ENTREPRENEURSHIP DEVELOPMENT

Module-I

Chapter 1- Entrepreneurship: Concept of entrepreneurship

and intrapreneurship, Types of Entrepreneur, Nature and
Importance.
Chapter-2 Entrepreneurial Traits and Skills,
Entrepreneurial Motivation and Achievement,
Entrepreneurial Personality.  
 Entrepreneurial Traits

1. Passion
This is the most significant characteristic that every entrepreneur has, and for obvious reasons. They are
successful because they love what they do. These entrepreneurs put all the extra hours they have into the business
to make it successful and flourish. It is a pleasure for them to see the results of their labor, which goes well
beyond the money received.

2. Strong work ethic

Entrepreneurs who are successful make sure that they are always the one who is first to the office and the last one
to leave. These people are those who ensure that they come to the office during their off days, if needed, just to
ensure that the outcomes meet their expectations. The successful entrepreneurs are those who always have their
mind in their work, even if they are not in their workplace.
3. Strong people skills
A successful entrepreneur is someone who has excellent communication skills for selling the products to customers
and motivating the employees. Yes, most entrepreneurs who have the power to motivate their employees can see their
business grow within no time. These entrepreneurs are also great at instructing others to be successful and
highlighting the advantages of any situation.

4. Determination
The successful entrepreneurs are never greatly impacted by the defeats they encounter. For them, failure is like an
opening for a success story, and hence, they try again and again just till they get the success they are expecting.
Moreover, these entrepreneurs are not wired to believe that some things are not possible and cannot be done.

5. Creativity
One of the main aspects of creativity is the ability to find a relationship between two unrelated situations or events.
They usually come up with the solutions of these problems that are a combination of other things. These people
normally re-purpose the items for marketing them to new industries.
6. Competitiveness
The number of companies formed are increasing every month and every year, as
every entrepreneur feels that they can do a much better job than others. They run
with the aim that they need to win at the sport they play and win the business
that they are creating or have created. It is an entrepreneur that highlights the
track record of success of their company.

7. Self Starter
Every successful entrepreneur knows that if something has to be done, it needs
to be done by themselves. Parameters are set by them, and they ensure that the
projects are following that path. They do not wait for someone to permit them
and are highly proactive.
8. Open Minded
For those entrepreneurs that are successful or are following others who have been
successful, understand that each situation and event is a business opportunity. There
are new ideas that continually come out regarding new potential businesses, people
skills, efficiency, and workflows. These people have the capability to see all that is
around them and direct the focus towards their objectives and goals.

9. Confidence
A successful entrepreneur never asks the question or keeps doubts in their mind about
if they can succeed or if they are even worthy of success. They are normally confident
enough that their knowledge and their know-how will help them make their business
idea a success. And they radiate this confidence in everything that they do for the
business.
10. Disciplined
Successful entrepreneurs always focus their energy on making the business work, and for eliminating the
distractions or obstacles to their goals. Their overarching strategies help them to reach the goals they have while
they outline the plan to achieve the final outcome. Moreover, entrepreneurs become successful as they are
disciplined to always make new steps every day towards the accomplishment of their goals.
Other than these traits, every successful entrepreneur just wants to see what is at the top of the business
mountain and they will pick up everything they get on the path while on their way up. But that is not where
their determination ends.
As soon as they see it, they want to move ahead and see more. One of the most important things about
successful entrepreneurs is that they know exactly how to talk to their employees. These are all the reasons why
their business soars.
 Entrepreneurial Skills
Ten skills you need to have as an entrepreneur:
1. Curiosity. Great entrepreneurs are tasked to discover new problems, reveal
potential niche opportunities, refactor their original business process, and innovate.
This is contingent on being passionate about different fields of study and business
cases outside of one’s comfort zone.
 
2. Time management. Careful priority planning, defining milestones, execution,
and iteration are all important. None of that would lead toward progress without
the right project management and time allocation methodology that gets the work
done.
3. Strategic thinking. Learning to decompose a problem to its core and reveal
opportunities for growth. Figuring out creative solutions and identifying the low-
hanging fruits. Defining the scope for an MVP and testing concepts within
limited time and with a low budget.
4. Efficiency. You need high performance when it comes to solving a problem.
Applying the 80/20 rule and other techniques for yielding higher results in less
time. Switching between different chores and progressing effectively day-to-day.
5. Resilience. Handling rejections, stress, burnouts, lack of focus, slow progress.
Determination and eagerness to fight the same dragon every morning are
instrumental when it comes to building a business from scratch.
6. Communication. Crisp and concise communication is paramount
for each and every interaction with clients, partners, peers, clients,
prospects.
7. Networking. Growing a network facilitates business
opportunities, partnership deals, finding subcontractors or future
employees. It expands the horizons of PR and conveying the right
message on all fronts.
8. Finance. Finance management will make or break a business.
Handling resources properly and carefully assessing investments
compared to ROI is a solid requirement for entrepreneurs
9. Branding. Building a consistent personal and business brand tailored to the
right audience. Igniting brand awareness in new verticals.
10. Sales. Being comfortable doing outreach and creating new business
opportunities. Finding the right sales channels that convert better and investing
heavily in developing them. Building sales funnels and predictable revenue
opportunities for growth.
 Entrepreneurial Motivation

Entrepreneurial motivation is the process of transforming an ordinary individual to a powerful

businessman, who can create opportunities and helps in maximizing wealth and economic
development. It is defined as various factors stimulate desires and activates enthusiasm in
entrepreneurs which make them attain a particular goal. Entrepreneurship is the process of
identifying strengths and opportunities which help in the realization of one’s dreams for
designing, developing and running a new business by facing threats and risks effectively.
To become an entrepreneur one should identify their strengths and opportunities from the
external environment. Here motivation plays a major role in identifying their own strengths to
become strong leaders or powerful entrepreneurs which make them to accepting risks and face
uncertainty for the purpose of reaching pre-described goals.
Motivation makes entrepreneur by fulfilling higher level needs such as recognition, esteem, and self-actualization.
Various theories explained motivation as an influencing concept, it can bring out hidden talents and creativity, and
it contributes to the individual goals and society development. Maslow’s need hierarchy theory, Hertzberg’s two-
factor theory, and David MC Clelland’s acquired needs theory proved that motivation can bring energy,
enthusiasm, creativity and efficiencies in fulfilling the desired objectives.
Motivation activates innate strengths to achieve a particular goal, many questions arise during knowing this
concept such as why can’t all the human beings become leader or entrepreneurs even though they face same
motivation during his/her lifetime? Who can become effective motivators? What type of motivation can influence
one’s behavior? Is the extent of motivation decides the power of externalized behavior? Etc, entrepreneurial
motivation is a psychological process in which all the motives may not influence with the same intensity, it varies
with the perception levels of the individuals and factors responsible for the motivation. Sometimes a single
motive can influence to become strong and powerful entrepreneurs, these motives may come from various factors
as follows.
 Internal factors
 External factors
 Internal factors
Need for self-actualization

It is explained by Maslow and it is the top level need refers to the desire for self-fulfillment. Need for freedom
and self-fulfillment makes the individuals or employees of the organization make them become powerful leaders
or entrepreneurs.
 Optimism

Individuals having positive mindset get motivated by

finding opportunities during critical situations also.
Positive attitude and perception motivate an individual
to work out for the best even during unfavorable and
tough situations also.

Positive attitude
The positive attitude is the most important factor which motivates the individuals to
become successful entrepreneurs. Habituating positive attitude can lead an individual
to develop constructive thinking; it motivates them to become powerful entrepreneurs,
finally, the positive attitude can prove that how valuable they are.
 Self-motivation

Most of the successful and powerful entrepreneurs are self-motivated; here they fulfill the
desired objectives by motivating themselves. Though many individuals have ideas but
they cannot put those for business development; however self-motivated people can take
decisions to implement ideas.
Enthusiasm
Enthusiasm motivates in finding better solutions, finally, it stabilizes the ideas and makes
them become creators and innovators which result in successful entrepreneurs.

Commitment
Commitment towards a goal can make to achieve success. It motivates entrepreneurs by
inspiring and developing emotional attachment towards an objective.
Education
Education is the most important factor it motivates a person to innovate and create new products,
this result in establishing an organization or a new business venture. The knowledge acquired
during the course of time and innate skills highly motivates a person to become a successful
entrepreneur.
Background
Family background, occupational background and a person’s own experience in a job motivates
him/her to become an entrepreneur. Having entrepreneurial background acts as a clear path to
becoming a successful and powerful entrepreneur.
Financial background
Finance is the scarce resource which motivates and enables a person to become an entrepreneur.
Money can make many things it is the major thing in deciding one’s status and development,
strong financial background facilitates to start a business.
External factors
Influence
Influence of family members, friends, and society motivates the individuals to become
entrepreneurs. The extent of influence shows an effect on the character, behavior, and
development, it comes from the external environment. Here people get influenced by seeing
successful entrepreneurs or by the words of others.
Availability of resources
Resource availability motivates at a high extent to become entrepreneurs, availability of
land, labor, money, machinery, and materials make individual to start a new business.
Though there is creativity, intelligence, commitment and enthusiasm in the individuals, but
the unavailability of resources becomes an obstacle for new entrants or entrepreneurs.
Product’s demand
Higher demand for a particular product motivate entrepreneurs to produce innovative and
value added products, here product’s demand motivates the individuals to become
entrepreneurs. The hope of success makes them produce innovative products or substitute
products, some entrepreneurs fulfill the market demand by producing complementary goods
also. So the increase in products demand highly motivates to become entrepreneurs.
Government policies
Subsidies and benefits given by the government motivate entrepreneurs to produce new
products or motivates individual to become entrepreneurs. Government policies show higher
influence on establishing new firms and it leads to economic development. In the case of small
scale industries, rural people are encouraged by the various training programs, financial
support, and subsidies; it is one of the main reasons for the establishment of new firms and
arrival of new entrants.
Information availability
Market knowledge and information motivate individuals to enter into the markets and to become
entrepreneurs. If there is abundant information then it automatically creates interest in the minds of
enthusiastic people to become entrepreneurs. Availability of information facilitates research and
producing innovative and value added products, and it creates a scope to become entrepreneurs.
Technological advancement
Technological advancement acts as a path to transform ideas into products, feasibility in production
and expected success rate highly motivates to become entrepreneurs. It reduces errors and cost of
production and maximizes success rate, this is the reason why people are interested in becoming
entrepreneurs with the increase in technology.
Changing tastes and preferences
Changing tastes and preferences of the customers maximizes the chance to produce substitute and
complementary goods, it creates a scope to innovation and establishment of the new ventures.
Achievement motivation can be better understood by knowing its salient features.
These are as follows:
a. It is lateral personal disposition to strive for a particular goal.
b. It’s person’s deep and driving desire to do something important to attain the feelings of
personal accomplishment.
c. It is personal disposition to achieve something difficult and bigger.
Thus, it becomes clear that achievement motivation is basically the predisposition or inner
urge or inclination of an entrepreneur to accomplish something important and unique to
attain a feelings of self-accomplishment and satisfaction.
Characteristics of Entrepreneurs with Achievement Motivation:
Entrepreneurs with achievement motivation are characterized by the following
attributes:
a. They like to undertake risks for personal accomplishment.
b. They have high level of perseverance to attain their goal. They do not give up even failure
after failure. But, they try again and again till the goal is not achieved. They follow the apt
proverb: ‘Fall seven times, stand up eighth.’
c. They show courage and fortitude to keep on moving toward their goal instead of adversities.
d. Entrepreneurs with high level of achievement motivation tend to be more creative and
innovative.
e. They tend to be more future-oriented.
f. Such entrepreneurs are more adaptive and mobile.
g. Last but no means the least, entrepreneurs with high level of achievement motivation do not
feel contentment, but always have desire for more and more.
Significance of Achievement Motivation:
The main significance of achievement motivation lies in the fact that it serves
as fuel to activate entrepreneurs to exert more and higher level of efforts to
achieve something important to them. Here the apt saying of India’s famous
woman entrepreneur Shahnaz Hussain seems pertinent to appreciate the
significance of achievement motivation. “Achievement depends on how badly
you want to achieve.”
Entrepreneurial Personality
 
The entrepreneurial personality can be well define by taking to consideration of
the Big Five model of personality.
 
An entrepreneur should score high on openness they see more to new
experiences and dutifulness and other energy towards the social and material
world (extraversion). At the same time, entrepreneurs tend to score lower in
gentleness and neuroticism.
 
The Entrepreneur are of ESTP (Extraverted, Sensing, Thinking , Perceiving)
Personality.
Bold - They are the people with full of life and they are pushing boundaries and discovering and
using new things and ideas.
 
Rational and Practical - They love knowledge and philosophy, but not for their own sake. They
find ideas that are actionable and drilling into the details so they can put them to use.
 
Original - Combining their boldness and practicality, they love to experiment with new ideas and
solutions. They put things together in ways no one else would think to. Perceptive - They have
the ability to notice when things change and when they need to change. Small shifts in habits
and appearances stick out to them, and they use these observations to help create connections
with others.
 
Direct - This perceptive skill isn't used for mind games they prefer to communicate clearly, with
direct and factual questions and answers. Things are what they are.
 
Sociable - All these quantities pull together to make a natural leader in them. This isn't
something that they actively seek - people with this personality type just have a knack for
making excellent use of social interactions and networking opportunities.
THANK YOU