Page 84 - Web Applications (803) Class 12
P. 84

Thus,  entrepreneurship  can  be  defined  as  “an  economic  process  in  which  an  idea  or  an  opportunity  is  generated,
              improved, developed and implemented while being exposed to uncertainty in order to realize a profit through effective
              resource utilisation.”
              Economists define an entrepreneur as someone who combines resources, labour, materials and other assets to make
              a profit. Psychologists define an entrepreneur as a person who is typically motivated by a psychological impulse that
              develops a desire to gain or attain something. Sociologists define an entrepreneur as a person whose actions affect the
              social status and contribute to the society’s progress. Management experts define an entrepreneur as someone who has
              a goal and creates a plan of action to realise it.


              Entrepreneurship Characteristics
              The following are some of the characteristics of entrepreneurship based on the definitions provided above.
              •   It is an economic activity that is carried out in order to establish, develop and sustain a profit-oriented organisation.
              •  It starts with finding an opportunity as a potential to sell and gain profit in the market.
              •  It deals with resource optimisation.
              •  It refers to a company's and an entrepreneur's willingness to take chances.

              Entrepreneurship—Science and Art
              Entrepreneurship is seen as an art as much as a science. To be termed scientific, a subject must have a gradual progression
              supported by reliable proof, such as chemistry or physics. Some steps must be taken in order to achieve a specific result.
              On the other hand, some subjects are classified as art, where no exact method of achieving a result is required and the
              ability to use the subject matter is essential. Music is an example of art. A musician can use any combination of music
              notes to create calming and heartfelt music. Entrepreneurship is the perfect combination of art and science because it
              involves definite progression and procedures to be followed as well as the ability to deviate whenever necessary while
              still making the entire activity profitable and growth-oriented.
              An entrepreneur is someone who has the ability to establish a business by organising the numerous resources needed
              to make a business possibility a reality. Profit is not always motivating for entrepreneurs, but it can serve as a yardstick
              for assessing performance or success.

              Qualities of Successful Entrepreneurs
              Consider the qualities of great entrepreneurs. Many qualities are required to properly run a business. However, the
              following are regarded as essential:

                                                            Willingness to
                                                              take risks



                                       Initiative                                    Ability to learn
                                                                                     from mistakes
                                                             Qualities of
                                                              Successful
                                    Motivation              Entrepreneurs             Self-confidence



                                                                                    Ability to make
                                      Hard work
                                                                                       decisions
              •     Initiative: In the world of business, opportunities emerge and just disappear. An entrepreneur must be able to take
                  the initiative and capitalise on opportunities. If a person misses out on an opportunity, it may never return. As a
                  result, the entrepreneur must take the initiative.



                    82      Touchpad Web Applications-XII
   79   80   81   82   83   84   85   86   87   88   89