The Entrepreneurs Intended Learning Outcomes
The Entrepreneurs Intended Learning Outcomes
The Entrepreneurs Intended Learning Outcomes
THE ENTREPRENEURS
A. Entrepreneur, Definition
An entrepreneur is an individual who creates a new business, bearing most of the risks and
enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of
new ideas, goods, services, and business/or procedures.
Entrepreneurs play a key role in any economy, using the skills and initiative necessary to
anticipate needs and bring good new ideas to market. Entrepreneurs who prove to be successful
in taking on the risks of a startup are rewarded with profits, fame, and continued growth
opportunities. Those who fail, suffer losses and become less prevalent in the markets.
Key Takeaways
• A person who undertakes the risk of starting a new business venture is called and
entrepreneur.
• An entrepreneur creates a firm, which aggregates capital and labor in order to produce
goods or services for profit.
• Entrepreneurship is an important driver of economic growth and innovation.
• Entrepreneurship is high-risk, but also can be high-reward as it serves to generate
economic wealth, growth, and innovation.
B. Characteristics of entrepreneur/ship
“The entrepreneur has an enthusiastic vision, the driving force of an enterprise.” The
entrepreneur's vision is usually supported by an interlocked collection of specific ideas not
available to the marketplace. The overall blueprint to realize the vision is clear; however details
may be incomplete, flexible, and evolving. The entrepreneur promotes the vision with
enthusiastic passion. With persistence and determination, the entrepreneur develops strategies to
change the vision into reality. The entrepreneur takes the initial responsibility to cause a vision to
become a success. Entrepreneurs take prudent risks. They assess costs, market/customer needs
and persuade others to join and help. An entrepreneur is usually a positive thinker and a decision
maker.
1. Entrepreneurs are decision makers
An entrepreneur is not only concerned with identifying and taking the initiative to avail a fruitful
business opportunity and laying down the basis of a business machinery but in fact,
entrepreneurs also act as decision-making bodies. Entrepreneurs need to be extremely judicious
decision makers as the sole responsibility to make all the important decisions about the running
and management of a business entity lies with them. They make important decisions concerned
with the selection of products or services that they are to provide to the consumers, operational
and manufacturing procedures and the feasibility of a business idea, product or a service in the
marketplace.
2. Entrepreneurs are analysts and observant
However, what an entrepreneur really needs to be is highly insightful of consumers’ needs. A
more abstract definition of entrepreneurs may relate to individuals who identify various needs
and requirements of a consumer market that remain unfulfilled.
Once identified, the entrepreneurs take the initiative to set up an enterprise with the rudimentary
objective to deploy the business machinery towards the fulfilment of identified unfulfilled
consumer needs to generate optimum profits for themselves.
3. Entrepreneurs are Innovators
Considering the aforementioned explanation of the role of an entrepreneur, an entrepreneur may
also be termed as an innovator, who deals in the manufacture and delivery of novel ideas,
products, services and procedures to meet an unfulfilled consumer demands.
As entrepreneurs are commonly considered as risk takers and leaders, an entrepreneur needs to
have immense self-belief in his abilities and confidence in the feasibility of his business idea.
Only then they will be able to optimally avail the most out of the opportunities presented to them
and execute their business ideas and concepts.
Though the term ‘entrepreneur’ finds its root in the 18th-century literature, the concept of
enterprising exists since the beginning of time. The birth of the concept of enterprising is usually
attributed as a result of the realization among humans, concerning the need to deliver services
and goods to survive.
References
Discussion Questions
1. Define entrepreneur.
2. Discuss the characteristics of an entrepreneur.
3. How do entrepreneurs venture into a business?
4. How do entrepreneurs help the economy?
5. Explain what motivates entrepreneurs to establish their own business.