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Assignment 1: Best Case Entrepreneurial Scenario Introduction to Entrepreneurship BUS 313 Instructor Paul Brower April 22, 2012

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Preface Entrepreneurship is the recognition and pursuit of opportunity without regard to the resources you currently control, with confidence that you can succeed, with the flexibility to change course as necessary, and with the will to rebound from setbacks (Reiss, 2000). An entrepreneur is that business person who not only conceives and organizes ventures but also frequently takes risks in doing so. In entrepreneurship, the business person identifies opportunities in the market place and arranges the resources required to exploit the opportunities for long term gains. It is creating wealth by bringing together resources in a new way to start and operate an enterprise. It is the process of planning, organizing, operating and assuming the risk of a business venture. Entrepreneurs a differentiated by personal values, ambitions, and attributes and can be classified as aspiring, lifestyle, or growth. However, not all independent business people are true entrepreneurs, and not all entrepreneurs are created equal. This paper will discuss the ideal entrepreneurial start-up situation and how it may lead to a successful business venture.

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The successful entrepreneur has a great passion for business, whether it is in the context of new firm or existing firm. This passion typically stems from the entrepreneurs belief that the business will positively influence peoples lives and this is the reason why people leave secure jobs to start their own firm. They strongly believe that the product or service they are selling makes a difference in peoples lives and makes the world a better place to live in. Passion is particularly important for entrepreneurs because, although rewarding, the process of starting and building a new firm is demanding. While an entrepreneur should have passion, he or she should also be alert and realistic. It is important to be enthusiastic about a business idea, but it is also important to understand its potential flaws and risk. An entrepreneur should be flexible enough to tweak the idea when it is necessary to do so. The ideal successful entrepreneur is flexible and reacts quickly to change. These changes maybe external or internal Change. As entrepreneurs are typically trying something new, there is always a risk of failure. Entrepreneurs are known to be calculative risk takers. This is important because no matter how much research and market analysis is done before venturing into entrepreneurship, a success cannot be guaranteed and therefore there is always a risk of failure. An entrepreneur has to bear the risk of failure for proving something new to the market. The need to respond rapidly to changing circumstances, new ideas, opportunities, and threats with limited resources requires a great deal of flexibility and the ability to change direction quickly (Kaplan & Warren, 2010). The ideal Successful entrepreneurs are also known to have a clear vision of their objective from the start of their entrepreneurial process. They know from the start what their target is, what they want to achieve, where they want to make a difference, as well as whom they would like to incorporate in their success. Vision guides and direct entrepreneurs while they

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work hard to achieve their set targets and objectives. An entrepreneurs ambition is often the key ingredient that gets him off of his chair and puts him into action, turning his daydreams into reality. The Ideal successful entrepreneur also has the ability to take great risks. As entrepreneurs are typically trying something new, there is always a risk of failure. Entrepreneurs are known to be calculative risk takers. This is important because no matter how much research and market analysis is done before venturing into entrepreneurship, a success cannot be guaranteed and therefore there is always a risk of failure. An entrepreneur has to bear the risk of failure for proving something new to the market. A good entrepreneur knows when to step back and look at the big picture. Entrepreneurship is one of the biggest risks an individual may indulge in, and prudence allows entrepreneur to make calculated risks. Prudence will act as your safety net, making you question every move you make so as to avoid any serious problems. The Ideal successful entrepreneur also has a product-customer focus. While its important to think about management, marketing, finance, and the like, none of those functions makes any difference if a firm does not have good products with the capability to satisfy customers. An entrepreneurs keen focus on products and customers typically stems from the fact that the most successful entrepreneurs are, at heart, craftspeople. They are obsessed with making a product that meets their customers needs. The successful entrepreneur also has a high degree of tenacity despite failure. Because entrepreneurs are typically trying something new, the failure rate associated of their efforts is naturally high. In addition, the process of developing a new business is somewhat similar to what a scientist experiences in the laboratory. Developing a new business idea may require a certain

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degree of experimentation before a success is attained. Setbacks and failures inevitably occur during the process. The litmus test of entrepreneurs is their ability to preserve through setbacks and failures. In conclusion, many different types of people are drawn to entrepreneurship and a wide variety of talents, aptitudes, and personal traits help to contribute to an entrepreneurial spirit, personality, and vision. However, the attitude, mindset, passion, and character that define the successful entrepreneur are sometimes hard to pinpoint, specify, or sum up in a profile.

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References Kaplan, J. M., & Warren, A. C. (2010). Patterns of Entrepreneurship Management. John Wiley & Sons, Incorporated. Reiss, B. (2000). Low Risk, High Reward: Starting and Growing A Business with Minimal Risk . Free Press.

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