Create a new account

It's simple, and free.

An Entrepreneur: Different Dimensions

Entrepreneurship: An entrepreneur is an individual engaged in the process of starting and growing his or her own business. In the United States, about 700,000 new businesses are started each year. Some succeed but many fail because ideas for new ventures are not necessarily viable business opportunities. Business ideas need to be systematically evaluated to determine if they represent real business opportunities. An idea is an opportunity only if it has some realistic chance for success. Opportunities are needs, wants, problems, and challenges that point to a marketùto customers who would buy the innovative solutions that you create to meet the needs, satisfy the wants, solve the problems, or meet the challenges.

Small businesses are the foundation for our employment growth. They allow their owners to work for themselves and be self-sufficient. Entrepreneurship is a job-creation engine that has a positive impact on local, regional and national economies. Firms of fewer than 20 employees generate the majority of net new jobs in the U.S.á

Entrepreneurs often take large personal financial risks to start new businesses. While no entrepreneur wants to consider the possibility of failure, a head-in-the-sand approach is unwise. Wise entrepreneurs protect themselves and their companies by incorporating to limit their personal liability, and by learning from the mistakes other entrepreneurs have made before them. For example, failing to forecast downside scenarios can be a fatal mistake for the owner of a relatively new business. Solicit advice from knowledgeable people when attempting to identify new venture opportunities.

Selecting the right kind of business to start is one key to becoming successful as an entrepreneur. Part of the selection process involves determining the type of business that fits the prospective entrepreneur's background, abilities and interests most closely. According to Marvin Champlain, entreprene...

Page 1 of 8 Next >

More on An Entrepreneur: Different Dimensions...

Loading...
APA     MLA     Chicago
An Entrepreneur: Different Dimensions. (1969, December 31). In LotsofEssays.com. Retrieved 01:59, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1706324.html