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QNO1: Define Entrepreneurship?

Moreover briefly discuses


characteristics of entrepreneur?
Entrepreneurship

Read this article to get information on the characteristics, process, importance, types,
functions and Myths about Entrepreneurship!

Entrepreneurial development today has become very significant; in view of its being a key
to economic development. The objectives of industrial development, regional growth, and
employment generation depend upon entrepreneurial

Entrepreneurship Characteristics

1. Passion & Motivation

If there's one word that describes the fundamental trait in an entrepreneurship, it would be
passion.

Is there something that you can work on over and over again, without getting bored?

Is there something that keeps you awake because you have not finished it yet?

Is there something that you have built and want to continue to improve upon, again and
again?

Is there something that you enjoy the most and want to continue doing for the rest of your
life?

Your demonstration of passion and motivation will determine your success in any
entrepreneurial venture. From building and implementing a prototype, to pitching your idea
to venture capitalists, success is a function of passion and determination.

2. Risk Taking

Entrepreneurs are risk takers ready to dive deep into a future of uncertainty. But not all
risk takers are successful entrepreneurs. What differentiates a successful entrepreneur
from the rest in terms of risk? Successful entrepreneurs are will to risk time and money on
unknowns, but they also keep resources, plans and bandwidth for dealing with "unknown
unknowns" in reserve. When evaluating risk, a successful entrepreneur will ask herself, is
this risk worth the cost of my career, time and money? And, what will I do if this venture
doesn't pay off?
3. Self-belief, Hard work & Disciplined Dedication

Entrepreneurs enjoy what they do. They believe in themselves and are confident and
dedicated to their project. Occasionally, they may show stubbornness in their intense focus
on and faith in their idea. But the flip side is their demonstrated discipline and dedication.

4. Adaptability & Flexibility

Its good to be passionate or even stubborn about what you do. But being inflexible about
client or market needs will lead to failure. Remember, an entrepreneurial venture is not
simply about doing what you believe is good, but also making successful business out of it.
Market needs are dynamic: changes are a recurring phenomenon. Successful entrepreneurs
welcome all suggestions for optimization or customization that enhances their offering and
satisfies client and market needs. A product you develop for yourself alone may qualify as a
hobby, but a product for the market should satisfy market needs.

5. Understand Your Offering And Its Market

Entrepreneurs know their product offering inside and out. They also know the marketplace
and its dynamics inside and out. Remaining unaware of changing market needs, competitor
moves and other external factors can bring even great products to failure.

6. Money Management

It takes time to get to profitability for any entrepreneurial venture. Till then, capital is limited
and needs to be utilized wisely. Successful entrepreneurs realize this mandatory money
management requirement and plan for present and future financial obligations (with some
additional buffer). Even after securing funding or going fully operational, a successful
businessman keeps a complete handle on cash flows, as it is the most important aspect of
any business.

7. Planning (But not Over-planning)

Entrepreneurship is about building a business from scratch while managing limited


resources (including time, money and personal relationships). It is a long-term commitment,
and attempting to plan as much as possible at the beginning is a noble impulse. In reality,
however, planning for everything and having a ready solution for all possible risks may
prevent you from even taking the first step. Successful entrepreneurs do keep some dry
powder in reserve, but more importantly they maintain a mindset and temperament to
capable of dealing with unforeseen possibilities.
8. Networking Abilities

How do you tap your network for solutions? Many people seek comfort in commiseration:
friends, colleagues and neighbors are happy to complain with you about "the global
slowdown, poor demand, or unfair competition; but that won't improve the bottom line.
What do successful entrepreneurs do? They reach out to mentors with more experience and
extensive networks to seek valuable advice.

Having such networking abilities, including more experienced mentors, is a key


characteristics of successful entrepreneurs.

9. Being Prepared to Take the Exit

Not every attempt will result in success. The failure rate of entrepreneurial ventures is very
high. At times, it is absolutely fine to take the practical exit route and try something new,
instead of continuing to make sunk cost investments in the same venture. Many famous
entrepreneurs weren't successful the first time around. But they had the serenity and
foresight to know when to cut their losses.

10. Entrepreneurs Doubt Themselves But Not Too Much

You may ask yourself, am I an entrepreneur? And the very question may put you in doubt
about the answer. Even if you don't have the flair of Steve Jobs or the hair of Elton Musk, if
you have the courage to ask yourself intimidating questions Can I do this? Do I want to do
this? You have the stuff to be an entrepreneur
QNO2: Define the role of Innovation in Entrepreneurship?
The Importance of Innovation in Entrepreneurship

The economy is composed of enterprises and businesses. Our economy has survived because
the industry leaders had been able to adapt to the changing times and supplied mostly the
communities needs. Any small business is integral to the economy. Without it, our economy
would not survive. But a business must also sustain itself, be able to constantly evolve to
fulfill the demands of the community and the people. In every business, it is imperative to be
industrious, innovative and resourceful.

Entrepreneurship produces financial gain and keeps the economy afloat, which gives rise to
the importance of innovation in entrepreneurship. Entrepreneurs are innovators of the
economy. It is not just the scientist who invents and come up with the solutions.

The importance of innovation in entrepreneurship is shown by coming up with new way to


produce a product or a solution. A service industry can expand with another type of service
to fulfill the ever changing needs of their clients. Producers can come up with another
product from the raw materials and by-products.

The importance of innovation in entrepreneurship is another key value for the longevity of
a business. Entrepreneurs and businesses began with a need. They saw the need within the
community and among themselves that they have come up with a solution. They seize the
opportunity to innovate to make the lives more comfortable. And these solutions kept
evolving to make it better, easier and more useful. Entrepreneurs must keep themselves
abreast with the current trends and demands. Manufacturers are constantly innovating to
produce more without sacrificing the quality.

Companies and enterprises keep innovation as part of their organization. Innovations


contribute to the success of the company. Entrepreneur, as innovators, see not just one
solution to a need. They keep coming up with ideas and do not settle until they come up with
multiple solutions. Innovation is extremely important that companies often see their
employees creativity as a solution. They come up with seminars and trainings to keep their
employees stimulated to create something useful for others and in turn, financial gain for the
company.
Other factors that raises the importance of innovation in entrepreneurship is competition. It
stimulates any entrepreneur to come up with something much better than their competition
in a lower price, and still be cost-effective and qualitative.

Small businesses see the importance of innovation in entrepreneurship. They were able to
compete with large industry and see their value in the economy. Small businesses are
important as they are directly involved in the community and therefore, contribute to their
financial and economic gain. These small businesses know exactly what community needs
and fulfill them. All things start small.

Innovation is important not just in entrepreneurship. As individuals, we are innovators by


adapting well to our needs and create our own solutions. Entrepreneurs are the same. The
innovation in entrepreneurship helped the country by changing with the times and
producing new products and service from ones that already exists. And, being innovative has
helped us become successful in all our endeavors.
QNO3: Define organization and its Structures moreover discuss in detail
about entrepreneur organization Structures?
An organization is an entity comprising multiple people, such as an institution or
an association that has a collective goal and is linked to an external environment.

Structures

The study of organizations includes a focus on optimizing organizational structure.


According to management science, most human organizations fall roughly into four types:

Committees or juries
Ecologies
Matrix organizations
Pyramids or hierarchies

Committees or juries

These consist of a group of peers who decide as a group, perhaps by voting. The difference
between a jury and a committee is that the members of the committee are usually assigned
to perform or lead further actions after the group comes to a decision, whereas members of
a jury come to a decision. In common law countries, legal juries render decisions of guilt,
liability and quantify damages; juries are also used in athletic contests, book awards and
similar activities. Sometimes a selection committee functions like a jury. In the middle Ages,
juries in continental Europe were used to determine the law according to consensus among
local notables.

Committees are often the most reliable way to make decisions. Condorcet's jury
theorem proved that if the average member votes better than a roll of dice, then adding more
members increases the number of majorities that can come to a correct vote (however
correctness is defined). The problem is that if the average member is
subsequently worse than a roll of dice, the committee's decisions grow worse, not better;
therefore, staffing is crucial.

Parliamentary procedure, such as Robert's Rules of Order, helps prevent committees from
engaging in lengthy discussions without reaching decisions.

Ecologies

This organization has intense competition. Bad parts of the organization starve. Good ones
get more work. Everybody is paid for what they actually do, and runs a tiny business that has
to show a profit, or they are fired.
Companies who utilize this organization type reflect a rather one-sided view of what goes on
in ecology. It is also the case that a natural ecosystem has a natural border - ecoregions do
not in general compete with one another in any way, but are very autonomous.

The pharmaceutical company GlaxoSmithKline talks about functioning as this type of


organization in article from The Guardian.

Matrix organization

This organizational type assigns each worker two bosses in two different hierarchies. One
hierarchy is "functional" and assures that each type of expert in the organization is well-
trained, and measured by a boss who is super-expert in the same field. The other direction
is "executive" and tries to get projects completed using the experts. Projects might be
organized by products, regions, customer types, or some other schema.

As an example, a company might have an individual with overall responsibility for products
X and Y, and another individual with overall responsibility for engineering, quality control,
etc. Therefore, subordinates responsible for quality control of project X will have two
reporting lines.

Pyramids or hierarchical

A hierarchy exemplifies an arrangement with a leader who leads other individual members
of the organization. This arrangement is often associated with basis that there are enough
imagine a real pyramid, if there are not enough stone blocks to hold up the higher ones,
gravity would irrevocably bring down the monumental structure. So one can imagine that if
the leader does not have the support of his subordinates, the entire structure will collapse.
Hierarchies were satirized in The Peter Principle (1969), a book that
introduced hierarchiology and the saying that "in a hierarchy every employee tends to rise
to his level of incompetence."

Theories

In the social sciences, organizations are the object of analysis for a number of disciplines,
such as sociology, economics, political science, psychology, management, and organizational
communication. The broader analysis of organizations is commonly referred to
as organizational structure, organizational studies, organizational behavior, or organization
analysis. A number of different perspectives exist, some of which are compatible:
QNO4: Define the role of research entrepreneurship and also discuss the
marketing process?
Although the field of entrepreneurship is recognized as being of fundamental importance for
our economy, and although many researchers throughout the world have turned their
attention to it, there is, as yet, no agreement as to the research object in this scientific field.
Empirical research has described the phenomenon from different standpoints. It has also
shown that the phenomenon is much more complex and heterogeneous than was thought in
the 1980s. However, to advance knowledge and produce tools that are useful in practice, it
has become necessary to establish theories that will generate more productive empirical
research. Some effort at definition is therefore needed.

The definition proposed here takes a constructivist stance, and is at the service of a research
projectthat of understanding or forecasting the entrepreneurial act and its success or
failure, and defining more accurately the environmental conditions favorable to that act.
Here, the scientific object studied in the field of entrepreneurship is the dialogic between
individual and new value creation, within an ongoing process and within an environment
that has specific characteristics. This definition emphasizes the fact that we will not
understand the phenomenon of entrepreneurship if we do not consider the individual (the
entrepreneur), the project, the environment and also the links between them over time. It
shows the entrepreneur to be not simply a blind machine responding automatically to
environmental stimuli (interest rates, subsidies, information networks, etc.), but a human
being capable of creating, learning and influencing the environment.

What is 'Market Research?'

Market research is the process of assessing the viability of a new good or service through
research conducted directly with the consumer which allows a company to discover
the target market and record opinions and other input from consumers regarding interest in
the product. Market research may be conducted by the company itself or by a third-party
company that specializes in the market research field. Test subjects are usually compensated
with product samples and/or paid a small stipend for their time.

Market Research Process

A business must engage in a variety of tasks to complete the market research process. It
needs to gather information based on the market sector being examined. The business must
analyze and interpret the resulting data to determine the presence of any patterns or
relevant data points that it can use in the decision-making process.
QNO5: How we can develop a new product also elaborate all steps of new
products development according to your selected idea or product?
Target customer pain

If you want to survive, your start-up must work to relieve customer pain that no other
company is solving. Consider Ever note, the storage service that let scatterbrained people
keep track of all the interesting things they found online every day. Its founder, Phil Libyan,
was looking for a way to protect himself from his weak ability to organize, and did not find
any service that met his need. So he started a company to solve the problem.

Outperform the competition. If your start-up has any hope of making money by relieving
customer pain, it must solve the problem better than the competition. Of course, if youre
lucky and smart, you may get a head start. But success will attract imitators, and customers
will switch to those imitators if they do a better job than you at solving their problem.

1. Discover details of your customers' unmet needs.

You should develop a set of interview questions, meet with these suffering customers in
the environment where theyre suffering, and listen to what they say when you ask them
the questions. Through this listening, you must discover more details about the nature of
their pain--and try to assess what kind of product would encourage them to become
customers.

2. Develop hypotheses.

Using the observations of customer needs and your vision of the technology, you
should make educated guesses about the most important product features likely to
lead to wide customer adoption. Moreover, you should make a numeric estimate of
the number of customers you thinks will use a prototype with those features.

3. Build a prototype solution.

The next step is to develop a quick and inexpensive prototype with those features.
The first version is not likely to meet the customers unmet need but it should help
you get a better understanding of what you need to do to close the gap between what
the prototype can do, and what the ultimate product will need to be able to do in order
to get the customer to buy it.
4. Test with customers.

You must then give the prototype to customers and observe how they use it. You
should keep track of how many customers actually use the product, and ask them
what they like and dont like about the product. The general objective of this step is
to learn and collect data that will either confirm or disconfirm the hypotheses
developed earlier.

5. Analyze variance.

You should compare the expected outcome with the observed results. This
comparison will generate insights that shape your strategic positioning.

6. Pick strategy.

Better-than-expected results are likely to confirm that you will gain market share if
you turn the current version of the prototype into a product and market it
aggressively. If the results are worse than expected, you must learn from what did not
work and develop another prototype. And you should iterate and test until observed
results exceed expectations, or until it becomes clear that its time to shut down the
business.