Entrepreneurship refers to the process through which one willingly sets up, organizes and manages the activities of a business also bearing in mind the risks that come with the starting of such a business. An entrepreneur can therefore be defined as a person who sets up a small scale business enterprise and runs it by himself taking care of the risks such as incurring losses and the benefits which, obviously are profits that the business entity gains. Entrepreneurship, as observed has both advantages and disadvantages to the entrepreneur. Most entrepreneurs are however risk takers and therefore they venture into the business with the hope that they will get to reap benefits. An example of a well-known successful entrepreneur is Jeff Bezos, the founder and chair of Amazon, a renown company worldwide (Kirzner, 2015).
For one to be a successful entrepreneur, one needs to have certain skills to help in his or her day to day activities within the business. An entrepreneur who bears such skills is certain that he will be successful in the business market. First, for an entrepreneur to be successful, he or she would need to have proper communication skills. The entrepreneur should communicate in a way that the message communicated would be clear, concise and have a purpose to achieve. Secondly, a good entrepreneur would need to have proper strategies set in place to ensure that the business succeeds. The entrepreneur should set in place short term goals that he sets out to achieve and also have long term goals in place that he or she would want to achieve in the future. Proper financial management is another crucial skill that an entrepreneur should have. Knowing how to properly manage one’s finances and grow them from step to step will make the business succeed in the future as the person would cases of financial crisis and bankruptcy (Burns, 2016).
Entrepreneurship has several advantages to the entrepreneur and the society at large. Entrepreneurship has the benefit of freedom to the entrepreneur to pursue his or her own goals. An entrepreneur also has the benefit of controlling his own time therefore making the entrepreneur have a flexible work schedule. Entrepreneurship also benefits the society through the creation of jobs thus cutting down on unemployment levels (Scarborough, 2016).
Entrepreneurship however does have several limitations to the entrepreneur which include: the difficulty of managing time, having little capital in the business and difficulty in setting up a marketing strategy (Scarborough, 2016).
An entrepreneur that I love to research on is Jeff Bezos, Amazon’s founder and chairman. Jeff Bezos started his business from a small scale one that was only an online bookstore to now selling a wide range of products.Bezos left his job to start Amazon in his garage. Bezos has faced several challenges through his career with his net worth increasing at certain times and edeacreasing over other periods of time. Bezos has over the years, risen to be the world’s richest person, une=seating Microsoft founder, Bill Gates. I do admire Bezos because of his resilience over the years and taking up challenges and facing them (Jones, and Jones, 2013).
Kirzner, I. M. (2015). Competition and entrepreneurship. London: University of Chicago press.
Burns, P. (2016). Entrepreneurship and small business. New York: Palgrave Macmillan Limited.
Scarborough, N. M. (2016). Essentials of entrepreneurship and small business management. New York: Pearson.
Jones, G. R., & Jones, G. R. (2013). Organizational theory, design, and change. Upper Saddle River, NJ: Pearson.