What is Entrepreneurship, Entrepreneurial person? Qualities of Entrepreneur?

Entrepreneurship is the key indicator of economic development of any country.

Unemployment is an evil to Society. Entrepreneur is the way to avoid the evil.

Introduction to Entrepreneurship

The modern age is the age of industries. The industries are major source of employment. The industries are started by Government Organization and Private Entrepreneurship.

The Government is not able to provide employment to all. In India, the main problem of unemployment is the large population and dependency on agriculture.

As we know the major population of India lives in villages. The villages are traditional and dependent on agriculture. The economic growth of villages can be achieved by developing rural business. India is a developing country. We have potentials to increase our economic growth. The major need to solve the unemployment problem is to promote entrepreneurship.

The entrepreneurship efforts are required to find the potentials of villages. The different domestic products, craft work, agriculture; milk cooperatives etc. are areas where entrepreneurs have wide scope and opportunities to start the rural business.

They can find the market in rural areas and urban areas both.

The overall Country Economic Growth can be achieved by :

  1. Industrial development
  2. Domestic business promotion
  3. Optimum Utilization of available resources.
  4. Technical training
  5. Entrepreneurship development

The Indian Government has different schemes to increase the employment and standard of living. The Government is promoting small scale industries, the tiny industries, along with big organizations.

They provide technical, financial, market and expert services to install new business. The different entrepreneurship development institutes are functioning in each state. In technical colleges like—ITI, Diplomas and Engg. branches, the entrepreneurship as subject has been introduced. The main objective is to make the students self-dependent.

Obviously Entrepreneurship is the approach which makes the people “owner of business” and also provide employment to others.

Meaning and Definition of Entrepreneurship

Entrepreneur is an individual who, rather than working as an employee, runs a small business and assumes all risks and reward of a given business venture, idea, goods or services offered for sale. Entrepreneurship is commonly seen as a Business leader and Innovator of new ideas, and business process.

The word ‘Entrepreneur’ originates from the French word Entrepreneur which means “to undertake”. In business terms, it means to start a business.

The concept of entrepreneur has wide range of meaning.

On one side : An entrepreneur is a person of very high aptitude who pioneers change, possessing special characteristics among the population.

On other side : Any one who wants to work for himself or herself is considered to be an entrepreneur. ‘

Schumpeter’s View of Entrepreneurship : Australian economist Joseph Schumpeter considered entrepreneurship as an Innovation such as :

  1. New produce
  2. New production methods
  3. New markets
  4. New forms of organization

According to A.H. Cole : ” Entrepreneurship is the purposeful activity of an individual or group of associated individuals, undertaken to initiate, maintain, earn profit by production or distribution of economic goods and services.”

Who is Entrepreneurial person?

An entrepreneur is a person who :

Initiates Formulates plan Organizes resources Puts the plan into action To achieve his goal

After completion of education one has two options :

Employ in Government/ Public/ Private Sector with fixed wages/salary.

~ Or

Self employment.

In self employment one innovates an idea organizes production/ services by mobilising sources and finally markets the products and services. Such person is called “Entrepreneur”.

Career Options

  1. Wage employment
  2. Entrepreneur ( Self-employment )

An entrepreneur opts for challenging career options.

Qualities of Entrepreneur

In general the entrepreneurs possess the following qualities :

  1. Good Planner
  2. Analysis of Situation
  3. Decision Maker
  4. Leadership qualities
  5. Effective Motivator
  6. Good Communicator
  7. Forward Looking.
  8. Risk-taker
  9. Effective Controller
  10. Initiator

Needs of Entrepreneurship in context of Employment

The following needs of Entrepreneurship in context of employment are prevailing in the country:

  1. To utilize potentials of business.
  2. To increase employment opportunities.
  3. To speed up economic growth.
  4. To increase industries.
  5. To uplift standard of living
  6. To expand the market from local
  7. to national/ international
  8. To plough the undeveloped resources
  9. To make the nation economically sound.
  10. To create new buSiness and provide new jobs.

In short ” the Entrepreneurs are known as economic agent, the driving force of the market”. Entrepreneurs create new business and new jobs, provides employment opportunities. They also increase overall productivities.

According to Adam Smith,” An increase in number of entrepreneurs leads to an increase in economic growth.

Unemployment is major problem of youth. The Government can not provide jobs to every person. Government runs different schemes to train the people so that they can start their own business at different levels (small and medium). The main objective is to make them economically independent.

Entrepreneurship programme covers the domestic to national business opportunities to youth (from khadi and agriculture to Industrial products.

Entrepreneurship reduces the dependency on industries for employment. It is not only source of employment but also provides employment to others.

 

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