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ENTREPRENEURSHIP
ESSENTIAL CHARACTERISTICS
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Some one who can coordinate the factors of production (resources) to gain a profitable outcome.
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Some one whao has command over resources and can also coordinate and reallocate these resources
ECONOMIC THEORY
KIRZNER
SCHUMPETER
KNIGHT
CASSON
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Established to provide the founder with commercial prosperity and the satisfaction of
being innovative. Additionally this type of business will be looked upon to create new
wealth, employment and economic development.
suhaanya@gmail.com
The role of the manager is to plan, make decisions, change and coordinate resources
and take control of the business activities on a daily basis and in so doing satisfies
the objectives of the businesses owners.
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The market opportunity that fits the skills and interest of the persons concerned.
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A BUSINESS IDEA
ENTREPRENEURIAL DEVELOPMENT
RESOURCES
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Personal Liability
Stressful
Unsociable Hours
Meetings
Bureaucracy
Seed Capital
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1989 WAS THE BEST YEAR TO DATE FOR BUSINESS LAUNCHES
(520,000)
11 DEADLY SINS:
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Lack of Expertise
No Product/Service Market Strategy
Over Optimism of Market size
Under Estimating Start-up time
Lack of Working Capital
Start-Up costs to high
Over-Trading
Mistaking Profit for Cash
Wrong Location
Wrong Staff Selection
Poor Accounting Standards
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Self Confidence
Being an all Rounder
Ability to Bounce back
Innovative
Positive Result Orientated
Risk-Taker
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Total Commitment
(a) Single Minded
(b) Energetic
(c) Hardworking
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Self Motivation
Initiative
Communication Skills
Patience
Attention to Detail