Question

In: Economics

What makes someone a successful entrepreneur? Whatcharacteristics are needed? In recent years who have been...

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?

Expert Solution

Following are the characterstics that make a Entrepreneur successful:

1.he must be passionate towards his work.

2.he must have strong work ethics.

3.strong determination towards goals.

4.strong people skills.

5.he must be of creative nature.

6.competitiveness.

7.he must be highly proactive.

8.open minded.

9.he must be confident.

10.disciplined.

Top Successful enterpreneur

Henry ford,Andrew Carnegie,Orprah winfrey,Bill gates,larry page are the top successful entrepreneurs in the history of USA.

Yes,while starting a business people consider implicit as well as explicit cost because implicit cost is the opportunity cost that can be used to save money & explicit cost is the amount that is paid by the entrepreneur as wages,salaries etc.

No,I don't believe that produces has time to calculate AVC,AFC or ATC.

A perfect competition market refers to large number of buyer & sellers.Successful entrepreneurs do not look at a market that lean towards perfect competition because they are associated with taking high risks such as huge capital outlays and are involved in unique business activities to ensure survival in the market environment. Businesses with unique technologies and huge capital outlay do not need to look to enter in perfect competition.

Rahul Sunny answered 2 years ago

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