Entrepreneurship
Entrepreneurship is the practice of starting new organizations and establishing or revitalizing matured organizations. Entrepreneurship ranges in scale from solo projects to major undertakings creating many job opportunities. A Dictionary Definition of entrepreneurship is “the organizer or promoter of an activity, especially one who assumes the risks of a business.”
In Practice, entrepreneurship can be
- Starting Your own Business.
- Inventing Something new techniques of production
- A spirit of creative thinking and innovation that embraces an entire organization.
Successful Entrepreneur
A Successful entrepreneur is a person who has possession of an enterprise and assumes significant accountability for the inherent risks and the outcome. A successful entrepreneur promotes the vision. A Successful Entrepreneur is usually a positive thinker and a decision maker
The Various Stages of Decisions an entrepreneur has to make before reaching the goal of his project.
- Converging on the idea,
- Business plan,
- Business Formation,
- Growth,
- Going public or marketing(making valuable to others).
The Types of Industries
Industries can be listed as :
- Small Scale Industries – SSI,
- Medium Scale Industries – MSI,
- Large Scale Industries – LSI.
Qualities of an Entrepreneur.
The qualities of an entrepreneur are
- High Level confidence.
- Vision and passion in their dreams.
- Surround themselves with other like minded people.
- Highly resourceful, creative and inventive.
- Seize Opportunities and create their own whenever Possible.
- Know what motivates them.
- Spend a substantial amount of time on introspection.
- Refuse to let other people dictate how they should live.
- Take responsibility for their happiness.
The Expectations of Entrepreneurship.
It is expected from the entrepreneurs that they will help to
- Increase number of industries.
- Increase production.
- Increase employment Opportunities.
- Earn foreign exchange through exports.
- Develop the underdeveloped parts of the country.
- Economic Development.
