ROLE OF ENTREPRENEUR AND ENTREPRENEURSHIP
Entrepreneur is a person who habitually creates and innovates to build something of recognized value around perceived (aware) opportunities”
Entrepreneurship is what drives human lives to change for the better because entrepreneurs put their theoretical innovations into practice.
Successful new products are usually associated with `idea-centric’ (Full of ideas) creativity
- The action and result of imagination and ingenuity (cleverness or power of creative imagination)
- Creativity is not ability to create out of nothing but the ability to generate new ideas by combining, changing, or reapplying existing ideas.
- Creativity requires passion (strong feeling or emotion) and commitment
- Introduction of something new.
- It is the transformation (Conversion or modification) of creative ideas into useful applications by combining resources in new or unusual ways to provide value to society for or improved products, technology, or services.
- It is the development of new processes, methods, devices, products, and services for a useful purpose.
- It is the process of creating value through unique(exclusive) resource combinations to exploit opportunity.
- It is the implementation(execution) of innovation.
- the utilization(using) of the skill sets, qualities and characteristics inherent (built in) in, or acquired(gained) by, entrepreneurs.
THE ESSENCE OF ENTREPRENEURSHIP
- Innovation is the specific instrument of entrepreneurship.
- India, the largest democracy of the World, with about a sixth of the World’s Human Resource.
- India also has it’s strengths in it’s diversity, it’s faith in equality and freedom.
- India has a huge potential for innovation and entrepreneurship.
- Colleges play a far greater role in the society than just being centres of knowledge transfer and exchange.
- It is therefore, required of colleges and other educational institutions to cultivate (educate) the habit of innovation, within themselves and in their students.
CHARACTERISTIC OF SUCCESSFUL ENTREPRENEURS
- Self-confident and optimistic (Positive thinking)
- Able to take calculated risk
- Respond positively to challenges
- Flexible and able to adapt
- Knowledgeable of markets
- Able to get along well with others
- Independent minded
- Versatile (variety ) knowledge
- Energetic and diligent (carrying out a task steadily)
- Creative, need to achieve
- Dynamic (active) leader
- Responsive (reacting or responding positively) to suggestions
- Take initiatives (to go ahead)
- Resourceful and persevering (performer)
- Perceptive(sharp or interested) with foresight (advance thinking)
- Responsive to criticism (comments or judgements)
BARRIERS TO INNOVATION
- Short Term Focus: They are only concerned about short term performance.
- Leadership: They really don’t understand that leaders take responsibility for both long term and short term performance, and hence aren’t really leaders.
- Surviving against Intense(extreme) Competition : There won’t be a tomorrow if the company can’t compete today.
- Fear of failure / fear of uncertainty (not sure) : They don’t know how to manage / lead in the domain of innovation.
- Lack of bandwidth (amount of information): The company doesn‘t have a system for supporting innovation.
- Lack of confidence in the innovator. They have many activities competing for limited resources and — like venture capitalists — choose to invest in innovators in whom they have confidence.
ADVANTAGES OF ENTREPRENEURSHIP
- Enormous(large) personal financial gain
- Self-employment, own bossing (ownership), offering more job satisfaction and flexibility (bent easily or flexible) of the work force
- Employment for others, often in better jobs
- Development of more industries, especially in rural areas or regions disadvantaged by economic changes, for example due to globalization effects
- Income generation and increased economic growth
- Healthy competition thus encourages higher quality products
- More goods and services available
- Development of new markets
- Freedom from the dependency (depending on someone) on the jobs offered by others
- Ability to have great accomplishments (achievement)
- Reduction of the informal economy
- Emigration(moving from one place to another) of talent may be stopped by a better domestic entrepreneurship climate
- Serious tax advantages
DISADVANTAGES OF ENTREPRENEURSHIP
- Salary: Starting your own business means that you must be willing to give up the security of a regular paycheck.
- Benefits: There will undoubtedly be fewer benefits, especially when considering that your business will be just starting off.
- Work schedule: The work schedule of an entrepreneur is never predictable ( sure); an emergency can come up in a matter of a second and late hours will have to be put in.
- Administration: All the decisions of the business must be made on your own; there is no one ranked higher than you on the chain of command in YOUR business.
- Incompetent staff: Often times, you will find yourself working with an employee who “doesn’t know the ropes” as well as you do due to lack of experience. (inefficient staffs)
- Procedures: Many times during your entrepreneurial life, you will find that many policies do not make sense, nor will they ever make sense act of experience
- It has been immensely felt the need of introduction subject ‘entrepreneurship’ both in the graduate and post graduate level in a more effective way.
- There should major/specialized course on entrepreneurship at the graduate level/post graduate level.
- For the success of these programmes the college should collaborate (work together or cooperate) with the specific work places, such as the factory, concern, office, hospital, company for effective planning and implementation of (a) Syllabus, (b) teaching, (c) practical experience (d) internship and (e) course offered should be related to local needs
- Entrepreneurship is no longer seen as being solely (exclusively or alone) applicable to people to start enterprises but to people involved in any endeavor (effort or attempt).
- It is essential to motivate the youths to become self-employed even when they are studying in schools and colleges.
- In recent time there is an urgent need to find a place in the curriculum(syllabus) of all institutions and colleges.
- It is the spirit (feeling)of entrepreneurship that plays a crucial (important or essential)role in making the society move towards the new phase of knowledge economy.
- A constructive way of contributing to society is by developing entrepreneurial skills.
- Innovation is the implantation (act of planting) of creative inspiration for Entrepreneurs.