Entrepreneurs and entrepreurship
Anyone who is determined to start a business, no matter what the risk, is an entrepreneur. Entrepreneur run their own start-up ,take responsibility for the financial risks and use creativity, innovation and vast reserves of self-motivation to achieve success. They dream big and are determined to do whatever it takes to turn their idea into a viable offering. The aim of an entrepreneur is to create an enterprise. The process of creating this enterprise is know as enterpreneuship.
Importance of enterpreneuship
Examples of Famous Entrepreneurs
Some famous entrepreneurs are:
Types of Enterprises
Asan entrepreneurs in india, you can own and run any of the following types of enterprises:
Sole proprietorship
In a sole proprietorship, a single individual owns, managed and controls the enterprise. This types of business is the easiest to from with respect to legal formalities. The business and the owner have no separate legal existence. All profit belongs to the propietor, as do all the losses the liability of the entrepreneurs is unlimited.
Partnership
A partnership firm is formed by two are more people. The owner of the enterprise are called partner. A partnership deed must be signed by all the partners. The firm and it's partners have no separate legal existence. The profits are shared are by the partners. With respect to losses, the liability of the partner is unlimited. A firm has a limited life span and must be dissolved when any one of the partners dies, retires claims bankruptcy or goes insane.
Limited liability partnership (LLP)
In a limited liability partnership or LLP, the partner of the firm enjoy perpetual existence as well as the advantage of limited l8ability. Each partners liability us limited to their agreed contribution to the LLP
The partnership and it's partners have a separate legal existence.
Anyone who is determined to start a business, no matter what the risk, is an entrepreneur. Entrepreneur run their own start-up ,take responsibility for the financial risks and use creativity, innovation and vast reserves of self-motivation to achieve success. They dream big and are determined to do whatever it takes to turn their idea into a viable offering. The aim of an entrepreneur is to create an enterprise. The process of creating this enterprise is know as enterpreneuship.
Importance of enterpreneuship
- Enterpreneuship is very important for the following reasons:
- It results in the creation of new organizations
- It brings creativity into the marketplace
- It leads to improved standards of living
- It helps develop the economy of a country
Characteristics of Enterpreneus
All successful enterpreneus have certain characteristics in common.
They are all:
- Extremely passionate about their work
Enterpreneurs also have a tendency to:
- Confident in themselves
- Disciplined and dedicated
- Motivated and driven
- Highly creative
- Visionaries
- Open -minded
- Desisive
- Have a high -risk tolerance
- Thoroughly plan everything
- Manage their money wisely
- Make their customers their priority
- Understand their offering and their market in detail
- Ask for advice from experts when required
- Know when to cut their losses
Examples of Famous Entrepreneurs
Some famous entrepreneurs are:
- Dhirubhai Ambani (reliance)
- Dr. Karsanbhai Patel (normal)
- Aziz premji (wiper)
- Anil agrawal (Vedanta resources)
Types of Enterprises
Asan entrepreneurs in india, you can own and run any of the following types of enterprises:
Sole proprietorship
In a sole proprietorship, a single individual owns, managed and controls the enterprise. This types of business is the easiest to from with respect to legal formalities. The business and the owner have no separate legal existence. All profit belongs to the propietor, as do all the losses the liability of the entrepreneurs is unlimited.
Partnership
A partnership firm is formed by two are more people. The owner of the enterprise are called partner. A partnership deed must be signed by all the partners. The firm and it's partners have no separate legal existence. The profits are shared are by the partners. With respect to losses, the liability of the partner is unlimited. A firm has a limited life span and must be dissolved when any one of the partners dies, retires claims bankruptcy or goes insane.
Limited liability partnership (LLP)
In a limited liability partnership or LLP, the partner of the firm enjoy perpetual existence as well as the advantage of limited l8ability. Each partners liability us limited to their agreed contribution to the LLP
The partnership and it's partners have a separate legal existence.
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