T/508/0495 Entrepreneurship and Small Business Management

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ASSIGNMENT COVER SHEET
STUDENT DETAILS
Student ID Manish Hamal Reg No.
Family Name Hamal Given Name Manish Hamal
Enrolment Year 2019 Section A
Semester 2 Email [e-mail]
UNIT DETAILS
Unit Title Entrepreneurship and Small
Business Management
Unit Code T/508/0495
Assessor Name Nabin Gajurel Issued Date 04/13/2021
Assignment Title Understanding Entrepreneurship and Small Business Management
Assignment No 1/1 Submission Date 06/12/2021
Qualification BBA Campus ISMT

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STUDENT ASSESSMENT SUBMISSION AND DECLARATION
When submitting evidence for assessment, each student must sign a declaration confirming that
the work is their own.
Student Name Manish Hamal Assessor Name Nabin Gajurel
Issue Date 04/13/2021 Submission Date 06/12/2021
Programme BITEC HND in business
Unit Name Entrepreneurship and Small Business Management
Assignment Title Understanding Entrepreneurship and Small Business Management
Plagiarism
Plagiarism is a particular form of cheating. Plagiarism must be avoided at all costs and students
who break the rules, however innocently, may be penalized. It is your responsibility to ensure
that you understand correct referencing practices. As a university level student, you are expected
to use appropriate references throughout and keep carefully detailed notes of all your sources of
materials for material you have used in your work, including any material downloaded from the
Internet. Please consult the relevant unit lecturer or your course tutor if you need any further
advice.
Student Declaration
Scenario 2:
I certify that the assignment submission is entirely my own work and I fully understand
the consequences of plagiarism. I understand that making a false declaration is a form of
malpractice.
Student signature: Date:
Pearson Education 2018
Higher Education Qualifications

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Part A: You have been asked to write an article by your senior manager which will be published
in a monthly local magazine “Small Businesses Enterprises”. The article includes the following:
 Explain and determine the characteristic traits and skills of successful entrepreneurs and that
differentiate them from other business managers.
 With reference to suitable examples, assess how aspects of the entrepreneurial personality
reflect entrepreneurial motivation and mindset.
 Explore and analyze the characteristic traits, skills and motivational drivers of successful
entrepreneurs, supported by specific examples from the local small businesses.
Part B:
You need to make a power point presentation of 15 minutes that focuses to a group of people
who are thinking for their start up business. Your presentation will help them examine and
understand the different environments that foster or hinder entrepreneurship. The presentation
will include:
 Examine, using relevant examples, how background and experience can hinder or foster
entrepreneurship.
 Analyze how entrepreneurial characteristics and experiences influence entrepreneurs and
critically analyse its positive and negative impacts with reference to suitable examples

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Contents
Characteristics of a successful entrepreneur:...................................................................................6
Entrepreneurial personality and their reflection on entrepreneurial motivation and mindset:........7
Some arguments relating to entrepreneurial characteristics:.........................................................10
Motivational drivers of successful entrepreneurs:.........................................................................11
Background and experience that can hinder or foster entrepreneurship........................................15
Background and experiences that influence entrepreneur positively and negatively:...................21
Conclusion:....................................................................................................................................23
References:....................................................................................................................................24

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Acknowledgement
This project has needed a lot of commitment from me. However, without the generous support
and assistance of many individuals and organizations, it would not have been possible. I'd like to
express my deepest gratitude to each and every one of them.
I am extremely grateful to Nabin gajurel for his encouragement and continuous oversight, as well
as for providing necessary project details and for his assistance in completing the project.
I'd like to express my gratitude to my parents and members of ISMT for their support and
motivation in helping me finish this project.
I'd like to express my heartfelt gratitude and appreciation to those in the industry who have given
me their time and energy.
My gratitude and appreciation also extend to my project development colleague and those who
have volunteered to assist me with their skills.

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ENTREPRENEUL Characteristics
- Manish Hamal, 15 August, 2021
An entrepreneur is a person who creates a business based on a new idea. They are in charge of
the company and bear the risk of its success. An entrepreneur is defined by the personal risk they
are willing to take in order to start a new firm, innovate, or engage in some other sort of business.
They frequently benefit the most from their company's success in exchange for taking on that
risk. (Duermyer, 2021)
Characteristics of a successful entrepreneur: (Rojas, 2021)
Entrepreneurs are inherently motivated. After all, they spend a lot of time starting a business and
investing a lot to make their dreams come true. They do all this, knowing that it can take months
or even years to enjoy the benefits of their labor. And, despite their efforts, they know that their
efforts may not be rewarded with material success. But they refuse to surrender to the fear of
failure. To continue working for a long time, you need to be motivated as well as pay close
attention. Passion is another characteristic of entrepreneurs. While a decent payday at the tip of
the tunnel is nice for motivation, entrepreneurs tend to be more driven by a passion for his or her
offering yet as by a desire to form a difference (Rojas, 2021). This passion or drive also helps to
sustain entrepreneurs in periods where discouragement might otherwise happen. The best
entrepreneurs have a vision on what they need to realize, how they'll accomplish their objectives,
and whom they have on their side to succeed in their goals. Their vision acts sort of a compass
that points them within the direction of opportunities that perhaps nobody else has found. They
even have the power to translate their vision in a very way that staff and investors can
understand. Through networking opportunities, entrepreneurs can find people they need to align
with. Furthermore, without confidence or self-belief, entrepreneurs cannot possibly succeed.
They need to be confident both within themselves and in the products or services they sell. If
they believe themselves, they'll have the power to remain the course regardless difficulties or
discouragement. (Rojas, 2021) They even have the stomach to require risks — finally, they

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believe that they're going to succeed. Being able to create decisions quickly is a vital
characteristic for entrepreneurs because it are often the difference between success and failure.
Entrepreneurs not only have to have good decision-making skills, but also must have the
capacity to form those decisions quickly so as to avoid missing opportunities. This necessitates
quickly considering the facts then deciding. As entrepreneur will be able to see, there are
definitely some key characteristics of entrepreneurship. As an innovator at the company,
entrepreneur will be able to use these traits to more capably and confidently perform their duties
(Rojas, 2021).
Entrepreneurial personality and their reflection on entrepreneurial motivation and
mindset:
Extraverted, Observant, Thinking, and Prospecting personality qualities define an entrepreneur
(ESTP). They are usually dynamic and action-oriented, expertly handling whatever obstacles
they face. They enjoy exploring life's possibilities, whether they're mingling with people or
engaging in more personal pastimes. Entrepreneurs always have an impact on their immediate
surrounds; during a party, look for the whirling swirl of individuals flying around them as they
travel from group to group to spot them. Entrepreneur personalities enjoy being the center of
attention, laughing and entertaining with a direct and earthy sense of humor. Theory, abstract
concepts, and drab conversations about global concerns and their ramifications do not spark the
interest of entrepreneurs for long. Entrepreneurs keep their conversations lively and intelligent,
but they prefer to talk about what is or, better yet, to simply go out and do it. Entrepreneurs help
stimulate economic development, create jobs and invent products or services that will make the
planet appear bigger. To become a successful entrepreneur, entrepreneur need original thinking
and big ideas. Anyone can come up with a new idea, but building a successful business around it
is the job of the entrepreneur. The entrepreneurial mindset is exceptional: you must be creative,
communicative and highly motivated to be successful, but also tolerant of risk and failure (Rojas,
2021)

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A positive attitude and outlook could be a must for successful entrepreneurs. The mindset of
the top of the corporate sets the tone for the remainder of the corporate and influences corporate
culture. Negative thoughts undermine progress and also the progress of the corporate to not
mention the management’s ability to guide staff and motivate employees. A part of what gives
entrepreneurs the strength to weather the business downturns is positivity. One in every of the
advantages of being the boss is that you just get to specific creativity each and each day.
Entrepreneurs get to do out creative tactics to raise their business and make changes. Whether or
not individual are in a very creative field their understanding ways to optimize business
operations could be a creative act (PATEL, 2021). When entrepreneur are heading up their own
company, they’ll be able to apply power to their sales, PR, hiring etc. The most effective
entrepreneurs are persuasive individuals. The ability of persuasion can facilitate their
negotiation, close a purchase, or score a lower cost on inventory. Persuasive people tend to be
inspiring leaders, they have a tendency to be stellar bosses. While some people are more
naturally persuasive than others, persuasive communication skills are often learned and
practiced. Learning to speak and present y ideas will cause to a higher entrepreneur, no matter
what the industry is. When people are starting a business, they hope that their business are going
to be a wild success. It’s true that success is wonderful, but failure is where growth and alter
happen. The key to learning from failure is to truly learn and embrace mistakes in order that
they make better, not breakdown. Failure is inevitable, but reaction to failure is what people
create of it (PATEL, 2021).
For example, MR Binod Chaudhary, who recently named him on Forbes Magazine's list of the
wealthiest men in the world, he has always dreamed of growing and expanding beyond his
normal abilities. He was never happy with his performance. It made him more and more
dreaming about the business world (Shrestha, 2021). Lack of preparation, training and
experience was no excuse for him to move on. Strong will and a high level of optimism are
central characteristics of entrepreneurs. He works hard and dreams of achieving it and now he
has proved to be a successful entrepreneur. His entrepreneurial journey from the small Arun
Emporium, a retail store in New Road Kathmandu, founded by his late father Lun Karan Das
Chaudary, varies around the world, including FMCG, hospitality and energy companies.

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Expanded to include retail sectors. Today he is the wealthiest man in Nepal and the first
recognized Nepalese billionaire in the world. He owns the Cinnovation / Chaudhary Groups of
Industries, owns Nabil Bank, and invests in the hospitality industry around the world (Shrestha,
2021). He took a great risk by setting up a noodle factory in Kathmandu, despite the advice of
Thai market experts who came to Nepal to observe the noodle industry market. Despite many
disagreements among contemporary people, Mr. Chaudary saw ample market opportunities
within the changing framework of Nepal. In the near future, WaiWai Noodles will expand to 35
countries and already have a 70% market share in Nepal. Failure has always prompted
Chaudhary to success. The thing to know is that he faced difficulties. He developed
institutional mechanisms to deal with technical issues, for example, hiring a certified public
accountant and experts in his company was his decisive step. When the initial plan failed, they
used their trade and political connections to increase investment in various sectors. He also
developed his leadership skills at the financial policy level by joining various umbrella
organizations such as CN, the Federation of Nepalese Chambers of Commerce and Industry
(FNCCI) and others. Reaching the centers of power, he overcame controversy and baseless
allegations (Shrestha, 2021).
Mr. Chaudhry's entrepreneurial Features: ("Binod Chaudhary: Always Expanding and
Growing", 2013)
 Excellent aspiration is always a businessman's dream and he works hard to achieve it
through dedication and dedication.
 To address a business problem, a culture of institutional mechanisms (e.g., hiring experts)
is essential to overcoming specialized knowledge in the area.
 Doing business is more than just being a market analyst. Mr. Chaudhry refrained from
relying on ideology and followed the knowledge provided by practice and living
experience.
 To secure the market for the product, a businessman created a demand and made a profit.
In addition to being optimistic, a businessman has to brainstorm as a result of his
decision, his critical thinking plays an important role in providing a safe direction.

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 A business person should always minimize management and other costs and invest as
much money and time as possible in improving market efficiency for the product. A
businessman is also a leader, he should have a bright, moral and disciplined personality.
Some arguments relating to entrepreneurial characteristics:
Entrepreneurs are born with the will to succeed.
Many people believe that entrepreneurs are born with specific innate talents and that only those
with certain talents can be entrepreneurs. The truth is that practically anyone who can gain the
requisite skills can become an entrepreneur. True, some people adapt to the demands of the job
more rapidly than others, but there's no rule that says only certain people can start businesses.
Entrepreneurs can be gregarious extroverts or quiet introverts, big picture thinkers or detail-
oriented when it comes to executing a business plan. Entrepreneurship is an acquired skill rather
than a natural talent. (krach, 2017)
3. Starting a new business ensures independence.
Many people are drawn to the possibility of starting their own business because it allows them to
break free from the standard 40-hour work week. Many people discover that, while leaving
behind their old schedules and creative restrictions, they are replaced with new demands. Sure,
there will be more freedom in certain ways, but entrepreneurship frequently necessitates
significant sacrifices. It has the potential to dominate every waking moment of your life; the job
doesn't stop when the clock strikes 5 p.m. (krach, 2017)
The entrepreneur bears full responsibility.
Another myth about starting a business is that it is entirely dependent on the entrepreneur. This
may be true in the beginning, but adopting this concept too seriously is the surest way to burn
out. Collaboration and delegating are important aspects of a company's health. Nobody can
accomplish it all by themselves. (krach, 2017)
At the helm of a company, an MBA is required.
When it comes to entrepreneurs and business degrees, conflating value with necessity is a
mistake. On the one hand, a formal education has incalculable advantages. Entrepreneurs, on the

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other hand, are not required to hold an MBA or other business degree by the market. Some
company founders, for example, have degrees in engineering and use their in-depth technical
knowledge to uncover technology gaps and design solutions. Other successful startup founders
do not have a college diploma. (krach, 2017)
Quitting is a last resort for losers.
One final misunderstanding is that entrepreneurs must put everything on the line – no matter
what. But the reality is that not every idea will turn into a viable business. Successful
entrepreneurs frequently cycle through and test a variety of concepts before settling on one that
sticks. Quitting may appear to be a failure, but it's actually a frequent aspect of the entrepreneur's
journey and can teach you a lot. It's crucial to know when to walk away and move on to the next
idea. (krach, 2017)
Motivational drivers of successful entrepreneurs:
Entrepreneurial motivation is the process of transforming a regular person into a powerful
businessman who can generate possibilities and contribute to the growth of wealth and the
economy. Various elements inspire wants and generate excitement in entrepreneurs, causing
them to achieve a specific goal. Entrepreneurship is the process of discovering strengths and
opportunities that aid in realizing one's aspirations of establishing, creating, and running a new
firm while effectively dealing with dangers and hazards (Davis, 2021).

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Source: The Importance of Motivation in Social Enterprises. Eoi.es. (2021). Retrieved 14 June
2021, from https://www.eoi.es/blogs/imsd/the-importance-of-motivation-in-social-enterprises/.
To become an entrepreneur, one must first recognize one's own abilities and prospects in the
outside world. Motivation is important in finding one's own talents in order to become great
leaders or powerful entrepreneurs who are willing to take risks and face uncertainty in order to
achieve pre-determined goals (Davis, 2021)..
Some internal motivational factors:

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Source: https://www.shutterstock.com/search/maslow
Physiological: These are basic physical requirements such as drinking when you're thirsty or
eating when you're hungry. Some of these wants, according to Maslow, involve our efforts to
meet the body's need for homeostasis, which involves maintaining consistent levels in various
biological systems (for example, maintaining a body temperature of 98.6°). 1. Physiological
requirements, according to Maslow, are the most important of human requirements (Davis,
2021). If a person is lacking in more than one need, they will most likely prioritize meeting their
physiological needs. When someone is extremely hungry, for example, it is difficult to
concentrate on anything else. The requirement for proper sleep is another example of a
physiological requirement. Safety: The next demand that arises once people's physiological
needs are addressed is a safe environment. Our safety needs are evident as early as childhood,
since children have a desire for safe and predictable situations, and when they are not provided,
they often react with fear or worry. Safety requirements are more obvious in emergency
situations (e.g., war and disasters) in adults living in industrialized countries, according to
Maslow, but this need might also explain why we choose the familiar or why we buy insurance
and contribute to a savings account (Davis, 2021). Belonging and Love: Feeling loved and
accepted, according to Maslow, is the next need in the hierarchy. This requirement include
romantic relationships as well as friendships and family ties. It also encompasses our desire to be
a part of a social group. This urge, it's worth noting, covers both feeling loved and loving others.
For example, having social ties is linked to greater physical health, while feeling lonely (i.e.
having unfulfilled belonging needs) has negative health and well-being repercussions (Davis,
2021). Esteem: The urge to feel good about ourselves is one of our esteem demands. Maslow

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defines esteem requirements as having two components. The first entails having self-assurance
and a positive attitude toward oneself. The second component is to feel valued by others, i.e., to
believe that our accomplishments and efforts have been acknowledged by others (Davis, 2021).
People feel secure and regard their contributions and accomplishments as significant and
meaningful when their esteem requirements are addressed. Self-Actualization Self-actualization
refers to a sense of fulfillment or living up to one's full potential. One distinguishing element of
self-actualization is that it takes on diverse forms for various people. Self-actualization may
entail assisting others for one person, while it may entail success in an artistic or creative sector
for another. Self-actualization is defined as the sense of doing what we believe we were born to
do. Maslow claims that self-actualization is a rare occurrence, citing Abraham Lincoln, Albert
Einstein, and Mother Teresa as instances of notable self-actualized people (Davis, 2021).
Some other motivational drivers of successful entrepreneurs:
The sense of accomplishment that comes from accomplishing something outstanding:
In a lecture titled "How to Live Before You Die," Steve Jobs summarized his intrinsic drive in
2005 at Stanford. “Your work will occupy a significant portion of your life, and the only way to
be truly satisfied is to do work that you believe is great,” he stated. And loving what we do is the
only way to produce great work.” (Zwilling, 2015)
Personal development and achievement.
It's impossible to be a successful entrepreneur if you don't keep moving forward. The best
entrepreneurs are equally enthusiastic about the road as they are about the destination. They have
a passion for information that will benefit both their business and their personal development.
This combination generates a sweet spot where their impact is maximized. If we don't know how
to master internet marketing, for example, we have no choice but to cultivate the talents of
studying internet marketing. We might look for numerous online marketing techniques in this
scenario, such as a local internet company directory Australia (Zwilling, 2015).
Assisting others in achieving their objectives.
Help others attain their goals if you want to achieve your own. Great entrepreneurs are always on
the lookout for complementary businesses in their industry. Elon Musk has made Tesla

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automobile battery patents available to everyone, which will certainly help both his and their
businesses (Zwilling, 2015).
Making a positive impact on the world.
Bill Gates had no idea how wealthy he would become when he carried out his aim of placing a
computer in every home and on every desk since all he wanted was to make a difference.
(Zwilling, 2015).Extrinsic drives frequently work against entrepreneurs, causing them to set
unattainable and burdensome goals.
Build a business that has personal importance for you.
Guy Kawasaki urges entrepreneurs to focus on generating significance rather than money in his
book "The Art of The Start 2.0." (Zwilling, 2015)"You're doomed," he has remarked many times
if your objective for your company is to expand it only to sell it to a huge corporation or to take
it public and cash out. Do it for the sake of significance. (Zwilling, 2015)
Background and experience that can hinder or foster entrepreneurship.

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Entrepreneurship is mostly hindered or fostered by an individual's experiences or background. It
has been discovered that people who have had positive food experiences in the past have
confidence in their ability to perform the job. Bad experiences or backgrounds, on the other
hand, hinder entrepreneurship. After a child's senses developed, they began to learn a variety of
things. Education allows them to get technical skills that will assist them in successfully
launching their firms (Hoffman et al. 2013). It has been seen that educated individuals can begin
their firms with more technique or strategy, allowing them to reach more sustainability. A
positive culture fosters productive attitudes, behaviors, and values in the pursuit of
entrepreneurship.
Economic issues are always important when it comes to entrepreneurial growth. In today's
competitive market, each company's performance is largely determined by the country's
economic situation. Poor economic conditions have been found to hinder entrepreneurship by
limiting the ability of enterprises to generate income (Bell et al. 2014). Self-sacrifice, self-
confidence, and the ability to take risks are all characteristics that make an entrepreneur succeed.
Additionally, family support is essential for the development of successful entrepreneurships

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because it boosts the entrepreneur's confidence. Effective business experiences and expertise
foster any entrepreneur in obtaining greater success by assisting in the more effective alignment
of the business' resources with the corporate aim.
Some other factors that background and experience can hinder or foster entrepreneurship:
Family background:
Since family is historically represented a fundamental type of social organization, it is an
important dimension of culture (Chrisman et al 2002). Family involvement in a person's choice
to establish a business can have a beneficial or negative impact, depending on whether they
endorse and support the decision or try to discourage the potential entrepreneur. Families offer
practical support to aspiring and established entrepreneurs, and they can also assist with
fundraising.
Example: Samsung is one of the most well-known brands in South Korea, and no one needs to be
told about it. Lee Byung Chul was the catalyst. This well-known company was founded by him.
He was not wealthy, so he began working at numerous occupations before deciding to work for
himself. He took out a business loan at initially, but it didn't work out for him or his company.
He wasn't in the trucking business before, but after seeing the forthcoming innovation in the
field, he decided to start his own. Taking out a business loan might put a company in a difficult
predicament. The term "loan" refers to a debt that will become a burden for the company (Neck
and Greene, 2011, p.63).
Education:
Everyone benefits from education since it allows them to learn about a variety of topics. Through
various articles, books, and training courses, an entrepreneur can gain knowledge about
numerous elements of company. It is not necessarily true that only those with a high level of
education may be successful entrepreneurs. A person can become a successful entrepreneur if he
or she has the drive and understands the fundamentals of business. For example, Steve Jobs
(founder of Apple), Jan Koum (founder of Whatsapp), and many more well-known individuals
were college dropouts who demonstrated that a college diploma is not required to achieve
success (Neck and Greene, 2011, p.63).

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Personal factors:
Personal considerations might also impact a person's decision to become an entrepreneur or not.
Entrepreneurs with vast imaginations, maturity, optimism, foresight, risk-taking ability
efficiency, self-confidence, leadership ability, dynamic thinking, hard effort, honesty, and other
attributes are certain to succeed (Francis, 2021).
Cultural factors:
Social organizations, traditions, educational levels, personal behavior, situational conditions,
caste or class system, familial training, and another ethical level of society are examples of social
and cultural elements that influence entrepreneurship or entrepreneurial development. The
entrepreneur must be familiar with the culture of the country in which he or she currently resides.
Customers' demands for products and services varies from one country to the next, influencing
their purchasing decisions. The business pattern and operations are also influenced by national
culture. Entrepreneurial enterprises must adhere to the norms and regulations of the legislation in
the country in which they seek to operate (Francis, 2021).
Experience:
In order to access and sustain a great business idea, entrepreneur must have prior experience. An
entrepreneur's experience makes them aware of the situations they can confront in the market
while running their business (Francis, 2021).
Background and experiences that influence entrepreneur positively and negatively:
Motivational factors:
In the development of an entrepreneur, motivation is crucial. It is a powerful internal urge and
energy that motivates him to pursue entrepreneurial endeavors and urges him to attain his
objectives. Entrepreneurial motivation is beneficial to the growth of a business. Important
aspects include achievement motivation, power motivation, and expansion motivation. The

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motivation to succeed focuses on a person's ambition to pursue goals, try new things, and work
efficiently. He will be inspired to start a business if he has the interest, temperament, and
dedication to do it otherwise he will not (Andersson, 2021).
Entrepreneurial skills:
For an entrepreneur, the following three categories of abilities are required:
For the purpose of developing an industry, an entrepreneur must be able to collect numerous
facts and information, formulate projects, consider various stages of projects, and make
investment decisions (Francis, 2021).
For successful management and operation of the industry, the entrepreneur must possess
managerial skills. He must plan work, arrange numerous activities, make effective judgments,
communicate effectively, give orders, and exercise effective control, among other things. In
order to carve out a separate identity in the industry, an entrepreneur must be able to think
creatively and seize possibilities (Andersson, 2021).
Entrepreneurial knowledge:
Entrepreneurs must be well-versed in the following three areas: He should be aware of the
environment's physical, social, cultural, political, legal, technological, and ethical aspects. He
should be knowledgeable about a variety of topics connected to alternative industries, such as the
best option among several options, the raw material to be used (foreign or domestic), the
manufacturing process, product distribution, competitive businesses, and so on. Following the
selection of the best industry, the entrepreneur should have a thorough understanding of many
technological aspects of the industry, such as appropriate production techniques, expenses, and
expected profits, in order to facilitate the growth of the business (Francis, 2021)..
Normative behavior:
The ability to accept risks and uncertainties indicates that a person is not afraid of challenges or
obligations. They put in long hours, and these facilities encourage entrepreneurship. In the
growth of an entrepreneur, family expectations or incentives play an essential role. If the family's
leader and other members want to make a lot of money by conducting independent work and
involving all family members, the family's social standing rises, and the likelihood of starting

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their own business rises. The desire to live an independent and self-sufficient existence is also
beneficial to a man's development as an entrepreneur and aids overall entrepreneurship
development (Francis, 2021).
Socialization:
Accepting risks and uncertainties demonstrates that a person is not afraid of difficulties or
responsibilities. They work long hours, and these facilities motivate them to start their own
business. Family expectations or incentives are crucial in the development of an entrepreneur.
The family's social standing rises, and the possibility of beginning their own business rises, if the
family's leader and other members wish to make a lot of money by conducting independent work
and involving all family members. The desire to be self-sufficient and independent is also
advantageous to a man's development as an entrepreneur and promotes overall entrepreneurship
development (Francis, 2021).
Government policies and incentives:
Various government economic and commercial policies, such as industrial policy, licensing
policy, farm policy, monetary and fiscal policy, labor policy, export-import policy, and so on, all
have an impact on the development of entrepreneurship. Government economic policies that are
appropriate, progressive, and sound may support the growth of entrepreneurship. The
government can entice entrepreneurs by informing them about the government's favorable
attitude toward businesses and industries through these policies, as well as by giving incentives
and other benefits (Andersson, 2021).
Conclusion:
Many young people have been encouraged by the entrepreneurial process to become
entrepreneurs. Entrepreneurs have had a lot of success turning their unique ideas into profitable
businesses. Their innovations and expertise are reflected in the products and services they
provide. These entrepreneurial enterprises have helped to boost economic growth and improve
the economic conditions of many countries by offering millions of job possibilities.

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