Answer the following
Define entrepreneur. Explain characteristics 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."
Characteristics of entrepreneur.
Entrepreneurs have some special characteristics like creative thinking, imagination, enthusiasm, sincerity etc. The characteristics of an entrepreneur may be briefly stated as follows:
1) Intellectual Capabilities:
An entrepreneur is a creative thinker. He has reasonably good intelligence. He has ability to analyze business situations. This ability will help him to take proper decisions.
2) Future Vision:
The entrepreneur has a good foresight about future market situation. He should also have knowledge about external business environment. This will help him to take proper decisions according to the situations and changes in the market. So, he can take timely actions for the same.
3) Hard Work:
An entrepreneur is ready to work hard. It is more necessary when a new venture is started. He has to work for long hours. Many a times he has to handle the main areas of business independently. This will make him successful.
4) Technical Knowledge:
An entrepreneur has good technical knowledge about his business. The entrepreneur has the ability to update himself with the latest knowledge about the product, process and technology.
5) Communication Skills:
An entrepreneur needs to communicate with different people like customers, suppliers, creditors, employees, etc. He must be able to express his ideas and strategies effectively. It is necessary that there is a proper understanding between the sender and the receiver of the message.
6) Highly Optimistic:
An entrepreneur has to always think positively. He is always hopeful and confident about the market situations even in failure times. Such positive attitude helps him to run his business successfully.
7) Risk bearing capacity:
Successful entrepreneur takes calculated risks. He is ready to face challenges and always seeks new and more opportunities.
8) Self Confidence:
An entrepreneur has self-confidence. He has positive desires to achieve his goals. Such self-motivation keeps him strong and confident to face various obstacles.
OCM [Organisation of Commerce and Management] Business Studies, XII 12th Standard,
HSC OCM MARCH 2020 BOARD PAPER WITH COMPLETE SOLUTION OMTEX CLASSES
Balbharati Solutions for Organisation of Commerce and Management (OC) 12th Standard HSC Maharashtra State Board
Chapter 1: Principles of Management
Chapter 2: Functions of Management
Chapter 3: Entrepreneurship Development
Chapter 5: Emerging Modes of Business
Chapter 6: Social Responsibilities of Business
