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Traits of Entrupreneur

TRAITS OF ENTREPRENEURSHIP

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Pavithra Vijay
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23 views12 pages

Traits of Entrupreneur

TRAITS OF ENTREPRENEURSHIP

Uploaded by

Pavithra Vijay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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Traits of an

entrepreneurship and the


role of entrepreneurs in the
economic development.

Submitted by:
Pavithra Vijayakumar
What is Entrepreneurship?
Entrepreneurship refers to the process of identifying, creating, and pursuing
opportunities to develop and manage a business venture. It involves taking risks,
innovating, and organizing resources to bring new products, services, or ideas to
the market. Successful entrepreneurs possess a unique set of skills and traits that
enable them to navigate challenges, adapt to changing environments, and drive
business growth.

Entrepreneurship plays a crucial role in the business world as it drives economic


growth, fosters innovation, and creates job opportunities. Entrepreneurs are
catalysts for change and contribute to the development of industries, communities,
and societies as a whole.
Traits of an
entrepreneurship
CREATIVITY
Creativity is a characteristic of someone or some process that forms something new
and valuable. The created item may be intangible or a physical object. Scholarly
interest in creativity is found in a number of disciplines, primarily psychology,
business studies, and cognitive science.

LEADERSHIP
Leadership both as a research area and as a practical skill, encompasses the ability
of an individual, group, or organization to "lead", influence, or guide other
individuals, teams, or entire organizations. Leadership skills help entrepreneurs
select the right team of people to take small businesses to the next level. A good
leader inspires others with their vision .
COMMUNICATION
It is usually understood to be the transmission of information. Its precise definition
is disputed and there are disagreements about whether unintentional or failed
transmissions are included and whether communication not only transmits meaning
but also creates it. Being communicative essentially allows an entrepreneur to
share their message clearly and to provide feedback in a supportive manner.
PASSION
It is a term used to denote strong and intractable or barely controllable emotion or
inclination with respect to a particular person or thing. Entrepreneurs following
their passion succeed far more often than entrepreneurs who are in it for the money.
Entrepreneurship often involves long hours and hard work. A genuine passion for
the business or the problem it solves can sustain entrepreneurs through the
inevitable challenges.
ADAPTABILITY
It is an essential personality trait in a world of evolving business practices and
changing demands. Adaptability helps my business remain agile and flexible,
allowing me and the company's leaders to respond quickly to market or customer
needs changes. Entrepreneurs need to be adaptable and flexible in the face of
changing circumstances. Markets, technologies, and consumer preferences evolve,
and successful entrepreneurs can adjust their strategies accordingly.

CONFIDENCE
Confidence in oneself and one's abilities is essential for navigating the uncertainties
of entrepreneurship. It helps entrepreneurs make bold decisions and inspires
confidence in others, such as investors and team members. Without confidence or
self-belief, entrepreneurs cannot possibly succeed. They have to be confident both
in themselves and in the products or services they sell .
RISK
A risk-taking ability is essential for an entrepreneur. Without the will to explore the
unknown, one cannot discover something unique. Entrepreneurs are often willing to
take calculated risks. They understand that business involves uncertainties and are
comfortable stepping outside their comfort zones.
Problem solving
It is the process of achieving a goal by overcoming obstacles, a frequent part of
most activities. problems in need of solutions range from simple personal tasks to
complex issues in business and technical fields.
ETHICS
Ethics or moral philosophy is a branch of philosophy that "involves systematizing,
defending, and recommending concepts of right and wrong behaviour". A strong
work ethic is a crucial trait for successful entrepreneurs. It refers to a person's
commitment to putting in the time and effort required to achieve GOAL
Role of entrepreneurs in economic development
The entrepreneur who is a business leader looks for ideas and puts them into effect in
fostering economic growth and development. Entrepreneurship is one of the most
important input in the economic development of a country. The entrepreneur acts as a
trigger head to give spark to economic activities by his entrepreneurial decisions. He
plays a pivotal role not only in the development of industrial sector of a country but also
in the development of farm and service sector .
Wealth creation and sharing:
By establishing the business entity, entrepreneurs invest their own resources and
attract capital (in the form of debt, equity, etc.) From investors, lenders and the
public. This mobilizes public wealth and allows people to benefit from the success
of entrepreneurs and growing businesses. This kind of pooled capital that results in
wealth creation and distribution is one of the basic imperatives and goals of
economic development.

Creates large-scale employment opportunities:


entrepreneurs provide immediate large-scale employment to the unemployed which
is a chronic problem of underdeveloped nations. With the setting up of more and
more units by entrepreneurs, both on small and large-scale numerous job
opportunities are created for others. As time passes, these enterprises grow,
providing direct and indirect employment opportunities to many more. In this way,
entrepreneurs play an effective role in reducing the problem of unemployment
Standard of living:
Increase in the standard of living of people in a community is yet another key goal
of economic development. Entrepreneurs again play a key role in increasing the
standard of living in a community. They 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, customers, and other stakeholders in the community.
Exports:
any growing business will eventually want to get started with exports to expand
their business to foreign markets. This is an important ingredient of economic
development since it provides access to bigger markets, and leads to currency
inflows and access to the latest cutting-edge technologies and processes being used
in more developed foreign markets. Another key benefit is that this expansion that
leads to more stable business revenue during economic downturns in the local
economy.
Promotes balanced regional development:
Entrepreneurs help to remove regional disparities through setting up of industries in
less developed and backward areas. The growth of industries and business in these
areas lead to a large number of public benefits like road transport, health, education,
entertainment, etc. Setting up of more industries lead to more development of
backward regions and thereby promotes balanced regional development.
Effective ways to develop entrepreneurial skills:

*Seek out opportunities to lead


*Learn from top entrepreneurs
*Learn from a mentor
*Hone your communication skills
*Refine your interpersonal skills
*connect with other entrepreneurs
*Join communities in your industry
*Keep your learning active

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