Entrepreneur

Entrepreneur is an organizer and speculator of a business enterprise. Entrepreneur lifts economic resources out of area of a lower to an area of higher productivity and greater yield. Entrepreneur is either originator of a new business venture or a manager who tries to improve an organizational unit by initiating productive changes. Here, business includes manufacturing, transport, trade and other self-employed vacation in service sector.

Entrepreneur is one who has the initiative, skill for innovation and who looks for high achievements. He is a catalytic agent of change and works for the good of people. He is the key man who envisages new opportunities, new techniques, new lines of production, new products and c0-ordinates all other activities.

Entrepreneur has become the focal point in economic activities. He is viewed as an initiator of action, a stimulant of socio-economic change and development.

To sum up, we can say that, an entrepreneur is one who innovates, raises money, assembles input, chooses managers and set the organization going with his ability. Innovation occurs through

a. Introduction of a new product,
b. Introduction of new quality in a product,
c. Discovery of fresh demand and a fresh source of supply, and
d. Changes in the organization and management.


    


Entrepreneurship

Entrepreneurship is a process of action an entrepreneur undertakes to establish his enterprise. Entrepreneurship is also a resultant mix of many qualities and traits of an entrepreneur.

Concept of Entrepreneurship

According to A.H. Cole, Entrepreneurship is a purposeful activity of an individual or a group of associated individuals, undertaken to initiate, maintain or organize a profit oriented business unit for the production or distribution of economic goods and services.

Other definitions of entrepreneurship are:

- Entrepreneurship means the function of creating something new, organizing and coordinating and undertaking the risk and handling, economic uncertainty.

- Entrepreneurship is meant the function of seeing investment and production opportunity, organizing an enterprise to undertake new production process, raising capital, hiring labor, arranging for the supply of raw material and selecting the top managers for day-to-day operation of the enterprise.

Entrepreneurship is not confined to industry small or big only, it is needed in all activities where production or services is involved, it may be agriculture or management of government.

Qualities of an Entrepreneur

Entrepreneur is a person who by mobilizing resources starts on industry to get best results by manufacturing a product needed in the market; entrepreneur must therefore be able to mobilize resources like labor, capital, expertise needed for the unit although he may not be having them personally. An entrepreneur must therefore possess following qualities:

(i) He must have self-confidence.
(ii) He must be hard working and his initiative and persuasive qualities.
(iii) He must be able to take risks and accept challenges.
(iv) He must be result oriented.
(v) He must be alert and get experience by seeing good points and mistakes of others.
(vi) He must have qualities of a good leader and should have innovative nature.
(vii) He should have sufficient technical and managerial abilities.




Next Chapters

Estimating Procedure
Costing
Difference between Estimating & Costing
Depreciation & Obsolescence
Material Cost Calculation
Calculating Labor Cost
Direct and Indirect Expenses
Component Cost
Machine Shop Estimating
Forging and Forging Types
Starting an Organization
Welding Cost Estimation
Jigs and Fixtures
Forecasting
Qualities of an Entrepreneur
Starting Small Scale Industries
Budget and Budgetary Control
Supply & Law of Supply
Exchange and Barter Exchange
Classification of Market
Money and Types of Money
Trade Cycle
Break Even Analysis
Financial Management
Profit
Pricing
 


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