Discuss the qualities of a successful entrepreneur.

Entrepreneur is an agent who purched the means of production for combination into marketable products. A successful entrepreneur has some qualities which are as follows;

  1. Moderate risk taking: An entrepreneur always takes calculated and moderate risk. He never takes unlimited and uncalculated risks in establishing and doing business.
  2. Hard work: Entrepreneur is a hard worker. He always busy with various types of work for innovation of new venture.
  3. Accountability: A successful entrepreneur is account able to the higher authority as well as his associates always accountable to him.
  4. Education in real sense: Educational background is another important quality of entrepreneur. He tries to implement his organizational objectives through his education.
  5. Analytical mind: A successful entrepreneur is analytical minded. He will compare his performance with his planning.
  6. Dynamic leadership: A successful entrepreneur has to work dynamically to operate an organization.
  7. Patience of mind: Entrepreneur has to patience of mind. He will never be disappointed for his fail. He will try heart and soul to raise the goal.
  8. Accommodative: Accommodation is another quality of an entrepreneur. He will have the power of acceptance to others.
  9. Courageous and tactful: The success of entrepreneur depends on his brave and skill. Courage and skill make the activities of entrepreneur easier.
  10. Maker of right decision: Right decision helps to achieve the goal. Entrepreneur will be the right decision maker.
  11. Foresight: A successful entrepreneur has the ability to predict what is likely to happen and to use this to prepare for the future.
  12. Right perception of thinks: A successful entrepreneur thinks in a right way. It is very important for establishment of business.
  13. Enjoys simple life: Entrepreneur leads a simple life like as general people of the society.
  14. Initiative and investigative: The activities of entrepreneur always concerned with initiation and investigation.
  15. Strong desire to success: Successful entrepreneur has strong desire to success. For success he has to the present condition of the financial market and also products market.
  16. Innovation: Entrepreneur’s activities are closely related with the innovation of a new product or business.
  17. Self-confidence: Self-confidence is an important quality of entrepreneur. Self-confidence depends on some factors, such as education, previous experience etc.
  18. Goal setting: After analysis and investigation entrepreneur will set the optimistic goal.
  19. Keen observation: Successful entrepreneur will observe all the parts of organization and overall activities of it.
  20. Sociable: The activities of successful entrepreneur will be helpful to the society and its people.
  21. Loves to works: Entrepreneur has one kind of addiction to work. He wants to spend his time fulltime job.
  22. Loves to ideas newly: Entrepreneur always try to innovate new ideas for changing the social custom and values.
  23. Team builder: A successful entrepreneur builds a skilled and expert manpower in the organization by providing training.
  24. Clear understanding: Successful entrepreneur has the ability to understand everything very rapidly and reality.
  25. Ability to conceptualize: Successful entrepreneur is able to conceptualize the reality.
  26. Make rapid customers: Customers are the heart of a business organization. Entrepreneur tries to increase the number of customer rapidly.
  27. Optimist: Entrepreneur will be optimist. That quality will help him to accomplish th=his duties.
  28. Strategist: Successful entrepreneur apply strategies policies for achievement of organizational goal.
  29. Pleasure of success: Entrepreneur always try to achieve the goal and want to get pleasure for his success.

These are the most important qualities of entrepreneur which makes efficient and help to perform his function more successfully.

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Entrepreneurs are made not born- comment.

Entrepreneurs are not born. They don’t need natural inherent body and muscles. It is true that family environment, religious, cultural conditioning and commercial orientation of a region may create a favorable atmosphere for entrepreneurial growth. But these generic factors are necessary conditions rather than sufficient one. Entrepreneurs are made and they own some special qualities. Many people from non entrepreneur’s families start their own business and become entrepreneur’s everyday.

For example, Dhirubhai Ambani, the most enterprising businessman whose father is a school teacher started his business on his own.

There are many examples of entrepreneurs who started their business, instead of inheriting from their families.

Thus we could not say that entrepreneurs are born, however the entrepreneur acquired many qualities that made them success. The main quality of entrepreneurship is innovation which is not obtained by born.

For example, Apple makes its success by innovation.

After the sense of innovation is not grown by born it comes from opportunities. When there is problem, there are opportunities.

For example, several years ago, there is no software in the computer, and Bill Gates made his entrepreneurship from creating the first software window.

The problem finding quality is the quality that everyone was born with and the opportunity is just coming from those problems. The most important quality of entrepreneurship is experience. About 60 percent of the entrepreneurial are transitional and the number one ranking factor of success is the experience. They show higher levels of risk tolerance and ability to cope with ambiguity. They are also highly self-confident in their ability and have a strong belief in their own motivations and abilities. But entrepreneurs are not born with all these characteristics. To be successful as an entrepreneur we need to be in the right environment where we either formally learn how to do it or absorb it from our families and surroundings. We also need a strong motivation who helps entrepreneurs to build helps entrepreneurs to build enterprise.

So we can say that, entrepreneurs are made not born.

What do you understand by the term entrepreneurial competency? Can they be acquired?

A competence is an underlying characteristic of a person which leads to his/her effective or superior performance in a job. A job competence is a good combination of one’s underlying characteristics such as one’s knowledge skill, motive etc. which one uses to perform a job well.

Definition of entrepreneurial competency: Entrepreneurial competencies are defined as underlying Characteristics such as generic and specific knowledge, motives, traits, self-images, social roles and skills possessed by a person which result in new ventures creation, survival and growth. According to S.S. Khanka, the underlying characteristics possessed by an entrepreneur which result in superior performance are called the entrepreneurial competencies or traits.”

Simply if can be say that entrepreneurial competencies are the skills necessary for an entrepreneur to venture into an enterprise, organize and manage an enterprise ably and competency and realize the goal for which the enterprise is established.

Competency can be acquired: Yes, competency can be acquired. Competency means the characteristic of a person which leads to his or her effective performance in a job. Research on entrepreneurial suggests that main entrepreneurial competency are knowledge and skill. The skills and knowledge relevant to successfully managing and operating a business are mainly experiential in nature. In acquiring the knowledge individuals show a preference towards different learning things. Entrepreneurs learn how to start business ad develop new products on the basis of their knowledge and skill. So, we can say that competency can be acquired.

Problems of Rural Entrepreneurship

Developing entrepreneurship especially rural entrepreneurship is as important is not so easy. It is constrained with several problems. Most of the rural entrepreneurs face peculiar problems like illiteracy, fear of risk, lack of training and experience, limited purchasing power and competition from urban entrepreneurs. Some of the major problems faced by rural entrepreneurs are as under.

  1. Paucity of funds: Most of the rural entrepreneurs fail to get external funds due to absence of tangible security and credit in the market. The procedure to avail the loan facility is too time-consuming that its delay often disappoints the rural entrepreneurs.
  2. Competition: Rural entrepreneurs face severe completion from large sized organizations and urban entrepreneurs. They incur high cost of production due to high input cost.
  3. Middlemen: Middlemen exploit rural entrepreneurs. The rural entrepreneurs are heavily dependent on middlemen for marketing of their products who pocket large amount of profit.
  4. Legal formalities: Rural entrepreneurs find it extremely difficult in complying with various legal formalities in obtaining licenses due to illiteracy and ignorance.
  5. Procurement of raw materials: Procurement of raw materials is really a tough task for rural entrepreneur. They may end up with poor quality raw materials, may also face the problem of storage and warehousing.
  6. Risk element: Rural entrepreneurs have less risk bearing capacity due to lack of financial resources and external support.
  7. Lack of technical knowledge: Rural entrepreneurs suffer a severe problem of lack of technical knowledge. Lack of training facilities and extension services crate a hurdle for the development of rural entrepreneurship.
  8. Lack of infrastructural facilities: The growth of rural entrepreneurs is not very healthy in spite of efforts made by government due to lack of proper and adequate infrastructural facilities.
  9. Poor quality of products: Another important problem is growth of rural entrepreneurship is the inferior quality of products produced due to lack of availability of standard tools and equipment and poor quality of raw materials.
  10. Negative attitude: The environment in the family, society and support system is not conducive to encourage rural people to take up entrepreneurship as a career. It may be due to lack of awareness and knowledge of entrepreneurial opportunities.

Need for Rural Entrepreneurship

  1. Labor intensive: Rural Industries have high potential Employment generation. Thus they serve as an antidote to the widespread problems of unemployment.
    2. Income generation rural Industries have high potential of income generation in rural areas. Thus it helps in reducing disparities and income between rural and urban areas.
    3. Balanced regional development these industries encourage dispersal of economic activities in rural areas which helps in promoting balanced regional development.
    4. Village republics Development of industries in the rural areas also helps in building up village Republic.
    5. Art and creativity rural industries also helps in protecting and promoting the art and creativity i.e. the age old rich heritage of the country.
    6. Environment friendly rural Industries being ecofriendly lead to development without destruction.

How to Develop Rural Entrepreneurship?

Establishing an industry and, thereby developing entrepreneurship is not one-man activity. Infect, it involves multi-pronged activities. Though the answer to the question how to develop entrepreneurship lies in the solutions of the problems faced in this regard, yet the following measures are suggested for developing entrepreneurship in the rural areas in the country.

  1. Raw material is a must for any industry: However, the non-availability of raw materials accompanied by their prohibitive cost has weakened the viability of these industries. Past experience bears evidence that rural industries with employment potential cannot be sustained for long unless a strong raw material-base is created in rural areas itself. Therefore, an urgent policy is called for to strengthen the raw material base in rural areas.
  2. Finance is considered as lubricant for setting up and running an industry: Funds, therefore, need to be made available on time at soft terms and conditions to those who really need it.
  3. In order to solve the problem of marketing for rural industries, common productions cum-marketing centers need to be set up and developed with modern infrastructural facilities,. Particularly, in the areas having good production and growth potential. This would help in promoting expert business. On the one hand, and bringing the buyers and sellers is close interaction avoiding middleman in between them, on the other, Legislative measures have to be taken to make the government purchases compulsory from rural industries.
  4. One peculiarity of rural entrepreneurs so that most of them join their entrepreneurial career not by choice but by chance. Lace of aptitude and competency on the part of such venations like entrepreneurship development programs, Women Entrepreneurship Development programmers and TRYSEM.
  5. One effective way to inculcate the entrepreneurial acumen and attitude\de may be imparting entrepreneurial education in the schools, colleges and universities. That younger minds are more susceptive to be molded is well evidenced by the proper known ‘Kakinada Experiment’ in Andhra Pradesh.
  6. Sometimes the real problem in setting up industries is not the non-availability of facilities, but non-awareness of facilities whatever is available. The need is, therefore, to disseminate information about all what is available to provide to the entrepreneurs to facilitate them in setting up industries.
  7. Proper provisions need to be made to impart the institutional training to orient the entrepreneurs in specific products and trades so that the local resources can be harnessed properly.
  8. Out accumulated experience bars ample evidences to the fact that the non-governmental organizations, popularly known as NGOs, can prove instrumental in entrepreneurship.

What are the major categories of village industries?

All the village industries have been grouped into seven major categories as follows:

  1. Mineral- based industry,
  2. Forest- based industry,
  3. Agro- based industry,
  4. Polymer and chemical- based industry,
  5. Engineering and non-conventional industry,
  6. Textile industry (including Khadi), and
  7. Service industry.

For understanding the meaning of these industries deeply, I’ll give some description of each point.

  1. Mineral- based industry: Minerals industries are geological materials which are mined for their commercial value, which are not fuel (fuel minerals or mineral fuels) and are not sources of metals (metallic minerals). They are used in their natural state or after beneficiation either as raw materials or as additives in a wide range of applications.

List of some industrial minarals are Aggregates, Alunite, Asbestos, Asphale, Ball clays, Baryte, Bentonite, Borates, Brines, Carbonatites, Corundum, Diamond etc.

  1. Forest- based Industry: Forest based industry though not much fossil evidence is available; studies indicate that extensive forest under tropical range existed in the tertiary period in parts of Bangladesh. Glutaxylon, Dipterocarpoxylon, Cynometroxylon fossils, all from Miocene beds, discovered in adjacent areas have affinities with species found today in tropical conditions.
  2. Agro- based Industry: Bangladesh is primarily an agrarian economy. Agriculture is the single largest producing sector of economy since it comprises about 30% of the country’s GDP and employing around 60% of the total labor force. The performance of this sector has an overwhelming impact on major macroeconomic objectives like employment generation, poverty alleviation, human resources development and food security. Agricultural holdings in Bangladesh are generally small. Through Cooperatives the use of modern machinery is gradually gaining popularity. Rice, Jute, Sugarcane, Potato, Pulses, Wheat, Tea and Tobacco are the principal crops. The crop sub-sector dominates the agriculture sector contributing about 72% of total production. Fisheries, livestock and forestry sub-sectors are 10.33%, 10.11% and 7.33% respectively.
  3. Polymer and Chemical- based Industry: While many of the products from the industry, such as detergents, soaps and perfumes, are purchased directly by the consumer, 70% of chemicals manufactured are used to make products by other industries including other branches of the chemical industry itself. The industry uses a wide range of raw materials, from air and minerals to oil. With increasing competition worldwide, innovation remains crucial in finding new ways for the industry to satisfy its increasingly sophisticated, demanding and environmentally-conscious consumers. The products of the chemical industry can be divided into three categories: Basic chemicals, Specialty chemicals, and Consumer chemicals.
  4. Textile Industry (Including Khadi): The textile industry or apparel industry is primarily concerned with the design and production of yarn, cloth, clothing, and their distribution. The raw material may be natural or synthetic using products of the chemical industry.

The textile and clothing (T&C) industries provide the single source of economic growth in Bangladesh’s rapidly developing economy. Exports of textiles and garments are the principal source of foreign exchange earnings. Agriculture for domestic consumption is Bangladesh’s largest employment sector. By 2002 exports of textiles, clothing, and ready-made garments (RMG) accounted for 77% of Bangladesh’s total merchandise exports. By 2013, about 4 million people, mostly women, worked in Bangladesh’s $19 billion-a-year industry, export-oriented ready-made garment (RMG) industry. Bangladesh is second only to China, the world’s second-largest apparel exporter of western brands. Sixty percent of the export contracts of western brands are with European buyers and about forty percent with American buyers. Only 5% of textile factories are owned by foreign investors, with most of the production being controlled by local investors.

Bangladesh’s textile industry has been part of the trade versus aid debate. The encouragement of the garment industry of Bangladesh as an open trade regime is argued to be a much more effective form of assistance than foreign aid. Tools such as quotas through the WTO Agreement on Textiles and Clothing (ATC) and Everything but Arms (EBA) and the US 2009 Tariff Relief Assistance in the global clothing market have benefited entrepreneurs in Bangladesh’s ready-made garments (RMG) industry. Bangladesh, with a population of about 156 million, is among the most densely populated countries in the world. In 2012 the textile industry accounted for 45% of all industrial employment in the country yet only contributed 5% of the Bangladesh’s total national income.

  1. Service Industry: A business that does work for a customer, and occasionally provides goods, but is not involved in manufacturing. The service industries (More formally termed: ‘tertiary sector of industry‘ by economists) involve the provision of services to businesses as well as final consumers. Such, therefore, include accounting, tradesman ship (like mechanic or plumber services), computer services, restaurants, tourism, etc