BEING AN ENTREPRENEUR
Entrepreneurs try to identify and meet a need for a product or service. Entrepreneurs come from all types of backgrounds, may be of any age, and create all kinds of businesses.
Some own tiny craft shops, while others own huge construction companies.
Entrepreneurs try to identify the needs of the marketplace and to meet those needs by supplying a service or product. When they succeed, their businesses flourish and the profits go to them. When they fail, their companies decline and they may have to go out of business.
Entrepreneurship is a process of looking at things in such a way as to make solutions to problems and perceived needs. Such as, is this idea feasible? Will this idea work?
It is also the willingness to take risks involved with the starting and managing of a business. It is also the qualities needed to function effectively in a business, profit-making context, that is, the ability to identify business opportunities and make deals. Entrepreneurship also refers to the ability to take risks on your own initiative and be able to work in a cost effective way to make a profit.
There are many opportunities for entrepreneurs in each type of business. Manufacturing businesses actually produce the products they sell. Using resources and supplies, they create everything from cars to paper. Wholesaling businesses sell products to people other than the final customer. Retailing businesses sell products directly to the people who use or consume them. Service businesses sell services rather than products. They include hotels, hairdressers and repair shops.
Entrepreneurship benefits the economy by filling unmet needs and increasing productivity. In many cases, the historical entrepreneurs started businesses that are today large corporations.
Entrepreneurs assume risk.
This makes them different from employees, who work for someone else.Both may make decisions, but only the entrepreneur is directly and wholly affected by the consequences of those decisions
PREPARING TO BE AN ENTREPRENEUR
ACS conduct a distance education course on Entrepreneurship. This can help you decide whether this is a feasible career for you; and if it is, how to prepare and take the first steps on this exciting and rewarding career path.
Click here for course information