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Entrepreneur and Entrepreneurship

June 13, 2020

Entrepreneur and Entrepreneurship

Entrepreneurship is the process of designing a new business, i.e a start-up company offering a product or service. In the process of production, the person or organization bears or undertakes several risks. To engage in any financial work like running an industry, start a business(trade), operate a financial institution like cooperative etc., a lot of things are required. Firstly, one needs capital. The exploitation of entrepreneurial opportunities may include actions such as developing a business plan, acquire the human, financial, and other required resources and is responsible for its success or failure. Other, things required for such purpose are other prerequisites like raw materials, market, transportation, and others.
Entrepreneur and Entrepreneurship
Entrepreneur and Entrepreneurship

Even after having all of these things, a person cannot start that business because s/he needs willingness and ability to tackle the problems that can occur in the course of the business. A business may have to face loss also. The person must be ready for bearing that loss too. Such readiness to start and run a business and the ability to take the risks that can come in the business is called entrepreneurship. And the person who has entrepreneurship is called an entrepreneur. s defined by Collins Barrow, a chartered professional accountant in Canada, 'entrepreneur is a person who runs the business for earning profit."

The person having entrepreneurship is called an entrepreneur. 

Qualities of Good Entrepreneur

For becoming a successful entrepreneur, one must be incorporated into the following chief qualities.

  • Readiness for running the enterprise
  • Bringing novelty in the management of the enterprise.
  • Ability to find new methods of promoting enterprises like marketing, advertisement, and so on.
  • Being able to bear the risks that can arise in the enterprise.
  • Good corresponding, and cooperation skills as well as public relations.
  • Must have ability to research, understand, and analyze the situation.

The Benefits of Entrepreneurship

The following can be the benefits of entrepreneurship:


  • Fosters Economic activities: If entrepreneurship fosters, it helps to increase the economic activities largely.



  • Increase quality of goods: The entrepreneur always seeks new ways and methods of enhancing the quality of the goods/services of the enterprise. hence, the quality of the goods/services increases.

  • Increase in Capital: After starting entrepreneurship, the enterprise starts to increase income, thus the capital rises.
  • Economic transformation of society: Economic activities increase because of entrepreneurship. The capital also rises. The enterprise can also be the role model for other entrepreneurs and new enterprises can arise.
Through these ways, entrepreneurship paves the way for the economic transformation of one's individual life and the entire society.

Management 

Management is the art of managing house, office, business, etc. Management of these areas is done by different people. Proper management leads to the smooth functioning of the areas concerned. They are the managers who bear several responsibilities to manage different things. Managers are trusted with the management of various things like buildings, fixtures, and furniture, electronic and electrical, stationery, laborers, etc.


About

So I am Sagar Basnet the author of this blog. I read in high school and I have created this blog in order to express my views.Thank You!

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