ENTREPRENEURSHIP

Types of Entrepreneurship

Types of Entrepreneurship

Introduction

Entrepreneur is an individual, who takes the risk of opening a business and is responsible for its development, (Shukla, 2009, pp 12 - 15). Entrepreneurship a process of making money and increasing your wealth while with certain risks, skills and innovative ideas. People prefer to be an entrepreneur as compare to working under somebody because it has a lot of advantages. Entrepreneurship involves the creation of new organizations outright or within existing organizations. This innovative activity is undertaken by entrepreneurs who see and understand customer needs, find and combine resources, develop innovative solutions, take risks, and strive to make a profit. The rates of entrepreneurial activity vary by local and national environment, industry, and other factors. Compared to the rest of the population, entrepreneurs tend to have a stronger need for achievement, higher risk- taking propensity, and greater perseverance, more commitment to a task, bigger vision, higher creativity, and more tolerance for ambiguity. Individuals who want to become entrepreneurs also tend to have more positive attitudes toward risk and independence. Entrepreneurial leadership represents a complex and compound topic. The individual must possess skills and attributes of both an entrepreneur and a leader (John, 2005, 45-99). The successful entrepreneurial leader must consider the organizational culture as well as the opinions and feelings of the follower population (Zahra, 1991, 259-285).

Moreover, entrepreneurship is one of the most commonly used words in today's circles of industrial policy. The main focus of entrepreneurship in creative industry varies from that of the traditional entrepreneur businesses. The entrepreneur of creative industry mainly invest in either their personal talent or in that of the others. These entrepreneurs with fresh minds bring new and innovative ideas which are the basic requirement of industry. (David, 2010, 112-244). Entrepreneurship includes the planning and starting up of a business, taking advantage of the business opportunities, assuming the threats and bringing some innovation to the industry. Entrepreneurship increases the creativity, interaction and contrast between competition and artistic objectives that provides interesting point for an innovative product (John, 2005, 45-99).

Behaviour of entrepreneurs

There should be a strong desire of autonomy inside an entrepreneur; a wish to work in her own style and lead the business the way she wants. The entrepreneurs become independent and are answerable to no one; she doesn't have to follow anybody's rules. A big brain develops which find ways to make more money. Level of awareness increases, as she meets new people and gets introduced to the greater aspects of life (John, 2005, 45-99). Most of the entrepreneurs are a natural or habitual calculated risk-taker, this makes them more successful. Self motivated and are more concerned than men about doing the work on time. The entrepreneur who struggles with their identity and personal change can become good leaders. Being an entrepreneur she develops her personality in a much civilized way. Level of hard work gets increased for the entrepreneur and greater responsibility of time management comes on them (DeMartino, & Barbato, 2005, ...