Entrepreneurship

What is an entrepreneur? An entrepreneur is an individual who creates new business activity in the economy. They can create this new business by introducing a new product or by creating a new market for an existing product. But there is a big difference in being just an entrepreneur, and being a highly successful entrepreneur. There are certain characteristics that an entrepreneur possesses and employs, which makes him successful. Self confidence and determination are two of these major characteristics. But just having a great idea and confidence may not be enough to succeed as a entrepreneur, some managerial competencies are needed in conjunction to make their product idea or service flourish into a business. Howard Schultz, chairman and CEO of Starbucks is a prime example of a successful and determined entrepreneur. He came across an idea and embellished on it, until it became a successful corporation.…