Question

Entrepreneurs must focus on the potential / strengths they have, not on what they want to achieve. (Explain in detail)

a. Explain this mindset in the strategy to form an entrepreneurial business team.

b. How does someone understand their position when they start entrepreneurship?

Answer 1

(A)

1. Adaptability

In most cases, what you start out to do will not be exactly what you’re doing when you are ultimately successful. As you roll out your enterprise, you’ll discover that things you expected to work well don’t work at all. You’ll stumble into things that you didn’t expect to work that will. You’ll see others in your industry doing things that will work well for your organization and you’ll copy them. You’ll have to be able to adapt.

2. Persistence

Inevitably, you will encounter bumps in the road. You’ll lose big customers. Good employees will leave your company, and some may become competitors. The government will change regulations, usually making things more complex. To succeed, you will have to be willing to persist through difficult times. Nothing can take the place of persistence and you can’t succeed without it.

3. Work ethic

The third necessary skill is the ability and the willingness to work very, very hard. Running a small business is difficult. Your days will be much longer than eight hours. If your week starts on Monday, you’ll pass 40 hours on Thursday, but you won’t slow down. You’ll be on call 24/7. Success as an entrepreneur requires hard, hard work.

(B) The word entrepreneur refers to a person who has identified a need and has an innovative business idea to fill that void. Entrepreneurs are willing to take on the many risks of implementing their idea, and also take on the role as leader of their company or organization. They assume full responsibility for the execution, success, or failure of the business. A modern day interpretation may associate being an entrepreneur with innovative and creative ideas for online use, and with someone who can use the power of the internet to fill a niche.

Owning your own business can be extremely rewarding and fulfilling. However, being an entrepreneur also means undertaking a lot of risk and initiative, and inevitably comes with a fair amount of stress and angst. Business owners are most likely to be the first ones at the office and the last to leave, and often put in extra hours in the evening along with forfeiting many of their weekends and holidays to make sure things are running as smoothly as possible.