A Way Of Thinking By Entrepreneurs Business Essay

A Way Of Thinking By Entrepreneurs Business Essay Successful companies are driven by visionary people in an effective and efficient way, those people are called entrepreneurs. The Oxford Dictionary provides the entrepreneur concept as â€Å"a person who undertakes an enterprise or business with probability of gain or loss, a contractor who acts as an intermediary, a person who assumes effective control of a business venture. It comes from the French word Entreprende or undertake†. Glancey and Mc Quaid (2000) define them as the protagonists of the process of entrepreneurship The entrepreneur is a leader, who sees opportunities where others see nothing, or only see difficulties. The entrepreneur makes a commitment that leads him to develop an unknown practice to solve a variance in small or large scale, A Entrepreneur will achieve recognition by pleading responsible to solve the problem and meet people who have similar interests. One aspect that should be present in an entrepreneur is: Believe in their own abilities, knowledge and skills, evaluate them, and be consistent with them at all times, these aspects provide confidence in themselves and in what the entrepreneur exposes as business idea These definitions are pointing to the entrepreneur as a person who seeks a reward assuming some risk (potential loss). Basically, the entrepreneur senses a need and then meets of the manpower, materials and capital needed to meet that need. In essence, an entrepreneur creates an organization as a means to offer something new to customers, employees or other stakeholders. Some entrepreneurs use information available to everyone, to produce something new. According to Timmons (1970) the creation and success of a company is not only necessary to administer and manage. The current business generation needs to be led, so organizations need to rethink their culture and practices. Direct them to seek dynamic processes, aimed at the opportunity, where there is the presence of a leader and business team: creative, careful a nd moderate resources, integrative and holistic vision, in order to establish a balance between all the driving forces The entrepreneur is the main engine of capitalist economic development. According to Schumpeter the benefit of the employer is justified by being an innovative ability to create wealth. If the economic system is in equilibrium, all factors of production are paid according to their marginal productivity (Schumpeter,  1934) Characteristics of an Entrepreneur à ¢Ã¢â€š ¬Ã‚ ¢Entrepreneurship. à ¢Ã¢â€š ¬Ã‚ ¢Vision and imagination creative and innovative. à ¢Ã¢â€š ¬Ã‚ ¢Need for achievement. à ¢Ã¢â€š ¬Ã‚ ¢Perseverance and dedication. à ¢Ã¢â€š ¬Ã‚ ¢Teamwork. à ¢Ã¢â€š ¬Ã‚ ¢Comprehensive view of market needs. à ¢Ã¢â€š ¬Ã‚ ¢leadership For example we can mention a current entrepreneur who gained a great market space: Andrew Mason, 29 years, is the creator of Groupon, the web coupons, which became successful with a simple innovative idea .One of the fastest growing compa nies in history, according to Forbes. After saying no to Google, which offered U.S. $6,000millions, they now have a value of U.S. $950 million.Its creator explains why the success of the company very simply: â€Å"We won a commission, customers pay less for the product and associated companies get a return on a large scale for their products and services.†(gruopon.com) Effectuation – Tool of Entrepreneurs