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.
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Chapter 6 Solutions
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
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Management, Loose-Leaf VersionManagementISBN:9781305969308Author:Richard L. DaftPublisher:South-Western College Pub