THE BASIC CHARACTERISTICS OF ENTREPRENEUR

ENTREPRENEURIAL MIND
 Entrepreneurship
It is the process of designing, establishing and running of an Enterprise for the purpose of profit and
sustainability.

Entrepreneurs
Entrepreneur is derived from the French verb “ entreprenerd “It means “to undertake”.

The people who create these enterprises. The capacity and willingness to develop organize and manage a business venture
along with any of its risks in order to make a profit. In economics, entrepreneurship combined with land, labour, natural
resources and capital can produce profit.
 Definitions of Entrepreneurships
Oxford Dictionary
“A person who sets up a business or businesses, taking on financial risks in the hope of profit”

International Encyclopaedia
“An individual who bears the risk of operating a business in the face of uncertainty about the future conditions”

Entrepreneurial spirit
It is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in
an ever changing and increasingly competitive global marketplace.
 Basic Characteristics of Entrepreneurship

Economic Activity: Entrepreneurship is an economic activity, as it involves designing, launching and

running a new business enterprises in order to earn the profit, by ensuring best possible use of resources.

Creativity and innovation: It involves discovering new ideas and implementing it in business. The
entrepreneur continuously evaluates current modes of running a business and identifies new methods and
techniques for operating the business more efficiently and effectively.

Profit: The activity of entrepreneurship is undertaken with the sole objective of making the profit. It is also
the reward of the efforts made and risk taken by the entrepreneur.
 Basic Characteristics of Entrepreneurship ...Contd.

Sustainability: most of the social enterprises are working for the resolution of some social issues but they have
to be a business model to sustain their enterprise. So that we define these type of activities as a social
entrepreneurship which primarily work for a social cause but self sustainability is the main aim of that organisation.

Risk Bearing: “Willingness to assume the risk” is the essence of entrepreneurship without which he/she cannot
succeed. It occurs due to the creation and implementation of new ideas. Such ideas are often uncertain, and so the
result may or may not be positive and instant.
Entrepreneurial activities that entrepreneurs may use include

 Exploration of new business Ideas

 Innovation of new products, services or processes
 Continuous process improvement in business models
 Use of technology
 Use of business intelligence
 Use of economical strategies
 Development of future products and services
 Optimized talent management
 Skills Required in Entrepreneurship

Technical Skills: Oral Communication, ability to organise, productive ability, technical business management, coaching,
network building, monitoring environment, ability to spot new trends, active listening, writing and interpersonal skills.

Business Management Skills: Forecasting, planning, budgeting, decision making, negotiation, goal setting, human
relations, marketing, finance, etc.

Personal Skills: Ability to manage change, leadership, persistence, self-reliance, foresightedness, innovativeness, risk
taking, self-reflection, discipline, self-confidence, honesty, patience, intelligence, tactfulness, emotional stability, etc.
 Entrepreneurship Ecosystem

Entrepreneurship operates under an ecosystem called as

entrepreneurship ecosystem. The ecosystem comprises of
government programs and schemes which encourage
entrepreneurship, non-governmental organisations that provide
advisory services to entrepreneurs, and other organisations which
promote and support entrepreneurship directly or indirectly
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