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UNIT-4
ENTREPRENEURIAL SKILLS-IV
Learning Outcomes
• Entrepreneur and Entrepreneurship • Types of Entrepreneurs
• Functions of an Entrepreneur • What Drives an Entrepreneur's Motivation?
• Identifying Possibilities and Taking Risks • Startups
• Barriers to Entrepreneurship • Entrepreneurial Attitudes
• Entrepreneurial Competencies • Entrepreneurial Competencies in Particular
Entrepreneurs recognise an invention in order to capitalise on an opportunity, mobilise money, raise capital, and take
calculated risks in order to establish a market or start a new firm. The process of boosting entrepreneurial skills and
expertise through systematic training and institution-building programmes is called entrepreneurship development.
It focuses on a single person who aspires to establish or extend a business. Entrepreneurs with great potential need
to be nourished and supported in order to act as role models as well as community mentors. An entrepreneurship
development programme acts as a means of assisting budding entrepreneurs in recognising and designing one-of-a-
kind distinctive business possibilities by an examination of local conditions and their own abilities.
Training in entrepreneurship development should include support for:
a. entrepreneurship orientation and awareness
b. development of competencies (knowledge, skills and attitudes) required to recognise a market opportunity and
organise resources to meet it and
c. improvement of business performance for growth and competitiveness. Motivation, in addition to improving
potential entrepreneurs' desire for success, also aids in the development of coping skills, tolerance for ambiguity
and influencing ability.
The National Institute for Entrepreneurship and Small Business Development is a flagship organisation of the Government
of India's Ministry of Skill Development and Entrepreneurship that provides training, consulting and research to encourage
entrepreneurship and skill development. The Institute's main activities include trainer training, management development
programmes, entrepreneurship-cum-skill development programmes, and cluster intervention.
Entrepreneur and Entrepreneurship
The term ‘entrepreneur’ is derived from the French word entreprendre, meaning “to undertake.” Entrepreneurship,
according to Cole, is “a planned action to begin, sustain and expand a profit-oriented enterprise.”
Entrepreneurship, according to Stevenson and Jarillo, is “the process by which individuals seek opportunities regardless
of the resources they now possess.”
Entrepreneurial Skills-IV 81

