In the overall topic of entrepreneurship I believe there are seven factors or words that are important and must be understood here are some definitions of these words: • Entrepreneur – An entrepreneur is a person who has owns and starts up an enterprise, or venture, and through doing this they take full and significant accountability for the risks and the outcome of the business whether it does well or badly. It is usually an ambitious and brave leader who combines often original ideas with old working ideas to create new market goods or services that are desired by many people.A real life example of an entrepreneur would be Richard Branson founder of Virgin Enterprise, James Dyson founder of Dyson Hoovers or Bill Gates founder of Microsoft. • Motivators (motivating factors) – within a team of people there always has to be some motivators to get them up and going and to keep the quality and quantity of work completed to a high standard. For an entrepreneur they can usually work alone for a lot of the time therefore with nobody else around to motivate them it can be very hard and it requires lots of self motivation.Also an entrepreneur can have motivating factors for example the money they will earn as a result of hard work.
A good example of a motivator would be a team captain in a sports team, or in business Meg Whitman is a well known motivator. • Profit – profit is the amount of money that has been made by a business after taking off any spending costs. To make a good profit for an entrepreneurship type business can often require lots of hard work and long hours developing ideas. Any example of a good profit made by a business would be one that has grown from a very small business to a much bigger one.For example Apple who started with just one computer and they are now one of the richest companies in the world. • Social Entrepreneur – A social entrepreneur is someone who recognizes a social problem and uses entrepreneurial principles and skills to organize, create, and manage a venture or organization to make social change. A social entrepreneur does not set out looking to make a profit. For example Daniel Bell who set up an organization that created lots of schools and public help facilities.
Ethical Stance – A business or an entrepreneur with a good ethical stance makes sure that when setting out to do something business related they respect their surroundings and other people in the area.Through doing this a company would build up a good reputation in a community making them popular. Richard Branson was always well regarded as being well mannered and very careful and caring about other peoples views on things. • Enterprise culture – to be part of an enterprise culture means that one moves away from the help of family, friends and government and the help and subsidies supplied by them. hey learn to become much less dependent on others and this makes any risks, or challenges even trickier and more exciting for the individuals. For example a business man who moves his business out of his local area or country.
E. g. James Dyson who moved his business to Taiwan. • Calculated risks – If an entrepreneur takes a calculated risk then they take on a challenge or obstacle with an element of risk involved, they do not just throw themselves at the task without working out what could go wrong. They weigh up the options of positive and negative factors and then decide whether or not to take the risk.For example in ‘dragons den’ if a new and young entrepreneur comes into the den with a good idea but it might not work the ‘Dragons’ have to take a calculated risk in deciding whether or not to invest.
Here are some points that prove the reason entrepreneurs undertake a new business is because they want to make lots of money. • The main example of people wanting to make profits is because they have come up with a very sudden good idea and they believe that it can work. They therefore pursue this career leaving their normal day job behind in the belief that their new job will create better profits for them. On a similar note some people believe they can create better profits for themselves if they make up their own idea.
Therefore they spend their whole time trying to invent something new and when they believe they have a good enough idea they make it. • The other example of somebody who sets up a business purely for the profits is an individual desperate for money, they might have been made redundant, fired, or done badly at school and therefore it will be make or break for them if they make money or not. Here are some points that prove the reason entrepreneurs undertake a new business is because they do not want to make big profits. Most entrepreneurs undertake a new business or lifestyle because they are sick of their office jobs and their colleagues. They just want a change and want to be their own boss they don’t take up a new life style for the profits.• Some people have an idea that could be very good and new but might not sell loads and loads. For example a dad who had a child killed in a car crash created a new safety device just for adapting seatbelts for children so they fit in better. He undertook this business simply because he wanted to save lives not to make profits.
In a similar scenario a very wealthy person who might have luck with money can undertake a business aided to help others and help other people enjoy themselves. Despite the fact that that entrepreneur might be losing money they are still happy that they are helping others. I personally believe that the most important reason to undertake in a new business or in an entrepreneurship is not to create massive profits but to set something up for a community for example a restaurant or bar. Or to set something up to save lives e. g. he seat belt safety device or to set something up to benefit everyday life for example new carrying devices in supermarkets that are bigger than baskets and they can still be carried but they are smaller and more convenient than trolleys.
The most important organisation/charity/business to set up has to be to save the planet or to tackle global warming. However although I believe that making profits is not the best reason to set up a business I do believe that if somebody sets up an organisation like one of the ones I have listed above and they make a profit at the same time then they have worked very well and very hard and they deserve it.Some people might think it more important to make profits from a business as a result of all the hard work, long hours and risk taking from an individual. These would be the beliefs of the individual themselves and their immediate family because this is who it would affect the most any profits that are made.
However anybody else might see this hard work be a waste because the effort could have been put into something much more relevant and helpful to the community. To evaluate I believe that it is to a great extent that making a lot of money is a main motivating factor for an entrepreneur.Whatever the idea they have might be they are always set out on making good profits. I do not totally disagree with somebody setting out to make great profits however I do disagree with an entrepreneur setting out with a rubbish idea purely to make money and for no other reason. I think that even though it is the trickiest way of doing a business, to set something up that will benefit many people in a community and the entrepreneur will make a good profit.
This would be the best use of time getting two great outcomes of a single business.