Because they are innovators, wealth creators, and community builders, entrepreneurs must be encouraged, driven, and rewarded to the fullest degree. They are thought of as agents of social transformation. Entrepreneurship and economic development have a crucial relationship that policymakers and business owners must comprehend.
Entrepreneurs frequently create novel company models, structures, technologies, and novel goods, services, and production methods and expand into untapped markets. The evidence indicates that entrepreneurial capital is essential to the production function. Radical innovations frequently lead to economic progress. Entrepreneurs who commercialize discoveries significantly advance the economy by adding value. Newer ones spend more money looking for fresh prospects than established businesses.
A person's essential character might be affected by personal perspectives. Many other elements, including age, education, family history, personal effort and skills, ecosystem, and environment, influence the decision to start a business. Developing and putting new ideas into practice in a highly competitive, complicated, and uncertain environment is "entrepreneurship." Social advancement and economic sustainability are both fueled by entrepreneurship. According to modern entrepreneurship theory, entrepreneurial activity is the actualization of business prospects due to market imbalance. Various factors can drive people to launch their enterprises. The division of elements into two major categories—push and pull factors—has been a significant component of the theory building for entrepreneurial motives.
Factors can be divided into push and pull factors. Push and pull factors are other terms for motivating elements. The desire to raise family income, discontent with a salary-based employment model, difficulty finding a suitable job, and the desire for flexibility in family duties are examples of push factors. The demand for independence, self-actualization, an elevated status quo, and societal prestige are pulling forces. When the objective is to survive, succeed, or avoid failure, instincts (motivations) drive behavior, and motives have been employed to answer the topic of what motivates a person to take action.
According to research, entrepreneurs prioritize the following characteristics−
Honesty − An entrepreneur must be honest with all stakeholders. Entrepreneurs will only be able to survive in the market for a short time if they are honest.
Reliable − An entrepreneur must be dependable in all of his or her interactions. The dependability of products, services, and judgments must be ensured.
Respect − An entrepreneur must respect all stakeholders, including consumers, suppliers, investors, and employees. Disregarding any stakeholder may jeopardize the entrepreneur's reputation and commercial transactions. An entrepreneur must also adhere to work, time, and company objectives.
Foresight − His education and knowledge provide him with foresight. An entrepreneur must be able to anticipate future risks and arrange company actions properly to protect against uncertainty.
Innovation and creativity − Entrepreneurs must be able to think beyond the box and be innovative. It is one of the most vital qualities if you want your business to succeed. These include generating new ideas, managing change, coping with uncertainty while implementing new ideas, displaying innovation, and so on.
Outstanding performance − Entrepreneurs must exceed their competitors to shine in the market and establish themselves. Entrepreneurs must admit and fix their mistakes. They do not cut corners to accomplish tasks since there are no shortcuts to quality.
Independence − One of the most important traits of entrepreneurs is the freedom to express themselves. Entrepreneurs are self-driven and self-sufficient.
Through five training components, the agency training encourages activity. First, all participants must behave as entrepreneurs as part of the course, which blends informational learning with practical application. Second, participants must develop adequate operational mental models that include knowledge important to their actions. These action principles should be used to communicate these operative mental models, supported by data. Third, according to the action-regulation theory, repetition and active practice of exercises are critical to the deep processing and routinization of training material.
Active practice is also the key to converting theoretical knowledge into practical understanding. Fourth, the emphasis of the training is on feedback, including unfavorable criticism. Participants receive information about their activities' shortcomings via negative feedback, which helps them learn and develop their capacity for bridging knowledge and experience gaps. Participants create a personal project for the fifth step. The personal project makes it easier to apply the knowledge learned during the training intervention to situations outside of it.
The first training strategy, personal initiative training, is targeted at already-established business owners. The second program, STEP training (Student Training for Entrepreneurial Promotion), targets college and vocational school, students. The training program for established business owners is based on an action-regulation theory focusing on personal initiative. The action principles instruct entrepreneurs on how to exercise personal initiative while guiding them through the entrepreneurial action process.
To foster an entrepreneurial mindset in undergraduate students majoring in non-business topics, the second training intervention—STEP training—is used (e.g., computer science, psychology, the arts, or veterinary medicine). Preparing students for their careers and inspiring them to launch and expand a business are the main goals of STEP training. First and foremost, STEP focuses on imparting the practical skills required to carry out tasks associated with business startups. Second, the STEP program includes a section on the psychological aspects of planning and leadership. Third, the program emphasizes creating intentions to launch a business. Fourth, participants develop strategies due to the training that turns their goals into deeds. Action plans enable the implementation of intentions by laying out when, where, and how to complete actions.
For the growth of the economy, training and motivating entrepreneurs are extremely necessary. There are numerous reasons why someone might want to be something other than an entrepreneur and grow or start their own business. This could include family resistance, financial deficits, not having good guidance, not having enough education, a lack of resources, etc. However, many interventions can be applied, like STEP training for upcoming entrepreneurs and the Agency Training Program, which focuses on established and upcoming entrepreneurs.
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