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MKT 5815 Entrepreneurship Brendan O’Neal

MKT 5815 Entrepreneurship Brendan O’Neal -...

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Brendan O’Neal MKT 5815 Principles of Entrepreneurship Dr. Gene Landrum Hodges University
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The Essence of Entrepreneurship An entrepreneur is a rare individual who is able to live outside of the norm of a comfort zone in order to turn an idea into a tangible enterprise or entity; they are able to create a name and product that evokes feelings of loyalty, desire, and want to the customer. That vision of the entity is chased with zeal; it is refined, and may be rejected by funding sources, colleagues, and critics. Through the exploration of the idea and its refinement, the enterprise is founded, with the hopes that it will become as profitable as the enterprises that the public looks up to on a daily basis: a monster retailer like Wal- Mart, a paradigm breaking computer enterprise like Dell, or the exclusivity and ingenuity like Apple. The essence of the entrepreneur is difficult to put on paper, but can be described with a few essential characteristics and traits that are universal for success. An entrepreneur is an individual that is unique; the individual is a visionary who does not mind taking a risk, the individual is adaptable, business savvy, creative, intelligent, and maybe even be a bit hypo-manic (Landrum, 2010). Entrepreneurship is a risky business. It is an investment that is no sure thing. The risk of pursuing an entrepreneurial venture is well documented; in the first 10 years, 72% of all new products launched fail (Landrum, 2010). An entrepreneur’s incentive is not only financial, it is that of working for himself. It is also ownership of a large share of whatever enterprise commercializes the entrepreneur’s product or idea (Hall and Woodward, 2010). In three quarters of cases studied in the Hall and Woodward study (2010) the reward to the entrepreneur was zero despite hundreds of hours of work (n = ?). One has to truly understand what makes the entrepreneur tick if these numbers are truly
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