Entrepreneurship is itself a process through which the entrepreneur allocate the resources available to the business in a way or in other words in a systematic manner that the entrepreneur can meet the requisites of the business and achieve the objectives of the business as well as of his own. Now a days businesses are being done on large scale or more businesses are being run in one organization therefore, the executive management or the entrepreneurs has to adopt the ways and system through which they can not even secure their time but to save their resources from drain.
Entrepreneurship is the process of innovation that reallocates resources to new opportunities, often creating new opportunities through unusual combination of resources and skills of risk taking. The entrepreneurs some time has to face the problems because they prepare their plans personally and create innovations and believe that they are doing the best and when the problem in the market has to be faced by them, then they suffer losses and face the rejection of their self developed ideas, innovations, inventions or creations on the basis of incomplete information and evaluation of the factors because they personally believe in strategies and plans. The success is behind the criticism because when the entrepreneur of such kind prepare plans for business before going to other persons, he himself cities his ideas, innovations, creations and plans which he develop and get the answer to check his satisfaction. The entrepreneurs of successful type take and evaluate constructive and realistic criticism of their business on the basis of past and previous plan/strategies being adopted by them and others and before adoptions to any of them constructively consider the positive and negative possibility of such adoptions.
In summary, entrepreneurs are the persons who develop ideas of the business, invest their saving in the business, fulfill the demands of the customers, helps the government in developing the economic stability or satisfying of economic crisis, paid taxes to the government and finally perform all sort of activities in lieu of their business primarily for earning profits and secondly to satisfy the demand so the customers.
Characteristics of Successful Entrepreneurs
As we know the most important person for every business is the entrepreneur who develops the idea of the business, start it by using his resources of all kinds and run the business activities to achieve his personal objectives by achieving the organization objectives. Entrepreneurship is the such process which helps the entrepreneur in all respect of the business through which he can assess his plans possibilities and predict on the basis of collected information and plan for future if he possess the following characteristics;
1. Creative Mind
Creativity is the major characteristic of a successful entrepreneur. He should have the ability to create more value for their product and services. The business opportunity, creative imagination is regarded a unique asset in the business world.
2. Confidence to Take Initiatives
The business world of today is moving at a very fast speed and require timely and more effective decisions, planning and controlling to overcome the sudden challenges therefore, a successful entrepreneur should have the ability to take initiatives by producing new things, new methods of marketing the product and service as per expectation of the target customer.
3. Ethical Standard
The ethical standard of the business is that there should not be cheating, fraud and other commercial bribery in business. A good entrepreneur has the social, moral, and religious responsibility to follow the ethical standard of the business to earn profit and stay long in the market.
4. Conceptual Skill
Effective entrepreneur are characterized by their conceptual skills. Conceptual skills are specific abilities to analyze a situation, decision making, determine the root of any problem or opportunities and devise an appropriate plan.
5. Versatile Knowledge
A successful entrepreneur should have a versatile knowledge of his business as well as adequate knowledge of trade, finance, marketing, legal management issues, technical management concern, and other business areas.
6. Knowledge of Market
A successful entrepreneur should have sufficient knowledge of market as well as finding new market for expand their business. He should know the geographic, demographic, psychographics and behavioral changes in the market. Entrepreneur should be honest in dealing with others. He should provide qualitative product and services to their customer. He doesn’t make any anti-social practices such as black marketing, smuggling, overcharging to earn profit.
7. Energetic and Diligent
A successful entrepreneur should be energetic and diligent person. He should complete their work in time. He must believe in this phrase “don’t put of till tomorrow what you can do today.” He is hardworking person and complete their all task as soon as possible.
8. Responsive To Criticism and Suggestions
A successful entrepreneur should response to criticism intelligently. He should concentrate on customer criticism or complaints. He accepts criticism for their product and services and responds positively to overcome these complaints. An entrepreneur should have the aptitude for research and adaptability to apply scientific findings to complete and stay in business. He should be able to adopt the new technologies for producing the product or services and new method of marketing the product and services. Entrepreneur pays their attention toward suggestion from their co-workers, customer, suppliers, or venture distributes. If he collects any best idea from these resources, he should be carefully tried to implement these suggestion.
9. Eligible to Evaluate Risks
Although every business has some internal and external risk but entrepreneur carefully evaluate these risks and implement their plan. Although there is no guaranty for success but the chances of success are more due to calculated venture planning.
10. Self-Confident and Optimistic:
Effective entrepreneur are characterized by self-confident and optimism quality. He is confident about their plans for their venture. Sometime he may due to some critical situation in their venture but he faces these situations confidently. The major characteristics of the entrepreneur are the commitment toward organization goals. He is willing to do anything and respond positively to venture challenges. Demanding challenge motivate entrepreneurs to achieve results and developing their own managerial skills and capabilities. An entrepreneur maintains a professional relation with their staff. He believes that business activity is carried on by the workers. He should be aware of the temperament, aptitude and belief of the staff working with him. He should also know the limitation and feelings of the individual. He should have the ability to solve any misunderstanding or conflict between the staff.