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Money is a necessary thing for people's live. "Before gold, even kings take off their hats." (A proverb) The power of money never reduces from ancient times. Entrepreneur is the one who make money through accepts risks on organizes and manages a business. The purpose of an entrepreneur is to earn money and capital.
To be an entrepreneur, money is indispensable. Money can help entrepreneur to hire employees, buy capitals, and set up a business. It is a base element for entrepreneurship. It is also a support for an enterprise's running.
Although, money is so important of entrepreneur, it still cannot be the all. There are many requirements to be an entrepreneur, like, have a long-term objective, good personalities, intelligent, and innovation.
This assignment discuss about whether money is the all to be an entrepreneur. The purpose of this assignment is focusing on the disagreement of the money is the only need for become an entrepreneur.
An entrepreneur is a person, a career and a position. Money is a substance. The requirements for become an entrepreneur are more. It cannot only base on substances. There are some mental traits and skills of entrepreneur needs that except money, they are inestimable.
First of all, a person's personal characteristics are very important for become an entrepreneur. They are the decisive factors for whether a person suit to be an entrepreneur.
"High expectations are the key to everything." (Sam Walton, Founder of Wal-Mart) To be an entrepreneur should possess expectation and vision. Normally, before people start doing something, there should be a result or a target they want to achieve. As an entrepreneur, you should have ability to set up goals, have high expectations and create a compelling vision for the future. Vision is a carrier for your expectations, and it inspires other people that take effort to achieve it with you.
An entrepreneur is a leader and desire for control. To be an entrepreneur, you need to do decision making, and managing people. Therefore, you should be responsible and enjoin to be a motivate leader.
Doing business and making decisions are risk able. An entrepreneur is a risk taker. If you want to be an entrepreneur, you should able to take risks and have risk tolerance. Also, you should have ability to reduce these risks.
An entrepreneur is an optimistic thinker. There are not easy for doing a business and set up an enterprise. Optimism can help you get through the difficult times as many entrepreneurs experience.
You need to be a self-motivate person, initiative and energetic; because an entrepreneur is drive and persistence. You should motivate yourself to work hard and during a long time to realize your vision. You should never give up and never stop. You should find out some rewords to motivate yourself initiatively as well. "The critical ingredient is getting off your butt and doing something. It's as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer." (Nolan Bushnell, the founder of Atari and Chuck E. Cheese's) An entrepreneur should be initiative on taking action to achieve their dreams. Also, be initiative on solve problems and do improvements. Therefore, your business can be persistence.
To be an entrepreneur is to be resilience. You should able to accept failures, overcome the fear of them. Then, you can learn and grow from mistakes and failures. "Failure defeats losers, failure inspires winners." (Robert T. Kiyosaki Rich Dad Poor Dad) To be an entrepreneur it is to be a winner. It does not matter what the problems and obstacles you are facing, you should confident to tell yourself that, "I can handle them." You should able to pick yourself up when things are not going by under plan.
There are two categories skills that an entrepreneur should have. They are "hard skills" and "soft skills".
They are about the practical skills and knowledge.
An entrepreneur must know how to set a goal. The goal setting can help you to create plans and achievement.
Planning and organizing skills are helping in set up plan, and organize people.
Decision making skill is about how well can an entrepreneur make choices through relevant the information.
Also, some of the basic knowledge is needed.
Business knowledge, it is a general knowledge of business, Such as, marketing, finance and operation.
Entrepreneurial knowledge, it is the knowledge of how can entrepreneur raise capitals.
Opportunity-specific knowledge, entrepreneur is an opportunist. "The entrepreneur in us sees opportunities everywhere we look, but many people see only problems everywhere they look. The entrepreneur in us is more concerned with discriminating between opportunities than he or she is with failing to see the opportunities." - Michael Gerber (Author and Entrepreneur) Good at discovering the chances is a benefit to be an entrepreneur. This knowledge help to bring your products and services enter new market, and make it easy and correct.
Venture-specific knowledge, an entrepreneur should clear about what business you want to do and how it starts.
These knowledge help on effectively production and company's running.
Soft skills are about a person's interpersonal skills, emotional quotient, and critical and creative thinking skills.
Interpersonal skills, an entrepreneur should try to be nice to people and build great relationships with your team.
Therefore, you should have good communication skills, to be a good listener, and high emotion intelligent can make an easy to you work with others.
The ethics are the basic elements that determine how well you can be with others. An entrepreneur should deal with people based on respect, fairness, truthfulness, and lead ethically with staff.
On another hand, an entrepreneur is an opportunist, an opportunities creator and an innovator. Therefore, Recognizing opportunities skill and creative thinking is the basic of an entrepreneur. Good at come up with new ideas and make differences help you to create opportunities and new competitive advantages.
In addition, Problem solving skill is about how well you can analyze the problem and found out the right solution. An entrepreneur must able to solve problems, then, you are able to take the risks.
These factors discuss above shows the entrepreneur is not build by money. If you have money, you can be called a rich person. But, an entrepreneur is beyond a rich person. Entrepreneurs are people who making money by achieve their dreams with their followers.
There are some successful entrepreneur cases that not based on money.
Li Ka-shing, the 11th richest man in the world (as estimated by Forbes). He is a self-made billionaire. When Li Ka-shing was 14, he dropped out from school and shouldered the responsibility of look after his family livelihood. He found a job in a plastics trading company when he was 15. He was a salesman at the time and worked 16 hours a day. He had learned interpersonal skills and marketing skills from the job. At the same time, he started to plan to set up his own company and to be an entrepreneur. In 1950, he found his first company, Cheung Kong Industries. He was smart and good at discover opportunities. In 1972, Cheung Kong industries became the leading real estate investment company in Hong Kong. After that, Li Ka-shing build his own enterprise group and drove into different areas.
However, Li Ka-shing needed money to be an entrepreneur and entrepreneurship. But, if without his abilities, he could not get any money to raise capital and set up company. Therefore, a poor person can use his abilities, skills and hard-working to become an entrepreneur.
Bill Gates (Microsoft Inc. founder), Mark Zuckerberg (Face book founder) and Michael Saul Dell (Dell Inc. founder), they became successful entrepreneurs and hold famous companies, because, their, creative thinking, and innovation. They found opportunities, and doing something new. The technology and innovation were the competitiveness of their companies that created by them.
To be an entrepreneur, money is not enough. It requires personal characteristics, knowledge and skills. Entrepreneurs are not building by money, but making money. They are doing business, but they go beyond many business men. They work with people, take risks, control over their teams, search for opportunities, hard working and think differently. Money here is only a tool for helping on their business. The most effective one is the person himself. Therefore, there is not easy to be an entrepreneur. "Building a castle is difficult. Defending and maintaining it is harder still." (Asian Proverb) it is difficult to do entrepreneurship, but to be an entrepreneur is harder. Because, he needs to keeping his enterprise survive and never stop hard-working. There are the money cannot do.