Identify and explain the incentives for entrepreneurship. Address why someone would willingly take the numerous risks associated with running a business. Also, discuss the major attributes necessary for a successful entrepreneur.
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Enterpreneurship is the main driver of the economy, in this regard it is the practice of putting up new organizations and businesses which help in creation of wealth and provision of job opportunities. Some of the incentives that are used in luring enterpreneurs include reduction in taxes whereby some businesses are exempted form taxes in their trading. Free education programs where entry enterpreneurs are encouraged to invest and take risks is also a way of luring individuals into enterpreneurship. Others would include start up loan and also start up chile given as grants by the governemnt.
An individual would be willing to take a risk into enterpreneurship given the payoffs of the economy. The production activities are high and thus any person would be inclined to risk and try their luck in the business world.
some of the most upraised attributes of an enterpreneur include: Ambitious, an individual willing to risk their money and time must be in need of being successful and not just wanting to be successful, this way they will work tirelessly to see that happen. An enterpreneur must also be creative and must be able to tolerate risk. this means that one has to know what to do and at what time, If that fails he should be able to understand that there is always another chance. Tenacity and intuition are also good attributes of successful enterpreneurs.
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Dec 13th, 2015
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