Question

Explain why people take the risks of entrepreneurship; list the attributes of successful entrepreneurs; and describe entrepreneurial teams, intrapreneurs, and home- and Webbased businesses.

Answer 1

People takes the risk of entrepreneurship because this is the thing that distinguishes between a LEADER and a FOLLOWER. If you want to become a leader( entrepreneur) then you have to take risk because if you don't take risk then you have to work for someone else and you can't become an entrepreneur.

Some other points related to taking risks are---

i) Risk helps in discovery of new technology.

ii)Risk is a chance to learn

iii) Risk helps in innovation of existing technology

iv)Without risk you can't earn profit

Some of the attributes of successful entrepreneurs are:-

i) Passion- You must have the passion about what you are doing then only you can be successful

ii) Hard working- You have to work hard to be successful.

iii) Execution- You may have a great plan but it will not work if not executed properly.

iv) Creativity- You must be creative to be successful entrepreneur.

v)Adapatibility- You must have adapatibility to adopt to different situations.

vi) Opportunestic- A good entrepreneur grabs best opportunities at best time.

Definition of some terms:

i) Intrapreneurs- An intrapreneur is an employ (manager) of an organisation who is responsible for the innovative works of the organisation like developing new products and marketing.

ii) Home based business- These are those type of business which do not have an established office or an organisation but operate its business from the owners home of a small office set up at home. In these types of bisiness generally family members work.

ii) Web based business - These type of business also generally di not have an established office but operates from the web i.e. all its works are done online.