ENTREPRENEURSHIP” is not simply a word but a different WORLD!!!

Entrepreneur seek changes they set out to solve a problem, that is their purpose. By doing so through entrepreneurships they create jobs, drive innovation, they empower their employees to develop their skills and abilities. They bring new ideas, products and employ other people to create a healthy standard of living. Given the right environment, an entrepreneur can blossom into a key member of society and improve the lives of others and possibly inspire them to create their own business.

Entrepreneur: An entrepreneur is an individual who organizes and operates a business or businesses, taking on financial risk to do so. According to economist Joseph Alois Schumpeter (1883-1950), entrepreneurs are not necessarily motivated by 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,
• are highly optimistic, and
• always favor challenges of medium risk

Traits and characteristics of entrepreneurs:

The success or failure of an enterprise depends on the efficiency of an entrepreneur. An entrepreneur undertakes various activities, such as formulating and implementing a business plan and managing resources, to establish and run his/her enterprise successfully. He / she should possess some abilities and skills to perform different activities successfully. Following are certain traits and characteristics of a successful entrepreneur:

• Creativity and Innovation: Refers to the ability of an entrepreneur to bring out new ways to run a business. An entrepreneur needs to verify the feasibility of the new idea before implementing it. It is a specific instrument of entrepreneurship to add value to products or services or the unique recombination of resource to give something new to the world.
• Risk taking and Decision-making Ability: It is the capability of entrepreneurs to make decisions under the conditions of uncertainty. Some of the most successful entrepreneurs took major risks, and they paid off in a big way. However, he / she should assess risk involved in the decision and estimate the probability of success before acting upon.
• Self –Motivation: Implies that an entrepreneur can be successful if he /she is guided by inner self and motivated to accomplish set goals. In addition, an entrepreneur should take intuitive to do something beyond their job requirement or the demand of the situation. He /she should also look for opportunities and take necessary action to avail them.
• Problem Solving: Indicates the ability of an entrepreneur to solve problems rather than avoiding them. An entrepreneur should identify the cause of problems that come in the way and searches potentially unique ideas to solve them.
• Leadership: Refers to one of the most indispensable quality of an entrepreneur that decides the success of the organization. The leadership spirit helps the entrepreneur to move forward in every sphere of his / her life.
• Technical knowledge: Implies that an entrepreneur should be able to understand all the technical aspects used in production. Additionally, he / she should need to develop technical skills to understand communicate, and led the technical staff of the enterprise.

Question to Consider: 

1. How have Entrepreneurs changed the world?
2. Entrepreneurship is all about changing the world. Justify the statement.
3. List out the traits of a successful entrepreneur.