What is an entrepreneur? WHat are the major benefits of business ownership? Which of the potential drawbacks to business ownership are most critical? How does the typical entrepreneur view the possibility of business failure? Explain the typical entrepreneur’s attitude toward risk

Assignment 1: Chapter 1 Questions
Instructions
Assignment 1:  Chapter 1 Questions Respond to the following Questions.  Students should complete this assignment after reading and reviewing the material for each chapter, attending class and taking lecture notes.  This assignment is designed to help students review material and prepare for exams.  Save a copy of your chapter questions for your review sheet to study for exams.  Students are expected to provide at least one paragraph (3-5 sentences) for each question.  Each question assignment submission is worth 20 points.  1.   What is an entrepreneur?  Give a brief description of the entrepreneurial profile Entrepreneur is a someone who builds a business to create a new product through innovative, initiative and creative with using available resources, brave to face of risk with a purpose to get profit.  Many things cause why a someone become an entrepreneurship. Those things are desire for responsibility, preference for moderate risk, self-reliance, confidence in their ability to succeed, determination, desire to immediate feedback, high level of energy, future orientation, skill at organizing, value of achievement over money, high degree of commitment, tolerance of ambiguity, creativity, flexibility, resourceful, willingness to work hard and tenacity. For an example, Christopher Kelley, owner Badd Newz BBQ, he began his business when he was working in one of company. He bought a food truck and outfitted it. He served barbecue catering for school events, church gathering and fundraisers in Huntsville, Alabama. But he just made it as a part-time business. He really into a full-time business when he was eliminated from his company. He began marketing his product via social and traditional media, even landing a regular spot at a nearby army post. Nowadays, a man who is 43 years old decided to take control of his own destiny by starting a business. He advises to believe in our abilities even when others do not and to devote all of our energy into building a successful business. His act suitable with characteristic of entrepreneurship which is confidence in their ability to succeed. 2.   What are the major benefits of business ownership? Many benefits that we can get when we decide to grow our business such as opportunity to create our own destiny, to make a difference, to reach our full potential, to reap impressive profits, to contribute to society and be recognized for our efforts and to do what we enjoy and have fun at it. The major benefit of business ownership is we earn money through doing something that we love. So that when we do something that we love, it feels like we are not working but doing our hobby. When we are doing our hobby, we will give our creativity, enthusiasm, vision and empowerment. If we do those things continuously, a success door is open widely. 3.   Which of the potential drawbacks to business ownership are most critical? Indeed, technology issue also competition from direct rival and large company become a main reason in developing our business. Among those of potential drawbacks, discouragement become the most critical. Each business will be faced many obstacles that sometimes become something insurmountable. An entrepreneur should be find a way to solve them to make his business long-lasting. If someone get discouragement when he faced obstacles so that the business will be sink for sure. This case caused by the owner can not to find a solution and just grouch with situation. 4.   How does the typical entrepreneur view the possibility of business failure? Failure is something that we cannot decline. It is part of creative process. When an entrepreneur got fail, he would not to quit but will deal with it. An entrepreneur will use a failure as stepping stone to reach the success. An entrepreneur sees the failure as an opportunity to know what does not work so that he will not make a same mistake in the future. 5.   Explain the typical entrepreneur’s attitude toward risk. An entrepreneur think that risk is a part of process and should be faced. The risk looks like a challenge and an entrepreneur likes to do challenge. An entrepreneur ready to take a risk, but he prefers to take moderate risk which is the risk is not too easy and not too difficult. An entrepreneur would not take lower risk because there is no challenge for him. Contrary, he would not take high risk to avoid failure. An entrepreneur has calculated this risk and uses his creativity also would hard work to reach his goal. Sometime his goal maybe looks impossible for other but he has high confidence that his goal will be realistic and attainable. He sees from different perspective. That is how entrepreneurship think about.