Question

• What makes someone a successful entrepreneur? What characteristics are needed? In recent years who have been some of the most influential and profitable entrepreneurs?

With this being the overarching backdrop for our discussion in this module, you should also be looking to touch on the following:

• Do you think people take the time to consider implicit and explicit costs when starting a business?
• Do you believe produces take the time to actually calculate AVC, AFC and ATC? Or are these concepts just for textbooks and college professors?
• Do successful entrepreneurs look to enter markets that lean towards perfect competition? Why or why not?

Answer 1

Answer) A clear strategy,an unhinged determination,hard work and fulfilling a potential but unserved need is what makes someone a successful entrrepreneur,when we expand this statement we look at right people being at right place or in other words a committed team.As pointed in statement,characterstics needed are determination,hard work,strategic thinking,ability to solve a problem,critical thinking.I would say Elon Musk,Mark Zuckerberg,Jeff Bezos,Jack Ma,Mukesh Ambani are few of the top entrepreneurs that come into mind when we think about the inluence they have done with their ventures and the profitability and growth os same.

People do take into account implicit and explicit costs when they start a business otherwise business would struggle just like a directionless ship,implicit costs such as opportunity costs are important before you enter a business to see potential of business.

No,concepts like ATC,AVC and AFC are extremely important otherwise businesses would not even know if they are improving or not,how long would it take to breakeven,what are the costs they need to reduce.

No successful entrepreneurs look to enter into markets which are not well occupied,not even well defined because once you fulfill a need which is yet unserved you can be a leader,look at Amazon,Tesla,SpaceX,the whole idea is to enter a place where competition is very little or not yet defined and establish yourself as the leader which is extremely difficult for new firm in perfect competition.

Answer is complete.Thank you!