ENTERPRENEURSHIP SKILLS DEVELOPMENT The basic concept of entrepreneurship is about developing a vision of what a company should be, and then executing that vision by translating it into concrete steps and following through. Who is an entrepreneur? An entrepreneur is a person who organizes and operates a business or businesses, on greater than normal financial risks in order to do so. Entrepreneurs tend to be personally involved in building and shaping their companies and develop strategies and systems that go beyond these limits. Enterpreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.
In the developing world, successful small businesses are the primary engines of job creation, income growth, and poverty reduction. Entrepreneurship is an essential element for economic progress as it manifests its fundamental importance in different ways: a) by identifying, assessing and exploiting business opportunities; b) by creating new firms and/or renewing existing ones by making them more dynamic; and c) by driving the economy forward – through innovation, competence, job creation- and by generally improving the wellbeing of society. It affects all organizations regardless of size, or age, whether they are considered a private or public body, and independently of their objectives. Its importance for the economy is reflected in its visible growth as a subject of interest for the economic press and in academic literature. For this reason, it is a matter of interest to academics, businessmen and governments the world over.
What is the relationship between the observer and entrepreneurs? In this case, successful entrepreneurs have characteristics that observant they would act to take advantage of what is around them and ready to receive threats that could befall them. They can detect changes even just a little change and difficult to detect by others. With observant, they can be grown and advanced from time to time despite the changing business environment around them. Thus, the entrepreneur will take rational steps to plan how to get more opportunities and avoid threats of danger.
The qualities that motivate entrepreneurs to pay forward are the same qualities to what makes one an entrepreneur. On the other hand, are there any drawbacks to harvest entrepreneurs and entrepreneurship? Is there a ceiling for the number of entrepreneurs a society can hold? These questions can help in finding out if there is another side to entrepreneurship. The interesting interaction of entrepreneurship and economic development has vital inputs for policy makers, development institutes, and business owners.
“The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.” http://www.businessdictionary.com/definition/entrepreneurship.html#ixzz3HU7vAX2u Despite the given definition not everyone who basis their entrepreneurship is a successful entrepreneur. “It means the right attitude towards a business and the determination and grit to achieve
At individual level intrapreneurship, the trigger for innovation originate from the craving to confront oneself ahead of the obvious. Intrapreneurs seeking to reinvent a company in order to increase efficiency may do so by harnessing the power of technology, proper delegation of authority and power or find other ways to improve efficiency and effectiveness. Another trigger for intrapreneurs could be the desire to provide more value to the customer through intense customer focus. They may develop innovative ways of minimizing difficulty to the customers that would enable them to become companies that are more customer oriented. Alternately, they may enhance the company’s market offerings by providing supplementary features to its market offerings.
This is because it makes them change their existing behaviour patterns. An entrepreneur makes the ideas available to others for their benefit. Thus, an entrepreneur paves the way for the acceptance of new ideas or methods by the society. An entrepreneur's confidence, enthusiasm and energy help him in overcoming the society’s resistance to
Question 1A Entrepreneurship is a process of identifying opportunities of which you can Identify marketable needs that are required as defined by [G.Nieman and A.Bennet, November 2001, “Business management revised second edition”] Set of characteristics shared by successful entrepreneurs 1. Motivation – As an entrepreneur you should be enthusiastic and future oriented. It is important for an entrepreneur to have belief that they will be successful and they are open to risks to their resources in quest of profit. Successful entrepreneurs always think of their business and how to increase their market share. 2.
1. INTRODUCTION Any individual who has the ability and capability to build, organize and manage an idea into a business model in order to generate revenue and obtain profits out of it can be an entrepreneur. Entrepreneurship requires a person to be able to face challenges and take calculated risks. This is possible only when the person has high degree of self confidence or self efficacy. Self efficacy is a state where a person believes and has high amounts of faith in one’s own strengths and abilities to be able to carry out a task or achieve any goal.
In conclusion, it’s not easy to be an entrepreneur. But if you make through it, it will be worth it in the end. I believe that everyone can be an entrepreneur if you have a courage to take a risk for yourself, believe in hard work and dedicate to it. You have to think about it, would you rather be just an employee who just do what ‘the boss’ ask you to or you can make your own fate, create your own vision with your brain, be the leader in your company. It’s your choice and my choice is to become an