Factors That Can Promote or Hinder Enterpreneurship

LIST AND EXPLAIN FACTORS THAT CAN PROMOTE OR HINDER ENTREPRENEURSHIP. Entrepreneur: An entrepreneur is a person who starts an enterprise. He searches for change and responds to it. A number of definitions have been given of an entrepreneur- The economists view him as a fourth factor of production along with land labour and capital. To put it very simply an entrepreneur is someone who perceives opportunity, organizes resources needed for exploiting that opportunity and exploits it. Computers, mobile phones, washing machines, ATMs, Credit Cards, Courier Service, and Ready to eat Foods are all examples of entrepreneurial ideas that got converted into products or services. Some definitions of an entrepreneur are listed below: Entrepreneur†¦show more content†¦Feelings and motivation didn’t produce results, but the action is something that will produce it. 8. Teamwork. Nobody can achieve anything alone so this is true also for an entrepreneur because they’re not a â€Å"Superman†. They must be team players for their own and business success. 9. Calculated risk. This is truly one of the most important questions: Are they taking enough risk? Yes, each business startup is in some level risky. However, more important is how a successful entrepreneur takes a risk? The word calculated risk is the most appropriate word for this feature. 10. Self-Confidence. Self-confidence is a really important and key factor. I think that nobody would be an entrepreneur if don’t have self-confidence that he knows how to start and manage their own business. 11. Experience. Sometimes experience is in category not must have as a factor, but it is something that will increase business potential e nergy. They must employ all present and previous experience they have into the business that they are building. 12. Talent. Talent is something inborn in an entrepreneur. Sometimes talent can be replaced with knowledge. 13. Honesty. Honesty is important in every case, but sometimes honesty, being real can be the biggest enemy of an entrepreneur in some complex conditions. 14. Connections. More connection means