Entrepreneurs are the businessmen who always look for innovation and are ready to put their maximum effort to realize their objectives. They have their own inborn talent which they always look for further advancement with all possible ways. They are the drivers of the nation’s economy. Entrepreneurs are essential for innovation, new ventures, and more employment opportunities in the country. More entrepreneurs in a country mean more innovation and development. They always identify opportunities and build their own ventures with best utilization of resources. Thus entrepreneurship creates economic growth in the country. It increases competitiveness and efficiency of the nation.
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“Characteristics of an entrepreneur include spontaneous creativity, the ability and willingness to make decisions in the absence of solid data, and a generally risk-taking personality. An entrepreneur may be driven by a need to create something new or build something tangible.” (Wallener, 2008).
Entrepreneurship is defined by Howard H. Steveson “The process of creating or seizing an opportunity and pursuing it regardless of the resources currently controlled”.(provided by Customer)
“Entrepreneurship is the process of creating something different (new) with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence.” (Pavlov).
“The Timmons model of the entrepreneurship process provides a framework for identifying and evaluating venture potential. It helps determine the viability of new business model and emphasizes rigor in opportunity assessment.” (Minniti 2007, p.12).
Money is the least important factor
Entrepreneur requires various resources such as human resources including top professionals, finance, physical assets, and a business plan. Money is the least important part of the resource equation because starting of a new business requires entrepreneur’s ability to take risks as well as abilities to overcome all challenges towards objective of the business. Financial factor comes only as the least important factor for the entrepreneur. “Mill (1984) suggested that Risk taking is a key factor in distinguishing entrepreneurs from managers. It is believed that entrepreneurs take greater degree of risk especially in areas where they have control or competencies in realizing the profit.” (Che, Naresh and Li 2006, p.1).
Utilization of professionals is a crucial decision process. Entrepreneur needs to look into whether the services of professionals and other important factors such as technical know-how, expertise in the field etc. are essential or not. Alternative solution can be used without appointing professionals which will help to reduce much cost and effort. “Competency is one of most crucial factors to ensure the success of new business ventures.” (Che, Naresh and Li 2006, p.5).
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It is seen that success of the entrepreneur lies in his ability to utilise minimum resources and achieving of maximum output. This approach of minimum utilization of financial resources has many advantages such as, less capital requirement, flexibility in operation, low cost and reduced risk. Successful entrepreneur will always look for innovation, development, and effective utilization of resources and ways for improvement in all areas of business activity. Successful entrepreneur will always have winning characteristics with good decision making skills. It is concluded that money is the least important factor as there are several other important factors which need to be considered before allocating financial resources.
- CHE, Raduan Rose., NARESH, Kumar., and LI, Yen Lim. (2006). The Dynamics of Entrepreneurs’ Success Factors in Influencing Venture Growth. [online]. Journal of Asia Entrepreneurship and Sustainability, 2(2), 4. Web.
- CHE, Raduan Rose., NARESH, Kumar., and LI, Yen Lim. (2006). Dynamics of Entrepreneurs’ Success Factors in Influencing Venture Growth. [online]. The Journal of Asia Entrepreneurship and Sustainability, 1.
- MINNITI, Maria., et al. (2007). Summary with Implications for Practice and Teaching. [online]. Entrepreneurship. 12. Web.
- PAVLOV, Vladimir. The Fundamentals of Entrepreneurship: Entrepreneur Definition. [online].
- WALLENER, Damir. (2008). What is an Entrepreneur. [online]. WiseGeek. Web.