What is entrepreneurship II Entrepreneurship

Introduction to entrepreneurship 

Entrepreneurship is a business activity in which a person or an organization starts a commercial enterprise, especially one involving own financial risk. It is one of the prerequisites of development. There is a great role of entrepreneurship to bring changes in the human lifestyle and activities. As it contributes greatly in the development of national economy, it is necessary to motivate every citizen for the development of entrepreneurship. The term "entrepreneurship" is developed from Entrepreneur. 

Entrepreneur 

Entrepreneur is someone who organizes and manages any enterprise, especially a business, usually with considerable initiative, and risk. It means the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits. An entrepreneur searches the new opportunities, adopts new techniques, identifies resources, adopts the risk, reforms in the management and organization and invests for earning profit. 

Qualities of successful entrepreneurs 

Successful businesspersons or entrepreneurs have many qualities in common with one another. Here are some qualities of the successful entrepreneurs. 

Competitive: Entrepreneurs know that they can do a job better than another. They need to win the sports they play and need to win at the businesses that they create. 

Confidence: They are confident with the knowledge that they will make their businesses succeed. The entrepreneurs do not ask questions about whether they can succeed or whether they are worthy of success. 

Determination: Entrepreneurs are not frustrated by their defeats. They look at defeat as an opportunity for success. Successful entrepreneurs do not believe that something cannot be done. 

Disciplined: Successful entrepreneurs are disciplined enough to take steps every day toward the achievement of their objectives. 

Open minded: Entrepreneurs realize that every event and situation in a business opportunity. They have the ability to look at everything around them and focus it toward their goals. 

Passion: Passion is the most important quality of the successful entrepreneur. They genuinely love their work. The successful entrepreneurs always read and research ways to make the business better. 

Self Starter: Entrepreneurs know that if something needs to be done, they should start it themselves. They are proactive, not waiting for someone to give them permission. 

Strong communication skills: The entrepreneurs have strong communication skills to swell the product and motivate employees. They are very good at highlighting the benefits of any situation and coaching others to their success. 

Entrepreneurship 

The capacity and willingness to develop, organize and manage a business enterprise along with any of its risks in order to make a profit is known as entrepreneurship. The most understandable example of entrepreneurship is the starting of new businesses. In short, entrepreneurship is the activity and effort to be an entrepreneur. 

Advantages of entrepreneurship

• Entrepreneurship creates self employment in the country.
• It helps in the optimum utilization of available means and resources.
• The employment opportunities increase in the country.
• The personal and national economy are promoted and become stronger.
• It plays an important role in the development and expansion of national economy.

Benefits of entrepreneurship 

Increase in production: It increases the economic activities, develops the human resource and means. It also collects the savings scattered in the society and mobilizes it in necessary field. 

Improvement in the quality of product: A good entrepreneur uses new ideas and strategies for the production of quality product so that his/her products can get the good market. It results in the improvement in the quality of product. 

Means of change: The entrepreneurs implement new concept and visions. They bring some changes in the production which, ultimately brings changes in the country. 

Increment of capital: The development of entrepreneurship increases the economic activities in the country. People involve in the different self-employment schemes. As a result, income of people increases and it helps in the increment of capital.