University:
California State University, Northridge
Course:
ENT 101 | Exploring Entrepreneurship
Academic year:

2023
Views:

251

Pages:

2
Author:

Mahmoud M.

Entrepreneurship notes 1. Potential risks Starting a business involves a high risk of failure. In other words, successful entrepreneurs take risks. Playing it safe almost never leads to success as a business owner. But they calculated the risks. 2. Innovation Successful entrepreneurs are innovative. So they generate new ideas that they can use to start a business and make a good profit. Innovation can use new or improved products, new or improved production methods. A simple example of the innovation of product is the introduction of touchscreen mobile phones at a time when the world still uses keypads on mobile phones. 3. Visionary (Future Focused) Entrepreneurs have a vision (open mind) about the business of the future based on their goals and aspirations to be able to work with goals. They have set their goals and everything they do is to achieve those goals. Having a clear vision can lead an entrepreneur to success. 4. Leadership Entrepreneurs cannot do all the business work alone, so hire people to do different jobs like manufacturing, equipment, accounting and other stuff. 5. Confidence and knowledge An entrepreneur must have the confidence and knowledge of his ideas and skills to instill confidence in the people who work for him and others involved in his business . 6. Passionate Entrepreneurs love what they do and focus on their business ideas. This keeps people self-motivated, working hard and long hours to ensure their business is successful. 7. Open-minded (flexible) Entrepreneurs are open to change when necessary. They are always willing and able to change when business conditions change. Entrepreneurs are willing to change the products they offer, their processes, and their thinking. 8. Optimistic Entrepreneurs are always optimistic and confident about the future of their business. They always hope for the best and therefore look on the bright side. They always see the glass half full instead of half hot. Entrepreneurs see challenges as opportunities, not problems. 9. Perseverance Entrepreneurs continue to pursue business ideas, no matter how hard and how long they get Success The Importance of Entrepreneurship in Development Job Creation Businesses create employment for businesses, both directly and indirectly, in many places where people live in a country. In other words, entrepreneurship reduces unemployment by in countries that lead economic development. Thus, jobs can be created in a country by promoting small businesses. Increase capital formation Investors distribute nonprofit capital. Funds received can be a combination of entrepreneurs' own funds and loans.