Understanding Entrepreneurs and Entrepreneurship Development
Entrepreneurs possess key characteristics such as risk-taking ability, innovation, visionary leadership, open-mindedness, and product awareness. They have the courage to start new ventures, the creativity to introduce new ideas, and the flexibility to adapt to changing circumstances. By recognizing opportunities and utilizing them effectively, entrepreneurs drive business growth and success.
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Concept and Characteristics of Entrepreneurs Entrepreneurship Development and Industrial Consultancy (DBM-421) A K Jha
Entrepreneurship Entrepreneurship is the ability and readiness to develop, organize, and run a business enterprise along with any of its uncertainties in order to make a profit.
Entrepreneurship Contd. An Entrepreneur is defined as someone who has ability and desire to establish, administer, and succeed in a business along with associated risk to make profit. - e.g. starting of a new business venture Anyone who has will and determination to start a new business venture and deals with risk can be become an Entrepreneur. Entrepreneurs are source of new ideas & Innovations.
Characteristics of an Eentrepreneur Ability to take risk: Starting any new venture involves a considerable amount of risk. An entrepreneur needs to be courageous Able to evaluate and take risk Innovation: He should be innovative and generate new ideas, start a new business, and earn profit Launching of product that is new to the market, or new process that does the same thing but more efficiently and economically
Characteristics of an Entrepreneur Visionary with Leadership Quality: To be successful, entrepreneur should have clear vision of the new venture. To turn ideas into reality a lot of resources including personnel are required. Thus , leadership quality is of paramount importance to create a cohesive and congenial environment along with a workforce committed to accomplish the goal.
Characteristics of an entrepreneur Open Minded In business, every circumstance can be an opportunity, which can be utilized for the benefit E.g. Paytm recognized the opportunity af cashless transaction after demonetization, utilized the situation and expanded massively Flexible An entrepreneur should be flexible and open to change according to the situation Aware of the Product He should be fully aware of the product offerings, and latest trends in the market. It is essential to know if the available product or service meets the demands of the current market If need be, should be able to introduce changes
Other Characteristics of an Entrepreneur Health conscious (Health is wealth) Goal setter, and goal commitment (goal always on the mind) Right user of time, money and energy (TME) Hard and smart working, no gain without pain/sacrifice Work is worship (No work is small, if it is beneficial; work more, talk less), willing to work, work enjoyer, enthusiastic, motivated Focused and committed (do not go after attractions and get misled by distractions)
Characteristics of an entrepreneur Self confident (have faith on yourself) Market led Determined Well behaved Non-aggressive in nature, but aggressive in work Innovative Aware Active Opportunity seeker
Characteristics of an entrepreneur Passionate, persistent, persevering, patient, polite, punctual, Progressive, pluralistic, pragmatic, positive, planner, professional Far-sighted (Dreamer) Optimistic Disciplined Honest Competitive, but non-quarrelsome Frugal, but not miser, saver investor, good fund manager Non-superstitious
Characteristics of an entrepreneur Tolerant Open minded with sharing attitude Help seeker and giver Non-blaming: do not blame non-helpers Tendency to learn (knowledge and skill, etc) and implement it in life profitably Temperamentally flexible, receptive and adjusting/accommodative
Importance of Entrepreneurship Creation of Employment Provides an entry-level job, required for gaining experience and training for unskilled workers Innovation It is the hub of innovation that provides new products, market, technology, and quality of goods Impact on Society and Community Development Assists in more stable and high quality of community life Increases Standard of life Help increase income, employment , standard of living Supports Research and Development Adopts technologies and apply them Supports R&D organizations Funding, Testing, etc.
Barriers toEntrepreneurship Development Physical: Health and rural infrastructure Individual/personal : Laziness, unwillingness to do unconventional work of profit, lack of risk bearing ability Family: Lack of support from family Social: Lack of support from society Educational: Lack of education reduces risk and responsibility bearing capacity, self-confidence to take up some enterprise Economic: Lack of capital for initial fixed investment and operational expenditure Religious/cultural:Religious/cultural restriction to take up some enterprise
