Entrepreneurship Flashcards
Entrepreneur
An entrepreneur is a person who tries to meet needs of a
customer through new ideas or ways of doing business
and makes profit in return
Entrepreneurship
Entrepreneurship is a process of developing a business
plan, launching and running a business using innovation
to meet customer needs and to make a profit.
Types of Business Activities
- Manufacturing
- Trading
- Services
Manufacturing business
A manufacturing business is one that converts raw
material(s) into finished product(s) to meet the demands
of the customer
A trading business
A trading business does not manufacture
a good or product but only facilitates the
act of bringing the finished goods from
the manufacturing unit to the buyer or
customer
service business
Any business activity that is intangible, which cannot
be seen and felt, but is for the benefit of a buyer is called
a service. Services do not have a fixed time and it is
flexible as per the demands of the customers.
Values
Values are qualities and principles which make a person
think and act in a certain way.
Values of an Entrepreneur
- Confidence
- Independence
- Perseverance
- Open-mindedness
Confidence
Confidence means to believe in one’s self and one’s
approach.
Being confident helps an entrepreneur to
take the first step of starting a new business and then
trying new things to grow the business.
Independence
Independence means one’s ability to work alone and
have the confidence to make one’s own decisions.
The
responsibility of deciding what work needs to be done
and how it can be done is made by the entrepreneur.
Perseverance
Perseverance means not to give up and keep going
even when a difficult situation comes up.
Running
an enterprise, or a business involves many failures.
An entrepreneur is responsible to overcome these
failures, learn from them and keep going, no matter
what happens
Open-mindedness
Open-mindedness means to be open to trying new things
and being open to other’s feedback.
In the process of
starting and growing the business, an entrepreneur tries
many different things.
Attitude
The meaning of attitude is one’s tendency to respond
in a certain way towards a certain idea, object, person,
or situation. An entrepreneur’s attitude affects their
choice of action while running the business
Difference between the Attitude of
Entrepreneurs and Employees
- Belief in self
Entrepreneurs: - Entrepreneurs rely on self-confidence as they navigate challenges in a new business, lacking traditional support from managers or bosses.
Employers: - Employees are managed, guided, and supported by supervisors. They receive training to understand their tasks and cope with challenges. - Customer focus
Entrepreneurs: - Entrepreneurs ensure customer value by delivering quality products, running ethical businesses, and adhering to government regulations in entrepreneurship.
Employers: - Employee achieves company goals; not all focus on customer needs, lacking direct responsibility toward customers. - Decision Making and Responsibility
Entrepreneurs: - Entrepreneurs shape and execute work, making independent decisions for success.
Employers: - Managers decide tasks, employees determine approach within specified guidelines. - Belief that Environment can Change
Entrepreneurs: -
Entrepreneurs thrive in uncertainty, staying positive amid potential market shifts.
Employers: - Internal job focus; external environment has minimal impact on tasks.
Problem-solving
Problem-solving is the process of thinking, through
which entrepreneurs can come up with many solutions
to improve their business.
