Some Construct of the concept of Entrepreneur

Some Construct of the concept of Entrepreneur

A. Almost all definitions of entrepreneurship include:

1. Initiative taking

2. The organizing and reorganizing or social/economic mechanisms to turn resources and situations to practical account.

3. The acceptance of risk or failure.

B. To an economist, an entrepreneur is one who brings resources, labor, materials, and other assets into combinations that make their value greater than before, and one who introduces changes, innovations, and a new order.

C. Entrepreneurship is the dynamic process of creating wealth.

D. Our definition of entrepreneurship involves four aspects:

1. Entrepreneurship involves the creation process—creating something new of value to the entrepreneur and to the audience.

2. It requires the devotion of the necessary time and effort.

3. It involves assuming the necessary risks.

4. The rewards of being an entrepreneur are independence, personal satisfaction, and monetary reward.

E. The entrepreneurial experience is filled with enthusiasm, frustration, anxiety, and hard work.

1. For many reasons there is a high failure rate among business owners.

2. The financial and emotional risk can be very high.