Entrepreneurship - Introduction
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Entrepreneurship is the art of starting a business, basically a startup company offering creative product, process or service. We can say that it is an activity full of creativity. An entrepreneur perceives everything as a chance and displays bias in taking decision to exploit the chance.
An entrepreneur is a creator or a designer who designs new ideas and business processes according to the market requirements and his/her own passion. To be a successful entrepreneur, it is very important to have managerial skill and strong team building abilities. Leadership attributes are a sign of successful entrepreneurs. Some political economists regard leadership, management ability, and team building skills to be the essential qualities of an entrepreneur.
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An entrepreneur is an innovator or a creator who introduces something new to the firm or economy. It can be a new method of production, a new product, a new source of material, a new market or any other similar innovation. Thus, an entrepreneur is an innovator, creator, borrower, purchaser, etc.
Motivation – An Important Factor
The performance of an entrepreneur is dependent on his/her ability and willingness to perform. Here, by ability we mean a function of education, experience and skill and by willingness we mean to perform depending upon the level of motivation. Motivation is one of the fundamental factor required for an entrepreneur to promote his/her ideas.
Why is Motivation Required?
The term motivation has been derived from the word 'motive' which is nothing but what prompts any person to act in a particular manner. Motives are the definition of a person's goals, dreams and needs. They direct human behavior to towards achieving their goal.
When everything is properly organized, then what is the need of motivation?
The following points answer this question and gives an idea why motivation is an important factor for an entrepreneur −
Tough competition- An entrepreneur needs to face tough competition, in order to sustain and make a mark in this global market. To cope with this competition, motivation is required at each stage of the firm.
To increase productivity − It is very important to take care of the quality of the product as well as the profit. People will always prefer a product which is cost efficient and of good quality. So, motivation is required for increase the productivity.
What Motivates an Entrepreneur?
any research studies have been conducted by researchers to understand and answer this question so that the factors that motivate people to take all the risk and start a new enterprise can be identified.
The 6Cs that motivate entrepreneurs to establish their own business are as follows −
1.Change
2. Challenge
3. Creativity
4. Control
5.Curiosity
6. Cash
Entrepreneurial drive is the inbuilt encouragement some people possess to make something happen. It is the energy that pushes one forward as a founder and forces not to give up in the face of failure, ultimately leading to success.
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