ENTREPRENEURIAL SELF-PROFILE

Entrepreneurial Self-Profile

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Entrepreneurial Self-Profile

Introduction

Entrepreneurship is the new term of the 21st century which has brought revolution in the marketplace. Entrepreneurship results from a well controlled mechanism that involves applying creativity through systematic method and discovery to bring new concept, desires and possibilities in the marketplace. Entrepreneurship involves the application of concentrated schemes to new concepts as well as new insights to envisage a product or a service. The modern world of business is dynamic because of the continuous change. Today's business world is also uncertain leading to unrest among the existing companies (Katzenstein, 2011, 87-102).

Consequently, there is a tremendous change in the way human resources perceive careers in the business world. Most people have started venturing into entrepreneurship to take advantage of the benefits associated with it. Entrepreneurship has countless definitions but the themes found in these definitions are common. The word entrepreneur comes from the French word enreprendre, which means undertaker (Mohanty, 2005:2). Richard Cantilon, an Irish, first used the word to refer to a person who buys factor service at certain costs with an aim of selling its product at certain prices (Mohanty, 2005:2). Jean Baptiste Jay, a renowned French economist define entrepreneur as an agent who unites factors of production and finds in value of the products the re-establishment of the entire capital as described by Mohanty (2005:2). F.H Knight defined entrepreneurs as specialised groups of people who bear risks and deacapal with uncertainty (Mohanty, 2005:2).

It is said that in the coming days, entrepreneurship will become more comparable because of competitiveness, technological innovation, and demands from workers as we observe the world's most successful businessmen as entrepreneurs. Renowned and prosperous entrepreneurs such as Bill gates and Steve Jobs have exhibited distinctive traits that have made them succeed in business. It is vital for individuals who wish to become entrepreneurs to evaluate their abilities to find whether they have the characteristics of successful entrepreneurs. They need to have a proper understanding of several things concerning entrepreneurship.

Entrepreneurship is an act of innovation that entails identifying opportunities where other people are unable to identify and taking advantage of these opportunities. It entails serving a demand or need that no one else is serving. Entrepreneurship also entails envisioning what the future holds and providing a service more efficiently in a cheaper, faster and better manner that other people in a given business field. An entrepreneur must conduct sufficient research to find opportunities and must come up with innovative ideas and narrow the focus to the most feasible idea. A successful entrepreneur must learn to take risks and the concept of possible rewards of taking these risks. A prosperous entrepreneur must also be an effective decision maker and should possess the ability to employ resources required for the business venture to flourish. Entrepreneurs use innovation to exploit or create change and opportunity with the aim of making profits (Burns, 2011:27). They achieve this by shifting economic resources from a low productivity area to a high productivity area with greater yields ...