Entrepreneurial Mind


The Basic Characteristics of Entrepreneur

Entrepreneurship is the process of designing, establishing and running of an Enterprise for the purpose of profit and sustainability 

Entrepreneurship

It is the process of designing, establishing and running of an Enterprise for the purpose of profit and sustainability

Entrepreneurs

Entrepreneur is derived from the French verb “ entreprenerd “It means “to undertake”. The people who create these enterprises. The capacity and willingness to develop organize and manage a business venture along with any of its risks in order to make a profit. In economics, entrepreneurship combined with land, labour, natural resources and capital can produce profit. 
Entrepreneurial Mind

Definitions of Entrepreneurships

Oxford Dictionary 

“A person who sets up a business or businesses, taking on financial risks in the hope of profit” 

International Encyclopedia 

“An individual who bears the risk of operating a business in the face of uncertainty about the future conditions” 

Entrepreneurial spirit

It is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and increasingly competitive global marketplace.

Basic Characteristics of Entrepreneurship 

Economic Activity: Entrepreneurship is an economic activity, as it involves designing, launching and running a new business enterprises in order to earn the profit, by ensuring best possible use of resources. 

Creativity and innovation: It involves discovering new ideas and implementing it in business. The entrepreneur continuously evaluates current modes of running a business and identifies new methods and techniques for operating the business more efficiently and effectively. 

Profit: The activity of entrepreneurship is undertaken with the sole objective of making the profit. It is also the reward of the efforts made and risk taken by the entrepreneur.

Sustainability: most of the social enterprises are working for the resolution of some social issues but they have to be a business model to sustain their enterprise. So that we define these type of activities as a social entrepreneurship which primarily work for a social cause but self sustainability is the main aim of that organization. 

Risk Bearing: “Willingness to assume the risk” is the essence of entrepreneurship without which he/she cannot succeed. It occurs due to the creation and implementation of new ideas. Such ideas are often uncertain, and so the result may or may not be positive and instant.

Entrepreneurial activities that entrepreneurs may use include:

  • Exploration of new business Ideas 
  • Innovation of new products, services or processes 
  • Continuous process improvement in business models 
  • Use of technology 
  • Use of business intelligence 
  • Use of economical strategies 
  • Development of future products and services 
  • Optimized talent management

Skills Required in Entrepreneurship 

Technical Skills: Oral Communication, ability to organize, productive ability, technical business management, coaching, network building, monitoring environment, ability to spot new trends, active listening, writing and interpersonal skills. 

Business Management Skills: Forecasting, planning, budgeting, decision making, negotiation, goal setting, human relations, marketing, finance, etc. 

Personal Skills: Ability to manage change, leadership, persistence, self-reliance, foresightedness, innovativeness, risk taking, self-reflection, discipline, self-confidence, honesty, patience, intelligence, tactfulness, emotional stability, etc. 

Entrepreneurship Ecosystem: Entrepreneurship operates under an ecosystem called as entrepreneurship ecosystem. The ecosystem comprises of government programs and schemes which encourage entrepreneurship, non-governmental organizations that provide advisory services to entrepreneurs, and other organizations which promote and support entrepreneurship directly or indirectly.

Rural Entrepreneurship

Entrepreneurship which ensures value addition to rural resources in rural areas engaging largely rural human resources.

 "Poor of the world can’t be helped by mass production but only by production by masses”- Mahatma Gandhi

THE 6M METHOD: 6M's of Six Sigma

  1. Material
  2. Method
  3. Mother Nature
  4. Machines
  5. Measurement
  6. Man 

TYPES OF RURAL ENTREPRENEURSHIP

  • Individual Entrepreneurship
  • Group Entrepreneurship
  • Co-operative
  • Cluster Formation

NEED FOR RURAL ENTREPRENEURSHIP

  • Reduce unemployment. 
  • Reduce income disparities.
  • Increase the literacy rate.
  • Reduce poverty. 
  • Awaken the rural youth.

CHALLENGES FOR RURAL ENTREPRENEURS

  • Lack of technical Knowledge
  • Lack of Education Qualification
  • High Cost of Production
  • Fear to Invest In Business
  • Storage and Warehouse Issues
  • Lack of training modules and support services

OPPORTUNITIES FOR RURAL ENTREPRENEURSHIP

  • Rural Entrepreneurship Development Program 
  • Regional Rural Development Centers 
  • Social rural entrepreneurship 
  • Bank of technology 
  • Rural innovation funding

GLOBALIZATION EFFECT ON RURAL ENTREPRENEURSHIP

  • Global production and efficiency can serve to be the benchmarks for the local entrepreneurs.
  • Access to foreign trade and technology. 
  • Opportunities towards exchange of business.
  • Various policy benefits at national and global level.
  • Improve risk taking ability


 Reach out Author @ Er Abdul Basit

Women Entrepreneurship


 Together we can make a difference 

WHAT MAKES A WOMEN ENTREPRENEUR?

The term women entrepreneur is defined as a group of women who initiate , organize and run a business enterprise.

ROLE OF WOMEN ENTREPRENEURSHIP (Self Role)

  • Community
  • Membership
  • Daughter
  • Mother
  • Wife
  • Parents

BARRIERS FACED BY WOMEN ENTREPRENEURSHIP

  • FINANCE
  • MALE DOMINATED SOCIETY
  • TECHNOLOGY
  • SOCIO-CULTURAL BARRIERS
  • ADMINISTRATIVE AND REGULATORY REQUIREMENTS
  • MARKETING & COMPETITION
  • LIMITED MOBILITY 

CHALLENGES TO SELF-EMPLOYMENT

  1. Self approach
  2. Lack of benefits
  3. Increased risk
  4. Self Confidence

 Reach out Author @ Er Abdul Basit

Self-employment

 

Self-employment is an option for workers in many career fields and industries.

Gig Employment:

The Department of Labor United States defines a gig as a single project or task for which a worker is hired, often through a digital marketplace, to work on demand.

Freelance:

Freelancing simply means you offer your unique skills or talent on a pay-for-service basis, outside of a regular employer-employee relationship. Common freelance options include:
  • Web design
  • Writing
  • Repair work (specializing in jewelry, furniture, vehicles, or other areas)
  • Landscaping
  • Accounting 
  • Photography 
  • Personal training/fitness coaching

Start your own business: 

Some freelancers are running their own business, and even employing others to help them conduct their business. But here, we’re talking about running a business that has a physical location and/or employs others to make or sell goods or provide services.

BENEFITS OF SELF EMPLOYMENT

  • OPPORTUNITY TO DO WHAT YOU ARE INCLINED FOR  
  • MORE FLEXIBILITY BENEFITS OF SELF EMPLOYMENT 
  • Expenses

OPPORTUNITY TO DO WHAT YOU ARE INCLINED FOR: 

IT can be easier to tailor self-employment directly to your own interests, skills, and values than it is to match those qualities as an employee.

More flexibility:

You can have more say over your hours, location, and working conditions such as dress code, break times, environment, etc.

Expenses: 

There are some work-related expenses you can often cut when you’re self-employed: you’ll often spend less on your commute and your wardrobe, and you can usually save more tax-free for retirement as well as deduct additional business expenses (but read about taxes in the below list of challenges too!)

CHALLENGES TO SELF-EMPLOYMENT:

  • Self approach
  • Taxes
  • Increased risk
  • Steps to develop Self Confidence

Is Self Employed better than employed?

It's much better than being on your own as when you're self-employed there is no one to look after you if you can't find work Job security and satisfaction. 

In self-employment it's hard to progress and you're only as good as your last job, whereas now I am part of the growth of a company.

Why it's better to work for yourself

  • Working for yourself provides more job security than working as an employee in someone else's business because there is less risk, more control, and greater rewards. 
  • You make the business decisions. 
  • You diversify your income so your earnings don’t originate from a single source


 Reach out Author @ Er Abdul Basit

Social Entrepreneurship

 What is a Social Entrepreneurship?

“Social Entrepreneurship = Social Reform” Success is rooted in empowering others to effect change.

Social Entrepreneurship is the use of the techniques that start up companies and other entrepreneurs to develop , fund and implement solutions to social , cultural or environmental issues.

Social Entrepreneur

A social entrepreneur is somebody who takes up a pressing social problem and meets it with an innovative or path breaking solution. 

“Since profit making is a secondary objective , therefore they are people who are passionate and determined about what they do. They possess a very high level of motivation and are visionaries who aim at bringing about a change in the way things are.”

Focus Areas of Social Entrepreneurship

  • Enhance a person’s ability to improve her or his economic well – being & personal dignity through opportunity. 
  • Harness aid to be more accountable, transparent and solutions – oriented, for lasting development.
  • Enable access to and ensure use of reliable, affordable and appropriate healthcare in disadvantage populations 
  • Address issue of sustainable productivity not beneficiary by beneficiary , but system wide. 
  • Lay the foundation for peace and human security. 
  • Harness the capital and consumer markets that drive change by considering all costs and opportunities.

ROLE AND IMPORTANCE OF SOCIAL ENTREPRENEURSHIP

  • Employment Development: The first major economic value that social entrepreneurship creates is the job and employment Estimates ranges from 1% to 7% of people employed in the social entrepreneurship sector.
  • Innovation / New Goods & Services: Social Entrepreneurs develop and apply innovation important to social and economic development and develop new goods and services . Issues addressed include some of the biggest societal problems such as HIV, mental ill-health, illiteracy, crime and drug abuse which, importantly are confronted in innovative ways.
  • Equity Promotion: Social Entrepreneurs fosters a more equitable society by addressing social issues and trying to achieve ongoing sustainable impact through their social mission rather than purely profit – maximization.

Functions of Social Entrepreneurship

  • To create & maintain a stable level of employment
  • Create jobs & provide support to socially vulnerable groups.
  • Social Entrepreneurship promotes development of entrepreneurial skills.
  • Compensating Countries narrow place

Qualities of Social Entrepreneurs

  • Ambitious 
  • Mission Driven
  • Strategic 
  • Resourceful 
  • Result oriented

Problems Facing by Social Entrepreneur

  • Funding
  • Strategy and Long Term Focus
  • Remaining True to the Mission
  • Lack of skilled man force
  • Social & Cultural Effect
  • Lack of Government

Advantages of Social Enterprises

  • Since Social enterprises do not work typically the way corporate setups or private firms work , they offer flexible working environment which is as per the liking of many people groups.
  • Creates value for the society and some times generate income (if not wealth)
  • As a thumb rule , the solutions they offer are supposed to be innovative , unique , people and environment friendly.

Disadvantages of Social Enterprises

  • The risk of losing nonprofit status
  •  Lack of support or funds.
  • Possibility of poor reputation due to disaster

Conclusion

  • Social entrepreneurship is an innovation and pragmatic vision to tackle the challenges of poverty, marginalization and other pressing social crises.
  • “The most significant contribution of this ‘ success’ is the character of being a responsible corporate citizen
  • This can only be achievable through a sincere and a committed effort for contributing towards the well – being of the community not by charity alone.
  • It gives confidence that such innovative, scalable and sustainable social ventures are key levers and accelerators for transformational social change.

 Reach out Author @ Er Abdul Basit
 

Time Management | H M Ikram Ul Haq



Time Management


“You can't make it clear what you want. However, you are your main goals and can decide big goals!” (Clement Stone)

Most people have no idea how valuable time is. They don't realize that they have got life once, and even after half of their life they got consciousness and even after getting this consciousness they didn't see where to use the time. Just as a person thinks about money, where to spend it, how to use it better, how to get maximum benefit from it, similarly he should know the importance of time. If a person decides to take control of his time and make the most of it, he can learn the art of getting more done in less time.

Every human gets equal time


Nature gives each person 1440 minutes in a day, seven days in a week and thirty days in a month and 365 days in a year, that is, everyone gets equal time. But everyone's usage is different. There is a segment of people who are very busy. They are very lucky people who say that time is less and work is more. On the other hand, there is a class that does not pass time. Such people spend their time watching TV, playing soccer, social media or wandering. The person who wants to organize time, should first see why I am not able to control my time. First he made a list of it. When the list is made, there will be many tasks that will be wasting his time.

Prime time


Every person has some time in their twenty-four hours as their "prime time". Prime time is the time when a person can do more quality and more quantity of work in less time. Prime time is different for different people. For many people the early morning time is better and for some people the night time is better. However, according to Islamic philosophy, the best time to work is from Tahajjud to Zawal. It is also in the Quran that “We have made the day for work and the night for rest.” In this regard, the life of the most successful and richest people in the world was studied and it was found that those people sleep late and wake up early. According to the research conducted in America, usually the richest people in the world wake up at three to four in the morning and then do not sleep. This is the natural way of looking at it.

Anyway, check your prime time and schedule your activities accordingly. In whatever prime time you have, do the things that demand the most of your attention. Then there are other tasks that require relatively less energy and attention. If you do less attention-demanding work in prime time, you will have to do more attention-demanding work in the rest of the time. Thus, you will take more time, but the result will be less. A large number of people consider their office life as their real life. On the contrary, there are people who consider only their personal life as life. Some people consider their family as their real life. Some people consider their friends and acquaintances as an asset in their life. The kind of life that people think is real, they spend most of their time in it.

A large number of young people who are studying think that as soon as we finish our education, we will get a job immediately, then we will have more time. But it doesn't really happen. It takes some time to get a job. Ninety percent of young people who wait for a job after getting a degree are unemployed until they get a job, even though they have to do some work in the meantime that is admittedly low-paying and of poor quality. But it will give them a lot to learn. Man does not see the base, he sees the height, while the strength of the base is necessary for the height.

Seven Parts of Life


There are seven parts to our life. Understand that there are seven baskets of life and it is important to keep your time in these seven baskets. If even one basket is neglected, life is not balanced. When life is not balanced, problems will arise. These seven baskets of life are as follows:

Don't be self-destructive It is seen how much attention is paid to health, whether self-improvement is taking place.

Your family: It looks at how much time you are giving to your family and how much improvement is possible.

Profession: It shows what the profession is like and what the professional life is like.

Society: This is the social circle. It shows how many friends there are in life. Which are beneficial and which are harmful? How many to keep, how many not to keep? Is the required time being given or is more time being spent here?

Services: It is seen whether any role is being played in terms of serving others or not. Or any time is reserved for the service of humanity.

Religion: It has to do with spiritual growth. It shows how much of a relationship there is with Almighty Allah (SWT). Didn't they become materialistic? Are the rights of Allah being paid? How much time is reserved for Allah?

Loneliness: It is seen how much time a person spends with himself. How long does a man meet himself? He talks to himself or not. Does he know his rights?

These are the seven colors of life. A lucky person is one who has all these colors inside him. Allocating your time evenly among these seven colors is actually time management. It's possible that someday the family will need more time. You have to leave the office on that day. It is possible that one day the office will be so busy that it will be difficult to give full time to the family. It is possible that the friend is in pain. It needs more time. It is possible that you are sick and therefore need more time for your health. It's quite possible, you're down on yourself and feel like something's missing in life even though there's no apparent problem. At this time you need more time for solitude. It is very important to see where the time should be divided and where it is currently taking place. Setting priorities is very important.

Time management is not such a big problem for those who work with a certain routine. They live between nine and five. They do not feel the need to arrange and organize their time. To be clear, time management is the problem of people who feel short of time, who want to do a lot in their one life, who are crazy about turning their ordinary hours into extraordinary results. Those who have awakened the sleeping Jinn within themselves and now want to work with this Jinn. When this happens, then the work is more and the time is less.


Proactive role


One of the habits of successful people in the world is that they are proactive. We have parents who worry a lot about insuring their children, but not about their education. This is real insurance though. Proactive means how ready are you to act? How much do you plan for the coming hours? How much time was saved? Such people are learning from themselves all the time, every moment. A man who does not learn from his fast and night, he does not get more than his time. People who are eager to learn and develop flexibility to change, have good time management. Unfortunately, as a nation, we don't value learning. Studying books and observing situations are important sources of learning. The intelligent people of the world give meaning to the misfortunes and fortunes of their lives. People whose tongues are full of doubts and regrets, this is a sign that the time has not been used properly.

There is no holiday with nature


People in developed countries also plan their vacation while we oversleep on our vacation day and then the whole day is wasted. Remember, there is never a "holiday" in life under the law of nature, only a change of work. This life is a gift from Allah. It should not be wasted. It should be used correctly. Time is the gift and reward of Allah Ta'ala. It should be managed properly to make life easier. Parking plazas in New York began to be built in nineteen twenty-five, although there were only twenty-five cars in the whole of New York at that time, but their thinking was proactive. Therefore, they built parking plazas thinking that vehicles will come here in the future.

If there is a quest for learning, then the personality of a person is fresh. If there is a quest for learning, there is brilliance in a person's personality. The learner is always exploring and searching. According to a study, people who love to learn live longer. When a person says that everything is over, then it means that he has no intention of living anymore.

“Martin Luther King says that if a man has to do something, one life is enough for him, otherwise even if he gets five hundred lives, he will not be able to do anything”.

Advantages of Accounting | M3 | Lecture - 5

Accounting is a vital function in any organization, and it provides numerous advantages to businesses, such as: Facilitates Decision-Making:...