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• Development of managerial capabilities: The greatest significance of entrepreneurship lies in the fact that it helps in identifying and developing managerial capabilities of entrepreneurs. An entrepreneur studies a problem, identifies its alternatives, compares the alternatives in terms of cost and benefit implications, and finally chooses the best alternative
• Creation of organizations: Entrepreneurship results in the creation of organizations when entrepreneurs assemble and coordinate physical, human, and financial resources and direct them towards achievement of objectives through managerial skills.
• Improving standard of living: By creating productive organizations, entrepreneurship helps in making a wide variety of goods and services available to the society which results into higher standard of living for the people.
• Means of economic development: Entrepreneurship involves creation and use of innovative ideas, maximization of output from given resources, and development of managerial skills. All these factors are essential to the economic development of a country.
• Initiative – does things before being asked
• Proactive- identifies and utilizes opportunities
• Perseverance- works against all odds to overcome obstacles and is never complacent with success.
• Problem-solver- develops and maintains relationship with customers and financiers; conceives new ideas and introduces innovative solutions
• Persuasion- convinces customers and financiers to patronize his business
• Self-confidence- makes decisions and sticks to his decisions
• Self-critical- learns from his mistakes and from experiences of others
• A Planner- collects information, prepares a plan, and monitors performance
• Risk-taker- is willing to take calculated
• Creativity is the spark that drives the development of new products ideas or ways to do business. It is the push for innovation and improvement.
• Dedication is what motivates the person to work hard to get the endeavor off the ground. Planning andideas must bejoined by hard work to succeed. Dedication makes it happen
• Determination is the extremely strong desire to achieve success. It includes persistence and the ability to bounce back after rough times. It persuades the entrepreneur to make the 10th phone call, after nine have yielded nothing. For the true entrepreneur, money is not the motivation.
• Flexibility is the ability to move quickly in response to changing market needs. It is being true to a dream while also being mindful of market realities.
• Leadership is the ability to create rules and to set goals. It is the capacity to follow through to see that rules are followed, and goals are accomplished.
• Passion is what gets entrepreneurs started and keeps them there. It gives entrepreneurs the ability to convince others to believe in their vision. It cannot substitute for planning, but it will help them to stay focused and to get others to look at theirplans
• Self-confidence comes from thorough planning, which reduces uncertainty and the level of risk. It also comes from expertise. Selfconfidence gives the entrepreneur the ability to listen without being easily swayed or intimidated.
• “Smarts” consists of common sense joined with knowledge or experience in a related business or endeavor. The former gives a person good instinct, the latter, expertise. Many people have smarts they do not recognize. A person who successfully keeps a household on a budget has organizational and financial skills. Employment, education, and life experiences all contribute to smarts.