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ENTREPRENEURIAL

SKILLS-IV

04

Learning Outcome

4.1 Entrepreneur and Entrepreneurship 4.2 Types of Entrepreneurs
4.3 Functions of an Entrepreneur 4.4 What Drives an Entrepreneur's Motivation?
4.5 Identifying Possibilities and Taking Risks 4.6 Startups
4.7 Barriers to Entrepreneurship 4.8 Entrepreneurial Attitudes
4.9 Entrepreneurial Competencies 4.10 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 take corrective actions to achieve goals.

c. Improving business performance is essential for achieving growth and maintaining competitiveness. Motivation
plays a key role not only in enhancing aspiring entrepreneurs' drive for success but also in developing crucial skills
such as coping with challenges, tolerating ambiguity, and influencing others effectively.
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.

4.1 ENTREPRENEUR AND ENTREPRENEURSHIP

The term ‘entrepreneur’ is derived from the French word entreprendre, meaning “to undertake.” Entrepreneurship,
according to Cole, is “the process of starting, maintaining, and growing a business to achieve profit.”
Entrepreneurship, according to Stevenson and Jarillo, is “the process by which individuals seek opportunities regardless
of the resources they now possess.”
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 realise a profit through effective
resource utilisation.”

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