Who is an Entrepreneur?
Entrepreneurs
are people who set up business around market demand to earn profit.
They observe a market and analyze raw material available in a country.
They also help a society by creating jobs and help country by paying
taxes. They play an important role in a country's development. For
example Tata, Reliance.
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What are the qualities of Entrepreneur?
These are the qualities of Entrepreneurs:
1) Passionate - Entrepreneurs are passionate and dedicated what they do. They like their work.
2) Pro-Active - Entrepreneurs actively analyze market's demands and invest capital in that sector.
3) Communicator - They have good communication skill, so they easily convince investors to invest money in their business.
2) Pro-Active - Entrepreneurs actively analyze market's demands and invest capital in that sector.
3) Communicator - They have good communication skill, so they easily convince investors to invest money in their business.
4) Innovative - They always come up new ideas which are new to the market.
5) Clear Vision - They have clear vision what is needed in future according they make products.
6) Courageous - They are always ready to take risk for their business.
What are the functions of an Entrepreneur?
These are the functions of an Entrepreneurs:
1) Organizing Resources - Entrepreneur manages and controls all the function of a business. He hires skilled people and work with them.
2) Decision Making - Entrepreneur takes many decision. He decides what to produce, how much produce and price of a product. A good business is the result of a good decisions.
3) Innovation - Entrepreneur is an innovator. He innovates new products and new market which reduce competition and increase profits.
4) Division of Income - Entrepreneur manages the total income of a business. He invests in new machines, gives employees salaries and pays other bills.
1) Organizing Resources - Entrepreneur manages and controls all the function of a business. He hires skilled people and work with them.
2) Decision Making - Entrepreneur takes many decision. He decides what to produce, how much produce and price of a product. A good business is the result of a good decisions.
3) Innovation - Entrepreneur is an innovator. He innovates new products and new market which reduce competition and increase profits.
4) Division of Income - Entrepreneur manages the total income of a business. He invests in new machines, gives employees salaries and pays other bills.
5) Risk Taking
- Entrepreneur predicts future demand and produce in large amount. Due
to unknown situation like lock-down in covid-19 demand can fall. He does
investment in new business which can fail.
What are the myths about an Entrepreneurship?
These are the myths about an Entrepreneurship:
1) Entrepreneur Born - People believe entrepreneurs are born, can't be made. But it is false, entrepreneurship can be learned.
2) Huge Investment - It is assumed for starting a business a huge amount of money is needed. But one can start with a small business and gradually grow it with proper planning.
3) Instant Profit - All companies don't make profit after starting a business, but they take many years to establish a market before making profit.
4) Good Idea for Business - For starting a business, a good idea isn't everything, but the factors like leadership, good planning, and communication skills also play important role.
5) Luxuries Life - Entrepreneurs have luxuries life, but they work 24 x 7 without any break to stand a company.
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