Entrepreneur Definition Characteristics And Skills Pdf
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- 15 Entrepreneur Characteristics to Develop
- Entrepreneurship Functions: 13 Functions Makes an Entrepreneur Successful
Entrepreneurship in a European Perspective pp Cite as. A well-functioning competition system in a market economy is made possible by a multitude and diversity of enterprises.
Entrepreneurship, as we know, is the pivotal factor for new initiatives that give momentum and prosperity to our civilization. Therefore, Entrepreneurs performs multivariate functions in all the societies irrespective of their level of development. Peter Kilby, Albert Shapiro, John Burch, and others have prescribed different functions of entrepreneurship or entrepreneur from which we can derive distinct but common functions of entrepreneurship. This unique function of entrepreneurship provides our civilization with a wide variety of products, ways of actions, production techniques, etc. Therefore, taking initiative with such end and qualification is the prime function of entrepreneurship in every economy.
15 Entrepreneur Characteristics to Develop
All people who are gainfully engaged in work of manufacturing, distribution or service and other sectors are called entrepreneurs. Meaning of Entrepreneur 2. Concept of Entrepreneur 3. Nature 4. Views 5. Types 6. Pre-Decision Preparation to Enter Business 7. Skills Required. Functions 9. Qualities Social Responsibility Self-Employment Programmes Pros and Cons An entrepreneur is one who innovates, raises money, assembles inputs, chooses managers and sets the organisation going with his ability to identify them.
Innovation occurs through:. The most important is to change the key value, beliefs and norms established and accepted by the workers. These changes are necessary in the organisation to stress on productivity, quality, speed, innovation, customer orientation and empowerment. Entrepreneur is an organizer and speculator of a business enterprise.
Entrepreneur lifts economic resources out of an area of lower to an area of higher productivity and greater yield. In several literature reviews, it has been observed that as early as in the sixteenth century the Frenchmen who use to organize and lead military expeditions were referred to as entrepreneurs. In the early 18th century French economist Richard Cantillon used the term entrepreneur to business. Entrepreneur was a dealer who purchases the means of production for combining them into marketable products.
Since then the word entrepreneur refers to one who takes the risk of starting a new organization or introducing a new idea, product or service. Entrepreneur is the most important factor in the process of economic development. He occupies the central place in the growth process because he initiates development in a society and carries it forward.
As a change agent, the entrepreneur is the first and foremost a catalyst for change. The function that is specific to entrepreneur is the ability to take the factors of production—land, labour and capital and use them to produce new goods or services. The entrepreneur perceives opportunities. He works as an originator of a new business venture and also tries to improve an organisation unit by initiating productive changes.
However, around A. In this way, undertaking of an enterprise is regarded as entrepreneurship and one who undertakes it—one who coordinates capital and labour for the purpose of production is an entrepreneur. Actually, this emerging class is generally treated as the entrepreneurial class. The entrepreneur is expected to identify the environmental change as an opportunity and uses the factors of production to produce new goods and services.
In this process, entrepreneur is expected to possess certain attitudes and values in order to perform the expected entrepreneurial behaviour. The expectations regarding entrepreneurial values and attributes were termed as entrepreneurial orientation. Entrepreneurial orientation is prerequisite condition for an entrepreneur.
Entrepreneurial orientation consists of, i risk bearing propensity, ii change process, iii ambition, iv long-term profit perspective, v positive attitudes towards management and workers. Thus, there are typical characteristics of a person who takes up entrepreneurial career in preference to other opportunities. He prefers to take a risk and start his enterprise rather than take up a job. In terms of motivation, he has a need for achievement, need for power and need for affiliation.
Moreover, it is the profit that induces the prospective entrepreneur to get into the business and start new activities or expand the existing activities. Profit, therefore, is a factor which induces the entrepreneur to organise and utilise the factors of production for development. It does not necessarily mean that entrepreneur is concerned only in the pecuniary profits.
He is an innovator to bring change with certain achievement motive and that achievement motive may also mean something more than money. Industrially backward areas in some cases, possess the requisite infrastructure and availability of financial incentives yet they have not succeeded well with their efforts at industrialisation to the desired extent only because they lack entrepreneurs with positive attitudes, culture and values.
In the early 16th century, it was applied to those who were engaged in military expeditions. It was extended to cover civil engineering activities such as construction in the 17th century. It was only in the beginning of the 18th century that the word was used to refer to economic aspects. In this way, the evolution of the concept of entrepreneur is considered over more than four centuries old.
He defined entrepreneur as an agent who buys factors of production at certain prices in order to combine them into a product with a view to selling it at uncertain prices in future. Thus, it is a risk bearing activity. Jean-Baptiste say, developed the concept of entrepreneur by associating it with the functions of co-ordination, organization and supervision.
According to him an entrepreneur is one who combines the land of one, the labour of another and capital of yet another and thus produces a product.
Thus an entrepreneur is an organiser. He considered economic development as a dynamic change brought by entrepreneur by instituting new combinations of factors of production, i. The introduction of new combination of, according to him, may occur in any of the following forms:. Thus an Entrepreneur can be defined as a person who tries to create something new, organises production and undertakes risks and handles economic uncertainty involved in enterprise, e. Before one takes a decision to go into business one has to take a long and careful look at oneself.
By now it should be clear that the career of an entrepreneur is certainly no bed of roses. The following are some of the points that one must ponder before taking the plunge:. Introspect; Consider if you are Suited to Business:.
At the very outset one should ask oneself — Am I the right person to embark on such a venture? Remember that success or failure in business purely depends on oneself. Thus ask yourself — Am I capable of taking a decision? Am I capable of working hard and for long hours? If the answer is in the affirmative then go ahead. A prospective entrepreneur must be ready and prepared to bear total responsibility for running the show—business in this case. An entrepreneur has to take a decision on all aspects of the venture.
It is not the same as delegation of task to resource personnel. A man thinking about starting his own enterprise cannot ever afford to forget the business.
It is his creation. It must always be uppermost in his thoughts and in moments of crises he will have to pay complete attention.
At the outset, the creator of a new business must be prepared to work for long hours. All employees may go but the owner would have to work and plan. Many a time, an entrepreneur may fail because they kept their nose pressed too closely on the grindstone.
The person probably did work hard, and for long hours but the mistake lies purely on concentrating only on one or a few of the facts of the business. An entrepreneur must know where he is going. He must know how the business will fare in the next few years. They may not attain their ambition, but the business has to be planned and executed. Nothing in business is static. Everything is changing. But one thing is sure. If one door shuts another almost always opens, i.
A successful entrepreneur would be one who keeps abreast of changing times, is adaptive to change and new opportunities coming his or her way. An entrepreneur must have a perfect understanding with his or her family members. They are bound to neglect everything else except business. That means some degree of sacrifice is required on part of the entrepreneur and family members for the sake of successful business. Without proper understanding there will be constant friction between the entrepreneur and family members.
Friction at home could make the difference between the success and failure of the business. It is, thus, imperative to strike some kind of balance to bring about harmony on both fronts. Therefore, one must go into something in which one has some experience, or learn all about the business beforehand. This information and skills can be gathered by reading relevant books, from people doing similar business and information from advisers.
All this will facilitate a prospective entrepreneur to gain practical knowledge. At first, failure is round the corner. One can succeed if one has knowledge and know-how. One can acquire knowledge and know-how if one gives time to one self and gather experience. An entrepreneur needs intuition, creative thinking and innovative ability. Entrepreneurs were not born; they learned to become entrepreneurs. They can learn and improve their skills through various training programmes for entrepreneurs.
Entrepreneurship Functions: 13 Functions Makes an Entrepreneur Successful
Put simply, awesome employees and successful entrepreneurs have more than a few traits in common—and employers are eager to hire such people. Being a self-starter can make you very desirable. Hard-working business owners are incredibly motivated to succeed. Adopting this mindset—and being able to demonstrate your motivation to an employer —is crucial, says Karen Litzinger, a career coach in Pittsburgh. Persuasiveness can make you a better negotiator, which gives you an edge when going after a plum assignment, raise, or promotion, says career coach Phyllis Mufson. Successful entrepreneurs always keep one eye on the big picture, and this ability can make you a better employee.
PDF | On May 2, , Noor Faris published Entrepreneurial Skills The Skills You Others define them as people who start and build successful businesses. First, examine your personal characteristics, values, and beliefs.
All people who are gainfully engaged in work of manufacturing, distribution or service and other sectors are called entrepreneurs. Meaning of Entrepreneur 2. Concept of Entrepreneur 3. Nature 4.
Entrepreneurship refers to the concept of developing and managing a business venture in order to gain profit by taking several risks in the corporate world. Simply put, entrepreneurship is the willingness to start a new business. Entrepreneurship has played a vital role in the economic development of the expanding global marketplace. An entrepreneur is someone who is willing to work for himself and by himself.
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