Understanding what the entrepreneur risks are not black and white. Before getting into the risks associated with being an entrepreneur a brief historical perspective of what is means to be an entrepreneur is needed.
A country's economy has many things that will determine it's economic well-being. There are too many factors to be listed here, but one of the main contributing factors is entrepreneurship! Traditionally, entrepreneurial ability tended to be defined by the following four attributes:
- Initiative- The entrepreneur takes the initiative to bring together all the resources required for the business venture. Land, labor and capital to turn the idea into production and turn the idea into a viable business opportunity.
- Decision-making - This is how the course of the business enterprise is set. The entrepreneur makes all the decisions to create the basic business policy.
- Innovation - This is how the entrepreneur introduces the new products and/or ways of doing things to the the market.
- Risk-taker - This is self-explanatory. The entrepreneur risks his or her time, effort, business reputation and funds on the the entrepreneurial venture.
There are many types of entrepreneurs, All of which face different challenges and risks.
The Modern Entrepreneur
Until recently, the attributes listed above, especially risk-taking and innovation restricted many people from becoming entrepreneurs. Today however, with corporate down-sizing becoming a fact of life, many entrepreneurs find themselves thrust into the role out of necessity.
The question now becomes do "Do I have the right-stuff to make it as an entrepreneur?" Some people are born with it, no question. However that are countless successful entrepreneurs who actually learned the skills they needed to be successful in their business opportunity. Engineered Lifestyles was established to help new and experienced entrepreneurs alike grow their businesses globally. Contact us directly to get more information on how we can help you over come the following entrepreneur risks.
The Common Risks
Regardless of the type of entrepreneur that you are aspiring to be, or the industry that you will be in, there are three common things that all entrepreneurs will face - planning, finance and implementation.
For the Common Entrepreneur Risks go to Page 2
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