Aradhya Pandey | 16 October 2022
The path to business is frequently perilous, full of unanticipated turns, obstacles, and disappointments. Plans that do not work out, funding that does not materialise, and customers who never show up, are all common occurrences. Starting a business might be so difficult that you might question why anyone would choose to go down that road.
Despite these challenges, dozens of individuals start their own businesses every year in an effort to fulfil their dreams and meet societal needs. They establish stores, start up tech companies, or develop concepts into fresh goods and services. You too, can succeed as an entrepreneur with the correct drive, inspiration, and strategy.
Sam Walton was a successful business owner who made a good impact on millions of lives as the creator of Wal-Mart. In less than thirty years, Wal-Mart expanded from a single store in Arkansas to the largest retail chain in the country. This was because of his breakthroughs in distribution warehouse facilities and inventory control. Customers profit from Walton’s Wal-Marts’ affordable prices and handy locations. Walton impacted the daily lives of billions of people worldwide, and inspired other entrepreneurs like Ted Turner (CNN), Henry Ford (Ford vehicles), Ray Kroc (McDonald’s franchising), and Fred Smith (FedEx).
The French verb entreprendre, which means “to do something” or “to undertake,” was first used in the fourteenth century. When the word “entrepreneur” first appeared in the sixteenth century, it was used to refer to a person who starts a business. Richard Cantillon, an economist, undoubtedly coined the term in 1730 and defined the willingness to assume the financial risk of a new enterprise as the defining quality of an entrepreneur.
An entrepreneur finds a need that no company currently fills and decides on a method to fill it. Entrepreneurial activity entails creating and launching a new firm as well as carrying out a business marketing strategy frequently, with the intention of eventually selling the business for a profit.
A serial entrepreneur is someone who frequently builds new firms, sells them, and then launches new ones. Whether a business owner qualifies as an entrepreneur or not, relies on a variety of factors, including whether they founded the company and other legal considerations. Nevertheless, every founder of a well-known company started out as an entrepreneur.
Entrepreneurs are people who desire to operate their own enterprises, be their own bosses, and establish their own objectives and deadlines. They are aware that the responsibility of success and failure ultimately falls on them, yet they do not see this as a burden. It serves as a symbol of their independence and determination instead.
Many business owners have a distinct idea of what they want to achieve and will put in endless effort to make it happen.
“The people who are crazy enough to think they can change the world are the ones who do”—Steve Jobs
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