Overview

Entrepreneur is defined as an individual who operates and organizes a business by taking on higher financial risks than normal. As an entrepreneur, the individual should be innovative and creative as he or she is going to create some value-added products or services to the citizens. The most important criteria that an entrepreneur should fulfil are he or she must have a will to bear on the risks. There are a lot of risks and challenges should be faced by entrepreneur. In addition, entrepreneurs should consider the internal and external factors when they are making the decisions. The internal factors such as employees benefits, coordination of the management, quality of the products and so forth. The external factors are technology, competitors, suppliers, customers and so on.

            

Besides that, once an entrepreneur is successful and has market position, he or she has to compete continuously rather than step at the current position. It is due to there are a lot of competitors around the market, if an entrepreneur desires to control and maintain his or her business at the market, then he or she has to obtain competitive advantage in order to control the entire industry in the market. Hence, being a successful entrepreneur is not easy; entrepreneurs cannot stand at the current market position while they have to find out where they are standing. They have to always review their market position. Different entrepreneur will meet different challenges, and it depends on how the entrepreneurs overcome their challenges. Therefore, different entrepreneurs have different traits.

Furthermore, entrepreneurs should smart in playing market strategies. They have to find out and implement the appropriate market strategies in their business. Once a wrong market strategy is implemented; then there is a problem has to be solved by the entrepreneur. Thus, entrepreneurs have to be careful when they are making a decision. A wrong decision is made may bring a huge trouble to them. So, if an individual desires to be a successful entrepreneur, the individual should do some market surveys and in addition, take some successful entrepreneurs to become their role models in order to imitate their market strategies.