Entrepreneurship Motivation among Students in India

The Indian economy was previously highly depended on agriculture; however, the current development in the industrial and service sectors requires entrepreneurship to also parallely progress, so, entrepreneurship in India requires ample motivation. Many aspects play a role in developing entrepreneurship: Educational institutions help develop requisite qualities like leadership and team spirit, help in the development of business plans, and the gaining of financial support, besides setting up TBIs and EDCs. Established businesses can help with internship, apprenticeship, and collaborations. Small scale industrial associations can also act as facilitators in prototype labs, and expositions. It is the view of a number of first generation entrepreneurs that entering into entrepreneurship demands a lot of drive and passion. Not only is the entrepreneur expected to be inspired by the idea behind the business, but business man must also have ample leadership potential in order to be able to take the responsibility in caseContinue reading

Problems and Challenges Faced by Entrepreneurs

Today, with the internet boom, entrepreneurs have become one of the most dynamic forces in the economy. Entrepreneurs are now driving the technology boom, which is itself driving much of the world’s economic growth. This makes entrepreneurs very important from a macro-economic perspective. They have become a broader economic phenomenon that has a major impact on the economy. As the globalism of business becomes even more widespread, this impact will be felt even more deeply. Entrepreneurs are already becoming a major force in developing nations and in the economy worldwide. The scope of what entrepreneurship involves will continue to change and evolve as the world continues to change and evolve, and yet there are some common issues of how to start a business, how to finance the business, how to run the business that within this community we can share and learn from each other. While we still have manyContinue reading

Differences Between Social Entrepreneurship and Business Entrepreneurship

Before understanding the term social entrepreneurship, we need to firstly understand what traditional business entrepreneur itself is. An entrepreneur is an individual who owns a firm, business, or venture, and is responsible for its development. In order to do so, he or she will manage the resources he had. The aim of a traditional business entrepreneur or commercial entrepreneur is to generate profits from the risks and opportunities he or she is willing to take. A business enterprise therefore would be an entity that is owned by the business entrepreneur to achieve business goals that have been set by the entrepreneur. Social entrepreneur is someone who recognizes a social problem and uses entrepreneurial principles to organize, create, and manage a venture to make social change. The definition of social entrepreneurship varies from a narrow definition to a wide one. Under the narrow definition, social entrepreneurship is basically the action ofContinue reading

5 Essential Skills Needed to Be an Entrepreneur

Entrepreneurs need to have a wide variety of skills to run a successful business. Unlike personal characteristics and attitudes, which can often be hard or impossible to change, entrepreneurs can acquire skills if they are willing to learn them. Additionally, they can hire people to work for them who have the needed skills. The following skills are very important if the entrepreneur want to succeed in his business: Problem solving: Every customer have to deal with problems and every entrepreneur has find solutions to them. The successful entrepreneur sees opportunities in these problems where many of the rest of us only see difficulties. A lot of time, the best new ideas come from the need to solve a problem. The entrepreneur has to be good in identifying the problem, and then has to be able to identify solutions that can be good from the customer perspective. Communication: Entrepreneurs have toContinue reading

Entrepreneurial Marketing

Entrepreneurial Marketing is the combination of two discrete management areas. Existing as distinct disciplines, entrepreneurship and marketing have emerged to capture the several facets of marketing that are often not explained by existing traditional marketing theories and concepts. Definitions of both marketing and entrepreneurship differ considerably and we cannot expect that one single definition of entrepreneurial marketing will cover everything. A contemporary definition that meets the present scope in which entrepreneurial marketing is defined as: “the proactive identification and exploitation of opportunities for acquiring and retaining profitable customers through innovative approaches to risk management, resource leveraging and value creation.” Recently, entrepreneurial marketing has gained popularity in the marketing and entrepreneurship disciplines. The success of business activities pursuing non-traditional marketing approaches can be attributed to entrepreneurial marketing practices. Despite the large numbers of marketing models and concepts, there are notable successes that deviate from these and are labeled “entrepreneurial.” Economic growthContinue reading

Entrepreneurship Characteristics

The process of discovering new venture with creativity and innovation is called entrepreneurship. Entrepreneurship requires assumption of risk and reaping of awards. It brings resources together and provides option for self-employment to an individual. Entrepreneurship also creates employment opportunity for others. Entrepreneurship is a mind set of creativity and risk taking. It is a process of identifying opportunities and bringing together factors of production to exploit these opportunities. Entrepreneurship results in creation of new venture by planning, organizing, operating and assuming the risk. It always aims for innovation, profitability and growth. The entrepreneurial spirit has appeared as the engine of economic development. Entrepreneurship has resulted in millions of new ventures in the world. Entrepreneurship has appeared as the driving force for industrial and economic development. Therefore, the interest in the concept of entrepreneurship is growing in today’s world. Entrepreneurship has the following characteristics: Creating New Venture – Entrepreneurship is concernedContinue reading