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  • 1.
    • Personality Characteristics of an Entrepreneur
    • Introduction:
    • Entrepreneurial traits and motivation are an indispensible
    • function of management. Entrepreneur is human being
    • who has dignity, self-respect, values, sentiments, aspirations,
    • dreams, apart from economic status. Indeed, economic
    • betterment and social upliftment motivates person to
    • distinguish from others.
    • Creation of a Dream:
    • Creating a dream intention gives entrepreneurs the energy
    • and desire to become involved in its implementation and to
    • be willing to change. During formulation of the dream,
    • everyone participates and this allows people to start seeing
    • each other in a different light. Their willingness for
    • commitment to fulfill the dream depends on:
          • How well the organization’s leaders function in their
          • new role of facilitating needs and issues that are at
          • variance with the dream.
  • 2.
        • How clearly the leaders articulate and share information
        • about the business needs, and
        • How well the leaders openly acknowledge their willingness
        • to change in whatever fashion to attain the dream or
        • intention.
        • “ The process of creating the dream, intention should be
        • tailored to the situation with the objective of having entire
        • organization ultimately own the dream.”
    • Personality Characteristics of An entrepreneur:
    • i. Leadership:
    • Ability of those leading work units (managers, engineers,
    • supervisors, functionaries, technical support, and group
    • leaders) to create an atmosphere of acceptance, openness,
    • and trust that will be properly motivate members of the
    • work units.
    • ii. Interpersonal Competence:
    • Ability to relate, to people in a considerable and effective
    • way.
  • 3.
    • iii. Administrative Competence:
    • Ability to achieve organizational goals within the bounds
    • of business constraints, policies and procedures. This
    • means that the leader should
    • * Understand own job
    • * Understand the employee’s job - by
          • Utilizing people’s skills effectively.
          • Be concerned with employees’ work and workflow.
          • Stand up for and show confidence in employees.
    • * Take immediate action by
          • Giving priority to problems
          • Follow up on promises
          • Get tough when necessary
          • Take action to remove poor performance
          • Assure that the next in command knows his role and
          • has authority to act.
          • Provide proper human resources for all levels of
          • organization.
  • 4.
    • Basic Elements - Entrepreneurial Involvement
    • Necessary for Optimal Entrepreneur
    • Involvement and Motivation
    • People involvement
    • Structure
    • Leadership
          • Individual Group Measurement
          • Rewards
          • Quality
    • Beliefs Values
    • Entrepreneurial Technology Love Dignity,
    • Spirit Methods Respect
    • Machines
    • Materials
    • Hygiene
    • Work Setting
  • 5. Entrepreneurial Initiative: It is a strategic process which embodies calculated strategic choices. There are strategies open to the entrepreneur himself in terms of industry choice and individual and resource-task fit, and there are strategies open to regulators and support agencies in terms of industrial policy tools, incentives and explicit simulation of industrial sectors or branches. A conceptual framework that contains both dimensions will provide a convenient base for analysis and possible policy action. The analysis deals with a way of viewing the constraints embodied in the process of creating a new business or manufacturing operation. Barriers Prohibiting the Process of Entry into Activity: The slow propensity to enterprise is mainly due to the existence of a tangible set of barriers of entry, continuity in, and eventual exit from a business venture of a would be entrepreneur if it is a function of forces one may view as barriers limiting full-fledged business performance.
  • 6.
    • There may be
            • Entry Barriers
            • Survival Barriers
            • Exit Barriers
        • Entry barriers are those forces limiting access to identified
    • business opportunities and capitalization on these
    • opportunities.
    • Survival barriers are constraints on the conditions essential
    • for small business entity.
    • Exit barriers are constraints limiting the termination of
    • small industrial ventures that have outlived their business
    • viability or the growth of such ventures to a different size
    • category.
    • Exercise:
    • Prepare a list of
    • (i) The existing Entry Barriers
    • (ii) Observed survival Barriers
    • (iii) Identified Exit barriers
  • 7. Attributes of an Entrepreneur: Perceptions Restless urge to get going Dedication Sense of acquisitiveness to get things done Vision Insight High Goals/Objectives High achiever Thrift Initiative Vigorous energy Creativity Hard work Zest to explore the unexplored Clean living Problem-solving ability Willingness to assume Ability to marshal resources risk Unceasing curiosity To achieve one’s objectives and goals Quest for new ideas Administrative ability