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Management of Self

The term ‘entrepreneur’ has been defined in various ways-a risk-taker, a resource assembler, an organization builder, an innovator, and so on. Truly speaking, an entrepreneur is all combined into one. He introduces new ides, carries on new activities, coordinates the factors of production and decides how the business should be run. He has vision, originality of though and ability to take calculated risks.

Entrepreneurship refers to identifying and innovating ideas and services, mobilizing resources, organizing production/services and finally marketing them with an effort to cover the risk and constantly strive for growth and excellence. The person who performs all these functions is called an entrepnreur. The term ‘entrpnreure’ may be used for individuals who incubate new ideas, start enterprises based on those ideas and provide added value to society based on their independent initiative. The entrepreneurs have a vision, commitment to constructive change, persistence to gather necessary resources, and energy to achieve amazing results.

To perform the entrepreneurial role effectively, an entrepnreur has to be creative and innovative. Innovation may pertain to new products or services, new methods of production, adopting new sources of supply of raw material, adding new attributes to a product and introducing new, multiple and optimum utilization of resources. It requires the use o imagination and intuition for sensing opportunities.

It should also be noted that self-control, self-determination and self-confidence are the important attributes of successful entrepreneurs. They should fell that they do the work rather than being made to made to fell the same through outside forces. They should be capable of moulding their destiny and destiny of their enterprise.

Entreprneurial Qualities. David McClelland feels that an entrepreneur is one who is driven by the need for achievement towards accomplishment of tasks that challenge his competence. he exhibits the following characteristics or traits which clarify the nature fo entreprneurship:

(i)Creativity. An entrepreneur must have the ability to bring something new into existence. He should create new ideas which are sound and feasible.

(ii) Innovation. An entrepnreur has a creative ability to search for new opportunities. He keeps on trying new dieas.

(iii) Risk-taking. The entrepnreur takes moderate risks to achieve his goals. he is not agambler ; he undertakes risks consciously.

(iv) Desire to accomplish. The entrepnreur has a strong desire to accomplish something. He  wants to achieve a goal that poses reasonable challenge to him.

(v) Energetic activity.
The entrepnreur exhibits a high level of energy than an average person and spends a large proportion of his time in finding out novel ways of getting done the set task.

(vi) Perception of good ideas. It involves collecting and analyzing facts and thereafter falling upon his own self-confidence for accomplishing the task.

(vii) Future-oriented. The entrepnreur plans and thinks for the future. He anticipates possibilities that lie beyond the present.

(viii) Desire for responsibility.
The entrepnreur is ready to be personally responsible for the results of his decisions.

(ix) Skill in organizing. Entrepreneurs have remarkable skill in organizing work and human resources. They are able to make productive use of all the resources.

(x) Flexibility. Achievement-oriented entrepreneurs are adaptable and flexible to adjust with the changed circumstances.

(xi) Self-confidence. The entrepreneur has his own individuality and possesses great amount of confidence in himself. This helps in trying out new ideas.

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