Entrepreneurship Development is a vast topic in Management Science and Business Administration. We must know the meaning of word “Entrepreneur”. This word is derived from a French word ‘enterprende’. It means “to undertake”.
Entrepreneurs are always associated with risk taking and Entrepreneurship is that art of risk taking which leads to a successful business. It deals with Financial, psychological and social risks. Rewards of successful entrepreneurship are financial benefits, personal satisfaction and an individual / independent life.
What are key functions of an Entrepreneur?
- Entrepreneur must possess Innovative thinking.
- He must have knowledge of changes in the industry and market structure.
- He must have knowledge of latest technology that can improve overall efficiency of the enterprise.
- Entrepreneurs must have sound knowledge about activities involved in marketing of company’s products and services.
- He must have knowledge about managing optimum resources for manufacturing and production assembly.
- He must have expertise of dealing with the bureaucrats.
- Knowledge of Financial Accounting
- Knowledge of Production Management
- Basic Knowledge of Maintenance and Testing of produced goods.
- He must have excellent leadership qualities.
What are different types of Entrepreneurs?
Considering type of Business Activity:
- Business, Trading, Agricultural, Corporate and Industrial Entrepreneurs.
Considering the kind of technology used:
- Technical, Non-technical, Professional and High-Tech Entrepreneurs.
If stages of Development are considered:
- Classical, Modern and First Generation Entrepreneur.
Table of Entrepreneur and It’s Related Entrepreneurship Development Term:
What is the Process of Entrepreneurship Development?
- Analysis of Opportunity
- Company Setup planning and developing models.
- Analytics and acquisition of Investors and Sources of Finance.
- Resource determination and implementation of plan.
- Scaling up.
I can share details of some challenges that were faced when we are setting things up:
- Finding a suitable office space.
- Finding suitable candidates for our organization.
- Sustaining candidates in our organization.
- Buying electronics equipments and Furniture for our office wasn’t fun at all. It was time taking.
- Getting a stable internet connection was very difficult when we were starting things.
- Finding Investors
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