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Business and Economy


  • Understanding Entrepreneurs

    Successful entrepreneurs act as liaison between raw materials, skill, capital and labor. They change the natural resources in to goods and services which are vital for human being. Entrepreneurs are big dreamers whose dreams come true through hard work. They are straightforward business persons. Their concern is all about doing business. Entrepreneurs are also the engine of industrialization.

    As an entrepreneur you understand entrepreneurs by considering the following key points.

    Entrepreneurs are those who:

    • Are visionary at the start of a business

    • Contribute to the creation of enterprises

    • Create something new from scratch

    • Often assume risks in doing business

    • Generate long lasting income and profit

    • Generate employment opportunities

    • Go out of usual way to realize their dream

    • Have their own means of doing business

    • Learn new skills in their activities

    • Make and help in the creation of wealth

    • Make social value products and services

    • Organize and manage a business venture

    • Start businesses from business idea

    • Think with inspiration and determination

    The importance of entrepreneurs’ task has been recognized long period of time. The word entrepreneur is used by many scholars bearing in mind the various aspects and activities of entrepreneurs’.

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  • Innovation by Entrepreneurs

    Entrepreneurs are individuals who change the world through invention and innovation. Invention and innovation make new or existing things with added value where there are potential markets. Entrepreneurs change problems and risks in to opportunities and final products. They also have the abilities to overcome difficulties that would hamper many people.

    Innovation of changes started by Entrepreneurs

    This is the advancement of modifications launched by entrepreneurs which include the following:

    1. Initial Project

    • New environment-friendly or Eco-friendly task and manufacturing of goods

    2. Expansion of the Project

    • Succeeding modifications and developments in the amount of items created

    3. Factors Innovation

    Increase in supply or performance of elements of production. It includes the following:

    • Financial- Procurement of capital resources from new supply or new in kind.
    • Labor- finding of labor from new source or in new type; upgrading of an existing labor.
    • Material-Procurement of old product from brand-new resource or usage of brand-new material.

    4. Production Innovation

    Modification or Adjustments in the manufacturing procedure or process. Includes:

    • Technological - introducing of brand-new production methods. Worth addition to an already existing product.
    • Organizational - adjustment of type or structure or connections among people.

    5. Market Innovation

    Changes in the size or make-up of the marketplace; which includes:

    • Product-production of new item or change in quality or reducing price of an existing product.
    • Market-penetrate in to new marketplace.

     

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  • Developing Characteristics of Entrepreneurs

    When we are dealing about developing characteristics of entrepreneurs it is concerned about learning the entrepreneurs’ traits. By developing we can implant these qualities in our day to day usage and boost our business.

    Developing characteristics of entrepreneurs refers to:

    • Learning to bounce back from failure
    • Recognizing failure as temporary obstacle
    • Realizing failure as opportunity to do better
    • Knowing failure as chance to learn better
    • Having the ability not to loss enthusiasm
    • Having the willingness to share power
    • Having high level of need for achievement
    • Having the ability not to easily discouraged
    • Having ability to cope up with uncertainty
    • Building the ability to listen to criticism
    • Understanding finances and technology
    • Developing the ability to take risk
    • Being honest, trustworthy, and committed
    • Knowing reasons to be entrepreneurs

    You can develop the characteristics of entrepreneurs by being around a business operated by parents and mentors. You can also get support from spouse, children, and family and experienced business people to develop the qualities. Once you start your activities make sure you have to remain at it until you reach your ultimate goal.

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  • Overview of Entrepreneurs

    Entrepreneurs are Inventors and Innovators 
    Entrepreneurs are individuals who change the world through invention and innovation. Invention and innovation make new or existing things with added value where there are potential markets. Entrepreneurs change problems and risks in to opportunities and final products. They also have the abilities to overcome difficulties that would hamper many people.

    Entrepreneurs are Visionary 
    True entrepreneurs are visionary who have big dream. Their dreams come true because they strive day and night to make it a reality. The big dream is a driving force which makes entrepreneurs energetic. Being full of energy is the major resource which makes entrepreneurs successful.

    Entrepreneurs know how to make profit 
    Entrepreneurs make profit which comes from money-making ventures. Profit is one of the major goals for the establishment of businesses. It is the driving force for the survival of ventures. Entrepreneurs know how to make profit. The money generated through profit does all the successive works for the entrepreneurs. They create more business, use more staff and increase the overall activity of the business by generating profit.

    Entrepreneurs need Various Qualities
    Entrepreneurs handle different types of businesses right from the beginning. They start and run their own business from nothing. To be an entrepreneur it requires various qualities and a deep knowledge base. Manager, who manages some activities of the company, board of director, who is with a higher responsibility in a venture, or a gambler, who takes high risk, are not entrepreneurs.

    Entrepreneurs use Opportunities
    Entrepreneurs discover new opportunities or more opportunities in the existing business. They recognize needs and wants and get together the essential inputs like capital, manpower and materials to suit that needs and wants. Thus entrepreneurs are creators and managers of new business or get innovative ideas in the existing business. Entrepreneurs also foresee future circumstances, vision and have strong confidence in their planned venture.

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