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Dilemma 6
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Dilemma 6; ‘Do I dare to lead or do business?’1. Define entrepreneur.
Entrepreneur is a person who supervises, organizes, and bears the risks of a company
or enterprise (Merriam Webster, n.d.).
According to Hayes, A (2021), an entrepreneur is a person who starts a new firm and
bears most of the risks while reaping the majority of the benefits. Entrepreneurship
refers to the process of starting a business. The entrepreneur is frequently portrayed
as a creator of new ideas, products, services, and/or business/or operations.
2. What are the necessary competencies of an entrepreneur?
- Initiative: It is an entrepreneur who initiates a business activity.
- Looking for opportunities: Entrepreneur always looks for an opportunity and
takes appropriate actions accordingly.
- Persistence: He follows the Japanese proverb “Fall seven times; stand up
eight”. He makes repeated efforts to overcome harriers.
- Information seeker: Entrepreneur always searches for information from
various researchers and consulting experts.
- Quality Conscious: An entrepreneur always tries to beat the existing standard
of quality.
- Committed to working: Entrepreneur does every sacrifice to get the task
completed.
- Efficiency seeker: Entrepreneur always tries to get the task completed within
minimum costs and time.
- Problem Planning: Entrepreneur always tries to develop realistic and proper
plans and then executes carefully to accomplish the task.
- Problem solver: Entrepreneur always tries to find out ways and means to tide
over the difficult times.
- Self-confidence: Entrepreneur has a strong belief in his strengths and abilities.
- Assertive: Entrepreneur is always assertive.
, - Persuasive: Entrepreneur is able to successfully persuade others to do what
he actually wants from them.
- Efficient monitors: Entrepreneur personally supervises the work so that it is
done as per the desired standard.
- Employees’ well-wisher: Entrepreneur has great concern and also takes the
necessary steps to improve the welfare of the employees.
- Effective strategists: Entrepreneur introduces the most effective strategies to
affect employees to achieve the enterprise goal.
3. What are additional requirements for entrepreneurs in the tourism industry?
Business plan which connects profit with sustainability
In-depth knowledge about the tourism industry
Entrepreneurs in the tourism industry, it can be said, have additional prerequisites for
starting a business plan. Knowing how the players in a traveler destination operate, being
able to read systems quickly, and comprehending supply chain management are crucial
characteristics that take a lot of time to learn but are well worth exploring if an entrepreneur
wants to enter this sector. Furthermore, being financially literate, having a foundation in
understanding accountability, investing in the proper possibilities, identifying niches, and
understanding the regulations governing the tourism business puts the entrepreneur in a
strong position. Furthermore, being a communicative person will enable you to develop
abilities such as how to approach various types of people, develop your own leadership
style, and comprehend the needs of consumers. You can tell what is selling and what isn't if
you understand the demands of the people.
4. What are the risks of being an entrepreneur?
Most entrepreneurs are risk takers by nature, or at the very least calculating
visionaries with a well-thought-out strategy for launching a new product or service to
address a market need. On a personal level, many entrepreneurs take significant risks
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