WHAT IS THE ENTREPRENEUR?

 ​​ENTREPRENEUR. 

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.

An entrepreneur is a person who organizes a venture to benefit from an opportunity, rather than working as an employee. Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary to anticipate current and future needs and bring good new ideas to the market.

Types of entrepreneurs:-

It turns out that there are four distinct types of entrepreneurial organizations; small businesses, scalable startups, large companies, and social *entrepreneurs*. 

They all engage in entrepreneurship. Yet entrepreneurs in one class think that the others aren't the “real” entrepreneurs.

Few types of entrepreneurship:-

Ethnic entrepreneur

Institutional entrepreneur

Cultural entrepreneur

Feminist entrepreneur

Nascent entrepreneur

Project-based entrepreneur

Millennial entrepreneur

"Coachability" and advice taking entrepreneur

Steps to Becoming an Entrepreneur

Step 1.Find the right business for you.

Step 2.Determine if you should get an education. 

Step 3.Plan your business.  

Step 4.Find your target group/audience. 

Step 5.Network.  

Step 6.Sell your idea. 

Step 7.Market.

Characteristics of Successful Entrepreneurs:-

✓Self-Motivation. One of the most important traits of entrepreneurs is self-motivation. 

✓Understand What You Offer. As an entrepreneur, you need to know what you offer, and how it fits into the market.

✓Take Risks. 

✓Know-How to Network. 

✓Basic Money Management Skills and Knowledge. 

✓Flexibility.

✓Passion.

Here are the different types of entrepreneurship:

•Small business entrepreneurship.

•Large company entrepreneurship.

•Scalable startup entrepreneurship.

•Social entrepreneurship.

•Innovative entrepreneurship.

•Hustler entrepreneurship.

•Imitator entrepreneurship.

•Researcher entrepreneurship.

The exploitation of entrepreneurial opportunities may include:

✅Developing a business plan

✅Hiring  human resources

✅Acquiring financial and material resources

✅Providing leadership

✅Being responsible for both the venture's success or failure

✅Risk aversion

Strategies

🔴 Strategies that entrepreneurs may use include:

•The innovation of new products, services, or processes

•Continuous process improvement (CPI)

•Exploration of new business models

•Use of technology

•Use of business intelligence

•Use of economical strategics

•Development of future products and services

•Optimized talent management

•Entrepreneurial marketing strategies for interactive and innovative networking

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