The word entrepreneur originates from a French word entreprendre, which means “one who undertakes an endeavour” and later on it was used to refer a person who undertakes a business deal. An entrepreneur is a person who takes a risk and starts a business with a hope to succeed. An entrepreneur also organizes and combines all resources needed to convert the formation to a viable business.
According to economist Joseph Alois Schumpeter(1883-1950), “Entrepreneurs are not necessarily motivated by profit but regard it as a standard for measuring achievement or success.” This is to proof that profit is not the main aim of entrepreneurs. Entrepreneurs are someone who drills initiative by organizing an investment to take benefit of an opportunity and
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The passion will help to face all the obstacle as it will build a confidence to overcome it and enjoy doing it at the same time. Seeing it successful would help build self-confidence which gives them the feeling of having accomplished something.
Entrepreneurs also can get to meet people from different backgrounds. This exposure may lead to extension in network and lead to greater business success. It may also help create friendly relationship the surrounding people.
Challenges
There are challenges of being an entrepreneurship. Being an entrepreneur can be quite stressful, as we will be more laid back since there is no people to boss around and only start working at the very last minute causing stress and becomes worst is their own savings are on the line. One of it would be the raising of capital. It would be hard to get people to invest on the particular idea as they have doubts if this idea would be successful and banks are uncertain to give loans purchased as adjuvant by the entrepreneurs.
Sole proprietorship is a challenge as well because all the liabilities will be on the entrepreneur if the business goes down. The financial resources will be finite and has to hold on thoroughly on own