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Chapter: Business Science - Enterpreneurship Development - Entrepreneural Competence

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Entrepreneurship concept

Entrepreneurship can be defined by describing what entrepreneurs do. For example: "Entrepreneurs use personal initiative, and engage in calculated risk-taking, to create new business ventures by raising resources to apply innovative new ideas that solve problems, meet challenges, or satisfy the needs of a clearly defined market."

Entrepreneurship

 

Entrepreneurship can be defined by describing what entrepreneurs do. For example: "Entrepreneurs use personal initiative, and engage in calculated risk-taking, to create new business ventures by raising resources to apply innovative new ideas that solve problems, meet challenges, or satisfy the needs of a clearly defined market."

 

But as the following definitions state, entrepreneurship is not restricted to business and profit:

 

"Entrepreneurship involves bringing about change to achieve some benefit. This benefit may be financial but it also involves the satisfaction of knowing you have changed something for the better.

 

"Entrepreneurship is essentially the act of creation requiring the ability to recognize an opportunity, shape a goal, and take advantage of a situation. Entrepreneurs plan, persuade, raise resources, and give birth to new ventures."

 

Entrepreneur

 

The word „Entrepreneur‟ has been taken  from  the French word.  It means Between Takers.

 

Entrepreneur is another name of Risk Taker.

 

An entrepreneur is an individual who takes moderate risks and brings innovation.

 

Entrepreneur is a person who organises/ manages the risks in his/her enterprise.

 

“Entrepreneur is a individual who takes risks and starts something new”

 

Definition

 

According to J.B.say, “Entrepreneur is an Economic agent to unites all the means of production”

 

An entrepreneur is an individual who takes moderate risks and brings innovation.

 

An entrepreneur is a person who has possession of a new enterprise, venture or idea and assumes significant accountability for the inherent risks and the outcome.

 

An entrepreneur is "one who undertakes an enterprise, especially a contractor, acting as intermediately between capital and labour."

 

Some facts about entrepreneurs and entrepreneurship:

 

E:xamine needs, wants, and problems to see how they can improve the way needs and wants are met and problems overcome.

 

N: arrow the possible opportunities to one specific "best" opportunity.

 

T:hink of innovative ideas and narrow them to the "best" idea.

 

R:esearch the opportunity and idea thoroughly.

 

E:nlist the best sources of advice and assistance that they can find.

 

P:lan their ventures and look for possible problems that might arise.

 

R:ank the risks and the possible rewards.

 

E:valuate the risks and possible rewards and make their decision to act or not to act.

 

N:ever hang on to an idea, no matter how much they may love it, if research shows it won't work.

 

E:mploy the resources necessary for the venture to succeed.

 

U:nderstand that they will have to work long and hard to make their venture succeed.

 

R:ealize a sense of accomplishment from their successful ventures and learn from their failures to help them achieve success in the future.

 

Characteristics of Successful Entrepreneurs

 

Entrepreneurs are different from each other, but successful entrepreneurs tend to share certain characteristics. Not all of them have developed each of the following to the same degree, but they tend to have developed most of them to some degree. Here are some common characteristics of successful entrepreneurs.

 

Entrepreneurs tend to:

 

o  Be passionate about achieving their goals

 

o   Have a spirit of adventure (in fact, the word "adventure" is derived from the latin word meaning "to venture")

 

 

o  Have a strong need to achieve and seek personal accomplishment

 

o  Be self-confident and self-reliant

 

o  Be goal-oriented

 

o  Be innovative, creative, and versatile

 

o  Be persistent

 

o  Be hardworking and energetic

 

o  Have a positive attitude

 

o  Be willing to take initiative

 

o  Have a strong sense of commitment

 

An eye for opportunity: Many entrepreneurs start by finding a need and quickly satisfying it. Independence: Even though most entrepreneurs know how to work within the framework for the sake of profits, they enjoy being their own boss.

 

An appetite for hard work: Most entrepreneurs start out working long, hard hours with little pay.

 

Self-confidence: Entrepreneurs must demonstrate extreme self-confidence in order to cope with all the risks of operating their own business.

 

Discipline: Successful entrepreneurs resist the temptation to do what is unimportant or the easiest but have the ability to think through to what is the most essential.

 

Judgment: Successful entrepreneurs have the ability to think quickly and make a wise decision. Ability to accept change: Change occurs frequently when you own your own business, the entrepreneur thrives on changes and their businesses grow.

 

Make stress work for them: On the roller coaster to business success the entrepreneur often copes by focusing on the end result and not the process of getting there.

 

Need to achieve: Although they keep an "eye" on profits, this is often secondary to the drive toward personal success.

 

Focus on profits: Successful entrepreneurs always have the profit margin in sight and know that their business success is measured by profits. Is this your profile or would you rather do your job,

 

 

pick up your paycheck and leave the headaches to someone else? Most of us, quite easily, choose the later.

 

Tags : Business Science - Enterpreneurship Development - Entrepreneural Competence
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