People enjoy a lot of comforts as they go through life each day. Have
you ever wondered who are responsible for all these life's comforts?
You have to thank the entrepreneurs for it. But, what is an
entrepreneur?
The word "entrepreneur" has many meanings. If you want to know exactly what it means, just keep on reading.
A person who assumes the responsibility for a business,and the risks that come with it, is called an entrepreneur.
An entrepreneur expects to make profits, whether big or small, depending on the business he or she is involved in. Generally, the entrepreneur decides which product or service to offer, obtains the needed facilities and resources, hires the required labor force, acquires production materials, and provides, or provides for, the capital to fund the business.
There is never any assurance that any business will become a success. However, if the business proves to be a success, the entrepreneur will reap all, or most of, the benefits and rewards in terms of the profits. In the event of a loss, the entrepreneur will also be the one to suffer.
Assuming business responsibilities is definitely not an easy task. Not
many individuals are willing to take huge responsibilities, and most
especially take all the risks. Only an experienced and knowledgeable
individual will dare to become an entrepreneur. The ultimate goal of an
entrepreneur is to earn profits.
By putting up a small business, you will also earn limited returns but
by establishing a big business, you will also earn more profits. The
choice will depend on the entrepreneur and his or her available
resources.
As the most important person in a business venture, an entrepreneur
will be the one to decide which product or service to offer. He or she
must be able to determine the needs of the people and provide the
answer to such needs. A careful study of the targeted market is
required. This takes time because one can't decide immediately what
product or service to offer.
Once the products or services are identified, it is now time for the
entrepreneur to obtain all the needed facilities. This will include the
building or the place of business.
Along with it are the other things needed such as the office furniture,
fixtures, and many other things. The capital is usually provided by the
entrepreneur and a part of it will be allotted for the acquisition of
the facilities. Later on, these things will be considered as one of the
assets of the business.
Recruitment of the labor force is also an important part of being an
entrepreneur. The business will not succeed if it doesn’t
have a loyal labor force. Everyone should work together in order to
achieve success. It is therefore of utmost importance to hire only the
qualified employees.
As you can see, the entrepreneur has to take care of many things. This
may be one reason why not many individuals are willing to become one.
If the business succeeds or fails, it is all because of the
entrepreneur.
Now that you know what an entrepreneur is, would you like to become
one? Well, if you have the right attitude, skills, and qualifications,
you too can become an entrepreneur. It would be best to embark on a
humble beginning. Don't attempt to reach the peak of success
all at once. It takes hard work, dedication, and perspiration. You must
take one step at a time.
