To think critically about: The reason due to which someone have the entrepreneurial spirit and views about it.
Introduction:
The person, who risks time and money to begin and manage a business is known as an entrepreneur.
Explanation of Solution
Following are the traits due to which a person has the entrepreneurial spirit:
Self-directed: One must be self-disciplined and thoroughly comfortable being own boss. None will be responsible for success or failure except that person.
Self-nurturing: If someone believe in his or her idea even when no one else does, and be able to replenish business by their own makes them a true entrepreneur having that spirit.
Action oriented: The commitment towards their desires to fulfill and actualize their dreams into reality.
Highly energetic: The one who is having entrepreneurial spirit is emotionally, mentally, and physically able to work long and hard, take no vacations and feels that its better working for long hours than working for someone less.
Tolerant of uncertainty: Such individual take calculated and rational risks but are not afraid to fail and are prepared for uncertainties.
Attributes like self-directed, self-nurturing, action oriented, tolerant to uncertainty and highly energetic makes someone having an entrepreneurial spirit.
Want to see more full solutions like this?
Chapter 6 Solutions
EBK UNDERSTANDING BUSINESS
- 4. What are the characteristics of the marketplace? characteristics of the marketplace you are about to enter, and not just about entrepreneurial brilliance. If you decide to enter into a declining market that is full of strong competition, you will multiply your chances of failure. On the other hand, enter into a market that is merging, growing, and has few competitors and you will stand a higher chance of being successful. Features of the marketplace you are about to enter? Is the market growing, or receding in size? If it's growing, among which age and income groups. Do you have to know if the marketplace is shifting from offline to online delivery? If so is the traditional marketplace moving towards the website, mobile, and/or tablets.arrow_forward1. How would the external and internal factors affect your business as an entrepreneur.arrow_forward9. What are the rules for building a successful business?arrow_forward
- What is the big difference between an entrepreneur and a manager?arrow_forward3. Why doesn’t being smart easily translate into being rich? 4. How do entrepreneurial dimensions of individuals, environments, and organizations interact to produce new ventures?arrow_forwardExplain the pros and cons of being an entrepreneur. How would you determine if an individual possesses the characteristics that it takes to creating their own business (self-direction, level of uncertainty, etc.)?arrow_forward
- what are two links discovered online that would prove to be helpful resources to entrepreneurs. Explain why you think they are good resources SPECIFIC to entrepreneurs.arrow_forwardRita wants to be involved in business. She has a fair amount of money to invest, but she does not want to be involved in management. She wants to form a business in the quickest way possible onto her circumstance. Which form of business would be best for Rita?arrow_forwardWhy entrepreneur need to take a risk and to be a goal-oriented in starting a business?arrow_forward
Management, Loose-Leaf VersionManagementISBN:9781305969308Author:Richard L. DaftPublisher:South-Western College Pub