An entrepreneur is generally defined as someone who takes the risk of investing in and managing a business. Some entrepreneurs do not define themselves as such. Also, non traditional job holders are technically entrepreneurs. Real estate agents and manufacturers representatives sales agents are examples of entrepreneurs who appear to be employees. Many sales agents have to pay their own taxes, insurance, and business expenses. This defines business ownership and management.
We see these people as simply doing a job, but they must do much more to make sure that they can keep their jobs. Another is general perception. We see Bill Gates as an entrepreneur because he is a billionaire. But the hairstylist down the street is an entrepreneur even though he or she may only make $25,000 per year. They still have to rent a chair, buy hair supplies, and market themselves to potential clients. Many salons do not provide supplies and service to the stylist.
• Do you believe that entrepreneurs are born with special characteristics, or is it possible to teach someone to be an entrepreneur? Both statements are true. How many children sell their school lunches or extra candy at a profit? I have listened to young children talk about how they would improve a product that they see on television. Creative innovative children are probably tomorrow’s entrepreneurs. However, many people have been taught entrepreneurship. Sales people are the best examples. Sales is an individual endeavor.
Sales people have to learn presentations, prospecting, and how to calculate sales commissions and expenses. I think that office managers in small businesses could probably learn to be an entrepreneur in any industry with basic management skills. You may also be interested in reading “Are entrepreneurs born or made essay”
• Identity some of the advantages and disadvantages of being an entrepreneur. Which advantage would be most important to you? Which disadvantage do you feel is the greatest obstacle? The primary advantages of entrepreneurship are also the primary obstacles.
Having complete control and responsibility for all phases of a business operation is both rewarding and challenging. Being able to control innovation of a manufacturing process that could improve a product would be a driving reason to leave an existing employer and start your own company. When things go well, the entrepreneur takes all the credit and receives all the profit. On the other hand, when things go awry, the entrepreneur bears all of the legal responsibilities and suffers financial loss of all of their personal investment.
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