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  • Definition of Entrepreneur

    Definitions by different scholars, sources and their views is described below for your reference.

    Entrepreneur is one who assumes the risk and management of business. Webster dictionary

    Entrepreneur is a person bearing risks of profits (loss) in fixed price contract with the government. The 17th century concept.

    Entrepreneur is a person bearing risks is different from one supplying capital. Richard Cantillon, 1725.

    Entrepreneur is a person bearing risks, planning, supervising, organizing and owning. Beaudeau, 1797.

    Entrepreneur is separated profits of an entrepreneur from profits of capital. Jean Baptiste Say, 1803.

    Entrepreneur is distinguished between those who supplied funds and received interest and those who received profit from managerial capabilities. Francis Walker, 1876.

    Entrepreneur is an innovator and develops untried technology. Joseph Schumpeter, 1934.

    Entrepreneur is an economic man who tries to maximize his profits by innovations. Haggen, 1958.

    Entrepreneur is an energetic moderate risk taker. David McClelland, 1961.

    Entrepreneur maximizes opportunities through systematic innovations. Peter Drucker, 1964.

    Entrepreneur takes initiative, organizes some socio-economic mechanisms, and accepts risk of failure. Albert Shapero, 1775.

    Entrepreneur seen differently by economists, psychologist, business person and politicians. Karl Vesper, 1980.

    Intrapreneur is an entrepreneur with an already established organization. Gifford Pinchot, 1983.

    Entrepreneur is the process of creating something different with value by devoting the necessary time and effort, assuming the accompanying financial, psychological, and social risks and receiving the results- rewards of monetary and personal satisfaction. Robert Hisrich, 1985.

    Entrepreneur is a person starting a new company who takes on the risks associated with starting the enterprise, which may require venture capital to cover start-up costs. Indigo Dictionary of Business, 2002.

    Entrepreneur is an individual who undertakes (from the French entreprendre to undertake) to supply a good or service to the market for profit. Entrepreneurs will usually invest their own capital in a business and take on the risks associated with the investment. The view of capitalist is that the initiative of entrepreneurs creates a society’s wealth and that governments should therefore establish conditions in which their activities are encouraged. Oxford Dictionary of Business, 2002.

     

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  • Ethiopian Takes Delivery of Ninth B787 Dubbed Great Wall of China

    Ethiopian Airlines, the largest airline in Africa, is pleased to announce that it has received its ninth 787 Dreamliner, dubbed "Great Wall of China", on 3 August 2014.

    Ethiopian, an aircraft technology leader in Africa, was the first outside Japan to receive the ultramodern aircraft back in August 2012 and currently operates the largest 787 fleet in the continent.

    "For almost seven decades, Ethiopian has been playing a pioneering role in African aviation by providing its esteemed customers the most technologically advanced aircraft the industry has to offer. The 787 is our core fleet on our fast expanding mid and long range routes. In China alone, we operate this aircraft in our daily flights to Beijing in combination with the 777, Shanghai and now to Hong Kong with the delivery of this 9th 787. In addition to China, Ethiopian 787 flies to India, Europe, the US, Brazil and Africa. Going forward, we will continue to expand our 787 destinations with the aim of providing to our esteemed customers the ultimate on-board comfort", said Tewolde Gebremariam, Chief Executive Officer of Ethiopian Airlines Group.

    Ethiopian 787 offers unique features, which enhance passenger comfort such as greatly reduced noise, higher cabin humidity, biggest windows in the sky, lighting adaptable to the outside environment, wider aisles, more headroom and more seating flexibility.

    Ethiopian is a Pan-African global carrier with the youngest fleet in the continent with an average age of less than 7 years and currently serves 82 international destinations across 5 continents with over 200 daily departures.

    source: ethiopianairlines.com

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  • Advantages of Starting a Business at Home

    There are mainly three places where you can start your business. These are leased space, virtual office and your home. Leased site is where you rent a room or building to start your business. You use virtual office when doing online jobs. Online jobs do not require a certain location. You can do it anywhere if you have computer and internet connection. You can take your office anywhere. You will have flexible working place.

    You can use your home for starting a business if you have ample space. Most small businesses are started at home. This is because it involves less cost and is free of hassles.  There a number of advantages of starting a business at home. In the following section we are going to see the advantages of starting a business at home.  

    Friendly Environment: Your home is the place where you spent most of your time. You like staying at home because your home is more or less equipped with the necessary resources. You get comfort in doing a business at home as same is environmentally friendly.

    Family Time:  When starting your business at home you will get more time for your family. You will be in close contact with your kids as there is no distance between your home and work. By doing at home you will have the opportunity to take care those who need your help. You will also have enough time for your personal issues.

    Proximity: There is no place gap between your work and home. You are free to contact your family at any time due to short physical proximity. This gives you comfort for child care and elderly care. You will be easily accessible to your kids when working at home.

    Business Attire: You do not need to have formal office clothing. This saves money on clothing and dry cleaning. When you work at home you are free to wear anything you like.

    Cost Saving:You will also spend less for automotive maintenance and spare part. You also save cost for fuel, car wear and tear, road taxes and parking fee. This is because of there is no or less travel to work.

    Stress Free: When working at home you will have less stress. This is because your work does not require travel. If you do not travel then you will not have traffic stress and tiredness even before starting your work.

    Improved Health: You will have enhanced health by working at home. This is because you eliminate the stress and tiredness that arise due to long travel. You will get improved mental and physical health by working at home.

    Working Hours: When you start a business at your home you are free to work long hours. You can do even in the late evening. You will not have any travel problem in the evening. You just can go to your bed when you are tired.

    Proper Eating: When working at home you will eat at your home. You will have healthy eating. Eating proper diet will make you free from diseases. If you are free from diseases you will save your medical expenses.

    Watch Your Home: When starting a business at home you will have the opportunity to look at your home. You do not need to employee anybody to care your premise.

    Concentration: Your home is quieter than the downtown. In downtown there are many people working in one building or place. There will be huge chaos when working at crowded place. This will diminish your concentration and focus and in turn your productivity. By working at home you will have full concentration and focus. This will result in increased productivity.

    Less Investment: When starting a business at home you will require less investment than doing in a leased site. This is because you will not have office rent expense. In addition to this you may not require additional office furniture as you are going to use your personal items.

    Long Travel: There will not be any long travel when working at home. This will save your time and travel expense. You will not face any traffic problem.

    Work-Home Balance: Working at home gives you the benefits of work-life balance.  

    Increased Productivity: You will have increased productivity due to less travel and stress. You will not have tiredness due to long travel. You do not waste your time for traveling.

    Therefore, consider the above points as advantage when starting a business at your home.

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  • Starting a Business at Home

    Sometimes you may need to lease office if there is no enough space in your home. In some cases if your space requirement is minimal then you can work from your home. Working at home; when starting a business is useful in a number of ways. Working at home is cheaper than leasing an office. If your business fails you may not lose that much. Choosing a home office for starting a business is not simple. You need to consider a number of   factors when deciding to work at home than renting an office. Here below are the issues you need to consider when deciding to work at home.

    Discipline: If there is something that disturbs your attention you have to avoid it. You need to focus on your work. There should not be anything that tempts you to do other things around. You need to have the necessary discipline to work at home.

    Disturbance: Make sure you do not have interruption while working at home. The disturbance might be from family, friends, TV, radio etc. There should be separate room to carry out your activities without distraction.

    Customers: When working at home your customers must be willing to come to your home. Your home should be convenient for customers visit.

    Parking: You should have enough parking space around your home. Customers will not be willing to visit your location if there is no parking space.

    Space: There should be enough space within the room you are working with. Enough room is required for working conveniently, handling customers, for storage etc.

    Location: Your home must be well located for the business you are going to start. There should be convenient for market.

    Market: Though working at home is cheap there must be market to trade your products and services. Check the availability of market while deciding to work at your home.

    Employees: You may be required to employee additional staff. When you work at your home you need to check the availability of space for additional employees.

    Restrictions: There might be some restriction or laws when working at home. Check this rules and laws. You should have the permission to work at home. If there is no permission you have to see other options.

    When starting a business at your home you need to consider the above points. Make sure these and other related points are taken in to account while starting your business at home.

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