Comments on: What are the biggest joys of being an entrepreneur, and what are the biggest challenges? http://www.famousentrepreneurs.org/famous-entrepreneurs/what-are-the-biggest-joys-of-being-an-entrepreneur-and-what-are-the-biggest-challenges Famous Entrepreneurs, get expert advice from entrepreneurs Wed, 08 Feb 2012 08:01:17 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: sombremage6 http://www.famousentrepreneurs.org/famous-entrepreneurs/what-are-the-biggest-joys-of-being-an-entrepreneur-and-what-are-the-biggest-challenges/comment-page-1#comment-1960 sombremage6 Fri, 12 Jun 2009 21:36:59 +0000 http://www.famousentrepreneurs.org/famous-entrepreneurs/what-are-the-biggest-joys-of-being-an-entrepreneur-and-what-are-the-biggest-challenges#comment-1960 As things go well - the freedom to live life on my terms. I'm not on a time clock - but I'm also the one who bottom line is responsible for things getting done or not.<br><b>References : </b><br> As things go well – the freedom to live life on my terms. I'm not on a time clock – but I'm also the one who bottom line is responsible for things getting done or not.
References :

]]> By: ConsultingCurious http://www.famousentrepreneurs.org/famous-entrepreneurs/what-are-the-biggest-joys-of-being-an-entrepreneur-and-what-are-the-biggest-challenges/comment-page-1#comment-1959 ConsultingCurious Fri, 12 Jun 2009 20:52:59 +0000 http://www.famousentrepreneurs.org/famous-entrepreneurs/what-are-the-biggest-joys-of-being-an-entrepreneur-and-what-are-the-biggest-challenges#comment-1959 The understanding of entrepreneurship owes a lot to the work of economist Joseph Schumpeter and the Austrian School of economics. In Schumpeter (1950), an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation. Entrepreneurship forces "creative destruction" across markets and industries, simultaneously creating new products and business models others. In this way, creative destruction is largely responsible for the dynamism of industries and long-run economic growth. Despite Schumpeter's early 20th-century contributions, the traditional microeconomic theory of economics has had little room for entrepreneurs in their theoretical frameworks (instead assuming that resources would find each other through a price system). (ref. The Economist Magazine, March 11, 2006, pp 67). For Frank H. Knight (1967) and Peter Drucker (1970) entrepreneurship is about taking risk. The behavior of the entrepreneur reflects a kind of person willing to put his or her career and financial security on the line and take risks in the name of an idea, spending much time as well as capital on an uncertain venture. Still another view of entrepreneurship is that it is the process of discovering, evaluating, and exploiting opportunities, which go on to reify themselves in the form of new business ventures. In this model an entrepreneur could be defined as "someone who acts with ambition beyond that supportable by the resources currently under his control, in relentless pursuit of opportunity" (a definition common to entrepreneurship professors Howard Stevenson and Jeffry Timmons). Pinchot (1985) coined the term Intrapreneurship to describe entrepreneurial-like activities inside organizations and government. The concept is commonly referred to as Corporate Entrepreneurship. Challenges for being entrepreneur are to develop following traits * an enthusiastic vision, the driving force of an enterprise. * vision supported by an interlocked collection of specific ideas not available to the marketplace. * The overall blueprint to realize the vision is clear, however details may be incomplete, flexible, and evolving. * Promoting the vision with enthusiastic passion. *Ability to develop strategies to change the vision into reality. * To take initiative to cause a vision to become a success. * Prudent risks taking ability. They assess costs, market/customer needs and persuade others to join and help. * To become a positive thinker and a decision maker. My published articles further discuss these points. You may refer to them They are: Introducing BIM4U http://docs.google.com/View?docID=df495q56_0f3h4hf&revision=_latest -------- BIM4U in Action http://docs.google.com/View?docID=df495q56_3c5r33w&revision=_latest --------- Ten commandments http://docs.google.com/View?docID=df495q56_5c24pgd&revision=_latest Learning Process http://docs.google.com/View?docID=df495q56_7fh7wcf&revision=_latest<br><b>References : </b><br># Bird, B. (1992)"The Roman God Mercury: An Entrepreneurial Archetype", Journal of Management Enquiry, vol 1, no 3, September, 1992. # Busenitz, L. and Barney, J. (1997) "Differences between entrepreneurs and managers in large organizations", Journal of Business Venturing, vol 12, 1997. # Cantillon, R. Essai sur la Nature du Commerce in Général. 1759 [1] # Casson, M. (1982) The Entrepreneur: An Economic Theory Reprint. 1991. # Murphy, P. J., Liao, J., & Welsch, H. P. (2006). A conceptual history of entrepreneurial thought. Journal of Management History, 12(1), 12-35. The understanding of entrepreneurship owes a lot to the work of economist Joseph Schumpeter and the Austrian School of economics. In Schumpeter (1950), an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation. Entrepreneurship forces "creative destruction" across markets and industries, simultaneously creating new products and business models others. In this way, creative destruction is largely responsible for the dynamism of industries and long-run economic growth. Despite Schumpeter's early 20th-century contributions, the traditional microeconomic theory of economics has had little room for entrepreneurs in their theoretical frameworks (instead assuming that resources would find each other through a price system). (ref. The Economist Magazine, March 11, 2006, pp 67).

For Frank H. Knight (1967) and Peter Drucker (1970) entrepreneurship is about taking risk. The behavior of the entrepreneur reflects a kind of person willing to put his or her career and financial security on the line and take risks in the name of an idea, spending much time as well as capital on an uncertain venture.

Still another view of entrepreneurship is that it is the process of discovering, evaluating, and exploiting opportunities, which go on to reify themselves in the form of new business ventures. In this model an entrepreneur could be defined as "someone who acts with ambition beyond that supportable by the resources currently under his control, in relentless pursuit of opportunity" (a definition common to entrepreneurship professors Howard Stevenson and Jeffry Timmons). Pinchot (1985) coined the term Intrapreneurship to describe entrepreneurial-like activities inside organizations and government. The concept is commonly referred to as Corporate Entrepreneurship.

Challenges for being entrepreneur are to develop following traits
* an enthusiastic vision, the driving force of an enterprise.
* vision supported by an interlocked collection of specific ideas not available to the marketplace.
* The overall blueprint to realize the vision is clear, however details may be incomplete, flexible, and evolving.
* Promoting the vision with enthusiastic passion.
*Ability to develop strategies to change the vision into reality.
* To take initiative to cause a vision to become a success.
* Prudent risks taking ability. They assess costs, market/customer needs and persuade others to join and help.
* To become a positive thinker and a decision maker.
My published articles further discuss these points. You may refer to them They are:

Introducing BIM4U
http://docs.google.com/View?docID=df495q56_0f3h4hf&revision=_latest
——–
BIM4U in Action
http://docs.google.com/View?docID=df495q56_3c5r33w&revision=_latest
———
Ten commandments
http://docs.google.com/View?docID=df495q56_5c24pgd&revision=_latest
Learning Process
http://docs.google.com/View?docID=df495q56_7fh7wcf&revision=_latest
References :
# Bird, B. (1992)"The Roman God Mercury: An Entrepreneurial Archetype", Journal of Management Enquiry, vol 1, no 3, September, 1992.
# Busenitz, L. and Barney, J. (1997) "Differences between entrepreneurs and managers in large organizations", Journal of Business Venturing, vol 12, 1997.
# Cantillon, R. Essai sur la Nature du Commerce in Général. 1759 [1]
# Casson, M. (1982) The Entrepreneur: An Economic Theory Reprint. 1991.
# Murphy, P. J., Liao, J., & Welsch, H. P. (2006). A conceptual history of entrepreneurial thought. Journal of Management History, 12(1), 12-35.

]]> By: krazy_roy22 http://www.famousentrepreneurs.org/famous-entrepreneurs/what-are-the-biggest-joys-of-being-an-entrepreneur-and-what-are-the-biggest-challenges/comment-page-1#comment-1958 krazy_roy22 Fri, 12 Jun 2009 20:31:59 +0000 http://www.famousentrepreneurs.org/famous-entrepreneurs/what-are-the-biggest-joys-of-being-an-entrepreneur-and-what-are-the-biggest-challenges#comment-1958 being your own boss,but making profit at first is always the hardest part<br><b>References : </b><br> being your own boss,but making profit at first is always the hardest part
References :

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