Tiêu đề EXTN 355 Printed_copy.pdf ✅

Q1 Define Entrepreneur And Enlist The Characteristics Of Entreprenuer & Identifying potential entrepreneurs . The word entrepreneur is derived from the French word ‘entrependre’ meaning ‘to undertake’ Entrepreneur Entrepreneur is one who buys factor services at ‘certain’ price with a view to selling their product at ‘uncertain’ prices in the future. (Cantillon) An entrepreneur is one who initiates and establishes an economic activity or enterprise. (Pareek & Nadkarni) The entrepreneur as a dynamic agent of change, is the catalyst who transforms increasing physical, natural and human resources in a corresponding production possibility. (Schumpeter) Entrepreneur is one who assumes the responsibility of the risk and management of business. (Noah Webster) Characteristics of an entrepreneur 1. Desire for responsibility 2. Moderate risk taking: 3. Self-Confidence 4. Driver and energy 5. Future orientation 6. Skill at organizing 7. Dealing with failure 8. Value of achievement over money 9. Mental ability 10. Clear objective: 11. Communication ability 12. Change and uncertainty 13. Need for power: 14. Capacity to guard business secretes 15. Independence: 16. Innovators: 1. Desire for responsibility: Entrepreneurs feel a deep sense of personal responsibility for the outcome of ventures he starts. He prefers to be in control of his resources and use those resources to achieve self determined goals. 2. Moderate risk taking: The successful entrepreneur prefer to take moderate calculated risk where the chances of winning are neither so small as to be gamble nor so large as to be sure thing. Rather, risks are preferred which provide a reasonable and challenging chance of success and a situation whose outcome is influenced as much by one’s ability and effort as by more chance. This entrepreneurial

It is a common misconception that entrepreneur starts his business to make money. But it is difficult to say what is the force behind an entrepreneurs motivation. Sometimes money may be only a secondary force. 9. Mental ability: Mental ability consists of intelligence and creative thinking. An entrepreneur must be reasonably intelligent, and should have creative thinking and must be able to engage in the analysis of various problems and situations in order to deal with them. The entrepreneur should anticipate changes and must be able to study the various situations under which decisions have to be made. 10. Clear objective: An entrepreneur should have a clear objective to the exact nature of the goods to be produced and subsidiary activities to be undertaken. A successful entrepreneur may also have the objective to establish the product, to make a profit or to render social service. 11. Communication ability: Communication ability is the ability to communicate effectively. Good communication also means that both the sender and the receiver understand each other and are being understood. An entrepreneur who can effectively communicate with customers, employees, suppliers and creditors will be more likely to success than the entrepreneur who does not. 12. Change and uncertainty: Entrepreneur has to handle the sources of uncertainty that come with the territory without falling apart. The business opportunity is surrounded by uncertain questions like market size, pricing, variability of the original idea, customer response and product/service in a reasonable length of time. Entrepreneur must be able to lead manage, identify priorities, execute and most important is to make decision in changing circumstances. 13. Need for power: The entrepreneur has the capacity to influence people around him and make them work for the implementation of his plans and the achievement of his goals. Once an entrepreneur starts his enterprise and wants to manage it successfully, he also needs to influence and lead others. The entrepreneur has to deal with people effectively and influence them. Naturally, he should have the capacity and ability to influence and lead the people. 14. Capacity to guard business secretes: Secrecy is one of the fundamental aspects of a successful business. Failure to keep business secrets may give ample opportunities to the competitors, to compete in the market. 15. Independence: