Entrepreneurial rewards Entrepreneurial opportunity

E
N The personal rewards of entrepreneurship extend beyond Entrepreneurial opportunity emerges at the nexus of
T business performance. Do the rewards indicates the individual aspiration with economic & social conditions
R outcomes of the activity or the activity itself? Often one perceived as favourable to create a new product or service
E draws a distinction between extrinsic rewards and intrinsic either in an existing market or a new one.
P rewards.
R The entrepreneur to be succesful in his attempt, should
E Intrinsic Rewards : As the names would suggest, know the employment opportunities existing in the location
N intrinsic rewards vest in the activity itself- ask a musician where he is setting up the venture.
E the joy of making music, the craftsman or the artist the
U The employement opportunities are generally based on
joy of creative work or a cricketer the joy of playing the
R the availabiltiy of local rawmaterial resources, skill of
game! Likewise, the entrepreneur enjoys the creativity
S labourers, proximity to the market, and the gap between
and innovativeness that he brings to his venture. This
H the supply and demand of the product locally.
aspect of entrepreneurship may be so dear to the
I entrepreneur, that he may happily work for other The entrepreneur can select suitable industrial
P commonly perceived physical and financial parameters opportunies based on:
of performance. Many entrepreneurs, strive hard for the 1) Agro based industries
S prosperity and flourish of Entrepreneurial Performance
K 2) Mechanical & metallurgical based industries
I Every business is a source of livelihood to many 3) Electrical/ electronic industries
L employees and their families. Thus, the entrepreneurs
L derive immense satisfaction in their ability to 'touch' other's 4) Ceramic industries
S lives. This they can do also by introducing products and 5) Food based industries
services that bring about improvement in others' lives,
be it a pharmaceutical formulation, daycare, home 6) Local demand based industries
entertainment, leisure and so on. To select an industry, enterpreneur should consult MSME
official, and also go through Techno economic survey
Extrinsic Rewards: One reason an individual may desire report prepared by the industries dept as a guide in
to be on one's own could be that one is looking for the selecting the employment opportunity.
profit pie rather than mere a share in it! Apart from income
and wealth that business ownership may bring forth, it Buying and selling venture (trading) is also covered as
may also be a source of career continuity for family industrial activity. Service based industries is the best
members of the entrepreneur. option, since the working captial required is very low and
needs no marketing effort. Auto repair shop, car washing
plant, flour grinding, welding shop,saloon etc., are some
of the service based venture offering scope, in any
developing area.

6 Employability Skills - (NSQF) Entrepreneurship Skills : Theory 2.1.28

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