Entrepreneurial Developmeny By Danish Maniyar by Danish Maniyar, Juned King (the little red hen read aloud .txt) 📕

Danish Maniyar

 

 

 

 

 

 

 

 

 

ENTREPRENEURIAL DEVELOPMENT

 

 

 

BY DANISH MANIYAR

 

ENTREPRENEUR AND AUTHOR

 

 

 

Entrepreneurship

 

Introduction

 

Entrepreneurship refers to all those activities which are to be carried out by a person to establish and to run the business enterprises in accordance with the changing social, political and economic environments. Entrepreneurship includes activities relating to the anticipation of the consumers likes and dislikes, feelings and behaviors, tastes and fashions and the introduction of business ventures to meet out all these expectations of the consumers.

 

Entrepreneurship is considered as a ‗new product‘that would enable businessmen to develop new form of business organization and new business activities catering to the changing needs of the society. The liberalization of cultural rigidities are mainly due to this new product ‗entrepreneurship‘ Entrepreneurship is the abilit y of entrepreneurs to assess the risks and establish businesses which are risky but at the same time suits perfectly to the changing scenarios of the economy.

 

What is Entrepreneurship?

 

There are many meanings of the term ‗entrepreneurship‘. After attentively discussing all the available ones, we can conclude that entrepreneurship is a system of operating business in which opportunities existing within the scope of a market are exploited. Self-employment necessitates that any available opportunities within the economic system should be utilized in the creation and functioning of new organizations. A potential entrepreneur should show the interest to seek out investment opportunities in the market, so that they can run the enterprise successfully based on the identifiable opportunities. Thus, going through the above responsibilities of an entrepreneur, the term ‗entrepreneurship‘ has been finally defined as a function which covers multiple functions such as:

 

Building organizations.

 

Providing self-employment

 

Utilization of available resources

 

Innovation applied to the novel concept

 

Bringing together multiple factors of production in a tangible manner.

 

Identifying and exploiting business opportunities within the available market.

 

 

Who is an Entrepreneur?

 

Entrepreneurs are business people who can detect and sense the availability of business opportunities in any given scenario. They will utilize these opportunities to create new products by employing new production methods in different markets. They will also function in different ways by using various resources who will give them profit. It is important to note that although most entrepreneurial businesses start small, the owners of such businesses need not be small scale owners. They could in fact be big business owners, who first try and test the waters before investing big time in the business. Small business owners dread risk, but successful entrepreneurs are very innovative and know how to operate profitably in a business environment, even if the risk is very high.

 

In fact, innovation is the life blood of any kind of entrepreneurs; this is one of the tools that helps them gain an advantage over established players in the market. Entrepreneurs are, thus, defined as ―individuals or groups of individuals who carry out entrepreneurship activities that are based on their innovative approaches to solving real-word problems‖.

 

Types of Entrepreneurs:

 

 

Based on their working relationship with the business environment they are functioning in, various types of entrepreneurs can be found. The chief categories are these four types of entrepreneurs, i.e.

 

Innovative entrepreneurs,

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Imitating Entrepreneurs,

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Fabian Entrepreneurs, and

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Drone Entrepreneurs.

 

 

Let us now discuss each of them in detail.

 

 

Innovative Entrepreneurs : This type of an entrepreneur is more interested in introducing some new ideas into the market, organization or in the nation. They are drawn towards innovations and invest a lot of time and wealth in doing research and development.

Imitating Entrepreneurs: These are often disparagingly referred to as ‗copy cats‘. They observe an existing successful system and replicate it in a manner where all the deficiencies of the original business model are addressed and all its efficiencies are retained. These entrepreneurs help to improve an existing product or production process and can offer suggestions to enhance the use of bettertechnology.

 

Fabian Entrepreneurs: These are entrepreneurs that are very careful in their approaches and cautious in adopting any changes. They are not prone to sudden decisions and try to shy away from any innovations or change that doesn‘t fit their narrative.

 

Drone Entrepreneurs: These are entrepreneurs who do not like a change. They are considered as ‗old school‘. They want to do business in their own traditional or orthodox methods of production and systems. Such people attach pride and tradition to even outdated methods of doing business.

 

Roles of an Entrepreneur:

 

 

Entrepreneurs fulfill the following three dominant roles:

 

 

Economic Change

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Social Change

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Technological Change

 

 

These are referred to as behavioral roles. All entrepreneurs have these common characteristics and decide to become an entrepreneur due to the factors or circumstances in their lives which made them think the way they do. To do their work effectively and operate a successful business, these entrepreneurs should perform certain roles. These roles are the same as the basic managerial roles.

THE ENTREPRENEURIAL MINDSET

 

 

Entrepreneurial mindset refers to a specific state of mind which orientates human conduct towards entrepreneurial activities and outcomes. Individuals with entrepreneurial mindsets are often drawn to opportunities, innovation and new value creation. Characteristics include the

 

 

ability to take calculated risks and accept the realities of change and uncertainty.

 

 

 

The traditional career path is an anachronism. Statistics show 40 to 50 percent of students entering college in 2016 will be self-employed or will freelance at some point in their careers, according to a study commissioned by Intuit. The economy, students‘ desires and the world‘s expectations of students are all very different than what I faced when I graduated college. There is no better way to prepare students for the world of the 21st century, whether they aspire to work for a large company, start their own business, go into academia or devote themselves to public service than through cultivating their skills inentrepreneurship.

 

 

 

When we teach entrepreneurship, the emphasis is on developing skills, not starting businesses. Of course we support and encourage those students who are passionate about launching the next Facebook, and there are many resources at MSU to help them. Rather the goal is about developing the inter-disciplinary skills that lead to the development of an ―entrepreneurial mindset.‖

 

 

 

To me the term embodies a set of cross-functional life and professional skills that describe someone who is innovative, resourceful and creates value. The entrepreneurial mindset can be applied in many contexts. It applies to employees in large, hierarchical entities, and it applies to community organizers, academics, inventors, doctors, lawyers, politicians, musicians and public servants. In no way is it unique to startup companies, and the skills that are developed are relevant to everyone. Our premise is that learning the entrepreneurial mindset is a critically valuable 21st century skill. Those who learn it well will have outsized success in their careers — no matter what they choose to do — because by definition they become resourceful and adaptable.

 

 

 

Entrepreneurism must be practiced to be learned. It is experiential. Just as you can‘t learn to swim at the library, you can‘t learn what entrepreneurship is about unless you have experienced it. We are putting programs in place now to add an experiential dimension to our entrepreneurship and innovation curriculum.

 

 

And for those students who aspire to start their own business, there is no better time to do it than while they are in college since the cost of doing so goes up an order of magnitude the minute they lose their full-time student status. On campus students have access to facilities (like our ideation center, The Hive), an incubator (The Hatch), mentors, support and funding. Building a business is hard and most fail. But that‘s not the point. The point is that in the trying, students develop skills that pay handsome dividends long into their careers — decades in my case. The justification is in the experience, not in the outcome.

 

 

The Revolutionary Impact of Entrepreneurship

 

Many people around the world are calling for an ―entrepreneurial revolution‖ to fix social and economic problems. This call naively assumes that more entrepreneurs are needed to address these issues. Increasing the number of entrepreneurs, however, is not as critical as persuading entrepreneurs to improve their societies through growth, innovation and social transformation. The revolution should be one of transforming contemporary entrepreneurial culture to make it more socially minded.

 

 

Entrepreneurs are known for creating new ventures that creatively solve problems. This basic definition, I believe, has to be expanded to conceive of entrepreneurs as powerful agents of cultural change capable of transforming their societies. This does not mean taking time after work to address social issues. It means consciously incorporating social goals into entrepreneurs‘ strategic thinking as a means to maximize personal and collective benefits. It demands getting rid of the paradigm that only governments and established companies are capable of addressing social needs. Entrepreneurs, who operate closer to the people, are in a perfect position to identify and to tackle critical problems, such as poverty and the lack of access to health and education.

 

 

Contemporary societies are demanding more efficient and socially interconnected ways to satisfy their necessities. To make this happen, entrepreneurs must understand that, by establishing new ventures that aim both to create economic prosperity and to spur social development, they are ensuring their long-term sustainability. More developed nations translate into platforms for larger growth and even internationalization.

Functions of an Entrepreneur

 

 

An entrepreneur is expected to perform the following functions.

 

 

Risk Absorption

 

 

The entrepreneur assumes all possible risks of business. A business risk also involves the risk due to the possibility of changes in the tastes of consumers, techniques of consumers, techniques of production and new inventions. Such risks are not insurable. If they materialise, the entrepreneur has to bear the loss himself. Thus, Risk-bearing or uncertainty-bearing still remains the most function of an entrepreneur. An entrepreneur tries to reduce the uncertainties by his initiative, skill and good judgment.

 

Formulate Strategic Business Decisions

 

 

The entrepreneur has to decide the nature and type of goods to be produced. He enters the particular industry which offers from he best prospects and produces whatever commodities he thinks will pay him the most employs those methods of production which seem to him the most profitable. He effects suitable changes in the size of the business, its location techniques of production and does everything that is needed for the development of his business.

 

Execute Managerial Functions

 

 

The entrepreneur performs the managerial functions though the managerial functions are different from entrepreneurial functions. He formulates production plans, arranges finance, purchased, raw material provides, production facilities, organises sales an assumes the task of personnel management. In a large establishment these management functions are delegated to the paid managerial personnel.

 

Adopt Innovation Function

 

An important funct ion of an entrepreneur is ―Inno vat ion‖. He conceives the idea for the improvement in the quality of production line. He considers the economic inability and technological feasibility in bringing about improve quality. The introduction of different kinds of Electronic gadgets is an example of such an innovation of new products. Innovation is an ongoing function rather than once for all, or possibly intermittent activity

Characteristics of Entrepreneur

 

Facilitating Character

 

An entrepreneur must build a team, keep it motivated, and provide an environment for individual growth and career development

 

Self-Confidence

 

Entrepreneurs must have belief in themselves and the ability to achieve their oils.

 

Work with Vision and Mission

 

An entrepreneur must be committed to the project with a time horizon of f vie to seven years. No ninety-day wonders are allowed.

 

High Degree of Endurance

 

Success of an entrepreneur demands the ability to work long hours for sustain period of time

 

Trouble Shooting Nature

 

An entrepreneur must have an intense desire to complete task or solve a problem. Creativity is an essential ingredient

 

Initiative and Enterprising Personality

 

An entrepreneur must have initiative, accepting personal responsibility for a ones, and above all makegood use of resources.

 

Goal Setter

 

An entrepreneur must be able to set challenging but realistic goals.

 

 

Calculated Risk-Taking Ability

 

An entrepreneur must be a moderate risk-taker and learn from any failures.

 

 

 

 

Distinguish Between The Terms Entrepreneur And Entrepreneurship:

 

 

 

Though both the terms entrepreneurs and entrepreneurship are almost imilar the possess several differentiating terms with them. The differences between the entrepreneurs and entrepreneurship are as follows:

 

Entrepreneur

 

Entrepreneurship

 

 

 

 

 

 

 

An entrepreneur one who undertakes

 

Entrepreneurship is the practice of starting new

 

 

and operates a new enterprise and

 

organizations,