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DETAILS OF THE PAPER

Name of the Author .
Affiliations . I-MBA
Department oI Management Studies
Karpagam College oI Engineering
Coimbatore.
Complete Mailing Address . 8, Panner Selvam Street
Kaveripattinam
Krishnagiri-TK,Dt.,
PIN . 635112
Mobile Numbers . 096776-44677
090038-98111
Email Address . Raghubca80gmail.com
Raghumba80gmail.com
Title of the paper . ENTREPRENEURS` STYLE OF
SUCCESS
Kev Words . Entrepreneurs development
traits , tvpes and Ingredients
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ENTREPRENEURS` STYLE OF SUCCESS
RAGHU
I-MBA
Dept oI Management Studies
Karpagam College oI Engineering , Coimbatore.
Introduction :
An entrepreneur is a person who perceives a need and then bring together manpower , material,
and Capital require to meet that needs . In other words entrepreneur is an Individual or Team which
identiIies the opportunities , gathers the necessary resources , creates and is ultimately responsible Ior the
perIormance oI the organization .
An entrepreneur is an owner or a Managers oI a business enterprise who makes money through
risk initiatives . It generally is who is willing to launch a new venture and accept Iull responsibility . He
is the intermediate to labor and Capital.
He needs own knowledge and has talent to achieve success . He should have the knowledge on
determination and talent to take over all situations . The entrepreneurs who are created based on the
situations demand and they possess ability to solve all the problems .
The entrepreneurs are the persons who have their own inIluence in the job taken by them and
have traits and characteristics that diIIerentiates entrepreneurs Irom the normal People .
Entrepreneurship :
Their LiIe process is about mainly ,
Creating Values ,
Taking Calculated risks ,
Listening to their heart
Realizing their aspirations
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Entrepreneurial Development :
Enhancing the Knowledge , skills and tactics through the structured trainings and institution
building programs is known as entrepreneurship development . It helps to enlarge the business by new
trends and new ventures and every entrepreneur should Iocus on the individual needs
The Entrepreneurial Development concentrates on new innovations and sophisticated products .
However many learn Irom experiences.
Entrepreneurial development should be on the basis oI helping people and grow towards dynamic
business with value addition .
To identiIy the risk determines the likely hood oI success
The entrepreneurs look Ior the potential growth sector or geographical areas .A needs assessment
beIore programming is a very useIul Ieatures oI Entrepreneurial Development .
Matters Behind Entrepreneurs :
Today ,entrepreneur economy is synonyms oI a Iast growing economy and highly innovative
economy.
The social entrepreneur is a community entrepreneur who helps to develop and solve social crisis
in the country .
They help to develop the economic status oI the country and helps to drive the economic status
and growth oI the country.
There is a strong correlation between the national economic growth and levels oI nations`
entrepreneurial activity
The entrepreneurs by creating new jobs at a Iaster rate than the large companies help to develop
new products and devices which leads to economic growth .
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Needs towards Becoming an Entrepreneur :
There are many reasons behind it Some oI them are ,
One will be your own Boss
Work at own schedules
One can make all key decisions
No limits to progress
Determine one`s own location
Earnings and growth potential are Iar greater
Running business leads to endless challenges and opportunities Ior leaning
Great opportunity to develop their community
Ereedom oI speech
Ego satisIaction
Automated income
Passive Income and Knowledge stream
Hard work leads to direct beneIits
New venture is as existing as it is risky
Types of Entrepreneurs:
There are nine diIIerent types oI Entrepreneurs based on the style and interest they are ,
Adviser : Some entrepreneurs are paid Ior giving advise , such as lawyers , accountants, and
Iinancial advisors
Administrator / Organizer: Plan weeding overseas projects / Take care oI accounts , databases and
order IulIillment .
Builders / Creators : Entrepreneurs driven to create something tangible where it did not exist
beIore
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Caretaker : People helping personality Iind opportunities taking care oI people , plant , property .
Communicator / Trainer : II you can transmit inIormation , you might Iind demand in sales ,
marketing or a variety oI inIormation services.
Entrepreneur / Host : II you thrive on being with people you may Iind an entrepreneurs openings
in the hospitality industries .
Investors / Owners : II you have money to invest you can put your capital to work Ior you
investing in stocks , real estates or business .
Seller : This covers sales people and brokers in our purchase .
Technologist / Engineers : You can explore explore entrepreneurial opportunities in soItware
development , engineering or technology .
Entrepreneurial Traits :
Gusty :
Expect the unexpected
ResourceIul :
ResourceIul is the ability to solve unique problems in creative ways in which one is
resourceIul and there is a plenty to do in business .
Creative Problem Solver :
As a entrepreneur one also needs to come up with Iresh ideas and make good decisions
about the opportunities and the potential objects. Hence, creativity is the skill one has to develop
iI one invests time and eIIort . Creative thinking is , which is able to see situations Irom a variety
oI perspective and come up with original ideas
Agile and Elexible :
Minimizing the impact oI geography lets employers be closer to the customer and
prospects and eliminate the needs to relocate key employees in response to organization .
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An Entrepreneur must be agile and one must be Ilexible and adaptive . II one is agil is
just a matter oI time that one gets hold ideas which over looked due to Iragility
As change is constant and one do which is not keep up with it, their venture can be never
successIul .
Eire in the Belly :
One can`t expect to be eIIective and successIul in business, unless he/she truly believes
in his/her business and in good services that one sells .
Risk Tolerant, Management and Uncertainty :
This is the term which reIers to a person`s tolerance to uncertainty and risk . II one`s
tolerance ambiguity is low, one will gravitate towards established organization .
Management is the liIe blood oI any business enterprise , hence, Einancial Management
plays a major role such as inventory , pay Ior service , and marketing oI business components .
Two aspects oI Einancial Management are
The money one receives Irom the clients in exchange Ior every goods and
devices that provides income
The money one spends on inventory suppliers , wages and other items requires the
business operating .
Have a Technical Expertise :
When one has a problem that needs to be solved . obviously he/she should collect more
accurate inIormation and assistance that one can get through the technical expertise .
Willing to SacriIice :
In the liIe oI an entrepreneur short term sacriIice in return Ior long term success is a must
.
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Essential Ingredients of Entrepreneurship :
Who should be a entrepreneur ?
The person who deIines their lives , and starts some personal journey with the objectives
as a entrepreneur .
Which are :
1. Business ideas
2. Capital
3. Entrepreneurial traits
4. Education , Expertise , Skill , and Work Experience
5. Social Capital and Network ties
6. Ongoing Supports
7. Additional Support to an entrepreneur :
8. Take classes
9. Join industry group
10.Join Networking
11.Join Peer to Peer master minds
12.Read books and magazines on entrepreneurship
13.Eind mentor or Advisor
14.Use a coach
Failed Entrepreneurs :
There are number oI Iailures aIter Iirst year and it is more or less above 50 among the
entrepreneurs .
Reasons Ior the Iailure are :
1. Lack oI experience
2. Poor location
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3. Over investment in Iixed Assets
4. Personal use oI business Iunds
5. Competitions
6. InsuIIicient capital
7. Poor inventory management
8. Poor credit arrangement
9. Unexpected Growth
10.Low sales
These are the possible reasons which leads to an entrepreneur`s Iailure in his/her business.
Successful Entrepreneurs
1obs & Wozniak : Apple Computer`s two Steves weren`t the Iirst Silicon Valley entrepreneurs
to launch a billion-dollar business Irom a Palo Alto garage -- Hewlett and Packard were there
beIore them -- but they were the Iirst to democratize computing by creating a machine whose use
was so wonderIully intuitive that even technophobes embraced it. Combine the elegance oI
Wozniak`s operating system design with Jobs` marketing savvy (remember Apple`s '1984 ad?)
and the result was a true phenomenon. Yes, the Apple was eclipsed by the PC, but only aIter
MicrosoIt (behind the vision oI two other notable entrepreneurs, Bill Gates and Paul Allen)
developed Windows to ape its rival`s ease oI use.
Henry Ford : Eord also Iundamentally changed human liIestyles by making available a vehicle,
the Model T, that vastly extended people`s range oI movement. The automobile would allow
America`s masses to IulIill their ManiIest Destiny to populate every corner oI the continent. But
his more proIound impact was on industry. The moving assembly line he designed to build his
cars was the signal breakthrough oI the Industrial Age. Appropriately, Eord earned the seed
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capital Ior his enterprise by working as an engineer at the Edison Illuminating Company in
Detroit.
Thomas Edison : What do you say about the man who gave the world the electric light, the
phonograph, talking motion pictures and more than 1,300 other patented inventions? That he was
the world`s greatest inventor, certainly. But he was also able to exploit the proIit potential in his
creations, an entrepreneurial bent that asserted itselI when Edison was a teen-ager, printing a
newspaper in the baggage car oI a rolling train and then selling copies to passengers. His impact
on the way people live was and is pervasive. As a combination oI inventive genius and
entrepreneurial Ilair, he stands alone.
Suggestions to make Entrepreneur Development Successful:
1. Emphasis on stimulating, supporting and sustaining activities:
The success oI Entrepreneur Development depends upon the stimulating, supporting and
sustaining activities. Stimulating activities includes entrepreneurial education, publicity oI
entrepreneurial Iacilities, motivational training and assistance in the identiIication oI viable projects,
creating a common platIorm Ior entrepreneurs, where they can share their problems, experiences and
success.
2. Eocus on achievement motivation:
It is important to develop achievement motivation amongst prospective entrepreneur through
proper training and conducive environment to create right type oI impact oI training.
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3.Designing oI viable projects:
A viable project is Ieasible to implement in terms oI availability oI resources and market
potentials. The entrepreneur development organizers should prepare the projects keeping in mind local
resources, Iunding, training requirements.
4. Selection oI trainees:
Trainees should be selected aIter proper examinations and tests. Educated unemployed youth
should be selected on priority. Persons having traditional background in the chosen economic activity
should be preIerred.
5. Training oI trainers:
Success oI entrepreneur development depends on abilities skills and experience oI trainers. They
must be committed, competent and qualiIied.
6. Organizing part time programmes:
Part time entrepreneur development can organize Ior particular group oI persons. These
entrepreneur development can be conducted during week ends or in the evening.
Conclusion :
The entrepreneur should plan , organize , create a team and by keeping them opening and taking a
Big step Iorward they can become successIul entrepreneur. The reason Ior the entrepreneur`s Iailure till
now can be taken as a lesson and the observation can be implemented by the Iuture entrepreneur to be
successIul . The entrepreneurs are not born but shaped through their experience day to day . the
experience can be taken as a lesson and should be particularly be reIlected in the business .
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Reference :
1. Entrepreneurship in the New Millennium
(KURATKO HODGETTDY , South western Congage publication )
2. Entrepreneurship And new Venture
(SAHAY AND V. SHARNIA , Excel book creation)
3. Entrepreneur Development
(Dr.S.S.KHANKA , s. Chand and company limited Publication )
4. Entrepreneurship
(ROY , OxIord Publication )