Becoming an Entrepreneur

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Becoming an Entrepreneur

Reel Classics
Vintage Movies Memorabilia

Coordinator: Prof. Anca Mândruleanu
Student: Chioibasu Cristina
Series A, Group 112

TABLE OF CONTENTS

PART I. Theoretical Support

What is entrepreneurship? .................................................................... p. 2 Reasons for becoming an entrepreneur .................................................. p.2 Entrepreneurship’s importance .............................................................p.3 The entrepreneurial process ....................................................................p.4

PART II. Implementing the business idea

Business opportunity recognition ..........................................................p.6 Business Profile ....................................................................................p. 7 Feasibility Analysis ..............................................................................p.8 Plans for further growth and development ..........................................p. 16

REFERENCES ..................................................................................p. 19

PART I. THEORETICAL SUPPORT

What is entrepreneurship?

Entrepreneurship is the process by which individuals pursue opporutnities without regard to resources they currently control. The essence of entrepreneurial behaviour is identifying opportunities and putting useful ideas into practice. The tasks called for by this behaviour can be accomplshed by either an individual or a group and typically requires creativity, drive, and willingness to take risks.

Reasons for becoming an entrepreneur

There are three main reasons that generate the impulse for people to want to become entrepreneurs and start their own firms are being their own boss, pursue their own ideas, and acquire financial rewards. Be their own boss. The first of these three reasons – being one’s own boss – is encountered most commonly. This doesn’t mean, however, that entrepreneurs are difficult to work with or that they have trouble accepting authority. Instead, entrepreneurs want to be their own boss because either they have had a long-time ambition to own their own firm or because they have become frustrated working in traditional jobs. Pursue their own ideas. The second reason people start their own business is to pursue their own ideas. Some people are naturally alert, and when they recognize ideas for new products or services, they have the desire to see those ideas materialized. Corporate entrepreneurs who innovate within the context of an existing firm typically have a mechanism for their ideas to become known. Established firms, however, often resist innovation. When this happens, employees are left with good ideas that go unfulfilled. Because of their passion and commitment, some employees choose to leave the firm employing them in order to start their own business as the means to develop their own ideas. Pursue financial rewards. Ultimately, people start their own business to pursue financial rewards. This motivation, however, is typically secondary to the first two and often fails to live up to its hype. The average entrepreneur does not make more money than someone with a similar amount of responsibility in a traditional job. Some entrepreneurs even report that the financial rewards associated with entrepreneurship can be bittersweet if they are accompanied by losing control of their firm.

Characteristics of Successful Entrepreneurs

Although many behaviors have been ascribed to entrepreneurs, several are common to those who are successful. Those in new ventures and those who are already part of an entrepreneurial firm share these qualities, which I am going to enlarge upon within the next section. Passion for the business. The number-one characteristic shared by successful entrepreneurs is the passion for their business, whether it is in the context of a new firm or an existing...
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