Contributions of Entrepreneurs

1. Develop new markets. Under the modern concept of marketing, markets are people who are willing and able to satisfy their needs. In Economics, this is called effective demand. Entrepreneurs are resourceful and creative. They can create customers or buyers. This makes entrepreneurs different from ordinary businessmen who only perform traditional functions of management like planning, organization, and coordination.
2. Discover new sources of materials. Entrepreneurs are never satisfied with traditional or existing sources of materials. Due to their innovative nature, they persist on discovering new sources of materials to improve their enterprises. In business, those who can develop new sources of materials enjoy a comparative advantage in terms of supply, cost and quality.
3. Mobilize capital resources. Entrepreneurs are the organizers and coordinators of the major factors of production, such as land labor and capital. They properly mix these factors of production to create goods and service. Capital resources, from a layman's view, refer to money. However, in economics, capital resources represent machines, buildings, and other physical productive resources. Entrepreneurs have initiative and self-confidence in accumulating and mobilizing capital resources for new business or business expansion.
4. Introduce new technologies, new industries and new products. Aside from being innovators and reasonable risk-takers, entrepreneurs take advantage of business opportunities, and transform these into profits. So, they introduce something new or something different. Such entrepreneurial spirit has greatly contributed to the modernization of economies. Every year, there are new technologies and new products. All of these are intended to satisfy human needs in a more convenient and pleasant way.
5. Create employment. The biggest employer is the private business sector. Millions of jobs are provided by the factories, service industries, agricultural enterprises, and the numerous small-scale businesses.

Source : en.wikipedia.org

Characteristics of an Entrepreneur

Entrepreneurs have many of the same character traits as leaders, similar to the early great man theories of leadership; however trait-based theories of entrepreneurship are increasingly being called into question. Entrepreneurs are often contrasted with managers and administrators who are said to be more methodical and less prone to risk-taking. Such person-centric models of entrepreneurship have shown to be of questionable validity, not least as many real-life entrepreneurs operate in teams rather than as single individuals. Still, a vast but now clearly dated literature studying the entrepreneurial personality found that certain traits seem to be associated with entrepreneurs:

• David McClelland (1961) described the entrepreneur as primarily motivated by an overwhelming need for achievement and strong urge to build.
• Collins and Moore (1970) studied 150 entrepreneurs and concluded that they are tough, pragmatic people driven by needs of independence and achievement. They seldom are willing to submit to authority.
• Bird (1992) sees entrepreneurs as mercurial, that is, prone to insights, brainstorms, deceptions, ingeniousness and resourcefulness. they are cunning, opportunistic, creative, and unsentimental.
• Cooper, Woo, & Dunkelberg (1988) argue that entrepreneurs exhibit extreme optimism in their decision-making processes. In a study of 2004 entrepreneurs they report that 81% indicate their personal odds of success as greater than 70% and a remarkable 33% seeing odds of success of 10 out of 10.
• Busenitz and Barney (1997) claim entrepreneurs are prone to overconfidence and over generalisations.
• Cole (1959) found there are four types of entrepreneur: the innovator, the calculating inventor, the over-optimistic promoter, and the organization builder. These types are not related to the personality but to the type of opportunity the entrepreneur faces.

Other characteristics include

• The entrepreneur has an enthusiastic vision, the driving force of an enterprise.
• The entrepreneur's vision is usually supported by an interlocked collection of specific ideas not available to the marketplace.
• The overall blueprint to realize the vision is clear, however details may be incomplete, flexible, and evolving.
• The entrepreneur promotes the vision with enthusiastic passion.
• With persistence and determination, the entrepreneur develops strategies to change the vision into reality.
• The entrepreneur takes the initial responsibility to cause a vision to become a success.
• Entrepreneurs take prudent risks. They assess costs, market/customer needs and persuade others to join and help.
• An entrepreneur is usually a positive thinker and a decision maker.

An entrepreneur needs inspiration, motivation and sensibility.

Source : en.wikipedia.org

What is Entrepreneur

An entrepreneur is a person who has possession over a company, enterprise, or venture, and assumes significant accountability for the inherent risks and the outcome. The term is a loanword from French and was first defined by the Irish economist Richard Cantillon. Entrepreneur in English is a term applied to the type of personality who is willing to take upon herself or himself a new venture or enterprise and accepts full responsibility for the outcome. In common understanding it is taken as describing a dynamic personality.
An entrepreneur is an individual who efficiently and effectively combines the four factors of production. Those factors are land (natural resources), labor (human input into production using available resources), capital (any type of equipment used in production i.e. machinery) and Enterprise (intelligence, knowledge, and creativity.)
Entrepreneurship is often difficult and tricky, as many new ventures fail. Entrepreneur is often synonymous with founder. Most commonly, the term entrepreneur applies to someone who creates value by offering a product or service. Entrepreneurs often have strong beliefs about a market opportunity and organize their resources effectively to accomplish an outcome that changes existing interactions.
Some observers see them as being willing to accept a high level of personal, professional or financial risk to pursue that opportunity, but the emerging evidence indicates they are more passionate experts than gamblers.
Business entrepreneurs are viewed as fundamentally important in the capitalistic society. Some distinguish business entrepreneurs as either "political entrepreneurs" or "market entrepreneurs," while social entrepreneurs' principal objectives include the creation of a social and/or environmental benefit.
Business entrepreneurs who adhere to Cultural Creative values are defined^[who?] as innerpreneurs as their principal objectives include personal development and social change.

Definition and terminology

An entrepreneur is someone who attempts to organize resources in new and more valuable ways and accepts full responsibility for the outcome.

Etymology

The word "entrepreneur" is a loanword from French. In French the verb "entreprendre" means "to undertake", with "entre" coming from the Latin word meaning "between", and "prendre" meaning "to take". In French a person who performs a verb, has the ending of the verb changed to "eur", comparable to the "er" ending in English.

Enterprise is similar to and has roots in, the French word "entrepris", which is the past participle of "entreprendre". Entrepreneuse is simply the French feminine counterpart of "entrepreneur".

According to Miller, it is one who is able to begin, sustain, and when necessary, effectively and efficiently dissolve a business entity.

Entrepreneur as a leader

Scholar Robert. B. Reich considers leadership, management ability, and team-building as essential qualities of an entrepreneur. This concept has its origins in the work of Richard Cantillon in his Essai sur la Nature du Commerce en Général (1755) and Jean-Baptiste Say (1803) in his Treatise on Political Economy.

A more generally held theory is that entrepreneurs emerge from the population on demand, from the combination of opportunities and people well-positioned to take advantage of them. An entrepreneur may perceive that s/he is among the few to recognize or be able to solve a problem. In this view, one studies on one side the distribution of information available to would-be entrepreneurs (see Austrian School economics) and on the other, how environmental factors (access to capital, competition, etc.) change the rate of a society's production of entrepreneurs.

A prominent theorist of the Austrian School in this regard is Joseph Schumpeter, who saw the entrepreneur as innovators and popularized the uses of the phrase creative destruction to describe his view of role of entrepreneurs in changing business norms.

Foundations Dedicated to Entrepreneurship

To date, the largest foundation dedicated to entrepreneurship is the Ewing Marion Kauffman Foundation, based in Kansas City.^{[citation needed]} One of the main entrepreneur associations is the Entrepreneur's Organisation.

In Syria, the Syrian Young Entrepreneurs Association tries to help young people become job owners rather than job seekers. It was founded in 2004.

Source : http://en.wikipedia.org

Be a leader in Big VS Small Company

Become a leader in a big companies is an achievement which is expected by all of the people. Need more time, energy and the sacrifice of mind to be in the top position. Most of the founders of a leader is at once the owner of the institution / company. The owner of a company must have the soul of business. Businessman is someone who always want to develop a business and want to generate more money each time. One is to establish new institutions to extend their authority. But why not many leaders of companies interested in establishing a new company? And not much of them success after try it?
Some of them think that establish a new company will be a guarantee to develop their business.
Become a leader in the management of the work is the ability to require more thought and creativity than technical work. A person who get used to become a leader in large companies will tend to work with the mind. He is not accustomed technical work that is usually done by employees in his “Big Company”. Even in small and new there is not enough employees who can do the technical work. Therefore, once a leader of the founder must be willing to do the work of technical instruments. But not many successful business people are able to do so! You wanna try

How to be smart Entrepreneur

The Entrepeneur term introduced by economic experts from Austria named Joseph Schumpeter in the years 1883-1950. Entrepeneur means someone who is always looking for a change. Entrepeneur considers the changes as the norm or something that's good. Usually Entrepeneur make changes to things that already exist or have been found previously. But there is also a success Entrepeneur because he discoveries something new. Entrepeneur always looking for changes, respond it and utilize the opportunity and do it creatively and innovatively. Businessmen are the changes made in the production process so that can appear and disappear in a process in the overall management of a company.
Meanwhile, to be smart Entrepreneur, we should be able to create new business, creative and innovative with the risk of failure and benefit that would not be gain or even losses. But the smart Entrepreneurs should be looking for external opportunities and threats that can be overcome with knowing the internal strengths and weaknesses.
It is smart Entrepreneurs should be able to use the ability of right brain and left brain optimally, the right brain as a source of creative and innovative thinking and left brain as a source of logic, and carefully calculated. Also, the use of intuition and the information intelligently . Intuition is the ability to know things without conscious.

Reduce the Failure

Entrepreneurs is someone who is always making changes and innovations. Innovation in improve the system or something exist and create new systems or discoveries something new. Entrepreneurs are the best way to face of global crisis and the rapid growth of the world's population. But why so many people do not dare to make changes?
Because change things have a very high risk, the results are not certain and have a high risk of failure. Because many people think that a Entrepreneurs have already started their talent and intuition since birth. Someone who wants to innovate means that people must be out of the Comfort Zone . In fact all people can learn the ability to make changes.
Here are some tips to reduce the failure risk in making innovation :

1. Note human aspect to make changes. Most agencies more consider the technical aspects, financial and operational to make changes. The reality is the human factor as a factor that has the art and intuition in facing external changes are often ignored because they assume that the human factors is only needed to create ideas, not on the process of change.
2. Plan changes well. Many people think that the changes is abstractly and spontaneously. But actually, the changes will be good changes that done gradually and planned. By analyzing the internal and external factors, the changes that are made more precise and direction.
3. Changes often failed because they failed to build coalitions or strong support. They should be wiped vision and goals before making an innovation so at the time that the changes have been made, there are no parties who feel aggrieved and eventually do something to impede the process.

What is strategy?

The number one base of business are designing and maintaining the clear and focus strategy. But what is strategy ? According to Jack Trout in his book "Trout on Strategy", the cores of strategy are survive, perception, being different, competition, specialization, simplicity, leadership and reality.
Good strategy is how to survive in the competitive situation. The real winning of the company in a competition is winning the communication competition. The example is positioning strategy in marketing positioning in a change of the advertisement, including the changes of name, price, package and cover. Not a changes of all side of product. Positioning is a something that you do for your customers mind, to place the product into your candidate of customers. The best approach for the public or your candidate of customer is through a simple message.
Good strategy is being different, be the first, be a leader and dominating the attribute, event and production process. It is too late if we want to follow the leader and being the second.
The core of strategy is a competition. Recognize your competitors, avoid their strengths and exploited their weakness. Even we need a spy to check our competitor and listen the idea of our staff in the field.
It is better to be excellent in one segment than good at all segment. Tell your customers that you are a specialist. Because the customer want a best service in just what they needed. Being a specialist impresses that we are an expert and it can produce a faith of the customers.
The core of strategy is a leadership. No one will follow you if you yourself don't know where to make a step. Akio Morita leads Sony to find a new market opportunity called " Pioneer Spirit ". Sony is a pineer and never thinks to follow the other. They crate handycam, first home video recorder and floppy disk. Their most famous discovery is Morita's ideas about walkman.
Reality is the core of strategy. The core is market reality . Even the chairman can't do all things but have to pay attention in market reality. How to dominate a market ? The answer is Positioning. The First Rule of Positioning is " It is better to be the first than to be the better "

A Profitable Business

Value is the guidelines to act or behave that comes from in themselves. In the form of the principles of how to live and make decisions.

Value, the first time are introduced by their parents in infancy and then added by teachers, religious belief, of association and the environment. Spiritual values, when this is the foundation of individual behavior is very important. Why it is important to know the value of an individual? Although this does not have a direct impact on behavior, values with a strong influence attitudes one. So the knowledge of the value system of an individual can give insight into the attitudes-attitudes.

With edge-known that the value of different people, managers can use the Rokeach Values Survey, the share value into two groups, namely the value of the instrument and the value of goals that can be used to assess the potential employee and whether the set of values they segaris with the dominant values of organization. Performance and satisfaction an employee will most likely be more mengaggap very important, imagery, clack bergantungan, and freedom will most likely be poor value conformity with an organization that organize the compliance of its employees. The manager will be more likely mengahargai, with a positive rate, and distributing benefits to employees in accordance with the organization, and employees will be more likely event if they perceive that they are appropriate. This is the defense of the management strive for the selection of new employees to find candidates who not only have the ability, experience and motivation, but also a system of values appropriate (compatible) with the value system of organization.

The manager should be interested in the attitudes employees because of their attitude to provide warning of potential problems and because attitudes affect behavior. Karyawanyang pride in and commitment to, for example, have come out and the level of absenteeism is lower. If managers want to stop the application and decreased attendance - especially among their employees productive - they will want to do things that will generate a positive working attitude, so write Stephen Robbins in organizational Behavior.

The company is guided by the value of proven success in the long term. Grameen Bank is a company that values with the vision of the world without poverty. Grameen Bank founded by Muhammad Yunus has only one purpose, namely to distribute credit for the poor in Bangladesh.

Values that put Muhammad Yunus to the employee or the staff to make Grameen Bank grew rapidly. First groups to help mothers are poor bamboo craftsman, has now helped 46,000 villages in Bangladesh. Moreover, if the business is guided by the value of worship to God, then the business will gain the most. "God loves those who easily in the sale, purchase, repayment and billing. He who gives to the people of the suspension of the (to pay the debt) or lead to, then God will menghisabnya with penghisaban the light. Whoever receives the purchase back from those who deplore purchase, cancel, Allah (remove) admitted on the Day of Resurrection. " saying Rasulullah SAW

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