WHAT YOU NEED TO KNOW BEFORE BECOMING AN ENTREPRENEUR
Entrepreneur is the person who recognizes opportunities where others see confusion. Entrepreneur is the pioneer of today business success, through their sense of opportunity, their drive to innovative and their capacity for accomplishment.
Entrepreneur is the prime mover in the business enterprise. Without them, there would be no business. He or she identifies gaps in the market and then turns these gaps into business opportunities.
Entrepreneur finances business. After identifying a business opportunity, the entrepreneur raises and mobilizes the necessary resources to exploit the opportunity. By so doing, the entrepreneur becomes the financier of the enterprise. The entrepreneur does not of course have to finance the business from personal saving alone. The necessary finances and other resources could be borrowed.
Entrepreneur manages business. He or she can delegate this function to other people. But even where other people are employed to manage the business, the ultimate responsibility for management remains with the entrepreneur.
Entrepreneur bears uncertainties of the risks of the business. This arises because it is the entrepreneur who provides the finances of the business.
Entrepreneur also creates jobs in the economy of every country. Wealth is made available to the individual, the community and the society in general, through the actions of the entrepreneur.
Transformation of entrepreneur's desire into business opportunity
Business Idea
This is response of a person or an organization to solving an identified problem or meeting the needs in the environment (market, community, etc). finding a good idea is the first step in transforming the entrepreneur's desire and creativity into a business opportunity.
Generating a Business Idea
A good business idea is as a result of hard work and effort on the part of the entrepreneur in generating, identifying and evaluating opportunities.
Creativity
Creativity is the ability to design,form,make or do something in a new or different way. To be creative, you need to keep your eyes open.
Source of business idea
Hobbies/interest
A hobby is a favorite leisure time activity or occupation. Many people, in pursuit of their hobbies or interest, have founded business. For example if you enjoy traveling, performing or hospitality, you may consider going into tourism which is one of the big industries in the world.
Personal skill and experience
Many of the ideas for successful business come from experience in work place. Therefore background of potential entrepreneurs play a crucial role in the decision to go into business as well as the type of ventures to be created.
Entrepreneur is the prime mover in the business enterprise. Without them, there would be no business. He or she identifies gaps in the market and then turns these gaps into business opportunities.
Entrepreneur finances business. After identifying a business opportunity, the entrepreneur raises and mobilizes the necessary resources to exploit the opportunity. By so doing, the entrepreneur becomes the financier of the enterprise. The entrepreneur does not of course have to finance the business from personal saving alone. The necessary finances and other resources could be borrowed.
Entrepreneur manages business. He or she can delegate this function to other people. But even where other people are employed to manage the business, the ultimate responsibility for management remains with the entrepreneur.
Entrepreneur bears uncertainties of the risks of the business. This arises because it is the entrepreneur who provides the finances of the business.
Entrepreneur also creates jobs in the economy of every country. Wealth is made available to the individual, the community and the society in general, through the actions of the entrepreneur.
Transformation of entrepreneur's desire into business opportunity
Business Idea
This is response of a person or an organization to solving an identified problem or meeting the needs in the environment (market, community, etc). finding a good idea is the first step in transforming the entrepreneur's desire and creativity into a business opportunity.
Generating a Business Idea
A good business idea is as a result of hard work and effort on the part of the entrepreneur in generating, identifying and evaluating opportunities.
Creativity
Creativity is the ability to design,form,make or do something in a new or different way. To be creative, you need to keep your eyes open.
Source of business idea
Hobbies/interest
A hobby is a favorite leisure time activity or occupation. Many people, in pursuit of their hobbies or interest, have founded business. For example if you enjoy traveling, performing or hospitality, you may consider going into tourism which is one of the big industries in the world.
Personal skill and experience
Many of the ideas for successful business come from experience in work place. Therefore background of potential entrepreneurs play a crucial role in the decision to go into business as well as the type of ventures to be created.
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