The concept of Entrepreneurship is relatively new and dynamic. Entrepreneurship serves as an innovative and creative response to the environment. Such responses can take place in virtually any field of social endeavor – business, agriculture, education, social work, and the like. Doing new things or doing things that already are being done in a new way is, therefore, a straightforward description of entrepreneurship. In this book, however, we shall focus on business entrepreneurship.
It would also be recommended to understand the average person qualities of a business owner, this would help us understand the concept better. Business owners are quick to see opportunities for accomplishment. They aren’t blinded, as mangers in large, sedate organizations often are, by the in-grown culture where they are embedded. As we know, the new ideas for new products and services often originate in unexpected places.
Entrepreneurs will be the first one to attempt these innovative ideas. · Large office equipment manufacturer did not create the Xerographic office-copying machine. Business owners are the people who start to see the need distance and hence capitalize on the same. A business owner grabs such novel ideas, developed it, and pursued its success with unflagging nature doggedly.
Therefore, these folks are successful in their business and are business owners in the real sense of the term. Thus, business owners are doers and self-starters who have organized and build successful businesses. Alternatively we can not call a business owner an opportunist because it isn’t only the selfish interest that drives him, but he is also meets the need of the folks. The opinion of various experts in the certain area. Dr. Joseph A. Schumpeter, the popular experts on entrepreneurship has positioned special emphasis on the idea of innovation as being the criterion that distinguishes enterprise from other forms of endeavor, in addition to the other qualities of an entrepreneurial business.
He called those who led businesses, entrepreneurs. According to him, no one can be a business owner all the time; one behaves as a business owner only when carrying out innovations. He added that what counts in entrepreneurship is getting things done. For instance, the early English Entrepreneurs demonstrated an integral factor of the enterprising person – the innovative personality.
They were involved with developing inventions for commercial use and in applying new medical discoveries to successful purposes. In their efforts, they set a typical basic value for business owners who were to check out – that advancement should be the central characteristic of entrepreneurial endeavor. However, as per Dr. David C. McClelland, one of the main element research workers in the area of entrepreneurship, Achievement motivation is one of the most important factors contributing to the success of a business owner. Lately, penetrating studies on “The Enterprising Personality” by David C. McClelland and his associates have led to a much clearer understanding of the characteristics of business owners.
The dependence on achievement Prime among the psychological drives that inspire entrepreneurs is a higher need for achievement, usually identified as N. Ach. This need can be explained as a want of drive within the individual that motivates behavior toward achievement. Accomplishment, defined within an entrepreneurial framework, is the fulfillment of an objective embodying an acceptable problem to the individual’s competence. A task seen as simple therefore, carries no problem and it is not motivating hence.
Desire for responsibility Business owners desire personal responsibility for achievement. They would rather use their own resources in their own fashion in working toward goals. They want to be accountable for the results individually. They will, however, succeed in an organization so long as they can influence the results in a few specific way personally. Preference for moderate risks Entrepreneurs aren’t gamblers. They prefer to set goals that want a high degree of performance, a level that they believe will demand exertion but that they are assured to meet.
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Perception of probability of success Confidence in ability to have success is a significant quality of entrepreneurial personalities. They study the reality that can be gathered and form judgements based on them. When fact is not fully available they fall back on the high level of self-confidence and proceed with the task. Stimulation by responses Entrepreneurs wish to know how are they doing, they would like to get feedback whether it is good or bad.
They are stimulated to higher degrees of performance by learning how effective their attempts are as the task progresses. Energetic activity Entrepreneurs show a much higher degree of energy than an average person. They are mobile and active. These are engaged for a higher proportion of that time period, in getting tasks done in novel ways. They have a tendency to be acutely aware of the passage of time.