People relish lots of comforts as they are going through life daily. Have you ever questioned who are accountable for of these life's comforts? Youíve got to impart the entrepreneurs for it. But, what's associate degree entrepreneur?
Entrepreneur has many meanings. If you want to know exactly what it means, just keep on reading.
A person who assumes business responsibility and therefore the risks that comes at the side of it is referred to as an entrepreneur. As an entrepreneur, one expects to generate profits, whether or not massive or tiny, looking on the business he or she is concerned in. Usually, the businessperson decides what product or service to sell, get the required facilities, hires the specified labor, acquire production materials, and provides for the capital.
There is no assurance that the business can become a hit. However, if the business proves to be a hit, the businessperson can reap all the advantages and rewards in terms of the profits. Just in case of a loss, the businessperson will be the one to suffer.
Assuming business responsibilities are certainly not a straightforward task. Not several people are willing to accept immense responsibilities, and above all take all the risks. Solely an intimate and knowledgeable individual can dare to become an entrepreneur. The last word goal of an entrepreneur is to earn profit.
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 doesnít 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. Donít 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.
Make sure you understand how to be fair in your relationship with your partners and employees. Start-up equity can be an important part of their compensation program because by dividing start-up equity incorrectly can destroy a good business. In his book, Slicing Pie, Mike Moyer explains the right way to divide up equity in your start-up company.
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Molly Berton is a business woman and engaged herself in writing articles about business and start-up equity to help aspiring entrepreneurs like her build their own businesses.
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