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Who is entrepreneur?
Some inventors have a natural talent for business, but many more of them have been people who liked to make and discover things but did not know what to do when they succeeded. Capitalists may also be business executives, but their specific function is to provide the financial resources for an enterprise and many are content to do only that. Managers obviously are in business but a manager who takes over an existing operation is usually very different from a manager who starts one up. Example: Mr. Narayan Murthy a genius at computers, applied his knowledge to the founding of Infosys Technologies Ltd.
Objectives of industrialization
Natural Factors:
Geographical Climatic Technical.
Definition
Entrepreneur is an initiator of action, stimulator of social economic changes, and a harnesser of resources and factors of production to create wealth. Entrepreneurship is neither a science nor an art.
Characteristics of an entrepreneur
Technical competence Initiative Good judgment Intelligence Leadership Confidence Energy Attitude Creative Fair Honest Tact Emotionally stable Motivator Long term involvement Persistent problem solver Goal setter Moderate risk taker
Qualities of an entrepreneur
He is an enterprising individual. He is energetic, hard working, resourceful, alert to new opportunities, able to adjust himself to changing conditions with ease and willing to assume risks involved in change. He is interested in advancing technologically and in improving the quality of his product or service. He is interested in expanding the scale of his operations by reinvesting his earnings. He visualizes change and adapts. He is a firm believer in planning and systematic work.
He works for the society at large and for the good of his fellow beings.
Interpreneur
They are entrepreneurs who catch hold of a new idea for a product, service or process work to bring their vision to fruition within the framework of the organization.
Types of entrepreneur
According to David McClelland, a person acquires three types of needs as a result of one': life experience. These three needs are:
Need for Affiliation These refer to needs to establish and maintain friendly and warn' relations with others. Need or Power These mean that one's desire to dominate and to influence others using physical objects and actions. Need for Achievement This refers to one's desire to accomplish something with owr efforts. This implies one's will to excel in his/her efforts.
McClelland also suggests that these three needs may simultaneously be acting on an individual. But, in case of an entrepreneur, the high need for achievement is found as the dominating one.
Motivating Factors
Internal Factors Desire to do something new Educational background Occupational background or experience. External Factors Government assistance and support Availability of labor and raw material Encouragement from big business houses Promising demand for the product.
Factors which prompted new entrepreneurs to enter into entrepreneurship (survey results)
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