Concept of Entrepreneurship Development and Characteristics Entrepreneurship Development

Concept of Entrepreneurship Development and Characteristics Entrepreneurship Development and Industrial Consultancy (DBM-421)

Concept of Entrepreneurship is the ability and readiness to develop, organize, and run a business enterprise along with any of its uncertainties in order to make a profit. • The entrepreneurial vision is defined by risktaking

Concept of Entrepreneurship Contd. The Entrepreneur is defined as someone who has ability and desire to establish, administer, and succeed in a start-up venture along with associated risk to make profit. The example is -starting of a new business venture Entrepreneurs are -source of new ideas & -Innovations In nutshell, anyone who has will and determination to start a new business venture and deals with risk can be become an Entrepreneur.

General facts of Entrepreneurship �There are many characteristics of an entrepreneur, which are certainly not that easy to inculcate and possess. �However, if one wants to earn money and improve livelihood, one has to be loaded with entrepreneurial characteristics, as much as possible. �In fact, a number of characteristics of a good entrepreneur are those of a good progressive human being. �In other words, if an individual is not filled with characteristics of a good human being, he cannot think of becoming a good entrepreneur

General facts of Entrepreneurship �Although achieving perfection in entrepreneurship is a myth, one should try to imbibe those characteristics of agrientrepreneurship as far as possible in order to bring about prosperity. �Even partial inculcation and application of these characteristics can be of much help in bringing about farm prosperity.

Characteristics of an entrepreneur �Ability to take risk: ◦ Starting any new venture involves a considerable amount of risk. �An entrepreneur needs to be courageous �Able to evaluate and take risk �Innovation: ◦ He should be innovative and generate new ideas, start a new business, and earn profit �Launching of product that is new to the market, or new process that does the same thing but more efficiently and economically � Visionary with Leadership Quality: ◦ To be successful, entrepreneur should have clear vision of he new venture. § To turn ideas into reality a lot of resources including personnel are required. � Thus , leadership quality is of paramount importance to create a cohesive and congenial environment along with a workforce

�Open Characteristics of an entrepreneur Minded ◦ In business, every circumstance can be an opportunity, which can be utilized for the benefit �E. g. Paytm recognized the opportunity af cashless transaction after demonetization, utilized the situation and expanded massively �Flexible ◦ An entrepreneur should be flexible and open to change according to the situation �Aware of the Product ◦ He should be fully aware of the product offerings, and latest trends in the market. ◦ It is essential to know if the available product or service meets the demands of the current market ◦ If need be, should be able to introduce changes

Other Characteristics of an Entrepreneur �Health �Goal conscious (Health is wealth) setter, and goal commitment (goal always on the mind) �Right user of time, money and energy (TME) �Hard and smart working, no gain without pain/sacrifice �Work is worship (No work is small, if it is beneficial; work more, talk less), willing to work, work enjoyer, enthusiastic, motivated �Focused and committed (do not go after attractions and get misled by distractions)

Characteristics of an entrepreneur ◦ ◦ ◦ ◦ ◦ Self confident (have faith on yourself) Market led Determined Well behaved Non-aggressive in nature, but aggressive in work Innovative Aware Active Opportunity seeker

Characteristics of an entrepreneur �Passionate, persistent, persevering, patient, polite, punctual, Progressive, pluralistic, pragmatic, positive, planner, professional �Far-sighted (Dreamer) �Optimistic �Disciplined �Honest �Competitive, but non-quarrelsome �Frugal, but not miser, saver investor, good fund manager �Non-superstitious

Characteristics of an entrepreneur �Tolerant �Open minded with sharing attitude �Help seeker and giver � Non-blaming: do not blame non-helpers �Tendency to learn (knowledge and skill, etc) and implement it in life profitably �Occupationally, spatially and attitudinally mobile; (fixity of place, occupation and attitude is regressive) �Temperamentally flexible, receptive and adjusting/accommodative

Importance of Entrepreneurship �Creation of Employment ◦ Provides an entry-level job, required for gaining experience and training for unskilled workers �Innovation ◦ It is the hub of innovation that provides new products, market, technology, and quality of goods �Impact on Society and Community Development ◦ Assists in more stable and high quality of community life �Increases Standard of life ◦ Help increase income, employment , standard of living �Supports Research and Development ◦ Adopts technologies and apply them

Barriers to Entrepreneurship Development �Physical: farmers’ health and rural infrastructure �Individual/personal : Laziness, unwillingness to do unconventional work of profit, lack of risk bearing ability �Family: Lack of support from family �Social: Lack of support from society �Educational: Lack of education reduces risk and responsibility bearing capacity, selfconfidence to take up some enterprise �Economic: Lack of capital for initial fixed investment and operational expenditure �Religious/cultural: Religious/cultural restriction to take up some enterprise