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1. What is an Entrepreneur and

  Entrepreneurship ?

2. How to avoid failure in a Entrepreneurial

business ?

Questions Of The Day

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  ntrepreneur is someone who establishes a

new entity to offer a new or existing product

or service into a new or existing market,

whether it is for a profitable or non-profitable

outcome.

Entrepreneurship is the process of creating

something new of value by devoting (giving) the

necessary time and effort.

What is an Entrepreneur and

  Entrepreneurship ?

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Know your business in depth.

Develop a good effe!tive and solid "usiness

#lan.$anage your finan!ial resour!es effe!tively.

Have a thorough and !o%plete finan!ial

state%ent.

&earn hire and %anage people effe!tively.

Keep physi!ally fit !onsu%e healthy foods and

avoid addi!tive !onsu%ption !igarettes and

al!ohol.

How to avoid failure in a

ntrepreneurial business

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Terroris% #oliti!al ris's Tough !o%petition

 (lobali)ation &iberali)ation &a!' of edu!ation *dapting to %odern te!hnology+ Te!hnologi!al ,hallenges

Wor'for!e in -ndia $ar'eting is a big !hallenge

$anaging the finan!e of business "alan!ing e!ono%i! and so!ial Obe!tive

-ndian entrepreneurs need %ore lo!ali)ed funding at the initial

stage.

-ndian entrepreneurs need %ore a!!ess to training and %entorship

/hortage of raw %aterials

E0ploitation by %iddle %en

"arriers to Entrepreneurship

 

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!ole of ntrepreneur in conomic "rowth

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Entrepreneurship is all about putting to

 better use the resources which areconsidered to be of low value with an aim

of earning income

An entrepreneur comes up with ideasof how to use what others may

consider waste.

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 The economic growth increase per capitaincome by identifying and establishingprotable business ventures.

 They explore and exploit opportunities,,encourage eective resource mobilization ofcapital and sill, bring in new products andservices and develops marets for growth of

the economy

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Increase in the standard of living of the people is a

characteristic feature of economic development of the

country

Entrepreneurs supplement the economic growth by

enhancing the physical quality of life. Establishment of

enterprises leads to increase in employment avenues

 both directly and indirectly

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Entrepreneurs help in the growth of infrastructuralfacilities such as roads, bridges, buildings, factories,

etc. which are the cornerstones of economic growth

Establishment of factories and industries in a particularlocality presupposes the growth of infrastructural

facilities.

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A few years ago, the !ua "ali sector in "enya

came up with new technology for mainggas burners #$ios% that use bio fuel fromcow dung. These $ios are made from locallyavailable materials that are truly aordable

to the low income earners even at thevillage level, and the gas is producedthrough a real easy process.

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Entrepreneurs play a significant role in producing and

exporting handicraft items.

They generally use the local traditional skill, traditional

technology, local knowledge and experience for producing traditional art and craft and handicraft items.

 Entrepreneurs help in promoting a country's export

trade, which is an important ingredient of economicdevelopment

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!apital formation is the most crucial element foreconomic growth

It is always necessary to step up the rate of capitalformation so that the economy accumulates a large

stock of machines, tools and equipment which can be

geared into production by the entrepreneur. "esides,

capital formation in the economy may be brought about by the formation and upgradation of skills of human

capital

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The role of entrepreneurs in establishing micro, small

and medium enterprises is perceived as a powerful

medium to address several socioeconomic issues the

key issue being the generation of employmentopportunities

In this way, entrepreneurs play an effective role in

reducing the problem of unemployment in the country

which in turn clears the path towards economicdevelopment of the nation.

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#omen entrepreneurs are light for others women.

It gives the prime movers of women empowerment.

These things lead to equity and equality among men

and women and act as a lever for social stability.

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Entrepreneurship allows for maximum utili$ation of

natural resources

"iogas can replace all kinds of energy sources like

%&, firewood, charcoal and electricity.

Entrepreneurship promotes environmental friendly

technologies like biogas digesters, energy saving stoves

which use less firewood and also save time and moneyfor the user, solarpowered %E( lanterns,

,onservation *gent

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Entrepreneurs help to remove regional disparities

through setting up of industries in less developed and backward areas

The growth of industries and business in these areas

lead to a large number of public benefits like road

transport, health, education, entertainment, etc

#ro%otes "alan!ed 6egional Develop%ent

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Increase in the standard of living of the people is a

characteristic feature of economic development of thecountry

Entrepreneurs play a key role in increasing the standard

of living of the people by adopting latest innovations in

the production of wide variety of goods and services inlarge scale that too at a lower cost.

Entrepreneurs act as catalytic agent for change which

results in chain reaction

Improvement in the Standard of Living