Everyone wants to be a rich and successful in their life. No matter how much they are capable of and how much they do in the market as a whole. So we need to know about few things Like, Who is Entrepreneur? What’s their work in their process and in the market as well? And why anyone wants to be Entrepreneur?
By default, the entrepreneurs are self-employed who runs a pvt ltd company and manages his own business, assuming all the risks and benefits of the company, rather than working as an employee. The entrepreneur is usually seen as an innovator, a source of new ideas, goods, services and business or processes.
Entrepreneurs play an important role in any economy, such as those who have the necessary skills and initiatives to meet the needs of current and future and bring good new ideas in the market. Entrepreneurs who are successful in raising the risk of a startup are rewarded with sustained opportunities for profit, fame and development. Those who harm failure and the markets decrease continuously.
Entrepreneurship is one of those resources which economists have been classified as an integral part of production; the other three are land / natural resources, labour and capital. A merchant connects the first three to make goods or provide services. In general, he prepares a business plan, works for labour, receives resources and financing, and provides leadership and governance for business.
Entrepreneurs usually have many obstacles while building the businesses. Three of them cite as the most challenging: overcoming bureaucracy, recruiting talent and getting financing.
Considering the risk of a new company, the acquisition of captive funds is particularly challenging, and many entrepreneurs take care of it by launching: financing, using a method to use a company’s own money providing capital for reducing costs, reducing inventory and factoring accounts receivable.
While some entrepreneurs are the only ones struggling to relieve small traders from a tight budget, while others get support with more access to capital and other resources. In these situations, new companies can get financing through more traditional sources such as venture capitalists, angel investors, hedge funds, and travel or bank loans.
M. Scott Peck: “Until you value yourself, you won’t value your time. Until you value your time, you will not do anything with it.”
Entrepreneurs and Economy are directly related, why?
In an economist’s speech, an entrepreneur works as a coordinating agent in a capitalist economy. This coordination takes the form of resources which are replaced by new opportunities for potential benefits. Entrepreneurs take diversified resources, tangible and abstract steps to promote the formation of capital.
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A market is full of uncertainty; it is an entrepreneur who can really help to overcome uncertainty, because he decides or believes in risks. To the extent that capitalism is a dynamic system of profit and loss, entrepreneurs have operated efficient search and have continuously revealed knowledge. Established companies face more competition and challenges than the entrepreneurs who often lead them to research and development efforts. Technically, the entrepreneur puts the course in the direction of a steady-state balance.
Nurturing entrepreneurship can have positive impact on the economy and society in many ways.
1. For starters, entrepreneurs create new business brands; they invent goods and services, resulting in employment, and often produce a domino effect, resulting in greater development. For example, after the introduction of some information technology companies in India in the 1990s, the services and services offered in companies, such as call centre operations and hardware vendors, started supporting affiliates.
2. Entrepreneurs are added to gross national income; existing companies can be restricted to their markets and ultimately reach the extent of income. But new products or technologies create new markets and new money. More employment and high income contribute to the tax base of a nation, which leads to greater government expenditure on public projects.
3 .Entrepreneurs create social transformation; they break tradition with unique inventions that reduce reliance on existing methods and systems, sometimes make them obsolete. Smartphone’s and their applications, for example, revolutionize work and play around the world.
4. Entrepreneurs have invested in community projects and have supported donations and other non-profit organizations, for collaborative reasons outside of their own. For example, Bill Gates has used his wealth for education and public health initiatives.