Entrepreneur Essay Example | Topics and Well Written Essays - 500 words

Entrepreneur - Essay Example In addition, it will also describe some of the measures that they as business entrepreneurs can learn, use, introduce and/or implement so that they can improve, manage and mitigate the risks so that they can have long lasting and successful business enterprises. Entrepreneurship is developing new, better and competitive products and/or services by utilizing and maximizing the available resources, so as to meet the never ending and unmet human necessities. It is also described as the ability to direct, control, execute, manage, analyze and take responsibility of the risks (Ramachandran 220). Business entrepreneurship is also one of the most crucial driving forces of economies globally. A business entrepreneur is an individual who sources for opportunities within the economy by analyzing the unmet human needs; he/she takes advantage of the opportunity/ situation at hand; hence, introduces and implements products and/or services that will meet these needs .Moreover, he/she effectively manages the foreseen and unforeseen risks/ challenges involved in the business. Just like any leader, for any business entrepreneur to achieve success, they have to work within the essentials of management which entail; being effective, practice efficiency and also exercise economy management. Effectiveness in meeting the set objectives(s) or goal(s) is achieved by meeting the unmet needs which led to the product. Efficiency is achieved by doing things in the right way; by setting clear guidelines; procedures and processes to be followed in their undertakings. Business entrepreneur has by being economical by minimizing their production costs; they achieve this by using the right but also low cost resources for their products and services while still maintaining the products and/or services standards. A Business entrepreneur has to possess the key management skills these include planning, leadership, organizing and time management skills among others (Ramachandran 210). Most business