Advantages Limitations Entrepreneur

Advantages Limitations Entrepreneur order to state the benefits and limitations of entrepreneur, it is very much necessary to understand the requirement, importance and fundamental acceptability of the same. An entrepreneur not only took the responsibilities of the company but at the same time contributes towards the growth of the same(Ajagu, 2015). However, one should not forget that both upward and downfall of the company Advantages Limitations Entrepreneurdepends on the activities or performance of the entrepreneur. Talking about the most important quality which should be present on every entrepreneur is patience, in order to maintain a business great amount of patience is required. Thus, as far my opinion is concerned I always wanted to become an entrepreneur as every now and then I think about strategies and try to follow the footsteps of great businessman and qualified professionals. However, there is some reason as well which draws my attention towards other profession and distract my motivation of becoming an entrepreneur. Thus, following is the list of reason which either motivates or distracts me towards entrepreneurship:

1Reasons to become an entrepreneur:

Limitless Income:

Unlike any other profession, an entrepreneur can earn limitless income if right strategies are implemented in right way or in right direction(Livesley, 2011). Also, with productive ideas or plans an entrepreneur can expand the overall boundary towards international borders.

Great status in the society:

A successful entrepreneur is always treated with great respect and admiration from all the individuals around the globe. Thus, this reason is also important to me as I always wanted to become famous and live great life.

Growth in appropriate period:

It is not to be mentioned that any other profession other than business requires huge amount of time for every individual to reach the upper level position and also comes with various terms and conditions like requirement etc. However, an entrepreneur can enhance the overall boundary of respective business within limited time of things falls in right places(Jones, 2014).

Reasons not to become an entrepreneur:

Very risky profession:

Both the income and the validity of business is unpredictable, thus is a major reason why I don’t want to become an entrepreneur.

Tough competitors:

Companies running from more than 30 years have already covered the major portion of the market and thus there is very small place for new comers like me.

Comply with various tax rules and regulations:

In order to become an entrepreneur, it is very much necessary to gain all the information about laws and rules which somewhere distract me towards this profession(Levine, 2012).

Following is the list of my strengths which would help me towards entrepreneurship:

Good knowledge of accounts and related calculations:

Since I am from commerce background, I have all the necessary information about calculations which is very much necessary in business as everything comprises in the same deals with numbers.

Efficient in handle critical situations:

Great communication, smart work and positive attitude is very much required to handle critical situations and all these three are hopefully present in my inner strength

Structuring new ideas:

Last but not the least is the ideas every now and then I create related with new products or services to connect with modern customers and attract the same(McMillan, 2013).

However there are some areas which still need improvement like:

  • Information about laws and regulations
  • Strategies for dissolving risks or uncertainties
  • Information required for management

Advantages Limitations Entrepreneur

Thus, summarizing the above study in compact manner, one can try to become an entrepreneur if he or she is ready to take the risks and work efficiently on daily basis. As far as my choice is concerned I am definitely going to take the respected lessons of entrepreneurship and become one in coming period(Wadhwa, Aggarwal, Holly & Salkever, 2010). 

Task 3: Information about entrepreneur I admire:

After going through various internet sites I found a very struggling story of Sir Michael Marks, a person who pays endless efforts towards structuring Marks and Spencer’s and considered to be the reason behind the successful growth of the company. As a fresher I would love to follow the footsteps of the same and try to enlist my name in the categories of Worlds top entrepreneurs. He not only started the company but also work day and night to successfully run the same for more than 30 years now(Wadhwa, Aggarwal, Holly & Salkever, 2010). I considered him as my teacher as his life brings out the motivation I requires to step into the world of entrepreneurship or business.

Also the reason behind admiring him is his idea of creating business related to clothing, home products and luxury in one single shop. Every individual having a dream of becoming one of the best entrepreneurs should learn from Sir Marks and try to invent something which provides maximum satisfaction to the customers who are considered as assets of the company. Thus, I would implement all my strategies after studying the investment plan of Marks and Spencer’s and would always consider the efforts of Michael Marks before inventing something new or original(McMillan, 2013).

References

Books:

Ajagu, A. (2015). The entrepreneur. Lagos: Betcy Media pg.21

Jones, C. (2014). The entrepreneur. Bloomington, Ind.: AuthorHouse pg.93

McMillan, A. (2013). Entrepreneur. Abingdon: Q Learning pg.67

Journals:

Livesley, J. (2011). Tentative steps in the right direction,5(4), 263-270.

Levine, A. (2012). Finding Balance: The Professor/Entrepreneur. Science.

Wadhwa, V., Aggarwal, R., Holly, K., & Salkever, (2010) A. Making of A Successful Entrepreneur:

Anatomy of an Entrepreneur Part II. SSRN Electronic Journal.