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Sunday, 3 December 2017

Beginner's Guide to Entrepreneurship

In this lesson today, you will learn the following headings.

INTRODUCTION TO ENTREPRENEURSHIP

As we Proceed we shall discuss briefly on:

  • Who is an Entrepreneur? 
  • What is Entrepreneurship? 
  • Why do Entrepreneurs face Problems? 
  • How do they Handle Problems? 
  • When should Entrepreneurs take RISK? 

Who is an Entrepreneur 

An Entrepreneur is a person or an innovator willing to take RISK to develop a creative and Profitable solution to Problems. In our society today problem arose everyday, An do this with the Aim to make Profit. They are willing to accept loss, they are different type of Entrepreneurs. We will discuss that in our Next post, to Stay in touch with us click here.
Entrepreneur is also defined as the starter, manager of a new or existing Business.

What is the of Entrepreneurship? 

Entrepreneurship is the process of designing, building and launching a New Business. It is been owned by more than one person, the people involve in the creation of this venture or new Business are Called Entrepreneurs.
 
The acceptable definition of 'Entrepreneurship' is that Entrepreneurship describe the willingness to develop, Organise and manage a Business venture  along with any of it's RISK in order to make Profit.

Responsibilities of an Entrepreneur 

The reasons Why Many Entrepreneur Face many Problems are simply base on the Responsibilities place upon them, quickly let list out Some Problems and benefits of been an Entrepreneur.
Here are List of Problems and Benefits of An Entrepreneur :

  • Some Problems may arise when setting a Business Plan. 
  • Business Plan help an Entrepreneur to know the right steps to take. 
  • Problem of finance in hiring human resources. 
  • Human resources like Employee in the Business co-operation also help in an increase production. 
  • Gaining access to Financial resources. 
  • Providing Leadership experience to control and manage the operation in Business affairs. 
  • The Owner (Entrepreneur) of an organisation or firm takes full responsibilities of the Loss and Profit in the Business. 

How Entrepreneurs Handle Problems? 

Entrepreneurs encounter different Problems and also handle them in various way, let take a look at Some few Problems and possible solution to them. 
  • Problem of Finance: Some Entrepreneurs may not see this as a Problem, see Why here ( Can Finance be a Problem to a Motivate Entrepreneur). If you are Motivated to start up a Business and become successful Entrepreneur but Money became a barrier, there are ways to Source for Fund like seeking help from Family members, A Friend or Friends, Acquiring loan from the bank or money lenders either a Long or short term loan, Through personal Savings. 
  • Government Policy: Government Policy can also be an obstacle in Business growth; If for instance, Mr Timothy produces a certain type of commodity that Was making progress in a Nation were the Government support importation of foreign (Mr Timothy a dealer in of imported goods), suddenly there is a change in government and with a new Administration. In this new government, Foreign importations of commodities of goods that can be easily produce and harmful processed goods are banned. Mr Timothy may or will suffer a great lost, he may decide to Switch Business or Stop doing Business. Here are Some ways this kind of problem may be avoided : check for legal or approved products and services that the Nation need. 
  • Provision of Basic Amenities: Provision of Basic Amenities like working tools, infrastructure and others etc can be seen Sometimes as problem. Most Entrepreneur may decide to Rent or borrow from a near by firm or other means that the materials may be acquired. 
Thank you for stay through to this end, I am currently treat Topics relating to this one and ways Entrepreneur make Profit. Please stay connected by Subscribing for free and get updated when I post them. SUBSCRIBE FOR FREE 
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I hope this tips were helpful, Share with Friends and Family. 

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