Introduction to Entrepreneurship !

        Introduction to Entrepreneurship  !

     

          

Origin of the word  entrepreneurship 

 

Entrepreneurship is called  entrepreneurship in English. It is  a distorted term from the French word entreprendre  . It means taking  risks/  identifying situations/inventing   them. 

Looking at the origin of the word "entrepreneurship", it consisted of two parts of the Tamil language: "effort" (growth, effort) and "masculinity" (pride, state). "Entrepreneurship" refers to the ability or energy to work with effort and self-confidence. 

"Entrepreneurship" is a term that refers to a person or group's ability to make progress in the face of startling and experiences.

 

 Introduction to Entrepreneurship 

According to  the ancient history of Sri Lanka, our society was self-sufficient by producing its own necessities.The  occupations that were done then have developed into an entrepreneurial enterprise today. 

Business ventures  have been the backbone of the economies of countries  like Sri Lanka. However, their presence is very low compared to other developing countries.This is because of the low level of involvement  among the youth and on the other hand, their attraction to work in the government sector is hindering their growth.How to motivate and lead them  to success among today's youth  is a big question.

Entrepreneurship is the process of identifying new professional opportunities and creating a new professional unit based  on That's it. It refers to the ability to start, create, and grow new business ventures.

 Key aspects of entrepreneurship:

1. Development and Possibilities

Explore new business opportunities, understand the market requirements for the same, and develop a business model.

2. Research & Development 

Explore new technologies and market conditions and incorporate innovations.

3. Research Framework

Manage financial, human resources, and environmental resources, and deal with overwhelming problems appropriately.

4. Self-confidence and facing challenges

 Starting new ventures with confidence and executing them successfully.

5. Responsibilities and Progress

 To create new possibilities and act as a centre of economic growth.

 

 Ideas related to  entrepreneurship formation

   The following are the concepts  of  entrepreneurship  formation.

1. Enterprises are created through inheritance. 

2.  Entrepreneurship is created by environmental influence. 

Entrepreneurship is developed through  education and knowledge.

 

Description - 1 

- Most people are created by entrepreneurs as the  inheritance of their businesses.  Business  skills  are developed at birth when the family has a business background. That is, the exchange of various  ideas and information   regarding business activities among the family members. Experience is created and business ability  is spontaneous. 

 

Explanation - 2 – 

  Business entrepreneurs are shaped not only by family  inheritance, but also by environmental factors such as education, experience, social problems, entrepreneurial ability, entrepreneurial power,  etc  ., and  environmental changes influence  the formation of business entrepreneurs. 

 

Explanation - 3 – 

Entrepreneurs     are created  by  educating them and training them can be  developed through  entrepreneurship  skills and business attitude.

 

What is entrepreneurship? 

-  Entrepreneurship is the  process of  creatively understanding the situation, accepting the risks  and  creating innovations. 

 - That is, to create new  opportunities in  a    competitive world and add value to the  national  product  by employing  time, wealth  and talent to address the  risks  and human needs and wants. The existing  economic system also  contributes   to the changes in us.

-.  "Innovative Entrepreneurship" refers to developing new and creative things, trying new technologies or methods, and finding herbal solutions. It is usually about identifying new market opportunities and developing  businesses that are Refers to creative efforts to create prominent, and develop new solutions.

 

 Definitions of  Entrepreneurship 

1. Oxford Dictionary 

 Entrepreneurship acts as an intermediary  between capital and labour. 

 2. William D. Bygrave 

 All  the activities and activities involved in creating opportunities and  making arrangements to utilize them is  called entrepreneurship. 

 3. Josheph schum Peter 

  Entrepreneurship is the process of introducing new goods and services or creating a  new system  or using new raw materials or changing the existing  system. 

 4. Richard Nunt Naught 

 Facing  uncertainties is entrepreneurship. 

 

  Nature and Development of Entrepreneurship 

   Factors  Essential to  the  Success of an Enterprise 

1. idea 

2. chance 

3. Self-confidence 

4. Resources 

5. Muscularization 

6. fund 

7. Management 

 

Development of Entrepreneurship 

  Resilience is an essential quality for every human being. It helps you overcome challenges, rebuild inner resources, and keep the mood balanced. Some ways to develop this skill are:

 1. Opportunity/Opportunity  

Desirable factors  based on needs and  preferences  in the market  i.e. problems and their mechanisms. 

2. Management Committee  

Entrepreneurs should have knowledge of management i.e. strategy, marketing finance and human resources.

3. abundance  

The entrepreneur should make economical use of scarce resources and mobilize resources appropriately.

 

Entrepreneur 

1.   An entrepreneur is a  person who  organizes, manages  the  resources  needed for an enterprise and builds it with the aim of innovating  while facing risks. 

2. An  entrepreneur is one who  creatively understands the opportunities  in the environment and accepts risks and innovates. 

  3.    An entrepreneur is a person who is engaged  in an entrepreneurial activity. An  individual can be  identified as  an entrepreneur who brings about economic and  social changes through  planning and taking  right decisions to implement ideas.By acquiring and engaging them,  he creates new products,  services, new activities, and new businesses. 

  

Definitions of  an entrepreneur 

1. AdamSmith ( Adam Smith ) 

An  entrepreneur is one who creates an organization for commercial  purposes. 

2. Peter F . Dakkar ( Peter F. Dakkar ) 

An entrepreneur is a person who  considers changes in the market as an opportunity for business. 

 Innovation   is his weapon. 

 3. Joshep schum peter  

An  entrepreneur is a person who searches for goods, creates new systems of organization and creates  new products and services  by changing the prevailing economic priorities. 

 4. William D. Bygrave  

  An entrepreneur is a person who creates an opportunity and creates an organization to take advantage  of  it. 

 

 Characteristics of an entrepreneur   

  What are the characteristics  of an entrepreneur?

   The  essential qualities  that an entrepreneur must possess in order to accomplish a job well are called the qualities of an entrepreneur.

Key characteristics of an entrepreneur:

1. Loyalty: 

Self-confidence and determination to learn.

2.  Autonomy: 

Self management and good time management.

3. Aim higher: 

Set goals and act accordingly.

4. Appropriate Grouping: 

Choose the right team and guide them well.

5. Complementary attitude: 

Ability to keep trying even when faced with obstacles.

6. Ability to test: 

Ability to face new trials and find solutions accordingly.

7. Decision:

 Ability to anticipate problems and find solutions to them.

8. Ability to create: 

Ability to create new ideas and products.

 9. Self-confidence 

Having complete faith in yourself and your abilities Believing that you are capable of completing a task or challenge successfully Sticking to ones decision  in the face of opposition and taking risks that  others are reluctant to do 

10. New thinking and self-activity 

Putting  in more effort than is ordinarily necessary to complete the task,  before being motivated by others or  circumstances. And work to expand the business in new locations, new products and new services. 

11.  Information Collection

 Seeking and gathering information useful  to the profession in consultation with experts or through knowledgeable persons to independently analyze the information necessary to achieve the goal. 

1.  Creating and harnessing opportunities  

 Observing and identifying situations for opportunities, taking immediate action to take  advantage of them, creating extraordinary opportunities and achieving  what is required for entrepreneurship

2.  Proper planning

   Proper planning to achieve the goal, 

 Ability to transform big actions into small tasks  with ease,  consistent and systematic action 

   

  Factors behind the emergence of an entrepreneur 

 1. Engage in self-creation  

2. Providing government aspirations to other members of the family due  to parents and            family members  engaged in business field

3. Presence of suitable  socio-economic background  for the change of entrepreneur 

4. Having  a social background   that respects entrepreneurs 

5 Availability of Government Assistance and Incentives  

6.  Creation of an entrepreneur through experience gained in the profession 

7.  Conversion of a business as a hobby 

8. Ornamental Fish Farming   

1.  It is the result of searching for solutions to various problems in the society 

-.  Organic manure production for waste disposal problems 

-.  Propose various solutions for leaf breeding  

-.  Developing various stoves for fuel problems 

1- Education and training in various fields related to certain trades 

  Special Importance of Entrepreneurship  

 1. There is a huge need  for entrepreneurs to invent innovations that can  counteract the changes  of the rapidly changing world.

 Eg :- • Excessive use of mobile phone  

( Nokia samsung, vivo, Iphone) 

  Creating books is necessary to survive in the competitive business world. 

Eg :- • Requirement  of Television   

( Sony, Samsung, LG, Panasonic ) 

 2. All organizations need entrepreneurs because entrepreneurs are  the ones who can provide leadership to the changing world. 

 Eg:- • To bring  about new changes in any product 

 3.   There is a need for innovation to uplift the standard of living of the people by fulfilling the personal needs and wants at a high level.

 Eg :- • Bicycle → Motorcycle  →   Car → Aeroplane 

 4. There is a need to develop business activities in line with the technologies changing day by  day.

Eg :-  • Online business 

•  Use of electronic  labels  instead of balances in shops. 

 -. Ability to  create employment through starting new businesses. 

   For the economy of Sri Lanka   

Importance of Entrepreneurship 

1. Investment will increase 

2. The formation of a variety of institutions will increase 

3. Increase in resource utilization 

4. Employment opportunities will increase 

5. Increase in personal income 

6. Prices will fall  due to increase in supply 

7. The  quality of   life of the people will increase

8.  Creation of  new goods and services will increase

9. The  use of technology  will increase 

10.   Economic growth 

11.   To  engage  in successful business activity  in response  to environmental  changes

 

The importance of entrepreneurship to strengthen the economy of Sri Lanka is very great. This helps in developing strategies that can ensure improvement in every sector. 

1. Innovation and Technological Development:

 An entrepreneurial approach helps to encourage new technologies and entrepreneurship, which strengthens the economy.

2. Job Opportunities:

 With the emergence of new companies and industries, employment opportunities increase, thus reducing the level of unemployment.

3. Self-sufficiency and quality of life of people: 

With the aim of progress and development, private initiatives can raise the standard of living of the people.

4. International Investment: 

An entrepreneurial environment can attract foreign investors, which will be very helpful for the economic growth of the country.

Overall, the spirit and development of entrepreneurship can be the foundation for Sri Lanka's economic growth.

 

Characteristics of Entrepreneurship 

 Entrepreneurs exhibit various qualities  when they put their ideas into action. The following are the qualities exhibited by them

:- 

1. Creativity 

2. Innovation 

3.  Assuming Loss Risks  

4. Future Vision  

5.  Awareness of the environment and  identification of opportunities  

6.  Positive thinking 

7. Belief  that success depends on  your own  ability

8. Independenceism 

9.  Flexibility 

10. Too much desire 

        Creativity 

 

What is creativity? 

  When we encounter  a child to perform  in an innovative way, that is, it is different from what we expect to be prosperous.

Some of the important characteristics of creativity are :-

1. Creativity:

 Ability to generate new ideas and solutions.

2. Entrepreneurship: 

The ability to identify opportunities and turn it into a process.

3. Curiosity: 

A confident, enthusiastic attitude.

1. Deep Thought: 

Ability to consider problems and challenges.

2. Objectives:

 Ability to set clear goals and plan to achieve them.

3. Achievement: 

Fixing the situation, overcoming opposition.

4. Unconventional approach: 

Ability to combine new ideas with habits and implement them

.

5. Decision Making: 

Ability to take decisions quickly and quickly in complex situations

  Factors  that hinder creativity 

1.  Having a strong belief in beliefs attitudes  

2. Believing that there is only one solution to a problem  

3.  Expecting   immediate success

4. Not working on a logical basis 

5. Observance of rules and conventions without explanation 

6.  Panic  over mistakes and criticism

1.  Having a strong belief in beliefs attitudes 

-. This means  that most people  make decisions based on  their belief  in what they say or do.   That is, before doing something, think in a negative attitude and do not know that it cannot be done.

Eg:- Leaders believe that women cannot do jobs like flying 

 

-. Believing that there is only one solution to  a  problem

✓ When a problem arises or is identified, they are accustomed to believe that there is only one solution to the problem. But the problem with only one solution cannot really be identified

Eg:- Believing  that only by laying a mosquito net can one escape from the mosquito shop. 

 

2.  Expectation  of immediate results 

✓Some people expect immediate accountability for what they say and do, but it may take some time to get positive results 

 

 3. Not working on a  logical  basis

   ✓ In all cases, not creating a logical basis and not acting is a hindrance to the ability to create. More innovations can be created by thinking creatively 

Eg:- Though  it is mandatory for the bank to go for transactions with the bank, it is not necessary at present 

 

4. Thinking that there may be obstacles to implementation.

 ✓  Some individuals  retreat thinking whether  something can be implemented operationally

Eg:- Creation of Aeroplane  

 

5.  Observance  of rules and traditions  without explanation

1. There are more rules and traditions in the society. Some people  misunderstand the existing rules and traditions and create limits for themselves. This situation is a hindrance to  creativity.

2. Eg:- Eating three meals a day and sleeping at night is a traditional practice.

6 Mistakes Criticism  Fear 

✓  Efforts do not succeed only by immediately implementing the idea formed in their minds, but also by the criticism given to them.

Eg:-  Feeling discouraged by failure and believing in the opinions of others 

For example, Thomas Alva Edison

  

    Introduction to Entrepreneurship  !