What are the right attitude a intending successful entrepreneur should have - Part 1

What Is an Entrepreneur?

An entrepreneur is a person that establish a new idea for a particular business, that takes most of the risks when there are loss and also enjoy most of the rewards when there are profits. Entrepreneurship is the process of setting up and management of the business.

The entrepreneurs are mostly seen as an innovator, person that brings or introduce new ideas, goods, services, and business and businesses management.

Entrepreneurs contributes a lot in any economy in the sense that, they use their initiatives and skills when needed and necessary to meet demands and introduce benefitting ideas to the market.

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Entrepreneurship that is determined to be successful in taking on the risks and loss of setting up a new business is rewarded with continued growth, fame, popularity and profit opportunities. Entrepreneurship that refuses to take risks will end up making a loss and less market sale for those involved.

There are different types of entrepreneurship namely sole proprietorship and partnership. A sole proprietor owns his or business himself. He takes his business risks all alone. The profit and loss are owned and settled by him. He also takes the final decision on the affairs ifvtge business.

But for partnership, businesses are owned by two or more individual. They contribute equally to the business and also take the risk of the business together. When the business makes profit, they share it equally and when it run at a loss as well, they also share it equally and bear the pains together.

Entrepreneurs are one of the richest in this era. Most higher institutions have included in their syllabus, entrepreneurship study because of the rate of unemployment. An entrepreneur is always independent and tends to employ more people as the business grows.

Entrepreneurs should have a lot of business skills in order to have a successful business out of which include thinking skill and innovation skills. He or she must be able to think about the strategies and plans to use in the setting and successful management of his or her business.

He must also be creative so as to make his business more unique than the related businesses around him.

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