6. Four Criteria To Become An Entrepreneur
1. There must be opportunities or situations to
recombine resources to generate profit.
2. Entrepreneurship requires differences between people,
such as preferential access to certain individuals or the
ability to recognize information about opportunities.
3. Taking on risks is a necessity.
4. The entrepreneurial process requires the organization of
people and resources.
7. Importance of
Entrepreneurship:
• Creation of Employment-
Entrepreneurship generates employment. It
provides an entry-level job, required for gaining
experience and training for unskilled workers.
• Innovation- It is the hub of innovation that
provides new product ventures, market,
technology, and quality of goods, etc., and
increases the standard of living of people.
• Impact on Society and Community Development-
A society becomes greater if the employment base is large
and diversified. It brings about changes in society and
promotes facilities like higher expenditure on education,
better sanitation, fewer slums, and a higher level of
homeownership. Therefore, entrepreneurship assists the
organization towards a more stable and high quality of
community life.
8. • Increase Standard of Living-
Entrepreneurship helps to improve the standard
of living of a person by increasing their income.
The standard of living means, increase in the
consumption of various goods and services by a
household for a particular period.
• Supports research and development- new
products and services need to be researched and
tested before launching in the market. Therefore,
an entrepreneur also dispenses finance for
research and development with research
institutions and universities. This promotes
research, general construction, and development
in the economy.
Importance of Entrepreneurship:
9. Entrepreneurs are innovative opportunity
seekers.
They have endless curiosity to discover new
or different ideas and see whether these ideas
will work in the marketplace.
Entrepreneurs create value by introducing
new products or services or finding better
ways of making them.
These may include innovation in terms of
product design or addition of new product
features to existing ones.
10. They may also tinker on
improving their operational
capability by employing new
technologies that will bring
them greater efficiency better
economies, and even enable
them to reach unparalleled
superiority.
They may also consider
expanding their reach by
creating new markets or
maximizing existing market
reach.
11. At the highest level, entrepreneurs may totally change the
prevailing business paradigm by rendering it obsolete through
the introduction of disruptive technologies, processes, and
systems.
12. 5 Motivations that Drive People to Choose
Entrepreneurship
1. MONEY - Most entrepreneurs get into the game at least
partially because of the potential to make lots and lots of
money. Any dedicated entrepreneur with a good idea and
great timing can make a lot more money than they ever
could in a traditional position.
2. FLEXIBILITY - Being your own boss in the world of
entrepreneurship frees you from those restraints. You can
work your own hours, wherever you feel like working, and
set your own goals and responsibilities.
3. CONTROL - The desire for control drives many
entrepreneurs who aspire to attain a leadership position.
When you’re the boss of your own organization, you’ll get to
call all the shots, from who gets hired and at what salary to
what new strategic direction your business heads down.
13. 4. TEAMWORK - there’s nothing like building your
own team from scratch. As an independent
entrepreneur, you’ll choose your strategic partners,
your mentors, your core team and even your first
round of subsequent employee hires.
5. LEGACY - This motivation is one of the strongest
for entrepreneurs, because it can’t be achieved in
any other application, and it lasts a lot longer than
money or experience. They want to create
something meaningful that’s going to outlast them.
14. 10 Essential Characteristics To Be
Successful as an Entrepreneur:
1. CREATIVE - Entrepreneurship starts with an idea. To be
successful, you need to always be thinking of new ideas and
better ways of doing things.
2. PASSIONATE - Perhaps the most important characteristic for
entrepreneurs, passion is essential to any business owner or
working professional's success. Without passion, there is no reason
for your work and no drive to do it. Entrepreneurs love what they
do and are extremely dedicated to the businesses they create.
3. MOTIVATED - In an interview with The Computerworld
Smithsonian Awards Program, the late Apple founder Steve Jobs said,
"I'm convinced that about half of what separates successful
entrepreneurs from the non-successful ones is pure perseverance."
15. 4. OPTIMISTIC - Do you see the glass half empty or half full? For
entrepreneurs, it's always half full. Entrepreneurs always look on the
bright side and are constant dreamers. They look at how they can do
things better and make the world a better place.
5. FUTURE-ORIENTED - Because entrepreneurs are focused on moving
forward, they are always looking toward the future. Entrepreneurs are
very goal-oriented and know exactly what they want. They set their goals
and everything they do is aimed at achieving those goals.
6. PERSUASIVE - To be successful in business, you have to know business.
If you're a people person and know how to get people to listen to you, you
could be a successful entrepreneur. Especially when first starting out,
entrepreneurs need to gain buy-in from those around them on their big idea.
7. FLEXIBLE - Entrepreneurs know how to adapt to unfamiliar situations.
Whatever it takes, entrepreneurs are ready and willing. They always
approach things with an open mind and are willing to change course if they
need to.
16. 8. RESOURCEFUL - In business, problems aren't a matter of if, but
when. Entrepreneurs do not shy away from challenges or conflicts.
Instead, they face them head on and produce a solution. They know
how to solve problems effectively.
9. ADVENTUROUS - Entrepreneurs know that to be successful,
they must be willing to take risks. While they don't mind walking
on the wild side, they don't take risks lightly. They know how to
plan for the unknown and make a calculated decision that is best
for them and their business.
10. DECISIVE - There is no room for procrastination in business.
Entrepreneurs know what needs to be done and don't hesitate to
make the decisions that will lead them to success. They don't let
opportunities pass them by; instead, they seize the day and get the
job done.
17. KEY TAKEAWAYS
• Entrepreneurship is the
introduction of a new product or
service through the creation of a
new company or the innovation of
an existing organization.
• Entrepreneurs search for
change, respond to the change,
and seize on the change as an
opportunity.
• Entrepreneurship requires
hard work, dedication, passion,
resilience, and persistence.
• Entrepreneurship is to a
large degree a mind-set, always
striving to do new things in an
innovative and better way.
• Entrepreneurs require
access to capital, equipment,
land, talent, and business know-
how.
• Intrapreneurship refers
specifically to entrepreneurial
activity that originates from
within an existing company.
• The key elements of
entrepreneurial success include
recognizing change, identifying
market opportunities inherent in
that change, and delivering value
to customers by addressing
customer needs or problems
associated with the change.
