Entrepreneurship refers to 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. Start your business is a foundation that helps you grow and nurture your brilliant ideas into a successful reality. there are commonly 4 types of traits an Entrepreneur must have :
- Browse more Topics under Introduction To Entrepreneurship. Traits and Characteristics of an Entrepreneur. …
- Innovation. An entrepreneur is the key source of innovation and variation in an economy. …
- Risk-Taking. Entrepreneurship and risk-taking go hand in hand. …
- Vision. …
we now have different types of entrepreneurs :
- Small business
- Scalable startup
Roles of these business professionals
Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring good new ideas to market. Entrepreneurs who prove to be successful in taking on the risks of a startup are rewarded with profits, fame, and continued growth opportunities. Those who fail, suffer losses and become less prevalent in the markets.
The Entrepreneur and Financing
Given the riskiness of a new venture, the acquisition of capital funding is particularly challenging, and many entrepreneurs deal with it via bootstrapping: financing a business using methods such as using their own money, providing sweat equity to reduce labor costs, minimizing inventory, and factoring receivables.
While some entrepreneurs are lone players struggling to get small businesses off the ground on a shoestring, others take on partners armed with greater access to capital and other resources. In these situations, new firms may acquire financing from venture capitalists, angel investors, hedge funds, crowd sourcing, or through more traditional sources such as bank loans.