Entrepreneurs
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21st century is the world for entrepreneurs. World is expecting new products in all fields. The 21st century education system encourage the innovations. In Sri Lanka there is lack of encourage and knowledge. Now the government encourage the specially among the school students.
An entrepreneur can simply be identified as, one who generates innovations by extracting
environmental opportunities creatively while taking risks.
“The person who sees changes in the market place as opportunities for businesses is an
entrepreneur. His armoury is product innovation.” Peter F. Drucker
“An entrepreneur is one who organizes, manages and assumes the risks of a business or enterprise” The Merrian Webster Dictionary
Difference between an entrepreneur and a businessman
Entrepreneur | Businessman |
Commences
a business with his own idea or new concept. | Commences
a business with an existing idea or concept. |
The
business opponent of the entrepreneur is himself. | Has other
business opponents. |
The
entrepreneur prepares himself for new business opportunities. | The
businessman is always engaged in his business activities. |
Is an
innovator | Is
traditionist |
Faces
risks | Engages
in activities protectively |
When
problems arises, faces them courageously to overcome them. | Gets
discouraged when faced with difficulties. |
Entrepreneurial characteristics
· Willingness to take risks
He likes to face risks rather than avoid risks. But facing any risk is not meant by this.
· Creativity
This refers to the ability to see, think and take actions differently.
· Commitment
This refers to work with great enthusiasm until he achieves his objectives.
· Self-confidence
While an entrepreneur has to face several problems, he has the belief that he can successfully overcome them.
· Self-reliant
He has a desire to put his own ideas into effect rather than being dependant on others’
ideas.
Entrepreneurial skills
· Leadership skills.
He is the leader of his business. He leads the followers formally by encouraging them
to get the work done.
· Interpersonal skills
Maintains a favourable relationship with both internal and external parties.
· Communication skills
Information is a resource for him. Maintains a proper co-ordination to achieveobjectives.
· Basic management skills
Possesses basic management skills such as planning, organising, leading and controlling.
The ways of developing entrepreneurial characteristics and skills.
· Self-evaluation
First one should identify entrepreneurial competencies specifically and then he shouldconduct a self-evaluation such as, to what extent those competencies are present in him? what competencies he doesn’t have, and what competencies are there within him that should further be developed.
· Training
Participating in various training programs to develop his entrepreneurial competencies.
· Education
An education on entrepreneurship apart from general education.
· Profiting from experiences
The experience gained through working in other enterprises or by working as an entrepreneur himself.
Reasons for being an entrepreneur
· Tending to self creations
Example: Creation of new products and services
· Parents and family members are engaged in business fields and other family members following it too.
· Social and economic background suitable for the entrepreneurs
Example:
Ø Social background valued by the entrepreneurs
Ø Government incentives
· By the experiences received from employment
· Activities done as a hobby have been converted to a business
Example:
Ø Raring of wet pets
· Education and practice gained about various professions and other fields
· As a result of finding the solution to social problems
Example:
Ø Producing compost to reduce garbage.
Ø Presenting solution to the menace of flies and mosquitos.
Ø Construction of hearth of different types as a solution to the fuel crisis.
Business Ideas
A business idea is a concept that can be used to make money. Usually it centers on a product or service that can be offered for money. An idea is the first milestone in the process of founding a business. Every successful business started as someone’s idea.
A promising business idea must have the following characteristics:
· Relevant (must fulfill customers’ needs or solve their problems)
· Innovative
· Unique
· Clear focus
· Profitable in the long run
A successful business idea must meet the following three conditions:
1. It must offer benefit to the customer by solving a problem or fulfilling a need.
2. It must have a market that is willing to accept it.
3. It must have a mechanism for making revenue.
Business Opportunity
· A business opportunity is a proven concept that generates on-going income. In other words, a business opportunity is a business idea that has been researched upon, refined and packaged into a promising venture that is ready to launch.
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