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Characteristics of Entrepreneurs Doc

   

Added on  2021-01-03

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Entrepreneurship inBusiness

Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3Characteristics of entrepreneurs..................................................................................................4Roles of entrepreneurs.................................................................................................................4Critical evaluation of the contribution of entrepreneurs in USA................................................5Critical evaluation of USA in contributing towards the entrepreneurship..................................7Two real world relevant examples from well-known entrepreneurs..........................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13

INTRODUCTIONEntrepreneurship is the process of setting up a business by taking risks in orderto earn money and profit. The people who sets up these businesses are calledentrepreneur. An entrepreneur is the one who designs, launch and runs a businessinitially as a small business firm. The entrepreneurs should have skills such asleadership, management, problem solving etc. for running the business in an effectivemanner. This assignment report will discuss the characteristics and the role ofsuccessful entrepreneurs along with the critical evaluation of the contribution ofentrepreneurs in USA. Also this report will also critically evaluate the USA incontributing towards the entrepreneurship. Also this report will includes the two realworld examples of well-known entrepreneurs which are Mark Zuckerberg the CEO ofFacebook and Richard Branson, CEO of Virgin group. Mark Zuckerberg started theFacebook in a single room at Cambridge, Massachusetts on February 2004. Thecompany is employing around 30,275 employees in 2018. Google is a America basedfirm who is providing Internet-related services and products to their consumers such asonline advertising technologies, search engine, cloud computing, software, hardwareetc. The firm was founded by the entrepreneurs Larry Page and Sergey Brin in February1998 at Menlo Park, California. The company is employing approximately 98,771employees in present.MAIN BODYEntrepreneurs plays a essential role in the development of a business. Thesecontrols and runs the business with the help of several characteristics which arenecessary for performing their role in an proper and effective manner. They needs tohave these characteristics for smoothly running the business operations. Without thesecharacteristics, entrepreneurs can face problems in properly executing theirresponsibilities and work due to which the organisational goals could not be achieved inthe predetermined time period. These characteristics in entrepreneurs are necessary forthe success and growth of the business. These characteristics along with the roles ofentrepreneurs are discussed below:

Characteristics of entrepreneursAbility to take Risks is the first and very essential trait of entrepreneurs. Theentrepreneurs needs to consider the risks which can leads to failure of business beforestarting any business. Thy needs to have courage and capability to take the risks inorder to become successful. Innovation is also important for entrepreneurs forgenerating new and unique ideas which can strengthen the market positions and shareof the firm as well as to earn a substantial amount of profits. Innovation can be appliedto strategies, products, marketing or production etc. through which the sales and profitof firm can improve. The entrepreneurs also needs to be a visionary. It is necessary fordetermining the future aims and objectives as without a vision for future, they workwithout any aims or goals which can leads to delay in success. Leadership is alsonecessary for utilising the resources in an effective manner as well as to lead theemployees of the firm (Felício, Caldeirinha and Rodrigues, 2012). There are variousfunctions in a business which are carried by the performed by the employees. Theseemployees needs leaders for effectively performing their work which is done with thehelp of entrepreneurs. They provides the directions and support to employees forexecuting their work in a proper manner. Entrepreneurs needs to stay confident in theirdecisions and ideas for inspiring the people of organisation. Through the confidence,the entrepreneurs can motivate the people in their working because of the experienceand confidence which comes from the working in industry and environment. Through these characteristics, the entrepreneurs can provide their support andguidance to their employees for improving the business sales, profit and performance.These characteristics are necessary for obtaining improved and anticipated outcomesfor getting the success in the ventures (Lin and Tao, 2012). Roles of entrepreneursMajor role of the entrepreneur is to convert the situations into businessopportunities for improving the growth and success rate. They needs to determine thesituations which can help them in enhancing their market share and position in theindustry for the benefit of the organization. The entrepreneurs are basically theinnovators who tries to build new technology, products or services etc. for developingthe existing things in different and unique ways. An entrepreneur also needs to

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