Entrepreneurs are individuals who create new businesses, bear most of the risks

and enjoy most of the rewards. The process of setting up a business is known as
entrepreneurship. Entrepreneurs are typically seen as innovators, sources of ideas,
goods, services and new businesses and procedures. Entrepreneurs play a key role
in any economy, using the skills and initiative necessary to anticipate needs and
bringing good new ideas to market. Entrepreneurship that proves to be successful in
taking on the risks of creating a start up is rewarded with profits, fame, and continued
growth opportunities. Entrepreneurship that fails results in losses and less
prevalence in the markets for those involved. First and foremost of a entrepreneur
skills is Decision making. Entrepreneurs are considered serial decision makers
because they make a lot of decisions every day and are generally wired to be risk
takers and not afraid to learn from their mistakes. Decision -making is usually easier
on entrepreneurs and high “D” personalities than on people who tend to be more risk
averse. For those who make more natural decisions, you should focus on improving
the quality of your decisions. Then, act on the decisions you have made rather than
procrastinating. Good decision require a person to use several characteristics:
experience, intuition, intelligence, awareness of the business environment, good
listening skills and the ability to respond when necessary. Moreover is management.
The required managements are Time management, business planning , employee
management , customer management and etc . The predictable asset for an
entrepreneur is their time. They should take care many things together and time
management . It is key to retain everything in a track. The main point is they have to
do more works in less time by eliminating intrusion. The aim of business planning for
an entrepreneur is to help effective a plan to begin a business . Attitudes in an
entrepreneur are confidence, motivated, initiative, risk taking and etc. Confidence is
very prime source for an entrepreneur to have because they knows they’re capable
of achieving goals and failure does not make them feel failure. By having confidence
attitude, failure make them more confidence to get succuss. Entrepreneur is a a
person who faces the risk of loss or injury in the hope of gain or happiness or
accepts greater potential loss in results and tolerates uncertainty. Characteristics as
an entrepreneur is time is unlimited, nature of job is flexible , they make their own
decision in everything, they continuously put effort and commitment to achieve goal
and maximize self potential by utilizing available opportunities in goal. Other
characteristics is creative. Entrepreneurs should think new ideas and always make
better vision.
The 5 characteristic between an entrepreneur and a small businessman is decision
making. Entrepreneurs are considered periodical decision makers because they
make lots of opinions every day and are generally wired to be threat takers and are
not hysterical of learning from their miscalculations. Decision- making generally
comes easier to entrepreneurs and high “ D” personalities versus people who tend to
be further threat antipathetic. For those in which decision- timber is more natural, you
should concentrate on perfecting the quality of your opinions. For those in which
opinions are harder to make, you need to concentrate on following effective decision
making way and using ways to help synthesize information. Also, act upon those
opinions that you have made rather than procrastinating. The some tips to an
entrepreneurs regarding making good business opinions is understand their
company's business. make sure you have all of the critical information that impacts
the business. Next is Results acquainted. they need suppose about the possible
issues of their decision and understand how they impact both short and long- term
company pretensions. But in small businessman usually follows the decisions made
by the residual and invests only in tested and proven markets. Therefore, they have
a low level of commitment to the development of new products and services, and
only sell existing and available products in the market. A small businessman has no
hard – line principals . They follows whatever the manager tells and also sells
products that are clear proven markets, products that are proven to be in the market,
acquire by consumer. That is the reason small businessman tend to sell only things
that are have been in market instead wanting create new products in particular as an
entrepreneur is independent and has their own principal and does not need to follow
anyone’s decision and made their own vision principal Next is Risk taking. By taking
risk as an entrepreneur authorize and encourages innovation. Perhaps an important
product pr service differentiator. The risk of failing is not always negative.
Sometimes, they provide the most valuable business lessons an entrepreneur can
learn. Failure is a key to shape upcoming business strategies and to success .The 5
reason why entrepreneur should take risk is will never know unless you try, learn
from taking risks, Innovation and opportunity are tied to risk, take risks already have
a competitive advantage and taking Risk may be more content and satisfied with
their lives. A small businessman purchase products available in the market in cheap
rate and sells the items they purchase at high rate .Therefore small businessman is
normally low risk taker compared with entrepreneur. Their motive is buy a item in low
rate and sells back to consumer in high rate to earn profits. Small businessman is
known as risk taker but not much as entrepreneur. Entrepreneur risk taking level is
moderate but small businessman level is low. Risks faced by a small businessman is
Financial risk, Strategic risk, Reputation risk, Liability risk, Business interruption
risk and Security risk. Moreover is Goals. A small businessman catches in business
activities to make a profit so that they will be able to make a living and make a living.
Meanwhile an entrepreneur starts a venture and is committed to expanding the
venture to meet personal goals and achieve self -achievement. A small businessman
is always struggling to make a profit while an entrepreneur is more concerned with
success and personal satisfaction than profit. The Importance of Goal Setting for
Entrepreneurs is because it gives a crystal clear path to follow and motivation to
reach predetermined destination and they ways to achieve is Make them specific
and measurable, stick to the goals they had set, create a due date to achieve the
goals within the date and reward to own self once achieve goals without any delay.
Entrepreneur are maximizes self potential by utilizing available opportunities and
small businessman is solely for profit maximization. Then is effort and commitment.
A small businessman is not gaunt to transformation and technological development,
but an entrepreneur will always keep themselves a long side with present day, in
additionally future technological development in order to upcoming increase in
creativity and also productivity. This appear that a small businessman does not give
as much effort and commitment as an entrepreneur has been in managing a
business .A business and follow the changes, trends, and technological step forward
in order to be concede of new technologies and gadgets .And the last is Time.A
small businessman just spend time to purchasing and selling products but an
entrepreneur spends unlimited time in studying ways to satisfy consumers needs
and wants and always appear with new ideas and strategies on steps to improve
their products. In my view, a small businessman spends time limitedly to purchase
products to sell back them to earn profits, easily to earn profits , Instead, an
entrepreneur has a long observation which does not only desire to earn profits, but
mostly want to satisfy people’s needs and wants. So, an entrepreneur spends much
time to appear with ideas to improve their products and to create new products for
the contentment of people’s satisfaction.
The 5 various types of entrepreneurs can be found in the business market are,
Intrapreneur, Technopreneur , Copreneurs, Social Entrepreneurs and Cyberpreneur.
First and foremost is Intrapreneur .An intrapreneur is an employee, a person is
assigned with developing an innovative ideas or project in a company or
organization. The intrapreneur should not face the oversized risks or derive the
oversized rewards of an entrepreneur. Nevertheless, the intrapreneur has entrance
to the resources and potentialities of an established company. Characteristics of an
intrapreneur is risk commodity of value to themselves. For an example offering time
or money. Share the reward of intrapreneurial projects between companies and
intrapreneurs in a crystal clear , provide intrapreneur the capacity to build a thing
similar as capital and etc. Next is technopreneur. A technopreneur is an
entrepreneur who is technology savvy, creative, innovative, dynamic , dares to be
different and take the unexplored path, and very passionate about their work and
uses technology for entrepreneurial purposes. Microsoft, Facebook, Google, Yahoo
and Apple are household brands today and perhaps the largest and most well -
known examples of Techno Entrepreneur. Characteristics of technopreneur is
innovation to complete in critical, control management and profitable. Then is
Copreneurs. Husbands and wives who operate together in two domains: family and
business. Characteristic pf copreneur is ability to encourage each other, clear on
dividing roles and responsibility and etc. Then is Social Entrepreneurs is a person
who follow novel application that need the potential to solve community based
problems. The people are ready to take risk and efforts to create positive and good
change in society along their initiatives. Social entrepreneur may trust that this
operation is a way to connect with life purpose. They are ambitious and persistent,
tackling major social issues and offering new ideas for wide-scale change
Characteristics of social entrepreneur is Deep empathy, Innovation, A Systemic
View, A Sustainable Approach and Involving Changemakers. The last but not least
is Cyberpreneur. Cyberpreneur is an entrepreneur who has online based business
on the internet that targets international consumers and someone starting or running
a business in cyberspace and the internet. They are professionals who hold
information technology to give digital access to their products or services over the
internet. They arise with new ideas to recommend products and services to
consumers along the internet. This is do away with the hassle to going to a physical
store to run business, Characteristics o0f a cyberpreneur is tolerance for failure,
Teamwork, Independent and etc.
The (5) risks of being an entrepreneur is high stress. There is a strong evidence that
an entrepreneur overlook a diversity of stresses that turn down their happiness. High
workloads and work intensity, besides the financial problems facing their business
are the dominant stress list out entrepreneurs. While it reduces entrepreneurial joy,
some stress has its advantages. While they require more effort here and now, they
may lead to positive consequences such as business growth in the long run. Some
entrepreneurs seem to interpret their long working hours this way - as a challenge -
and therefore turn it into a positive signal. The main mental high stress to an
entrepreneur is being accountable, Financial stress and uncertainty, Work-life
balance and etc. Next is Long hours and hard work. Normally entrepreneurs work
hard for long hours to achieve their mission and get success. Entrepreneurs need to
stamina that comes from physically and mentally. Some will go to extend making big
sacrifice and poverty stricken themselves. They are dedicated, driven, and focused.
They are goal oriented and have a strong attention to detail. They are usually very
organized and have seemingly limitless energy. Moreover is complete
responsibilities. as an entrepreneur is responsible for finding the best employees for
your business. As an entrepreneur are responsible for building your business team.
Traits of a responsibility entrepreneur is a strong sense of ownership, good time
management, ability to be part of a whole and being purpose-driven. Therefore is
Discouragement. Discouragement is often caused by a lack of forward movement in
our business. As a result, the fastest way to get out of despair is to take action.
Whenever entrepreneur feels discouragement they will Attune to what is
working ,Take action but even a small one , Be a better boss (to themselves). Learn
to replenish the well and See that it happens to the best of us .In conclusion is
Uncertainty of income. Opening and beginning a business provides no any
guarantee that an entrepreneur will earn enough money and profits or not.
Entrepreneurship is dominant for a digit of reasons from encouraging social change
to driving innovation. Entrepreneurs are frequently consider as state assets to be
worked on, motivated and rewarded as extremely as possible. In truth some of the
most economically develop countries such as United State are world leader because
of their innovation, research and progressive entrepreneurial individuals.

Considerable entrepreneurs have the capacity to change the way we live and work
on a local nation basic. If successful their innovation can upgrade living standard and
as well as to creating wealth among entrepreneurial attempt. They also generate
jobs and come up with a growing economy. The importance of entrepreneurship
should not be underrate.

First and foremost is Entrepreneurs Spur Economic Growth. New products or goods
and services generate by entrepreneurs can produce a creeping effect, where they
restore alive business or sectors that should have to support the new venture
furthering economic development. Example is some information technology
companies launch the IT industry in India on 1990s. The industry is expand rapidly
and many other sectors are gain benefits from it. Businesses in related industry
such as call centre operations, network maintenance companies and hardware
providers are flourishing. Education and training institutions are nurturing a new
class of IT workers who are offered better and higher -paying jobs. Likewise future
development efforts in other countries essential robust logistical support, capital
investment and a qualified employee. From one origin experienced programmers to
construction workers entrepreneurship benefits a huge part of the economy. In the
U.S. alone, small businesses created 1.6 million net jobs in 2019.

Next is Entrepreneurs Add to National Income. Entrepreneurial venture assist create

new wealth. Existing businesses could endure limited to existing markers and could
reach limits in terms of revenue. New and intensify products, servives or
technologies from entrepreneurs authorize new markets to be developed and new
wealth to be generated. Besides, increased employment and higher incomes donate
to better national earnings in the form of high rise tax revenues and higher
government spending. These takings can be used by governments to invest in other
struggling sectors and human capital. While it may make some existing players
redundant, the government can ease the blow by diverting excess wealth to retrain
workers. Moreover is Entrepreneurs Create Social Change. Along the contribution of
unique goods and services, entrepreneurs get away from conventional and bring
down reliance on outdated structure and technologies. This can result in a better
certified of life, better confidence and greater economic freedom. For example, water
supply in water-scarce areas will, at certain times, force people to stop working to
collect water. This will affect their business, productivity and income. For a present
day example is smartphones and apps have reform work and gaming among the
world. Smartphones are not entire to countries or deep pocket as beyond 5 billion
people have mobile devices worldwide. Such as the growth of the smartphone
market carry on, technology entrepreneurship can have a intense and lasting impact
on the world. Technological maturation means that entrepreneurs in emergent
nations have approach to the similar tools as their equivalent in emergent nations.
They also have the advantage of a less rate of living, so a young entrepreneur from
a emergent nation can participate with existing multi-million dollar products from
emergent countries.

At the last is Community Development. Entrepreneurs are always fostering ventures

by other aggreging individuals. They also invest in community projects and provide
financial support to local charities. This allows for further development beyond their
own efforts. Some well -known entrepreneurs, for an example is Bill Gates, have
used their money to fund righteous causes, from education to public health. The
status that make an entrepreneur can be the same qualities that help motivate
entrepreneurs to pay it forward through philanthropy, in the chapter of life then.

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References

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