Tuesday 27 January 2009

Revision by myself ---- I am trying to catch up

I thought few times about I need to do something and catch up with others and don't make others slow down so the only way is I need to work hard and go over what we have learned by myself.So today I will start to do something and also I will keep it in the future.
So today I am going to study the knowledge in the unit 1 ----" Planning and Financing a Business"
ENTERPRISE AND ENTREPRENEUR
Enterprise is an ability to handle uncertainty and deal effectively with change.

Entrepreneur is a person who starts and runs a business ,it has the responsibility for the risks involved ,also it should be able to manage the four factors of production which are labour capital land and entrepreneurship.
The characteristic of entrepreneur:
* Able to build relationships with other business people for example suppliers and consumers...
*They should know the consumers need and the action of competitors so it is the market understanding ability.
*And they can persuade their staffs ,suppliers to do things.-Power of persuasion.
*They need have the ability of initiative.
*Able to calculate the risk.
Also the entrepreneur is the risk taker.And also If they gain the finance the profit they earn will become a good reward but somebody to run a business not only want to get more money but also want some experience to overcome the challenge and want to some satisfaction.
Then to be an entrepreneur it's not a easy thing not everyone could this .It's need time ,money and knowleage.

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