Home | SCIENCE | Entrepreneurship Development - BA8023 | Characteristics, Knowledge and Skills of Entrepreneur

Chapter: Business Science - Enterpreneurship Development - Entrepreneural Competence

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Characteristics, Knowledge and Skills of Entrepreneur

Capacity to take risk, Capacity to work hand, Above average intelligence and wide knowledge, Self Motivation, Vision and foresight, Willingness to defer consumption, Imagination initiative and emulation, Incentive ability and sound judgment, Flexibility and sociability, Desire to take personal responsibility, Desire to seek and use feedback.

Characteristics of successful Entrepreneur

 

 

·        Capacity to take risk

 

·        Capacity to work hand

 

·        Above average intelligence and wide knowledge

 

·        Self Motivation

 

·        Vision and foresight

 

·        Willingness to defer consumption

 

·        Imagination initiative and emulation

 

 

·        Incentive ability and sound judgment

 

·        Flexibility and sociability

 

·        Desire to take personal responsibility.

 

·        Desire to seek and use feedback

 

·        Persistence in the face of adversity

 

·        Innovativeness and future orientation

 

·        Mobility and drive

 

·        Creative Thinking.

 

·        Strong need for achievement

 

·        Ability to Marshall resources

 

·        High degree of ambition

 

·        Will to conquer & impulse to fight.

 

·        Will to prove superior to others.

 

 



 Knowledge and Skills of Entrepreneur

 

2. Idea generation & scanning of the best suitable idea

 

3. Determination of the business objective

 

4. Product analysis and market research

 

5. Determination of form of ownership

 

6. Completion of promotional formalities

 

7. Raising necessary funds

 

8. Procuring machine & material

 

9. Recruitment of men

 

10.    Undertaking the business operations

 

 

Entrepreneur & Manager

 

 

Types of Entrepreneur

 

ü   Innovative Entrepreneur

 

ü   Imitative Entrepreneur

 

7 key Qualities of Entrepreneur

 

Being an entrepreneur is about more than just starting a business or two, it is about having attitude and the drive to succeed in business. All successful Entrepreneurs have a similar way of thinking and posses several key personal qualities that make them so successful in business. Successful entrepreneurs like the ambitious Richard Branson have an inner drive to succeed and grow their business, rather than having a Harvard Business degree or technical knowledge in a particular field.

 

All successful entrepreneurs have the following qualities:

 

Inner Drive to Succeed

 

Entrepreneurs are driven to succeed and expand their business. They see the bigger picture and are often very ambitious. Entrepreneurs set massive goals for themselves and stay committed to achieving them regardless of the obstacles that get in the way.

 

Strong Belief in themselves

 

Successful entrepreneurs have a healthy opinion of themselves and often have a strong and assertive personality. They are focused and determined to achieve their goals and believe completely in their ability to achieve them. Their self optimism can often been seen by others as flamboyance or arrogance but entrepreneurs are just too focused to spend too much time thinking about un-constructive criticism.

 

Search for New Ideas and Innovation

 

All entrepreneurs have a passionate desire to do things better and to improve their products or service. They are constantly looking for ways to improve. They're creative, innovative and resourceful.

 

Openness to Change

 

If something is not working for them they simply change. Entrepreneurs know the importance of keeping on top of their industry and the only way to being number one is to evolve and change with the times. They're up to date with the latest technology or service techniques and are always ready to change if they see a new opportunity arise.

 

 

Competitive by Nature

 

Successful entrepreneurs thrive on competition. The only way to reach their goals and live up to their self imposed high standards is to compete with other successful businesses.

 

Highly Motivated and Energetic

 

Entrepreneurs are always on the move, full of energy and highly motivated. They are driven to succeed and have an abundance of self motivation. The high standards and ambition of many entrepreneurs demand that they have to be motivated!

 

Accepting of Constructive Criticism and Rejection

 

Innovative entrepreneurs are often at the forefront of their industry so they hear the words "it can't be done" quite a bit. They readjust their path if the criticism is constructive and useful to their overall plan, otherwise they will simply disregard the comments as pessimism. Also, the best entrepreneurs know that rejection and obstacles are a part of any leading business and they deal with them appropriately.

 

True entrepreneurs are resourceful, passionate and driven to succeed and improve. They're pioneers and are comfortable fighting on the frontline The great ones are ready to be laughed at and criticized in the beginning because they can see their path ahead and are too busy working towards their dream.

 

WOMEN ENTREPRENEUR IN INDIA: The Indian sociological set up has been traditionally a male dominate done. Women are considered as weaker sex and always to depend on men folk in their family and outside, throughout their life. They are left with lesser commitments and kept as a dormant force for a quite long time. The Indian culture made them only subordinates and executors of the decisions made by other male members, in the basic family structure.

 

The traditional set up is changing in the modern era. The transformation of social fabric of the Indian society, in terms of increased educational status of women and varied aspirations for better living, necessitated a change in the life style of Indian women.

 

 

 

Indian families do have the privilege of being envied by the westerners, since women here are taking more responsibilities in bringing up children and maintaining a better home with love and affection. At the family level, the task of coordinating various activities in a much effective manner, without feeling the pinch of inconveniences, is being carried out by the women folk.

 

Thus, the Indian women have basic characters in themselves in the present sociological and cultural setup as follows.

 

Indian women are considered as Sakthi, which means source of power. Effectively coordinating the available factors and resources.

 

Efficient execution of decisions imposed on them

 

Clear vision and ambition on the improvement of family and children. Patience and bearing the sufferings on behalf of others and

 

Ability to work physically more at any age.

 

NEED OF THE HOUR: Women sector occupies nearly 45% of the Indian population. The literary and educational status of women improved considerably during the past few decades. More and more higher educational and research institutions are imparting knowledge and specialisation. At this juncture, effective steps are needed to provide entrepreneurial awareness, orientation and skill development programmes to women. The institutions available at present are very limited. Moreover, their functions and opportunities available with them are not popularised much.

 

QUALITIES REQUIRED FOR AN ENTREPRENEUR: An effective entrepreneur requires certain basic qualities, which can be listed as follows.

 

Innovative thinking and farsightedness.

 

Quick and effective decision making skill. Ability to mobilise and marshal resources. Strong determination and self confidence. Preparedness to take risks.

 

Accepting changes in right time.

 

Access and alertness to latest scientific and technological information.

 

 

Matching the basic qualities required for entrepreneurs and the basic characters of Indian women reveal that, much potential is available among the Indian women on their entrepreneurial ability. This potential is to be recognized, brought out and exposed for utilisation in productive and service sectors for the development of the nation.

 

Factors affecting Entrepreneurship growth:

 

1.     Economic factors

 

2.     Social factors

 

 

3.     Cultural factors

 

4.     Personality factors

 

5.     Psychological and sociological factors.

 

Economic Factors:

 

1.     Lack of adequate basic facilities

 

2.     Non- availability of capital

 

3.     Non- availability of raw materials and finished goods.

 

4.     Greater risk involved in business

 

5.     Non- availability of skilled labour

 

Social factors

 

4.     Customs and traditions

 

5.     Rationality of the society

 

6.     Social system

 

7.     Social set-up

 

Personality Factors

 

1.     Suspect personality

 

2.     Emergence of planning

 

 

Tags : Business Science - Enterpreneurship Development - Entrepreneural Competence
Study Material, Lecturing Notes, Assignment, Reference, Wiki description explanation, brief detail

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