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. 

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.