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By , Md . Thariq Hussain , B. Tech Mechanical Engineering , Madina Engineering College .

term entrepreneur (i/ntrprnr/) is a loanword from French . It was first defined by the Irish-French economist Richard Cantillon as the person who pays a certain price for a product to resell it at an uncertain price, thereby making decisions about obtaining and using the resources while consequently admitting the risk of enterprise .
The

Entrepreneurship

is the act and art of being

an entrepreneur . One' who undertakes innovations . Or one who introduces new things, finance and business acumen in an effort to transform innovations into economic goods .

The

entrepreneur is a factor in microeconomics, and the study of entrepreneurship reaches back to the work of Richard Cantillon and Adam Smith in the late 17th and early 18th centuries, but was largely ignored theoretically until the late 19th and early 20th centuries and empirically until a profound resurgence in business and economics in the last 40 years.

Entrepreneurs

are often contrasted with managers and administrators who are said to be more methodical and less prone to risktaking. Entrepreneurs have many of the same character traits as leaders, similar to the early great man theories of leadership. A personal back ground of an entrepreneur .

1.

Disciplined 2. Confidence 3. Open Minded 4. Self Starter 5. Competitive 6. Creativity 7. Determination 8. Strong people skills 9. Strong work ethic 10. Passion

Based
Based Based Based

on functional characteristics
on development angle on entrepreneurs business

on personality traits

Innovative

entrepreneurs introduce new goods or new methods of production or discover new markets or reorganize the enterprise EX: new product, new ways of product Imitative or adoptive entrepreneur : Such entrepreneurs dont innovate , they copy technology or technique of other . EX: Chinese mobiles.

entrepreneur : Such

Fabian

entrepreneur : Such entrepreneur display grates situation and scepticism in experimenting with any change in their enterprise. They change only when there is a serious threat to the very existence of the enterprise. entrepreneurs : Such entrepreneurs are characterized by a diehard conservatism and may even be prepared to suffer the losses.
EX: Acc. To MC Kinsey in 2015, 110-130 million people will be unemployed out of which 90-100 million people will be Fresher .

Drone

Prime

mover : This entrepreneur sets in

motion a powerful sequence of development expansion and diversification of business.


EX: Ambani
Manager

: such an entrepreneur doesnt initiate

expansion and its content in just staying in business


Minor

innovator : This entrepreneur

contributes to economic progress by finding better use for existing resources.


EX: minimum wastage maximum production.

Manufacturing
Wholesaling Retailing Service

The

improver The advisor The superstar The artists The visionary The analyst The fireball The hero The healer

The

coming year 2013 is said to turn the lives of many people, since this year most of them will come to know that companies, organizations, corporations and even central, state and local governments will no longer guarantee jobs for the public under their jurisdiction and will not even assure to take care of the people already working for them, thereby people will be forced to think of their own well being and livelihood.
(CONT).,

In

this industry where change is constant without any assurance that the person will definitely own a job even during recession, the only security for continuous flow of income an individual can provide to their family is through the solitary source set apart by him which is the job secured by him. People who seek jobs and also those who feel their income to be less than what they actually deserve will have to go in search of livelihood by coming up with ideas for self created jobs by either starting their own business, organizations or entrepreneurial ventures.

1. Any person has to be present skills more than that is expected of them. 2. Can come up with ideas which will finally result in development of business efforts. 3. It is better to sort out the work and put maximum effort on things which can change the face of business rather than working on minor things which will not help the business in any way. 4. The rate of work produced must be greater than the amount being paid for the work; this will leave a lasting impression on the person and will later on be most sought out. 5. Always try to learn something new which will augment the market value of the work done by you. 6. Taking up the responsibility when something goes wrong will enhance the leadership qualities of a person. 7. Always work in synchronization with the team, take less credit when things go as planned and more blame when the work done is wrong. 8. Try to motivate people around you with impressive smile which will also help you to reach greater heights in career and also helps you maintain good relations with people.

Going

to college will allow young entrepreneurs to gain more experience and have constant learning experience and also have practical knowledge by implementing things immediately also it creates a scope to increase their social network.

Research

has shown that most of the business startups have higher failure chances than the chance of success in their first attempt itself. Therefore it is better to understand the mistakes committed by previous entrepreneurs during the start of the business which may help any upcoming entrepreneur by not repeating the same things again and again .

1)

Lack of focus

2)

Diverting from the skill possessed

3)

Impatience & hesitancy