QUOTABLE QUOTES ON ENTREPRENEURSHIP

DEFINITIONS / EXPLANATIONS:   

•Business refers to the state of being busy. In general term it is a commercial, activity for livelihood or generating profit.

•Entrepreneur is defined as one who undertakes business/enterprise, by assuming responsibility, control and risk.

•Entrepreneurship is the practice of starting a new business or developing new products or services with the motive to generate profit.

•Now-a-days there is a great appreciation for entrepreneurship development in national and international level.

•Entrepreneurship is the quality of an entrepreneur which is needed for effective functioning of business by utilizing the available opportunities.

•Entrepreneurship is an art of running the business with some logic and analytic thinking.

•An entrepreneur is: • The Achiever • The Sales person • The Manager • The Inventor.

•Entrepreneur is a person who is willing to convert a new idea into a successful innovation.

•He is able to make an idea saleable and in turn creates more job opportunities and adds value to the mankind.

•Idea means an explicit thought or perception that arises in the mind of a person as a consequence of thinking.

BACKGROUND OF ENTREPRENEURSHIP:

•The entrepreneur is an outcome of certain cultural and social factors that shape the psychological make-up of the person. He is motivated for higher achievement with an immense capacity to bear risks.

•The supply of entrepreneurship largely falls into the spheres of the two disciplines, viz., psychology and sociology.

•The psychological dimension to entrepreneurship is explained by a psychological concept called 'need for Achievement' viz. 'a desire to do well, not so much for the social recognition or prestige but for the sake of an inner feeling of personal accomplishment'.

•Entrepreneur is one of the four factors of production – the other three being Land, Labour and Capital.

•The entrepreneur need not necessarily be the person who invests the money, need not necessarily be the person who manages the day-to-day routine work; but she could be the person who brings about the necessary changes by introducing the innovative element that leads to the expansion of the business.‏‎‎‎‎‎‏‎‏‏‏‎‎‎‎‎‎‏‎‎‏‎‎‎‎‏‏‏‏‏‎‎‏‏‎‎‎‏‎‎‏‎‎‎‎‎‎‏‎‏‏‏‎‎‎‎‎‎‏‎‏‎‎‎‎‎‎‎‏‎‎‎‎‏‎‎‎‏‏‏‏‏‎‎‏‏‎‏‏‎‎‎‎

•Entrepreneur’s function includes, to make adjustments, innovations and the ability to make correct judgment about the future.

ROLE OF AN ENTREPRENEUR:

•Entrepreneurs are those who actually engage in converting the possible opportunity in the society into rewards (value). They utilize new technologies and available resources in a constructive way to produce goods. The main role is to produce new products for the society.

•There are opportunities that exist in various trades. In order to use these opportunities, we must update our knowledge and equip ourselves with requisite skills. We have to indulge in the process of sensing and identifying business opportunities.

•Entrepreneur has mainly the following four characteristics: (1) Gap filling; (2) Connecting different markets; (3) Input completing; (4) Creation and expansion of markets (creativity).

•Gap filling is a vital function that is required to be performed for production to take place and for the product to reach its consumers.

•"Input completing" means that certain minimum quantity of inputs needs to be arranged for any given economic activity. If less than the minimum is available then it is for the entrepreneur to come forward and arrange for what is lacking.

•The entrepreneur's creativity is not merely limited to systematic ordering of means to an end; he may bring about a fundamental change in technology, or may create new demands, or find a new source of supply of raw materials or adopt new organizational skills.‏‎‎‎‎‎‏‎‏‏‏‎‎‎‎‎‎‏‎‎‏‎‎‎‎‏‏‏‏‏‎‎‏‏‎‎‎‏‎‎‏‎‎‎‎‎‎‏‎‏‏‏‎‎‎‎‎‎‏‎‏‎‎‎‎‎‎‎‏‎‎‎‎‏‎‎‎‏‏‏‏‏‎‎‏‏‎‏‏‎‎‎‎

•Entrepreneurial behaviour is exhibited by people who are high in i) their desire to take personal responsibility for decisions, ii) their preference for decisions involving a moderate degree of risk, and iii) their interest in concrete knowledge of the results of decisions.

•‘Orientation to action’ is implicit in the concept of entrepreneurship.

•Most common attitudes and behaviours generally shared by most entrepreneurs include (1) high energy level and basic intelligence (2) commitment and determination (3) desire for responsibility (4) opportunity obsession (constant lookout for opportunity) (5) tolerance for risk, ambiguity and uncertainty (however not gamble, no unnecessary risk taking but being a risk manager) (6) Self-confidence (with optimistic attitude) (7) creativity and flexibility (Creativity is an Ability to develop new ideas which could result in new product or services) (8) desire for immediate feedback (strong desire to improve the performance- excellent learner and quick learner) (9) motivation to excel (10) orientation to the future (pro-active approach)  (11) willingness to learn from failure (not scared of failure. Failure of a business is different from failure of an entrepreneur) (12) leadership ability (they are visionary leaders, not dreamers).

•Skills required for an entrepreneur: 1. Sales & marketing skill 2. Financial management skill 3. Self-motivating skill 4. Time management skill 5. Administrative skill.

INNOVATION AND ENTREPRENEURSHIP

•Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or different service.

•The relation between Innovation and Entrepreneurship has three aspects 1. The practice of Innovation (where and how the entrepreneur searches for innovative opportunities.) 2. The practice of entrepreneurship (the institution that is the carrier of innovation.) 3. Entrepreneurial strategies (bringing an innovation successfully to market. The test of an innovation lies in its success in the market place.)

CHALLENGES AND EVALUATION:

•Being an entrepreneur is more than a job or a career; it is a life style, and definite principles may persuade the career strategy for being an entrepreneur. You must be flexible and imaginative, be able to plan, take risk, make decision and implement imperative action to achieve the goals. One should be realistic as well as future oriented.

•The process of identifying a business opportunity is scientific and there are various ways of doing the same; like solving people’s problems, adding new value to an old product, using hobby, turning waste material into something useful, doing market research, talking and listening to people and changing fashion and life style and many more.

•For the successful functioning of enterprise, the inter relationship and inter dependency of individual, socio-economic factors, environment and support system are necessary.

•Challenges that an entrepreneur may face are: (1) competition (2) technology (3) finance (4) publicity (5) consumer behaviour (6) lack of resources (7) lack of knowledge about the pitfalls in the business (8) market pressures like raw material constraint, man-power constraint etc. 

•The traits to measure the success or failure of an entrepreneurship are (1) degree of innovativeness (2) positive attitude (3) risk taking ability (4) team building ability (5) problem solving capacity and (6) level of enthusiasm. However, the profit generation is the visible criteria to measure the success of any enterprise in the long run.

•Most of the time, the failure of the enterprise is mainly due to inadequate planning. Hence, care should be taken before starting the enterprise by giving sufficient time for planning before you proceed.

ACTIVITIES:

•Entrepreneurial activities are (1) conception (2) inception and (3) operations.

•Conception refers to (a) Ability to identify opportunity (b) Selection of project (c) Foresight to see the scope for exploitation (d) Courage to undertake risk € Taking initiative and daring.

•Inception refers to (a) Investment decision (b) Source of finance (c) Market study (d) Project planning and feasibility € Business leadership (f) Understanding business environment (g) Knowledge and ability to complete formalities/actions under various laws/policies of government, local bodies and other agencies.

•Operations refers to (a) Managerial skills (b) Production planning and scheduling (c) Utilization of capacity (d) Raw material purchasing € Inventory management (f) Pricing, marketing, financial management, budgetary manpower planning etc.

ALL THE BEST

THANKS