Business Essays - What Makes a Good Entrepreneur

What Makes a Good Entrepreneur?

The footingsenterpriser, directorandproprietorare really much in intending yet exhibit different representations of concern people who are present at the top direction. Entrepreneur is a individual who sets up a new organisation or endeavor and histories for answerability on his portion of the hazards that could come onto his shoulders for one ground or the other. When the treatment is of the for-profit organisations, the entrepreneur term replaces itself withlaminitis. ( Versi, 1999 ) This individual is responsible for set uping a new entity or unit so that the constitution could supply an bing merchandise or service into the signifier of a individual new market, which could hold a net income or non-profit consequence. The enterprisers have strong penetrations as respects to the chances that exist within the market and the menaces that come as a consequence of the really same. The hazards that could originate in the aftermath of these include personal, fiscal or professional 1s so that chance could be grabbed with both custodies. ( Martin, 1997 )

In different societies, the concern enterprisers are regarded as the polar constituents of a societal order. ( Covin, 1999 ) Entrepreneur manages and runs an organisation and manages the different projects of the endeavor. This endeavor could be a concern which is usually associated with curious enterprises and foreseeable hazards. An enterpriser is besides an employer of productive work or in other words of labour. He is besides the contractor who deals with or initiates the procedure of entrepreneurship. The enterpriser is the individual who is responsible for running the system which is in topographic point in a normal procedure. He is the 1 who organizes the whole procedure. Entrepreneur creates or sells a merchandise and/or service so that he could gain a considerable profit/benefit. The enterpriser is the hazard carrier and an organiser within the concern endeavor. More than anything else, an enterpriser is a leader by sheer definition. An enterpriser wants to accomplish high since his aspirations are ever at the top. He is a individual who believes in dedication and difficult work. ( Drucker, 1985 ) These people like to work for their ain egos instead than working for some other concern. They believe in quality of work and take credence for duty which is a trademark of a true leader. These enterprisers believe in a positive attack and give wagess whenever they deem fit. Their thought is more on the lines of supplying excellence towards work and they are good organisers every bit far as work moralss are concerned. They want to do a net income and this net income helps them to carry through more and more in their transition towards success and accomplishments. ( Ramsay, 2004 ) Some of the well known enterprisers have included names like Ben Cohen of the Ben & A ; Jerry’s Ice Cream, Elisha Otis related with lifts, Ted Turner with the media field, Sam Walton concerned with the departmental shops and in conclusion Alan Sugar with the scientific discipline of computing machines. ( Watkins, 1998 )

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Effective enterprisers know how to do usage of their squad members and during this while contribute in their ain capacity towards squad edifice. Entrepreneurial effectivity within an organisation could be improved if there is a general apprehension that the enterprisers know their work good and besides discern the exact footing for the workers who fall short on the cognition curve. This would enable them to acquire the best out of these persons and turn them into the strengths within the shortest possible clip. ( Versi, 2006 ) What spiral of cognition does is to increase the awareness degree of the enterprisers when it comes to their working methodological analysiss and the ways and agencies through which they bring value to the different procedures and activities of the organisation. ( Gannon, 1987 ) The cognition organisation makes best usage of the cognition that it has and it does non allow travel on the chances which come in its manner every now and so. There is a unequivocal demand to sketch the salient points which a enterpriser must cognize in order to acquire the work done from the cognition base and so the whole of the cognition organisation and it is merely when there is a mesh of cognition activities and the entrepreneurial effectivity. ( Halal, 1996 )

Team edifice is one of the most important facets that come under the maps of an enterpriser and he needs to do certain that he is the leader for all the activities and undertakings that are go oning under his argus-eyed eyes. Team edifice is all the more of import because the enterpriser needs to take determinations in line with the cognition that his squad can present under crunch state of affairss and besides because he has to take the company frontward all this piece. Thus it is imperative on his portion to understand that the strengths and failings of the squad members are every bit important and his demand takes more land in this whole equation when a hard state of affairs crops up. ( Hocker, 2001 ) Thus a good squad is merely built when the leader ( enterpriser ) knows his squad members reasonably good and turns the failings of different persons within the squad into their strengths and non merely that but besides in the strength of the squad overall. ( Harper, 2003 ) An enterpriser can merely be termed an effectual 1 when he understands his resources and what his squad members can perchance make to their upper limit in those available resources. Merely so there is a sense of empathy and understanding amongst the squad members and consideration towards the leader of the squad which in this instance is the enterpriser himself. Therefore, a good squad is developed when there is complete harmoniousness in the activities of the squad members and there is fundamentally a synergism amongst all of them. This synergism can merely be encouraged by the squad leader, which in this instance is through an effectual and considerate enterpriser. ( El-Amin, 2003 )

Bing labeled as an enterpriser is a societal stigma, more so in the West where the same is attached with societal unfairness and immoral etiquettes. In add-on, being called as an enterpriser of some concern or corporation asks for the individual to be termed as a oppressive swayer who is governing the lives of the employees and workers working under him. Oppression and entrepreneurship therefore stop up being each other’s equivalent word. On the other manus, being called as an enterpriser of an endeavor would be looked upon at in a really honored and reputable mode within a 3rd universe state. ( Economy, 2003 ) There are differences in the cultural mechanisms so as to talk. A struggle within an organisation can take topographic point due to differing personalities of the employees or in their attitudes that lead in their linkage with each other. This could besides go on due to their norms and behaviours which might non be liked by any one party ( individual ) and therefore take to a struggle of ideas, thoughts, actions and eventual behaviours towards each other. There is a grade of power when we speak of the enterpriser in footings of the same over his subsidiary or the employee who is working under him in a direct or an indirect capacity.

In the terminal, it would be proper to province here that if the enterprisers are true to their occupations and know what they expect from the workers working under them, so it is duty edge on the portion of these employees to be true about their work and advise the enterpriser as to where they have been missing and what plus points have therefore been achieved. ( Rogers, 2001 ) All said and done it is to the enterpriser himself as to how best he can toe along the workers on those lines and till what extent he can drag them but in the name of a echt organisational addition. A good enterpriser can merely be made if he is respected by one and all. ( Milner, 2004 )

Mentions

  • Covin, Jeffrey G. ( 1999 ) .Corporate Entrepreneurship and the Pursuit of Competitive Advantage. Entrepreneurship: Theory and Practice Vol. 23
  • Drucker, Peter F. ( 1985 ) .Invention and Entrepreneurship: Practice and Principles. Harper & A ; Row
  • Economy, Peter. ( 2003 ) .Lessons from the Edge: Survival Skills for Starting and Turning a Company. Oxford University Press
  • El-Amin, Zakiyyah. ( 2003 ) .Technically Selling: This Entrepreneur Used His IT Background to Give His Business an Edge. Black Enterprise, Vol. 33
  • Gannon, Martin J. ( 1987 ) .Organizational Effectiveness in Entrepreneurial and Professionally Managed Firms. Journal of Small Business Management, Vol. 25
  • Halal, William E. ( 1996 ) .The Rise of the Knowledge Entrepreneur. The Futurist, Vol. 30
  • Harper, David A. ( 2003 ) .Foundations of Entrepreneurship and Economic Development. Routledge
  • Hocker, Cliff. ( 2001 ) .Fourth-Generation Entrepreneur Back at the Market. Black Enterprise, Vol. 31
  • Martin, Stephen. ( 1997 ) .The Impact of Denationalization: Ownership and Corporate Performance in the UK. Routledge
  • Milner, Anthony. ( 2004 ) .Wong Ah Fook: Immigrant, Builder and Entrepreneur. Journal of Southeast Asian Studies, Vol. 35
  • Ramsay, Allan. ( 2004 ) .A Victorian Entrepreneur. Contemporary Review, Vol. 284
  • Rogers, Edward S. ( 2001 ) .Lesson from an Entrepreneur Who Knows about Risk, Loss and Winning. Canadian Speeches, Vol. 14
  • Versi, Anver. ( 2006 ) .Hail the Small-scale Entrepreneur. African Business
  • Versi, Anver. ( 1999 ) .What Makes an Entrepreneur?African Business
  • Watkins, Jeff. ( 1998 ) .Information Technology, Organizations, and Peoples: Transformations in the UK Retail Financial Services Sector. Routledge
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