Entrepreneurship, Unemployment and Financial Insecurity - Essay Example

The paper will describe some of the measures that they as business entrepreneurs can learn, use, introduce and/or implement so that they can improve, manage and mitigate the risks so that they can have long-lasting and successful business enterprises.

Entrepreneurship is developing new, better, and competitive products and/or services by utilizing and maximizing the available resources, to meet the never-ending and unmet human necessities. It is also described as the ability to direct, control, execute, manage, analyze and take responsibility for risks (Ramachandran 220). Business entrepreneurship is also one of the most crucial driving forces of economies globally. A business entrepreneur is an individual who sources opportunities within the economy by analyzing the unmet human needs; he/she takes advantage of the opportunity/ situation at hand and; hence, introduces and implements products and/or services that will meet these needs. Moreover, he/she effectively manages the foreseen and unforeseen risks/ challenges involved in the business.

Just like any leader, for any business entrepreneur to achieve success, they have to work within the essentials of management which entail; being effective, practicing efficiency, and also exercise economic management. Effectiveness in meeting the set objectives(s) or goal(s) is achieved by meeting the unmet needs which led to the product. Efficiency is achieved by doing things in the right way; by setting clear guidelines; procedures and processes to be followed in their undertakings. Business entrepreneur has by being economical by minimizing their production costs; they achieve this by using the right but also low-cost resources for their products and services while still maintaining the products and/or services standards. A Business entrepreneur has to possess key management skills including planning, leadership, organizing, and time management skills among others (Ramachandran 210).

Most business entrepreneurs around the globe face so many risks which may vary as per the environment, product/services, and other factors. These risks may include; political challenges, which mean their businesses, have to operate within the set rules, laws and regulations. Existing laws are regularly revised while new laws are formulated and implemented which may not favor some of the businesses. Lack of capital is one of the major challenges faced by entrepreneurs globally. Many people have the will and innovative ideas but do not have access to funding and other key resources for them to implement their plans. Moreover, a  lack of marketing and branding strategies can also lead to the failure of most business ventures.

For a business entrepreneurs to be competitive and successful in the current economy, they must seek to implement some measures/ways to mitigate the risks they face and expect. Some of the mitigating measures are: carrying out in-depth research before implementing any plan involving their products; setting clear; manageable goals and objectives; should have the highest form of discipline by prioritizing the most useful and important aspects of the business (Ramachandran 156)An entrepreneur must involve people who can motivate and help him/her achieve the goals. They may include; investors, business analysts, and relevant people who they deem successful. Read More