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    Economists define an entrepreneur as someone who combines resources, labour, materials and other assets to make
            a profit. Psychologists describe an entrepreneur as someone driven by a psychological impulse, often characterised by
            a strong desire to achieve or attain specific goals. Sociologists define an entrepreneur as an individual whose actions
            influence social status and play a significant role in driving societal progress. Management experts define an entrepreneur
            as someone who has a goal and creates a plan of action to realise it.
            4.1.1 Entrepreneurship Characteristics

            The following are some of the characteristics of entrepreneurship based on the definitions provided:
               • Economic Activity: Entrepreneurship involves establishing, developing, and sustaining a profit-driven organisation.

               • Opportunity  Identification:  It  begins  with  recognising  potential  opportunities  to  sell products  or  services and
              generate profit in the market.
               • Resource Optimisation: It focuses on the efficient utilisation of resources to maximise outcomes.

               • Risk-Taking: It reflects the willingness of both the entrepreneur and the organisation to take calculated risks.
            4.1.2 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 musical
            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.

            4.1.3 Qualities of Successful Entrepreneurs

            Entrepreneurs possess many qualities essential for effectively managing a business. Among these, the following are
            considered indispensable:

                                                           Willingness to
                                                             take risks

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

                                                                                   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.
               • Willingness to take risks: There is an element of risk in any business. It means that it is not required for every firm to
              make a profit. This discourages people from taking risks and starting their own businesses. An entrepreneur, on the
              other hand, always offers to take risks in order to manage a successful firm.

               84   Touchpad Data Science-XII

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