Entrepreneur and Qualities

Entrepreneurship

In simple word entrepreneurship is the undertaking of enterprise. It is refers to a process of starting a new enterprise and operating it, so as to create a product, having value for people by giving necessary time and effort and bearing all the financial risks, difficulties and challenges, with an intention to make profit. It is the process of seeking investment, and production opportunities, starting and managing new business venture to carry out the process of production, raising funds and arranging inputs such as land, labor, material etc. And introducing new techniques of production while taking all the risk and facing challenges to ensure the survival and growth of the enterprise.

Entrepreneur

An entrepreneur is an individual who create new enterprise well bearing all the risk and managing all the challenges for its development and operations. So, as to on profit. And entrepreneur is a person with a unique idea Who has the ability to turn That idea into reality he or she's the one Who takes the initiative of developing new venture arranges all the resources and is ready to bear all the risks and takes all the necessary decision to provide products and services that has value to the customer. The profit act as the motivation of entrepreneur, further the undertaking created by the entrepreneur Is typically a startup company called as enterprise.

Economic activity

Entrepreneurship is an economic activity in the sense that it involves commitment operation of business enterprise for commercial purposes. That is to make money out of purchase and Sale of goods and services while in sure the best possible use of resources.

Innovation

Entrepreneurship involves creative thinking and conceiving new ideas and making efforts to turn that idea in to product or service which has the potential of generate profit. Entrepreneurs continuously evaluate the latest modes of running business and identify new methods, procedures and techniques so as to do business with the great efficiency.

Risk

Risk is an uncertainty Are the inheritant characteristics of business. And so does the entrepreneurship, the assesses of entrepreneurship is the willingness to assume the risk without which one cannot expect success. This is due to discovery and implementation of new ideas and concepts, Send a technics and business which may or may not be successful in the long run.

Profit

The primary objective of entrepreneurship is to make profit. Which encourage Anchorages of the entrepreneur to work continuously it is the reward for the effort made and risk won the entrepreneur.

Teamwork

In entrepreneurship teamwork is the crucial role as it is the collaborative effort of the group to attain a common goal, that is creation of enterprise so as to on Profit.

Idea Generation

The first step to Entrepreneurial process is the idea generation. Where in the entrepreneur identifies and analyses the business opportunities for this purpose and entrepreneur performs market research  and takes input from different people to find out an optimum business opportunity. Thereafter, the entrepreneur like this whether the conceive idea is worth it for investment or not has to take calculated decision guarding the opportunity.

Developing Business Model

After finalizing the idea, the next step is to create an optimum business model. The business model is significant the success or failure of any business venture. As it act as the major criteria to check whether the organization to moving towards set goals or not.

Resourcing

resourcing is the one of the most important step in entrepreneurial process, where in the entrepreneur in identify the sources from where the funds can be raised, as settings the type, human resources required for the performance of task arranges the same he or she also identify the supplier of the material and machine So as to perform the task effectively, he also arranges a proper space for doing business.

Promotion

Nowadays promotion is the one of the way to make something popular overnight. Most of the entrepreneurs meeting this tool to promote their product or service before it come into being to get a ready market for it.

Actualization

Actualization involves commitments and management of business operations after all the prior activities is performed. And registration formalities are done to manage the company effectively; the entrepreneur decides the management structure to solve the operational problem and delegating authorities to different levels of managers.

Harvesting

Last but not the least. In Harvesting the entrepreneur determines the future prospects in growth of opportunities. In this step the actual outcome that is profit is compared against the estimated one. And finds out the decent part Discrepancies. further, the decision regarding Business expansions is also take an accordingly  by the entrepreneur.