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Transcript

Hello!! Friends in the last week we were discussing about various issues associated with the entrepreneurship and in the previous class we made an attempt to understand the differences between the entrepreneur, the business, the manager and the leader. In this class we will be discussing about the qualities of an entrepreneur.

The first and foremost quality of an entrepreneur is Desire to Excel. What do you mean by desire to excel? It is the process of engaging in competition with the self imposed standards to beat one’s own but last best performance. The moment we have this type of attitude that itself is going to mean the desire to excel because it is not that we are comparing with anybody else I am comparing with myself what I did the best and the last effort, this time I will be improving upon that one that is desire to excel. Then the second quality of an entrepreneur is the Hard Work. When we look into the various success stories of the most successful entrepreneurs in different parts of the world. In whatever area the entrepreneur has excelled and when we go through the success story one common point that we come across is his hard work and in his conclusion he or she also mentions that there is no alternative for hard work. What do you mean by this hard work? Hard Work is the intense level of strong determination and willingness to work hard. The time is not the limit or space is not the limit to complete the task or assignment what we have taken. So, that is what is the meaning of the hard work. Then moving onto the self confidence. To what extent I believe in myself. Many times it happens that you are able to take up that particular activity but because you lack that self confidence it means you are underestimating yourself and your abilities your qualities so that is how you are not able to take that particular task. So, entrepreneur is the person with extreme levels of self confidence. So, he is having that particular faith within himself he can be any excellent individual whether he or she in this particular field so that is what is the confidence that he carries within himself whether he does it or not so that’s a different aspect but you should have that feeling with you so that takes you long way compared to without that feeling. The four quality is initiative. Many times it happens that somebody gives an assignment keeping in the view that you are the appropriate person to take that particular job. So this is the behavior of a common normal individual but the Entrepreneur is an exception to this type of Behavior. He never waits for anybody to give him an opportunity rather he grabs that opportunity by taking the initiative, because he’s seeking his personal responsibility and accepting that particular assignment and he himself goes forward and accept that responsibility so that is what is we call it as initiative. Then we say that the entrepreneurs are moderate risk takers. The concept of risk we are coming across again and again and in the subsequent discussions also we will be coming across this particular concept of taking the risk because the one of the important meaning of the risk-taking is learning from the failures. Many times it happens that we neglect our learning’s what we gained with our own experiences but the person who is acting as an entrepreneur or who is a real entrepreneur he learns from the failures. On the contrary he’s not a gambler means the gamblers are very high risk takers but he takes very calculated risk. He neither takes high levels of risk like gamblers nor he takes no risk like the ordinary or a common man but he takes the calculated risk so that is how he becomes a successful individual. Innovative or creative are the two qualities of an entrepreneur which seems to be in borne with him, because when he comes across a good number of issues to be faced with so then he opts himself to find the solution in a different manner than the other individuals and that is how all the time he is in pursuit of searching for the innovations. He must be having some creativity to solve all the problems at the same time if he is not able to do that and he’s searching that thing in various other places so that ultimately he adopts that innovative methodology.

Motivation – motivation this we are going to discuss this as a separate classroom discussion also but the quote here it the motivation is basically an internal urge to achieve a particular task. So that particular urge that is lying within you takes you towards achieving that particular task whether it is assigned or you have accepted for yourself so when we talk of motivation there are two types of motivation that we come across. Number one is the intrinsic motivation and the other one is the extrinsic motivation. Intrinsic motivation you are feeling yourself to achieve that particular task. So it is your internal urge and because of that you are moving ahead to satisfy the unsatisfied behavior of maybe of your own or your community or your society so as far as the extrinsic motivation is considered so there is an external force or there are some opportunities that are being provided by somebody else or with some attraction. So that forces you to achieve the task or to reach that particular goal. So for example if the parents say that if your achieve this much of score you will get this kind of gifts. So that is what becomes your extrinsic motivation. But internally the boy-or-girl when he decides himself yes, I will achieve these things so that is your intrinsic motivation whether there is any attraction or not. Then optimistic, optimism it takes you to some positive aspects. Do not believe in the luck or fate. This is what is the basic nature of an entrepreneur and he also never believes in any factors which are uncontrollable. it means he is having that self confidence and the faith that he can control over the facts for which he makes use the positive knowledge to support that thinking and he’s never disturbed by any of the internal or external threats. So this is what is the optimism. Basically, it is thinking towards positiveness. The next quality that we will be discussing about an entrepreneur is the analytical ability. Be realistic in the Approaches. Many times we become either utopian or too much over enthusiastic in which we will be moving away from the realistic approaches. So as far as the entrepreneur is considered he’s always in. The difference also we said that he is Pragmatic. The meaning of the pragmatic itself it is realistic or it is practical in nature. It is not at all affected by any of the personal likes or dislikes whether I like it whether I dislike it but if it is practical I am going to accept it that is what is the meaning of analytical ability. So at the time of the crisis it is not that we are going to invite your friends or relatives or neighbors to whom I believe much. So that is not the way of analytical ability but the analytical ability say that you try to involve the most experienced man or the professional in that particular area so that is what is your analytical ability. Then the mental ability, the mental ability reveals that to what extent you have the inner strength which is going to help you to reach your goal. So and the another issue associated with it is how quickly you are responding to the difficult situation. So this is what is what mental ability. Many times what happens when we are faced with any problem so naturally we start losing our confidences and we start asking for good number of helps from various other corners? But without doing that so how quick you are in responding to that particular situation and how you can adjust yourself to the changing situation so that itself is going to give you the mental ability because in case of business environment there are various situations which comes in the way of which are influencing the business environment as well as the entrepreneurial environment so to what extent that you can cope with these things so that depends on you were mental ability. The person who overcomes all these things emerges as the most successful entrepreneurs. Now coming to the communication ability communication ability is such a common factor for all those successful individuals because until and unless you have strong communication abilities you cannot be successful in any pursuits of our life. So basically it is becoming well versed with the art of communication to influence customers, employees, suppliers, creditors and the government and make them act accordingly. To what extent you can take up this particular activity so that depends on your communication ability. So when we talk of communication ability there are two important skills that come into the picture. Number one is the encoding skills and the second one is the decoding skills encoding skills are the way that you are going to speak and the way that you are going to write and the corresponding decoding skills are the way that you are going to listen and the way that you are going to read. So the corresponding decoding skill for the encoding skill of speaking is listening and similarly reading and writing go hand-in-hand. So to what extent you are well versed with all these both the skills that is encoding as well as the decoding skills that makes you a perfect individual or the professional communicator.

Flexibility- flexibility is the factors where to be flexible in the decisions. If the situation demands the change so then after analyzing the pros and cons the entrepreneur should revise or modify or change the decisions. It is not that once you have taken the decision and that is final. If it is the mentality of an individual so then he cannot be a successful individual becoming flexible after analysis of it’s a positive as well as negative aspects become more approachable in case of entrepreneurship development.

Independence- this is the quality because of which an individual aspires to be an entrepreneur because he wanted independence he don’t want to work under the supervision of anybody he wants to be the master of his own actions so that is how he is opting to be an entrepreneur and he or she they don’t want to be guided by the others and they prefer to work in an environment free from interference and they are going to create the environment in which the others can work. So this is what is the meaning of Independence as well as entrepreneur is consider. Then come into the leadership leader is a person who can guide a group of people and leader is always followed by a group of people to whom we call them as followers. Every entrepreneur must possess a good leadership quality to be a successful entrepreneur. So when we say that an entrepreneur is a good leader so he what type of styles of leadership that he is having that becomes very very important.

There are three different styles of leadership that we come across number one is the Autocratic style of leadership the second one is the Democratic style of leadership and the third one is that Liaise style of leadership. In case of autocratic style of leadership the entrepreneur or the leader is dictating the terms without considering his followers as the human beings. He wants that his followers should act and behave as he prefers. So this is what is the autocratism means. Whether they like it or they dislike it they have to behave according to the will and wish of the leaders so, this is what is autocratic leadership is. But in case of democratic leadership what the majority of the followers want. We are providing and we will be accepting those things what the majority of the group members want. So that is what is the democratic style of leadership. Liaise style of leadership is in such a way that they wants the things to be going on as it is maintaining that status quo but the either autocrats or the Democratic style of leadership never dependent or never accepts the maintenance of the status quo. It has to either go with the majority or will and wish of an individual. But in case of the liaise leadership so they want to maintain the status quo as the things were moving so let it move upon. What type of leadership an entrepreneur adopts that depends on his success. So in the majority of the successful cases what has been observed is the democratic style of leadership is most acceptable to the members of the group. Then the last and the most important quality of an entrepreneur is good human relations ability. Establishing good relations with the customers, employees, suppliers, financers and other people related with the business is going to make them a successful entrepreneur. So these are the qualities that an entrepreneur should possess. It is not that I have to inculcate these qualities one by one with my deliberate efforts. In one or the other way we are all processing these qualities. Now to be a successful entrepreneur we need to identify each and every quality that what we are listing here and modify if necessary in our own qualities may it be related to leadership may it be related to communication ability made to be related to good human relations ability. Identification and modification of these qualities will help us to be more successful individual in our entrepreneurship abilities. So with this we are coming to end of today’s discussion in this class and in the next class we will be discussing about farms and different types of entrepreneurs.

Thank you”>