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(1)Define enterprenuership and the characteristic of entrepreneurship?

An entrepreneur is someone who organizes, manages, and assumes the risks of a business or
enterprise. An entrepreneur is an agent of change. Entrepreneurship is the process of discovering new ways
of combining resources. When the market value generated by this new combination of resources is greater
than the market value these resources can generate elsewhere individually or in some other combination,
the entrepreneur makes a profit. An entrepreneur who takes the resources necessary to produce a pair of
jeans that can be sold for thirty dollars and instead turns them into a denim backpack that sells for fifty
dollars will earn a profit by increasing the value those resources create. This comparison is possible because
in competitive resource markets, an entrepreneurs costs of production are determined by the prices
required to bid the necessary resources away from alternative uses. Those prices will be equal to the value
that the resources could create in their next-best alternate uses.
Nature & Characteristics of Entrepreneurship:
(1) Innovation: A businessman, who simply behaves in traditional ways, cannot be an entrepreneur.
Innovation involves problem solving and the entrepreneur is a problem solver. According to Schumpeter
entrepreneurship is a creative activity. An entrepreneur is basically an innovator who introduces something new
in the economy.
(2) High Achievement: People having high need for achievement are more likely to succeed as
entrepreneurs. The achievement motive is, by assumption a relatively stable enduring characteristic of an
individual. Achievement motive can be increased by deliberate efforts. Various studies on psychological roots
of entrepreneurship reveal the presence of high achievement among successful entrepreneurs.
(3) Managerial Skill and Leadership: According to B.F. Hoselitz, managerial skills and leadership are the
most important facets of entrepreneurship. Financial skills are only of secondary importance. A person who is
to become an industrial entrepreneur must have more than the drive to earn profit. He must have the ability to
lead and manage.
(4) Group Level Pattern: Entrepreneurial characteristics are found in clusters which may qualify themselves
as entrepreneurial groups. Entrepreneurial activity is generated by the particular family background, experience
as a member of certain groups and as a reflection of general values.
(5) Organisation Building: According to Harbison entrepreneurship implies the skill to build an organisation.
Organisation building ability is the most critical skill required for industrial development. This skill means the
ability to multiply one self by effectively delegating responsibility to others.
(6) Gap Filling Function: The most significant feature of entrepreneurship is gap filling. It is the job of the
entrepreneur to fill the gap or to makeup the deficiencies which always exist in the knowledge above the
production function. Some inputs like motivation and leadership are vague and their output is indeterminate. An
entrepreneur has to Marshall all the inputs to realise the final product.
(7) Status Withdrawal: According to Hagen creative innovation or change is the fundamental feature of
economic growth. An entrepreneur is a creative problem solver interested in things in practical and
technological realm. He feels a sense of increased pleasure when facing a problem and tolerates disorder
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without discomfort. In traditional societies, position of authority was granted on the basis of status, rather than
individual ability. Hagen visualized an innovative personality in contrast to such authoritarian personality.
(8) A Function of Social, Political and Economic Structure: Entrepreneurs are not equally distributed in
the population. Minorities have provided most of the entrepreneurial talent but all the minorities are not
important sources of entrepreneurship. Entrepreneurial supply depends upon the four structure viz. limitation
structure, Demand structure, opportunity structure and labour structure. However entrepreneurship depends on
rather specific combinations of circumstances which are difficult to create and easy to destroy.

COMMITMENT AND DETERMINATION:

Commitment and determination are seen as more important than any other factor that inspiring an entrepreneur. It makes an entrepreneur can
overcome incredible obstacles and also compensate enormously for other weaknesses. Almost without any exception, entrepreneurs live under
extreme, constant pressure (when they start their business, for them to stay alive, and for them to grow). A new business requires top priority of
entrepreneur's time, emotion, patient, and loyalty. The level of entrepreneur's commitment can be measured in several ways: through a willingness to
invest a substantial portion of his or her net worth in the venture, through a willingness to take a cut in pay because he or she will own a major piece of
venture, and through the other big sacrifices in lifestyle and family circumstances. Clearly, commitment and determination usually demand personal
sacrifice.

Distinction between an Entrepreneur and a Manager
The terms Entrepreneur and Manager are considered one and the same. But the two terms have different meanings.
The following are some of the differences between a manager and an entrepreneur.

The main reason for an entrepreneur to start a business enterprise is because he comprehends the venture for his individual
satisfaction and has personal stake in it where as a manager provides his services in an enterprise established by someone.

An entrepreneur and a manager differ in their standing, an entrepreneur is the owner of the organization and he bears all the risk
and uncertainties involved in running an organization where as a manager is an employee and does not accept any risk.

An entrepreneur and a manager differ in their objectives. Entrepreneurs objective is to innovate and create and he acts as a
change agent where as a managers objective is to supervise and create routines. He implements the entrepreneurs plans and
ideas.

An entrepreneur is faced with more income uncertainties as his income is contingent on the performance of the firm where as a
managers compensation is less dependent on the performance of the organization.

An entrepreneur is not induced to involve in fraudulent behavior where as a manger does. A manager may cheat by not working
hard because his income is not tied up to the performance of the organization.

Entrepreneur is required to have certain qualifications and qualities like high accomplishment motive, innovative thinking,
forethought, risk-bearing ability etc. Conversely its mandatory for a manager to be educated in the fields of management theories
and practices.

An entrepreneur deals with faults and failures as a part of learning experience where as a manager make every effort to avoid
mistakes and he postpones failure.

An entrepreneur could be a manager but a manager cannot be an entrepreneur. An entrepreneur is intensely dedicated to develop
business through constant innovation. He may employ a manager in order to perform some of his functions such as setting
objectives, policies, rules etc. A manager cannot replace an entrepreneur in spite of performing the allotted duties because a
manager has to work as per the guidelines laid down by the entrepreneur.

On the downside, typical manager brings professionalism into working of an organization. They bring fresh perspectives, ideas and
approach to trouble shooting which can be invaluable.

Lately there has been convergence of the entrepreneur and the manager in certain sectors like software. An employee is being
given highly valuable stock options, which make a typical manager a part owner.


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6 Characteristics Required To Be A Successful
Entrepreneur
6 Essential Entrepreneurial Characteristics
So what are the entrepreneurial characteristics you need to make your dreams into a reality? Here are some of the traits you will want to start focusing
on as you begin your journey to starting a business from home.
1. Motivation you need to be self-motivated enough to juggle deadlines, admin and various other responsibilities that arise. That means no slacking
off to watch TV, and setting clear work hours that you stick to no matter what.
2. Determined you need to want this so badly, you will stop at nothing to make it happen. With enough determination, you will get through the bumpy
patches and still keep moving forward.
3. Resourceful you need to constantly find ways to make things happen, from funding opportunities to out of the box thinking. This will help you find
new, better ways to do things, rather than getting stuck and giving up.
4. Flexible you need to adapt to situations, circumstances and opportunities. This will allow you to grow and change without being forced into a rut
when things do not go as planned.
5. Likeable you also need to be a people person, who gets on with clients, customers, suppliers and anyone else you come into contact with in the
course of business. Communication skills are key, as is a generally agreeable nature.
6. Persuasive you need to be able to sell it your products, your business idea, your services and your goals. This means building your selling skills
so that you can bring in more business, and make more sales.

Emergence Of The Entrepreneurial Class
Emergence Of The Entrepreneurial Class
During earlier times Indias prosperity attracted communities across boundaries
Strategies adopted by Mughals and Turkish
Turk Mughals settled down in India and shared the prosperity. . They bought currency with them and disrupted
the barter system
Strategy of the British
Wanted to offload surplus supply due to Industrial Revolution in India to balance the demand and supply
situation in U.K.Managed to acquire power and became the ruler.Banned manufacturing in India. Sent all raw
materials (cotton, oilseeds etc) to UK for conversion and value addition thus transferring wealth to UK
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th
Century
Indian Industry remained non started. Major thrust was on cash crops neglecting food grains resulting in severe
famine.Indian Economy was dominated by British economy.
1920
World war prevented transfer of raw materials to Manchester. British decided to manufacture in India itself .
Initiated the first Indian Industry. The Mumbai Textile Mills

1930s to mid 1940s
Mahatma Gandhi directed his captains to set the basic Infrastrure for Industrial and Economic development.
Theses are the founder entrepreneurs of India. They developed various areas of basic infrastructure.
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a)JRD Tata: Aviation, steel, railway, post & telegraph, power, roads, textile etc
b)G.D Birla-Textgile, vehicles, power, cement, chemicals, heavy industries, aluminum, cement etc
c) S. L Kirloskar-Machine tools, farm equipments, pumps etc
d) Jamnalal Baja-Two wheelers, 3 wheelers etc

Independence 1947
British went back leaving the business to their employees/agents/market intermediaries.
Late 1960s
Nationalisation of banks and Insurance companies made available huge funds for SSI and entrepreneurial
development. It made investment available to common man challenging business monopoly
1970s to mid 1985
Emergence of new generation entrepreneurs because of funds and supporting govt policies.
Technocrats , artisans , rural craftsman, educated, uneducated youngsters created the greatest ever SSI
development.
Resulted in excellent interdependence of SSI ands organized sector creating highest ever growth rate of 8.9%
and very high addition to GDP.
Organised sector could expand, diversify without any direct investment and SSI could share the prosperity.
Mid 1980s
Indian industry remained protected by license raj, permits, quotas, monopolistic market resulting into losing
export and entry of cheaper better goods in gray market(Germany & Japan) resulting in worse BOP Situation
and industrial sickness. Closure of several industries in organized sector.
1990s
Liberalisation sets reforms rolling by scrapping export regulations.Delicensing, making import and export
simpler, direct FDI in all sectors, concessions for technical know-how and collaboration. Indian
entrepreneurship started.
Mid 1990s
Third generation of entrepreneurs Rahul Baja, Mahindra, Ambani, Ratan Tata, Kumarmangalam Birla proved
their competencies in managing various large companies
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2000
Indian Entrepreneurship took great leap in the global market entering in to service Industry (IT, BPO, Bio
Technology, hospitality etc)
India established leadership in several areas-
Bajaj-Largest manufacture of 2 wheelers
Ambuja cement-cheapest manufacturing of cement
Job market is changing; Companies are passing through highly unstable phase. It may call for drastic changes
in their business form that will lead to change in the employee pool. Jobs and remuneration will be more result
based. Thos will demand high enterprising capabilities and entrepreneurship attitude.
Factors impacting emergence of entrepreneurship
Various researchers world over have identified the factors that contribute to the development of
entrepreneurship. Economists agree that the lack of entrepreneurs is not caused by economic
conditions alone as was the earlier feeling. It is also due to the whole set of socio-cultural and
institutional environment prevailing in the less developed countries. Various environmental factors
influencing the entrepreneurship are as follows:
I. Economic Factors: Economic environment exercises the most direct and immediate
influence on entrepreneurship. The economic factors that affect the growth of entrepreneurship are
the following:
1. Capital:
2. Labour:
3. Raw Materials:
4. Market
5. Infrastructure:
1. Caste Factor:
2. Family background:
4. Attitude of the Society:
5. Cultural Value:
III. Psychological Factors:
1. Need Achievement:
2. Withdrawal of Status Respect:
3. Motives:
IV. Political Factors:

Difference Between Opportunity and Idea
Opportunity and Idea are two words in the English language that are often confused when it comes to their meanings and
connotations. There is indeed some kind of difference between the two words.
The word opportunity refers to chance as in the sentence he was offered a business opportunity. In this sentence the word
opportunity indicates the meaning of chance. Hence the meaning of the sentence would be he was offered a business chance.
Or he was offered a chance to do businesses.
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Look at the sentence the fielder missed the opportunity. In this sentence the reader understands that the fielder was offered a
chance by the batsman to catch the ball but he missed the chance. Thus the word opportunity often refers to a chance.
On the other hand the word idea refers to a plan that is triggered by the thinking faculty of the mind as in the sentence he thought
of an idea to get rid of the problem. In this sentence the word idea refers to a plan thought of by him to get rid of a certain problem.
This is the main difference between the two words idea and opportunity.
It is interesting to note that the word opportunity often is followed by the preposition to as in the sentence he was given an
opportunity to show his caliber. In this sentence you can see that the word opportunity is followed by the preposition to. In the
same way the word idea is also followed often by the preposition to as in the sentence he got an idea to send him to village. In
this sentence the word idea is followed by the preposition to. This is the difference between the two words, namely, idea and
opportunity and it has to be understood with precision.

How Entrepreneurs Identify New Biz Opportunities
There are many sources for new venture opportunities for individuals. Clearly, when you see inefficiency in the
market, and you have an idea of how to correct that inefficiency, and you have the resources and capability
or at least the ability to bring together the resources and capability needed to correct that inefficiency that
could be a very interesting business idea. In addition, if you see a product or service that is being consumed in
one market, that product is not available in your market, you could perhaps import that product or service, and
start that business in your home country.
Many sources of ideas come from existing businesses, such as franchises. You could license the right to
provide a business idea. You could work on a concept with an employer who, for some reason, has no interest
in developing that business. You could have an arrangement with that employer to leave the company and start
that business. You can tap numerous sources for new ideas for businesses.
Perhaps the most promising source of ideas for new business comes from customers listening to customers.
That is something we ought to do continuously, in order to understand what customers want, where they want
it, how they want a product or service supplied, when they want it supplied, and at what price.
Obviously, if you work in a large company, employees might come up with ideas. Indeed, you might want to
listen to what they have to say. You could pursue these ideas by asking yourself some key questions such as,
Is the market real? Is the product or service real? Can I win? What are the risks? And is it worth it?
Explan the various important sources of finance to enterprenuers
An entrepreneur might face the major hurdle of acquiring financing to jumpstart a business and increase the likelihood for success.
Depending on the services or products provided, your company might require thousands of dollars to open for business.
Fortunately, an array of finance sources is available. However, you must select the source based on your personal financial
standing and that best meets your needs.
Internal sources
The main internal sources of finance for a start-up are as follows:
Personal sources These are the most important sources of finance for a start-up, and we deal with them in more
detail in a later section.
Retained profits This is the cash that is generated by the business when it trades profitably another important
source of finance for any business, large or small. Note that retained profits can generate cash the moment
trading has begun. For example, a start-up sells the first batch of stock for 5,000 cash which it had bought for
2,000. That means that retained profits are 3,000 which can be used to finance further expansion or to pay
for other trading costs and expenses.
Share capital invested by the founder The founding entrepreneur (/s) may decide to invest in the share capital
of a company, founded for the purpose of forming the start-up. This is a common method of financing a start-
up. The founder provides all the share capital of the company, retaining 100% control over the business.
The advantages of investing in share capital are covered in the section on business structure. The key point to
note here is that the entrepreneur may be using a variety of personal sources to invest in the shares. Once the
investment has been made, it is the company that owns the money provided. The shareholder obtains a return
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on this investment through dividends (payments out of profits) and/or the value of the business when it is
eventually sold.
A start-up company can also raise finance by selling shares to external investors this is covered further below.
External sources
Loan capital This can take several forms, but the most common are a bank loan or bank overdraft.
A bank loan provides a longer-term kind of finance for a start-up, with the bank stating the fixed period over
which the loan is provided (e.g. 5 years), the rate of interest and the timing and amount of repayments. The
bank will usually require that the start-up provide some security for the loan, although this security normally
comes in the form of personal guarantees provided by the entrepreneur. Bank loans are good for financing
investment in fixed assets and are generally at a lower rate of interest that a bank overdraft. However, they
dont provide much flexibility.
A bank overdraft is a more short-term kind of finance which is also widely used by start-ups and small
businesses. An overdraft is really a loan facility the bank lets the business owe it money when the bank
balance goes below zero, in return for charging a high rate of interest. As a result, an overdraft is a flexible
source of finance, in the sense that it is only used when needed. Bank overdrafts are excellent for helping a
business handle seasonal fluctuations in cash flow or when the business runs into short-term cash flow
problems (e.g. a major customer fails to pay on time). Two further loan-related sources of finance are worth
knowing about:
Share capital outside investors For a start-up, the main source of outside (external) investor in the share
capital of a company is friends and family of the entrepreneur. Opinions differ on whether friends and family
should be encouraged to invest in a start-up company. They may be prepared to invest substantial amounts for
a longer period of time; they may not want to get too involved in the day-to-day operation of the business. Both
of these are positives for the entrepreneur. However, there are pitfalls. Almost inevitably, tensions develop with
family and friends as fellow shareholders.
Business angels are the other main kind of external investor in a start-up company. Business angels are
professional investors who typically invest 10k - 750k. They prefer to invest in businesses with high growth
prospects. Angels tend to have made their money by setting up and selling their own business in other words
they have proven entrepreneurial expertise. In addition to their money, Angels often make their own skills,
experience and contacts available to the company. Getting the backing of an Angel can be a significant
advantage to a start-up, although the entrepreneur needs to accept a loss of control over the business.
You will also see Venture Capital mentioned as a source of finance for start-ups. You need to be careful here.
Venture capital is a specific kind of share investment that is made by funds managed by professional investors.
Venture capitalists rarely invest in genuine start-ups or small businesses (their minimum investment is usually
over 1m, often much more). They prefer to invest in businesses which have established themselves. Another
term you may here is private equity this is just another term for venture capital.
A start-up is much more likely to receive investment from a business angel than a venture capitalist.
Personal sources
As mentioned earlier, most start-ups make use of the personal financial arrangements of the founder. This can
be personal savings or other cash balances that have been accumulated. It can be personal debt facilities which
are made available to the business. It can also simply be the found working for nothing! The following notes
explain these in a little more detail.
Savings and other nest-eggs An entrepreneur will often invest personal cash balances into a start-up. This is a
cheap form of finance and it is readily available. Often the decision to start a business is prompted by a change
in the personal circumstances of the entrepreneur e.g. redundancy or an inheritance. Investing personal
savings maximises the control the entrepreneur keeps over the business. It is also a strong signal of
commitment to outside investors or providers of finance. Re-mortgaging is the most popular way of raising
loan-related capital for a start-up. The way this works is simple. The entrepreneur takes out a second or larger
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mortgage on a private property and then invests some or all of this money into the business. The use of
mortgaging like this provides access to relatively low-cost finance, although the risk is that, if the business fails,
then the property will be lost too. .
Borrowing from friends and family This is also common. Friends and family who are supportive of the business
idea provide money either directly to the entrepreneur or into the business. This can be quicker and cheaper to
arrange (certainly compared with a standard bank loan) and the interest and repayment terms may be more
flexible than a bank loan. However, borrowing in this way can add to the stress faced by an entrepreneur,
particularly if the business gets into difficulties.
Credit cards This is a surprisingly popular way of financing a start-up. In fact, the use of credit cards is the most
common source of finance amongst small businesses. It works like this. Each month, the entrepreneur pays for
various business-related expenses on a credit card. 15 days later the credit card statement is sent in the post
and the balance is paid by the business within the credit-free period. The effect is that the business gets access
to a free credit period of aroudn30-45 days!

what is lateral thinking AND HOW IS IT DIFFERENT FOM VETICAL
THINKING?
Lateral thinking takes the indirect approach to solve problems. Although the reasoning may not be immediately
obvious, and not obtainable by using only traditional step-by-step logic, it does work in a more indirect way.
Lateral thinkers are more disruptive in class, always asking questions and wanting to know as much they can about
everything. To use an old and abused clich, they think outside the box. They make a lot of mistakes, but thats
because they try so many different things. They dont have to be right all the time because, as Thomas Edison once
said, If I find 10,000 ways something wont work, I havent failed. I am not discouraged, because every wrong attempt
discarded is another step forward. Lateral thinkers dont give up, and look for new ways to do things. They are the
ones who start new companies, and take risks.

Vertical thinking is a method of thinking in very linear, selective pathways. Each step is precise,
necessary, and must be correct. Most of the time, vertical thinking must also follow a very straight path.
In this method, there isnt usually a way to diverge from the set thought process or skip steps in the
pattern. Many psychologists say that vertical thinking is the opposite of lateral thinking. Lateral thinking
can involve wrong answers, path divergence, and jumping from one step to another at random. Neither
thinking method is right or wrong because there is a place for both, and both can be useful.
Most methods of vertical thinking are very useful in subjects like math and science. These subjects involve objective, precise
truths that cannot necessarily be changed. For instance, someone solving the math problem (21 + 3 2 + 10 1) must think
vertically. If he or she tries to solve this problem out of order, the answer will be wrong. Instead, the individual must add and
subtract the numbers in order to get the correct answer of 31. The same is usually true for science because scientific
concepts like chemicals, weather patterns, and body systems must fit together in a certain way for them to work, or be
understood, properly.







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What is Creative Problem Solving?
Creative Problem Solving is a proven method for approaching a problem or a challenge in an imaginative and innovative way. Its a
tool that helps people re-define the problems they face, come up with breakthrough ideas and then take action on these new ideas.
Alex Osborn and Sidney Parnes conducted extensive research on the steps that are involved when people solve problems, the
result of which is the following 6 steps that are broken down into 3 stages:

At the same time that CPS is a structured process, its also a very flexible one. When you begin to use and internalize the CPS
process, you find that its cyclical. You begin to see how to move from step to step, and how to jump back and forth between steps.
When CPS becomes part of your own way of thinking and working, you can use one step at a time, as you need it, when you need
it. Once you understand the fundamentals of CPS, you can adapt this process to every situation you encounter, thereby realizing its
power.
Explain with an example the characteristics of one famous personality who is
(1) Creative and Innovative Enterprenuer
Creative entrepreneurship is the practice of setting up a business or setting yourself up as self-employed - in one of
the creative industries. The focus of the creative entrepreneur differs from that of the typical business entrepreneur or,
indeed, the social entrepreneur in that s/he is concerned first and foremost with the creation and exploitation of creative
or intellectual capital. Essentially, creative entrepreneurs are investors in talent their own or other peoples.The most
renowned creative entrepreneurs have combined creative flair with entrepreneurial ability to build multi million dollar
business empires. Examples include Rupert Murdoch, Madonnaand Richard Branson.
Example:
John Abraham
Bollywood actor-producer John Abraham, whose debut production Vicky Donor won accolades at the National Film Awards,
received the Creative Entrepreneur of the Year title at the seventh edition of NDTV Profit's Business Leadership Awards.
Comparing the Hollywood and Bollywood worlds, he said: "It's also that our budgets are way lower for our films. We sell far
more tickets but we sell at a much lower price which is why we don't generate that kind of income. $20 billion is probably
what Hollywood generates versus our 4.5 billion."
The awards ceremony also saw the presence of corporate honchos like Kumar Mangalam Birla, Anand Mahindra, N
Chandrasekaran and Mallika Srinivasan.


Innovative Enterprenuer
Innovation entrepreneurship can be defined as the effective combination of labour, capital and property utilized to
create innovative products in keeping with the changing demands of the market. A good entrepreneur accepts all
responsibilities and accountability pertaining to his/her ventures performance and risks. Innovative
entrepreneurship requires entrepreneurs to be equipped with various qualities such as capacity to build an effective
team, strong leadership, management ability and a strong drive and leaning towards innovation and creativity. In
order to ensure success of any venture, it is important to see that innovation and entrepreneurship complement
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each other in the most effective manner. A dynamic framework of integrative interaction must be put firmly in
place which can fuel competent and positive changes to adapt to the changing societal needs.
Example:




Mark Zuckerberg
Facebook, earlier known as thefacebook.com, was founded in the year 2004 by Mark Zuckerberg with his Harvard university
friends with the idea of creating a platform of social interaction where his fellow university students could view each others
photos and could contact people around the university. Facebook was not the first social networking platform. At the time
when Facebook was launched, social media giant MySpace ruled the American social media circuit and it also had a
significant standing in the rest of the world. The other websites like Friendster and AOL that came before MySpace were not
successful. Now the question arises that what is so different about Facebook? And how Mark Zuckerberg at the age of 23
became a successful entrepreneur?
Every business starts with an idea but very few of them survive the travails of the market. Facebook was also one of those
ideas but it was Marks inborn quality as a leader which led his idea to not only survive the market but also quickly become
the market leader. He truly believed in what he was doing and he never shied away from working hard to achieve his
dreams. Not many people would dare to believe that the project they started in their dorm room would one day become a
worldwide phenomenon



Tony Hsieh
Role: CEO of Zappos
Age: 39
In addition to being the CEO of the popular online shoe and accessories company Zappos.com, which is
based in Las Vegas, Tony Hsieh is determined to do some good for his area: Hes working to revitalize
downtown Las Vegas by investing $350 million of his own money into the city through his lofty
Downtown Project.
Hsiehs goal is to make Vegas the smartest, most community-minded city in the world a lofty goal, for
a city that is run by casino tourism and where few people want to live, especially after the housing crash.
But Hsieh has already started his car- and bike-sharing program with the purchase of 100 Tesla Model S
cars, and on its way are a 150-seat theater and an outdoor mall made of repurposed shipping containers
called the Downtown Container Park. Tech startups are very happy about the change in the city.
"One of our goals is to have everything you need to live, work, and play within walking distance," Hsieh
told Inc. in an email.
Marissa Mayer
Role: CEO of Yahoo
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Age: 38
Marissa Mayer is one of the youngest CEOs of a Fortune 500 company, and in little more than a year shes
managed to get the companys stock price up 100 percent, make engineers want to work for Yahoo again,
and overhaul the companys email system with a cleaner design and fewer ads.
And most recently, she wooed David Karp into selling Tumblr to Yahoo for $1.1 billion, a move which will
gain the tech giant a boatload of the younger users that Tumblr has access to.
Mayers been strategic and calculated in her time as CEO so far, which has not only saved the company but
boosted employee morale and made it a better place to work.


(2)Commited and Determined womn enterprenuer
Commitment:
This is the ability to accept final responsibility for completing a job for the
customers. Customers expect entrepreneurs to perform and honour their
commitments. It follows therefore that the entrepreneur should do
everything possible to ensure that he/she fulfils the commitment with
his/her customers. It means joining the workers to work with them to
ensure that contractual commitments are fulfilled, the entrepreneur will do
it.
EXAMPLES:
Detrmination:
To become a successful entrepreneur you need to have a good level of determination, this is a point that is
universally accepted. However the idea of self-motivation being an innate quality, as opposed to something
which can be learned, is a notion that is very much up for debate.
Starting and running a business is incredibly hard work and is usually riddled with complications, frustrations and constant set-backs.
You have to be determined to succeed to pull yourself through these obstacles.
You also have to be ready to put in incredibly long hours, every day of the week, for months - if not years.
Determination is also what will keep you searching for the best contracts and deals for your business, or that one material you just
can't seem to find - which often takes hundreds of phone calls for days on end.
It's also vital for forging commercial partnerships with the people you want to - your perseverance will prove a lot about you and
encourage others to trust in your ability.
It is only with determination that you will plough on trying to find the business model, marketing technique, and sales strategy to
make your business a real success - as these things can take years to refine and perfect.
If you're not determined to make your business a success, you need to seriously question whether starting up is right for you.
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Risk-taking Intraprenuer:

The very best entrepreneurs, with strings of companies and millions in the bank, are almost always the biggest risk takers. Without
risk, there is no reward.
That means grabbing an opportunity when you see one and not being afraid of failure.
That said, entrepreneurs take calculated risks - which their actions may look flippant, you can rest assured that they're doing the maths
inside their head to always make sure they've got a high chance of succeeding if they take a risk.
Only a fraction of business owners become full-blown entrepreneurs - the type who run hundreds of businesses all across the world.
But you can take inspiration from them, by trying to always remember to push yourself and your ideas that little bit further.