E: Enterprising capacity N: Needs for Achievement T: Target R: Risk E: Experience
P: Planning R: Resource E: Endurance N: Novel Innovativeness E: Expedient U: Understanding R: Resolution Who is an Entrepreneur:-
An entrepreneur is a person who is an innovator, a risk taker, a resource assembler, an organization builder. He introduce new ideas, new activities, coordinates the factors of production and decides how the business shall run. He anticipates the future trend of demand and price. He has vision, originality of thoughts and ability to take calculated risk. An entrepreneur is a person who has possession of an enterprise, or venture, and assumes significant accountability for the inherent risks and the outcome. It is an ambitious leader who combines land, labour, and capital to create and market new goods or services. An entrepreneur is an organizer, singly or in partnership, who takes risks in creating, investing in, and developing a firm from its inception through to hoped-for profitability as goods and services are marketed.
What is Entrepreneurship? Many definitions of entrepreneurship can be found in the literature describing business processes. The earliest definition of entrepreneurship, dating from the eighteenth century, used it as an economic term describing the process of bearing the risk of buying at certain prices and selling at uncertain prices. Other, later commentators broadened the definition to include the concept of bringing together the factors of production. This definition led others to question whether there was any unique entrepreneurial function or whether it was simply a form of management. Early this century, the concept of innovation was added to the definition of entrepreneur-ship. This innovation could be process innovation, market innovation, product innovation, factor innovation, and even organisational innovation. Later definitions described entrepreneurship as involving the creation of new enterprises and that the entrepreneur is the founder. Entrepreneurship is the practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. In simple words ‘Doing new things or doing things that are already done, in a new way is a simple definition of Entrepreneurship.’
Types of Entrepreneur:- 1} Innovative Entrepreneur 2} Adoptive or Imitative Entrepreneur 3} Fabian Entrepreneur 4} Drone Entrepreneur 5} Solo operator 6} Active partners 7} Inventors 8} Challengers 9} Byers 10} Life-timers Philosophy of Entrepreneurship:- 1. Ability to take calculated risk 2. Willingness to accept responsibilities 3. Goal orientedness 4. Personal Growth 5. Acceptable results are more important than perfect result 6. Failure must be accepted as learning process Functions of an Entrepreneur:- 1. Entrepreneur manages business and take decisions 2. He studies the market and select the business 3. He selects plant-size and plant-site 4. He organizes sales and marketing 5. He promotes new inventions 6. He coordinates different factors of production 7. He arranges raw-materials, machinery and finance 8. He employs labours 9. He deals with Govt. departments 10. He decide pricing policies 11. He distributes wages of labours and interests to capitalist etc. Characteristics of Entrepreneur:- 1. The entrepreneur has an enthusiastic vision, the driving force of an enterprise. 2. The entrepreneur's vision is usually supported by an interlocked collection of specific ideas not available to the marketplace. 3. The overall blueprint to realize the vision is clear; however details may be incomplete, flexible, and evolving. 4. The entrepreneur promotes the vision with enthusiastic passion. 5. With persistence and determination, the entrepreneur develops strategies to change the vision into reality. 6. The entrepreneur takes the initial responsibility to cause a vision to become a success. 7. Entrepreneurs take prudent risks. They assess costs, market/customer needs and persuade others to join and help. 8. An entrepreneur is usually a positive thinker and a decision maker. 9. An entrepreneur has inspiration, motivation and sensibility.