According to Adam smith, entrepreneur is an individual who undertakes the formation of an organization for commercial purposes by recognizing the potential demand for goods and services and thereby acts as an economic agent and transforms demand and supply.
AnÂ entrepreneur is an enterprising individual who builds capital through risk and/or initiative.
The entrepreneur leads the firm or organization and also demonstrates leadership qualities by selecting managerial staff. Entrepreneurs emerge from the population naturally because they perceive opportunities and see themselves as well-positioned to take advantage of them, or because they observe a problem and see themselves as able to solve it.
QUALITIES OF AN ENTREPRENEUR
Some of the qualities required to be an entrepreneur are:
1. Disciplined: Successful entrepreneurs are disciplined enough to take steps every day toward the achievement of their objectives.
2. Open Minded: Successful entrepreneurs have the ability to look at everything around them and focus it toward their goals.
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3. Confidence: Successful entrepreneurs are confident with the knowledge that they will make their businesses succeed.
4. Creativity: Successful entrepreneurs will repurpose products to market them to new industries.
5. Self Starter: Successful entrepreneurs are proactive, not waiting for someone to give them permission.
6. Competitive: Successful entrepreneurs need to win at the sports they play and need to win at the businesses that they create.
7. Strong people skills: Successful entrepreneurs are very good at highlighting the benefits of any situation and coaching others to their success.
8. Determination: Successful entrepreneurs are determined to make all of their endeavors succeed, so will try and try again until it does.
9. Passion: Successful entrepreneurs love their work. They are willing to put extra working hours to make the business succeed.
Women have always been involved in small, usually home-based businesses. Now woman as a business person has come out in the open market as a women entrepreneur. Now they are more visible, and more ambitious towards their decision of being an entrepreneur.
Due to awakening and desire for economic independence among women all over the world including India, a large number of women entrepreneurs have appeared on the map of entrepreneurship.
Women Entrepreneurs may be defined as the women or group of women who initiate, organize and co-operate a business enterprise. Government of India has defined women entrepreneurs as an enterprise owned and controlled by a woman having a minimum financial interest of 51% of the capital and giving at least 51% of employment generated in the enterprise to women.
BELIEFS OF WOMEN ENTREPRENEUR
The first belief everyÂ woman entrepreneurÂ needs isÂ the belief that she can reach her goals.
The second belief everyÂ woman entrepreneurÂ needs is the belief she has what it takes to succeed.
The third belief everyÂ woman entrepreneurÂ needs is the belief that learning is part of the experience of building a business. No one knows, not even the men who pretend to, everything there is to building a successful business.
The fourth and final belief everyÂ woman entrepreneurÂ needs is the belief that no matter how hard she works, how determined she is to succeed and how clear her dream, everything is NOT in her control and SHE WILL SURVIVE.
ADVANTAGES AND DISADVANTAGES OF WOMEN ENTRPRENEUR
Some of the advantages of a women entrepreneur are:
Men have the tendency to think in a systematic manner and women are more apt to developing emotional intelligence, thus empathizing more, building strong interpersonal skills.
Women have more patience. To be a successful entrepreneur, patience is a key. The ability to wait and see is a key attribute in order to receive positive outcomes and women have it naturally.
Women have the ability of juggling many tasks at the same time, and producing excellent results. Women entrepreneurs know how to balance family life and career. Â Whereas Men are known to have more trouble with multitasking, tending to focus on one or two things, thus wasting opportunities.
Women who start a business have a great passion for their work. They possess the inner strength to continue and search all possible means to share their business ideas with others.
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The increasing number of women entrepreneurs can promote economic and social equity, facilitate self-fulfillment for individuals, and improve the use of valuable human capital.
Some of the disadvantages of a women entrepreneur are:
The most significant barriers to female entrepreneurship are the financing barrier. When starting a business, entrepreneurs need to line up capital to get the business.
Their initial funding is from savings, family loans, and home equity loans.Â
Building and running a new business requires a great deal of time, which may conflict with one's family obligations. Women entrepreneur must know how to balance their familylife.
LACK OF NETWORKS:
"Networks" include people who provide help, mentorship, referrals, and valuable information to entrepreneurs. Men tend to dominate the highest levels of corporate leadership.
Although both men and women can face issues of self-doubt, or lack confidence to compete in the business market, men do not suffer from the same degree of "prejudgment" as do women entrepreneurs.
Research is a process of collecting and analyzing marketing information and ultimately to arrive at certain conclusion. The purpose of this research is to find out the Emerging Trends in Information Technology.
Method of Data Collection
The data can be a primary data or a secondary data.
PRIMARY DATA: Data collected from primary sources such as by filling the questionnaire or by personal survey.
SECONDARY DATA: Data that is collected from the secondary sources such as newspapers, books, internets, journals, etc.
The information has been collected from the secondary sources. Some of the secondary sources that I have used to collect the information are: