IMPORTANCE OF ENTREPRENEURSHIP AND QUALITIES

IMPORTANCE OF ENTREPRENEURSHIP AND QUALITIES

 

The emergence and development of entrepreneurial capabilities under different environmental and social conditions in a country and some important definitions of entrepreneur are given below.

 

The entrepreneur is

Entrepreneur Risk Taker - Cantillon - 1775

Entrepreneur Organizer - An entrepreneur is an economic agent who combines factors of production. Or an organizer - J B Say

Entrepreneur Innovator - Entrepreneur is an economist who seeks to maximize profits through innovation - J A Schumpeter - 1991

Entrepreneur is always looking for change and responds to it and turns it into a commercial opportunity - Peter Drucker

 

Entrepreneurship is the pursuit of prosperity in a country, and entrepreneurship has a unique place in a country in terms of innovation, maximum utilization of resources, job creation, consumer needs and income generation.

 

Entrepreneurship is the secret that makes countries like Japan a powerhouse in the world economy, especially after World War II. Also, the secret of success in developed countries such as Korea, Malaysia, Singapore and Hong Kong is to be more entrepreneurial.

 

Some important facts about entrepreneurs and their goals

 

·       To make the world a better place:

Many entrepreneurs aim to improve the world. Entrepreneurs construct brands in service of others, whether they believe in space exploration, poverty alleviation, or developing a practical yet game-changing product. Some entrepreneurs use their businesses to quickly raise funds for their charitable causes.

 

·       Working with boss is no longer valid for entrepreneurs

Having a boss might be difficult for entrepreneurs. They may feel suffocated and restrained. Some business owners may believe they have a more efficient method of doing things. Others may be dissatisfied with the lack of artistic flexibility. Eventually, they are drawn to entrepreneurship because it allows them to achieve on their own terms.

 

·       Flexibility of entrepreneurs

Those who require flexible hours are attracted to entrepreneurship. Many persons with impairments, for example, prefer entrepreneurship since it allows them to work whenever they choose. Parents do not have to feel bad about raising their children at home or picking them up from school.

 

·       Corporate cultural differences

Entrepreneurs sometimes complain that rigid corporate cultures stifle their progress. In a corporate setting, you can detect an entrepreneur because they're usually wanting to get greater control over their function and a deeper understanding of how everything works together. Entrepreneurs now can create their own corporate culture.

 

Do you have these Entrepreneurship qualities?

Entrepreneurs take control of their lives by living life on their own terms, whether they need more freedom or want to make a difference. However, below qualities are required in order to success as an entrepreneur.

 

Hard Work

Running a business requires a lot of energy and enthusiasm. This includes the ability to work longer hours when needed, work harder, and sleep less than normal.

 

Self-confidence

Entrepreneurs need to be confident about themselves and their ability to achieve the goals they have set. There is an opinion that if you want something and are ready to work to get it, you will usually get it.

 

Building for the Future

The goal of more successful business people is to build a secure job and source of income for themselves based on their abilities. This means that entrepreneurs have some understanding that it takes several years to bring a business's income to a significant level.

 

Profit-oriented

The desire to make money is a clear indication of an entrepreneur's suitability to own a business. This means recognizing that business needs to be prioritized. How to use that profit after making a profit? The entrepreneur can decide whether to expand the business or for personal use.

 

Goal orientation

The success of a business depends on setting realistic goals or objectives and working with determination to achieve them. This ability to set goals (things that a person thinks are valuable) and to work towards achieving them is a basic requirement of being an entrepreneur.

 

Perseverance

 Problems and disappointments are present in every business. Attempting to solve problems is one of the main reasons for being a successful entrepreneur.

 

Being able to withstand failure

Every business has its ups and downs as well as its successes. Identifying failures, learning from them and finding new opportunities are involved in coping with failures. Without these traits, the first set of failures end in an individual's attempt to become self-employed.

 

Reacting to Responses

Entrepreneurs care about knowing how successful they are and continuing their activities. Getting valuable feedback and advice from others is another important characteristic of an entrepreneur.

 

Demonstrating Initiatives

Research has shown that a successful entrepreneur acquires start-ups and is personally responsible for their success or failure.

 

Willingness to listen

 A successful entrepreneur is not a person who looks only from the inside and does not use any external resources. Self-reliance does not exclude the ability to seek help from people such as bank officials, accountants and business advisers when needed. The ability to listen to other people's advice is a key feature of an entrepreneur.

 

Establishing one's own quality

Establishing quality levels for one's activities and promoting an active entrepreneur to achieve them. These quality levels can be revenue, quality, trade and product turnover. Many entrepreneurs want to do better every year and work to establish and achieve high quality levels year after year.

 

Being able to withstand uncertainties

Being an entrepreneur is more uncertain than getting a job. This uncertainty is largely due to turnover, but also to other areas such as freight and pricing, banking support. The ability to cope with uncertainties without too much stress is a hallmark of being an entrepreneur.

 

Commitment

Starting and running a business is based on the complete commitment of an entrepreneur in terms of time, money and lifestyle. This should take a prominent place in the life of an entrepreneur.

 

Building on Energy

 based on their hands-on skills, interpersonal skills, sales skills, organizational skills, writing skills, knowledge of a particular product or service, knowledge of people involved in insurance and the ability to build and use a network of contacts Successful business people build their work.

 

Credibility and Honesty

Honesty, fairness and trustworthiness are the hallmarks of an entrepreneur.

 

Risk

Being an entrepreneur is a risk to some extent. Entrepreneurs have the ability to withstand calculated risks. These risks include calculating potential expenses and income, the ability to succeed, and trusting an individual to avoid risk. Entrepreneurs are sometimes seen as risk takers because they reduce their risk by making others accept half of the risks. Bankers, suppliers and consumers can be entrepreneurial risk takers.

 

Are you perfect in these skills?

·       Self-direction

·       That of inquisitiveness

·       Build relationships with others

·       Specific abilities

·       Creative work

·       Leader

 

 

WHY Entrepreneurship:

 

Society- Community Development	A society turns into extra if the usage base is big and diversified. It brings approximately adjustments in society and promotes centres like better expenditure on education, higher sanitation, fewer slums, a higher degree of homeownership. Therefore, entrepreneurship assists the employer closer to a greater solid and pinnacle fine of network life.
Standard of Living	Entrepreneurship facilitates to decorate the fine of dwelling of a man or woman through growing the income. the fine of dwelling means, growth in the intake of
Supports studies improvement-	New services and products were given to be researched and examined earlier than launching in the market. Therefore, an entrepreneur additionally dispenses finance for studies and improvement with studies establishments and universities. This promotes studies, fashionable construction, and improvement in the economy.
Creation of Employment	Entrepreneurship generates employment. It gives an entry-degree job, required for gaining enjoy and education for unskilled workers.
New Innovation	it is the hub of innovation that offers new product ventures, market, era and fine of products, etc., and growth the fine of dwelling of individuals.
Increase GDP – Gross domestic Product	Entrepreneurship creates new wealth in an economy at large. New thoughts and advanced services or products from marketers permit for the boom of recent markets and new wealth.

 

There are several types of entrepreneurships -Mainly four

 

Small Entrepreneurship	These agencies are a hairdresser, grocery store, journey agent, consultant, carpenter, plumber, electrician, etc. These human beings run or personal their personal enterprise and rent own circle of relative’s participants or nearby employee. For them, the income could be capable of feed their own circle of relatives and now no longer making one hundred million enterprise or taking on an industry. They fund their enterprise through taking small enterprise loans or loans from pals and own circle of relatives.
Start-up Entrepreneurship	This start-up entrepreneur begins off evolved an enterprise understanding that their imaginative and prescient can alternate the world. They entice traders who suppose and inspire folks that suppose out of the box. The studies make a speciality of a scalable enterprise and experimental models, so, they rent the excellent and the brightest employees. They require extra project capital to gasoline and lower back their task or enterprise.
Large Entrepreneurship	These massive organizations have described life-cycle. Most of those organizations develop and maintain through imparting new and progressive merchandise that revolve round their major merchandise. The alternate in technology, client preferences, new competition, etc., construct stress for huge organizations to create a progressive product and promote it to the brand-new set of clients withinside the new market. To address the fast technological changes, the present companies both purchase innovation establishments or try and assemble the product internally.
Social Entrepreneurship	This sort of entrepreneurship makes a speciality of generating product and offerings that solve social desires and problems. Their simplest motto and aim are to paintings for society and now no longer make any profits.

 

 

Current Perspective of Entrepreneurship

 

Alongside some different disciplines, the investigation of business is additionally clearing its direction as a significant sub-discipline in numerous colleges and universities. This implies that advanced youth is widely keen on seeking after business as a lifelong way.

 

Because of this explanation, a few courses have been acquainted related with business. Like some other significant and famous discipline, business is additionally developing quickly. Today, an ever-increasing number of individuals are agreeable to becoming free in their expert vocations and hence, there are less reactions to be looked by any yearning business visionary.

 

·       Impact on social media

 

Living in the modern era sure enjoys a few benefits on the off chance that you have picked business venture as your vocation. Cutting edge business people have the advantage of extending their organizations and contacting the intended interest group with the assistance of online media.

 

This at last gives the chance to any entrepreneur to clear his direction into the worldwide commercial centre. Business in the advanced world is something any free person with authority quality would decide on.

 

·       Today’s entrepreneur

 

With the coming of web-based media age and cutting-edge innovations, business turned out to be more mind boggling. Despite the fact that there are a few thoughts and strategies that might be utilized during innovative endeavours, this by one way or another doesn't make the existence of a business person simple. With various advertising methods, contacting the intended interest group turned out to be simple.

 

Be that as it may, it additionally expanded the responsibility of a entrepreneur. With the requesting commercial centre, the need of creative thoughts additionally expanded alongside the longing to be remarkable in your undertaking. Along these lines, in business venture, the many benefits that might be acquired by an entrepreneur are likewise joined by a couple of disservices.

 

A portion of the hopeful business people might enjoy the benefit of being upheld by their families when setting out the establishment for their pioneering adventure. In any case, today a free entrepreneur is exceptionally valued as business people are considered as daring individuals who will arrive at the statures in the corporate world with their own persistent effort. The danger of beginning everything without any preparation isn't the sort of hazard everybody has the will and fortitude to take.

 

·       COVID AND ENTREPRENEUR

 

Creating a COVID Safe workstation

Every open Victorian business must have a COVID Safe Plan. This will help protect your employees, customers and visitors.

 

Your COVID Safe Plan describes the steps you can take to prevent corona virus (COVID-19) infection in your workplace.

 

Businesses are directly supervised and inspected by Victorian government officials to ensure that they comply with their COVIDSafe Plans. Businesses that fail to comply with these instructions will be subject to significant legal action, including fines and prohibition notices.

 

Ensure physical distance - you must

 

Make sure employees and guests are at least 1.5 meters away

Use security restriction signals at the point of entry in restricted areas

Whenever possible, make sure employees work from home

Apply the four-square-meter rule in shared areas and publicly accessible spaces

Wear a mask - you must

 

Ensure that all employees and visitors entering the workplace wear a face mask in accordance with public health instructions.

Adequate supply of face masks and personal protective equipment (PPE) to workers who do not have them

Good hygiene habits - you must

 

Regularly and regularly disinfect public places frequented by people, including high contact lenses such as door windows and public telephones.

Soap and hand sanitizers are available to all employees and customers throughout the workplace and encourage hand washing from time to time.

Keeping records and taking immediate action - you must

 

Assist workers to be tested and stay at home, even if they have only minor symptoms

Develop a proposed business plan to manage any epidemic

Keep records of all people who enter the workplace to find contacts