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Putting ideas into action: Entrepreneurs must be able to put
their ideas into action. To effectively meet market demands, it is
essential to gather comprehensive information on ideas, products,
and processes.
Feasibility study: Entrepreneurs undertake feasibility studies to
determine the commercial viability of a new product or service.
They anticipate problems and evaluate the number, quality, pricing,
and sources of inputs needed to run the business. A 'business plan'
or 'project report' is a roadmap of all actions.
Resourcing: To establish a successful business, an entrepreneur
requires a variety of resources such as money, machinery, raw
materials, and labour. An entrepreneur's primary responsibility is
to secure the timely availability of all these resources.
Establishing an enterprise: In order to establish an enterprise, the entrepreneur may need to complete
several legal processes. The individual must also strive to identify an appropriate location, design the
premises, install machines, and do a variety of other tasks.
Managing the business: One of the most crucial functions of an entrepreneur is to run the business.
The individual is responsible for managing the staff, materials, finances, and organising the production
of goods and services. The individual must promote each product and service after assuring adequate
returns (profits) on investment. Only a well-managed organisation achieves the intended outcomes.
Growth and development: Once the firm has achieved the targeted objectives, the entrepreneur
must look for a higher goal for its growth and development. The individual is not satisfied with simply
completing a goal, but always strives for greatness.
4.4 WHAT DRIVES AN ENTREPRENEUR'S MOTIVATION?
Every human being is born with the desire to create and procreate, as well as to dream and work to realise
those desires. However, not every human being is capable of dealing with failure. An entrepreneur possesses
the ability and determination to overcome any obstacles that may arise in their entrepreneurial journey. This
individual consistently finds ways to pursue their dreams and achieve their goals. Let us learn about some of
the qualities that motivate an entrepreneur.
Excellence as a Standard
An entrepreneur continually aims for high standards and seeks to achieve excellence by working hard and
being innovative.
Uniqueness
One of the most significant characteristics of an entrepreneur is the ability to be unique in everything he or
she does and how it is done.
Concentrate on Long-term Goals
Long-term goals are those that require an extended period to achieve. Entrepreneurs prioritize what can
be accomplished in the distant future over short-term gains. The individual will plan and work carefully to
achieve long-term objectives.
Need to Exert Influence
The entrepreneur feels that ideas can be revolutionary and expects them to have a significant impact on the
world. Many entrepreneurs' ideas have influenced the world, with some completely transforming its landscape.
Entrepreneurial Skills-IV 105

