INTRODUCTION

Entrepreneurship is a full time job which requires dedication and hard work. Entrepreneurs are innovators. They are owners, producers, market creators, decision takers and risk takers. Entrepreneurs are referred to as fourth 'Factor of Production' along with the other factors such as land, labour and capital. They generate employment opportunities so they are the backbone of nation's economic progress. They play a very important role in the development of any country.

CHARACTERISTICS OF AN ENTREPRENEUR.

Entrepreneurs have some special characteristics like creative thinking, imagination, enthusiasm, sincerity etc. The characteristics of an entrepreneur may be briefly stated as follows:

1) Intellectual Capabilities:

An entrepreneur is a creative thinker. He has reasonably good intelligence. He has ability to analyze business situations. This ability will help him to take proper decisions.

2) Future Vision:

The entrepreneur has a good foresight about future market situation. He should also have knowledge about external business environment. This will help him to take proper decisions according to the situations and changes in the market. So, he can take timely actions for the same.

3) Hard Work:

entrepreneur is ready to work hard. It is more necessary when a new venture is started. He has to work for long hours. Many a times he has to handle the main areas of business independently. This will make him successful.

4) Technical Knowledge:

An entrepreneur has good technical knowledge about his business. The entrepreneur has the ability to update himself with the latest knowledge about the product, process and technology.

5) Communication Skills:

An entrepreneur needs to communicate with different people like customers, suppliers, creditors, employees, etc. He must be able to express his ideas and strategies effectively. It is necessary that there is a proper understanding between the sender and the receiver of the message.

6) Highly Optimistic:

An entrepreneur has to always think positively. He is always hopeful and confident about the market situations even in failure times. Such positive attitude helps him to run his business successfully.

7) Risk bearing capacity:

Successful entrepreneur takes calculated risks. He is ready to face challenges and always seeks new and more opportunities.

8) Self Confidence:

An entrepreneur has self-confidence. He has positive desires to achieve his goals. Such self motivation keeps him strong and confident to face various obstacles.or distractions to their goals.

Qaulities of successful Entrepreneur

1.Disciplined

An entrepreneur has comprehensive strategies and outline the tactics to accomplish them. Successful entrepreneur is disciplined enough to take steps every day towards the achievement of his objectives.

2.confidence

The entrepreneur does not ask questions about whether he can succeed or whether he is worthy of success. He is confident with the knowledge that he will make his businesses succeed. He Confidence: shows that confidence in everything he does.

3. Open Minded:

Entrepreneur realizes that every event and situation is a business opportunity. Ideas are constantly being generated about workflows and efficiency, people skills and potential new businesses. He has the ability to look at everything around him and focuses it towards his goals.

4. Self Starter:

Entrepreneur knows that if something needs to be done he should start it himself. He sets the parameters and makes sure that projects follow that path. He is proactive, not waiting for someone to give him permission.

5.Competitive :

Many companies are formed because an entrepreneur knows that he can do a job better than others. He needs to win the game of business. An entrepreneur will highlight his own company's track record of success.

6.Creativity:

One aspect of creativity is being able to make connections between seemingly unrelated events or situations. Entrepreneur often comes up with solutions which are the synthesis of other items. He will repurpose products to market them to new industries.

7.Determination:

Entrepreneur is not thwarted by his defeats. He looks at defeat as an opportunity for success. He is determined to make all of their endeavors succeed, so will try and try again until it does. Successful entrepreneur does not believe that something cannot be done.

8. Strong communication skills:

The entrepreneur has strong communication skills to sell the product and to motivate employees. Most successful entrepreneur knows how to motivate his employees so the business grows overall. He is very good at highlighting the benefits of any situation and coaching others to their success.

9.Strong work ethic:

The successful entrepreneur will often be the first person to arrive at the office and the last one to leave. He will come on his days off to make sure that an outcome meets his expectations. His mind is constantly on his work, whether he is in or out of the workplace.

10.Passion :

Passion is the most important trait of the successful entrepreneur. He genuinely loves his work. He is willing to put in those extra hours to make the business succeed because there is a joy his business gives which goes beyond the money. The successful entrepreneur will always be reading and researching ways to make the business better.

Function of entrepreneur

Innovation:

An entrepreneur is basically an innovator. He introduces new combinations of means of production He must introduce new products or brings changes in the existing products. Customers are satisfied with new products or new features in the existing products Innovation is also necessary to solve problems that arise in the business.

Determination of Objectives:

An entrepreneur has to determine the aims and objectives of the business. There may be difference between primary and secondary objectives of the enterprise. He can change these objectives as per the market situations.

Development of Market: The entrepreneur has to find out different ways for marketing the products and services of his enterprise. He can conduct surveys or research to understand the customer's demand. When the markets are developed constantly, the demands of the consumers will increase .

New Technology:

In global world. everyday there is an invention of new technology. Introduction of new technology will always result in growth of business e.g. new machinery, advanced technology. new and scientific methods of production, etc.

Good Relations: It is necessary to maintain healthy working atmosphere in an organization. It depends upon the efficient relations between subordinates and superiors. Co-ordination among the employees is the key of success

Organizing Funds:

Entrepreneur needs to find out different financial resources because adequate and continuous finance is always necessary for business. Good-and honest relations with the investors is necessary for every business

Taking Decisions:

An entrepreneur has to take wise decisions for his enterprise Timely and correct decisions are also important and necessary for a proper business plan. He should always consider the pros and cons before taking any business decision

Process of Entrepreneurship Development

Programme (EDP) The traditional school of thought had been thinking that 'entrepreneurs are born and not made' where as the modern observation mentions that some entrepreneurs may be born but a large number of them can be made by education and training. Hence, today there is a need of training to produce eligible future entrepreneurs. Training is a scheme of instructions which is planned, systematic, consistent, pervasive and monitored to measure its effectiveness. It is an integral input of managerial development. Training broadens the vision of entrepreneurs by providing them suitable opportunities for an interchange of experience within and outside an industry. It builds necessary skills of new entrepreneurs. It imparts knowledge of marketing of goods, production methods, consumer's education etc. Training exposes an entrepreneur to the latest development which can directly or indirectly affects him. With the help of training there can be minimization of excessive scraps, defective outputs and wastages in the production process. Training helps in improving overall efficiency of an entrepreneur. The process of training helps an entrepreneur to accept new technology, team spirit, standardization, reduces fatigue, minimizes industrial accidents etc. Some methods of training are lecture method, demonstration method, individual instructions, group instructions, meetings, conferences, seminars, etc.

2) ENTREPRENEURSHIR DEVELOPMENT PROGRAMMES (EDP)

An entrepreneurship development programme has been defined as 'a programme designed to help a person in strengthening his entrepreneurial motive and in acquiring skills and capabilities necessary for playing his entrepreneurial role efficiently'. EDP is a device through which people with latent entrepreneurial traits are identified, motivated to take up new industrial venture, trained in managing the unit and guided in all aspects of starting a venture/an enterprise. EDP was first introduced in Gujarat in 1970 and was sponsored by the Gujarat Industrial Investment Corporation. The EDP's are based on McClellands experiments in Kakinanda District of Andhra Pradesh where businessmen were provided with motivation and training.

Startup India

1) Meaning A start-up is defined as an entity having its headquarter in India, which was opened less than 10 years ago and has an annual turnover of less than Rs.100 crores Under this initiative, the government has already launched the I:MADE program, to help Indian entrepreneurs to build 10 lakh mobile app start-ups. The MUDRA Bank's scheme (Pradhan Mantri Mudra Yojana) is an initiative by Indian Government which aims to provide micro-finance, low-interest rate loans to entrepreneurs from low socio-economic backgrounds One of the objectives of the Indian Government is to make India a nation of Job creators instead of job seekers. Thus, the Government wants to encourage entrepreneurship and to promote innovations. It aims at creating such an ecosystem which will be conducive for the growth of start-ups in India. Start-up India is an initiative of the Government of India. It was launched in 2016. It aims at building an ecosystem which will nurture start-ups in the country. So that, sustainable economic growth and large scale employment opportunities can the generated. Thus, the Government of India has announced Start up India Action Plan that focuses on the following areas:

1) Simplification & Handholding:

Here, compliance procedures for start-ups will be Similarly, if necessary, winding up will also be allowed on fast track basis. made easy.

2) Funding support & Incentives:

Government will participate in funding process indirectly as well as tax exemptions will be allowed in capital gain, income tax etc. Industry Academia Partnership & Incubation: Under this initiative, Government is

3) proposing to introduce Start up Fests, to provide Pre- incubation training, to set up incubators with the help of private sector, to launch innovation focused programs for students and so on. Objectives of Start ups: Following are the objectives of Entrepreneurship Development Programme under Start-ups & Stand ups in India:. Rs.10,000 crore startup funding pool. Reduction in patent registration fees. Improved Bankruptcy Code, to ensure a 90 days exit window. Freedom from mystifying inspections for first 3 years of operation. Freedom from Capital Gain Tax for first 3 years of operation, Freedom from tax for first 3 years of operation. Self-glorification compliance. To target 5 lakh schools, and involve 10 lakh children in, innovation-related programs. Encourage entrepreneurship within the country. Promote India across the world as a start-up hub. Built Startup Oasis as Rajasthan Incubation Center

Objectives of the Stand-Up India scheme: 0.2 The objective of the Stand-Up India scheme is to facilitate bank loans between R10 lakh and Rs.1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise This enterprise may be in manufacturing, services or the trading sector. In case of nonindividual enterprises at least 51% of the shareholding and controlling stake should be held by either an SC/ST or Woman entrepreneur. Eligibility: 1) SC/ST and/or woman entrepreneurs, above 18 years of age. 2) Loans under the scheme are available for only green field project. Gireen field signifies, the first time venture of the beneficiary in the manufacturing or services or trading sector. 3) In case of non-individual enterprises, 51% of the shareholding and controlling stake should be held by either SC/ST and/or Women Entrepreneurs Nature of Loan: Composite loan (inclusive of term loan and working capital) between Rs.10 lakh and upto Rs. 1 crore lakh. Purpose of Loan: For setting up a new enterprise in manufacturing, trading or services sector by SC/ST/Women entrepreneur. Size of Loan: Composite loan of 75% of the project cost inclusive of term loon and working capital. However, it will not be applicable if the borrower's contribution along with convergence support from any other scheme exceeds 25% of the project cost.

I hope it is helpful to you,if you are starting your entrepreneurship journey, before starting remember focus on your ultimate ambition and do what you love.

God bless you.

Thanks you.

"lifekisavari" - Way to wisdome

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