Entrepreneur

• Entrepreneurship constitutes the driving force of todays market economy. It is one of the four main economic factors namely land,labour, capital and organisation. It is a very powerful factor in changing the business environment of a country and its entire industrial sector.

• The word entrepreneur is derived from the French word 'Entreprende', which means to undertake some activity. Entrepreneur is an innovator of new ideas and business processes. He possesses management skills and strong team building abilities and essential leadership qualities to manage the business.

• He/she excercises initiative by organising a venture to take the benefit of an opportunity . In buisness, the entrepreneur decides what,how and how much of goods and services to be produced. He comes up with new ideas for products market or techniques. To put it in simple words an entrepreneur is someone who perceives opportunity, organises resources needed for exploiting the opportunity and exploits it. For example: Computers, mobile phones, washing machines. ATM's courier service and instant foods are some of the examples of entrepreneur's ideas that got converted into products or services.

• Entrepreneurship is a process of an action of an entrepreneur who undertakes to establish his enterprise. Entrepreneurship is a creative activity. It is the ability to create and build something. It is a knack of sensing the opportunity where others see chaos, contradiction and confusion.

• Entrepreneurship is the attitude of mind to seek opportunities, take calculated risks and derive benefits by setting up a venture which comprises of numerous activities involved in it. Entrepreneurship is a philosophy. It is the way one thinks, one acts and therefore in can exist in many situations, let it be buisness or government or in the field of education, science and technology or poverty alleviation or any others.

1. Entrepreneur mush have a certain characteristic they are as follows:

• Creativity - innovation

• Dynamism - leadership

• Team building - Achievement motivation

• Problem solving - Goal orientation

• Risk taking - Decision making

• Commitment - self confidence

• An entrepreneur has to perceive opportunities, plan, organize resources and oversee production and marketing. He infuses motivation among his assistants. Most importantly he has to innovate and bear risk. The main functions of an entrepreneur are:

1. Entrepreneur starts buisness activity by preparing various plans relating to buisness.

2. He organizes factors of production.

3. He takes decision about product, technology, marketing, employment etc.,

4. He co-ordinates things effectively.

5. He introduces new methods into practice.

6. He bears risk and uncertainty.

7. He handles budget of his concern.

8. He gives directions to buisness firm and ensures its effective operation.

Importance of an entrepreneurs

Entrepreneurs occupy a central position in a market economy. They serve as the "spark plug" in the economy's engine, activating and simulating all dynamic activities for the economic progress of a nation and to spread its activities worldwide.