Understanding the Role of an Entrepreneur
The term "entrepreneur" originates from the French word "entreprendre," meaning to undertake. An entrepreneur is someone who combines capital and labor to undertake the risk of a new enterprise with the goal of achieving profit. They are action-oriented, independent individuals who embrace risk, value positive self-concept, hope for success, possess analytical minds, confront uncertainty optimistically, and excel in interpersonal skills. Entrepreneurs are innovative, flexible, stress-takers, and business leaders who drive economic opportunities by identifying unmet needs and creating value.
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The word entrepreneur is derived from the French word entreprendre. It means to undertake . Thus,entrepreneur is the person who undertakes the risk of new enterprise. Prepared By: Dr. Shiv Mohan
An entrepreneur is ordinarily called a businessman. He is a person who combines capital and labour for the purpose of production. He organizes and manages a business unit assuming the risk for profit. He is the artist of the business world. J.B. Say, An entrepreneur is one who brings together the factors of production and combines them into a product Prepared By: Dr. Shiv Mohan
one who innovates, raises money, assembles Inputs and sets the organization going with the ability to identify them and opportunities, which others are not able to fulfill such economic opportunities Prepared By: Dr. Shiv Mohan
Need to Achieve: Entrepreneur is action-oriented, highly motivated individual who takes risk to achieve goals. Independence: Most of the entrepreneurs start on their own because they dislike to work for others. They prefer to be their own boss and want to be responsible for their own decisions. Risk-Bearing: Entrepreneurs are the persons who take decisions under uncertainty and thus they are willing to take risk, but they never gamble with the results. Prepared By: Dr. Shiv Mohan
Positive Self-Concept: Entrepreneurs are always positive in their actions. Hope of Success: Significant quality of entrepreneurial personality. Entrepreneurs set their goals with a hope of success rather than fear of failure. Flexibility:The successful entrepreneurs measures pros and cons of a decision and trends to change if the situation demands. Prepared By: Dr. Shiv Mohan
Analytical Ability of Mind: Entrepreneurs are unaffected by personal likes and dislikes. They usually avoid emotional and sensitive attitude towards their business or problems. Confronting Uncertainty: Successful entrepreneurs are always optimistic and take every odd as the opportunity. Interpersonal Skills: Entrepreneurs are always comfortable while dealing with people at all levels. Prepared By: Dr. Shiv Mohan
Stress Takers: Capable of working for long hours and solving different complexities at the same time. Innovators: They are innovators. They constantly put their new ideas. Business Communication Skills: In order to motivate others in the business, entrepreneurs must have good communication skills both written and oral. Prepared By: Dr. Shiv Mohan
Leadership:Entrepreneurs as a leader should provide necessary spark to motivate by guiding, inspiring, assisting and directing the members of the group for achievement of organization goal. Ability to Mobilize Resources: They have to mobilize 6M s Man, Money, Material, Machinery, Market and Methods effectively to release the final product. Prepared By: Dr. Shiv Mohan
