1/Entrepreneurs are classified in several different categories. What are the fou

Question

1/Entrepreneurs are classified in several different categories. What are the four main categories of entrepreneurs that your text defines and how do they differ?

2/Why is it important for entrepreneurs to network and aquire mentors?

3/ How fragile are new businesses? See also the supplemental PPT on Failure Rates. What are the realistic rates of failure for startups in the early stages. What are the most common causes of business failure?

4/Why is growth important for new businesses and what are the key growth issues for an entrepreneur?

5/The textbook “PEM” itemizes five stages of the Entrepreneurial Process. Please note that the sequence matters and that the specific activities associated with each stage matter.

6/Throughout this and later chapters the text refers to Owners, Partners, Executives, Hired Managers, Mentors, Customers, Investors, and Social networks. What do these roles mean and how do these roles or titles differ from one another.

Explanation / Answer

1.

Entrepreneurship: Starting and managing a new business with innovative thoughts and excellence is known as entrepreneurship. The entrepreneur must have risk taking ability.

Example: Suppose an educational platform is created with innovative software, where students throw their questions and experts give answers. Such business of the company is entrepreneurship, since it is unique in recent time.

Categories of entrepreneur are given below:

Doubtful entrepreneur: This type of entrepreneurs believes in luck. They do not jump up with their innovation to start business immediately, because they fear about success. Rather, they wait for good time as per astrological prediction.

Determined entrepreneur: This type of entrepreneurs might have several limitations but have determination to success. The limitations might be non-availability of capital, labor, or resources. The entrepreneur has to find the way to overcome such limitations. Only then the determination fulfills.

Accomplished entrepreneur: This type of entrepreneurs has the necessary solutions for all problems. They keep examples for other entrepreneurs and get success in business very easily.

Research entrepreneur: This type of entrepreneurs is very choosy. They used to go for learning and researching work very frequently before implementing. Too many research work may hamper the main activity.

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