We use the phrases entrepreneur and small business owner interchangeably. Forty eight year old Bob Carlos was expecting a promotion as the Vice President of his company. He was unprepared for the recession and it hit him below the belt. Carlos reeled but rallied again to life. It’s then that he decided to do what he loved most in life- sail. Soon he began utilizing his information to coach others and to guide small excursions. Bob Carlos now leads a full life having fun with his job. He’s making a living in a approach he by no means dreamt of. He now has plans to develop on-line and improve the scope of his customers.
A considerably broader definition of the term is typically used, particularly in the discipline of economics In this utilization, an entrepreneur is an entity which has the power to find and act upon opportunities to translate innovations or applied sciences into products and services: “The entrepreneur is ready to recognize the commercial potential of the invention and set up the capital, talent, and other assets that flip an invention into a commercially viable innovation.” 8 In this sense, the term “entrepreneurship” also captures progressive activities on the part of established firms, along with similar actions on the a part of new companies. Yet, the definition remains to be slim within the sense that it still focuses on the creation of financial (commercial) worth.
The environment friendly management of entrepreneurial ventures has a variety of benefits to the economic system. This management may be guided by the talents, resources, vision and assets accessible to the entrepreneur. The advantages related to entrepreneurship are job alternatives creation, diversification of the economic system, equitable distribution of the sources and earnings, rural improvement, mobilization of home financial savings for investment, adoption of latest know-how, development of latest expertise and the development of the economy in the direction of sustainable development.
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