Topics: Entrepreneur, Entrepreneurship, Factors of production Pages: 4 (1324 words) Published: December 12, 2012
1. Five definitions of entrepreneurship and entrepreneurs.
* Entrepreneurs are people who are too naive to see the obstacles that are obvious to others. * An entrepreneur is an economic agent who unites all means of production- land of one, the labour of another and the capital of yet another and thus produces a product. By selling the product in the market he pays rent of land, wages to labour, interest on capital and what remains is his profit. He shifts economic resources out of an area of lower and into an area of higher productivity and greater yield. *  An entrepreneur is a person with a high need for achievement. He is energetic and a moderate risk taker. * Entrepreneurs are innovators who use a process of shattering the status quo of the existing products and services, to set up new products, new services. ENTREPRENEURSHIP:

* Entrepreneurship is "the pursuit of opportunity without regard to resources currently controlled. * Economic term describing the process of bearing the risk of buying at certain prices and selling at uncertain prices. * Entrepreneurship is the act of being an entrepreneur, which can be defined as one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods. * The initiative and voluntary act of managing risk and assuming responsibility in transforming creativity and innovation to unique products for the purpose of providing effective and efficient solutions to consumers, while achieving long-term profitability and contributing growth to the economy as a whole. * The capacity and willingness to undertake conception, organization, and management of a productive venture with all attendant risks, while seeking profit as a reward.

2. Identify challenges of entrepreneurs.
1. Negative Mindset
The battle always starts in the mind! Our own fears, excuses, and just basically anything that paralyzes us from moving forward to our destiny...
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