Small Business Management & Entrepreneurship Lecture#1

Who is an “Entrepreneur”?
An entrepreneur is a person who creates new business & face risk, uncertainty for the purpose of achieving profits and growth by identifying opportunities. An entrepreneur is person who assembling the necessary resources to capitalize on those opportunities.
Entrepreneur usually starts with just a idea and then organized resources to transform that idea into sustainable business.
Characteristics of Entrepreneur;
1. Desire & willingness to take initiative:
Entrepreneur feel personal responsibility for the outcomes of business they start. Entrepreneur prefers to control resources and use them to achieve self-determined goals. He takes steps forward and builds business based on his creative ideas.
2. Preference for risk:
Entrepreneurs are not wild risk taker but they are calculated risk taker, it’s means that entrepreneur know how much risk involve in their new started business and how they can minimize it.
3. Confidence in their ability to succeed:
Entrepreneur should have abundance of confidence in their ability to succeed; they should be sure about their chance for business success.
Entrepreneur face many barrier when they start new business or company and run them but a healthy dose of self-confidence (don’t be a over confident) is important component in their ultimate success.
4. Self-reliance:
Entrepreneurs do not feel shy from performing any legal task for making their business succeed. Perhaps that is why entrepreneurs persist in building business even when others ridicule their ideas as follies.
5. Perseverance:
Even when things do not working as they planned, entrepreneurs don’t give up. They simply keep trying. Real entrepreneur follow the advice contained in Japanese proverb, “Fall seven time; stand up eight”
6. Desire for Feedback:
Entrepreneurs like to know that how they are doing and constantly looking for reinforcement, this can happen from feedback of their business in form of profits and loss. Entrepreneurs assess their effort from the outcome/ feedback of their business, that how well they are managing their business. Nothing gives you feedback like your own business.
7. High level of energy:
Entrepreneurs are more energetic than the average person. That energy may be the critical factor given the incredible effort required to launch a start –up company. Long working hour, 60 to 80 hours per week and hard working rules than exception.
8. Competitiveness:
Entrepreneurs have a competitive behavior throughout their life. They like and enjoy competitive games, sports and they always want to keep up score in every field of life.

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