Answer in brief
1) Define entrepreneur. Explain the functions of entrepreneur.
Solution:
Definition: Webster dictionary gives a definition, “An entrepreneur is a person who starts a business and is willing to risk loss in order to make money.”
Functions fo entrepreneur.
1) Innovation:
An entrepreneur is basically an innovator. He introduces new combinations of means of production. He must introduce new products or bring changes in the existing products. Customers are satisfied with new products or new features in the existing products. Innovation is also necessary to solve problems that arise in the business.
2) Determination of Objectives:
An entrepreneur has to determine the aims and objectives of the business. There may be difference between primary and secondary objectives of the enterprise. He can change these objectives as per the market situations.
3) Development of Market:
The entrepreneur has to find out different ways for marketing the products and services of his enterprise. He can conduct surveys or research to understand the customer’s demand. When the markets are developed constantly, the demands of the consumers will increase.
4) New Technology:
In global world, everyday there is an invention of new technology. Introduction of new technology will always result in growth of business e.g. new machinery, advanced technology, new and scientific methods of production, etc.
5) Good Relations:
It is necessary to maintain healthy working atmosphere in an organization. It depends upon the efficient relations between subordinates and superiors. Co-ordination among the employees is the key of success.
6) Organizing Funds:
Entrepreneur needs to find out different financial resources because adequate and continuous finance is always necessary for business. Good and honest relations with the investors is necessary for every business.
7) Taking Decisions:
An entrepreneur has to take wise decisions for his enterprise. Timely and correct decisions are also important and necessary for a proper business plan. He should always consider the pros and cons before taking any business decision.
2) Define entrepreneur. Explain qualities of successful entrepreneur.
Solution:
Definition:
Webster dictionary gives a definition, “An entrepreneur is a person who starts a business and is willing to risk loss in order to make money.”
Successful business people have many Qualities in common with one another.
1) Disciplined :
These individuals are focused on making their businesses work, and eliminate any hindrances or distractions to their goals. An entrepreneur has comprehensive strategies and outlines the tactics to accomplish them. A successful entrepreneur is disciplined enough to take steps every day towards the achievement of his objectives.
2) Confidence :
The entrepreneur does not ask questions about whether he can succeed or whether he is worthy of success. He is confident with the knowledge that he will make his businesses succeed. He shows confidence in everything he does.
3) Open Minded :
Entrepreneurs realize that every event and situation is a ‘business opportunity. Ideas are constantly being generated about workflows and efficiency, people skills, and potential new businesses. He has the ability to look at everything around him and focuses it towards his goals.
4) Self Starter :
An entrepreneur knows that if something needs to be done he should start it himself. He sets the parameters and makes sure that projects follow that path. He is proactive, not waiting for someone to give him permission.
5) Competitive :
Many companies are formed because an entrepreneur knows that he can do a job better than others. He needs to win the game of business. An entrepreneur will highlight his own company’s track record of success.
6) Creativity :
One aspect of creativity is being able to make connections between seemingly unrelated events or situations. The entrepreneur often comes up with solutions which are the synthesis of other items. He will repurpose products to market them to new industries.
7) Determination :
An entrepreneur is not thwarted by his defeats. He looks at defeat as an opportunity for success. He is determined to make all of their endeavors succeed, so will try and try again until it does. A successful entrepreneur does not believe that something cannot be done.
8) Strong communication skills :
The entrepreneur has strong communication skills to sell the product and to motivate employees. A most successful entrepreneur knows how to motivate his employees so the business grows overall. He is very good at highlighting the benefits of any situation and coaching others to their success.
9) Strong work ethic :
The successful entrepreneur will often be the first person to arrive at the office and the last one to leave. He will come on his days off to make sure that an outcome meets his expectations. His mind is constantly on his work, whether he is in or out of the workplace.
10) Passion :
Passion is the most important trait of a successful entrepreneur. He genuinely loves his work. He is willing to put in those extra hours to make the business succeed because there is a joy his business gives which goes beyond the money. The successful entrepreneur will always be reading and researching ways to make the business better.