Page 110 - AI Ver 1.0 Class 9
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Hence, this will be a big effort in preparing new entrepreneurs which will pave the way for a better economy and
        make the path for the creation of a developed society.
        Entrepreneurial  Development  Programs  have  been  designed  and  supported  by  the  government  of  almost  all
        countries to develop entrepreneurial abilities among the interested people. These programs help them to identify,
        develop, polish and strengthen their entrepreneurial skills so that they play their entrepreneurship role effectively
        and become a successful entrepreneur.

        Process of Entrepreneurship Development
        The process of entrepreneurship development follows the given steps:
           • Generate a business idea: This is the first step of developing an enterprise. An idea based on your interest,
          passion, hobby or market potential needs to be finalised. Once an idea is finalised, you discuss it with your
          associates in the  business  area  or  with  the  people  around  you who  can  provide vital feedback by  playing
          prospective customers.
           • Structured evaluation of business idea: In this step, you evaluate your idea by finding out the pros and cons
          of the competitive market in the business and the associated risks. You also consider other factors like labour,
          money investment, location, etc. for the success of the business.
           • Developing a business plan: Developing a proper business plan is one of the important processes of entrepreneurship
          development. It helps you plan the strategies of your business, managing your funds and targeting prospective
          customers.
           • Gathering the resources: This includes your funds, labour (skilled and unskilled), raw material and business
          associates. Everything needs to be channelised properly for a good start in a business.
           • Framing the organisational hierarchy: In this, you design your business hierarchy. This question of how many
          employees need to be recruited and at what level they need to be trained must be addressed. This helps you to
          deal with the day-to-day problems of different departments in the organisation.
           • Efficient management of the new business: In this step the actual working of the system is checked to deal with
          the practical issues. The short term and long-term operational goals are set to handle the problems.
           • Planning the future growth: A business is always in a working mode and deals efficiently with day-to-day issues.
          Somewhere down the line, there will be a time to plan for the future growth and development of the business. If
          everything goes well and the business curve shifts towards profit, then an entrepreneur can decide to invest in its
          expansion.


                 Characteristics of an Entrepreneur

        If you are planning to become an entrepreneur, then you need to check for these given characteristics in you:
           • Risk Taking Capability: An entrepreneur should have enough courage to evaluate and take risks to establish
          his newly setup business. It involves proper planning and calculative decisions to capture the potential market
          and have competitive advantage.
           • Innovative: Setting a new business in an innovative manner is a unique characteristic of an entrepreneur. It can
          be a launch of a product or selling a service. Customers are always attracted towards the products or services
          which are sold in an innovative way.
           • Visionary and Leadership Qualities: Entrepreneur should have strong leadership qualities and a strong vision
          of earning maximum profits through his innovative new venture. The employees working in his business will
          strongly believe him and respect him. They will follow his commands even when the business is in a state of
          turmoil.





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