Entrepreneur is a person who undertakes an enterprise with a chance of profit & loss. He is the person who can take moderate risk. He has the ability to work hard & capitalise on opportunity and has an urge for achievements & who has a desire for responsibility. He is the person with skill of organising & has some financial strenght.
Entrepreneurship is the process through which entrepreneur seeks innovative & employment i.e. doing new things or things in the new way.
Advantage to an individual:
- It creates a self employment and a sense of self reliance i.e. freedom of idea adoption
- It provides prolonged career for next generation i.e. no limited tenure of career
- It enhances sense of innovativeness and creativeness
- It provides modes of unlimited and high-retained income
- It creates a sense of independence/satisfaction
- It enhances per capita income via increase output
- It initiates a structural change in society and business
Advantage to a nation:
Provides large employment: since entrepreneurial ventures are basically started as SSI utilizing labour intensive techniques thus generating lot of employment for regional man power
- Wider distribution of wealth: increase in wealth output can be divided into various participants
- Optimum utilization and mobilisation of regional resources: since entrepreneur relies more on local resources for production needs i.e. raw material and labour thus results in optimisation of resource utilization.
- Closing the demand gap through appropriate opportunity: due to knack of seeking opportunity in the environment through study of demand gap and utilizing their venture to meet such demand gap
- Export potential: since innovativation is an ongoing process for entrepreneurial venture this creates an export opportunity and hence increase exports potential.
- Regional development: this is one of the key advantage which can be utilized disparities in regional development and also accelarate the pace of economic development
- Enhance skills and savings
- Stimulates innovation and efficiency
- characteristics and guiding factors for successful entrepreneur:
Personality traits: urge for achievement, determination to win, willingness for moderate risk, ability to identify and explore opportunity, analytical ability for strategic decision, perseverance, flexibility/capacity to plan and organise, prepaid for physical and emotional stress
Guiding factors: clear objectives, hr abilities, communication ability, technical knowledge, high energy level, motivator, self confidence, problem solver, goal setter.
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