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Entrepreneur - Essay Example

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Q1. Every organization has four factors of production - land, labor capital, enterprise. Enterprise, which is one of the most important things in the start up of a business, is the availability of entrepreneurs. An entrepreneur is a businessperson who owns an organization, firm or venture and takes full responsibility for its outcomes…
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Extract of sample "Entrepreneur"

Download file to see previous pages Not every person has the nerve and bravery of putting a large amount of their money at jeopardy.
Sid was ready to go ahead with his dream of owning a business and not doing a job under someone. He was ready to invest all his savings that were kept aside for another important purpose of a family by his wife. He not only invested money that he had, but also took major loans from the bank. And entrepreneur not only invests money into the business, but runs the entire set up. Sid fits the picture well because he had an entire plan in mind for the business of a product that he created, which also received positive responses from his friends and co-workers. As the entrepreneur, he worked out the business plan that stated the business objective, an introduction to the product, his manufacturing plant details, marketing techniques, financial funding reports, legal planning and even his personnel hiring plans.
Although, Sid did not have the knowledge that normally an entrepreneur would have because of his lack of professional degrees; he managed to know enough for his use by the small management course that he did. He covered up for that by following the advice of his bank consultant who guided his through the steps towards the loan.
In order to pursue his dream, Sid took a big risk of starting Ladder rails. The product was totally new and could have easily failed to catch the consumer attention, but Sid did not lose hope and just like a successful entrepreneur entered the gamble. An entrepreneur needs to have passion and deep faith in his product and work, which Sid most definitely did. Even in the first two years of the business, when losses were actually being made, he did not blame anybody else and took responsibility for it. Along with that, he did not lose hope that quick and with the satisfaction from the increasing sales continued with the business. Therefore, we can say that Sid is truly the definition of an entrepreneur.
Q2. Not every business endeavor tends to succeed in its mission, only certain ones with the necessary qualities cross hurdles and reach its destination. One of the basic factors is a good entrepreneur running the business. Entrepreneurs are people with different skills and qualities. There are usually four cornerstones that are crucial for entrepreneurs to possess - commitment to the opportunity, strategic leadership, organizational capabilities and persistence.
For a business to succeed, the people running it should have strong faith in their plans. It is only with deep passion and commitment that a business can cross all hurdles, otherwise people tend to lose hope when there are many problems on the way. Sid's business, Ladder Rail, initially had to face many financial problems. There were not enough funds available to start up a new business from the scratch or to buy plants and machinery for production. There were also some people who discouraged Sid; and later the losses made were disheartening in itself, but it was Sid's devotion to his dream of a new business that gave him the strength to pull through.
In order for a business to sustain and flourish in the future, the leadership should be strategic; that is, the leader should have a vision in the future. Current activity should be such that the long term goals are fulfilled and the business becomes much more lucrative with time. Sid was ...Download file to see next pagesRead More
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