Discuss the role an entrepreneur plays within an existing company and his/her own venture.
Explain and evaluate a range of characteristics and skills which are necessary to become a successful entrepreneur.
You should support your arguments with evidence from reading.
Likewise you should illustrate your points with examples of well-known successful entrepreneurs.
Explain how the necessary characteristics and skills helps the entrepreneur fulfil his/her role.
Entrepreneurship is basically planned for high school students and juniors, together with non-business student, who want to study about entrepreneurship, its function and value in our civilization, and how to get latest thoughts to marketplace both in the set up and business situation. This is an initial way proposed to offer students with a solid basis on how entrepreneurs and entrepreneurship play a key function in the 21st century overall economy. (Business, news and politics ,2012) In the lessons, we will judge, survey, and analysis the globe of entrepreneurship. Entrepreneurship is approached as a manner of view and performing, as thoughts and a manner. The attitude focus will be on the design of new offers, the ways that they appear into being, and factors related with their achievement. (Berry.T n.d.)
The role of an entrepreneur is to handle risk factors for establishing a service or goods in the market place. Moreover, an entrepreneur takes every possible opportunity from the market for gaining competitive advantages. (B ,2005)
Entrepreneur is a person who has the ability to take high risk for financial gain. In addition, an entrepreneur has the ability to predict the efficiency of the implemented strategy for understanding that whether the risk factor will be under control or not.
Entrepreneur as a business manager create a border line between the management and the entrepreneurship. Entrepreneur with the productive services, inserting their own persons and property / assets at the clearance of the entrepreneur who can guarantee at a fixed compensation. The final profit amount is based on a scope of error in calculation by the entrepreneurs and non- entrepreneurs who do not compel the entrepreneurs to pay as much amount for the productive services they could be compelled to pay. (J ,2012)
As an exceptional leader, he has to take care for the return on risk taking, capital use and production effort and ability or asset specificity. A successful leader should select supporters cleverly and apart from that, he should control the followers in an effective manner. In order to gain effective and exceptional outcome, a leader should seek innovative ideas from the followers. However, the leader should take the final decision for avoiding unnecessary crisis. (A ,2010)
Entrepreneur basic role is to achieve the kind of adjustment or changes necessary to move the economic market towards the stability condition. With the change of static condition like population growth there is a need of improved production technology and the mobility of the capital and labor is also necessary to restore the stability.
For the long term success and stability in the market an entrepreneur should be innovative. In order to be significant, competitive and more successful you need to reinvent and challenging yourself by finding out the ways and searching for the new options that can retain your customer back. (D ,2010)
Characteristics and skills are an important part or a self made quality an entrepreneur should have. These are the pillars for a successful building or in other words these are the main elements of success. These involve determination, hard work, efficiency, management of the entrepreneurs as well as their confidence. It also includes their risk taking factor for increasing business modules and selling and promotion part of the products and the services. They should be fully passionate towards their goals and should be upto the mark for their choice of decisions. In other words, they are the persons who can make or demolish any organization. Following are some of the characteristics and skills of a successful entrepreneur.
There are certain characteristics, which are really important for the getting successful outcome.
The most important characteristic of a successful leader is ‘passion’. If a person is really committed to his work and knows very well and deeply about it this is called passion. Achieving their goals is the main priority as compared to earning any amount.
And another key of successful entrepreneur is ‘self confidence’. If you have a confidence in your ability to succeed than only you can overcome any problem. (J ,2007)You should always take a positive approach about all the things you have done or you have to do.
Another qualities of a successful entrepreneur ‘self reliant’ as they don’t have to wait for others to tell or order them what they have to do. They are the self starter and very much confident about making the decision. Entrepreneurs have other qualities as well like the ability to complete tasks, the willingness for taking risk. Generally, an individual try to avoid risk factors but on the other hand, self-confidence of an entrepreneur assists them to take the challenge. Apart from that, an entrepreneur understands that risk is a natural part of achieving goals.
Another quality of entrepreneurs is creative. An entrepreneur tries to seek for innovative ideas for doing things. Finally, the entrepreneurs are courageous for learning new things. Entrepreneurs build a learning environment for learning new things from other people. These are some of the characteristics a successful entrepreneur should have for a successful career.
Plan everything is an important characteristics as in business planning it is required to evaluate the business situation, research, compilation of data and conclusion based on the facts. Planning also includes the success of each small and individual plan to make it a big success as a whole.(T ,2015)
Creating a competitive advantage is vary healthy nutrients for any of the business as it is the unique selling point by providing more advantages. It includes services, warranty, flexible payment options, lowest price, better consumer services and exchange benefits.
Follow up constantly is an important aspect as it enables you to turn viewers into the consumers and also increases the value of sale and purchase from the existence consumers. Constant follow up helps to retain the consumers and keeping them joint with your business and providing them the products and services for a longer duration of time which further helps to make a strong business relationships.
Entrepreneur should have some skills which help them to have a great success like-
Ability to plan is the main skill for an entrepreneur as they must be able to develop a plan for achieving their goals including all the departments like finance, marketing production and hiring the productive and satisfied employers.(J ,2012)
Communication skills are important as an entrepreneurship, he should be able to explain, discuss and sell their goods and services only through a good communication. And entrepreneur should be able to effectively interact with his business team. They should express themselves very clearly and they have strong interpretation, knowledge skills to understand forms of written business communication.
Marketing skills is also important as an entrepreneurship. A company achievement or stoppage is all-dependent on whether the company reaches the market, advantage the marketplace and effect in those in the marketplace choosing to purchase. Most of the failure entrepreneur has started with new services or goods and apart from that, the marketing strategy for the new offerings were not effective to attract consumers. In order to get successful outcome from the implemented strategies, an entrepreneur should implement effective marketing strategies.
Entrepreneur should have some good inter personal skills, to maintain the healthy relations especially with the people they interact like customers, clients, employees, investors, lawyers and accountants as well. Healthy relationship is the main bridge which covers the gap of success. (J n.d.)
An entrepreneur should have the complete basic knowledge of the resources and to use them effectively. An entrepreneur must be able to manage every section of the business and they must make sure that all the positions including managers in their business are occupied by the efficient people.
Team building skills is a important skill of entrepreneur. In team building entrepreneur is the leader, as he has to build the team with efficient team member for achieving organizational goals and objectives. In order to achieve the objectives successfully, it is highly important to implement effective leadership approach. It helps the leader to manage the workforce in an effective manner.
A leadership skill is very important for an entrepreneur to be successful. A leader should create and promote a strong vision of the company among the employees. In order to motivate the company employees, the leader should reciprocate with the workforce regarding their issues. Focus for the target is very much important to ensure the business success.
Following are some of the strength and weaknesses of an argument using examples-
Pay attention to your customers first-
It is an example of “Jon Beekman” a graduate from “Stanford graduate school of business” is the CEO and founder of Man Crates. It is about paying attention towards your customers and a concept of what the customer needs. In order to understand changing needs and requirements of the consumers, it would be better to establish a direct communication with the consumers. Customers are the main priority in making a company successful and respectful.
Tomorrow is always another day-
It is an example of “Scott Gerber” TV commentator, a serial entrepreneur and founder of “young entrepreneur council” (YEC). This concept emphasizes that failure influences people to do better for achieving the same objective. Now I always reduce the possible chance of stoppages by reducing the problem. Therefore, we obtain backup faster and stronger when we do face a set beck. (W ,2014)
Stability of your carrier is under your control-
It is an example of “Kristi Hines”, who is a “ghostwriter”, “freelance writer” and a “professional blogger”. I am the kind of person, who has applied for a job for which I was not interested. However, I have applied that job for getting a security of job. I felt it was just because I was no truly passionate about my carrier. I have learned that you should have a passion that has the power to work more.
Other examples of Entrepreneurs-
“Bill Gates, founder of Microsoft”.
“Steve Jobs, co-founder of apple”.
“Mark Zuckeberg, the founder of Facebook”.
“Pierre Omidar, founder of Ebay.”(J ,2015)
Linkage between the role an entrepreneur plays and necessary skills and characteristics-
It is an important link among the role of an entrepreneur plays and the essential entrepreneurial characteristics or skills. It was resolute that entrepreneurs normally have high entrepreneurial characteristics and by provided that an exact management to make it the best makes use of these characters for the industrialization and the growth process can be fast and strong. Entrepreneurs natures are tested in conditions of both opening a business and their result on the kind of rights. Characteristics of entrepreneurship have been resolved as being modern, threat taker and artistic, having idea and ability of flexible functioning and being focused on top level of working. Entrepreneurs have to apply all these qualities to make development of the business on the right track and to make it more successful. (M ,2012
Conclusion-
Initial stage of a business is very difficult, time consuming and life changing. There are many more things that go into in sequence than directly provided the goods or service that your business offers, you will also be liable for your business assets, caring your business and individual resources, maintaining your business official, paying taxes, maintenance report, supervision staff and more. Characteristics of entrepreneurship have been resolved as being modern, possibility user and artistic. (Davidsson ,2008)
A, T 2010, ‘Role of the enterpreneur’, The Three Roles of Great Entrepreneurs.
B, T 2005, ‘ The roles of the entrepreneur’,The Role of the Entrepreneur.
Berry.T, ‘Introduction’,Introduction to enterpreneurship.
Business, news and politics 2012, ‘Introduction’, Introduction to entrepreneurship.
D, S 2010, ‘Role of the enterpreneur’,The Role of Entrepreneurship in Economic, vol 6, no. 1, pp. 1-19.
Davidsson 2008, ‘Conclusion’,Some conclusions about entrepreneurship and its support.
J, S 2007, ‘Characteristics and skills of an entrepreneur’,25 Common Characteristics of Successful Entrepreneurs.
J, W 2012, ‘Role of the enterpreneur’,5 important roles for an entrepreneur.
J, S 2012, ‘Characteristics and skills of entrepreneur’,5 Essential Skills of an Entrepreneur.
J, G 2015, ‘ Strength and weaknesses of an argument using examples’, 6 Traits Every Successful Entrepreneur Must Have.
B, ‘Characteristics and skill of entrepreneur’, 8 traits of successful entrepreneurs–Do you have what it takes?.
M, C 2012, ‘Linkage between the role an entrepreneur plays and necessary skills and characteristics’, Entrepreneurship Skills for Growth-Orientated Businesses, pp. 1-23.
T, S 2015, ‘Characteristics and skills of entrepreneur’,10 Traits All Successful Entrepreneurs.
W, L 2014, ‘ Strength and weaknesses of an argument using examples’, 10 strengths of outstanding entrepreneurs.
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