ENVIRONMENTAL RESPONSIBILITY OF ENTREPRENEURS

Take these strategies as examples of how your business can become more
sustainable and environmentally friendly:

• Go paperless. Officially going “paperless” is a big step for most businesses,

so don’t be intimidated by taking the term literally. Limit your paper
consumption as much as possible with simple steps.

• Use recycled products. Recycled products help reduce the demand for new
resources; as an example, recycled paper products use old paper products as
root material rather than requiring new trees be cut down. Keep an eye out for
products that are described as being recycled, and if you have a choice, opt for
ones that are, even if they cost a bit extra. By extension, you should also recycle
any recyclable products you have in your business.

• Make use of “green” appliances. You have a choice in the types of

technology and appliances you buy for your business, so opt for ones that carry
an Energy Star rating, or ones that maximize your energy efficiency.

More efficient appliances and machinery will reduce your business’s total
energy consumption, lowering your total carbon footprint while simultaneously
making your utility bills more manageable.

• Monitor your use of resources. This is a simple measure, but it’s still an
effective one; keep your employees cognizant of how they’re using resources
in your business, and try to control this as tightly as possible.

As a basic example, instruct your employees to turn off the lights of any room
or section where people aren’t currently working, and make sure all appliances
are turned off before leaving work for the day.
 • Use alternative energy sources. Though it may be a heavy investment for
new entrepreneurs of startups, more seasoned entrepreneurs or existing
business owners can invest in alternative energy sources to power their
businesses.

For example, you could install solar panels on the roof of your building, or install
a windmill on your property. In time, these installations pay for themselves,
and reduce your reliance on the grid. Plus, it sets a positive example and a
standard for the other businesses in your area, and may make a positive visual
impact for potential customers who see your business taking responsibility for
its energy consumption.

• Institute a carpool (or reduce commuting). Your business’s impact on the

environment isn’t limited to just what happens at the physical location of your
business. You have people driving in and out of your business regularly, so why
not take environmental responsibility by reducing this commute time as much
as possible?

You could institute a carpool for your regular employees, or even encourage
work-from-home days to reduce the need for travel.

COMMUNITY RESPONSIBILITY OF ENTREPRENEURS

1. Encouragement to Healthy Competition

The entrepreneur should encourage healthy competition among the local community
and make good quality commodities available to the public at fair prices.

2. To Save Local Environment from Pollution

Risks of pollution of the environment at the factories sites, due to the smoke of the
coal, polluted water and manufacturing process cannot be ruled out.
So, the responsibility of the entrepreneur is that the factory may be established at a
fair distance from the residential areas may shift the factories to distant places from
the residential areas.

Besides, arrangements may also be made to reduce the menace of polluted water and
smoke, etc.

3. To Help in Activities of Public Utility

The entrepreneur should cooperate in providing facilities for the public utility to the
local community, Like, Education, entertainment, medical, housing, and Libraries, etc.

For that may provide help in the establishment of new schools, parks, hospitals and
rest houses, etc.

4. To Provide Employment to Local Community

The entrepreneur should provide more and more employment to the local people of
the place, Where he is establishing his business unit or is performing the business
activities.

He should invest capital in such business which may provide employment to a large
number of people.

The business has also the responsibility of providing employment to the members of
the community.

5. To Improve Standards of Living

The entrepreneur should make all possible efforts to improve the standard of living of
the public.

For that, scholarships may be granted to the children of the employees and other
students, employment facilities, suiting disabled persons and orphans may be
provided for.

Besides, encouragement may be provided for various socially useful programs of the
country, like, family welfare and small savings, etc.
6. To Promote Public Relations

The entrepreneur should provide information to the public about the policies and
activities of his business or business organization and should try to understand the
feelings of the common man.

THE CONSUMER BEHAVIO

The Consumer Decision Processes (also known as Buyer Decision

Processes) refer to the decision-making stages that a consumer undergoes before,
during, and after they purchase a product or service.

1. PROBLEM OR NEED RECOGNITION

This is the first stage of the Consumer Decision Process in which the consumer is able
to recognize what the problem or need is and subsequently, what product or kind of
product would be able to meet this need. It is oftentimes recognized as the first and
most crucial step in the process because if consumers do not perceive a problem or
need, they generally will not move forward with considering a product purchase.

Classification by types of needs:

Functional need: the need is related to a feature or specific functions of the product
or happens to be the answer to a functional problem. Like a computer with a more
powerful video card to be able to play the latest video games or a washing machine
that responds to the need to have clean clothes while avoiding having to do it by hand
or go to the laundromat.

Social need: the need comes from a desire for integration and belongingness in the
social environment or for social recognition. Like buying a new fashionable bag to look
good at school or choose a luxury car to “show” that you are successful in life.
Need for change: the need has its origin in a desire from the consumer to change.
This may result in the purchase of a new coat or new furniture to change the
decoration of your apartment.

The Maslow’s hierarchy of needs: Developed by the eponymous psychologist, this

is one the best known and widely used classifications and representations for hierarchy
of needs. It specifies that an individual is “guided” by certain needs that he wants to
achieve before seeking to focus on the following ones:

1. Physiological needs

2. Safety needs

3. Need of love and belonging

4. Need of esteem (for oneself and from the others)

5. Need of self-actualization

2. INFORMATION SEARCH

Information Search is a stage in the Consumer Decision Process during which a

consumer searches for internal or external information.

• Internal information: this information is already present in the consumer’s

memory. It comes from previous experiences he had with a product or brand
and the opinion he may have of the brand.

Internal information is sufficient for the purchasing of everyday products that

the consumer knows.

• External information: This is information on a product or brand received from

and obtained by friends or family, by reviews from other consumers or from
the press. Not to mention, of course, official business sources such as an
advertising or a seller’s speech.
 During his decision-making process and his Consumer Buying Decision Process,
the consumer will pay more attention to his internal information and the
information from friends, family or other consumers. It will be judged more
“objective” than these from an advertising, a seller’s speech or a commercial
brochure of the product.

3. EVALUATING ALTERNATIVES

During the evaluation of alternatives stage, the consumer evaluates all the products
available on a scale of particular attributes.

Evaluation of alternatives is the third stage in the Consumer Buying Decision process.
During this stage, consumers evaluate all of their product and brand options on a scale
of attributes which have the ability to deliver the benefit that the customer is seeking.
The brands and products that consumers compare – their evoked set – represent the
alternatives being considered by consumers during the problem-solving process.

The process will then lead to what is called:

• “evoked set”. “The evoked set” (aka “consideration set”) is the set of
brands or products with a probability of being purchased by the consumer
(because he has a good image of it or the information collected is positive).
• “inept set” is the set of brands or products that have no chance of being
purchased by the shopper (because he has a negative perception or has had a
negative buying experience with the product in the past).
• “inert set” is the set of brands or products for which the consumer has no
specific opinion.

4. PURCHASE

During the purchase decision stage, the consumer may form an intention to buy the
most preferred brand or product.
The purchase decision is the fourth stage in the consumer decision process and when
the purchase actually takes place. During this time, the consumer may form an
intention to buy the most preferred brand because he has evaluated all the alternatives
and identified the value that it will bring him.

5. POST-PURCHASE BEHAVIOR

Post-purchase behavior is when the customer assesses whether he is satisfied or

dissatisfied with a purchase.

Post-purchase behavior is the final stage in the consumer decision process when the
customer assesses whether he is satisfied or dissatisfied with a purchase. How the
customer feels about a purchase will significantly influence whether he will purchase
the product again or consider other products within the brand repertoire. A customer
will also be able to influence the purchase decision of others because he will likely feel
compelled to share his feelings about the purchase.

WHAT ARE ENTREPRENEUR CHARACTERISTICS?

Entrepreneur characteristics are qualities that help entrepreneurs achieve their goals.
An entrepreneur is someone who creates, organizes and runs their own business.
Examples of entrepreneurs include:

• Online business owners: Online entrepreneurs include bloggers, e-commerce

or any business owner who performs commercial activities mostly online.
• Home-based business owners: Home-based entrepreneurs run their business
from their home as opposed to offices.
• Inventors: Inventors are entrepreneurs who build their idea and sell it on the
market.
• Small business owners: Small businesses employ less than 500 employees.
 ENTREPRENEUR CHARACTERISTICS YOU CAN DEVELOP:

1. CREATIVITY

Becoming an entrepreneur starts with an idea. You need to see opportunities, find
innovative ways to do things and bring solutions to the public.

To improve your creativity, develop habits that support the creative system. Think
about what makes you feel creative, such as music, meeting people, reading or some
other activity. Dedicate a specific part of your day to find inspiration for new solutions.
During this part of the day, start by doing what inspires you, then let your mind flow.
You can make a list of ideas and select some to pursue.

2. PASSION

Passion is what drives entrepreneurs. They usually love what they do, and this helps
them invest their time in their projects.

To become a more passionate entrepreneur, focus on the meaning of your work.

Remember that you contribute to finding solutions that will help many people.
Knowing that your commitment makes an impact may give you the drive you need to
continue when doubt settles in or when the business gets difficult. Passion is what
keeps you focused on your objective.

3. MOTIVATION

Motivation is the will to accomplish certain things. Entrepreneurs are driven to make
their business a success and push themselves.

To increase motivation, you can start by setting small goals. Small goals can help you
reach larger ones and encourage you to aim higher. Recognize the work already
accomplished and celebrate your results, even minor ones. Also, keep a positive
mindset. Turn your mind away from negativity and daily obstacles to focus on what
you want to achieve and the positive aspects of your life.

4. PRODUCT OR SERVICE KNOWLEDGE

Entrepreneurs know what they have to offer and to whom they can sell it. Clearly
define the category of products or services you sell and how they provide value to
consumers. Also, study your target clients to make sure you answer their needs. This
will allow you to improve your offer continuously so you can stay on top of industry
trends.

To increase the positive impact of this knowledge, you should continually learn about
your market, understand what people need and know the features that differentiate
you from competitors. Talk with your clients and use their feedback. With this
information, you can adjust your position when necessary.

5. ABILITY TO NETWORK

The ability to connect with people and to recognize opportunities for partnership is
crucial to successful entrepreneurship. Meeting new people might facilitate access to
resources or knowledge that your business needs. It allows you to learn from the
success of others, promote your services or goods and meet new clients.

To improve your networking skills, you must try to build genuine relationships. You
likely have a business goal in mind, but approach people with the objective of a human
connection, just like making new friends. If you meet someone who could benefit
another person in your network, connect them. Not only will you help someone, but
they will probably remember you and want to return the favor.

6. SELF-CONFIDENCE

Entrepreneurs believe they can achieve their goals. They may have doubt, but they
persevere through it. They are ready to invest the necessary work because they are
confident they can create something better than what already exists.

Self-confidence is essential because it allows you to feel better and makes it easier to
overcome challenges, take risks and be persistent. Therefore, it contributes to your
success overall.

To improve your self-confidence, you can use the technique of visualization. Visualize
yourself as the person you want to be and visualize your business at a stage you would
be proud of. You can also practice affirmation by saying uplifting statements about
your accomplishments. These techniques can help to change the way you see yourself
positively.
7. OPTIMISM

Entrepreneurs are dreamers with a plan in place: They see the positive side of the
situation and always move forward. Optimism supports creativity, so it helps business
leaders finding new ideas for their products or services and increases their chances of
success.

To develop your optimism, you can consider challenges as opportunities to grow

instead of problems that could stop you. Keep the end goal in mind, and don't dwell
on past issues.

8. VISION

Entrepreneurs have vision. They see a big picture they wish to accomplish, which fuels
their efforts and pushes them to do more. Moreover, vision is what defines the culture
and identity of an organization. Not only does it keep entrepreneurs energized, but it
allows them to motivate others and keep them working towards the company's
success.

To improve your entrepreneurship vision, you can implement a daily action plan.
Prioritizing your tasks can keep you from feeling overwhelmed and help you stick to
your vision. Also, listen to or read uplifting content to fortify your mind and stay
focused on your purpose.

9. GOAL MINDSET

Entrepreneurs are goal oriented. They know what they want to achieve, set a goal
and work toward that objective. Determination is vital to overcome possible
challenges, and it also inspires trust from the people who work with you.

To become more goal-oriented, you can start by identifying what you want to
accomplish and clarifying your vision of the future. Then, set a goal with a timeline to
guide your actions. This will allow you to witness your progression and help keep you
committed to your goal.
10. RISK-TAKING

Entrepreneurs are ready to take risks. They plan for the unknown so they can make
calculated decisions that are profitable for them and their business.

To increase your risk-taking abilities, you can start considering your journey as a
learning process, including the possible failures. You must keep your goal in mind and
commit to persevering.

It is essential to take some risks to differentiate from your competition and allow your
business to succeed. Once you know how you can manage risk and grow from
disappointments, you may become more comfortable with challenging yourself.

11. PERSUASIVENESS

Entrepreneurs know their business and how to talk about it to people. They need to
persuade others to believe in their idea.

To improve your persuasion skills, learn about your listeners and adapt to their
personality. You can share a story to reach them on an emotional level and show your
passion. If people can relate to your story, it creates a connection that can grow into
loyalty, which is essential for your business success. Another tip is to share your
accomplishments and rely on facts to support your arguments and convince people.

12. DECISION-MAKING

Entrepreneurs need to make quick decisions and take action for the success of their
business.

To improve your decision-making skills, you can inform yourself to understand better
the problems you try to solve. Assess the impact of the decision you need to make,
and allow a corresponding amount of time to decide. You can also narrow your options
to ease the process of making a decision.

13. TENACITY

Entrepreneurs overcome challenges. They persevere through difficulties and hold on

to their goals and dreams.
To improve your tenacity, you can write down your goals and read them every day.
You can choose role models and remember great figures of history who had to
persevere through failure before they achieved success.

14. MONEY MANAGEMENT

Entrepreneurs need to understand the financial situation of their business. Even if they
hire a specialist like an accountant, they are the decision-maker and must know their
situation to run the business successfully.

You can improve your basic money management skills by preparing a budget and
committing to it and investing available funds rather than spending them. You can
also acquire more financial knowledge by taking classes or training programs.

15. ADAPTABILITY

When they start a business, entrepreneurs often need to multitask. Flexibility in your
schedule, as well as in your thinking, is crucial to continue growing in challenging
situations.

To increase your adaptability, you can approach all activities with an open mind and
stay ready to change your ways if necessary. Try new methods and welcome new
trends to foster your ability to adapt.