Laws Entrepreneurship Development Book Pdf


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In book: Advances in Lac Production, Processing, Product Development and Value Addition, Edition: First Edition , Chapter: 22, Publisher. ENTREPRENEURSHIP DEVELOPMENT. And, in the process, entrepreneurship becomes crucial for overall economic development of a nation. Given its. this book contain broad discussion about entrepreneur, traits, types, characteristics, theories.

Entrepreneurship Development Book Pdf

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Download Entrepreneurial Development Download free online book chm pdf. Check our section of free e-books and guides on Entrepreneurship now! This note covers the following topics: Developing the Entrepreneurial Mindset, Ideation, Customer . Business Environment And Entrepreneurship (PDF P). Need and Significance of Entrepreneurship Development in Global Entrepreneurship development programs, or EDPs in short, are Many educational materials (e.g., distance learning courses or business books) can.

External Environment: An entrepreneur is a person who faces uncertainty. The future is uncertain. So the decision of entrepreneur affects the profitability and reputation of the enterprise. An entrepreneur must have a coordinator. He allocates the resources and utilizes the resources for achieving the target. Without coordination an entrepreneur cannot achieve the target. An entrepreneur has to perform the following function: The future is unpredictable.

The entrepreneur has to take risks in these circumstances. If the venture succeeds, the entrepreneur profits; if it doe not, losses occur. Thus, taking risks forms an important entrepreneurial function. All decision concerning business are taken by the entrepreneur.

He has to formulate an action plan regarding the product and quality of the product to be produced. He has to evolve the best possible method of production which would earn him a sizeable profit. The entrepreneur performs various managerial functions. The entrepreneur arranges finance, purchase raw materials, provides the necessary infrastructure for production. The entrepreneur has a multifaced personality when he undertakes managerial functions. The most important function of an entrepreneur is innovation.

He introduces far-reaching improvements in the quantity and quality of production line. He considers the economic viability and technical feasibility of an invention. The entrepreneur coordinates the other factors of production. Coordination involves selection of the right type of factors, employment of each factor in the right quantity, use of the best technical devices, division of labour, reduction of waste etc. An entrepreneur must have good relations with his customer to earn profit and win their confidence in his product.

He must also maintain good relations with his employees. An entrepreneur analysis the environment. Environment are those factor which affect the business. There are two type of environment: Internal environment are controllable External environment are beyond the control of the business.

Planning is the first function of the management. Planning is deciding in advance what is to be done, how is to be done, which is to be done, by whom is to be done. It is very necessary function of entrepreneur. Without planning an entrepreneur cannot achieve the target. Utilizes the Resources: Role of Entrepreneur in Economic Growth: Importance of Entrepreneur in Economic Development: An entrepreneur allocates the resources and utilizes the resources.

An entrepreneur must utilize the resources for the achievement of the objectives. If the entrepreneur doe not utilizes the resources he cannot become a successful entrepreneur. The position of the entrepreneur in modern production is like that of the director of a play.

Modern economic development is closely linked with production. Modern production is higher complex. The entrepreneur directs production and he must do whatever is necessary for its success. His role in modern economic development has at least three aspects: This involves not only assembling the factors, but also to see that the best combination of factors is made available for the production process. This is the important function of the entrepreneur and the quantum of profit he receives is directly proportionate to the risks he takes.

Risks are generally based on the anticipation of demand. Innovation is different from invention. Invention is the work of scientists. Innovation implies the commercial application of an invention. As an innovator the entrepreneur assumes the role of a pioneer and an industrial leader. The entrepreneur can undertake anyone type of the following five categories of innovation: Every country tries to achieve maximum economic development.

The economic development of a country to a large extent depends on human resources. But human resource alone will not produce economic development-there must be dynamic entrepreneurs. Importances of entrepreneurs in economic development are: Growing unemployment particularly educated unemployment is an acute problem of the nation.

If a hundred persons become entrepreneur they not only create a hundred jobs for themselves but also provide employment to many more. These enterprises grow providing direct and indirect employment to many more. Thus entrepreneurship is the best way to fight the evil of unemployment. The domestic demand increases with ever increasing population and standard of living.

The export demand also increases to meet the needs of growing import due to various reasons. An increasing number of entrepreneurs are required to meet this increasing demand for goods and services. Thus entrepreneurship increases the national income. When a society produces a small number of entrepreneurs the enterprise due to lack of competition grow into a few big business houses.

This results in concentration of wealth in a few families. This can have a serious social and national implication. When the number of entrepreneurs increases, a large amount of national wealth is also shared by a large number of entrepreneurs, thus dispersing wealth. This dispersal of wealth promotes the real socialism and makes the economy healthy. The growth of industry and business leads to a large number of public benefits like road, transport, health, education, entertainment etc.

A rapid development of entrepreneurship ensures a balanced regional development. When the new entrepreneurs grow at a faster pace, in view of the increasing competition in and around the cities, they are forced to set up their enterprise in the smaller towns away from big cities. This helps in the development of the backward regions.

Entrepreneurship is essential for national self-reliance. Businessman export goods and services on a large scale and earn the scarce foreign exchange for the country. Such import substitution and export promotion help to ensure the economic independence of the country. Many problems associated with youth and social tensions are rightly considered to be due to youth not being engaged in productive work.

In the changing environment where we are faced with the problem of recession in wage employment opportunities, alternative to wage career is the only viable option. The country is required to divert the youth with latent entrepreneurial traits from wage career to self employment career. Such alternate path through entrepreneurship could help the country in defusing social tension and unrest amongst youth.

Entrepreneurs set up industries which remove scarcity of essential commodities and introduce new products. Production of goods on mass scale and manufacture handicrafts etc. These offer goods at lower costs and increase variety in consumption. India is considered to be very rich in natural resources. A few large scale industries started by entrepreneurs from outside the state in economically backward areas may help as models of pioneering efforts, but ultimately the real strength of industrialization in backward areas depends upon the involvement of local entrepreneurship in such activities.

Increased activities of local entrepreneurs will also result in making use of abundantly available local resources. Business enterprises need to be innovative for their survival and better performance.

Entrepreneurship development programmes are aimed at accelerating the pace of small firms' growth in India. Increased number of small firms is expected to result in more innovations and make the Indian industry compete in international market. Explain the Theories ofAn Entrepreneurship. Theory of Entrepreneurship: According to Schumpeter Entrepreneurship refers to a process of action an entrepreneur undertakes to establish his enterprise.

Main theories of entrepreneurship are summarized as follows: A Function of Innovation: Joseph A. Schumpeter , for the first time, put the human agent at the centre of the process of economic development and assigned a critical role to the entrepreneurship in his theory of economic development. He considered economic development as a discrete technological change. The process of development can be generalized by five different types of events: An Organisation Building Function: Fredrick Harbison states that the 'organisation building' ability is the most critical skill needed for the industrial development.

According to him entrepreneurship means the skill to build an organization. Harbison spots the crux of the entrepreneurship in his ability to multiply himself by effectively delegating responsibilities to others. The main features are: A Function of Managerial Skill and Leadership: Hoselitz states that a person who is to become an industrial entrepreneur must have additional personality traits.

In addition to being motivated by the expectations of profit he must also have some managerial abilities and more important he must have ability to lead.

Hoselitz maintains that financial skills have only a secondary consideration in entrepreneurship. According to him managerial skills and leadership are the important facts of entrepreneurship. He identifies three types of business leadership in the analysis of economic development of under-developed countries: The merchant money lender type The managerial type The entrepreneur type.

A Function of High Achievement: Mc Clelland states that a business man who simply behaves in traditional ways is not an entrepreneur. Moreover, entrepreneurial role appears to call for decision making under uncertainty. Mc Clelland identified two characteristics of entrepreneurship firstly "doing things in a new and better way" and secondly "decision making under uncertainty".

Persons with high achievement would take moderate risks. They would not behave traditionally no risk. The high achievement is associated with better performance at tasks which require some imagination, mental manipulation or new ways of putting things together, and such people do better at non routine task that require some degree of initiative or even inventiveness.

People with high achievement are not influenced by money reward as compared to people with low achievement. People with low achievement are prepared to work harder for money or such other external incentives. For people with high achievement, profit is a measure of success and competency. A Function of Social, Political and Economic structure: John Kunkel states that the industrial entrepreneurship depends upon four structures which are found within a society or community.

The society limits specific activities to members of particular subcultures. This limitation structure affects all the members of a society.

Routledge Handbook of Entrepreneurship in Developing Economies

The limitation structure is basically social and cultural but the demand structure is mainly economic. The demand structure is not static, and changes with economic progress and government policies. Demand structure can be improved by providing material rewards. This structure is necessary to increase the probability of entrepreneurial activity. The opportunity structure constitutes the availability of capital, management and technological skills, information concerning production methods, labours and markets.

All the activities associated with the effective planning and successful operation of industrial enterprises. Kunkel argues that the labours supply cannot be viewed on par with the supply of other material conditions like capital.

He states that labours means 'men' and is a function of several variables. The supply of factory labours is governed by available alternative means of livelihood, traditionalism and expectations of life. Liebenstein identified gap filling as an important characteristic of entrepreneurship.

In economic theory the production function is considered to be well defined and completely known. But the theory is silent about the keeper of the knowledge of production function. Where and to whom in the firm this knowledge is supposed to be available is never stated.

It is the entrepreneurial function to make up the deficiencies or to fill the gaps. These gaps arise because all the inputs in the production function cannot be marketed because some inputs like motivation, leadership etc.

This "gap-filling" activity gives rise to a most important entrepreneurial function namely "Input-Completing". He has to marshal all the inputs to realize final products.

AFunction of Group Level Pattern: Frank W. Young was reluctant to accept the entrepreneurial characteristics at the individual level. According to him, instead of individual, one must find clusters which may qualify itself as entrepreneurial groups, as the groups with higher differentiation have the capacity to react.

He defined 'reactiveness' or 'solidarity' as the degree to which the members of the group create, maintain and project a coherent definition of their situation; and 'differentiation' is defined as the diversity, as opposed to coherence, of the social meanings maintained by the group, when a group has a higher degree of institutional and occupational diversity, relative to its acceptance, it tends to intensify its internal communication which gives rise to a unified definition of the situation.

What are the objectives and Phases of Entrepreneurial Development Programme. Objectives or Need of EDPs: A Initial or Pre-Training Phase: Entrepreneurial development programme means a programme designed to help a person in strengthing his entrepreneurial motive and in acquiring skills and capabilities necessary for playing his entrepreneurial role effectively.

It is very necessary to promote his understanding to motives, motivation pattern, their impact on behaviour and entrepreneurial value. A programme which seeks to do this can qualify to be called as EDP. In other words A EDP is primarily concerned with developing and motivating entrepreneurial talent and growing him to be an effective entrepreneur. An entrepreneur make use of the factors of production to the fullest advantage of the society, create innovations, generate employment, improve the standard of living of people, develop backward areas etc.

EDP has an important role to play in solving the unemployment problem. Phases of Entrepreneurial Developement Programme: An entrepreneurial development programme consists of three broad phases: This phase includes the activities and the preparations required to launch the training programme.

The main activities are: Thus, pre-training stage involves the identification and selection of potential entrepreneurs and providing initial motivation to them. Selection of potential entrepreneurs has two essential components: Identifying Entrepreneurial Traits: Identification of Enterprise: B Training or Development Phase: Every participant must have a minimum level of eligibility for developing into an entrepreneur.

Entrepreneurial traits include socio- personal and human re-sources characteristics: The most common socio-personal characteristics are: Caste and family background help create entrepreneurial environment and occupational awareness for the entrepreneurs. Studies have revealed that younger people are more successful entrepreneur. A minimum level of education is essential to perform functions like meeting officials etc. The size of the family and the entrepreneur's status in the family are important.

A small entrepreneur has generally to depend upon family members as he cannot afford to hire workers. These are: It is the urge to improve one-self in relation to a goal. It refers to seeking challenge in one's activity.

It has been defined as the desire for influencing other people and surrounding environment. It has been defined as the general sense of adequacy in a person. Once an entrepreneur having necessary socio- personal and human resources characteristics is identified, it is necessary to identify s suitable enterprise or project for him.

The enterprise must be matched with the potential entrepreneur. All the background information like his skills, experience in the field, etc. The raw materials availability, the marketing avenues and profitability of the enterprise have to be explored.

New Paths of Entrepreneurship Development

During this phase the training programme is implemented to develop motivation and skills among the participants. The objective of this phase is to bring desirable changes in the behaviours of the trainees.

The trainers have to judge how much, and how far the trainees have moved in their entrepreneurial pursuit's. Atrainer should see the following changes in the behaviour of participants: The main training inputs are as follows: Once the entrepreneur selects a particular enterprise the technical aspects of the trade is essential. He needs to also know the economic aspects of the technology including costs and benefits.

In order to develop human resources, development of achievement motive is essential. The purpose of AMT is to develop the need to achieve, risk taking, initiative and other such behavioural traits. A motivational development programme creates self awareness and self confidence among the participants and enables them to think positively and realistically. The participants should be given opportunity to actually conduct market surveys for their chosen project.

Once a participant is able to start the enterprise he requires managerial skills. Managerial skills are particularly essential for a small scale enterprise who cannot afford to employ specialists in different areas of management. The aim should be to enable the participant to look at an enterprise in its totality and to develop overall managerial understanding.

Alot of time needs to be devoted to the actual preparation of project. Their active involvement in this task would provide them necessary understanding and also ensure their personal commitment. This phase involves assessment to judge how far the objectives of the programme have been achieved. Monitoring and follow up reveals drawbacks in the earlier phases and suggests guidelines for framing the future policy.

In this phase infrastructural support, counseling and assistance in establishing new enterprise and in developing the existing units can also be reviewed. Some common activities in the monitoring and follow up process are as follows: Content of Training Programme: Some of the major institutions for EDPs in India are as follows: The entrepreneurship development institute of India is an apex entrepreneurship institute promoted by industrial development bank of India, Industrial credit and Investment Corporation of India, Industrial Finance Corporation of India and state bank of India.

The institute enjoys acute support of government of Gujarat. The institute has been operating for the past more than 15 years now. The institute undertakes entrepreneurship development programmes to serve the following development objectives: The main objective of the institute are explained as follows: Xavier Institute of Social Services, Ranchi has been training rural entrepreneurs since Xavier Institute provides the training and assists the trainees in drafting project proposals and obtaining the required finance.

It offers a six months programme to tribal with minimum literacy and numeracy skills. The programme consists of: Explain the Entrepreneurial Development Programme in India. This is a technical management consultancy Organization.

It was promoted by all-India financial institutions and state Corporations. It undertakes assignments for project planning, detailed engineering, market surveys, management surveys and entrepreneurship development programmes. The programme consists of the following stages: This Centre was organized as registered society by a number of prominent industrialists, businessman, bankers, professionals and social workers.

It was setup in response to rapidly increasing unemployment and social unrest in Calcutta during the early s. It began as a vocational programme to provide self employment for educated youths.

It has developed innovative approaches to help people set up their own business. The main programme are explained as follows: Access to high quality consultancy services improves the operational efficiency of entrepreneurs.

All India financial institutions have set up TCOs to provide industrial consultancy and training to entrepreneurs. These organizations provide a comprehensive package of services.

In an entrepreneurial development programmes, the target group refers to the group of the persons for whom the programmes is design and undertaken. Every target group has its own needs and constraints. Therefore, the programmes designed for one group might be 4 Madhya Pradesh Consultancy Organization Ltd. Write a short note on Target Group. Before the programmes is designed and started the target group to be trained must be clearly defined. An executive development programmes may be organized for any one of the following target groups: The training programmes for such people may be design to enable and assist them in setting up their own manufacturing units.

The industries selected for this purpose may be directly related with their qualifications and experience. Persons who have retired from the army, navy and air force constitute an important group for entrepreneurial training.

These persons have acquired many useful skills and experience during their service period. They tend to be highly disciplined, hardworking, engineering and innovative. Therefore they can become successful entrepreneurs after proper entrepreneurial training.

Some business executives want to start their own independent enterprise after getting sufficient business experience. Some of them have certain innovative ideas which they are not able to try in their existing firms due to lack of sufficient authority. Some among them are not satisfied with their present economic and social status.

After entrepreneurial training senior business executives can become successful entrepreneurs. Women are entering the business especially traditional food processing industries like spices, agarbati, papad etc. Several Governments and non- governments organizations organizing entrepreneurial training programmes for women.

Government of India is committed to be upliftment of scheduled castes S. C and Scheduled Tribes S. Therefore specified percentage of jobs has been reserved for these castes. But all persons from these groups cannot be offered employment. Government agencies give preference to S. C and S. T entrepreneurs in providing finance and other necessary facilities. The government of India has been established specialized agencies for training entrepreneurs.

Special schemes have also been launched to train, develop and assist entrepreneurs. The government of India for the first time tabled the new small enterprise policy in titled 'Policy Measures for Promoting and Strengthening and Supplementing Small, Tiny and Village Enterprise, in Parliament on August 6, The main thrust of the new small 1.

Technical and other qualified Persons: Les uncertainties and takes challenges. The common saying of "No. The nature of that rul rs bcrond the capacity and control, as rvell as. Schumpeter 'rd h rp is especialll. Being rr r:rr! Entrepreneurial innovation may occur in any,one olthe tollorving five cases: l. Introduction bfnew goods; 2- Introduction of new utethods of production; 3. Opening of new markets;.

Identificatiol: of new source of supply ol-rau, rnaterialsl and ' Th. Carryingout of a new organization culture' Needfor Achievemcnl It is another basic characteristic of an entrepreneur. Other Charscterislics otherimportantcharacteristicsofentrepreneursare. Some of the characteristics sugcestc: An enlrepreneur takes cha.

As a result, they cannot become successfu. Cantillon identified this characteristii r, An entrepreneur always takes calculated and moderate risk. An entrepreneur is a power seeker. Power nray'hr dir ided into two types: a c. Thosc who have no in fl ucncing,power' cannot bcconte successful enlreprclleurs' Locus of Conlrol Another characteristic of an enrrePrcneur is locus of control. Locus of control refers to the ertent br rrhich a Person. It ma be dir ided into two types: and b external.

On the orher hand, external locus of control oriented people think that thel are mainll conrrolled or propelled by the external environment. They have a linle confidence on their u'orks' Entrepreneurs are usually' internal locus of control oriented. Since they'actir. Creativiq' Anotherpsychologicalclraracteristicofanentrepreneuriscreativity.

A group of successful F. The entrepre- rrr cfrirni rcrs behind the developments of the new developed ;-! Generally, the term risk means d,. It is actually rhe possibility that a loss or injury will occur. We have already :nentioned that there are two types of risks: a pure risk and 'ol speculative risk.

Pure risk is a situation that can only create a rrss On the other hand, a speculative risk is a situation that may :euse loss or gain. There are three rypes of uncertainties. Based on :hese uncertainties, risks may emerge. These uncertainties are ra natural uncertainty, b financial uncertainty and c human uncertainty.

An entrepreneur has to work within the financial uncertainty.

Human and natural uncertainties are insurable. As such, he puts less importance on them. The first task of an entrepreneur is to create a new thing where risk is always involved.

Thus the primary function of an entrepreneur is to take risk that is calculated or moderate in nature. Innovction Another function of an entrepreneur is innovation. According to economists, an entrepreneur is a person with innovation and creativity. Schumpeter identified five functions of an entrepreneur relating to innovation, i. Historicalll" entrepreneurship played an important role in bringing about economic chffnge ol a particular economy' Presently' developed countries achieved this higher status with the help of technological lntroduclion l3 :-'r:rrc.

A Ifa,lew noted that renorvrred Psyclrologist A. It is'observed that the economic groMh of a country depends on t-actors like availability of natural resources, rate of capital formation, tar orable capital-output ratio, technological progress, dynamic. Catrell anc Butchir ,1. ReSeafChefS ,-': - : '. Potter rightlr alsr-r r rerred rhat the uorking economic assetsT of a societv do not depend onlr on the resources, i.

The conversion trf the resources intrr economic productivity by value addition needs et'fective human resources. T'hus orgnnization-builders and human resource i'e" Dreneurs or organizers w'ho acknowledge ilil;;';' ,i -";:;;;-,,r,p". As a resutt, totui p'oauction importance of entreprelleur- L'conomic development is aslricved' The below' ship in economic development is highlighted Proper Utilization af Resources depends on the.

They produce new goods and services by using creativitY and innovation' E capiral urd organization or cntttprcncurship' Four factors of produclion are land' labor' lntroductlon lj H- I- rForunt aspect of econonric derelt'rpment is industrializa- g lrrr'! A country may have a ;trr. Entrepreneurs take al! Oa 1 E alafrcnt Opportun ities i. They establish new organizations that cmpio labor force.

Thus, entrepreneurs create opportunity for cmpiolment. Motivational Training to new entrepreneurs. Help and guidance in selecting products and preparing project reports. Making available techno-economic information and project reports. Evolving locally suitable new products and processes.

Availability of local agencies with trained personnel for entrepre neurial counselling and promotions. Creating entrepreneurial forum. Recognition of entrepreneurs. Registration of unit 2. Arranging Finance 3.

Providing land, shed, power, water etc. Guidance for selecting and obtaining machinery Entrepreneurial 5. Supply of scarce raw Development materials Cycle 6. Providing common facilities 8. Granting tax relief or other subsidy 9.

Offering management consultancy Help marketing product Providing information Help Modernization. Additional financing for full capacity utilization. Quality testing and improving services. Each phase of activities mentioned above is highly interactive, supplementary and crucial through which entrepreneurial activities flourish and grow. Product and Process Oriented Approach: EDPs are organized for a group of prospective entrepreneurs who opt for enterprises having a set product-line or process such as plastic or electronics or construction materials of food technology etc.

Training Intervention Approach Training in entrepreneurship provides an impetus to the potential and budding entrepreneurs to acquire a new identity about him. Th is is perceived as an approach towards transforming people which serves the purpose of making them aware of their own identity, help them accept a new identity and finally establish such identity for entrepreneurial pursuit and thus, serving the purpose of stimulation, orientation, preparation and implementation in a sequential order.

Approach of entrepreneurial training should have following salient features. Suggestions The entrepreneurship developmental efforts in future should take care of that: Imparting a combination of skill orientation and entrepreneurial competency for group of persons with diverse backgrounds. Promoting of industries, services and business in rural development programmes including specific programmes for women by adopting group approach.

Developing more and varied self employment programmes including programmes for persons with science and technology background. Promoting group entrepreneurship or partnership c o m p a r e d to concentrating only on proprietory type of enterprises.

Promoting marketing entrepreneurship and development of marketing organisations at the state level. Making entrepreneurship an integral part of school education at plus two level, and in various professional, vocation and other advanced courses at different levels.

This capsule programme could be followed up by a regular EDP of six weeks duration to those short listed students who show potential to Be transformed as entrepreneurs. Interface with bankers and promotional officers will enthuse prospective as well as existing entrepreneurs. Similarly, use of live cases from banks of SSI units financed or under consideration, and experiences of first generation entrepreneurs will make the training programme quite lively and instructive.

Networking Processing - accounting, billing etc. Agriculture based Scientific cultivation of crops, crop rotation, crop intensity, multiple Cropping etc. Entrepreneurship Development. Flag for inappropriate content. Related titles. Neuromuscular Disorders in Critically Ill Patients.

Jump to Page. Search inside document. Journal of I. Chhikara Hawley called him owner of the output and F. Journal of IT and Management - Vol. Chhikara vi Synergize, and vii Sharpen the saw and carry on continuous personal and organizational improvement.

Chhikara Some Empirical Observations: Entrepreneurship flourishes in communities where resources are mobile.

There is positive linkage between Entrepreneurship and economic prosperity. Entreprene urship is instrumental in achieving progress in all walks of life.

Entrepreneurial culture needs to be an in-built mechanism of development process. Competencies could be broadly grouped as: Enterprise launching and resourcing. Enterprise management. Quality consciousness and standardization of products.

Journal for International Business and Entrepreneurship Development

Fast changing Technology - everyone connected to everything anywhere. Deliberate efforts are made to develop entrepreneurship. Chhikara towards high level of competency, creativity and fulfilment. Chhikara emphasised. Chhikara Each phase of activities mentioned above is highly interactive, supplementary and crucial through which entrepreneurial activities flourish and grow. Involvement of NGOs, and professional and vocational training institutions.

Annexure - I Emerging Demand Areas 1. A Revisit 3. Packaging and Marketing based Enterprises. Documents Similar To Entrepreneurship Development. Rohit Shinde. Gopalan Kathiravan. Madhavi Sadiza. Popular in Culture. Paolo Nazareno. Lasse Robertsen. AnjoVision I. Fernando Silveira. Japalau Vladimir. Gabriele Maffoni.

Mario Lopez. Auyero, J. Joaileen Tan. Ajie SmoothLand. Bobbie Little. Liu Meisi.

Latest Laws Team. H Janardan Prabhu.If the venture succeeds, the entrepreneur profits; if it doe not, losses occur. Integrity is just like a bank account which keeps on increasing and decreasing. Intellectual capital, human capital, and public capital in the form of infrastructure and social norms provide even more important resources to the entrepreneur.

And last, but certainly not the least, the most important single axiom for entrepreneurs is: Respect Respect for the customer. Emerging opportunities need to be focused upon. Once a participant is able to start the enterprise he requires managerial skills. In conclusion it can be said that the characteristics of the small entreprelleurs vary from business to business wilh different degree.

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