Refer to an individual who owns and manages his own business. A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk. Somebody who produces an innovative and brand new product, a different way involving making something, or a cutting-edge market. Forms of Entrepreneurs: Solo self-employed individual This group of entrepreneurs includes such group as trades people, sales agents, repairmen and brokers as well as highly paid professionals, accountants.
This includes practitioners in the fields of expertise who provide management of technical advisory services on a fixed-term or long term basis. Individuals who perform all the work and keep all the profit. This includes everything from family-run stores, agents, repair persons, accountants, to physicians and lawyers. It can be a full-time job because no one else is involved. Deal-to-Dealers This includes highly knowledgeable business men engaged in various forms of trades frequently in directly or indirectly related lines of work.
It is related to their existing or main line of business comes in specific transaction and may just be one-shot deal. this group includes highly knowledgeable businessmen engaged in various forms of trades frequently in directly or indirectly related lines of work Team Builders Refer to those who go on to build larger companies using hiring and delegation can be regarded as another category. The best example of this is a skilled mechanist who after his apprenticeship opens his own small shop like vulcanizing shop. Refers to those who go on to build larger companies using hiring and delegation.
Independent Innovators Innovators: To begin or introduce (something new) for or as if for the first time. To begin or introduce something new. This refers to persons who hit upon ideas for better products or services and then create companies to develop, produce and sell them. Pattern Multiplier these are entrepreneurs who spot an effective business pattern originated by someone else, and multiplies it realize profit Economy-of-scale exploiters Those who benefit from a large volume of sales by offering discount prices and operating with very low overhead.
They locate their business in lower rent and tax areas and by reducing services, they are able reduce prices, thereby making competitors difficult to enter the market. Capital Aggregators They include smart entrepreneurs who pool a group of financiers to put together a business endear. Acquirers Those who acquire a going concern or start a new one. Those who take over a business started by somebody else and use their own ideas to make it successful. This often happens when there is a financial problem in the current operation. Fresh management ideas may save the business. Independent Inventors
Those with particular inventive abilities who design a better product and then create companies to develop produce and sell the item. High-technology companies of this type are a new trend. Buy-sell-artist Those who buy a company for the purpose of improving it so that they can sell it again for a profit. Apparent value manipulators They refer to those who acquire assets at a discount, representing them for a new use of market. Advantages of becoming an Entrepreneur: Opportunity to gain control over one’s own destiny Managing the business you own provides independence and opportunity to achieve one’s personal goals.
The business as an extension of the owner is often a means by which one can accomplish what is most important. Opportunity to reach one’s full potential Many individuals get bored after years of reporting daily routine and complained about exploited and still not reaching his/her full potentials. In managing a business you own all of one’s skills are likely to be challenged as never before and the limits of creativity as well as physical endurance are put on the block. Managing one’s own business strengthens character and challenges one’s abilities.
Opportunity to benefit financially The entrepreneurial landscape has ten of thousand of sues stories in money terms. In many cases, rags to riches examples reflect the founder’s creativity, ingenuity, hard work and dedication to business. In most cases the financial rewards are a result of a lifetime of smart business practices and risk taking. Opportunity to contribute to society and be recognized for one’s efforts Recognition for honest dealing as well as service to customers and community is a major encouragement and inspiration among entrepreneurs.
Being part of the business system and knowing that one’s work has a direct bearing on long-term success of the economy is yet another reward for the entrepreneur. Drawbacks/disadvantages of being an Entrepreneur: Uncertainty of income Putting up and running a business provides no guarantee that any entrepreneur will earn enough money to survive. Some small businesses rarely earn enough at early stages to provide the entrepreneur with an adequate income or even loss all the hard-earned money. Risk of losing the entire invested capital
Putting a new business expose the entrepreneur to all forms of risk including losing all amounts you have worked for in life. This sad reality which many entrepreneurs have experienced may have scared prospective entrepreneurs. Long hours and hard work Establishing and managing a self-owned business entails tremendous investments in energy and time to get the business off the ground. In start up phase in particular, the entrepreneur frequently does everything alone- from raising the funds, producing the goods and marketing the finished product.
Lower quality of life until the business get established The long hours and hard work needed to launch a company can take the toll on one’s family and social life. Business owners find that their role as spouse or parent takes a back seat to their role as entrepreneurs. Complete responsibility It’s to the big boss, but many entrepreneurs find that they must take the decisions in issues about which they are not really knowledgeable. Where there is no one to ask, the pressure can build up quickly. Their decision can lead to success or failure of the business and have devastating effect.
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