4 thoughts on “Entrepreneurs”

  1. An entrepreneur is any person who is willing to take financial risks to make more money by doing new things or doing the same thing in a new way. There is no ideal profile for being an entrepreneur, however there are certain things which can be seen as pre-owned requisites.
    For being an entrepreneur, a person should be willing to take risks and they are high on achievement motivation and extension motivation. Eg: If there is a lack of funds, they will try for every alternative to make their ideas workout. They are high on both intrinsic and extrinsic motivation. At the same, creativity, out of the box thinking and nuance understanding of the present conditions works equally for being an entrepreneur. Eg: imagesbaazar by Sandeep Maheshwari is based on the understanding of the need for Indian images for ads etc. , Uber app has been developed by simple integration of maps and taxi/cars service.
    Meredith identified 6 six important personality traits of good entrepreneur-self confidence, flexibility, risk taking ability, internal locus of control, need for achievement and strong desire to be independent. Several other studies are in coherence with these traits and include other pre-requisites such as initiative, drive, hardworking, opportunist, exploiting, courageous etc.

  2. Entreprenuership is crucial to ease the decreasing employment rate in India.
    Being an entrepreneur calls for multi disciplinary requirements such as access to credit(economic), an environment that facilitates innovation (cultural), public policy like MUDRA(political) etc

    The psychological requirements include :
    1. Motivation : as per mcCleland model, high on achievement motivation wherein the individual is:
    Task oriented – focuses on giving better performance and not result oriented
    Look for feedback to improve
    Once successful, set higher goals that are realisitc and move forward
    Takes personal responsibility for his/her actions
    Chose work where they have some control over the outcome(thus they are not gamblers)
    2. personality : self actualised and high self esteem (carl rogers). This helps him/her accept oneself though society doesn’t acknowledge innovation/material culture.
    3. Attitude : Have rational beliefs and internal locus of control.
    4. Decision making : prefer moderate risks and avoid easy or too risky tasks. This keeps them challenged and also have a good chance of accomplishing.
    5. Social : entreprenuerial parents(modelling) or parents who encourage children being independent.
    6. Low on fear of failure (attkinson)

    Achievement motivation,crucial for entrepreneurship, is a social motive and thus can be learned. Thus, even if an individual lacks it, he/she can be trained to become one

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