The activity of setting up a business or businesses, taking on financial risks in the hope of profit. Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are, entrepreneurs. As the “capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit”
The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses. In economics, its combines with the land, labor, natural resources and capital can produce the profit. The entrepreneurial spirit is characterizing by innovation and risk-taking and is an essential part of a nation’s. Ability to successes in an ever-changing and increasingly competitive global marketplace.
An entrepreneur is an individual, who rather than working as an employee. Also they Founds and runs a small business, assuming all the risks and rewards of the venture. Learn about them before first think what do you know who they are? This article explains to an Entrepreneur with their Meaning and Definition. Also, the stakeholder is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. Definition of Organization!
Learn and understand, the question What is the meaning of an Entrepreneur? with Definition.
Stakeholders play a key role in any economy. These are the people who have the skills and initiative necessary to anticipate current and future needs and bring good new ideas to the market.
Also, Stakeholders who prove too successful in taking on the risks of a startup are reward with profits, fame and continue growth opportunities. Those who fail to suffer losses and become less prevalent in the markets.
A person who sets up a business or businesses, taking on financial risks in the hope of profit.
A promoter in the entertainment industry.
What is the definition of an Entrepreneur?
The following definitions below are;
“A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.”
Entrepreneur Defined as;
“A person who starts, organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.”
Who is an Entrepreneur?
World three best entrepreneur below are;
Steve Jobs founder of Apple:
Steve Jobs was Apple Entrepreneurs and Leader.
Bill Gates founder of Microsoft:
Bill Gates Microsoft Entrepreneurs and Leader.
Mark Zuckerberg founder of Facebook:
Mark Zuckerberg Facebook Entrepreneurs.
An extra explain about Entrepreneur:
Someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision-maker, decides what, how, and how much of a good or service will produce. A stakeholder supply risk capital as a risk-taker, and monitors and controls the business activities. Also, the stakeholder is usually a sole proprietor, a partner, or the one who owns the majority of shares in an incorporated venture.
According to economist Joseph Alois Schumpeter (1883-1950), An entrepreneur is not necessarily motivating profit, But regard it. As a standard for measuring achievement or success.
Schumpeter discovered that they;
Greatly value self-reliance.
Strive for distinction through excellence.
They are highly optimistic (otherwise, nothing would be undertaken), and.
They, always favor challenges of medium risk (neither too easy nor ruinous).
What is an Entrepreneur? Meaning and Definition. Also, the Image from the Internet,
Leadership and Entrepreneurship Difference; Sometimes, an entrepreneur and a leader, or say, leadership and entrepreneurship consider as a synonym, i.e. meaning the same thing. But, these two terms mean quite different meanings. Entrepreneurship means a set of attributes that an entrepreneur possesses and practices in starting his /her enterprises. But, leadership is the process of influencing people and providing an environment for them to achieve organizational objectives.
Learn & Explanation, What is the Difference between Leadership and Entrepreneurship?
Thus, leadership is quite different from entrepreneurship. Entrepreneurship can include leadership, but not leadership in entrepreneurship. Also, Learn about the Difference Between Management and Leadership!
Leadershiphas also implications for entrepreneurial behavior. People with leadership qualities, for example, influencing ability, are found more. Prone to become entrepreneurs and perform entrepreneurial functions more effectively. Research studies (Burns 1978) report that entrepreneurs who blend with leadership attribute often emerge as ‘transformational entrepreneurs. Who replace old and routine things with altogether new sets and standards of work performance.Are Entrepreneurs Made or Born! Explanation Why?
They work for change rather than stability. This is because leadership involves a drive, i.e. (high) need for achievement, the most important antecedent to entrepreneurship. This drive represents the inner motivations that entrepreneurs with leadership qualities possess to pursue their goals and encourage others to willingly and enthusiastically move forward to achieve the set goals.
The relevant leadership qualities or competencies influencing entrepreneurial behavior are inner drives, integrity, self-confidence, intelligence, knowledge concerning the business, and emotional intelligence. One way to distinguish entrepreneurship from leadership can be in terms of their task demands and personal dispositions.
Difference between Leadership and Entrepreneurship:
The Following difference is:
To compare or the difference between leadership and entrepreneurship, we may want to do so in four dimensions already addressed before (and following Cogliser and Bringham, Vecchio): Vision, Influence, Leading in the Context of Innovation/Creativity, and Planning.
Vision (followers/larger constituency)!
A Vision is the main component when inspiring followers toward exemplary performance or other goal-directed behavior as well as organizational performance.
The Vision attributes (brevity, clarity, abstractness, challenge, future orientation, stability, and desirability or ability to inspire) and content (growth imagery) are related to new venture growth. Followers need to motivate through involvement, participation, and a professionally meaningful mission.
Influence!
A commonality across many of the various definitions of leadership is the ability to influence others toward a goal. Rational persuasion widely uses for both upward, lateral, and downward influence.
Entrepreneurs not only see opportunities (understand the ways and means) but can marshal resources to carry out their vision. The use of rational persuasion and inspirational appeals is likely to be effective when the request is legitimate and in line with the entrepreneur’s values and the constituencies’ needs.
Leading in the context of Innovation!
Leading creative people requires technical expertise and creativity, employing several direct and indirect influence tactics.
Entrepreneurial leadership should involve idea generation, idea structuring, and idea promotion.
In complex, dynamic environments where people must coordinate their activities, planning represents a key influence on performance.
Entrepreneurs have a clear need for the mental awareness of future actions to anticipate potential reactions to strategic choices.
Entrepreneurship is all about a set of skills and abilities to be as self-sufficient as possible when it comes to business. Meaning that entrepreneurship more focuses on risk-taking, recognizing opportunities, and the ability to be a self-starter.
Whereas, leadership is about effectively managing the people and resources around you. A great leader isn’t necessarily focused on being a risk-taker, nor are they require to be visionaries. All a leader is primarily focus on bringing people together to execute a common goal.
Difference between Leadership and Entrepreneurship
The word entrepreneur derives from the French words entre, meaning “between,” and Prendre, meaning “to take”. The word originally used to describe people who “take on the risk” between buyers and sellers or who “undertake” a task such as starting a new venture. Inventors and entrepreneurs differ from each other. An inventor creates something new. This article explains to Entrepreneurship Meaning and Definition. An entrepreneur assembles and then integrates. All the resources needed the money, the people, the business model, the strategy, and the risk-bearing ability to transform the invention into a viable business.
Learn and understand, Explains to Entrepreneurship Meaning and Definition.
Entrepreneurship is defined as the process by which individuals pursue opportunities without regard to resources they currently control. Others such as venture capitalist Fred Wilson define it more simply, seeing entrepreneurship as the art of turning an idea into a business.
Meaning of Entrepreneurship:
Entrepreneurship is the process of designing, launching and running a new business, which is often initially small. The people who create these businesses are called entrepreneurs. Entrepreneurship has described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit”.
While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up. A significant proportion of start-up businesses have to close due to “lack of funding, bad business decisions, an economic crisis, lack of market demand—or a combination of all of these.
Definition of Entrepreneurship:
The capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit. The most obvious example of entrepreneurship is the starting of new businesses. Also learn,What is the Difference between Leadership and Entrepreneurship?
In economics, entrepreneurship combined with the land, labor, natural resources, and capital can produce the profit. The entrepreneurial spirit is characterizing by innovation and risk-taking and is an essential part of a nation’s ability to succeed in an ever-changing and increasingly competitive global marketplace.
Explaining are entrepreneurship by Example:
In essence, an entrepreneur’s behavior finds him or her trying to identify opportunities and putting useful ideas into practice. After the meaning and definition of entrepreneurship, you need to know better by Best entrepreneurs example. The tasks called for by this behavior can accomplish by either an individual or a group and typically require creativity, drive, and a willingness to take risks.
First Things:
Sam Hogg, the co-founder of GiftZip.com, exemplifies all these qualities. Hogg saw an opportunity to create a single place for people to shop for electronic gift cards, he risked his career by passing up alternatives to work on GiftZip.com full-time, and he’s now working hard to put GiftZip.com in a position to deliver a creative and useful service to its customers. However, ongoing firms can also behave entrepreneurially.
Second Things:
Typically, establish firms with an entrepreneurial emphasis are proactive, innovative, and risk-taking. For example, Apple Inc. is widely recognizing as a firm in which entrepreneurial behaviors are evident. Steve Jobs is at the heart of Apple’s entrepreneurial culture. With his ability to persuade and motivate others’ imaginations; Jobs continues to inspire Apple’s employees as they develop innovative products after an innovative product.
To consider the penetration Apple has with some of its innovations; think of how many of your friends own an iPhone, iPad, or Macintosh computer. Similarly, studying Facebook or Zynga’s ability to grow and succeed reveals; a history of entrepreneurial behavior at multiple levels within the firms. Also, many of the firm’s trade on the NASDAQ.
Such as Intuit, Amazon, Google, and Research In Motion are commonly thought of as entrepreneurial firms. The NASDAQ is the largest U.S. electronic stock market, with over 2,850 companies listed on the exchange. We want to note here that established firms with an orientation to acting entrepreneurially practice corporate entrepreneurship. Also, know about corporate entrepreneurship.
Extra Information:
All firms fall along a conceptual continuum that ranges from highly conservative to highly entrepreneurial. The position of a firm on this continuum is referring to as its entrepreneurial intensity. As we mentioned previously, entrepreneurial firms are typically proactive innovators and are not averse to taking calculated risks. In contrast, conservative firms take a more “wait and see” posture, are less innovative, and are risk-averse.
One of the most persuasive indications of entrepreneurship’s importance to an individual or a firm is the degree of effort undertaken to behave in an entrepreneurial manner. Firms with higher entrepreneurial intensity regularly look for ways to cut bureaucracy. For example, Virgin Group, the large British conglomerate, works hard to keep; its units small and instill in them an entrepreneurial spirit. Virgin is one of the most recognizing brands in Britain and is involving in businesses as diverse as airlines and music. In the following quote, Sir Richard Branson, the founder, and CEO of Virgin describes; how his company operates in an entrepreneurial manner:
Convention . . . dictates that “big is beautiful,” but every time one of our ventures gets too big we divide it up into smaller units. I go to the deputy managing director, the deputy sales director, and the deputy marketing director and say, “Congratulations. You’re now MD [managing director], sales director and marketing director of a new company.” Each time we’ve done this, the people involved haven’t had much more work to do, but necessarily they have a greater incentive to perform and a greater zeal for their work. The results for us have been terrific. By the time we sold Virgin Music; we had as many as 50 subsidiary record companies, and not one of them had more than 60 employees.
What is Entrepreneurship? Meaning and Definition. Also, the Image from the Internet.
Begin your “learning to learn” course by asking students about their goals. Each year I find many differences in the abilities of students to articulate their goals. Some students have clear and well-defined goals. They know why they are in college and what they are attempting to attain. At the other end of the spectrum, some students have not even defined their personal goals and are not sure why they are in college. Some of your students who are raising families or who have returned to college after some absence appear to have more specific goals than do some students who come directly from high school.
How would you explain this difference? Think about a musician, athlete, or businessperson who wants to excel in his or her area of expertise but has no specific goals to direct his or her behavior. It is very difficult to be motivated without personal goals. It is important to set goals in different life areas because such goals serve to motivate behavior.
My Goals enhance performance in five major ways (Locke & Latham, 1990):
Effort: The goals you set for yourself influence. What you attend to and how hard you try to maximize your performance. The more difficult the goal, the harder you are likely to work to attain it.
Duration or persistence: When you work on a task without a goal, you are likely to allow your attention to drift. Become more easily interrupted, and even stop working without completing the task. When you have a goal in mind. You have a more clearly define point in the performance that defines. When it is time to quit or withdraw from the task (i.e., when the goal is attain).
A direction of attention: Goals direct your performance toward the task at hand and away from unrelated or irrelevant tasks.
Strategic planning: To accomplish a goal, you need to develop an action plan or strategy. Goal setting encourages strategic planning because the presence of a goal encourages you to decide how to proceed. What is My Goal Orientation?
Reference point: When you identify where it is you are head (i.e., have a goal) and receive feedback on where you are, you can evaluate your performance and determine. What further actions need to taken (if any). In fact, it is your satisfaction or dissatisfaction with this evaluation that may have the greatest impact on your motivation. What are Motivational Problems?
Understanding of What Are My Goals; Have you identified some goals you would like to attain this term or year? If so, do you have goals in any of the following areas: academic, social, occupational, or personal? How has your success or failure in attaining previous goals influenced your motivation in different areas of your life?
Really want? The Do and Don’t in Diversity Management
What is a Diversity Management? As we have discussed above, there are perceive advantages and disadvantages of embracing diversity in workplace. It seems that there are evidences and cases indicating that diversity are possible source of competitive advantage and superior performance for businesses. But, the implementation and the management of diversity is not an easy one. Apparently, the mismanagement of diversity or inability of the leader. Or, manager to outline and execute and effective diversity management program will cause troubles to the organization with diverse workforce. In fact, for inexperience mangers, diversity indeed looks more like a curse than a blessing.
If the presence of diversity is well-manage, it can create synergy and improve organizational performances. It is believe that diversity is a powerful strategy as managers can leverage on the strengths of some people in the team while making the weaknesses of some others irrelevant. The strengths in a person can compensate for the weaknesses of others. While his weaknesses are cover by others’ strengths, and this is essential for a high performing team. Consistent with such a view, this section will outline some do and don’t for practitioners to follow. It may serve as a general guideline for managers to refer to in applying the concept of diversity management to daily management tasks.
The first thing the manager should perform in managing diversity is that to ensure effectiveness of the diversity management program. The managers should communicate constantly to employees, managers, customers, shareholders, and other stakeholders at all stages of the program. It is vital to keep people inform as their support is necessary for the successful implementation of a diversity management program. The execution should involve everyone; as such a program is not an issue for only the personnel department or a responsibility of senior managers.
Besides, it is also critically important to apply a change management processes to implement the program. The leader driving the changes should aware that a long term perspective is require in implementation. A diversity management program (i.e., changes involves attitudes and don’t happen overnight. And leaders have to expect that the program will last for years rather than a few weeks or months). Last but not least, the leaders must also have the correct expectations that resources are require for the program. Leaders must prepare to invest money, time and resources to achieve successful diversity management program.
On the other hand, there are two general don’t rules to aware of by managers.Firstly, managers should not confuse equal opportunities with diversity management. The equal opportunity approach can be part of any diversity initiative. But a successful diversity management program should go far beyond traditional equal opportunity issues. Secondly, managers should not design the diversity goals and policies for “them” (i.e., referring to the minorities). But they should instead think of “us” (i.e., everyone involve in the organization).
Within the S&P 100, 96 companies now maintain some type of internal diversity initiative. And with diversity issues now grabbing national headlines, it’s never been more important for employers to take a stance.
If you’ve yet to develop diversity training, mentoring, recruiting, and other such programs, this post will help you learn from the lessons of companies before you.
Keep reading for the do’s and don’ts of workplace diversity initiatives.
Do emphasize inclusion
Though often used when discussing diversity, inclusion is not the same thing. The Society for Human Resources Management (SHRM) defines inclusion as, “The achievement of a work environment in which all individuals are treated fairly and respectfully, have equal access to opportunities and resources, and can contribute fully to the organization’s success.” Make sure your organization is one where employees feel they can contribute to the success of your company, regardless of race, gender, creed, sexual orientation, or physical ability.
Do survey employees for feedback on diversity and inclusion
An annual engagement survey is the perfect time to ask your employees about diversity and inclusion. Surveying your employees will help you establish a baseline and allow you to gauge employees’ views on existing initiatives. This data can also be used when forming additional diversity and inclusions efforts. As Boris Groysberg and Katherine Connolly said in a Harvard Business Review article about workplace diversity, “metrics are key because, as we know, what gets measured gets done.”
Do use benchmarks
Speaking of engagement surveys, make sure yours includes industry benchmarks. Industry benchmarks can help shape your diversity and inclusion efforts because they provide an opportunity to know where you stand relative to other organizations in your industry, size category, or region. It’s like a built-in competitor analysis.
Don’t treat diversity as an internal, “HR issue”
Diversity is an issue that affects the entire company, and attitudes toward it start at the top and funnel down. Make sure your organization incorporates diversity into every aspect of its purpose and function.
Don’t neglect any employee group
Diversifying your workplace takes more than hiring a few people who aren’t the same race as the majority of your employees. Too often, diversity and inclusion efforts center around employees of color and neglect other aspects that make organizations diverse, like gender and sexual orientation, religious beliefs, physical ability, economic status, and creed. For example, the Center for American Progress reports that anywhere from 25 to 43 percent of gay people have experienced some form of discrimination in the workplace, and 90 percent of trans-gender employees have experienced some form of harassment or mistreatment at work. Make sure your diversity and inclusion efforts encourage an attitude of openness toward all employees in your organization. Your employees should feel freedom to express their opinions and ideas with equal weight given to all.
Don’t overlook senior leadership and board representation as areas that need improvement
Even if your organization has some phenomenal diversity initiatives in play, they’re not going to matter if the board of directors is made up of a homogeneous group. The same goes for company leaders. A diverse board and leadership team helps manifest the benefits of diversity in the workplace.
In an article about diversity in the workplace, Paul Block, CEO of the U.S. sweetener manufacturer Merisant Company, had this to say about diversity: “People with different lifestyles and different backgrounds challenge each other more. Diversity creates dissent, and you need that. Without it, you’re not going to get any deep inquiry or breakthroughs.”
How are your organization’s diversity and inclusion initiatives working? Don’t put it off any longer. Survey your employees today to find out how your organization is fairing with workplace diversity and where it needs to improve.
How to Start and Run your Own Business with Successful Entrepreneurs?
Successful Entrepreneurs were asked “What do you wish you knew before you started a business?” Here are there answers. 5 Best Tips and nine characteristics for Stat up with Video Clip of 11 Steps to Starting a Successful Business in Your 20s.When you start your own business, you’re certain to hear a lot of different advice. Most of it will come from people who don’t know the first thing about running a successful company. Turn to the Internet, and you’ll be overwhelmed by a multitude of articles and lengthy lists on the subject. Don’t make the mistake of over-thinking and over-analyzing it all. A few simple steps now can start your business down the path toward success. Why are the Need Entrepreneurship for Small Business?
Here, we outline the five basic tips we’ve followed to help us run our company.
Begin with a detailed plan
This one is a must: Develop an in-depth plan that fully details how you’ll attack the challenge ahead. Your plan should define any opportunities you’ve identified, clearly state your mission, describe your target, establish measurable goals, and set deadlines for each milestone along the way. Remember that while it’s important to have a plan, it’s equally vital to be flexible enough to pivot when needed.
Get out there and network
Our business would not be where it is today without all the professional networking we did when we first started. We continue to emphasize networking today. Until you’ve established your business, you’ll need to create your own word-of-mouth. Be your own brand ambassador, touting the benefits of working with your business and showing why people should give you a chance.
Start your own momentum. A wealth of events, trade shows, and networking groups exist to connect you with other professionals. These initial connections can lead to future business prospects, mentors, and strategic partners with the capacity to help grow your business.
Surround yourself with the right people
The right mentors and strategic partners aren’t the only people with whom you’ll need to align. Surrounding yourself with a great team is equally important. Build your staff with smart, talented, and driven employees who share your vision. They can not only transform your business but also accelerate its growth. Hiring positive, can-do employees helps create a culture that encourages teamwork. Foster an environment in which everyone participates, so you can collectively celebrate your company’s successes.
Stay ahead of the curve
You can’t afford to be rooted in the present and solely focused on the day-to-day. It’s crucial to keep one eye focused on the future, including upcoming movement in your industry. If you aren’t anticipating the next big thing, you’re destined to fall behind. Successful business owners study trends and anticipate what’s coming around the bend. This allows them to nimbly adapt and evolve.
Stay current on emerging issues in your field by faithfully reading trade magazines and websites. Keeping pace as your industry changes assures you’ll have your finger on the pulse to predict what customers will want — and which direction your competition might move.
Find a healthy work-life balance
Running a successful business requires an inordinate amount of time and energy. It’s paramount to find a healthy work-life balance, even though it can be a challenge to do so. It’s easy to let work dominate your life. Don’t. It could result in your losing touch with those whom you consider most important. It’s also crucial to take care of your own health and well-being. Your business can’t run without you. You might believe you need that perpetual hustle to stay sharp and succeed. But that pace can and will burn you out, ultimately limiting how much you can achieve if you don’t take time for yourself.
Find ways to maintain perspective and preserve healthy relationships outside of work. Set aside time to get your body active in ways that energize and invigorate you, and schedule catch-up time with friends and family. They’ll help recharge your batteries and inspire you to persevere as you dream even bigger.
Here are Best characteristics you should ideally possess to start and run your own business:
Motivation
Entrepreneurs are enthusiastic, optimistic and future-oriented. They believe they’ll be successful and are willing to risk their resources in pursuit of profit. High energy levels and are sometimes impatient. Always thinking about their business and how to increase their market share. Are you self-motivated enough to do this, and can you stay motivated for extended periods of time? Can you bounce back in the face of challenges?
Creativity and Persuasiveness
Successful entrepreneurs have the creative capacity to recognize and pursue opportunities. They possess strong selling skills and are both persuasive and persistent. Are you willing to promote your business tirelessly and look for new ways to get the word out about your product or service?
Versatility
Company workers can usually rely on a staff or colleagues to provide service or support. As an entrepreneur, you’ll typically start out as a “solopreneur,” meaning you will be on your own for a while. You may not have the luxury of hiring a support staff initially. Therefore, you will end up wearing several different hats, including secretary, bookkeeper and so on. You need to be mentally prepared to take on all these tasks at the beginning. Can you do that?
Superb Business Skills
Entrepreneurs are naturally capable of setting up the internal systems, procedures and processes necessary to operate a business. They are focused on cash flow, sales and revenue at all times. Successful entrepreneurs rely on their business skills, know-how and contacts. Evaluate your current talents and professional network. Will your skills, contacts and experience readily transfer to the business idea you want to pursue?
Risk Tolerance
Launching any entrepreneurial venture is risky. Are you willing to assume that risk? You can reduce your risk by thoroughly researching your business concept, industry and market. You can also test your concept on a small scale. Can you get a letter of intent from prospective customers to purchase? If so, do you think customers would actually go through with their transaction?
Drive
As an entrepreneur, you are in the driver’s seat, so you must be proactive in your approaches to everything. Are you a doer — someone willing to take the reins — or would you rather someone else do things for you?
Vision
One of your responsibilities as founder and head of your company is deciding where your business should go. That requires vision. Without it, your boat will be lost at sea. Are you the type of person who looks ahead and can see the big picture?
Flexibility and Open-Mindedness
While entrepreneurs need a steadfast vision and direction, they will face a lot of unknowns. You will need to be ready to tweak any initial plans and strategies. New and better ways of doing things may come along as well. Can you be open-minded and flexible in the face of change?
Decisiveness
As an entrepreneur, you won’t have room for procrastination or indecision. Not only will these traits stall progress, but they can also cause you to miss crucial opportunities that could move you toward success. Can you make decisions quickly and seize the moment? In Business World Best Characteristics of Successful Entrepreneurs.
Best Common Characteristics of Successful Entrepreneurs in Business World
All of these world famous entrepreneurs are unique in that they believed in themselves mostly since they were kids and worked towards that goal to success and fame. All successful entrepreneurs take their work very seriously. Have you ever thought about striking out on your own? After all, being your own boss can be an exciting prospect. However, owning a business isn’t for everyone. To be a successful entrepreneur, you must have or develop certain personality traits. Entrepreneurship is itself a process through which the entrepreneur allocate the resources available to the business in a way or in other words in a systematic manner that the entrepreneur can meet the requisites of the business and achieve the objectives of the business as well as of his own.
Now a days businesses are being done on large scale or more businesses are being run in one organization therefore, the executive management or the entrepreneurs has to adopt the ways and system through which they can not even secure their time but to save their resources from drain. How Do You Know Your Company Wants Help From The Outside?
Entrepreneurship is the process of innovation that reallocates resources to new opportunities, often creating new opportunities through unusual combination of resources and skills of risk taking. The entrepreneurs some time has to face the problems because they prepare their plans personally and create innovations and believe that they are doing the best and when the problem in the market has to be faced by them, then they suffer losses and face the rejection of their self develop ideas, innovations, inventions or creations on the basis of incomplete information and evaluation of the factors because they personally believe in strategies and plans.
The success is behind the criticism because when the entrepreneur of such kind prepare plans for business before going to other persons, he himself cities his ideas, innovations, creations and plans which he develop and get the answer to check his satisfaction. Why are the Need Entrepreneurship for Small Business?
The entrepreneurs of successful type take and evaluate constructive and realistic criticism of their business on the basis of past and previous plan/strategies being adopted by them and others and before adoptions to any of them constructively consider the positive and negative possibility of such adoptions.
In summary, entrepreneurs are the persons who develop ideas of the business, invest their saving in the business, fulfill the demands of the customers, helps the government in developing the economic stability or satisfying of economic crisis, paid taxes to the government and finally perform all sort of activities in lieu of their business primarily for earning profits and secondly to satisfy the demand so the customers.
Characteristics of Successful Entrepreneurs
As we know the most important person for every business is the entrepreneur who develops the idea of the business, start it by using his resources of all kinds and run the business activities to achieve his personal objectives by achieving the organization objectives. Entrepreneurship is the such process which helps the entrepreneur in all respect of the business through which he can assess his plans possibilities and predict on the basis of collected information and plan for future if he possess the following characteristics;
1. Creative Mind
Creativity is the major characteristic of a successful entrepreneur. He should have the ability to create more value for their product and services. The business opportunity, creative imagination is regarded a unique asset in the business world.
2. Confidence to Take Initiatives
The business world of today is moving at a very fast speed and require timely and more effective decisions, planning and controlling to overcome the sudden challenges therefore, a successful entrepreneur should have the ability to take initiatives by producing new things, new methods of marketing the product and service as per expectation of the target customer.
3. Ethical Standard
The ethical standard of the business is that there should not be cheating, fraud and other commercial bribery in business. A good entrepreneur has the social, moral, and religious responsibility to follow the ethical standard of the business to earn profit and stay long in the market.
4. Conceptual Skill
Effective entrepreneur are characterized by their conceptual skills. Conceptual skills are specific abilities to analyze a situation, decision making, determine the root of any problem or opportunities and devise an appropriate plan. What are Managerial Skills?
5. Versatile Knowledge
A successful entrepreneur should have a versatile knowledge of his business as well as adequate knowledge of trade, finance, marketing, legal management issues, technical management concern, and other business areas.
6. Knowledge of Market
A successful entrepreneur should have sufficient knowledge of market as well as finding new market for expand their business. He should know the geographic, demographic, psycho-graphics and behavioral changes in the market. Entrepreneur should be honest in dealing with others. He should provide qualitative product and services to their customer. He doesn’t make any anti-social practices such as black marketing, smuggling, overcharging to earn profit.
7. Energetic and Diligent
A successful entrepreneur should be energetic and diligent person. He should complete their work in time. He must believe in this phrase “Don’t put of till tomorrow what you can do today”. They are hardworking person and complete their all task as soon as possible.
8. Responsive To Criticism and Suggestions
A successful entrepreneur should response to criticism intelligently. He should concentrate on customer criticism or complaints. He accepts criticism for their product and services and responds positively to overcome these complaints. An entrepreneur should have the aptitude for research and adaptability to apply scientific findings to complete and stay in business. He should be able to adopt the new technologies for producing the product or services and new method of marketing the product & services. Entrepreneur pays their attention toward suggestion from their co-workers, customer, suppliers, or venture distributes. If he collects any best idea from these resources, he should be carefully tried to implement these suggestion.
9. Eligible to Evaluate Risks
Although every business has some internal and external risk. But entrepreneur carefully evaluate these risks and implement their plan. Although there is no guaranty for success but the chances of success are more due to calculated venture planning.
10. Self-Confident and Optimistic
Effective entrepreneur are characterizable by self-confident and optimism quality. He is confident about their plans for their venture. Sometime he may due to some critical situation in their venture. But he faces these situations confidently.
The major characteristics of the entrepreneur are the commitment toward organization goals. He is willing to do anything and respond positively to venture challenges. Demanding challenge motivate entrepreneurs to achieve results and developing their own managerial skills and capabilities. An entrepreneur maintains a professional relation with their staff. He believes that business activity is carry on by the workers. Should be aware of the temperament, aptitude and belief of the staff working with him. Also know the limitation and feelings of the individual. The ability to solve any misunderstanding or conflict between the staff.
Why are the Need Entrepreneurship for Small Business?
Entrepreneurship is the act of being an entrepreneur, which is a French word meaning “one who undertakes an endeavor”. Entrepreneursassemble resources including innovations, finance and business acumen in an effort to transform innovations into economic goods. The most obvious form of entrepreneurship is that of starting new Businesses; however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity.
The concept of entrepreneurship has a wide range of meanings. On the one extreme an entrepreneur is a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population.
According to A.H. Cole, “Entrepreneurship is the purposeful activity of an individual or group of associated individuals, undertaken to initiate, maintain or aggrandize profit by production or distribution of economic goods or services”.
Entrepreneurship promotes small business in the society. Government has accepted the fact that small firms have a crucial role to play in the economic development of the country. Most economists today agree that entrepreneurship is a necessary ingredient for stimulating economic growth and employment opportunities in all societies.
Small businesses are an essential part of our future economic prosperity because of the following reasons;
Employment generation
Entrepreneurial development is look at as a vehicle for employment generation through promotion of small business. India, being far more develop and forward looking country than some of the third world countries, can provide lead to entrepreneurial development activities. However, India can benefit from the well- documented success experiences of developed countries like USA, Japan and UK in the field of employment generation and small business promotion. Steady growth in consumer spending, expanding retail sales, a strong housing market, continued expansion of the service sector, low rates of inflation and of labor cost increases and failing interest rates contributed to a healthy environment for small business. In India, the government policies, political and economic environment greatly encourage the establishment of new and small enterprises. Self- employment and small scale industry schemes have further liberalized during the last decade.
Small business dynamism
Great dynamism is one of the qualities of the small and medium enterprises. This quality of dynamism originates in the inherent nature of the Small Business. The structure of small and medium enterprises is less complex than that of large enterprises and therefore facilitates quicker, and smoother communication and decision- making. This allows for the greater flexibility and mobility of small business management. Also, small enterprises, more often make it possible for owners. Who have a stronger entrepreneurial spirit than employed mangers, to undertake risk and challenges. New Roles of Human Resource Management in Business Development.
Balanced economic development
Small business promotion needs relatively low investment and therefore can easily undertaken in rural and semi-urban areas. This in turn creates additional employment in these areas and prevents migration of people from rural to urban areas. Since majority of the people are living in the rural areas. Therefore, more of our development efforts should be direct towards this sector. Small enterprises use local resources and are best suit to rural and underdeveloped sector. This in turn will also lead to dispersal of industries. Reduction in concentration of economic power and balanced regional development.
Innovations in enterprises
Business enterprises need to be innovative for survival and better performance. It is believe that smaller firms have a relatively higher necessity and capability to innovate. The smaller firms do not face the constraints imposed by large investment in existing technology. They are both free and compellable to innovate. Entrepreneurship development is accelerating the pace of small firm’s growth in India. An increased number of small firms are expects to result in more innovations. And make the Indian industry compete in the international market.
Entrepreneurs are Born or Made; Since the late 18th century, the business has constituted the main component of modern society. As the success of Steve Jobs, Bill Gates and Warren Buffet, many people start their own business in chase of profit. An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. Entrepreneurs are growing every day while others bankrupting.
Here are explain common questions in Corporate, Are Entrepreneurs Made or Born?
You may think that entrepreneurs are born successful, and they owned an enormous business. Why Become an Entrepreneur? However, the entrepreneur does not define as the one who has made their business tremendous, but the one who starts his own company and employs himself. Therefore, anyone can become an entrepreneur if he or she starts his or her own business and works for himself or herself.
There are no boundaries among people, but your working position determines whether you are an entrepreneur. Entrepreneurs are not naturally born, but naturally made. Entrepreneurship is not a destiny, but a qualification. It is the qualities that make entrepreneurs successful. Moreover, the qualities are not inherent but gotten through education and experiences.
Are Entrepreneurs Made or Born?
Here are below explain;
Entrepreneurs are not born,
Entrepreneurs are not like athletes, they don’t need a natural inherent body and muscles. An athlete’s child may grow up an athlete, but it would not happen in an entrepreneur’s family. Many businesses bankrupt every day, including some entrepreneur’s families. However, entrepreneurs are naturally made, and they own some special qualities and also need some training and experiences as athletes. Many people from non-entrepreneurs families start their own business and become entrepreneurs every day.
Dhirubhai Ambani, the most enterprising businessman in India who’s father is a school teacher, started his business on his own. Warren Buffett is not born as an entrepreneur either. He started his company when he was 27 years old using his earns from his previous investments, made a great profit from his unique and accurate opinion on the stock market, and his Berkshire industrial Kingdom became a famous huge business in the world. There are many examples of entrepreneurs who started their businesses as a green hand, instead of inheriting from their families. Thus we could not say that entrepreneurs are born, however, the entrepreneurs acquired many qualities that made them successful.
The main quality of entrepreneurship is innovation,
Which is not obtained naturally. Innovation is a new product, a new technology, a news source, and a new market. There are many examples of entrepreneurs bankrupted due to a lack of innovation. The famous company, Apple, make its success by innovation. As we all know, Apple will release his new product or innovation of its existing products every year, and the big success of the iPhone, iPad, iPod, and iMac make Steve Jobs the most well-known famous entrepreneur. After all, the sense of innovation is not grown naturally, it comes from opportunities. When there is a problem, there are opportunities.
Several years ago, there is no software’s in the computer, and Bill Gates made his entrepreneurship from creating the first software, Windows. The Body Shop International was created by Anita Roddick because ” she was tired of paying for unnecessary perfume and fancy packaging when she bought makeup”. The problem that Anita faced made her start her own business to solve the problem. The problem finding quality is the quality that everyone was born with, and the opportunity is just coming from those problems.
The second quality of entrepreneurship experiences,
Which is exactly extracted from posteriority. About 60 percent of the entrepreneurial leaders are “transitioned”, and the number one ranking factor of success is the experience as the employee. People can learn terminologies and skills for business evoked as their language, and the procedures of running a business become his or her conditional reflex, which will make their future operating business effectively and efficiently. From the previous experience, the entrepreneur can easily tackle the key to a problem and forecasting the development of his or her business. Yu Minhong, a great entrepreneur, started his tutoring school, New Oriental, after his experience of teaching and tutoring at Peking University.
He extracted his way of teaching from his previous experience of teaching and used the teaching method in his company. The big success of New Oriental makes Yu Minhong one of the greatest entrepreneurs in China, and his method of teaching spreads all over the country. The rules of business are simple, making a business plan, ordinating your customers, operating and developing the business. From your previous experience, you will have the blueprint of your business, and you have already had your customers when you start. Thus with your employment experience, you are jumping the first two steps, which are making a business plan and ordinating customers, and directly shortcut into the third step – operating and developing the business.
The third quality of entrepreneurship is knowledge,
Which is not inborn but acquired from education. Entrepreneurs are facing various challenges from finance, operation, organization, and laws. Operating the business requires you to understand financial statements. Financial statements, consisting of income statement, cash flow statement and balance sheet, is a tool for entrepreneurs to track their operations. The knowledge of financial statement is not acquired naturally, it is obtained from the study. Not only the understanding of the financial statement but also the financial ratio analysis are needed as an entrepreneur. To cooperate with the government, the entrepreneur needs to know the regulations such as taxes and franchising.
The lack of financial knowledge may be fatal. Henry Ford surrendered most of his stocks for the demanded capital, and he spent even more years than he expected to receive money to buy back his stocks. Some of the entrepreneurs even gain returns from investing in using finance knowledge. Warren Buffet-“The Oracle of Omaha”, Peter Lynch-mutual fund manager, Benjamin Graham-“The Father of Value Investing”, give us vivid instances of making money just through their wisdom of investing strategy driven from their solid knowledge obtained in school. The knowledge will drive the entrepreneurs to make the right decision for their business and operate better. How To Make Your Small Business Stand Out? Many Ways You Can Try IT!
The fourth quality of an entrepreneur is a good sense of dealing with people, communication,
People are not born with good communication since we all start learning languages, but they can start learning communication skills at an early age. Communicating well means the entrepreneurs will get their potential customers and gained more customers from fabulous customer service. Salespeople will probably become successful entrepreneurs since they will touch the customers directly and know their needs. Great entrepreneurs in the U.S. such as Ray Kroc -founder of McDonald’s, Aristotle Onassis and King C. Gillette start from sales. They sensed people’s need and started their entrepreneurship. Good communication prepare, not born, to sell your product. The entrepreneurs need to know their products, their business field, as well as their customers.
Extra things;
Apart from innovation, experience, knowledge, and communication, qualities such as teamwork & leadership, integrity, and passion are also important. Teamwork and leadership is an essential ability that was gained from life, not born. Successful Characteristics of an Entrepreneur. It required the entrepreneur to address complex problems by utilizing the strengths of different group members and create a synergy that increases innovation and successful outcomes. The team has a big impact on the business, so the entrepreneur needs to organize his team well. It is the entrepreneur and leader’s task to communicate and listen, ask questions and summarize, articulate a goal, and build a member’s confidence.
These tasks like communication are not born, however, they are trained through tasks and group projects. That’s why the business schools are teaching and training students the above skills. In addition to it, integrity, which leads to honest business, is also a personal skill that was highly influenced by the living environment, not born. The business would not exist long if it cheated its customers. The entrepreneurs need to convince the clients to buy their product or invest their companies through the method of integrity; so, that they will gain profit and get funding for their business.
Passion, similar to ambition in entrepreneurship, makes your employment and business experience upgrade into entrepreneurship level. Everyone has passion, and passion makes entrepreneurs start and grow their businesses. Passion is a personal quality that was acquired from experience. It is a kind of confidence in your business you alight with. Only when the entrepreneur targets his or her goal, will he or she have passion in the business. Thus, teamwork and leadership, integrity and passion are not made but acquired after born.
Final things;
To conclude, there are many people become entrepreneurs. A good sense of innovation will survive a business from a crisis and make it the leader of its field; and, the entrepreneurs find opportunities from problems and make innovations. Rich experience, ranking number one of the factor of entrepreneurship; will make the entrepreneurs easily overcome some business crises and forecast its development. Common Myths About Entrepreneurs, Well-rounded knowledge in the field, like the application of financial statements, knowing the government regulations is essential for the entrepreneurs to operate their business.
Good communication skills, gained from experience of dealing with people will get potential customers and gained a huge profit from it. In addition to all the above, teamwork and leadership, integrity, and passion are also keys to entrepreneurship which are acquired through training and practice. Moreover, these qualities are acquired, not born. One can achieve a good sense of entrepreneurship by tempered himself through practice; and, could gain the qualities in the tempering.
Are Entrepreneurs Made or Born! Explanation Why? Image from online.
An essay for the other side of Entrepreneurship; An Entrepreneur is an individual who gets the thought for the foundation of a business or adventure, prepared to handle a ton of dangers and makes the imaginative item additionally requesting, not exclusively to get the item or administration reality. One of the most essential main impetuses behind the development of economies, individual and territorial abundance, and social improvement is the Entrepreneurship.
Here are the articles of The short essay or exposition on the Other Side of Entrepreneurship.
Entrepreneurship can call a method for building up another organization by handling all the potential dangers for making benefits. In straightforward language, it is alluded to as a methodology for discovering venture and creation risks so that benefit or social needs can be satisfied. Youthful Entrepreneurs or Entrepreneurial Summer Program; Learn the establishments of entrepreneurship, apply your insight, and dispatch your business. Calling all secondary school understudies! Join currently to assemble your aptitudes and dispatch your startup on apply.launchx.com/.
Individuals who have inverse suppositions against entrepreneurship bring up ten other side likely dangers;
1st Things:
The individual who is answerable for finishing the entrepreneurship cycle is known as a business person. First is an administration botch that is the essential driver of business disappointment. In some cases, the proprietor of an independent venture comes up short on the authority capacity, savvy instinct, and information important to make the business work.
2nd Things:
The individual who is liable for finishing the entrepreneurship cycle is known as a business person. Second is the absence of business experience which shows that most business people will, in general, be learners to be anything but difficult to commit the executive’s errors in their own organizations.
3rd Things:
The third one is poor monetary control. Compelling supervisors understand that any effective undertaking requires legitimate monetary control. Business achievement likewise requires having an adequate measure of capital available at fire up. Under-capitalization is a typical reason for business disappointment since organizations run out of capital before they can produce positive income. Business visionaries will in general be excessively idealistic and frequently misconceive the monetary prerequisites of starting a new business.
4th Things:
The fourth one is powerless advertising endeavors that mean business people will in general misjudge promoting endeavors. For instance, proprietors of independent ventures for the most part accept their organizations will make an incredible number of clients consequently, yet it never occurs in all actuality. Building a developing base of clients requires a continued and imaginative promoting exertion. Keeping clients returning requires furnishing clients with esteem, quality, comfort, administration, and fun.
5th Things:
The fifth thing is the inability to build up a vital arrangement. Numerous independent venture chiefs disregard the cycle of key arranging since they believe that is something that benefits just huge organizations. Without an all-around characterized procedure, a business has no manageable reason for making and keeping up a serious edge in the commercial center. Building up a vital arrangement drives business visionaries to evaluate sensibly a proposed business’ latent capacity.
6th Things:
The 6th thing is uncontrolled development. Business development is a characteristic, solid, and alluring piece of any business, however, it must arrange and controlled. As the business increments in size and multifaceted nature, issues increment in size, and the business visionary must figure out how to manage them.
7th Things:
The seventh thing is a helpless area. Business areas are frequently chosen without legitimate examination, examination, and arranging. Some starting proprietors select a specific area since they found an empty structure. The business ought to affect vigorously by the decision of the area.
8th Things:
Eighth is inappropriate stock control. Deficient stock control brings about deficiencies and stockouts, making clients become baffled and leave. A more normal circumstance is that the director has a lot of stock as well as a lot of some unacceptable sort of stock.
9th Things:
Ninth is wrong evaluating. Entrepreneurs normally undervalue their items and administrations for making solid rivalry. Setting up precise costs is to realize what an item or administration expenses to make or to give. At that point, entrepreneurs can build up costs that mirror the picture they need to make for their organizations with a perception of the opposition.
10th Things:
The 10th is the powerlessness to make the Entrepreneurial change. After the beginning up, development normally requires a profoundly extraordinary style of the executives, one that business visionaries are not great at. The development expects business people to assign authority and to give up active control of everyday tasks, something numerous business visionaries basically can not do.
The short essay on the Other Side of Entrepreneurship; Image from Pixabay.
Proposals for Solving the Other side of Entrepreneurship:
Above the Entrepreneurship essay to watch and explain the top ten other side why they are dangerous; now explain the solution for. Business visionaries must realize their business field inside and out. Entrepreneurs ought to get the best schooling in their business territory before they set out on their own business. Private company supervisors need to become genuine understudies of their industry to investigate and look at their industry for their prosperity. Perusing exchange diaries, business periodicals, books, and examination reports identified with their industry, which can manage business visionaries to progress.
Besides, individual contact with providers, clients, exchange affiliations in a similar industry is another magnificent method to get that information. Entrepreneurs ought to build up a strong strategy that is a pivotal fixing in planning for business achievement. The elegantly composed and arranged marketable strategy gives a pathway to progress, however it additionally makes a benchmark against which a business person can gauge real organization execution.
Suggestions to Solve 1st:
This arranging cycle drives business people to ask and answer some troublesome, testing, and pivotal inquiries. Overseeing budgetary assets is additionally a basic part for business people to maintain their business effectively. The best safeguard against money related issues is to build up a functional data framework and afterward utilize this data to settle on business choices. The initial phase in overseeing monetary assets viably is to have sufficient beginning up capital.
Assessing introductory capital as much twofold as business visionaries expect will be useful for beginning a business because numerous costs that business people don’t expect will come out toward the starting time. The most important budgetary asset is money. Even though acquiring a benefit is basic to its drawn-out endurance, a business must have a fitting gracefully of money to take care of its tabs and commitments.
Overseeing money is one of the business person’s essential capacities to keep up their business. Proprietors in independent ventures need to comprehend fiscal reports about what is happening in the business. These budget reports are dependable pointers of independent ventures’ wellbeing.
Suggestions to Solve 2nd:
They can be useful in acknowledging potential issues like declining deals, slipping benefits, rising obligation, and disintegrating working capital that are side effects of conceivably basic issues that require prompt consideration. Regardless of what sort of business visionaries dispatch, business visionaries must figure out how to oversee individuals.
Each business relies upon the establishment of very much prepared, roused workers. An entrepreneur can not do everything alone. At long last, the most prevailing economical asset is the acceptable nature of the individuals business people have. Beginning a business resembles running a long-distance race. If business visionaries are not genuinely and intellectually arranged, business visionaries would advise accomplishing something else.
The achievement of a business relies upon the business person’s consistent presence and consideration. It is basic to screen business conditions continually. Likewise, fruitful business visionaries perceive that the most significant resource of their time and they figure out how to oversee it successfully to make themselves and their organizations more beneficial.
