Question

Write short notes on the following.
1. What are entrepreneurial values?
2. How is motivation important in the development of an entrepreneur?
3. Define entrepreneur, entrepreneurship and enterprise.

Answer 1

1. Values are a set of beliefs and thoughts that are socially or individually acceptable and preferred. To put in other words, it is a specific code of conduct or behaviour which is preferable personally, or by society, over the opposite code of conduct. Some researchers developed a List of Values (LOV) comprising nine values such as excitement, a sense of belonging and self-fulfilment. These values are further subdivided into three main categories namely, internal, external, and fun and excitement values.

2. The main objective of an entrepreneur is to achieve organisational objectives by putting in maximum efforts. For this, the entrepreneur needs to have the required skill, ability and willingness. Skill and ability come with educational qualification or training, whereas willingness comes with motivation. Thus, it can be said that motivation is important for the development of an entrepreneur.

3. The three terms “entrepreneur”, “entrepreneurship” and “enterprise” are different yet interrelated to each other. An entrepreneur refers to a person or an individual who starts up a business. He/she is the one who takes up the basic idea of setting up the business. In the process of setting up the business, he/she undertakes risk, coordinates production resources and undertakes innovation. This whole process of setting up a new business is called entrepreneurship. The final result, i.e., the business established after undertaking the process of entrepreneurship, is called an enterprise. Thus, an entrepreneur is a person who undertakes the process of entrepreneurship to set up an enterprise.