Assignment 1 Entrepreneurship

GROUP
MEMBERS
USAMA MUKHTAR 70075367
HAMZA KHALID 70072479
FAIZAN MOAZZAM 70071190
FAIZAN BAIG 70075414
AREEBA ANAM 70071197
AROOJ SAJJAD 70071207
SUBMITTED TO:

SIR JAHANZEB AHMAD KHAN

ASSIGNMENT 1
Ø Entrepreneur
An entrepreneur is an individual who creates a new business, bearing most of the

risks and enjoying most of the rewards.Entrepreneurs who prove to be successful in
taking on the risks of a startup are rewarded with profit, fame, and continued growth
opportunities. Entrepreneurs play a key role in any economy, using the skills and
initiative necessary to anticipate needs and bring good new ideas to market.
Entrepreneurs who prove to be successful in taking on the risks of a startup are
rewarded with profits, fame, and continued growth opportunities. Those who fail,
suffer losses and become less prevalent in the markets.
Ø Characteristics
Successful business people have many traits in

common with one another. They are confident and
optimistic. They are disciplined self starters. They
are open to any new ideas which cross their path.
Here are Characteristics of the successful
entrepreneur.
1. Disciplined
These individuals are focused on making their businesses work, and eliminate any
hindrances or distractions to their goals. They have overarching strategies and outline
the tactics to accomplish them. Successful entrepreneurs are disciplined enough to take
steps every day toward the achievement of their objectives.
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The University of Lahore

2. Confidence
The entrepreneur does not ask questions about whether they can succeed or whether
they are worthy of success. They are confident with the knowledge that they will make
their businesses succeed. They exude that confidence in everything they do.
3. Open Minded
Entrepreneurs realise that every event and situation is a business

opportunity. Ideas are constantly being generated about workflows
and efficiency, people skills and potential new businesses. They
have the ability to look at everything around them and focus it
toward their goals.
4. Self Starter
Entrepreneurs know that if something needs to be done, they

should start it themselves. They set the parameters and make
sure that projects follow that path. They are proactive, not
waiting for someone to give them permission.
5. Competitive
Many companies are formed because an entrepreneur knows that they can do a job
better than another. They need to win at the sports they play and need to win at the
businesses that they create. An entrepreneur will highlight their own company’s track
record of success.
6. Creativity
One facet of creativity is being able to make connections between

seemingly unrelated events or situations. Entrepreneurs often come
up with solutions which are the synthesis of other items. They will
repurpose products to market them to new industries.
7. Determination
Entrepreneurs are not thwarted by their defeats. They look at

defeat as an opportunity for success. They are determined to make
all of their endeavours succeed, so will try and try again until it
does. Successful entrepreneurs do not believe that something
cannot be done.
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8. Strong people skills
The entrepreneur has strong communication skills to sell the

product and motivate employees. Most successful entrepreneurs
know how to motivate their employees so the business grows
overall. They are very good at highlighting the benefits of any
situation and coaching others to their success.
9. Strong work ethic
The successful entrepreneur will often be the first person to

arrive at the office and the last one to leave. They will come in
on their days off to make sure that an outcome meets their
expectations. Their mind is constantly on their work, whether
they are in or out of the workplace.
10. Passion
Passion is the most important trait of the successful

entrepreneur. They genuinely love their work. They are
willing to put in those extra hours to make the business
succeed because there is a joy their business gives which goes
beyond the money. The successful entrepreneur will always
be reading and researching ways to make the business better.
Successful entrepreneurs want to see what the view is like at

the top of the business mountain. Once they see it, they want to go further. They know
how to talk to their employees, and their businesses soar as a result.
Ø Responsibilities:
As an entrepreneur, you'll be in charge of building the team that carries your ideas and
objectives through to success. This means you'll have full control over who comes into
your organisation, and you can prioritise whatever blend of skills, talents, education,
experience and personality you need to make things work.
The founder takes the lead in managing and motivating employees. ... These activities
include speaking to peers focused on how to start a business, mentoring less
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experienced individuals, supporting trade associations, or engaging in volunteer
activities of interest to the entrepreneur. They contribute to new products and services
and develop new markets which grow an economy.The goal is to offer a better product
or service at a lower cost. Worldwide entrepreneurs also contribute to a country's
exports and improves the trade balance which is important in economic development.
As an entrepreneur you also have the responsibility of your team.

• You need to see that the team is happy.
• Your employees are getting paid on time.
• And that it’s just not about you anymore.
• It’s not about your crazy dream.
• It’s about the people who are working with you day and night, and they have
dreams as well.
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GROUP

An entrepreneur is an individual who creates a new business, bearing most of the

Successful business people have many traits in

Entrepreneurs realise that every event and situation is a business

Entrepreneurs know that if something needs to be done, they

One facet of creativity is being able to make connections between

Entrepreneurs are not thwarted by their defeats. They look at

The entrepreneur has strong communication skills to sell the

9. Strong work ethic

The successful entrepreneur will often be the first person to

Passion is the most important trait of the successful

Successful entrepreneurs want to see what the view is like at

include speaking to peers focused on how to start a business, mentoring less

As an entrepreneur you also have the responsibility of your team.

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