What makes someone a successful entrepreneur? What characteristics are needed? In recent years who have been some of the most influential and profitable entrepreneurs? With this being the overarching...

ENTREPRENEURSHIP
Entrepreneurship can be referred to as a process of identifying an opportunity and setting up a business with the motive of leveraging on the opportunity. It is a complex process and requires effective management skills to manage the organisation and deal with external factors. A successful entrepreneur takes risk and invests the money in the business to earn a return out of that.
Starting a business has its own sets of risk, advantage and disadvantages. Explicit costs are expenses to be paid in cash whereas implicit costs are the opportunity cost of using the resources for the second best alternative option. Before starting a business, entrepreneurs prepare a business plan, which includes the expenses list, areas of revenue and others. According to Read et al. (2016), the budgeted expenses are detailed in business plan prepared by the entrepreneurs. In addition to that, entrepreneurs tend to compare their salary with the job and this leads to comparison of implicit costs. The capital budgeting technique requires...