Entrepreneurship as a Business Opportunity essay
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An entrepreneur is an individual that plays a pivotal role in the business arena. He develops skill, ideas, and creates conducive environment to run this business with the aim of making a profit. For an individual to become a successful entrepreneur, the environment in which he operates provides a determinant of whether or not the venture thrives. Friends, workmates and parents provide morale and confidence to the entrepreneur. Sometimes, time the same individuals chip in to offer both human and financial assistance to the entrepreneur. Not everyone who is born with entrepreneurial skills, therefore, it is necessary to emulate and examine oneself in an attempt to establish if one is fit for business and can cope with the demanding obligations of running a business. Predominant qualities of a real entrepreneur are developed and nurtured. This will prevent possible loss of time, energy, money, and effort in trying to make a business. This essay describes a typical entrepreneurship venture in terms of composition, start-up, and management (Calvin, 2001). In addition, it shades some light into possible challenges associated with starting a business as well as highlighting how the government through its relevant functions affects SMEs.
According to an economist Joseph Schumpeter, an entrepreneur creates a business opportunity, diversifies the present resources, and, innovate things to create an enabling environment for his venture. Schumpeter believes that entrepreneurship involves a combination of creative, critical, ideas, and taking risks. A conducive environment is required for such an entrepreneurial skill to develop. He argued that entrepreneurs lead to economic growth, up-coming industries and creation of new products. An entrepreneur has to be efficient, productive and portray exemplary skills of proficient decision-making.
Scoot (2003) describes an entrepreneur as a daring individual with the ability and willingness to risk all. He bases his argument on probability distributions and the outcome of any venture, be it in service provision or goods production. An entrepreneur has to face uncertainties with confidence that the expected outcome will come to be. Knight (1957) believed in competition as a tool to increase diversity and creativity in the business world. Drucker (2005), on the other hand, believed that an entrepreneur has to have managerial skills, demonstrate a responsible behavior and lead by principles and the proper code of conduct as prescribed by ethics governing business activities. The infusion of these skills will lead to a growing business. He believed that the mind and the ability to coordinate with the employees have increasingly benefited a business.
In the modern world, an entrepreneur has to pin point business opportunity in which to venture. The entrepreneur exploits the opportunity window to the maximum. The individual must be aware of the business trends in order to notice any window of opportunity. Being an entrepreneur is fully dependent on the social and economical factors. The status thereby involving the community, defines the limits of the business activities one engages in (Scoot, 2003).
In entrepreneurship, problem solving serves as the main characteristic. This is because problems and conflicts are all characteristic of any form of business venture, and the ability of an entrepreneur to identify and solve such issues defines their success or failure in the business. Thus, the ability of the entrepreneur to point a problem and get a solution is the gateway to proprietorship. A sole proprietor draws-up a plan to help counteract all the expected challenges. They carry out survey, research and data collection, after which they reflect the tastes and preferences of the target market. The sole proprietor has the sense to act onto that opportunity without the knowledge of the future events. This is to say that all the decisions and actions in any business venture are based solely on assumptions.
In addition, in order to be a successful entrepreneur, one has to plan, manage and appreciate excellent customer relationship. This enables on to take the business to any level one wishes. Thus, they form the building blocks of any business venture and are necessary to assure success of entrepreneurship. From succeeding in one’s business endeavors comes satisfaction and contentment. Having a personal fulfillment in the business creates a reassuring feeling.
Furthermore, advertisement and promotions of one’s goods and services go a long way in sustaining the venture and enhancing consistence the ultimate benefit of advertizing is profit maximization and increasing customer base, which consequently translates to increasing market share. However, this is not guaranteed. To improve chances of significant impact, an entrepreneur ought to correctly identify target market and medium to use for advertisements and promotions that best suits them. Price and commodity offers create a notion of one being customer-centered and connected individual. The entrepreneur should have the ability to create such opportunities in order to maintain and increase the number of customers. Provide adversaries such as transport means and installation services to customers and keep in regular contact with them.