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2306 ENTREPRENEURSHIPENTERPRENEURSHIP AND SELF EMPLOYMENT
Entrepreneur – an entrepreneur is a person having specific skills, ability, knowledge, awareness
and self confidence who bares the risk of operating a business in the face of uncertainty about
future conditions. Entrepreneurs are individuals who recognize opportunities where others see
chaos or confusion. They are aggressive catalysts for change within the marketplace.
According to J. B, an entrepreneur is a person who is an organizer and a supervisor of a
business enterprise and lifts economic resources out of an area of lower into an area of
higher productivity and greater yields.
According to David McClelland, an entrepreneur is a person with a high need of
achievement. He is energetic and a moderate risk taker.
According to Peter Drucker, an entrepreneur searcher for change, responds to it and
exploit the opportunities. Innovation is a specific tool of an entrepreneur hence an
effective entrepreneur converts a source into a resource.
Characteristics of an entrepreneur
-total commitment, determination, and perseverance
-drive to achieve and grow
-opportunity and goal orientation
-taking initiative and personal responsibility
-persistent problem –solving
-realism and sense of humor
-seeking and using feedback
-internal locus of control
-calculated risk taking and risk seeking
-low need for status and power
-integrity and reliability
-tolerance for ambiguity –able to cope with changes.
, -high energy level
-self confidence
-independence
-team building
-
1. Flexibility
Most successful entrepreneurs measure the pro and cons of a decision and tend to change
if the situation demands.
2. Need to achieve
They got strong desires to achieve strong goals and they are self motivated
3. Independence
Most entrepreneur start on their own because they dislike working for others, they prefer
be their own boss and want to be responsible for their own decisions.
4. Risk bearing
Entrepreneurs are the persons who take decisions under uncertainty and thus they are
willing to take risks but they never gamble with the results.
5. Locus of control
Entrepreneurs strongly believe they can govern and shape their own destiny
6. Perseverance
They stick to their jobs that they have decided to undertake. Once committed to a specific
goal and course of action, they become absorbed to it. They presually solve the problems
that come across their way while setting of the projects.
7. Positive self concepts
They should be always positive in their action
8. Ability to find and explore opportunities
They are always alert to opportunities and they are very quick to see and grab the
opportunity. They connect problems into variable opportunities.
9. Hope of success
This is a significant quality of entrepreneur set their goals with a hope of success rather
than fear of success
10. Analytical ability of mind
, They are unaffected by personal likes and dislikes and they stand beyond these types of
prejudices or they are realistic in their approach.
11.
12. Sense of efficiency
They are always oriented towards actions for accomplishment of their goals.
13. Openness to feedback and learning from experience
Successful entrepreneur like to have immediate feedback of their performance. They
modify their plans in their basis of the feedback, they receive from the environment
around them. They learn from their experience and never get discouraged having
received unfavorable information.
14. Conformity uncertainty
Successful entrepreneur are always optimistic and take every odd as the opportunity
15. Interpersonal skills
They are always comfortable when dealing with people at all levels.
16. Need to influence others
Once they act their goals, they have to play the roles of a manager too
17. Stress takers
Entrepreneurs are capable of working for long hours and solving different complexities at
the same time
18. Leadership
They should posses the quality of a leader. Leadership is the ability to exalt interpersonal
influence by means of communication towards the achievement of goals.
19. Decision making skills
This is choosing a particular course of action out of several alternative courses for the
purpose of achieving goals.
20. Ability to mobilize resources
The entrepreneurs are able to bring together factors of production so as to meet their
entrepreneurial goals: 6Ms
Men (labour)
Money (finances)
, Machinery
Method
Materials
Minutes (time)
21. Self confidence
Enable them to accomplish the tasks effectively and efficiently.
Sources of stress
Loneliness
Immersion in business
People problems eg workers, partners
Need to achieve – eg competition, dissatisfaction if no success
Dealing with stress
-networking – share experiences by networking with other business owners.
-getting away from it all –eg a holiday
-communication with employees- make them happy, and increase productivity, learn to
solve their problems
-finding satisfaction outside the company- gain some new perspectives,
-delegating
-exercising -
ENTERPREN
EURSHIP
According to J.B., entrepreneurship is an effort of shifting available economic resources
out of an areas of lower productivity into an area of greater productivity
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