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TYPES,CHARACTERI
STI
CSOFRNTREPRENEURS  Anachi evert hatpr ovehi sachi evement st ot he
ANDRATIONALEOFENTREPRENEURSHI
P wor ld.
Whatar eEnt repreneur ’
sr olesandQual ities?
Ifyouwantt ost ar tandsucceedi nyourent erprise,you
OBJECTI VES: arer equi redt opl aydi fferentr olesatdi fferentst ages
Att heendoft histopi cyoushoul d ofyourent erprise.Some oft he essent ialqual iti
es,
entrepr eneur s mustpossess ar e br iefly descr ibed
1.Know t ypes and char act eristi
cs of below:
ent r
epr eneur s (1)Ast rongdesi ret obeawi nner( needt oachi eve) :
2.Under st and t he secr ets of successf ul Peopl ewi th entr epreneur i
alhaveast rong desi r
et o
ent r
epr eneur s achieveahi ghergoalandmaket hei rdr eamscome
3.KnowLi feChangesSi tuati
ons true.
(2) A qual ity of st ick-to-
it( persever ance) : Once
WHOI SANENTREPRENEUR? commi t
ted t o a goaland a cour se ofact i
on,t hey
Creativit
yi syourkeyt ot hef uture.Al lprogresscomes becomeabsor bedi nit.
aboutasar esultofcont inuousf indi ngbet ter ,faster, (3)Moder ateandcal culatedr i
sk-taking
cheaper ,easi erordi ffer entwayst odot hings En t
re pre neu rsa ren o th i
g hr i
s k-t
ak ers.Theyar enot
An ent repr eneur i s t he one who i niti
at es and gambl ers.Theyl oveamoder ater i
sksi tuat i
on,hi gh
establishesaneconomi cact i
vit
y. enough t o be exi t
ing,butwi thaf airlyr easonabl e
Three mai nf actorsi nf luence t heirbehavi ourar e: ch anc e tow i
n .
knowl edge,ski llandmot ivati
onandnotl imitedt oany ( 4)Al ertnesst ooppor t
uni ti
es-Sei zingandconver ti
ng
cl
ass, communi tyorr eligion. op po r
tu nitys een to the i
ra d van t
ag ew ith inn ovative
Thechar msofbei nganent r
epreneurar emany: actions.
 Ani ndependentbei ngwi thpassi onandi nnovat on. (
i 5)Anal yticalAbi lity
 Wi thbet tereducat ionalbackgr oundcani ntroduce H asa n a l
yt i
ca lab ili
tyt oef fectivelyanal yzesi tuations,
moder n t echnol ogy, devel op subst i
tut es f or prob lems e tc. andi de n t
ify r
ight solu t
io ns tot hem
impor tedcomponent s. (6) Usi ng Feedback: Feedback of i mpr ove t heir
 Oppor tuni ti
esforsel f-developmentar emany. performance.
 Wor ki
ngonone' sownandget tingr ewar dsf orthat ( 7)Hopef orSuccess:Achi evementor ientedpeopl e
givei mmensesat isfact i
onandpl easur ethanwhat tend to be o pti
mi sti
c e ven i
n un fami liars i
tuati
o n s.
heget si nhi sjob. T heyu su all
yw inb ya pplyingt he i
r sp ec i
a l i
nsigh tan d
 Make si gnifi
cant cont ribut ion t o count r
y’s ski ll
.
devel opment (8)I ndependence:Theyl iket obet hei rownmast ers
 Takeowndeci sionsandact sont hem. an dw a n ttob eres po n si
b l
e forth ei
r ow nd e cisi
o ns.
 Gener atesempl oymentf orot her s. (9)Syst emat icPl anni ng:Mostsuccessf ulpeopl etend
to seta goalf ort hemsel vesand makesyst emat i
c
planst oachi evet hatgoalwi t
hinacer taint imel imit.
(10)Copi ngwi t
hSt r ess:Asacent ralf i
gur ei nyour

– Sel
fconf
iden – Persistentand
determi ned
– I ndependent – Will
ingt ol isten
– Opt imi sti
c – Hardwor king
– Dynami cl eader – Energet i
cand
forcef
ul
– Or igi nali
tyoft hought – Percept i
ve
– Bui l
dsonst r
engths – Goal-orient ed
– I nnovat i
veandcr eati
ve – Risk-taker
– Resour cef ul – Accept schal lenges
– Commi tted – Communi cat es
effect
ivel y
– Takesi nitiati
ve – Decision- maker
– Ver satileandknowl edgeable– Pr ofit
-or iented
– Get sal ongwi thothers – Seesbr oadpi ctur
e
– Fl exi bl
e – Mentallywel l
-
organized
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enter pr ise,youwi llhavet ocopewi thmanysi tuations ever y act ion cont ri
but es t ot he at t
ainmentofyour
att hesamet imeandmaker ightdeci sions, whi chmay vision.
involv eal otofphy sicalandemot ionalst r
ess. 6.Wor khar d!Ever ysuccessf ulent repr eneurwor ks
(11)Posi tivesel f
-Concept :Wi thawar enessofst r
engt h har d,har dandhar d.Nooneachi evessuccessj ustby
and weaknesses ent repr eneurdi rect s hisf ant asi es sitti
ngandst ar
ingatt hewal lever ysi ngleday.Br ian
towar dst heaccompl ishmentofwor thwhi l
egoal sand Tracyput si toutt hisway," Youwor kei ghthour sper
sets st andar ds of excel l
ence. He uses posi tive dayf orsur vival
;ever ythi ngoverei ghthour sperdayi s
knowl edget osuppor thi st hinki ng. forsuccess. "
(12)Rewar ds:Ther ear er i
sksandf rust r
ationsont he 7.Const ant l
yLookf orWayst oNet wor k.Maybet he
entrepr eneur ’
spat h,soi fyouar epr epar edandwi l
ling, ladyyoumeti nat radeassoci at ionmeet ingcanhel p
thent aket hepl ungeandr ecei vet her ewar ds yousecur ef unding,ort hegent lemanataconf erence
10SECRETSOFSUCCESSFULENTREPRENEURS canpr ovideyouwi thmanagementadvi ce.Tosucceed
Ist her eawayt odet er mi newhet heryoucanbea in busi ness,you need t o possessgood net wor king
successf ulent repr eneur ,oryouar ebet terof ftowor k skillsandal waysbeal er tt ooppor tuni t
iest oexpand
forsomebody el se? Al as,t her ei s no f or mul af or yourcont acts.
success.However ,most successf ulent repreneur s 8.Wi ll
ingnesst oLear n.St udi esshow t hatmostsel f-
shar et heset enchar act eristics.Checki fyoupossess made mi ll
ionaires have aver age i ntelli
gence.They
anyoneoft hem: achi evedbecauset heyar ewi l
li
ngt ol ear n.Tosucceed,
1.Thi nksuccess.Toat taint heki ndofsuccesst hat youmustbewi ll
ingt oaskquest ions,r emai ncur ious,
youwant ,youneedt odr eam bi g.Ever ysuccessst or y interested and open t o new knowl edge. Thi s
startswi thbi gdr eams.Youneedt ohaveacl earvi sion willingnesst ol earnbecomesmor ecr ucialgi vent he
ofwhatyouwantt oachi eve.Aper sonaldevel opment rapi d changes i nt echnol ogies and ways ofdoi ng
coachshar edmehersecr ett ohel phercont i
nuousl y busi ness.
visual izehergoal sf ort hemoment :when cl imbi ng 9.Per sever eandhavef ai t
h.Noonesai dt hatther oad
stairs,r eci teyourgoalwi thever yst epyout ake.Soi f tosuccessi seasy.Despi teyourgoodi nt enti
onsand
youwantmor emoney, say" Iwi l
lhavemoney"i never y har dwor k,somet imesyouwi llf ai l
.Somesuccessf ul
stepoft hest air
s.Thi st echni quewi llreinf orceyour ent repreneur s suf f
er ed set backs and r esoundi ng
goalandkeepi tfreshi nyourconsci ousness. def eats,even bankr upt cy,yetmanaged t o qui ckl y
2.Be passi onat e wi th whatyou do.You st arta standupt omakei tbi gi nt hei rf ields.Yourcour aget o
busi nesst ochangeanyoral lpar tofyourl i
fe.Toat tain per sistint hefaceofadver si
tyandabi li
tyt obounce
thischange, youneedt odevel oporuncoverani ntense, backaf terat empor arydi sappoi nt mentwi llassur eyour
personalpassi ont ochanget hewayt hingsar eandt o success.
li
vel ifet ot hef ullest .Successcomeseasi l
yi fyoul ove 10.Di sciplineyour sel f.ThomasHuxl eyoncesai d,"Do
whatyoudo. whatyoushoul ddo,whenyoushoul ddoi t
,whet her
3.Focusonyourst rengt hs.Youcannotbeever ything youl i
kei tornot .
"Sel f-di sci pli
nei st hekeyt osuccess.
toever ybody.Eachofushasourownst rengt hsand Thest rengt hofwi lltof or ceyour sel ftopayt hepr iceof
weaknesses.Tobeef fective,youneedt oi dent ifyyour success-doi ngwhatot her sdon' tl i
ket odo,goi ngt he
strengt hsandconcent rat eoni t.Youwi llbecomemor e extrami le,f i
ghtingandwi nningt hel onel ybat tl
ewi th
successf uli fyouar eabl et ochannelyouref for t
st o your self.
areast hatyoudobest .
4.Neverconsi dert hepossi bilityoff ailure.AynRand, LIFESITUATI ONSPEOPLEMAYFI ND THEMSELVES
inhernovel“ TheFount ainhead” ,wr ot e,"Itisnoti nt he IN AND THEBENEFI TSTO BEDERI VED FROM THE
natur eofman-norofanyl i
vi ngent ity,tost artoutby SITUATIONS
givingup. "Asanent repr eneur ,youneedt of ul l
ybel ieve Wef i
ndourselvesi ndi ff
erentli
fesituati
onsalloft
he
inyourgoal s,andt hatyoucandoi t.Thi nkt hatwhat ti
me.Itisanat urallawt hatwet rytomast ert
hese
youar edoi ngwi llcont ribut et ot hebet termentofyour si
tuati
onsaswel lashave‘ dominionoverthem’.Some
envi ronmentandyourper sonalsel f. ofthesesi
tuationsi nclude:
5.Pl anaccor dingl y.Youhaveavi si on,andyouhave 1. SocialGat her i
ng;
enoughf aithi nyour sel ft obel ievet hatyoucanachi eve 2. Visiti
ngANat i
onalPar k;
yourvi si on.Toachi eveyourvi sion,youneedt ohave 3. Subsi st
enceFar ming;
concr ete goal st hatwi llpr ovi de t he st eppi ng- stone 4. Politi
calCampai gn;
towar dsyourul ti
mat evi sion.Putyourgoal si nwr i
ti
ng; 5. Ci
t yLife/Rur alLif
e;
notdoi ngsoj ustmakest hem asi nt angiblef antasi es. 6. Unempl oyment ;
Youneedt opl aneachdayi nsuchawayt hatyour 7. UsingI nternet;

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8. Vocat
ionalTr
aini
ng; whi cht heyt ryt of ol l
owascl osel yaspossi ble.
9. Hunger/
Drought; 6.To r espond t o and accommodat et he changed
10. Famil
yandHome situat i
on,aper sonneedst out il
izet ools( pr incipl es,
11. Bei
ngInaFor ei
gnCount
ry;and ski l
ls,knowl edge)whi ch ar e appr opr iatef ort hat
12. Famil
yBusiness. situat i
on.Thr oughpr operpl anni ng,i ti spossi blet o
i
dent i
fyt her equi red r esour ces,bet heyphysi calor
Changesi nLi f
eSi tuat ions psychol ogi cal,t oaccompl isht het asks.I nt hesame
1.Act ivitiesandsi tuationsi nl i
fear emanyandvar i
ed. pl anni ngpr ocess, theamountofr esour cesr equi red, as
Thesesi tuat ionschangeovert i
meandaccor di ngt o wel last heirsour ces, isal soi dent i
fied.
locat ion.Thi ngshappent oyou,t oyourf ami ly,wi thin
yourcommuni ty,andeveni n yourgover nmentt hat Exer cise: Consi der t he si tuat i
on i n your
demand t hi ngs be changed and done di ffer ently. envi ronment /inst itution.I dent ifypr ior i
tyi ssues and
Event si nyournat uralenvi r
onment ,t hel egalsect or, answert hef ollowi ngquest ion.
thef inanci alsect or ,thel abourmar ket ,andevent he 1.Whati st hisLi f
eSi tuat ionAbout ?
weat hercanal lfor ceyout odot hingsdi fferent l
y.Ev en 2.WhatNeedsToBeDone?
event shappeni ngf arawayf r
om yourar eacanaf fect 3.WhoI sToDoI t?
youei therdi r ectlyori ndi rect l
y. 4.WhyShoul dTheOneI dent ifiedDoI t?
2.I nanysi tuat ion, therei sal wayssomet hi ngt hatcan 5.WhenShoul dI tBeDone?
bedonet oal l
evi at epr obl ems.Thei rf irstchal lengei s 6.WhatI sNeededToDoI t?
tost udy,anal yseandi nter pretthesi tuat ion.Thr ough 7.HowShoul dI tBeDone?
thispr ocesst henewchal lengespeopl ef acei nt henew 8.WhatI sYourResponsi bilityI nThi s?
envi ronmentcan be cl ear lyi dentified.The second
chal lenge i st o come up wi th possi ble sol uti
ons DI FFERENTTYPESOFENTREPRENEURS:
addr essi ngt hesenew chal l
enges,t hei mpl ement ation Manyt ypesofent repr eneur sar eneededt ohel pt he
ofwhi chwi llbef ul lofr ewar dsf ortheent erprisingman count r
yt ogr ow.Let ’slookatt hepossi bili
ties.
orwoman. 1. Sel f
-Empl oyed:I ndi vidual swhoper f
or m al lthe
3.Ever ybodyhast hepot ent i
alt oinitiateact ioni nany wor kandkeepal lt hepr ofit.Thi si ncl udesever ything
situat ioni fhe/ shehast hewi ll
,dr i
veandmot ivation. f rom f ami l
y-r un st ores, agent s, r epai r per sons,
Most men or women have i nnat e t alents and account ants, tophysi ciansandl awyer s.Itcanbeaf ull
capabi liti
est hatwoul denabl et hem t ocomeupwi th - ti
mej obbecausenooneel sei si nvol vedorempl oyed
valuedr esponsest oanychal lengesbr oughtaboutby wi thinthet rade.
newsi tuat ions.However ,themaj or i
tyofpeopl et endt o 2. Oppor tuni stic:Thosewhost ar tabusi nessand
besl owi nr eact ingorwai tforot herpeopl et oactf irst. expandasf astaspossi blei nor dert obeabl et ohi re
Ent er pr ising men and women ar e act ion or t ask ot herempl oyees.Usual ly,t heseaddi tionalempl oyees
orient ed,pr oact ive and wi l
li
ng t o adoptl eader ship havet henecessar yexper t
iset hatt heownerdoesnot
roles. have.
3. Invent or s: Those wi th par ticular i nvent ive
4.Byt aki ngact ionwhenconf rontedwi thunf ami li
ar abi li
ti
eswhodesi gnabet terpr oductandt hencr eat e
situat ions,peopl er ecei ve benef itst hatar e ei ther compani estodevel op, produceandsel lthei tem.Hi gh-
physi cal or psychol ogi cal . Enterpr ising men and t echnol ogycompani esoft hi st ypear eanewt rend.
women t end t or eactf ast eri n new si tuationst han 4. Pat t
er nMul tipliers:Thosewhol ookf orani dea
ordi nar y peopl e. They ar e abl e t o r ecogni ze someoneel sehasal readyhadsot hatt heycant hen
oppor t uni ties,andt akeadvant ageoft hem asl ongas cr eatet hei r own busi ness based on t his model .
thewi ndow ofoppor tuni tycont i
nuest or emai nopen. Fr anchi seoper ationorchai nst oresar eaf or m oft his
Theydonotwai tf orot herpeopl etoactf irst,andt hisis appr oach.
consi st ent wi th t he r i
sk-taking nat ure and 5. Economy of Scal e Expl oiter s: Those who
resour cef ulnessofent er prisingmenandwomen. benef i
tf rom a l arge vol ume ofsal es by of fering
discountpr icesandoper atingwi thver yl owover head.
5.Act ionshoul dbet akeni mmedi at elywhenaper son 6. Acqui rer s:Those who t ake overa busi ness
isi nanunf ami liarl i
fesi tuation.I mpl ement at i
onand st ar t
edbysomebodyel seanduset hei rowni deast o
accompl i
shmentofact ivitiesi sakeychar acter i
st i
cof makei tsuccessf ul .Thi sof t enhappenswhent her ei sa
ent erpr isingmenandwomen.Theydonothesi tate, financi alpr obl em i nt he cur rentoper ation.Fr esh
procr ast i
nat e or del ay i mpl ement ation. They ar e managementi deasmaysavet hebusi ness.
deci si ve and dev el op cl ear i mpl ement ati
on pl ans 7. Buy- Sel lAr tists:Thosewhobuyacompanyf or

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thepur poseofi mpr ovingi tsot hatt heycansel lit Whent olaunchalsomatt
ersi
nanyentr
epr
eneur
shi
p
againforapr ofit
. j
ourneytoavoidl
ossofhumanandmat
eri
alr
esour
ces
8. Specul ator s: Those who pur chase a
commodi t
yandr esellitf orapr ofit
.Realest at
e,ar t
,
antiquesandcr opsar etypi calspecul atoritems.
9. Internal:Thosewhocr eatenew i deasandt urn
them i nto a successf ulpr ojectwi thin an exi sting
business.Al thought heyhavenei thert hepr ofitnort he
personalf inancialr i
skoft hei rownbusi ness, t
heyneed
to use t he same met hods of oper ation as an
entrepreneur .
10. Franchi see:Af ranchi seei sani ndividualwho
startsabusi nessf orwhi chawi del yknownpr oduct
i
magehasal r
eadybeenest ablished.Thef r
anchisee
owns t he busi ness and assumes i t
s oper ating
responsi bi
lit
iessubj ectt ospeci f
icat i
onssetoutbyt he
franchisor.
11. Necessi ty: Unempl oyed person who
choosest oest ablishhi s/herownbusi nessi nor dert o
surviver athert handi eofhungerorcont inuet obe
dependentonpar ents,e.g.shoeshi neboy.

ROLE OF ENTREPRENEURSHI P I N BUSI NESS,

SOCI ETYANDI NSELFEMPLOYMENT
Entrepreneur s answert he har d quest ions t hatadd
valuet othequal ityofl i
feforSoci ety.Thesei nclude:
•WHATI STOBEPRODUCED?
Sincet wo- thi
rdsoft het otalproduct ionofgoodsand
servicesf ocuson t heconsumersect or,consumer s
compr iset he gr oup who det er mineswhati st o be
produced.Theent r
epreneurt akesnot eofconsumer
needs,anal ysest hem andt akesdeci sionsonwhatt o
produce.
•FORWHOM I SITTOBEPRODUCED?
Intheeconomy,t he“ ForWhom”quest ioni sgener al l
y
definedaswhoev erhast hemostmoneyt obuyt he
it
emswhi char emadef rom thef act orsofpr oduction.
Gener all
yspeaki ng,t hepeopl ewi tht hemostmoney
aret hosewhoownasuccessf ulbusi ness( consumer s
wantt heirgoodsandser vi
ces)and/ orthosewhoar ei n
occupat i
onsi nhi ghdemand( businesseswantt heir
skil
ls).
•HOW WI LLI TBEPRODUCED?
Thisi s det ermined wi tht he consumer i n mi nd,
primar i
lyt hrough t hei nteracti
on ofbusi nessesand
consumer s.Forex ample, t
heRol l
sRoycei sal uxuri
ous
carmadewi thhi ghexpensesandl ast sal ongt ime.
Manyconsumer showevercannotaf fordaRol lsRoyce.
Entrepreneur s not e this poi nt and pr oduce l ess
exclusivecar satal owerpr i
cei nor dert osat i
sfyt he
needsandwant soft hosewhocannotaf fordaRol l
s
Royce.
•WHEN WI LLI TBEPRODUCED?Ent repreneur sseek
anduseoppor t
uni t
yavai lablet of il
li dent ifi
edgaps.

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