There is a need to differentiate the two for analytical reasons.
Entrepreneurship refers to the capacity and attitude of a person or group of persons to undertake ventures with the probability of success or failure. Entrepreneurship demand that it should prepare the individual to assume a reasonable degree of risks in addition to being highly innovative.
While an entrepreneur is a person who can scan the immediate environment, generate ideas, gather resources, and take action to take advantage of the opportunity.
FIVE TYPES OF ENTREPRENEUR
1. Soloist: A soloist is a self-employed individual who operates either alone or with a few employees only, it includes trades-people, brokers, small family businesses, and so on.
2. Key partner: A key partner is an individual in partnership with others
3. Inventor/Researcher: Researchers are usually tinkerers or frustrated professionals who decide to start another business, such as a laboratory, to test a new product, gym equipment manufacturer, or service.
4. Inveterate initiator: It refers to an individual who has made many investments in an industry or sector. Usually, they are also an industry expert with a strong understanding of the market.
5. Acquirer: This individual helps clients to grow their businesses by attracting and converting potential customers. Is a full-service digital marketing agency that offers every aspect of marketing necessary to grow a business online.
STARTING UP AS AN ENTREPRENEUR.
A person may choose to become an entrepreneur at any stage of life.
THE FOLLOWING FOUR EXAMPLES ARE MEANT TO STIMULATE YOUR IDEAS ABOUT WHEN TO START UP A BUSINESS.
1. Dropping out-of-school
2. Part-time at school or University targeting the off or on-campus marketing.
3. Second source of income.
4. After retirement, etc
WHAT CAN MOTIVATE PEOPLE TO START UP AS AN ENTREPRENEUR OR TO ENTER INTO BUSINESS
1. Ambition: This is the feeling that one could achieve.
2. Independence: The entrepreneur wants to be his boss.
3. Investment: Where an entrepreneur has resources available, he may feel that his investment returns would be higher when he is on his own than elsewhere.
4. control: Been in charge of the whole resources available within the reach of the business.
5. permanent: Building more structure to expand the need of the company and to satisfy the end-users. Most entrepreneurs derive joy when they build their factories and offices without paying rent.
SECRETS OF A SUCCESSFUL ENTREPRENEUR
1. Think success: Every success story starts with big dreams. You need to have big dreams for you famous or fulfilled.
2. Be passionate about what you do: To attain this change, you need to develop or uncover an intense, personal passion to change the way things are.
3. Focus on your strength: Each of us has our strengths and weaknesses, to be effective. You need to identify your strengths and concentrate on them.
4. never consider the possibility of failure: Ayn Rand, in her novel “the fountainhead, wrote,” it is not like a man – nor of any living entity to start by giving up”. As an entrepreneur, you need to believe in your goals, and that you can do them.
NOTE: Entrepreneurs play a vital role in the economy. Their spirit ingenuity and enthusiasm make every society dynamic and provide employment opportunities, economic growth, greater efficiency through competition, and the creation of new products and services.
Remember, you can only be a failure when you keep on doubting your strength.
Encouragement of a Good Entrepreneur
Encouragement gives hope for success. Don’t give doubt a room instead gives success that room.
An entrepreneur is someone who sees for an idea and has the drive to see it through. They are the people who are willing to take risks and do what it takes to make their dreams come true. Entrepreneurs have a unique set of qualities that make them successful.
Many qualities make up a good entrepreneur, but one of the most important is persistence. Entrepreneurs are resilient and see setbacks as opportunities for growth.
- A good entrepreneur is someone who can see the potential in an idea and has the skills to make it happen.
- A good entrepreneur is someone who can take risks and learn from their mistakes.
- A good entrepreneur is someone who knows how to work hard and how to play hard.
Conclusion: Everyone dream of becoming their personal boss, but can be achieved through persistence, tolerance, and dedication. Being an entrepreneur prepares your mind for challenges. Remember challenges will come but dedication and resistance prove your qualification.
Last Updated on August 20, 2022 by kingstar