Essay on Entrepreneurship Training and Development

23081 Words Mar 5th, 2014 93 Pages
Chapter 1. Introduction

ENTREPRENEURSHIP DEVELOPMENT

Unit -1: Entrepreneurship concept- Entrepreneurship as a Career- Entrepreneur-Personality Characteristics of Successful. Entrepreneur- Knowledge and Skills required for an Entrepreneur.

What Is Entrepreneurship?

Entrepreneurship can be defined by describing what entrepreneurs do. For example: "Entrepreneurs use personal initiative, and engage in calculated risk-taking, to create new business ventures by raising resources to apply innovative new ideas that solve problems, meet challenges, or satisfy the needs of a clearly defined market." But as the following definitions state, entrepreneurship is not restricted to business and profit: "Entrepreneurship involves bringing
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N: arrow the possible opportunities to one specific "best" opportunity. T:hink of innovative ideas and narrow them to the "best" idea. R:esearch the opportunity and idea thoroughly. E:nlist the best sources of advice and assistance that they can find. P:lan their ventures and look for possible problems that might arise. R:ank the risks and the possible rewards. E:valuate the risks and possible rewards and make their decision to act or not to act. N:ever hang on to an idea, no matter how much they may love it, if research shows it won't work. E:mploy the resources necessary for the venture to succeed. U:nderstand that they will have to work long and hard to make their venture succeed. R:ealize a sense of accomplishment from their successful ventures and learn from their failures to help them achieve success in the future.
Characteristics of Successful Entrepreneurs

Entrepreneurs are different from each other, but successful entrepreneurs tend to share certain characteristics. Not all of them have developed each of the following to the same degree, but they tend to have developed most of them to some degree. Here are some common characteristics of successful entrepreneurs. Entrepreneurs tend to:

 Ability to accept change: Change occurs frequently when you own your own business, the entrepreneur thrives on changes and their businesses grow.

 Make stress work for them: On the roller coaster to business success the entrepreneur often copes by focusing on the

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