1) What creates opportunities for entrepreneurs to start a business?
In the current market, entrepreneurs are given many different opportunities to start their own businesses. One of the main ways opportunities are created for an entrepreneur is unfulfilled needs and wants. If an entrepreneur is able to identify a need or want that is currently unfulfilled, and are able to create a business that would directly satisfy them, the entrepreneur then has a means to excel in that market.
2) How do entrepreneurs respond to the needs & wants of society?
One of the most prominent ways that a entrepreneur can be successful is by identifying a common problem that people face and being able to meet that need or want. This method is only effective if the entrepreneur is capable of providing a product or service that meets a need or want that is currently unfulfilled, or by providing one that is significantly better at solving the problem at hand. By being the only company able to meet these needs and wants at a certain level, entrepreneurs do not need to compete with larger rival companies and are able to reap the benefits of being the leading company in the market.
3) Why do individuals become entrepreneurs?
There are many different reasons as to why people become entrepreneurs. Often times it is because an entrepreneur has an idea for a product or service that they feel very passionate about and they believe that it would be profitable if put onto the market. When no large company is willing to help them spread this idea, they realise that they must start from the bottom if they wish for their idea to become a reality. Some individuals enjoy the fact that entrepreneurs are able to have control of their company and are the ones that are in charge of deciding what that company becomes. Entrepreneurs also enjoy the variety of jobs that entrepreneurs must do to be successful. Many starting entrepreneurs are responsible for being their own researcher, designer, pitcher, marketer, accountant and manager. This diversity in the job is what some people desire. So in a basic sense, entrepreneurs become entrepreneurs because it is an interesting job that is able to profit by providing a new good or service.
4) What drives innovation?
Being able to create a innovative product or service has been proven to be very successful if done right. Popular companies like Apple are known for their innovative takes on computer and phone technology. So innovation in one’s company is very important if they are to expand and become a large contender in their market. Other times, innovation is need to sustain a company’s position. With competing companies offering a similar product, company’s must be innovative to help them stand out.
5) Are the traits that are needed to be successful as an entrepreneur always the same?
Even though there are many different types of entrepreneurs, I believe there are a few core traits that are needed for an entrepreneur to be successful. I believe that the most important trait and entrepreneur must have is the ability to persevere. The role of an entrepreneur is one that is difficult, entrepreneurs face challenges that make it difficult to expand and many businesses started by entrepreneurs are threatened by larger companies. Another trait I feel ties in with perseverance, is the ability to deal with failure. The process to build a successful business by one’s self is one that takes many turns. An entrepreneur must be able to learn from their mistakes to excel.
The test we were given, tested the following 17 traits: