ENTREPRENEURSHIP
Entrepreneurship is the tendency of a person to organise the business of his own and to run it independently for maxing profit by using all the qualities of leadership,risk taking,decision making and managerial skills.
Entrepreneurship is the investing and risking of time,money and effort to start a business and make it successful.The word “entrepreneurship” typically means to undertake.Entrepreneurship is essentially a creative activity or it is an innovation function.The process of innovation includes:-
a.Introduction of a new product.
b.Use of a new method of product.
c.Opening of new market.
d.The conquest of a new source of supplying raw materials.
e.A new form of organisation.
ENTREPRENEUR:
The person who started his own business with own money is known as the entrepreneur. Entrepreneur is the owner of his own started business.Entrepreneur doesn’t require any formal academic qualification for started business.
In other words entrepreneur is independent to develop ideas for smooth running of his own started business. Entrepreneur deals with his personal vision inorder to increase profit and productivity.Entrepreneur creates entrepreneurship, without entrepreneur there is no need of entrepreneurship.
Characteristics Of an Entrepreneur:
For the sake of classification some important characteristics of an entrepreneur are discussed below.
1.Calculated risk taker
The entrepreneur has to take risk inorder to achieve the predetermined goals.He has the ability to take calculated risk.The greater is the risk involved the greater is the chance of loss.
2.Mechanical knowledge
The success of an entrepreneur depends upon his technical knowledge.It is acquired through interest and hard work.In order to lead over the competitors an entrepreneur must keep himself touched with the latest changes in technology.
3.Self Confidence
Entrepreneurs believe in themselves.They firmly believe that they can beat any one in the field.They have the confidence that they can change the existing position.
4.Hard work
Entrepreneurs are hard workers.Hard work is the only key to success and there is no alternative to hard work.So the success of an entrepreneur depends upon the consistency of hard work towards the goal of the organisation.
5.Innovation
Innovation means the ability of doing things in new ,better and creative ways. An entrepreneur must be innovative,So as to deal with the changes.
6.Decision making
Decision making is the process of selecting the best one among various alternative.It is an analytical ability of an entrepreneur.It helps to come out with the best decision on a given situation.
7.Goal selling
Entrepreneurs get happiness by setting goals. Reaching one goal set by an entrepreneur will lead to the setting up of another goal.
8.Human relation ability
The success of an entrepreneur depends upon his ability to maintain good relation with customers.An entrepreneur who has the ability to maintain good human relation is in the position to run his enterprise sucessful.
9.Business Secrecy
An entrepreneur must be able to guard his business secrets from the competitors.If the competitors are able to know the secrets then it will be difficult for the organisation to fight with them.
10.Desire for high achievement
Desire is considered as the mother of innovation,So the entrepreneur must have a strong desire to achieve high goals in the organisation.
11.Personal responsibility
A successful entrepreneur must be always ready to take responsibility.He will not try to pass faults or mistakes to other employees.
12.Will to prove superior to other
An entrepreneur must have the will to prove superior to others.He must provide better and qualitative series which may not be provided by other competitors.
13.Willingness to change
An entrepreneur always takes action in the changing circumstances.He must change his ideas, policies and its activities accordingly.
14.Clear objective
Objective guides the efforts and actions to be undertaken.It directs an entrepreneur what to do and in which manner? It also ensures that the activities are helping to achieve the objective or not.
15.Social responsibility
An entrepreneur should not limit his aim only to maximise profit.He must provide service to the society and will to create opportunities of employment for others.
16.Foresight
An entrepreneur must have good foresight to know about the future business environment.He must have the ability to know about customers behaviour in advance.
17.Foresight
An entrepreneur must have good foresight to know about the future business environment.He must have the ability to know about customers behaviour in advance.
18.Courage to face difficulties
The entrepreneur must have the ability and courage to face difficulties boldly and bravely.He must have faith in himself and be ready to solve problems under pressure.
19.Mental ability
The entrepreneur must be reasonably intelligent to study different business problems and situation.He must have creative thinking power to deal with different situations.
20.Total commitment
An entrepreneur put in use his hundred present skills and knowledge to achieve the goal.He will not divert his ability to perform different works.
