What is Entrepreneurship?
The word entrepreneurship comes from a French word Entrepreneur which means to undertake some opportunities, to pursue the opportunities and to fulfill the certain needs and wants through innovation for starting a new business.
The word entrepreneurship comes from a French word Entrepreneur which means to undertake some opportunities, to pursue the opportunities and to fulfill the certain needs and wants through innovation for starting a new business.
Entrepreneurship
has been defined by different authors from different view points. But no definition
has been accepted universally. The prominent author Robert D. Hisrich has been
provided a very comprehensive definition of entrepreneurship. According to him,
“Entrepreneurship is the process of creating something different with value by
devoting the necessary time and effort, assuming the accompanying financial
psychological and social risk, and receiving the resulting rewards of monetary
and personal satisfaction.
3.Commitment of resources
An entrepreneur is in favor of making arrange of resources periodically for the new ventures, they are interested arrange periodically resources and risk are involved at the allocation of resources. The characteristics of an entrepreneur is multistage commitment of resources. On the other hand, managers are in favor of resources by at a time. The characteristics of a mangers domain is single stage commitment of resources.
5.Delegating
If the entrepreneurs is overloaded, then the entrepreneur can be assigned less important tasks/activities among the employees.
Who is entrepreneur and who is not?
An
entrepreneur is a person who-
- is able to recognize potential profitable opportunities;
- is able to conceptualize the venture strategies;
- is able to become the key force in successfully moving the idea from the laboratory to the market place.
Function Of an entrepreneur
- Organizational functions
- Conceptualizing new opportunities and possibilities
- Risk-taking
- Decision making
- Technology transfer and application
- Implementation of innovations
- Utilization of experiences
- Managerial roles
Difference between Entrepreneurial and
managerial style
The
differences between entrepreneurial style and managerial style can be discussed
based on some business dimensions. These dimensions are as follows:
1.Strategic orientations
The entrepreneurial domain is oriented toward the protection of the opportunity. On the other hand, managerial domain is concerned with resources that are currently controlled.
The entrepreneurial domain is oriented toward the protection of the opportunity. On the other hand, managerial domain is concerned with resources that are currently controlled.
2.Commitment to opportunities
The entrepreneurial domain is in favor of short-term commitment to the opportunity. They prefer short-cut action, short decision area, short tie spent. They want to make a profit within short period of time. That's why; the characteristics of entrepreneur is called revolutionary effect with short duration. O the other hand, managers are in favor of long-term opportunity. They prefer long-term action, long decision area, ling-time spent. That's why; the characteristics of managers is called revolutionary effect with long-duration.
The entrepreneurial domain is in favor of short-term commitment to the opportunity. They prefer short-cut action, short decision area, short tie spent. They want to make a profit within short period of time. That's why; the characteristics of entrepreneur is called revolutionary effect with short duration. O the other hand, managers are in favor of long-term opportunity. They prefer long-term action, long decision area, ling-time spent. That's why; the characteristics of managers is called revolutionary effect with long-duration.
3.Commitment of resources
An entrepreneur is in favor of making arrange of resources periodically for the new ventures, they are interested arrange periodically resources and risk are involved at the allocation of resources. The characteristics of an entrepreneur is multistage commitment of resources. On the other hand, managers are in favor of resources by at a time. The characteristics of a mangers domain is single stage commitment of resources.
4.Control of resources
Actually, managers are responsible for effective utilization of resources of the organization. Therefore, managers are responsible for preparing administration at a time of the new ventures. On the other hand, entrepreneurs want to use these resources on as on-- when needed basis because capital is limited and risk are involved.
Actually, managers are responsible for effective utilization of resources of the organization. Therefore, managers are responsible for preparing administration at a time of the new ventures. On the other hand, entrepreneurs want to use these resources on as on-- when needed basis because capital is limited and risk are involved.
5.Management structure
Managers are interested in formal hierarchy with clearest authority and responsibility in the organization. On the other hand, entrepreneurs are interested in informal/ flat structure with multiple informal network for the seeking of effective control.
Managers are interested in formal hierarchy with clearest authority and responsibility in the organization. On the other hand, entrepreneurs are interested in informal/ flat structure with multiple informal network for the seeking of effective control.
Risk of an Entrepreneur
- Financial risk
- Career risk
- Family and social risk
- Psychic risk
Stresses of an Entrepreneur
- Anxiety
- Exhilaration
- Emotional and psychological effects
- Back problems
- Insomnia
- Headaches
- Indigestion
Reasons for the stresses of an
entrepreneur
There are
four reasons/ causes for the stresses of an entrepreneur. Such as follows:
- Loneliness
- Immersion in business
- People problem
- The need to achieve
Methods of reducing stresses
1.Net working
An entrepreneur can reduces stress by sharing experience with other entrepreneurs. The success story and failure story of other entrepreneurs will help to reduces stresses.
An entrepreneur can reduces stress by sharing experience with other entrepreneurs. The success story and failure story of other entrepreneurs will help to reduces stresses.
2.Getting away
from the business
Although an entrepreneur can afford to take the vacation or good holiday to immersion in business but he/she cannot do it. Because short break is possible but long-break is not possible.
Although an entrepreneur can afford to take the vacation or good holiday to immersion in business but he/she cannot do it. Because short break is possible but long-break is not possible.
3.Communicating
with the employees and customers
Entrepreneurs are in close contract with subordinates and can readily assess the concerns of their staffs. If the entrepreneurs can maintain close connection with the bank, dealers, lawyers and so on, they can easily to overcome their stresses.
Entrepreneurs are in close contract with subordinates and can readily assess the concerns of their staffs. If the entrepreneurs can maintain close connection with the bank, dealers, lawyers and so on, they can easily to overcome their stresses.
4.Findings
satisfaction outside the business
Japanese are marrying their businesses. Unbridles ambition of the entrepreneurs tide them up with their businesses. Entrepreneurs need to get away from the businesses and become more passionate about life itself; they need to gain some other perspectives.
Japanese are marrying their businesses. Unbridles ambition of the entrepreneurs tide them up with their businesses. Entrepreneurs need to get away from the businesses and become more passionate about life itself; they need to gain some other perspectives.
5.Delegating
If the entrepreneurs is overloaded, then the entrepreneur can be assigned less important tasks/activities among the employees.
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