Entrepreneur skill development

Who is an entrepreneur? An entrepreneur is an enterprising individual who builds capital through risk and initiative. In simpler words an entrepreneur is one who undertakes an enterprise, especially a contractor, acting as intermediary between capital and labor. A person who sets up a business or businesses, taking on financial risks in the hope of profit is an ‘Entrepreneur’.

In economics, entrepreneurship combined with land, labor, natural resources and capital and produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and increasingly competitive global market place. Entrepreneurship is thus considered as the process of creating something 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 that comes with it.

Entrepreneurship development is concerned with the study of entrepreneurial behavior, the dynamics of business set-up, development and expansion of the enterprise. Entrepreneurship development refers to the process of enhancing entrepreneurial skills and knowledge through structured training and institution-building programs. Entrepreneurship development focuses on the individual who wishes to start or expand a business. . It basically aims to enlarge the base of entrepreneurs in order to hasten the pace at which new ventures are created. This accelerates employment generation and economic development. Entrepreneurship development concentrates more on growth potential and innovation.

Entrepreneur skill development program helps aspiring entrepreneurs to recognize and design unique, innovative business opportunities, based on an analysis of local conditions and their own special skills. The program can help the entrepreneur to diversify based on his/her basic knowledge of a product or skill in a certain sector without distorting the local markets. In a truly entrepreneurial approach, innovative capacity matters more than the size of the market. Entrepreneurship skill development training is usually more effective when linked to finance and other services such as marketing, quality assurance and productivity improvement. For example, involving the development banks at an early stage of the support process helps to prepare the entrepreneur for the credit process and facilitates the bank’s appraisal of the business plan.

Successful entrepreneurs have many qualities in common with one another. They are confident and optimistic, disciplined self-starters. They are open to any new ideas which cross their path. Here are 5 personal traits of a successful entrepreneur: