What are Characteristics of a Successful Entrepreneur - Characteristics of Social Entrepreneurship

"Entrepreneurship is the dynamic process of creating incremental wealth." Robert C. Ronstadt.

"Entrepreneurship is neither a science nor an art. It is a practice. It has a knowledge base....... knowledge in entrepreneurship is a means to an end. Indeed, what constitutes knowledge in practice is largely defined by the ends, that is, by the practice." Peter F. Drucker.

 

 

 

Entrepreneur has an important contribution in the economic development of any country, the best use of the country's resources is done by the entrepreneur. Entrepreneurs take the risk of utilizing the country's resources and accomplish the task of creating new ones. In today's time, entrepreneurs are emerging as a source of inspiration for the youth. Today's youth consider entrepreneurs like Bill Gates, Mukesh, Ambani, Mark Zuckerberg, Narayan Murthy Kumar Mangalam Birla as their role models and this is the reason why the youth of the middle age of 18 to 24 years in the survey conducted by Opinion Research Council of America. 58 percent of the class expressed their desire to start their own business.

Meaning and Definitions of Entrepreneurship:

Entrepreneurship has been defined by different scholars with different meanings and perspectives. Some scholars have defined it as an adjective and some have clarified it as a verb. Entrepreneurship in the general sense means risk-taking and planning to face uncertainties, and in modern times, the field of entrepreneurship has expanded, resulting in the establishment of new ventures, their direction and control, change in the undertaking and creativity, the ability to take corrective action, the ability to take risks. is called. The person who possesses these qualifications is to be known as entrepreneur or adventurer. We can divide the definitions of entrepreneurship into the following five parts-


(1) Prof. Musselman and Jackson (Prof. Musselman and Jackson): Entrepreneurship is investing time, money and efforts and taking risks to start a business and make it successful.


(ii) Prof. According to Udai Pareek and Manohar Nadkarni (Prof. Udai Pareek & Manohar Nadkarni): “Entrepreneurship refers to the general tendency to set up new ventures in the society.”

 

 

 

 

Skills and Characteristics of an Entrepreneur - 

After studying the meaning and definition of entrepreneurship, the following main characteristics of entrepreneurship are found.

 

Entrepreneur Personality Types :

Characteristics/ Nature of enterpreneurship

1. Innovation :

 

At present, entrepreneurship is not only the process of completing traditional tasks, but it includes new technology, new products or any other kind of innovation. When the entrepreneur adopts any innovation in his business, then it is justified to be kept in the category of entrepreneur. Peter Drucker wrote that "innovation is the distinguishing tool of entrepreneurship."


 

2. Creative Entrepreneurship:

 

In this, by creating utilities like place, color, form etc. by the entrepreneur, the goods or services are made more useful for the society. According to Hisrich and Peters, entrepreneurship is the process of creating utility.” Entrepreneurship is the creative work done by converting useless things into useful things. Peter F. Ducker also explains that even a pile of clay is converted into gold. Entrepreneurship can turn into

3. Risk Bearing

Entrepreneurship is synonymous with the ability to take risks. An entrepreneur takes a risk by investing his money, time and effort in setting up and operating a new enterprise, presenting a new product in the market, to determine the price amidst the uncertainties of the market. An entrepreneur is always surrounded by the risk of changes in values, changes in customer's interests, competition, changing government policies, etc. And it carries not only economic risk but also mental risk.

4. Opportunity Finding Process

(A Process of Searching Opportunity) Entrepreneurship is the process of finding opportunities. An entrepreneur finds and implements the opportunities of entrepreneurship in the problems of individuals, their needs, aspirations, social and technological changes, competition etc. For example, if there is no small hotel or restaurant to eat in an industrial area, then in this problem of people, the entrepreneur finds new opportunities by opening tiffin centers.

5. Establishment and Operationof Enterprises) 

 

Entrepreneurship is a business oriented attitude. It inspires individuals to establish new businesses and operate them successfully, only through entrepreneurship the establishment of new enterprises in the society becomes possible, in the absence of which the creation of new industrial units is impossible.

6. It is the result of high achievement/ambition:

 

 Entrepreneurship is the result of aspiration for high achievement. Entrepreneur is always ready to work hard and struggle to fulfill his high achievement ambition. They want to achieve their target like yen can. Gallerman has written that entrepreneurs are dedicated to the goal of high achievements and are not satisfied without achieving them.

 

7. Based on principles and not on intuition

(Based on Principles not on Intuition ) -

Based on entrepreneurship principles. It is not based on a person's intuition. Entrepreneurship is based on the principles of business science, economics, psychology, law, statistics, management, etc.

8. Professional Activity - 

 

Entrepreneurship is a professional and acquired qualification in the present era. If a person wants to get this qualification, then he can earn this qualification by getting teaching-training in various educational-training institutions. Not only this, at present, various government organizations are also running many programs and schemes to develop entrepreneurship and to arouse interest in it.

9.It is the result of different changes

Entrepreneurship is the result of rapid changes in social, economic, political, technological, government policies and rules, etc.

10.Required in all professions

(Essential in all types of Business): Entrepreneurship is essential in all types of business. Whether the business is small or large, related to manufacturing process or marketing process, operating in a developing economy or operating in a developed economy, entrepreneurship is essential everywhere.

 

 

11. Discontinuous Process 

One of the major characteristics of entrepreneurship is that it is a discontinuous or discontinuous process. It doesn't run continuously. Paul Wilken has written that, “Entrepreneurship is a discrete process which takes birth to make changes in the production process and remains invisible until no change has to be made.”

12. Managerial skills and leadership capacity - 

Prof. According to Hoselitz, “Managerial tact and leadership ability are the two main fundamental aspects of entrepreneurship.” They consider financial tact as secondary. He believes that the same person can become a successful entrepreneur, who has more management and leadership ability than the desire to earn and accumulate wealth.

13. Devotion 

Entrepreneurship is a work in which dedication is essential. Entrepreneur has to make dedicated efforts to do his work to achieve success. Hijrich and Peters have written that, “Entrepreneurship requires dedication of time and effort.” Without dedication, the success of the entrepreneur remains doubtful.

14. Entrepreneurship involves reward.

 Entrepreneurship involves reward. When an entrepreneur invests time, money and efforts with dedication, he has every chance of getting rewards. By adopting entrepreneurship, there is a strong possibility of getting benefits in the form of rewards, as well as freedom to work and self-satisfaction.

15. A creative trend 

is a characteristic of entrepreneurship. That this is a creative trend. Schumpeter called it 'constructive destruction activity'.

16. It is a practice 

Management expert Drucker has very aptly written that, “Entrepreneurship is neither a science nor an art. That is behaviour. "("Entrepreneurship is neither a science nor an art. It is a practice.") Therefore, the more entrepreneurship one has and the more adventurous it becomes, the more intense it becomes.

17. This is not a personality trait but behavior - 

It should also be clarified here that entrepreneurship is not a personality trait, it is its conduct. The more risk a person takes through conduct, does innovative and creative work, the greater is considered to be an entrepreneur.

18. Environment oriented activity 

Entrepreneurship is an environment-oriented activity. Keeping in mind the need of the social, economic, political and physical environment, people take the risk of manufacturing, improving, changing etc. products / services.

19. Equally essential in small as well as in large businesses 

 

It is also worth noting that entrepreneurship is not essential only for large industries. It is equally essential in the establishment and operation of small businesses. In fact, it will not be an exaggeration even if it is said that small businessmen have more entrepreneurship than big businessmen.

20. Instinct for changes – 

Entrepreneurship shows the tendency to change in the entrepreneur. Man by nature wants to change. By adopting entrepreneurship, he reveals his tendency to change. An entrepreneur's actions, innovations, etc. know about his instinct.

21. An art of turning scratch into gold - 

 

Entrepreneurship makes it possible to use useless tools. Peter Drucker has rightly written that “In the absence of entrepreneurship, every plant is a waste and every mineral a rock.” Entrepreneurship can also make a garbage dump useful.


22. Entrepreneurship is becoming a lifestyle for some people.

23. It is also becoming a profession. It can be properly trained and practiced.