Entrepreneurship Development MBA notes

ENTREPRENEUR

Who is an Entrepreneur ?

                
An entrepreneur is a person who has desinging, launching, and running a new business and who creates these business is called Entrepreneur. It is an individual who has organise, controlling and manage a any business through or create new enterprise. In shortly an entrepreneur is owner of a new or old business.  

Characteristics of Sucessful Entrepreneur

                For any sucessful  entrepreneur they should follow these characteristics that is given below

•          Risk  Bearing

     In entrepreneur they must face some risk or challenges in business filed. They never get back while we handing risk to achieing a success or goal. Then only the entrepreneur meet the target .

•           Problem Solving

      It is one of the major characteristics to following a successful entrepreneur, it means in each and every enterprise some issues will be created in that time the entrepreneur must take its own control to solve the problem in smoothly manner. In other ways conflict is increase among the workers.

•          Innovation

       Innovation is play an important role in entrepreneur, it means in this modern world the customer needs is some new trend,  so the entrepreneur has some innovative skill , then only we can stand this business environment.

•         Organising

       The word organizing means controlling and co-ordinating some particular groups or team. It is very most important  area in success.

•         Competency

        Without competition there has no business. An entrepreneur must know how to overcome these competency then only we can withstand our business.

•          Leadership

          It means organizing the group to achieve a common goal. In this leadership which includes team work

•          Confidence

          Confidence is important skill to the entrepreneur in every situation the entrepreneur become more confident.

Knowledge of entrepreneur

It means what are things are know one successful entrepreneur that is

•          Technical knowledge

        In this modern world the entrepreneur must know about the technical skill, because he can able to understand the trends and development of the enterprise.

•          Knowledge about Financial Management

        The financial management is use to know about how much to invest, and get the proper gain and maintain the availability of funds. In other words financial management is art of managing the business. The entrepreneur must know about the financial techniques  then only we smoothly run the enterprise.  

•          Knowledge about Operation Management

          It means the entrepreneur know how to producing the product and know about the wastage of the product, then know about the profit and raw meterials.

•          Knowledge about Law

         Entrepreneur must know about law which may affect the functioning of their organization. As a driver without the knowledge of traffic rules in this same way the entrepreneur without knowledge of laws moreover.

Skills of entrepreneur

•          Administration skills

         It means,  controlling or manage something in the enterprise that is known as administration skill. In this skill entrepreneur must know the handling of each and every activities such as invoices printing, collection of payment receiveables.

•           Conflict management skills

         conflict means misunderstanding among the persons, groups conflict  is divided into two types that is

       Emotional Conflict

                In this type of conflict is directly affect by person or object , this is based on emotional type.

       Cognitive Conflict

                In this type it is indirectly affected by a person. They just disagreement  towards one’s ideas then it comes to an end by mutually agreement by both parties.

•          Problem solving skills

       It is one important skill may fallow the entrepreneur, he know about how to solve the problem among the workers or high authorities. So we introducing some techniques that is brainstorming method to make good decisions.

•          Interpersonal skills

       Each and every entrepreneur have to deal with different people in the organization . so it is important for entrepreneurs to own interpersonal skills  to communicate effectively.

•          Communication skills

        In generally all entrepreneurs know about this skill. It plays an important role for an successful entrepreneur. It is used with customers, employees, suppliers, etc… it includes during telephone calls, send e-mails, memos, writing or sending a letters, attending the meetings or seminars etc… the good entrepreneur must have good writing, communication, speaking skills in same time.