Table of Contents
Table of Contents
History of Entrepreneurship
Characteristics and skills of an Entrepreneur
Team Building Skills
Mary Ann O’Brien
An Entrepreneur is someone who exercises initiative by organising a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced. An entrepreneur supplies risk capital as a risk taker, and monitors and controls the business activities. The entrepreneur is usually a sole proprietor, a partner, or the one who owns the majority of shares in an incorporated venture. (BusinessDictionary, 2010) An entrepreneur is a specific job. He has to have skills, knowledge’s in some general areas such accounting, finance, marketing and human resources. An Entrepreneur starts and organises an enterprise in order to meet consumers’ needs and wants. Entrepreneurs are highly motivated & independent people who like challenges but dislike conforming the bureaucratic rules To become an entrepreneur one has to assume the risk of a business or enterprise and organize and manage it so that it gives the return on the capital employed. An entrepreneur does not have to arrange capital as this could be beyond your expertise. However, successful entrepreneurs of the past have been able to convince the financiers or venture capitalists that their idea and business practices are sound and that they in partnership, proper returns on the money invested can be gained. History of Entrepreneurship
Entrepreneurship first took off when production levels exceeded local consumption and people were left with surpluses of the things they produced, whether in the form of agricultural produce, dairy products, livestock and quite a few manufactured items. This initially led to a barter system that allowed people exchanged things to satisfy their own requirements. This further led to the development of the market place where people gathered to barter or sell their excess production in order to profit themselves. The economist, Cantillon, opined that in the 17th century an entrepreneur was a risk taker. In the 18th century, an entrepreneur was one who ran huge production projects without any financial risk and with finance provided by others, notably the government. A clear distinction was made between the entrepreneur and the capital provider. The present development of entrepreneurship started after the Second World War in the 1950’s when nations were looking to build up their economies from the ravages of the war. People had new ideas for business or jobs as individuals and started in small ways with limited capital to form businesses which went on to challenge the well established companies. The Internet has led to a virtual explosion of new ventures and entrepreneurs who have found newer and easier ways to do business are taking advantage of the ease of communication.. (McDonough, 2011)
Characteristics and skills of an Entrepreneur The characteristics of entrepreneurs are numerous –
a successful entrepreneur possesses a combination of traits that show both innovation and leadership qualities.
A good entrepreneur is driven to make something of himself/herself. He knows what he wants, and he sets a course to get it. An entrepreneur’s ambition is often the key ingredient that gets him off of his chair and puts him into action, turning his daydreams into reality.
Successful entrepreneurs find inspiration throughout the entire process of becoming an entrepreneur, and often discover ways to turn roadblocks into opportunities and creativity is essential to this.
Often coming hand-in-hand with ambition,...
Please join StudyMode to read the full document