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Entrepreneurial skills

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Entrepreneurial skills

  1. 1. ENTREPRENEURIAL SKILLS INFORMATION TECHNOLOGY-402 CLASS : IX
  2. 2. What is Entrepreneurial Skills? "The entrepreneur always searches for change, responds to it, and exploits it as an opportunity" ----Peter Drucker Entrepreneurship is 'an individual's ability to turn ideas into action. It includes creativity, innovation and risk-taking, as well as the ability to plan and manage projects in order to achieve objectives
  3. 3. TOPICS THAT WE DISCUSS: What is Entrepreneurship? What is an Entrepreneur? Importance of Entrepreneur Qualities that makes entrepreneurs succeed What are the risks of entrepreneur? What are the rewards of Entrepreneurs? Roles of Entrepreneur Functions of an Entrepreneur
  4. 4. Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. What is Entrepreneurship? What is an Entrepreneur? An entrepreneur is a person who sets up a business with the aim to make a profit. An entrepreneur can be a person who sets up their first online store on the side or a freelancer just starting out The people who create these businesses are called entrepreneurs. There is an interrelationship between Entrepreneur, Entrepreneurship and Enterprise: EntrepreneurshipEntrepreneur Enterprise The ProcessThe Person The Outcome Enterprise is another word for a for-profit business or companyEnterprise:
  5. 5. Roles / Importance of Entrepreneur Entrepreneurs create jobs: Entrepreneurs give to society: Entrepreneurs provide new job opportunities in the short and long term. The future job opportunity depends on entrepreneurs starting new businesses. They contribute to society by leading the way and by finding innovative solutions to financial , social issues and in addition to creating wealth. They have the ability to change the way we live and work.
  6. 6. Wealth Creation and Sharing Roles / Importance of Entrepreneur They invest their own resources and attract capital (in the form of Shares , debt, equity, etc.) from investors and the public. This mobilizes public wealth and allows people to benefit from the success of entrepreneurs and growing businesses. Standard of Living They play a key role in increasing the standard of living and do this not just by creating jobs, but also by developing and adopting innovations that lead to improvements in the quality of life of their employees and there customers.
  7. 7. Functions of an Entrepreneur An entrepreneur is to determine what to produce, how much to produce, how to produce, where to produce and how to sell .They make vital business decisions relating to the purchase of productive factors and to the sale of the finished goods or services. Decision Making Management Control Management and control of the business are conducted by the entrepreneur himself. So, the latter must possess a high degree of management ability to select the right type of persons to work with him.
  8. 8. Functions of an Entrepreneur Division of Income Risk-Taking and Uncertainty-Bearing Innovation Major function of the entrepreneur is to make necessary arrangement for the division of total income among the different factors of production such as rent, wages , salaries etc. Risk-taking is perhaps the most important function of an entrepreneur. Modern production is very risky as an entrepreneur is required to produce goods or services on the basis of their future demand. entrepreneur, give more importance to make frequent inventions — invention of new products, new techniques and discovering new markets.
  9. 9. Qualities that makes entrepreneurs succeed 1. Disciplined These individuals are focused on making their businesses work, and eliminate any distractions to their goals. 2. Confidence The entrepreneur does not ask questions about whether they can succeed or not. They are confident with the knowledge that they will make their businesses succeed. 3. Open Minded Entrepreneurs realize that every event and situation is a business opportunity. Ideas are constantly being generated about workflows and efficiency, people skills and potential new businesses. 4. Self Starter Entrepreneurs know that if something needs to be done, they should start it themselves. They set the parameters and make sure that projects follow that path. 5. Determination Entrepreneurs are not stop by their defeats. They look at defeat as an opportunity for success. Successful entrepreneurs do not believe that something cannot be done.
  10. 10. What are the risks of entrepreneur? No guarantee of paychecks The path is long, not to say very uncertain and full of risks and in the first few months, or even year you will have to work towards sustaining your company instead of thinking of a steady income. Trust Your Employees You will have a small group of people putting a lot of effort into the product to get it going. This means that you will have to put a lot of trust in this small group of people to get the job done No personal time You will spend hours working on your business to make it successful, which will make you miss out on personal time and health.
  11. 11. What are the rewards of Entrepreneurs? Being the boss: The most significant reward of entrepreneurship is working for your own. The entrepreneur becomes the decision maker and sole responsible person for the A to Z activities of the business Be creative: The society is getting advanced day by day. The new ideas of the entrepreneurs bring the new ways to solve the existing problem. You set your own schedule-: Though entrepreneurship can often require long hours, the benefit of building a business is that you are in charge of deciding when you want to work. You believe in what you do-: Working in entrepreneurship is inspiring. You are able to see your ideas make a difference and contribute to the construction of a brand new business.

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