Tuesday, December 6, 2011

Some Have What It Takes To Make Their Own Success

I found this article both enlightening and encouraging. It shows that with the right attitude, determination and a bit of luck, someone could be a successful entrepreneur. If every person relied on stable businesses for jobs and benefits, it would certainly help the individual but the economy would become stagnant. Big business know to be wary of eager entrepreneurs because
  1) New start ups can replace other businesses in the coveted spot
     -they have incentives to harbor demand
  2) Big businesses' fear of failure leads them to use smaller businesses for services and to remain competitive.

The piece convinced of the importance of entrepreneurs because they respond better than other to market signals and have the power to abolish old, unsuccessful ideas and implement better practices. It is vital for an entrepreneur to be flexible and the ability to adjust to demands or unpredictable occurrences. My favorite part of the reading was that it is "easier to ask for forgiveness than for permission". To make it, one cannot be afraid of failure, authority or uncertainty. I think it is hard for economists and investors to give entrepreneurs the credit they deserve because many people look for the short term, monetary gains rather than the larger impact or long term benefits.

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