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Prof. Glarmain.

Today’s youngster’s role models are Bill Gates, Mukesh Ambani, Mark Zuckerberg JRD Tata, Kumar Mangalam Birla, etc.

(b) Commercial uncertainty

Commercial or business uncertainties in business due to which loss could occur is known as risk.

Following are the social qualities of an entrepreneur :

• Sociable : 

Sociability of an entrepreneur is very important for his success. He should maintain cordial and amicable relations with the people in his contact.

• Cooperative :

He should be cooperative in nature. He should cooperate with the owners, employees, lenders, suppliers, customers and even with his competitors.

• Humanity :

Entrepreneurs must show their compassionate, generous, kind considerate behaviour towards their employees.

•  Respectful : 

It is rightly said that respect given is respect earned. Therefore, a successful entrepreneur should give respect to all the persons coming in his contact.

Following are the characteristics of entrepreneurship : 

1. Ability to innovate 

2. Economic activity 

3. Risk bearing capacity 

4. Pursuit of opportunities 

5. Organisation creation 

6. Result of high ambition 

7. Based on principles, not on intuition 

8. Professional Activity 

9. Entrepreneurship is a behaviour not a personality trait. 

10.Result of change.

Following are the physical and mental qualities of an entrepreneur: 

• Sound health and working capacity : 

An entrepreneur must have sound health to put a greater amount of physical and mental effort in his work. A person with good health can be ready to achieve the goals with full potential.

• Imaginative :

Entrepreneur has to do various innovative tasks right from the setting up of the business to its successful operation which is only possible through his imagination.

• According to Alpmas :

“The ambition of that person is fulfilled who loves to work. The ambitions of a person who only imagines are never fulfilled.”

• Foresightedness : 

Successful entrepreneurs have the ability to comprehend complex situations. They are foresighted and aware of important details. They continuously forecast the change in the business environment and review all possibilities to achieve objects.

• Ability to make decisions :

An entrepreneur should have the ability to make quick decisions at the right time. He must be able to analyse the existing circumstances and opportunities before making relevant decisions.

Following are the five traits of a successful entrepreneur :

• Hardworking : 

An entrepreneur should be hardworking person having positive attitude towards work. 

• Self Confidence :

It is the mother of success. An entrepreneur can easily overcome difficulties and odd situations with their confidence.

• Cooperative : 

Entrepreneurs should be cooperative in nature. They should cooperate with all the concerned business components such as employees, suppliers, customers, lenders and even with their competitors. 

• Loyal : 

An entrepreneur is required to be loyal towards his investors, suppliers and government. He should not involve in black marketing, creating artificial shortage, profiteering, tax evasion aid should be loyal to society, government and nation. 

• Optimist : 

It is very essential for the entrepreneur to be an optimist because he has to continuously face risk and uncertainties, trial & error, serious setbacks. Entrepreneur by optimistic approach can overcome obstacles and setbacks.

According to Prof. Musselman and Jackson : “Entrepreneurship is the investment and risking of time, money and efforts to start a business and take it successful.

(a) Joseph A. Schumpter

In general terms, innovation means new design in products, new production technique or new distribution technique. In brief, innovation means bringing change in present system.

Entrepreneurship is an activity of establishing an enterprise in which there is an element of risk involved.

(b)  Deucler

(d) All of these

This survey was made by Ernst and Young.

58% percent youngsters.

(d) All of these

Experts have different views on qualities of an entrepreneur. Many experts and economists have classified the qualities on the basis of physical & mental qualities, social and moral qualities and professional qualities.

Following are the qualities of an entrepreneur on the basis of above views :

• Effective personality : 

The personality of an entrepreneur should be pleasant, impressive and attractive. He should be sensitive, considerate, resourceful and have the patience, and have the ability to influence others. 

• Laborious :

An entrepreneur should be a hardworking person having a positive attitude towards work. He should be driven by the desire to excel through hard work. To maintain position in the market, entrepreneurs need to work very hard because hard work is the key to success.

• Cooperative : 

Entrepreneur should cooperate with the owner, employees, lender, suppliers, customers and even with his competitors. He should have the ability to accept his mistakes and faults and to compromise with others.

• Loyal : 

An enterepreneur is required to be loyal not only in ordinary circumstances but also in special situations towards his investors, companies, suppliers, governments. He should not involve in black marketing, creating artificial shortage, profiteering, fax evasion and be loyal to stakeholders, society and nation.

• Humanity : 

Entrepreneurs must show their compassionate, generous, kind, considerate behaviour towards their employees. He should behave with feeling of affection, sympathy, have cordial and harmonious relations with his subordinates and members of the enterprise. This reduces labour-turnover ratio, brings stability in competent and talented personal. 

• Sound health and stamina :

An entrepreneur must have sound health to put greater amount of physical and mental effort in his work. A person with good health can be ready to achieve the goals with full potential.

• Imaginative :

Imagination power is also an essential asset of an entrepreneur. An entrepreneur has to perform various innovative tasks right from the setting up of business to its successful operation.  

• Foresightedness :

Successful entrepreneurs have the ability to comprehend complex situations. They are foresighted and aware of important details. They continuously forecast the changes in the business environment and review all possibilities to achieve objectives.

• Decision making : 

An entrepreneur should have the ability to make quick and rational decisions at the right time. He must be able to analyse the existing circumstances and opportunities before making relevant decision. 

• ptimist : 

Entrepreneur has to continuously face risk and uncertainties, trial and error, serious setbacks or disappointment which are an integral part of their learning process. Entrepreneur by deep commitment, perseverance and optimistic approach can overcome such obstacles and setbacks.

Entrepreneurship is the process of searching and exploiting the profitable opportunities, creating new utilities and values by transforming resources and by bearing risk of innovative decision so that society’s expectations and needs can be fulfilled and wealth can be created to mobilize economic growth. In other words, entrepreneurship is an activity of establishing an enterprise with the element of risk present in functioning or running it.

In words of Prof. Udai Pareek and Manohar Nadkarni:

“Entrepreneurship refers to the general trend of setting up new enterprises in society.” 

In words of Peter Kilby : 

“Entrepreneurship involves a wide range of activities which includes perception of market opportunity, comparing and managing the factors of production and introduction of new production technique and products.”

In general, entrepreneurship is the process of searching and exploiting the profitable opportunities, creating new utilities and values by transforming resources and by bearing risks of innovative decisions so that social expectations and needs can be fulfilled and wealth can be created to mobilize economic growth. According to Peter Kilby, “Entrepreneurship involves a wide range of activities which includes perception of market opportunity, coordinating and managing the factors of production and introduction of the production techniques and products.” 

According to Franklin Lindsay : 

“Entrepreneurship is anticipating the future requirements of society and successfully meeting those needs with new, creative new imaginative combinations of resources. 

Characteristics of Entrepreneurship :

• Innovation : It involves innovation of something new and better. It includes new technique, new products or new way of distribution. According to Peter. F. Ducker, “Innovation is the specific instrument of entrepreneurship. Entrepreneur is a change agent.” 
• Economic activity : Entrepreneurship is primarily a wealth-producing task. It involves putting the resources to productive use. It creates and operates an enterprise. It is basically concerned with opening a new business venture and running it with an objective to earn profits.
• Risk-bearing capacity : An entrepreneur bears risk of setting up and operating a new enterprise, offering new products in market, determining prices in market, uncertainties, risk of investing his time, effort and wealth. 
• A process of searching opportunities : “Entrepreneurship is about pursuing environment trends and changes that no one else has seen or paid attention to. It precludes the awareness of opportunities that exist in everyday life. 
• Organisational creation : Entrepreneurship is a business – oriented activity. It reflects the business and enterprising nature of a person. In encourages people to start business. 
• Result of high achievements : Entrepreneurship is said to be the need and motive of high achievers. For fulfilling their ambition of higher achievements, they work continuously. 
• Professional activity : In todays competitive age, entrepreneurship is adopted as a profession like engineering or law. Any individual can became an entrepreneur by taking proper knowledge and training in different management institutes. 
• Entrepreneurship is a behaviour : Entrepreneurship is not a born personality trait, but it emerges as an art of making risk – bearing decision and enterprising behaviour of a person. In words of P. F. Ducker, “Entrepreneurship is not a science and not an art. It is a behaviour.”

Howard Johnson.

(c) Commercial activities

P. F. Ducker.

1. Entrepreneurship is an innovative activity. 

2. Entrepreneurship is an activity to find opportunities.

According to Prof. Rao & Mehta, “Entrepreneurship can be described as a creative & innovative response to the environment.”

(b) One who establishes business

(c)  Business

1. Organisational and administrative abilities. 

2. Technical & business knowledge.

 3. Alertness towards opportunities. 

4. Interest in accepting changes.

5. Psychological ability to bear risk.

According to Prof. Musselman and Jackson, “Entrepreneurship is the investing and risking of time, money & effort to start a business and make it successful.”

(d) All of these

(a) Prof. Nurksey

1. Assists in establishing new enterprises. 

2. Helps in growth & development of existing enterprises.

Prof. Emerson.

According to H. N. Pathak, “Entrepreneurship involves wide range of areas on which series of decisions are required which can be broadly grouped into three categories : 

1. Perception of an opportunity. 

2. Organizing an individual unit. 

3. Running an industrial unit as a profitable, going and growing concern.

An entrepreneur bears the risk of setting up and operating a new enterprise, offering new products in market, determining prices in market, uncertainties, risk of investing his time, and effort and wealth by putting all the efforts. He is not sure of getting profit. So it is right to say “Entrepreneur bears the general risk.”

Entrepreneurship is anticipating the future requirements of society & successfully meeting their needs with new, creative & imaginative combination of resources. Entrepreneurship is defined as a creative activity because, it is a composite of three basic elements, invention, innovation and, adaptation.

According to Robbins & Coulter, “Entrepreneurship is the process where an individual or group of individuals risk time and money in pursuit of opportunities to create value and go through innovation regardless of the resources they currently control.”

Entrepreneurship helps to remove regional disparities through setting up industries in less developed and backward areas. It help in growth of road transport, economic and social infrastructure in these areas. According to Prof. Nurksey, “An entrepreneur paves the way of economic development.”

According to the famous economist, Marshall, “Entrepreneur is the captain of the business who is not only the bearer of risk and uncertainty but he is also a manager, foresighter, inventor of new products and builder of economic structure of the country.

1. Basis of economic development of country. 

2. Contribution in development and expansion of existing enterprise. 

3. Helps in developing new products and techniques. 

4. Creation of employment opportunity.

 5. Promotes capital formation.

Following are the role and work of entrepreneur in an enterprise : 

(I) Regulating relation development: 

1. Searching opportunity in the market. 

2. Utilisation of scarce resources. 

3. Purchasing the raw material. 

4. Making products ready for distribution and competition.

(II) Political administration: 

1. Managing human relations inside the enterprise. 

2. Managing good relations between customers & suppliers. 

3. Managing the bureaucracy 

(III) Management Control: 

1. Financial management. 

2. Production management. 

(IV) Technical knowledge: 

1. Establishment of new enterprises.

 2. Keeping the production cost low in production unit. 

3. Applying latest, modern production techniques. 

4. Bringing the new products in the market

Entrepreneurs play a major role in the economic development of any country. They make the optimum utilization of scarce resources for the best advantage of a nation. They bear the risk of utilizing the resources of country and through their capital formation create wealth in the country. In today’s world entrepreneurs are becoming the role models of youngsters. Bill Gates, Mukesh Ambani, Mark Zuckerberg, Jeff Bezos, JRD Tata are the inspiration for youngsters. That is why in the survey of Opinion Research Council of America, 58% of the youth of the age group 18-24 wish to start their own business.

Following are the professional qualities of an entrepreneur : 

• Leadership :

 Entrepreneur is the head of an organisation. He makes the policies and gives order to subordinates. He must have the qualities of making quick decisions & making the maximum utilisation of human resources.

• Business ability : 

Entrepreneur must have business knowledge of different phases of business. Then only he will be able to control the future uncertainties. He must have the knowledge of new techniques of production & administration.

• Technical knowledge :

A successful entrepreneur must have the knowledge of latest & advanced techniques of production. He must be innovative & tech friendly by nature.

• Coordinating ability : 

A successful entrepreneur must have coordinating ability. Coordination is an activity in which entrepreneur directs the collective efforts of subordinates towards the organizational goals.

Need of Entrepreneurship: There is a need of entrepreneurship in every nation because everyone wants economic development. Developed nation need entrepreneurship to maintain their economic pace. Developing nations need entrepreneurship for their economic development. It is because of entrepreneurship that new enterprises and business ventures are established and new & innovative products and services are available for their societies. This in turn changes the standard of living and comfort for societies. Entrepreneurs with their innovation, research and courage, promote capital formation & create employment opportunities. This helps in economic development of society and nations. Therefore, entrepreneurship is essential for every nation.