In today’s world, a successful entrepreneur certainly has to follow “evolutionary” process, must have specific skills in order to thrive in the competition and need to be able to adapt those skills. An entrepreneur is one of the important segments of economic growth. Basically, an entrepreneur is a person who is responsible for setting up a business or an enterprise. In fact, he is one who has the initiative, skill for innovation and who looks for high achievements. Entrepreneur plays a very important role in the success of any organization. The family background plays an important role in building up personality necessary for turning up into an entrepreneur. Entrepreneur is one of the most important inputs in the economic development of a country. Various factors that affect entrepreneur are social, economic, environment, technological, political etc. Entrepreneur plays a key role in developing a small scale unit through innovation for change, coordination of a business management enterprise, risk taking, controlling the enterprise, motivation and other related activities. The entrepreneur takes all the possible risks of business. A business risk could be due to the change in the tastes of consumers, production techniques and new inventions. The entrepreneur can reduce such uncertainties by his initiative, skill and good judgment.
An entrepreneur must have a vision. “Vision has been defined as a description of something (an organization, corporate culture, a business, a technology, an activity) in the future”. It is a mental perception of the kind of environment an individual, or an organization, aspires to create within a broad time horizon and the underlying conditions for the actualization of this perception. Vision is basical...
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... and the like. Diversion of the funds is identified as one of the major cause of sickness at Ahmednagar MIDC. During the discussion with one of the managers of a bank said, “We are on our toes to give the right guidance to the entrepreneurs of small scale units for the proper usage of funds as most of the entrepreneurs make diversion of the funds”.
Do not take extra funds from banks/friends/relatives other than required:
Do not make credit selling
Do not compromise on quality of raw material
Do not compromise on quality standard
Do not spend more on inventory
Do not enter a new market without appropriate knowledge
Do not compromise on marketing and promotion of the product
Do not hire unskilled labour
Do not delay project
Avoid partnership as far as possible
Do not invest on new ideas unless approved by the experts
Do not be over ambitious
Andy Stanley begins with the origin of a vision. Stanley (1999) contends, “Visions are born in the soul of a man or woman who is consumed with the tension between what is and what could be” (p. 17). According to Stanley, a vision is the ability to see what is possible in light of the present reality. A leader will not a have a vision for an organization if he is content with the status quo. Conversely, it is out of discontent that a vision is birth within a leader’s heart.
One way an entrepreneur does this is through the vision he or she creates for the organization. In fact, the driving force through the early stages of the entrepreneurial venture is often the visionary leadership of the entrepreneur. The entrepreneur’s ability to articulate a coherent, inspiring, and attractive vision of the future is a key test of his or her leadership.
There has been a large amount of attention paid to the subject of entrepreneurship in the last few years; mainly because most people have chosen to go from working for somebody else, to be their own bosses and work for their dreams. Nevertheless, many still wonder what is entrepreneurship and what is that sets entrepreneurs apart from other regular business owners. At first, it seems both concepts do not differ much from each other since they both start up and run businesses and assume risks to pursue opportunities; however, there are certain traits that difference them.
Joseph Schumpeter, an American economist, renowned for his term ‘creative destruction,’ defined ‘entrepreneurs as individuals who exploit market opportunity through technical and/ or organisational innovation.’ Entrepreneur is derived from the French verb ‘entreprendre,’ meaning to undertake and consequently entrepreneurship is the ability and will to develop and manage a business scheme; accompanied by any of its risks with the intention of making turnover. Conversely, innovation is the process of transforming a creation into a product or service that generates value; ‘the commercially successful exploitation of ideas.’ It is integral to any developing economy, particularly in those where prevailing business models have become outmoded. Entrepreneurship
In the United States, approximately one in eight adults are self-employed. In their minds exists a one common dream. This is the entrepreneurial dream of self-employment. It is the freedom to start, grow, and cash in a new business. Most of the extravagant millionaires of today build up their wealth in this way. An entrepreneur is someone who has the ability to build and develop his own business. In today's fast paced world of business, many people chose to work for themselves. A career as an entrepreneur is a risky, yet personally rewarding endeavor.
An entrepreneur is a person who organize and operates a business or business taking an greater than normal financial in order to do so. An entrepreneur is the two
In the documentary “Call of the Entrepreneur,” three successful entrepreneurs, Brad Morgan, Frank Hanna, and Jimmy Lai, are presented to explain their views on entrepreneurship and in turn leadership. Brad Morgan is the owner of a million dollar dairy and compost company, Frank Hanna is a merchant banker in New York City, and Jimmy Lai is the founder of Giordano department stores and Next Media. A central theme of the documentary is how each of these businessmen displays the characteristics of persistence, patience, and perseverance to overcome frustrating obstacles and become successful. The film defines entrepreneurship and explains how the entrepreneur responds positively to consumer demands and is able to organize and direct others toward a goal only the entrepreneur can see. The film shows that though some entrepreneurs are driven by greed and some are not, the ones that are successful are answering the needs of consumers.
Corporate Entrepreneurship can be seen as the process whereby an individual or a group creates a new venture within an existing organization, revitalizes and renews an organization ,or innovates. Zahra’s(1986) definition of corporate entrepreneurship suggests a formal or informal activity aimed at creating new businesses in established firms through product and process innovations and market developments,whereas sathe(1985) defines corporate entrepreneurship as a process of organizational renewal. Corporate Entrepreneurship has emerged as a much needed ingredient contributing towards the growth of any organization under a changing business environment.
Entrepreneurship incorporates unconstrained imagination and a readiness to settle on choices without strong information. The entrepreneur may be driven by a need to make something new or assemble something unmistakable. As new ventures have low achievement rates, the business person should have impressive tirelessness. Because of this, the entrepreneur may have the best risk of achievement by concentrating on a business sector corner either too little or too new to have been commanded by built up organizations.
Nowadays, entrepreneurship becomes most popular career, where our government encourages our graduated student to involve in business so that unemployment will not happen in our country. Policymakers, academics, and researcher agree that entrepreneurship is a vital route to economic advancement for both developed and developing economics (Zelealem et al., 2004). Entrepreneurship has many types for example small business and others. Today small business, particularly the new ones, is the main vehicle for entrepreneurship, contributing not just to employment, social and political stability, but also to innovation and competitive power (Thurik & Wennekers, 2004).
Altaf Hussain Sumo “Small Business in Pakistan: Characteristics, Problems and Sources of Finance”. Downloaded from http://sbaer.uca.edu/research/icsb/2009../paper141.pdf
According to Forbes, being an entrepreneur is not about starting a business or the person but rather it’s about a set of characteristics which is a way of thinking and doing things: innovative and creative, flexible and adaptive, active and dynamic, someone who thrives in an unstructured environment, people and team focused, prudent with costs, decisive.
Many people dream of becoming entrepreneurs someday. But it made me realize that there other factors that needs to be taken into consideration. We need to ask ourselves are we ready to take the challenge to the outside world. Not everyone have the vision, innovation and creativity to become an entrepreneur. The individual must have a positive attitude and accept the responsibility, have discipline to meet their goals, and take action when the opportunity presents itself. Many prefer a job security and rely on a weekly paycheck, while entrepreneurs will take risks and doesn 't have that luxury to know the amount of their income.
Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship.
An entrepreneur is someone with the capacity to lead a business to success and is willing to take the risks in order to accomplish their goals. (Dollonger, 2002). Starting a new business is an example of entrepreneurship. Entrepreneurs are very important in order for any business to succeed, however, only some entrepreneurs will succeed in life. Here are some of the characteristics of successful entrepreneurs.