Understanding Entrepreneurship: Nature, Advantages, and Factors
Entrepreneurship is the bold undertaking of creating something new with value, involving risks and rewards. It is a philosophy where individuals seek innovation and employment, contributing to economic development. Advantages of entrepreneurship include self-employment, freedom for creativity, unlimited income potential, and benefits to the nation such as job creation and resource mobilization. Factors promoting entrepreneurship include education, science, and technology.
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What do you mean by Entrepreneur (oxford dictionary): Person who undertakes an enterprise with chances of profit or loss. Enterprise (oxford dictionary): Bold Undertaking Entrepreneur-New Encyclopedia Britannica: An individual who bears the risk of operating business in the face of uncertainty about the future conditions. Common Meaning: one who starts his own, new and small business
Entrepreneurship: It is a philosophy or process through which an entrepreneur seeks innovation and employment. Entrepreneur Person Entrepreneurship Process or Philosophy Enterprise Object Entre enter Pre before Neur Nerve Centre Entrepreneurship can be described as a creative and innovative response to the environment.
Entrepreneurship Is the process of creating something different with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, social risks and receiving the resulting rewards of monetary and personal satisfaction and independence
The Nature and Development of Entrepreneurship Entrepreneur stems from French Verb Entreprendre means between taker or go between New Definition involves four aspects: The creation process The devotion of time and efforts The assumption of risks Rewards of independence, satisfaction, money.
To an Individual Self Employment Employment for near & dear Prolonged career for next generations Freedom to use own ideas - Innovation and creativity Unlimited income / higher retained income Independence Satisfaction
To the Nation Provides larger employment Results in wider distribution of wealth Mobilizes local resources, skills and savings Accelerates the pace of economic development Stimulates innovation & efficiency
Factors favouring Entrepreneurship Growth of education- science, technology & management Developed infrastructure facilities Financial assistance Training facilities Protective and promotional policies Globalization Think of numerous other factors?
What makes a Successful Entrepreneur? The urge for achievement Determination to win Win-Win Personality Willingness to take moderate risks Ability to identify & explore opportunities Analytical ability to take strategic decisions
Perseverance Flexibility Capacity to plan and organize Preparedness to undergo physical and emotional stress Positive self concept Future orientation: Vision Ethics and Values :Mission
Who can be an Entrepreneur? Who can take moderate risks Who has ability to work hard Who can capitalize on opportunities Who has some financial strength Who feels the need for achievement Who has desire for responsibility Who has perception of probability of success Who gets stimulation by feedback Who possess skills in organizing Who can be male or female Who may not have previous experience
Characteristics of an Entrepreneur Mental ability Clear objectives Business secrecy H.R. ability Communication ability Technical knowledge Achievement-oriented Perseverance Ethical Motivator Self-confident Long term involvement High energy level Problem solver Initiator Goal setter Risk taker
Key elements of entrepreneur Innovation Vision Ethics & Values Organizing Skills Risk taking Need for Achievement Study the Profile of a Successful Entrepreneur and identify six key elements in order of priority
Entrepreneurs Background and Characteristics Family environment Education Age Physical attributes Marital status Working history Family contacts Professional contacts Personal values Lifestyle
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