1.

Entrepreneurial Stress Reducing Mechanism

We're all prone to stress. But entrepreneurs are always in stress. Whether it's making changes to
the product, finding new customers or having to let an employee go, the experience can become
overwhelming. There are seven ways to reduce entrepreneurial stress:-

1. Remember the simple things :The simple things such as sleep, exercise, a healthy diet and time
management are the best way to deal with these daily stressors. Entrepreneurs should try to stay in
a normal routine and do the simple things to take care of ourselves.

2. Talk: Many entrepreneurs want to avoid talking about difficult experiences. However, one of
the most positive methods for coping after a stressful event is to acknowledge and talk about the
stress with trusted others in our support network.

3. Try a massage : Millions of people have been seeing massage therapists once in a while as a
way to take off that extra edge, relieve back problems or relieve muscle soreness after working
out.

4. Get professional help: Sometimes we can't do it all on our own.With increasing demands at
work making we stressed out, we may feel as though we just can't stop feeling anxious and on
edge. Reducing the tension (even severe stress) through professional help from a qualified
psychologist can be a wise idea.

5.Seek diversions away from work: Sign up for a yoga class a few times a week, perhaps after
work to calm down before heading home, providing a buffer between your work and home life.
Also consider a hobby you've always wanted to try, such as gardening, photography or hiking.

6. Take a vacation : As an entrepreneur we work just as hard, if not harder, than our employees.
So, we don't stint ourselves on booking a cruise or going camping. If we want to take a cruise we
don't have to do all the booking and planning ourselves.

7.Exercise : We can do exercise to reduce stress. Study after study has shown a correlation between
exercise and decreased stress.

8. Meditate and reconnect with ourselves : We should take a quiet moment away from the hurly
burly of the office to review and reflect on your goals. Meditation can be a huge help in this area.
So, above points can be followed as entrepreneurial stress reducing mechanism

2. "Entrepreneurial process should start with building Moral Support Network." Do

you agree with the statement?

Moral support is a way of giving support to a person or cause, or to one side in al conflict, without
making any contribution beyond the emotional or psychological value of the encouragement.

Entrepreneurial process should start with building Moral Support Network. I agree with this
agreement. The logics to my answer are as follows:-

1. One of the most important factors influencing entrepreneurs in their career choice is role
models. Role models can be parents, relatives, or successful entrepreneurs in the community.

2. Role models can also serve in a supportive capacity as mentors during and after the new venture
is launched. This support system is most crucial during the start-up phase.

3. It is important that an entrepreneur establish connections to support resources early in the

venture formation process. As contacts expand they form a network with density (extensiveness
of ties between two individuals) and ten distance of the entrepreneur to all other individuals.)

4. The strength of ties between the entrepreneur and any individual is frequency, level, and
reciprocity of the relationship. An informal ne and professional support benefits the entrepreneur.

5. It is important for the entrepreneur to establish a moral support no and friends. Most
entrepreneurs indicate that their spouses an supporters. Friends can provide advice that is more
honest than others.

6.Relatives can also be sources of moral support, particularly if they are also entrepreneurs.

3. Managerial versus Entrepreneurial Decision Making

Entrepreneurial management is distinct from traditional management. The difference between the
entrepreneurial and managerial decision making can be viewed in the following dimensions :-

1. Commitment to opportunity : In general the entrepreneurial domain is revolutionary with short

duration while the managerial domain is evolutionary with long duration The entrepreneurial
domain is pressured by the need for action and has a short time span in terms of opportunity
commitment hence it is fast to act on worth opportunity while the managerial domain is slow to
act on opportunity and once the action is taken the commitment is usually for a long time span, too
long in some cases

2. Commitment to resources: An entrepreneurial is used to having resources committed at periodic

intervals that are often based on certain tasks or objectives being reached. The resources required
are usually difficult to obtain, thus forcing the entrepreneur to maximize any resource used. In
managerial domain the commitment of resources is for the total amount needed and managers
normally receive personal rewards by effectively administering the resources under the

3.Control of resources : The manager/administrative is rewarded by elective resource

administration and has a drive to own or accumulate as much resources as possible. The pressure
of power, status and financial reward cause the manager to avoid periodic use of resources while
the entrepreneur is under pressure of limited resources and strives to achieve periodic use of the
resources needed.

4. Management control/shared values and norms/managerial structure: In managerial domain the

organization structure is formalized and hierarchical in nature. Reflecting clearly defined lines of
authority and responsibility while the entrepreneurial domain has a flat organization structure with
informal networks throughout due to the desire for independence.

5.Strategic orientation: The entrepreneurial strategic orientation depends on his or her perception
of the opportunity while on managerial domain the strategic orientation involves the use of
planning system.

4."All entrepreneurs are manager but all managers are not entrepreneur." Discuss.

I think, it is true that at times an entrepreneur can be a manager aslo but a manager can not be an
entrepreneur. There are some important reasons behind my thought which is presented below:
The main motive of an entrepreneur is to start a venture by setting up an enterprise but the manager
always want to render his services in an enterprise already set up by someone else. Here an
entrepreneur is able to render his services in an enterprise but a manager does not think to build up
an enterprise.

An entrepreneur is the owner but a manager is the servant in the enterprise. In this case, an
entrepreneur may be the servant but a manager may not be owner.

A manager as a servant may or may not bear any risk involved in the enterprise. But an
entrepreneur bears all risk of an enterprise.

An entrepreneur himself thinks over what and how to produce goods to meet the changing demands
of customers as well as executes his own plan. But a manager only executes the plans prepared by
the entrepreneur.

An entrepreneur is the final decision maker but a manager may or may not be a decision maker
because an entrepreneur has right to avoid the decision of a manager.

Finally we can say that an entrepreneur may have the opportunity to be a manager but there is no
option of a manager to be an entrepreneur.

5."Entrepreneurs are made not born."- Comment on the statement.

"Entrepreneurs are made not born." It is true that family environment, religious, cultural
conditioning and commercial orientation of a region may create a favorable atmosphere for
entrepreneurial growth. But these generic factors are necessary conditions rather than sufficient
one. It has been observed that a great many highly intelligent and energetic persons never become
entrepreneurs. Studies all over the world throw lot of evidences that " Entrepreneurial traits and
tendencies are acquired characteristics or learned behavior". Entrepreneurs typically show higher
levels of risk tolerance and ability to cope with ambiguity. They are also alert to opportunities, in
the sense that they are able to make connections between apparently unrelated events and turn that
into a business. They are also incorrigibly optimistic, creative in finding resources and solutions
to problems. They are also highly self-confident in their ability and have a strong belief in their
own motivations and abilities. But entrepreneurs are not born with all these characteristics. To be
successful as an entrepreneur we need to be in the right environment where we either formally
learn how to do it or absorb it from our families and surroundings. We also need a strong motivator
who helps entrepreneurs to build enterprise. He needs capital for establishing enterprise.

So, we can say that, entrepreneurs are made not born.

6.Discuss the role of universities and colleges in the entrepreneurial development.

The role of universities and colleges in the entrepreneurial development has been briefly presented
below: –

The universities provide various theories about the entrepreneurship and the role of
entrepreneurship in economic development of a country.

The universities and colleges help to identify the personal motivations, attitudes, qualities,
competencies and characteristics usually associated with successful entrepreneurs,

Universities help to develop achievement-oriented, planning-oriented and power-oriented

entrepreneurial competencies among the students.

Universities provide the psychological profile of the successful entrepreneurs to make the
students feel for their motive.

They provide clear concept on the role, responsibilities, risks and rewards of an entrepreneur.

They make the students to perform the self-assessment,

They teach the students to take risks, seek opportunities,

They help bring out high quality and efficient entrepreneurs by providing proper training and
support to them.

They educate about how to collect and analyze the information

They create self-confidence among the students,

Universities provide post-training entrepreneurial self-assessment tasks.

They help the students to plan and monitor in a systematic way.

 Through our specialized learning programs, students increase their ability to build and manage
successful organizations.

Keeping the above reasons in our minds we can say that the universities and colleges play a vital
role in creating a good entrepreneur through there active trials.

7.“Developing countries need imitative entrepreneurs rather than innovative

entrepreneurs.” Do you agree? Give reason.

Clarence Danhof in his statement on the classification of entrepreneurs said that the under-
developed countries and developing countries possess imitative entrepreneurs rather than the
innovative entrepreneurs. Not only Danhof but also I do think that the innovating entrepreneurs
are not perfect for the economic condition of an under-developed or developing country. The
reasons behind my belief are briefly gleaned:-

Cost: An innovating entrepreneur is one who introduces new goods, inaugurates new method of
production to produce a new product. An innovator has to maintain more cost than imitative
entrepreneurs. But the developing countries can not afford to bear this cost. On the other hand, an
imitative entrepreneur follows the innovator entrepreneurs. They copy the product that has been
innovated before. Since innovative entrepreneurs need to expense a lot of money that imitative
entrepreneurs. So developing countries need imitative entrepreneurs.

Technology: From the technology the developed countries are better than the developing
countries in case of technology. An innovative entrepreneur uses the modern technology. But
developing countries can not use digital technology. So in the developing countries need imitative
entrepreneurs.

Discovery of Market: Discovery of market is easy for the developed countries. So the developed
countries can expect innovative entrepreneurs. On the other hand, in the developing countries it is
difficult to spread the market of product. So developing countries need imitative entrepreneurs.
 New method of production: It is very difficult to make a new method of production for the
developing countries. As innovative entrepreneurs adopt new methods of production. So
developing countries need to choose the imitative ones to reduce the risk of loss.

Reorganizing: An innovating entrepreneur reorganizes the enterprise. But the enterprises in the
developing countries like Bangladesh can not be re-formatted. So the imitative entrepreneurs are
most suitable for the developing countries.

Challenge: An innovating entrepreneur can take challenge. But the developing countries can not
let the public in the face of the Black hole. That is why the imitative entrepreneurs are suitable for
the developing countries.

Intention: In the developing countries like Bangladesh the people are less educated for what
they are not intentionally keen to engage in the entrepreneurial activities.

Less initiative: There is a lack of opportunities in the developing countries for what the
individuals do not come forward to take initiative to form an enterprise.

Risk: In a developing country the people do not take a chance in using the new product for what
the innovators do not take chance of inventing new products.

Imitation: In a developing country like ours the people do not possess any knowledge on the
latest technology for what they take the path of imitation. They bring out the products that are
being sold worldwide.

Besides these reasons there are a lot of reasons proving that the imitative entrepreneurs suit the
developing countries and under-developed countries economic condition.

8.Is an entrepreneur an individual or a group? Discuss.

This issue of an entrepreneurs being an individual or a group has make nuisance in the nose of
most of the writers. But we can define an entrepreneur with both the terms. As both the terms goes
with the entrepreneur. Let us have a clear discussion from the articles below: -

Individual as entrepreneur
There is always a strong debate as to whether an entrepreneur is an individual or group. Many
popular writers on entrepreneurship accept that entrepreneurs are individuals. According to a
recent study, an entrepreneur is someone who specializes in taking hypercritical decisions about
the harmonization of limited resources.

Group as entrepreneur

Some writers on entrepreneurship, however, consider the entrepreneur as a group. For example, in
the words of Cole, ‘entrepreneurship is the purposeful activity of an individual or a group of
associated individuals, undertaken to initiate, maintain or aggrandize a profit-oriented business
unit for production or distribution of economic goods and services’. Following are the reasons for
the argument that an entrepreneur constitutes a group:

It is the group of individuals that qualifies itself as an entrepreneurial group, since the groups with
a higher differentiation have the ability to respond.

The entrepreneur constitutes, in essence, an institution that comprises of all the people required
to perform various functions. Such people not only introduce innovations, but also apply the
necessary adjustments in production units when they expand, in response to changes in market
conditions. They also foretell opportunities inherent in a given situation, and even make
opportunities out of a given situation.

Entrepreneurial functions are more efficiency carried out by a group of persons specialized in
their respective fields. Such entrepreneurial functions are filled by a corporate body, and not
embodied in a single person. This is evident from the modern business experience that a corporate
enterprise comprises of several person who put their efforts and skills together to achieve the
common goals of the organization. Hence, the promoter may be a group rather than an individual.

9.Entrepreneurial Process

The Entrepreneur is a change agent that acts as an industrialist ami undertakes the risk associated
with forming the business for commercial use. An entrepreneur has an unusual foresight to identify
the potential demand for the goods and services.
 Discovery

Developing
Harvesting a businss
Plan

Managing
the Resourcing
company

The entrepreneurship is a continuous process that needs to be followed by an entrepreneur to plan

and launch the new ventures more efficiently. The entrepreneurial process is shown in the
following figure:-

The entrepreneurial process is discussed below:-

1. Discovery: An entrepreneurial process begins with the idea generation, wherein the entrepreneur
identifies and evaluates the business opportunities. The identification and the evaluation of
opportunities is a difficult task; an entrepreneur seeks inputs from all the persons including
employees, consumers, channel partners, technical people, etc. to reach to an optimum business
opportunity. Once the opportunity has been decided upon, the next step is to evaluate it.

2. Developing a Business Plan : Once the opportunity is identified, an entrepreneur needs

to create a comprehensive business plan. A business plan is critical to the success of any new
venture since it acts as a benchmark and the evaluation criteria to see if the organization is moving
towards its set goals.
3. Resourcing: The third step in the entrepreneurial process is resourcing, wherein the entrepreneur
identifies the sources from where the finance and the human resource can be arranged. Here, the
entrepreneur finds the investors for its new venture and the personnel to carry out the business
activities.

4. Managing the company : Once the funds are raised and the employees *re hired, the next step
is to initiate the business operations to achieve the set goals. First of all, an entrepreneur must
decide the management structure or " the hierarchy that is required to solve the operational
problems when they arise.

5. Harvesting : The final step in the entrepreneurial process is harvesting wherein, an entrepreneur
decides on the future prospects of the business, i.e. its growth and development. Here, the actual
growth is compared against the planned growth and then the decision regarding the stability or the
expansion of business operations is undertaken accordingly, by an entrepreneur.

The entrepreneurial process is to be followed, again and again, whenever any new Venture is taken
up by an entrepreneur, therefore, it's an ever ending process.

10.Some Important Stimulating and Sustaining Activities in Entrepreneurial

Development.

Entrepreneurship is more than simply "starting a business". It is a process through ' -_;h individuals
identify opportunities, allocate resources, and create value. There '- •• e some important stimulating
and sustaining activities in entrepreneurial is ' t^opment which are discussed below:-

1. To Prepare Plan : The first and foremost stimulating and sustaining activities in entrepreneurial
development is to prepare the plan or scheme of production i. e., the scale of production, types of
goods to be produced and its quantity.

2. Selection of the Site : The entrepreneur makes the selection of the site : For the factory to be
installed. The place should be near the market, railway station

or bus-stand. The selection of the place may be near the source of raw materials

also.
3. Provision of Capital : Capital is required to install a factory or an industry. Capital is required
at all the stages of business. It is not necessary that the

-,s entrepreneur should invest his own capital.

4. Provision of Land (^ islR): After making provision of capital and selection of site, he has to
arrange for land. Land is either purchased or hired.

5. Provision of Labour (Jfsr ^irR): In modern times, different types of labour are required to
produce one type of commodity. The entrepreneur has to make provision for labour from different
places.

6.urchase of Machines and Tools (CTf*!-? <£*$. 'TWffi 3Rr); It is the function of the entrepreneur
to purchase machines and tools in order to start and continue the production.

7.Provision of Raw Materials ("•^l&'MWH *$$&): It is the entrepreneur who makes provision for
raw materials. He purchases the best quality of raw materials at the minimum cost. He also knows
the sources of raw materials.

8.Co-ordination of the Factors of production (^ilic*^ ^f^Ww 1WT i*ran): One of the main
functions of the entrepreneur is to co-ordinate different factors of production in proper
combinations, so that the cost of production is reduced to the

minimum. •

~- -"

9.Division of Labour (JpT R«i©M): The splitting up of production into different parts and
entrusting them to different workers is also the function of an entrepreneur. Thus, the entrepreneur
decides the level and type of division of labour.

10.Supervision: One of the main stimulating and sustaining activities in entrepreneurial

development to supervise all the factors engaged in the production process. He has to supervise
every little detail so as to ensure maximum production and economy.

11.Contact with the Government : The entrepreneur has to make contacts with the government
because the modern production system is controlled by the government in several ways. A license
is taken before the start of production. :.
12.Risk-Taking : Risk-taking is the most important stimulating and sustaining activities in
entrepreneurial development. He has to pay to all the other factors of production in advance. There
are chances that he may be rewarded with a handsome profit or he may suffer a heavy loss.

above are some important stimulating and sustaining activities in entrepreneurial riopment.