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Defining Entrepreneur & Entrepreneurship

The word entrepreneur is derived from the French word entreprendre, which means to initiate or undertake. Entrepreneurs are skilled organizers of activities who:

IDENTIFY THE NEEDS FOR PRODUCTS OR SERVICES.

GENERATE IDEAS ON HOW TO PROVIDE THE NEEDED PRODUCTS OR SERVICES.

EVALUATE WHETHER ANY OF THE IDEAS PRESENT A VENTURE OPPORTUNITY.

EVALUATE IDEAS AND OPPORTUNITIES FOR DEVELOPMENT OF A VENTURE.

DEVELOP A PLAN OF ACTION.

IMPLEMENT THE PLAN.

DEFINING ENTREPRENEURSHIP

An entrepreneur is a person, while entrepreneurship is a process. Entrepreneurship is:

A creative process in which resources are organized and used in a venture that satisfies both personal needs or wants and the needs or wants of others.
The realization of an opportunity. The gathering of resources and the assumption of risks in an attempt to make things happen in a creative venture.
The mobilization of resources from one level of productive use to a higher level of use.
A creative human act.
The creation and building of something of value from practically nothing.
The process of creating or seizing an opportunity and pursuing it, regardless of the resources currently controlled.

ENTREPRENEURSHIPS INVOLVES:

Confidence in an idea and a willingness to accept the hard work necessary for turning the creativity of dreams into reality.
Seeing opportunities presented by change that others have not had courage to act on.
Taking controllable risks rather than gambling or relying on sheer luck.
Costs other than money; time, energy, reputation, emotional drains.
Reality testing: recognizing realistic limits imposed by the economy or physical resources available.
Knowing and understanding customers and their needs.
A basic understanding of business and products or services.
Keeping and interpreting business records.
Careful planing to reduce risks.
Knowing the actions, strengths and weaknesses of competition.
Having right location, and also right size and right price or lease rate for that location.
Building a team of people with complementary skills and talents.
Sensing opportunities, while others see chaos, contradiction, and confusion.
Finding and controlling resources (often owned by others) to pursue the opportunity.
Having a vision and than having the passion, commitment, and motivation to transmit this vision to others (employees, partners, financial partners, suppliers and customers).
A willingness to take responsibility and ability to put mind to a task and see it through from inception to completion.

Related Links:

Business Guide

Factors to Consider

Your Product or Service

Protecting Your Product or Service

Your Customers

The Lawyer

The Accountant

The Banker

Other Professionals

Glossary of Business & Financial Terms

Ratio Analysis

Financing

Sources of Business Financing

Determine Cost

Web Design

Web Hosting

Defusing Difficult Relationships

Being a business owner can sometimes test you patience. Cranky employees and difficult customers can sometimes make you feel like you are a magnet for attracting frustrated people and problems. In order to survive and keep your sanity in going forward, address all factors that affect your business with a strategic and patient approach. Remember the first golden rule of conflict resolution: "LISTEN AND KEEP YOUR COOL." The second rule is: "BE PLEASANT AND KEEP AN OPEN MIND." The third rule is: "ACCEPT RESPONSIBILITY, SHOW EMPATHY AND OFFER APOLOGY IF YOU MADE MISTAKE OR CONTRIBUTED TO THE PROBLEM." How you respond can make the difference between solving the problem or losing.



Accept responsibility
rather than blaming someone else
Let difficult people know
you can see their perspective
Keep your cool
show empathy and apologize

Did You Know?

It doesn't take a fortune to sell your products and services on the Internet. It just takes some knowledge of what your customers want and how to find a way to present your sales solution to them.

For business people either selling products or promoting their services on the Internet, the importance of attractive, fast, usable sites can't be overstressed. Much like a counter person or storefront, the appearance and function of a business' website conveys an image of the company to the customer.

Your website is your image on the Internet. That image can either be good or bad, and bad images don't sell. Adhering to a few common sense web design rules can help with the public's perception of your company and increase your sales. Find out more...