Who is an Entrepreneur?

• Economists and business people differ in their definitions of entrepreneurship
• Many agree that entrepreneurship is vital for stimulating economic growth and employment opportunities in all societies
• It is particularly true with developing world, where successful small businesses are the primary engines of job creation and poverty reduction
• Here, we are to be introduced to the fundamentals of entrepreneurship
• We will also discuss the essentials for building and running a business from the planning stages to marketing a product
  

CHARACTERISTICS

• It is being true to a dream while also being mindful of market realities

• A story is told about an entrepreneur who started a fancy shop selling only French pastries

• But customers wanted to buy muffins as well

• It can't substitute for planning, but it will help them to stay focused and to get others to look at their plans

• Self-confidence comes from thorough planning, which reduces uncertainty and the level of risk It also comes from expertise

• Self-confidence gives the entrepreneur the ability to listen without being easily swayed or intimidated

• Determination is the extremely strong desire to achieve success

• It includes persistence and the ability to bounce back after rough times

• It persuades the entrepreneur to make the 10th phone call, after nine have yielded nothing

• For the true entrepreneur, money is not the motivation

• Success is the motivator; money is the reward

• Flexibility is the ability to move quickly in response to changing market needs