MAN 111-BHCC CUSTOM-W/MY MGMT.LAB>CI<
14th Edition
ISBN: 9781323859735
Author: Robbins
Publisher: PEARSON
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Question
Chapter 10, Problem 1RDQ
Summary Introduction
To determine:
Hardest and most fun things about being an entrepreneur.
Introduction
An entrepreneur is an individual who constructs a new business, bearing most of the threats or risks and enjoying most of the rewards. An entrepreneur integrates land, capital, and labor for the production of goods and services through the formation of a firm.
Expert Solution & Answer
Explanation of Solution
Entrepreneurship is the process of starting a new business, generally in response to opportunities. Entrepreneurs pursuing opportunities by changing, transforming, revolutionizing, introducing new products and services.It is not an easy task for the entrepreneur to start up the business.They may face the following problems.
Market problems: The market problems involve external factors like government policies, intervention, and procedures. Every entrepreneur has to first understand the restrictions in the market and requirements in the market.
Proper business model: Many entrepreneurs faces problems of formulating a proper business model. If the business model framing at the beginning itself is not appropriate, then it may lead to afailure for the business as a whole.
Management team: The capability of an individual or an institution to administration and correlate a group of individuals to perform a task. Team management involves communication, objective setting, teamwork and performance appraisal.
Things would be the most fun for an entrepreneur are:
Own work schedule.
Work with own choice of people.
Work with own choice of area and space.
Solve problems and make a difference in procedure.
Be the boss.
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Chapter 10 Solutions
MAN 111-BHCC CUSTOM-W/MY MGMT.LAB>CI<
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