Entrepreneur

2150 words - 9 pages uncertainty-bearer and that uncertainty-bearing is the function of the banker who provides capital for the entrepreneur. This is in stark contrast with Knight who believed that the principle role of the entrepreneur is to assume the consequences of the uncertainty that arises from innovation or from factors exogenous to the company. To Schumpeter, the principle role of the entrepreneur is to innovate. With regards to the nature of the entrepreneur

Challenges And Opportunities For The Maritime Economy

1161 words - 5 pages Much of our modern day information about the Maritime economy has been primarily based on the historical happenings in the global economy. As world become ever more globalized and interlinked, maritime shipping and port industries are experiencing challenges as well as enjoying greater business opportunities. Maritime shipping is mainly the primary means of transporting parts and the finished goods around the world, has recently attracted

Call Of The Entrepreneur Essay

1284 words - 5 pages -up in communist China in the 1950s, Lai was determined at an early age to escape to a place such as Hong Kong in which capitalism thrived. He states in “The Call of the Entrepreneur” that Hong Kong meant freedom because of the endless possibilities there and great opportunities (Sirico, 2007). He states that upon coming to Hong Kong for the first time at the age of twelve, he immediately went to work, and that was the first time he knew he had a