The title ‘Entrepreneur’ has been widely misused to the point of a mass misunderstanding of its complex meaning. A person who organizes and manages any enterprise or business, usually with considerable initiative and risk is referred to as an entrepreneur. In subdividing this definition, it is hoped, that this brings clarity to the meaning of the word.Risk is used to point out the high degree of failure associated with the title. Risk would not be used if being an entrepreneur was common place or second nature, indicating a person who has the capacity (able to sleep comfortably) and steadfastness (Don’t Quit) to take risk. Initiative defines the ability to change course as necessary, while always having the target constantly in sight. When someone takes or acts on they own initiative, it normally saves cost and implies a willingness to get the best results, while still focusing on the pre-determine goals. Both terms ‘Risk and Initiative’ are commonly associated with profit making enterprise or business.
Business studies are design to expose participants to; management techniques – meeting preset goals and objectives using available resources, business planning – an ongoing consolidation of needed resources and strategies, and the mission design – setting clear, measurable and attainable targets. The word ‘manages’ in the description of an entrepreneur, involves the mission design, the business planning and the management techniques employed to generate years of profits and grow the net asset value of the enterprise or business.
The word ‘organizes’ in the description of an entrepreneur, is clearly what causes the difficulty, involves the designing of a (best-fit and workable) solution to a problem. Scientist with all its connotations and tools – is one who studies what nature is made of (the base elements) and how such things interact, react and work together. Engineer takes the scientist research and design materials to meet all necessary specifications and incorporate it into a designed (material and process) solution. It is this solution that becomes essential inputs, raw materials or tradable products in the enterprise or business.
Who directs the scientists and engineers toward a solution? Only the Problem, most lasting innovations or inventions are as a result of necessity. The wheel, the light bulb, the computer, all came about because of someone who recognized a problem in the way things were done before and whether deliberately or by accident improved on it. The problem should not be defined as right and wrong but in terms of efficiency (is this, the best way to achieve the objective). Identifying a problem that can be solved is the key to defining an entrepreneur. Someone, who profits (in fame or fortune) from new ideas or products (practical applications or solutions), that are designed to do something in a more efficient way.
Rationale
T.A.J & Associates Company Limited uses this occasion to comment on topics that have been covered, both academically and by the mainstream media, to add its opinion and point out investment opportunity, not to invoke any social action.
