2. What is Entrepreneurial Skills?
"The entrepreneur always searches for change, responds to it, and exploits it
as an opportunity" ----Peter Drucker
Entrepreneurship is 'an individual's ability to turn ideas into action. It
includes creativity, innovation and risk-taking, as well as the ability to plan
and manage projects in order to achieve objectives
3. TOPICS THAT WE DISCUSS:
What is Entrepreneurship? What is an Entrepreneur?
Importance of Entrepreneur
Qualities that makes entrepreneurs succeed
What are the risks of entrepreneur?
What are the rewards of Entrepreneurs?
Roles of Entrepreneur Functions of an Entrepreneur
4. Entrepreneurship is the process of designing, launching and running a new business,
which is often initially a small business.
What is Entrepreneurship?
What is an Entrepreneur?
An entrepreneur is a person who sets up a business with the aim to make a
profit. An entrepreneur can be a person who sets up their first online storeon
the side or a freelancer just starting out
The people who create these businesses are called entrepreneurs.
There is an interrelationship between Entrepreneur, Entrepreneurship and Enterprise:
Entrepreneur Entrepreneurship Enterprise
The Process
The Person The Outcome
Enterprise is another word for a for-profit business or company
Enterprise:
5. Roles / Importance of Entrepreneur
Entrepreneurs create jobs:
Entrepreneurs give to society:
Entrepreneurs provide new job opportunities in the short and long
term. The future job opportunity depends on entrepreneurs starting
new businesses.
They contribute to society by leading the way and by finding innovative
solutions to financial , social issues and in addition to creating wealth.
They have the ability to change the way we live and work.
6. Wealth Creation and Sharing
Roles / Importance of Entrepreneur
They invest their own resources and attract capital (in the form of
Shares , debt, equity, etc.) from investors and the public. This
mobilizes public wealth and allows people to benefit from the
success of entrepreneurs and growing businesses.
Standard of Living
They play a key role in increasing the standard of living and do this not
just by creating jobs, but also by developing and adopting innovations
that lead to improvements in the quality of life of their employees and
there customers.
7. Functions of an Entrepreneur
An entrepreneur is to determine what to produce, how much to produce, how to
produce, where to produce and how to sell .They make vital business decisions
relating to the purchase of productive factors and to the sale of the finished goods
or services.
Decision Making
Management Control
Management and control of the business are conducted by the entrepreneur
himself. So, the latter must possess a high degree of management ability to select
the right type of persons to work with him.
8. Functions of an Entrepreneur
Division of Income
Risk-Taking and Uncertainty-Bearing
Innovation
Major function of the entrepreneur is to make necessary arrangement for the division
of total income among the different factors of production such as rent, wages , salaries
etc.
Risk-taking is perhaps the most important function of an entrepreneur. Modern
production is very risky as an entrepreneur is required to produce goods or services on
the basis of their future demand.
entrepreneur, give more importance to make frequent inventions — invention of new
products, new techniques and discovering new markets.
9. Qualities that makes entrepreneurs succeed
1. Disciplined
These individuals are focused on making their businesses work, and eliminate any distractions to
their goals.
2. Confidence
The entrepreneur does not ask questions about whether they can succeed or not. They are
confident with the knowledge that they will make their businesses succeed.
3. Open Minded
Entrepreneurs realize that every event and situation is a business opportunity. Ideas are constantly
being generated about workflows and efficiency, people skills and potential new businesses.
4. Self Starter
Entrepreneurs know that if something needs to be done, they should start it themselves. They set
the parameters and make sure that projects follow that path.
5. Determination
Entrepreneurs are not stop by their defeats. They look at defeat as an opportunity for success.
Successful entrepreneurs do not believe that something cannot be done.
10. What are the risks of entrepreneur?
No guarantee of paychecks
The path is long, not to say very uncertain and full of risks and in the first few months, or
even year you will have to work towards sustaining your company instead of thinking of a
steady income.
Trust Your Employees
You will have a small group of people putting a lot of effort into the product to get it
going. This means that you will have to put a lot of trust in this small group of people to
get the job done
No personal time
You will spend hours working on your business to make it successful, which will make you
miss out on personal time and health.
11. What are the rewards of Entrepreneurs?
Being the boss:
The most significant reward of entrepreneurship is working for your own. The
entrepreneur becomes the decision maker and sole responsible person for the A to Z
activities of the business
Be creative:
The society is getting advanced day by day. The new ideas of the entrepreneurs
bring the new ways to solve the existing problem.
You set your own schedule-:
Though entrepreneurship can often require long hours, the benefit of building a business
is that you are in charge of deciding when you want to work.
You believe in what you do-:
Working in entrepreneurship is inspiring. You are able to see your ideas make a difference
and contribute to the construction of a brand new business.
