The word entrepreneur has its origin in the French language. It refers to the organiser of musical or other entertainments. An entrepreneur is one who organises, manages, and assumes the risks of an enterprise. An entrepreneur visualises a business, takes bold steps to establish undertaking, coordinates the various factors of production and gives it a start.Entrepreneurs are the owners of the business Who Contribute the capital and bear the risk of uncertainties in business life. Entrepreneur is action – oriented and highly motivated. He has the ability to evaluate business opportunities, to gather the necessary resources to take advantage of them and to initiate appropriate action to ensure success. Entrepreneur is associated with innovations.He is the main factor of production. Entrepreneur takes decision regarding what to produce, how to produce, where to produce and for whom to produce. He mobilises other factors of production namely, land, labour, capital, organisation and initiates production process. He is responsible for both the profit or the loss. In India, Birla, Tata, Modi are big entrepreneurs.
Many people dream of becoming entrepreneurs someday. But it made me realize that there other factors that needs to be taken into consideration. We need to ask ourselves are we ready to take the challenge to the outside world. Not everyone have the vision, innovation and creativity to become an entrepreneur. The individual must have a positive attitude and accept the responsibility, have discipline to meet their goals, and take action when the opportunity presents itself. Many prefer a job security and rely on a weekly paycheck, while entrepreneurs will take risks and doesn ‘t have that luxury to know the amount of their income.
Starting your own business can be exciting and it can become a well- rewarded experience. Being your own business includes great benefits,
Businesses trying to survive the current economic crisis need to pursue competitive advantages and empower them. Competitive advantage results from matching core competencies to the opportunities. The entrepreneur that I interviewed uses her experience, quality, consistency and overall learned what the customers really need and demand. Jane’s skills and experience enable her to respond faster to market changes. Jane has remarkable negotiation and sales skills that make her a most competitive in the market. There are also questions that you need to ask yourself to determine if you are ready to take the next step. Are you able to think of new ideas? Can you imagine new ways of solving problems? Entrepreneurs should think creatively. If you have ideas learn how take advantage of new opportunities. Be your own boss also means that you are responsible for making difficult decisions. The business world involves uncertainty. Do you avoid the uncertainty in life at all costs? If so, owning your own business is not the best.