Unit 1 – The Age of the Entrepreneur
“Entrepreneurship is a state of mind.” – Richard Branson, Chairman of Virgin Group
Entrepreneurs have shaped and are continuing to shape society and industry in the world we live in today. Businesses like Microsoft, Virgin, the Body Shop etc have all been started by a single person with an idea and the strength to do well in an industry. Bill Gates has pioneered the computer world which we use today, and that so many businesses strive on to keep them going. Richard Branson started out as a small record stall, and now has various business ventures including airlines, trains, media (including telecommunications), money etc.
Characteristics of an Entrepreneur
To become an entrepreneur you must have characteristics to succeed and a drive to do well in industry. William D Bygrave, professor for Entrepreneurial Studies at Babson College in Boston, suggests that entrepreneurs must possess the 10 D’s:
Dream: - Entrepreneurs must have a strong vision of the future for they’re idea and business, as well as being able to do what it takes to make this dream a reality.
Doers: - They must be able to make things happen with they’re business as they see fit.
Dedication: - Entrepreneurs must be dedicated to they’re business and have the will for it to do well, sometimes causing tension in relationships between friends and family. They sometimes have to work for 12 hours a day, 7 days a week to get their business on it’s feet.
Details: - They must have and understand all the details when it comes to running they’re business, as it is essential to making the correct business decisions.
Determination: - A strong will is needed to keep the business from going under, as they must make decisions with ...