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Entrepreneurship Introduction1

Entrepreneurship Introduction

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Bedhaso Reshid
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9 views

Entrepreneurship Introduction1

Entrepreneurship Introduction

Uploaded by

Bedhaso Reshid
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Entrepreneurship is the art of starting a business, basically a startup

company offering creative product, process or service. We can say that it is


an activity full of creativity. An entrepreneur perceives everything as a
chance and displays bias in taking decision to exploit the chance.

An entrepreneur is a creator or a designer who designs new ideas and


business processes according to the market requirements and his/her own
passion. To be a successful entrepreneur, it is very important to have
managerial skill and strong team building abilities. Leadership attributes are
a sign of successful entrepreneurs. Some political economists regard
leadership, management ability, and team building skills to be the essential
qualities of an entrepreneur.

An entrepreneur is an innovator or a creator who introduces something new


to the firm or economy. It can be a new method of production, a new product,
a new source of material, a new market or any other similar innovation.
Thus, an entrepreneur is an innovator, creator, borrower, purchaser, etc.
Some famous entrepreneurs are Azim Premji, Lakshmi Mittal, and Ekta
Kapoor.
Motivation – An Important Factor
The performance of an entrepreneur is dependent on his/her ability and
willingness to perform. Here, by ability we mean a function of education,
experience and skill and by willingness we mean to perform depending upon
the level of motivation. Motivation is one of the fundamental factor required
for an entrepreneur to promote his/her ideas.
Why is Motivation Required?
The term motivation has been derived from the word ‘motive’ which is
nothing but what prompts any person to act in a particular manner. Motives
are the definition of a person’s goals, dreams and needs. They direct human
behavior to towards achieving their goal.
When everything is properly organized, then what is the need of motivation?
The following points answer this question and gives an idea why motivation
is an important factor for an entrepreneur −
Tough competition − An entrepreneur needs to face tough competition, in
order to sustain and make a mark in this global market. To cope with this
competition, motivation is required at each stage of the firm.
Unfavorable environment − Nobody knows what the future holds. One has to
take care of the current economy and should be prepared for the worst
situations of deteriorating economic conditions. For this, motivation and
optimism is essential.
To create public demand − Market runs by the people and for the people. To
run a business profitably, it is required to create a public demand for your
product or service in the market and attract as many customers as possible.
To do this in the right way, motivation is required.
To enhance creativity − Market always wants something new and different. If
every firm offers the same product without any variation then there is no
point of preferring one brand in particular. To sustain one has to be
innovative. Add some new features in the existing products and services,
make them more user friendly in a considerable budget. This requires
motivation too.
To increase productivity − It is very important to take care of the quality of
the product as well as the profit. People will always prefer a product which is
cost efficient and of good quality. So, motivation is required for increase the
productivity.
Thus motivation plays a unique role in establishing a company by frequently
boosting the entrepreneur to do effective things efficiently.
Explore our latest online courses and learn new skills at your own pace.
Enroll and become a certified expert to boost your career.

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