Entrepreneurship refers to the process of converting your idea into a beneficial business. whenever a problem is occurred a business idea is created to solve that problem and then the business is being run. There are certain things which influence the business such dimensions are discussed below:
- STRATEGIC ORIENTATION: A promoter is truly opportunity driven. “I am going to be driven only by my perception of the opportunities that exist in my environment and I will not be constrained by the resources at hand” a trustee, on the other hand, tends to say: “how do I utilise the resources that I control?” It is the dimension that has led to one of the traditional definition of the entrepreneur as opportunistic or, more favourably, creative and innovative. But the entrepreneur is not necessarily concerned with breaking new ground. Opportunities can be found in a new mix of old ideas or in the. Creative application of traditional approaches. We do observe, however, that organisations tend to look for opportunities where their resources are.
- COMMITMENT TO OPPORTUNITY: There are innovative thinkers who never get anything done. It is necessary to move beyond the identification of opportunity to pursuit. The promoter is willing to act in a very short time frame and to chase an opportunity quickly. The duration of their commitment, not their ability to act, is all that is in doubt. Commitment for the trustee is time-consuming and once made of long duration.
- COMMITMENT OF RESOURCES: Another characteristic we observe in good entrepreneurs is a multi-staged commitment of resources with a minimum commitment at each stage or decision point. The issue for the entrepreneur is this: what resources are necessary to pursue a given opportunity? Entrepreneurs learn to use other people resources well and to decide over time what resources they need to bring in-house. An organisation may need a specialised resource such as a high-tech patent attorney or state of the art circuit test equipment, but only for a short time. By using rather than owing a company reduces its risk and fixed costs.
- MANAGEMENT STRUCTURE: The promoter wants knowledge of his or her progress via direct contact with all of the principle actors . The trustee wants relations more formally, with specific rights and responsibilities assigned through the delegation of authority.
- REWARD PHILOSOPHY: Entrepreneurial organisations are more explicitly focussed on the creation and harvesting of value. In start-up situations, the financial backers of the organisation as well as the founders themselves have invested cash and want cash out. entrepreneurial companies tend to base compensation on performance (where performance is closely related to value creation).
Need any help?
If you require any business related help or other guidance than read our business blog on www.cutevamp.com
Or contact us on: +919587406557 (India)