Question

(PLEASE TYPE THE ANSWERS) (ENTREPRENEURSHIP 5620)

Q 7: What are the three primary reasons people become entrepreneurs? Which reason is given most commonly? Which reason best describes why you may choose to become an entrepreneur? Q 8: Why is passion such a critical component of entrepreneurial success? If people are willing to work hard and dedicate themselves, do you think they can build a successful business without being passionate about their business idea? Explain. (The textbook provides an example of a business that suffered because the entrepreneur lacked the necessary passion). Q 9: Identify a successful entrepreneur that you admire and respect. (It can be someone that is nationally prominent (Oprah or Bezos or anyone known) or someone you know personally, such as a family member or a friend. Briefly describe the person you identified, the type of company that he or she started, and the manner in which the individual exemplifies one or more of the four characteristics (PECT-see text)) of a successful entrepreneur. Q 10: Generally the alternative to start your own venture is to work for someone else. There are many “triggers” for starting someone in an entrepreneurial path. (a) Identify 4 such ‘triggers” (b) What were the specific “triggers” for the Entrepreneur that you identified in Q 9

Answer 1

What are the three primary reasons people become entrepreneurs? Which reason is given most commonly? Which reason best describes why you may choose to become an entrepreneur?

The three primary reasons people become entrepreneurs are:

The three primary reasons people become entrepreneurs are

1. They want to be their own boss: People want to be their own boss because they want to satisfy themselves completely. It doesn’t mean that you were a bad employee or facing trouble while working. It’s just that people had a lifelong desire to start their own company and so that they will achieve an important, personal and professional goal.

2. Pursue their own ideas: People have the tendency and vision to see opportunities for new product and services that are not offering by any company as of now and people want those ideas to make it happen. Sometimes it happens that a person face problems in everyday life that needs to be solved or fixed like it could be better.

3. Pursue financial rewards: People want to start their own firms to pursue financial rewards. Earning profit and increasing the value of a company in the market is a solid goal but money is rarely a primary motivation behind the launch of an entrepreneur firm that is why it is secondary to the first two reasons.

The most common reason supporting entrepreneurship is given below:

Being one’s own boss is the most common reason given usually for taking up an entrepreneurial venture.

The reason that best describes one’s being an entrepreneur is:

Pursue your ideas describes best way to choose to become an entrepreneur as ideas originate from passion and passion derives determination. If people are passionate about work, are skilled and have knowledge about market and proper financial marketing and planning. They will definitely attain success.

Why is passion such a critical component of entrepreneurial success? If people are willing to work hard and dedicate themselves, do you think they can build a successful business without being passionate about their business idea? Explain. (The textbook provides an example of a business that suffered because the entrepreneur lacked the necessary passion)

Passion is an important and critical component of entrepreneurial success because without passion an entrepreneur can’t put all of its efforts in a business moreover if an entrepreneur is not passionate about its business than it is almost impossible for him/her to do innovations in a business and as we know innovation is very important for an entrepreneurial success.

According to my point of view it doesn’t matter that people are hardworking or dedicate themselves if they are not passionate about their business idea they can’t build a successful business because as we discussed above passion is a critical and very important component of entrepreneurial success it is like “the fuel of a car” the more it burn the far it will go. If a person is not passionate about its idea than it means by seeing other people success in this field or due to some other reasons he select or joined this business but he didn’t see that those people are passionate that’s why their businesses are growing. No matter how much effort he will put in his business he will not be able to achieve success as much as he thinks because one day he will be fed up from his business and the reason is he is not passionate about it.