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Entrepreneur:

In: Business and Management

Submitted By Awais491
Words 345
Pages 2
MODERN CONCEPT OF AN ENTREPRENEUR:
An entrepreneur is one who:
1. Scans the environment for business opportunities
2. Evaluates the these opportunities in the context of personal capabilities, strength and weakness
3. Arranges the capital and obtains the necessary licenses required to start an enterprise
4. Acts as Guaratar for the financial institutions
5. Acquires or develops technical know-how
6. Starts and runs the unit
SUCCESSFUL ENTREPRENEURs ARE THOSE WHO:
1. Have identified goals
2. Are willing to risk time and money
3. Have ability to manage i.e. plan, organize and control
4. Are willing to put in efforts to develop good relations with the customers, employees etc.
QUALITIES REQUIRED TO BECOME ENTREPRENEUR:
1. Risk taking ability
2. High level of motivation
3. Business acumen
4. Innovator
5. Self confidence
6. Leadership Qualities
7. Communication skills
8. Flexibility
9. Managerial competence
10. Able to accept challenges
11. Problem solving ability
12. Able to digest failures and learn from experience
CLASSIFICATION OF ENTREPRENEURS:
1. STAGE OF DEVELOPMENT:
a) First generation entrepreneurs:
Those who start an industrial unit by means of their innovations. Typical innovators who combine different technologies to produce a marketable product.
b) MODERN ENTREPRENEUR:
One who undertakes the business ventures which will get along with changing market needs and undertakes projects in those areas of current market trend.
c) Classical entrepreneur:
One who aims to maximize his economic gains taking into account the customers and market needs at a level consistent with survival and growth.
2. TECHNOLOGY FACTOR
a) TECHNICAL ENTREPRENEUR:
One with a technical base who has an access and expertise in chosen technical area and produces goods/services making use of the best available technology.
b) NON-TECHNICAL ENTREPRENEUR:
Who

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