Generally an Entrepreneur is seen as someone who starts a new business project. They are also seen as people that have a talent for seeing opportunities and proceeding to make it as profitable as possible. Some Entrepreneurs have managed to become successful in the business market and build an image, however not all Entrepreneurs have been successful in implementing ideas and business ventures. "Entrepreneurs who are fearless, adventurous and 'modern' usually build the best business fortunes, a new study has found." (http://www.fpb.co.uk/YaZY6Sdo5lMmUA.html). The study was conducted in 2002 and identified five categories of entrepreneurs. The most successful of the five are those identified as "rising stars" people who crave the prospect of owning a business and who are further motivated by success and fortune. At the other end of the scale are "walruses" conservative and self-assured group. Whichever group an entrepreneur falls under, the report identified that in all cases entrepreneurs need to rely heavily on technology to help them succeed. 1.
Risk taking To be a successful entrepreneur you need to have the ability to evaluate risks. A common misperception is that entrepreneurs are wild risk-takers but in fact, when they do take risks, it is usually calculated ones. Richard Reed and his friends Adam and Jon quit their jobs to make smoothies. Although they had done a substantial amount of research before hand they still risked not gaining enough support in the open market. They had had difficulty in obtaining the finance needed but once they did they risked losing that money and being in debt. Although there was negativity towards them about their experience and the price of the product, they risked losing everything to make it happen, in which they became successful.
Another entrepreneur that had a lot of difficulty and risked losing everything was James Dyson. His bag-less vacuum cleaner is renowned on the market now, but getting it there had been very risky for James Dyson. Unlike the above, there was absolute no one who would back up the Dyson idea and so James had to manufacture his own product, at the risk of losing his home and any finance he had (and all the time and effort), if the product was not accepted on the market. He had gone up against those that were already established on the open market. It took him seven years from first developing the idea and then making it to getting it launched into the market, which only the Japanese would do. "The multinationals are reluctant to invest in the Dyson as it would terminate the bag replacement market, worth £100 million a year in the UK alone." (http://www.dyson.co.uk/nav/inpageframe.asp?id=DYSON/JD/PROFILE/1947-1992).
Above is the first Dyson G-Force that the Japanese sold on the market.
It seems that there is a trend that when Entrepreneurs first start out, they start out with very little money to finance of their own and so for their idea to launch they count on their ideas to obtain the enthusiasm from investors or loan companies. Some are unable to obtain that, as illustrated above with the Dyson and Smoothie business! Below is an example of someone who was given the right recognition that has put them into unexpected success. Matt Roberts and his business partner Irfan Badakshi developed an idea of an expanding beanbag. Being students themselves they understood that as students you needed something that didn't take up a lot of space but that could be used to house guests or generally relax in, at a reasonable price. They had the minds of students and so they could understand student's needs. They managed to make and market these using their student loans, and from their gained recognition and a chance to star in a TV shopping channel to advertise their product further. The risk for them was that the only income they had was from their student loans, and they were using this to produce the product and get it...
Please join StudyMode to read the full document