Entrepreneurship Development is a practice meant to improve entrepreneurial skills among people. In other words, it is the inculcation, advancement, and grooming of entrepreneurial skills into a person needed to establish and successfully run an enterprise.
Entrepreneurship Development provides people the required encouragement and business skill to help them establish a successful business. It is all about building a business from zero by coming up with new ideas and turning those ideas into a profitable business.
Entrepreneurship is the art of starting a business, basically a startup company offering creative product, process or service. We can say that it is an activity full of creativity. An entrepreneur perceives everything as a chance and displays bias in taking decision to exploit the chance.
An entrepreneur is an innovator or a creator who introduces something new to the firm or economy. It can be a new method of production, a new product, a new source of material, a new market or any other similar innovation. Thus, an entrepreneur is an innovator, creator, borrower, purchaser, etc. Some famous entrepreneurs are Azim Premji, Lakshmi Mittal.
Motivation – An Important Factor:
The performance of an entrepreneur is dependent on his/her ability and willingness to perform. Here, by ability we mean a function of education, experience and skill and by willingness we mean to perform depending upon the level of motivation. Motivation is one of the fundamental factor required for an entrepreneur to promote his/her ideas.
When everything is properly organized, then what is the need of motivation?
The following points answer this question and gives an idea why motivation is an important factor for an entrepreneur −
- Tough competition − An entrepreneur needs to face tough competition, in order to sustain and make a mark in this global market. To cope with this competition, motivation is required at each stage of the firm.
- Unfavorable environment − Nobody knows what the future holds. One has to take care of the current economy and should be prepared for the worst situations of deteriorating economic conditions. For this, motivation and optimism is essential.
Thus motivation plays a unique role in establishing a company by frequently boosting the entrepreneur to do effective things efficiently.
What Motivates an Entrepreneur?
Many research studies have been conducted by researchers to understand and answer this question so that the factors that motivate people to take all the risk and start a new enterprise can be identified.
The 6Cs that motivate entrepreneurs to establish their own business are as follows −
- Challenge − Some people love challenges and they opt for starting a new business as it is very challenging to handle big problems. These people find typical job in a big corporate as boring and not challenging enough.
- Control − Some people tend to start a business because they don't want to be pushed around and work for a product/company in which they have no way to shape their destiny. They want to be their own boss having their own time, own pace, location of their choice, employees of their choice and have a progressive role in deciding the direction of the company.
- Cash − The last but not the least part is the cash. Money says it all. Many nonentrepreneurs have a misconception that cash comes first for entrepreneurs but this is never really true. If this would be the case, then there is no reason for an Ellison or Gates to keep expanding their business aggressively after they have made more than billion dollars. However, money is not the primary motivation.
From the above discussion, it can be said that the highest motivating factor is the urge to get something or the drive to do something differently.
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