Introduction to Enterprise-Oprah Winfrey

Introduction to Enterprise-Oprah Winfrey

Introduction

In this report I shall establish what an entrepreneur is. I shall explain the different types of Entrepreneurs, and reasons as to why they decide to become self employed. I shall then discuss in detail the rise of 1 of the worlds best known and loved Entrepreneurs, Oprah Winfrey.

What is an Entrepreneur?

An entrepreneur is an individual who accepts financial risks and undertakes new financial ventures. The word derives from the French "entre" (to enter) and "prendre" (to take), and in a general sense applies to any person starting a new project or trying a new opportunity.

Many societies place great value on the entrepreneur. An entrepreneur has the greatest chance of success by focusing on a market niche either too small or too new to have been noticed by established businesses. Entrepreneurship is often difficult and tricky, as many new ventures fail. Most commonly, the term entrepreneur applies to someone who creates value by offering a product or service. Entrepreneurs and business people come from all walks of life and have different backgrounds and life experiences. Anyone can start up their own business.

There are 2 elements that are mentioned time and again by successful entrepreneurs as being crucial for success, to be precise the motivation and determination to succeed in your business venture and to make things happen. Successful entrepreneurs also have a healthy dose of self-confidence and an optimistic outlook on life. Entrepreneurs vary greatly, so there can be no one combination that defines an entrepreneur. However, research does suggest that a need for achievement, autonomy and an internal locus of control and a moderate tendency to take risks are key characteristics.

Motivations for start-up

Addressing the entrepreneur’s personal motivations for initiating start-up activities has received significant attention in the entrepreneurial literature (Carter, 2000a,b) and is considered one of the key components for entrepreneurial success (Timmons and Spinelli, 2003). The literature often reveals various “push” and “pull” factors as motivators for business start-up (Alstete, 2002) or alternatively negative and positive factors as discussed by Deakins and Whittam