ENTREPRENEURIAL SKILLS- SME Intro-10.doc

Personality factors the supply of entrepreneurship in

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regions with a view to attain a balanced regional development. PERSONALITY FACTORS: - The supply of entrepreneurship in a society is largely influenced by the presence of individuals with the initiativeness, foresightedness and organizing and managerial competence. The following personality factors contribute to the entrepreneurial development: Personality : - The entrepreneurial personality comprises of the person, his skills, styles and motives. Impressive personality and individual skill help to develop entrepreneurship. These qualities are required for entrepreneurs because they have to work with officers, managers, engineers, labourers, customers, investors, govt. officers, ministers etc. Independence :-Another personality factors which influences entrepreneurship is independence. An entrepreneur works out plans on his own, searches and explores resources and experiences and uses inner urge to make the enterprise a success instead of waiting for suggestions or directions from others. Compulsion : - Certain compelling reasons also force the people to become entrepreneurs. These include: (a) unemployment or dissatisfaction with existing job or occupation, (b) to use technical or professional knowledge and skills, (c) to put the idle funds to use. A large number of technically qualified people after gaining initial experience and confidence and not being satisfied by their growth in the profession have a compulsive reason to try entrepreneurship
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Entrepreneurship as a form of leadership is to be distinguished sharply from routine and rule- following typical of non- entrepreneurs. Willingness to recognise and then exploit newly perceived opportunities is the hallmark of entrepreneurial behaviour. In concrete terms Schumpeter provides an exhaustive list of the typical opportunities entrepreneurs recognise and then exploit: The production of new products or new qualities of products The introduction of new production methods The creation of new forms of industrial organisation The opening up of new markets The opening up of new sources of supply Intrpreneurship .’Intrapreneurship is an individual intention or drive to innovate within an organisation, developing and implementing novel solutions to organisational problems often in a ‘bottom-up’ way’( Probst, 2010). Intrapreneurs learn from their failures and successes, using this experience in their next intrapreneurial activity; processing information in an intuitive way Entrepreneurial skills Three main sources of innovative opportunity are: incongruities, demographics, and perception change. Incongruities: Many times there are incongruities within industries. Go for the area in an industry where there is an apparent lack, like filling in missing pieces in a puzzle to make it whole. Make things as they “ought” to be instead of going along with how they are assumed to be in an industry. Demographics: In regards to demographics there is always an emerging niche through changes in demographic make-up. Being able to recognize these ecological niches provides innovative opportunity by catering to the unmet needs of an emerging group.
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Three main sources of innovative opportunity are: incongruities, demographics, and perception change.
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