An entrepreneur is an individual who has the capacity and willingness to run a business by knowing the risks to make profits. The process of setting up a business is known as entrepreneurship. It needs a business model, capital coupled with vision, enterprise, and industry. It is an integral aspect of any community, society, and nation to succeed in an ever-changing competitive global marketplace. An entrepreneur must spot opportunities, manage risks, and face challenges. He/she needs to take accountability and responsibility for success or failure.
WHO IS AN ENTREPRENEUR?
- Is visionary
- Is an investor(capital or fund)
- Is a risk-taker
- Is an Innovator
- Is future-oriented
- Is an enterprise creator.
QUALITIES OF AN ENTREPRENEUR
- CREATIVE THINKING: An entrepreneur must have creative thinking, motivation, conviction, and passion. He/she must be able to analyze the problems and bring proper solutions.
- LEADERSHIP ABILITY: An entrepreneur should have leadership abilities. So that he splits the works into groups and can finish the work without any conflicts.
- BUSINESS MANAGEMENT: He/she should possess business management skills. He should protect the organization’s secrets from competitors.
- COMMUNICATION ABILITY: He/she should have the ability to build connections and networking. Good communication skills always bring a benefit to the entrepreneur. He/she should maintain good relations with customers, partners, and employees.
- OPPORTUNITY GRABBER: An entrepreneur should be an opportunity grabber.
- TECHNICAL KNOWLEDGE: An entrepreneur should possess sufficient technical knowledge.
ENTREPRENEURSHIP, INNOVATION, AND IPR
Entrepreneurship, Innovation, and IP Rights (Intellectual Property Rights) can create sustained impact in the ecosystem. Entrepreneurs should bring innovative ideas to their ventures. Innovative offerings increase the efficiency and productivity of the workforce. It also helps to improve the brand values and increases the profit rate. Entrepreneurs need to be aware of IP rights and policies to benefit from innovative ideas. It helps to protect the business ventures from unjustified infringement claims from other entities.
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMY
Entrepreneurship is essential for several reasons to include promoting social changes, increasing innovation, increasing employment rates. Entrepreneurs are frequently considered as nation’s assets since they help in the national income of the country. Great entrepreneurs can change the lifestyle on a local and national basis. The standard of living has been increased with the development of entrepreneurship. Entrepreneurs help in increasing the country’s export trade and thereby play an important role in the economic development of a country. New and improved products and services from entrepreneurs boost the national income of the country. In addition to this, it increases the employment rate in that country. Through the invention of new products, entrepreneurs help in improved quality of life and economic freedom. For example, smartphones are used worldwide by more than 5 billion people. Technological entrepreneurship can have a long-lasting impact on the world until the growth of smartphones. Entrepreneurship is innovation and hence helps in providing funds for research and development with several institutions. It also helps in balancing regional development by setting up industries in less developed areas. The growth of business in these areas leads to several developments include transport, health, education, entertainment, etc. Thus the role of entrepreneurs in today’s economy is indispensable.