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The entrepreneurs must be enriched with various qualities like

Added on - 19 Sep 2019

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The entrepreneurs must be enriched with various qualities like willingness to face risks, inbornqualities of adventurism, innovative urge for creativity etc. In order to make dynamic changes tothe production process and to make use of the raw materials effectively, the entrepreneurs mustbe ready to face risks and challenges. This enables the entrepreneurs to raise capital, developvision and ideas, finding right employees, overcoming competition, keeping up with the newtrends etc. The risks taken by the entrepreneurs allows the people to distinguish themselves fromtheir competitors and gain a competitive edge in the marketplace (Macko, A. and Tyszka, T.,2009).The entrepreneurs who are highly well-informed and have a risk-taking spirit are able to seeopportunities which other seen to ignore. The level of risks are higher when the entrepreneurs aretaking a step towards innovating and to figure out the best option that can help them moveforward. Once the entrepreneurs are accustomed to taking risks, they can learn various importantskills on calculation of the various contingencies along with strategic thinking as well asplanning (Allah, M.A. and Nakhaie, H., 2011). This can be explained by using the example ofHenry Ford, who took various risks and slashed the prices in a steep manner and risked takingthe losses. For satisfying the needs of the consumers, he took all the risks and even cut down theworking hours and increased the minimum wages for all his employees to enable them to workfor longer hours before quitting. The risk move was one of the strongest reasons that helpedHenry Ford to achieve heights in the automobile world.
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