Entrepreneurial attributes

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Entrepreneurial attributes

  1. 1. Entrepreneurial Attitudes 1. It is said that “Attitudes determine altitudes” – Do you agree? Give reasons for your answer. Yes. I agree. Attitudes form the nucleus of the growth and development profile of an individual. Attitudes provide 1 i. the necessary motivation ii. the drive iii. a sense of perseverance iv. commitment v. confidence Apart from this attitude also provide the development of the necessary competencies. Due to this reason, even the psychologists insist on the development of the right attitude among the younger generation. Thus we can say that “Attitudes determine the altitudes.”. 2. Why are positive attitudes essential for growth? Positive attitudes are essential for growth because of the following reasons. Positive attitudes inculcates in a person a high degree of motivation the energy and capacity to push ahead the qualities of head and heart. All of these help them in facing problems and decision-making. They also help them to stay optimistic under tough conditions. Thus, by imbibing optimistic behaviour in a person, the positive attitudes help them to exhibit the drive and energy to progress towards the realization of their goal. Thus we can say that positive attitude is essential for growth. 3. State any three inputs that show that education helps in building right and positive attitudes. I‟m still in the process of preparing an answer for this question. 4. What are the attitudes that show the entrepreneurial predisposition? The following attitudes that show the entrepreneurial predisposition. 1. Tendency to use imagination 2. Tendency to take risk 3. Tendency for freedom of expression and action 4. Tendency to look for economic opportunities 5. Tendency to find satisfaction on successful completion of task
  2. 2. 6. Tendency to believe that they can change the Environment 7. Tendency to take initiative 8. Tendency to analyze the situation and plan action 9. Networking 10. Valuing the customer 11. Being in control of the business 5. Why are positive attitudes essential for an entrepreneur? Positive attitudes are essential for an entrepreneur because of the following reasons. Positive attitudes inculcates in a person a high degree of motivation the energy and capacity to push ahead the qualities of head and heart. All of these attitudes help a person in facing problems and decision-making. They also help them to stay optimistic under tough conditions. Thus, by imbibing optimistic behaviour in a person, the positive attitudes help them to exhibit the drive and energy to progress towards the realization of their goal. Thus we can say that positive attitudes are essential for an entrepreneur. 6. Imagination is crucial to the success of enterprise – Why? Imagination is crucial to the success of an enterprise in the following ways. Imagination helps the entrepreneur to analyse the facts perceive a given situation identify the strength and weakness of a system find the opportunities for innovation, growth and development integration of imagination with intuition helps in the innovation of a new meaning or a new product or a new service. Imagination when integrated with intuition make a new meaning, a new product or a new service. 7. Why should an entrepreneur have the right attitude for facing uncertainty? The entrepreneurs should have a tendency to take a certain amount of risk irrespective of the nature of the enterprise that they establish. They tend to travel towards unknown paths, explore adventurous routes and meet challenges with a smile and conviction. They love facing certain uncertainties. However, they do not risk their enterprise in this process, but calculate the amount of risk they can afford to take. As this entire process involves uncertainties, entrepreneurs should have the right attitude for facing the uncertainty. 8. Why is risk taking an important attitude to be developed in an entrepreneur? Risk taking is an important attitude to be developed in an entrepreneur because of the following reasons.
  3. 3. It tends them to travel towards unknown paths. It motivates them to explore adventurous routes. It prepares them to meet the challenges with a smile and conviction. It prepares them to love certain uncertainities. It enables the entrepreneurs to develop the habit of calculating the amount of risk involved and save their enterprise from getting into risk. 9. Why do entrepreneurs value independence? Entrepreneurs value independence because of the following reasons. By nature they have a tendency to enjoy freedom of expression and action. It frees them from working under someone and the routine task of getting instructions and then acting upon them. It gives them the freedom to think on their own and act accordingly. 10. “Entrepreneurs cannot be mere onlookers; they need to have initiative.” – critically analyze the need for initiative for entrepreneurs. Entrepreneurs cannot be mere onlookers; they need to have initiative Entrepreneurs can not just dream about a goal. They should take the initiative to achieve the goal. As one has to work for achieving anything, the entrepreneurs should have a strong tendency to take initiative to put their plan/goal into action. Taking the initiative helps them to convert their dream into reality. If someone is a mere onlooker, they‟ll not be able to get the things done proactively and will not be able to define the task ahead of them. Only by taking initiative, they‟ll become the source of energy for any activity. 11. Why do entrepreneurs need the ability to influence the environment? Entrepreneurs need the ability to influence the environment because of the following reasons. To change the environment, to make it favorable to their goal, rather than leaving everything to luck, or forces beyond their control. It gives them the confidence that anything and everything can be achieved through their own work. It helps them to develop a tendency to think that in any given situation they can change and influence the environment. 12. Why are innovations economically important?. Innovations are economically important because of the following reasons: Innovations accelerates the growth of economy. Innovations bring in more opportunities of employment and economic development. Innovation helps in development of entire new businesses. It also helps in development of business areas such as technology.
  4. 4. It reduces the cost of operation of the business, there by increasing the profits. The profits are further invested to improve the business or start a new business altogether. 13. Do you think that the pursuit of excellence is an important entrepreneurial attitude? Examine its need. The pursuit of excellence is an important entrepreneurial attitude because of the following reasons. It inculcates in entrepreneurs the value for outstanding performance It helps in successful completion of the task, whether they‟re performing well or not. It helps in development of a tendency to complete the task against all odds by mobilizing resources and by taking help from various resources. 14. What is networking? Why is it essential for an entrepreneur? Networking is an entrepreneurial attitude which enables entrepreneurs to test, evaluate and assess ideas as well as to collect and collate further information from different sources. It helps entrepreneurs in the following ways: To get experts who can help them to launch their business. To know then they need experts and how to use them effectively. Inculcates the skills and competencies for effective team work. To persuade and convince people to see their point of view and to get people interested in their ideas 15. Valuing the customer is an important requisite for the entrepreneur. Why? Valuing the customer is an important requisite for an entrepreneur because of the following reasons: The sucess of the enterprise does not just lie on a single transaction with the customer but it lies in encouraging the customer to return again and again. Customer is usually the backbone for any business and the cutomer satisfaction and customer trust are critical for the running of the business. The success of a business rests to a great extend on the ability of the entrepreneurs to listen to the customer to find out quickly what the customer wants. The feedback from the customer is of immense importance because it helps the entrepreneurs in bringing about the changes in the entire process of entrepreneurship.
  5. 5. 15. How does an entrepreneur differ from a manager? ENTREPRENEURS AND MANAGERS The Entrepreneur The Manager 1. Creates Maintains 2. Innovates Adminsters 3. Focuses on the business. Focuses on processes and systems 4. Builds a team Supervises and controls the team 5. Looks for opportunities Searches for problems to solve 6. Does the right things Does things right. 7. The entrepreneur exercise the control by developing their own key indicators of performance that they monitor carefully. Manager is a „status quo‟ man who administers through „controls‟

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