Sunday, April 21, 2019


entrepreneur meaning in english

What is Entrepreneur Mean

The Word Entrepreneur is referred to an individual, who sees a problem as an opportunity and solves it, the process of solving that problem converted into a business, by taking high financial risks in the hope of profit an Entrepreneur starts his revolutionary journey, and many times that journey did bring revolution to our society, that revolution shapes our lives gives new efficient ways to utilize our life’s in a different of ways.

This is my definition of an Entrepreneur and I am going to give you deep insight about their mindset and ethic read the article till the end.

Characteristics of Entrepreneurs

1) Passion and Desire to utilize your precious time to do something meaningful in your life: An Entrepreneur always treat his time as assets, he knows it’s never going to stops running until you reach the grave.

 So there is always urgency in Entrepreneurs life towards his goals to put a value on a period of time which he going to live in this Earth.

2) Creativity, Vision and Perception: You need to be creative in many manners like solving problems, cracking a thing or concept in a manner that simplified the complicated thing and everybody could understand, you should have a clear image of your future with wisdom and ability to plan about your process and goal, always there should be a unique perception to understood and interpret any concepts and view with a deep intuitive understanding.

3) Risk Taking ability and never afraid of a failure: You have to take risk in your whole entrepreneurial journey, you need to eat the thing without knowing of its taste, sometimes you have to take calculative risk with backup and sometimes an unknown risk which might be going to break you but if you are a true bread Entrepreneur you can survive it. 

And never afraid of failure always remember persistence leads to success and failure teaches you a lesson which no school, college, and university can teach, so Learn Try Fail Repeat eventually there will be a victory.

4) Social Skills: You need to have social skills because an Entrepreneur always deals with the people , you need to build a certain kind of relationship with your employees, you going to need social skills in the process of hiring and talent sourcing of your company, you need social skills to strategies the formulation of your team and you going to need it in many corners of your entrepreneurial journey.

5) Empathy: You need to have the empathy to know your employees feeling, to know and to feel their emotion as your by this we going to know how they think, and imagine how great it will be to work with them if you know how they think and what’s going on their mind. {Link emotional intelligence article}.

Types of Entrepreneurs on the basis Clarence H. Danhof
Of Classification:

Clarence H. Danhof is an author of books like Change in agriculture, Government Contracting and Technological Change.

 In 1949 on the basis of his study of the American Agriculture, classified entrepreneurs in the manner that at the initial stage of economic development, entrepreneurs have less initiative and drive and as economic development proceeds, they become more innovating and enthusiastic.

Based on this, he classified entrepreneurs into four types:
All points are discussed in seriatim (taking one subject after another in regular order; point by point):

1. Innovating Entrepreneurs:

Innovating entrepreneurs are one who introduces new goods, inaugurates a new method of production, discovers the new market and reorganizes the enterprise. It is important to note that such entrepreneurs can work only when a certain level of development is already achieved, and people look forward to changing and improving.

2. Imitative Entrepreneurs:

These are characterized by the readiness to adopt successful innovations inaugurated by innovating entrepreneurs. Imitative entrepreneurs do not innovate the changes themselves, they only imitate techniques and technology innovated by others. Such types of entrepreneurs are particularly suitable for the underdeveloped regions for bringing a mushroom drive of imitation of new combinations of factors of products already available in developed regions.

3. Fabian Entrepreneurs:

Fabian entrepreneurs are characterized by very great caution and skepticism in experimenting with any change in their enterprises. They imitate only when it becomes perfectly clear that failure to do so would result in a loss of the relative position in the enterprise.

4. Drone Entrepreneurs:

These are characterized by a refusal to adopt opportunities to make changes in production formulae even at the cost of severely reduced returns relative to other like producers. Such entrepreneurs may even suffer from losses but they are not ready to make changes in their existing production methods.

Following are some more types of entrepreneurs listed by some other behavioral scientists:

1. Solo Operators:

These are the entrepreneurs who essentially work alone and, if needed at all, employ a few employees. In the beginning, most of the entrepreneurs start their enterprises like them.

2. Active Partners:

Active partners are those entrepreneurs who start/ carry on an enterprise as a joint venture. It is important that all of them actively participate in the operations of the business. Entrepreneurs who only contribute funds to the enterprise but do not actively participate in business activity are called simply ‘partners’.

3. Inventors:

Such entrepreneurs with their competence and inventiveness invent new products. Their basic interest lies in research and innovative activities.

4. Challengers:

These are the entrepreneurs who plunge into the industry because of the challenges it presents. When one challenge seems to be met, they begin to look for new challenges.

5. Buyers:

These are those entrepreneurs who do not like to bear much risk. Hence, in order to reduce the risk involved in setting up a new enterprise, they like to buy the ongoing one.

6. Life-Timers:

These entrepreneurs take business as an integral part of their life. Usually, the family enterprise and businesses which mainly depend on the exercise of personal skill fall in this type/category of entrepreneurs.

entrepreneur characteristics

What is Entrepreneurship

Entrepreneurship is a process or stage, when a budding Entrepreneurs develops a mindset of quality with a great condition of skill, with a capacity and willingness to develop, organize and manage a business venture along with any of its risks while building and scaling it to generate a profit. Entrepreneurship derives from Entrepreneur’s, they give rise to a cultural or mindset among the millennial.

Entrepreneurship is now also a college major, to study the process of creating new innovative businesses and venture.

Types of Entrepreneurship

We can differentiate Entrepreneurship in many types based on Entrepreneur’s type of business, ownership, gender, size of their enterprise, etc. 

According to me, that differentiation is of no use in this article, because I believe that the people who are reading this article are budding Entrepreneurs, even if it’s not in your mind and the word gives you a kick then it’s worth a shot, go for it.

And Entrepreneurial mindset is a mindset which is expert in making things done it doesn’t matter in which type of business you are in, your type of ownership, your gender and even size of the enterprise if you are Entrepreneur you are an Entrepreneur eventually you can make it big.

But I am going to discuss a few points about the type of ownership because these points are critical and it's going to be useful for your future Entrepreneurial journey.

Types of ownership

1. Private Entrepreneur: A private entrepreneur is one who as an individual sets up a business enterprise with his own investment, where he/she is the sole owner of the whole enterprise and bears the entire risk involved in it, the entire enterprise or company governs in his command.

 If any private Entrepreneur raises funding, he will not be the sole owner of his company, and there will be a board of directors which going to monitor his leadership, he will be the owner of some percentage of shares in his own company, because he has to give up his companies share for the fund he wants for his company.

2. Joint Entrepreneurs: When an Individual run a business along with the government, then they are known as joint Entrepreneurs.

entrepreneur examples

Importance of Entrepreneurship

1) Entrepreneurship creates new businesses, which creates a job and it helps to reduce unemployment of a country and the incomes of Entrepreneurs and employees added to National income which boosts the GDP of a country.

2) Entrepreneurship create social change through their new innovation which enhances the standard of living in a society, it helps in the development of the community by investing in community projects and provide financial support to local charities.

3) Entrepreneurship promotes research and development, entrepreneurship provides funds for research and development with universities and research institutions. This promotes the general development, research, and development in the economy.

4) Entrepreneurship is the nursing ground for a new inexperienced individual who wants to be an entrepreneur.

 It is the field where a person can start his/her idea of the venture, which helps them to create their own businesses and ventures.

 All the large companies started as a small business enterprise.

Therefore, entrepreneurship provides a wide spectrum of ventures and entrepreneurs in every economy. The vast open arena of entrepreneurship thus acts as an incubator to entrepreneurs.

1 comment:

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