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What Is The Role Of An Entrepreneur In Starting A New Business?
An entrepreneur the one who will take the risk to invest in
a new business. He/She will organize the different factors of production and
use them effectively. He/She has to do all the research to find out which
products are demanded on the market, who the competitors are and who provided
the best raw materials.
The entrepreneur in a new business is normally the partner or partners that come up with the idea to start the specific type of business and actually do something to make the idea a reality (have the drive). Unfortunately not all entrepreneurs are successful basically due to the following reasons:
The idea or commodities (goods and services) is not as good as the entrepreneur(s) thought.
The business climate when putting the idea into practice is not supportive at the time.
Insufficient capital.
Bad or no planning.
Lack of sufficient cash flow to keep the business going once started up.
Personal problems (also between business partners)
Lack of experience
Criminal activity
Non compliance with legal requirements
Lack of commitment and perseverance
Poor marketing
Not being properly insured
Act(s) of god
Social unrest
The form of government is not conducive to starting an own business (like communism)
Sickness and disease.
The basic thing that the entrepreneur do when starting a new business is to combine scarce resources in such a way that the business is successful (or not). The scarce resources basically are:
Capital (money and equipment), natural resources (land, energy), labour and entrepreneurship. The entrepreneur is therefore only one of the inputs required to get a business up and running, but is by no means the only resource required. A problem with any of the resources may sink the new business (or make it very difficult to survive or grow the business). Please note that not all businesses are started to make a profit, but (normally) all businesses are started to achieve a or some goal(s) that is important to the entrepreneur(s). The entrepreneur(s) are normally very important to get the business going, and then to grow it (if required/practical). All people can not be good entrepreneurs, and from their entrepreneurship being regarded as a scarce resource.
The idea or commodities (goods and services) is not as good as the entrepreneur(s) thought.
The business climate when putting the idea into practice is not supportive at the time.
Insufficient capital.
Bad or no planning.
Lack of sufficient cash flow to keep the business going once started up.
Personal problems (also between business partners)
Lack of experience
Criminal activity
Non compliance with legal requirements
Lack of commitment and perseverance
Poor marketing
Not being properly insured
Act(s) of god
Social unrest
The form of government is not conducive to starting an own business (like communism)
Sickness and disease.
The basic thing that the entrepreneur do when starting a new business is to combine scarce resources in such a way that the business is successful (or not). The scarce resources basically are:
Capital (money and equipment), natural resources (land, energy), labour and entrepreneurship. The entrepreneur is therefore only one of the inputs required to get a business up and running, but is by no means the only resource required. A problem with any of the resources may sink the new business (or make it very difficult to survive or grow the business). Please note that not all businesses are started to make a profit, but (normally) all businesses are started to achieve a or some goal(s) that is important to the entrepreneur(s). The entrepreneur(s) are normally very important to get the business going, and then to grow it (if required/practical). All people can not be good entrepreneurs, and from their entrepreneurship being regarded as a scarce resource.
