An entrepreneur is an individual who creatively comes up with ideas that he or she further transforms for the economic benefits while assuming all related risks. Brannback and Carsrud define an entrepreneur as an individual who is associated with generation of new activities while ensuring the act is done (4). Entrepreneurship is therefore the process of discovering various ways of combing resources to realize a market value.
It additionally involves undertaking a business activity that creates non-monetary and monetary benefits to the industrialist. An entrepreneur according to Abrams is a person who carries out leadership and managerial duties in an organization (3). Industrialization is also focused on innovation and creativity triggering distribution, production and sale of different products and services.
The activity is additionally quite significant as it plays a focal role in the growth of economy in the US. According to the Bureau of Labor Statistics in the US, more than two million jobs were created by the newly created firms in 2010. In this regard, entrepreneurship leads to more employment opportunities in the US and is essential because it comes up with new technologies and ideas.
The U.S is additionally among the top countries that are technologically advanced across the globe. New technology allows for enhanced economic growth and offering effective solutions to social and environmental issues (Brannback and Carsrud (6). It is also essential in wealth creation at personal and national level. For instance, Bill Gates designates ninety percent of his personal earning to the foundation addressing global health issues.
Therefore, he contributed a great deal to the reduction of social issues by offering access to wealth to the less privileged in the society. Entrepreneurship is therefore paramount in the economy of the US.
There are different features that make an industrialist success in a business venture. To begin with, the individual should be very passionate with what he or she is engaging in since passion requires that a person should completely love what he or she is doing (Abrams 4). The mindset of an entrepreneur involves passionately looking for opportunities. The other entrepreneurial mindset feature is risk taking.
Getting into a new business is always a risk and involves perils. For instance an entrepreneur is not assured that the business will ultimately generate profits and that he or she may end up losing personal equity. An entrepreneur focuses a lot of his energy one plan execution despite any possible challenge that one may come across.
The entrepreneurial traditional mindset however differs a great deal from the modern mindset since traditional industrialists have a mind that is more fixed while modern counterparts are more flexible growth mindset.
The intelligence level in a fixed mindset is often static while that of a growth mindset is always growing. Industrialists traditionally could avoid challenges in an effort to appear smart as opposed to modern ones who embrace challenges as they come with the desire to learn from then. An entrepreneur with a growth mindset also embraces criticism while traditional mindset industrialist always assumes negative feedback and even avoids learning from critics.
In the end, the modern entrepreneur reaches a high achievement level to become an inspiration to others.
An entrepreneur also generates new business ideas via a thorough market research and reinvents an older idea. Market research is a continuous process that involves going around to the potential market area and identifying businesses in existence. During the visit, an industrialist will focus on the issue in a given market area. Therefore, he or she generates an ideal problem inventory analysis, a method that is quite effective in generating new ideas as well as solutions by focusing on issues.
Additionally, market research involves the use of target group that offer information in a format that is structured. These methods help an entrepreneur to get ideal knowledge of the market area that he or she is interested in. other sources of business information includes free association, modification of an existing idea and brainstorming. An entrepreneur is can also choose to reinvent an old idea and add value to it thus, making it a very successful business venture.
A person through free association as well as brainstorming can help create new ideas and venture into it. Additionally, in keeping up with modern trends and monitoring the business market, one can develop brilliant and exceptional entrepreneurship ideas.
Business ideas are mainly found within us and when an industrialist encounters a challenge, he or she will try to find an ideal solution. For example, when a person feels dissatisfied or frustrated by a given service or product, he or she will consider better ways to modify the product thus, becoming a successful industrialist.
According to Brannback and Casrud, for an industrialist to get new ideas, it is essential to have a clear understanding of the business environment (23). The business environment includes consumers, suppliers, competitors as well as the state. It is therefore easy to determine whether the client is satisfied with a given product or not. If not satisfied, the industrialist can consider new ways of enhancing the client to ensure the client is satisfied.
A business idea is usually different from a business opportunity since an opportunity is an idea that is just getting started. Ideas are in abundance while opportunities are often scarce especially when it comes to creating a profitable business (Brannback and Carsrud 26). Lucrative business opportunities are often driven by clients as the entrepreneur identifies clients with the ability to purchase products thus generating a significant amount of cash flow. An opportunity is also closely related to the likes of an entrepreneur and has a passion of engaging in the business.
On the other hand, a business idea can be generated from different sources including reading an article or even sourcing it from a person hence, not aligned with the interests of an entrepreneur. A business opportunity also calls for ideal timing unlike in the case of an idea since it can be generated at any given time and immediately put into practice.
An industrialist can also develop an idea and stay for a long period of time trying to observe market trends until he or she is satisfied or gets an ideal opportunity to engage in a business. Depending on just ideas leads to failure on the part of an entrepreneur since there is need to acknowledge an economic advantage on competitors.
A business opportunity also involves having clear market awareness and possible challenges that one is likely to face (Brannback and Carsrud 28). Even so, a business opportunity can be arrived at by observing trends in the market where an industrialist also gets an idea. Entrepreneurship begins with generation of an idea, identification of a lucrative business opportunity and taking the right steps to transform the idea into a business.
A business plan is divided into different sections that have various objectives
An executive summary is a review of the business plan and is usually the last thing to be drafted. The details in the summary focus on the industrialist’s experience as well as background details of a given venture. Its main purpose is to summary major points of the business plan to help save the time the reader spends on the plan (Finch 18). It also aims at tapping the attention of the reader and to entire them into reading the entire document.
This part contains a clear definition of products and services including their worth, features and visual aids (Finch 18). Protection of a product as well as its patent rights is also contained in venture description in the plan. It also includes the location of the business, its size, target market and brief history. Lastly, it consists of a competitive advantage of the business venture as well as its main purpose of offering a clear insight to the reader on the feasibility of the venture.
This part of the business plan clearly outlines the knowledge of an entrepreneur on the industry and monetary forecasts (Finch 20). It also defines the outlook of the market and present growth rate trends, main client groups and specific industry features. It also consists of estimated share of the market, pricing and gross margin targets.
A marketing plan definition outlines different methods that will be utilizes in sales marketing. Its main purpose is to achieve measureable and reasonable promotion methods.
This part shows authority hierarchy in the business world from the top management to the lowest level. It focuses on various managerial roles in the business premise.
This part includes facilities and tools in the business and the stock needed in the business.
Financial plan consists of complete guide on the capital required in the business as well as the expected employee salaries.
The piece of work above shows how a good essay paper should be written. Instead of struggling with the work on your own, simply place an order for professional academic research writing services with us at Essays Experts. We are always ready to help you with academic papers for all niches at your own convenience.
Abrams, Rhoda. Entrepreneurship: a real world Approach. 2012. Print.
Carsrud, Alan L, and Malin E. Brännback. Entrepreneurship. Westport, Conn. [u.a.: Greenwood Press, 2007. Print.
Finch, Brian. How to Write a Business Plan. London: Kogan Page, 2013. Internet resource.