ENTREPRENEURSHIP
(उद्यमिता) CHAPTER
Entrepreneurship means different things to different people. However, inspite of the differences there are some common aspects. In 1961 Schumpeter defined an entrepreneur as a dynamic agent of change for the catalyst who transforms increasingly natural and human resources into corresponding production possibilities". If this definition is carefully analysed, we may see the following salient features :
Leadership
Entrepreneurs are leaders by the very nature of their activities. Effective leaders are highly skilled in motivating their employees and communicating with them. As a general principle of good leadership, the more interest you show in your workers, the harder they will work for you. Your effectiveness as a leader is determined by the results you achieve.
Risk Taking
a Entrepreneurs are calculated risk-takers. They enjoy the excitement of a challenge, but they don't gamble. Entrepreneurs avoid low-risk situations because there is a lack of challenge and avoid high-risk situations because they want to succeed.
Decision Making
To be a successful entrepreneur, you must be creative, especially when it comes to decision making. You must strongly believe in yourself and your ability to make good decisions. It is this decision-making ability that is the distinguishing mark of an entrepreneur.
Use your past experience as guidelines in arriving at decisions, even though no two decision-making situations are exactly the same. Remember that decision-making is an art; the more you practice it, the more expert you will become.
Financial Planning and Control
All business activity revolves around money, Knowing how to manage your financial affairs is essential for making profit in business. Determining your financial rewards involves two factors : a cash reward for your time, and a cush reward for your financial investment.
Perceiving Market Opportunities
Factors related to perceiving new marketing opportunities include conducting market research, gathering data from various sources and selecting business location. A good location may allow a marginal business to survive whereas a bad location may result in failure of even the best planned business.
Marketing
customers to come to you; go out and find them. As a general principle, it is more Success in business in determined by customer demand. other firms for the same amount of businessISBN productive to concentrate on expanding your markets rather than competing with
. France, Japan and the United States, They questioned these entrepreneurs what In 1988, Ray and Turpin surveyed over fiftyfive entrepreneurs in Canada. skills they themselves considered most important for their success. Some of the entrepreneurial skills pointed out are as follows:
(a) The ability to think critically : Critical thinking is essential to seize the right opportunity at the right iroment.
(b) Persuasive communication skills : To change an idea into reality, he must persuade friends, relatives and even strangers to invest in the venture.
: (c) Listening and information acquisition skills While persuasive communication skills are essential, the ability to listen and to discover the interests and needs of others is equally important,
This list is by no means exhaustive and a few more can be added to it.)
The Focus on Entrepreneurship
Entrepreneurship has become the focal point in the last two decades. There is growing awareness that economies es of developing countries are not able to provide jobs for the wholeroder whole workforce. This is particularly true of India. The New OVH Economic Policy was introduced in country in 1991-92' and its impact on employment is encouraging. So far under the New Economic Policy a large number of new jobs have been created. The urban registered unemployment ros from 34 million to 38 million within' two years. The estimated rural unemployment is around 70 million. That means in a work force of around 400 million, we have about 110 million without jobs in the w this IT:
Under the circumstances, a elfu mbelor money or entrepreneurship offers perhaps the best opportunity for gainful use of one's own capabilities The government an increasing interest entrepreneurship. Individuals are encouraged to form new business and are interest in promoting growth of provided government support. Entrepreneurship is not a matter of heritage. Any individual born in any caste, community or class can start his own small scale enterprise. This is particularly true for science and technology graduates, and diploma holders who have natural aptitude for grasping technicalities involved in production process. It has taken wand ?
Why be an Entrepreneur
(i) As an entrepreneur, one is not only employed but
creates emplo others. (ii) He does not only realize goals of his life but hasi