Entrepreneurship: A General Introduction
What is Entrepreneurship :
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.
Entrepreneurship originated with the human being to take risks and face the uncertainties of business. Looking at the history of the last 150-200 years, there have been many such entrepreneurs who have courageously turned the attention of the world towards themselves. has attracted. Entrepreneurship has become very important in the present era. Today the whole world accepts the importance of entrepreneurship with one opinion that the economic progress of any nation is dependent on entrepreneurship. Today the government of different countries respectfully invites the entrepreneurs of the world and urges them to invest, this fact explains the importance of entrepreneurship.
Entrepreneurship originated with the human being to take risks and face the uncertainties of business. Looking at the history of the last 150-200 years, there have been many such entrepreneurs who have courageously turned the attention of the world towards themselves. has attracted. Entrepreneurship has become very important in the present era. Today the whole world accepts the importance of entrepreneurship with one opinion that the economic progress of any nation is dependent on entrepreneurship. Today the government of different countries respectfully invites the entrepreneurs of the world and urges them to invest, this fact explains the importance of entrepreneurship.
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.”
10 Characteristics of an Entrepreneur
Characteristics/ Nature of enterpreneurship
After studying the meaning and definition of entrepreneurship, the following main characteristics of entrepreneurship are found.
1. Innovation :
After studying the meaning and definition of entrepreneurship, the following main characteristics of entrepreneurship are found.
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:
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 Operation
of 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.
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 Operation
of 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.
Importance of Social Entrepreneurship :
Entrepreneurship is the cornerstone of any country's economic and industrial progress, it is the restriction of the country's economic and industrial development, the economy of any nation whether it is developed or developing, the ideology of that nation whether it is capitalist or communist or socialist, Entrepreneurship plays an important role in all situations, whether the leadership of that nation is democratic or monarchical or authoritarian. It not only changes the life of an individual but also provides developmental direction to the entire economy. That is why Yale Brosnan has said that "Entrepreneurship is an essential part of economic development."
1. Basis of economic development of the country
(Basis of Economic Development of the Nation)
Entrepreneurship leads to rapid and balanced development of every country. Entrepreneurship is not only the basis of business activities, but it creates employment opportunities in the country, increases the national income by making good use of resources, which gives strength to capital formation and rapid economic development of the country.
2. Helpful in setting up of new ventures
(Helps in Establishing new enterprises)
New ventures are established only by the entrepreneur. Entrepreneurs establish new industrial units even in risky areas by arranging necessary resources. Many enterprises have been established by various industrial houses in the country and inspired by them, new entrepreneurs are also setting up industries of new products by taking many bold decisions, Tata, Birla, Ambani, Bajaj Dalmia, etc. Many entrepreneurial houses in this country In the new ventures have been established and are continuously being established.
3. Contribution to the growth and expansion of existing undertakings
(Contribution in Development & Expansion of Existing Enterprises).
Entrepreneurship also plays an important role in the successful operation and development of existing enterprises. Due to entrepreneurship, new products are created. New product methods and techniques are invented, new markets are discovered, so that the existing units remain in the market for a long time and their continuous development and expansion continues. Is. Peter F. In the words of Drucker, "Entrepreneurship plays an important role in the growth, innovation and expansion of business."
4. Helps in developing new products & technology due to entrepreneurship, new products and new technology
Development is possible. The availability of various products useful in human life has become possible only due to entrepreneurship. Similarly, entrepreneurship develops new technologies by improving and changing the existing production methods.
5. Opportunity to exploit full human potential:
In entrepreneurship, the entrepreneur himself establishes the enterprise and he makes full use of his potential to make it successful. He works to the fullest of his physical, mental and intellectual capacity for the growth and expansion of his business. In this way, human potential is made possible through entrepreneurship.
6.Creation of Employment Opportunity
New jobs are generated in the country due to entrepreneurship. An entrepreneur establishes a new enterprise, produces and distributes new goods and services, due to which employment opportunities are automatically created. In the words of Rinson, “Entrepreneur in developing countries is a job creator.
7. Promotion of Capital Formation
(Promotes Capital Formation) As a result of entrepreneurship, an entrepreneur establishes new ventures and develops and expands existing industries. For this, he invests his capital and public's capital through debentures. Saving is encouraged and capital formation is encouraged due to the generation of investment instinct. According to Razor Narkert “In developing countries only entrepreneurship can play an important role in breaking the fortress of capital and can accelerate economic forces in capital formation.”
8. Balanced Economic Development:
Pro. Narksey has clearly written that entrepreneurs pave the way for balanced economic development. With the development of entrepreneurship, industries can be established in every corner of the country. Areas which are less developed, here balanced economic development can be done by developing underdeveloped areas by providing various concessions and exemptions to the entrepreneurs.
9. Helpful in the implementation of state policies and plans
(Helps in the execution of Government Policies & Plans) - Not only is the industrial policy implemented through entrepreneurship, but it also plays an important role in implementing other plans and policies made for the development of the country. Entrepreneurs help in their implementation by providing participation in various public welfare schemes run by the Central and State Governments.
10. Helps in Social Change:
Entrepreneurship is helpful in eradicating superstition, stereotypes and misdeeds by creating awareness of education and awareness in the society, presenting the results of knowledgeable research and research. Similarly, entrepreneurship increases the income of individuals by providing employment, resulting in an increase in their standard of living, due to which positive change in the society becomes easily possible.
1. Basis of economic development of the country
(Basis of Economic Development of the Nation)
Entrepreneurship leads to rapid and balanced development of every country. Entrepreneurship is not only the basis of business activities, but it creates employment opportunities in the country, increases the national income by making good use of resources, which gives strength to capital formation and rapid economic development of the country.
2. Helpful in setting up of new ventures
(Helps in Establishing new enterprises)
New ventures are established only by the entrepreneur. Entrepreneurs establish new industrial units even in risky areas by arranging necessary resources. Many enterprises have been established by various industrial houses in the country and inspired by them, new entrepreneurs are also setting up industries of new products by taking many bold decisions, Tata, Birla, Ambani, Bajaj Dalmia, etc. Many entrepreneurial houses in this country In the new ventures have been established and are continuously being established.
3. Contribution to the growth and expansion of existing undertakings
(Contribution in Development & Expansion of Existing Enterprises).
Entrepreneurship also plays an important role in the successful operation and development of existing enterprises. Due to entrepreneurship, new products are created. New product methods and techniques are invented, new markets are discovered, so that the existing units remain in the market for a long time and their continuous development and expansion continues. Is. Peter F. In the words of Drucker, "Entrepreneurship plays an important role in the growth, innovation and expansion of business."
4. Helps in developing new products & technology due to entrepreneurship, new products and new technology
Development is possible. The availability of various products useful in human life has become possible only due to entrepreneurship. Similarly, entrepreneurship develops new technologies by improving and changing the existing production methods.
5. Opportunity to exploit full human potential:
In entrepreneurship, the entrepreneur himself establishes the enterprise and he makes full use of his potential to make it successful. He works to the fullest of his physical, mental and intellectual capacity for the growth and expansion of his business. In this way, human potential is made possible through entrepreneurship.
6.Creation of Employment Opportunity
New jobs are generated in the country due to entrepreneurship. An entrepreneur establishes a new enterprise, produces and distributes new goods and services, due to which employment opportunities are automatically created. In the words of Rinson, “Entrepreneur in developing countries is a job creator.
7. Promotion of Capital Formation
(Promotes Capital Formation) As a result of entrepreneurship, an entrepreneur establishes new ventures and develops and expands existing industries. For this, he invests his capital and public's capital through debentures. Saving is encouraged and capital formation is encouraged due to the generation of investment instinct. According to Razor Narkert “In developing countries only entrepreneurship can play an important role in breaking the fortress of capital and can accelerate economic forces in capital formation.”
8. Balanced Economic Development:
Pro. Narksey has clearly written that entrepreneurs pave the way for balanced economic development. With the development of entrepreneurship, industries can be established in every corner of the country. Areas which are less developed, here balanced economic development can be done by developing underdeveloped areas by providing various concessions and exemptions to the entrepreneurs.
9. Helpful in the implementation of state policies and plans
(Helps in the execution of Government Policies & Plans) - Not only is the industrial policy implemented through entrepreneurship, but it also plays an important role in implementing other plans and policies made for the development of the country. Entrepreneurs help in their implementation by providing participation in various public welfare schemes run by the Central and State Governments.
10. Helps in Social Change:
Entrepreneurship is helpful in eradicating superstition, stereotypes and misdeeds by creating awareness of education and awareness in the society, presenting the results of knowledgeable research and research. Similarly, entrepreneurship increases the income of individuals by providing employment, resulting in an increase in their standard of living, due to which positive change in the society becomes easily possible.
What are the Qualities of a Successful Entrepreneur :
There is no consensus among scholars regarding the qualities of a successful entrepreneur. Many luminaries and economists have described the qualities of an entrepreneur. According to various scholars, a successful entrepreneur should have the following qualities-
1. Physical and Mental Qualities :
(1) Good health and power to work
(Sound health and Stamina) The entrepreneur should have good health. Someone has rightly written that a healthy mind resides in a healthy body. Good health is a very important element of personality. Only a person with a healthy body moves towards achieving the objective with his full potential. People with poor health are often unable to take risks and undertake innovative activities, so the entrepreneur should be in good health.
Not only this, the working power of the entrepreneur should also be good. Only if he has the power to work for a long time, he will be able to complete his work with full dedication and enthusiasm, otherwise he will feel tired, annoyed etc. and will not be able to do his work efficiently.
(2) Hard working
In Indian philosophy it is said that Udyeman hi Siddhayati Karyani Manorath An entrepreneur must be diligent in order to be successful. Entrepreneur should have a positive attitude towards action. Those who steal from work, success never comes close to them. It has also been said that hard work is the key to success. In the present competitive era, there is no substitute for hard work to keep yourself in the market.
(3) It is absolutely essential to have the power of imagination in an imaginative entrepreneur. From the inception of the enterprise to its operation, the entrepreneur has to make various innovations which are possible only if he is imaginative. Fantasies should not be mere fantasies but they should be close to reality. In the words of Arthur Alps, the ambitions of only those who are brave are fulfilled. The ambitions of a person who only imagines are never fulfilled.
(4) Sharp intellect and memory power
(Sharp Intelligence & Memory) Entrepreneur should be rich in sharp intelligence. Only when there is a sharp intellect can there be accuracy and promptness in decisions. Even after completing different types of tasks intelligently, the enterprise moves on the path of progress and development. Similarly, the entrepreneur should have memory power. The execution of when, where, what to do etc. becomes easy when he has sharp memory power.
(5)
Self Confidence "Self-confidence is the mother of success." This saying seems to be true in the context of entrepreneur. The tasks are also not completed.An entrepreneur has to face many situations to achieve the goal, the role of self-confidence is important in coping with these different types of situations.
(6)
Optimist An entrepreneur must be optimistic
Because he has to constantly face uncertainties and risks. Keeping in view the basic mantra of success is hidden in failure, the entrepreneur should not become inactive after getting frustrated by failures, but should again be ready to achieve the goal with enthusiasm and dedication. Stevenson rightly wrote that "The conditions for success are simple, we have to put in some hard work, some patience, some faith, and there is no turning back."
(7) Foresightness
Entrepreneur has to foresee the future and take decisions based on it, so he should be visionary. An entrepreneur can develop and expand his enterprise by properly forecasting the future interest of the customers, government policy, competition, market potential etc.
(8) Effective Personality The personality of the entrepreneur should be effective and attractive. For an effective personality, the entrepreneur should be serious, courteous, patient, cheerful nature, happy face posture, sweet talk, gestures and dress etc. enhance the personality.
II. Social and Moral Qualities
Social and moral qualities also play an important role in the success of an entrepreneur. A successful entrepreneur should have the following social and moral qualities -
1. Sociable:
His sociability plays a major role in the success of an entrepreneur. Entrepreneur should have a warm conversation with everyone, he should make a relationship with each person who comes in contact with him and should awaken mutual intimacy. So the entrepreneur should be • friendly.
2
Co-operative entrepreneur should be an associate of all classes. Him
Business owners must be cooperative and equitable with employees, lenders, suppliers, customers and even their competitors. An entrepreneur should have the ability to compromise and accept his mistakes and mistakes.
3. Politeness:
An entrepreneur must be humble. It has also been said that "humility costs nothing, but it gives a lot." Humility increases the popularity of the entrepreneur. Humility does not mean that he should do any work against his reputation and self-respect.
1. Physical and Mental Qualities :
(1) Good health and power to work
(Sound health and Stamina) The entrepreneur should have good health. Someone has rightly written that a healthy mind resides in a healthy body. Good health is a very important element of personality. Only a person with a healthy body moves towards achieving the objective with his full potential. People with poor health are often unable to take risks and undertake innovative activities, so the entrepreneur should be in good health.
Not only this, the working power of the entrepreneur should also be good. Only if he has the power to work for a long time, he will be able to complete his work with full dedication and enthusiasm, otherwise he will feel tired, annoyed etc. and will not be able to do his work efficiently.
(2) Hard working
In Indian philosophy it is said that Udyeman hi Siddhayati Karyani Manorath An entrepreneur must be diligent in order to be successful. Entrepreneur should have a positive attitude towards action. Those who steal from work, success never comes close to them. It has also been said that hard work is the key to success. In the present competitive era, there is no substitute for hard work to keep yourself in the market.
(3) It is absolutely essential to have the power of imagination in an imaginative entrepreneur. From the inception of the enterprise to its operation, the entrepreneur has to make various innovations which are possible only if he is imaginative. Fantasies should not be mere fantasies but they should be close to reality. In the words of Arthur Alps, the ambitions of only those who are brave are fulfilled. The ambitions of a person who only imagines are never fulfilled.
(4) Sharp intellect and memory power
(Sharp Intelligence & Memory) Entrepreneur should be rich in sharp intelligence. Only when there is a sharp intellect can there be accuracy and promptness in decisions. Even after completing different types of tasks intelligently, the enterprise moves on the path of progress and development. Similarly, the entrepreneur should have memory power. The execution of when, where, what to do etc. becomes easy when he has sharp memory power.
(5)
Self Confidence "Self-confidence is the mother of success." This saying seems to be true in the context of entrepreneur. The tasks are also not completed.An entrepreneur has to face many situations to achieve the goal, the role of self-confidence is important in coping with these different types of situations.
(6)
Optimist An entrepreneur must be optimistic
Because he has to constantly face uncertainties and risks. Keeping in view the basic mantra of success is hidden in failure, the entrepreneur should not become inactive after getting frustrated by failures, but should again be ready to achieve the goal with enthusiasm and dedication. Stevenson rightly wrote that "The conditions for success are simple, we have to put in some hard work, some patience, some faith, and there is no turning back."
(7) Foresightness
Entrepreneur has to foresee the future and take decisions based on it, so he should be visionary. An entrepreneur can develop and expand his enterprise by properly forecasting the future interest of the customers, government policy, competition, market potential etc.
(8) Effective Personality The personality of the entrepreneur should be effective and attractive. For an effective personality, the entrepreneur should be serious, courteous, patient, cheerful nature, happy face posture, sweet talk, gestures and dress etc. enhance the personality.
II. Social and Moral Qualities
Social and moral qualities also play an important role in the success of an entrepreneur. A successful entrepreneur should have the following social and moral qualities -
1. Sociable:
His sociability plays a major role in the success of an entrepreneur. Entrepreneur should have a warm conversation with everyone, he should make a relationship with each person who comes in contact with him and should awaken mutual intimacy. So the entrepreneur should be • friendly.
2
Co-operative entrepreneur should be an associate of all classes. Him
Business owners must be cooperative and equitable with employees, lenders, suppliers, customers and even their competitors. An entrepreneur should have the ability to compromise and accept his mistakes and mistakes.
3. Politeness:
An entrepreneur must be humble. It has also been said that "humility costs nothing, but it gives a lot." Humility increases the popularity of the entrepreneur. Humility does not mean that he should do any work against his reputation and self-respect.
4. Sound character The character of an entrepreneur should be pure. An entrepreneur of character leaves his mark on the people he comes in contact with and makes them his own. In relation to character, it has also been said that if character is lost, then everything is lost." According to Prof. Havins, a man of character, through his eyes, through his gestures, through his speech, through his words, puts his mind into his people.
5.
Honesty
Entrepreneur should be honest. Entrepreneur can be successful for a short period of time through dishonesty and wrong way but
For long-term success, it is necessary to execute business activities honestly. Udayani should determine and follow his policies and plans on the basis of "Honesty is the best policy".
6.
Loyal -
An entrepreneur should be loyal to his associates, customers, suppliers, government etc. not only in normal but also in special and critical situations. Entrepreneur should not disturb his loyalty to different classes by adopting gimmicks like artificial scarcity of black-marketed goods, profiteering, four-marketing.
7. Humanity: An entrepreneur should have a unique attitude towards the various employees working in the enterprise. He should treat his employees and subordinates with affection, belongingness, love and sympathy. By building good relations with the employees, labor turnover is reduced, which leads to the retention of experienced and qualified employees and increases the sense of respect and belonging towards the entrepreneur.
8.Likeable disposition:
Entrepreneur should have good nature. Entrepreneur who is endowed with the qualities of good behavior, humility, tact, good behavior etc. achieves success in business. A person with a gentle nature has the ability to make his opponents his own.
5.
Honesty
Entrepreneur should be honest. Entrepreneur can be successful for a short period of time through dishonesty and wrong way but
For long-term success, it is necessary to execute business activities honestly. Udayani should determine and follow his policies and plans on the basis of "Honesty is the best policy".
6.
Loyal -
An entrepreneur should be loyal to his associates, customers, suppliers, government etc. not only in normal but also in special and critical situations. Entrepreneur should not disturb his loyalty to different classes by adopting gimmicks like artificial scarcity of black-marketed goods, profiteering, four-marketing.
7. Humanity: An entrepreneur should have a unique attitude towards the various employees working in the enterprise. He should treat his employees and subordinates with affection, belongingness, love and sympathy. By building good relations with the employees, labor turnover is reduced, which leads to the retention of experienced and qualified employees and increases the sense of respect and belonging towards the entrepreneur.
8.Likeable disposition:
Entrepreneur should have good nature. Entrepreneur who is endowed with the qualities of good behavior, humility, tact, good behavior etc. achieves success in business. A person with a gentle nature has the ability to make his opponents his own.