Tag: Creativity

Entrepreneurial Motivation

In this tutorial, we will learn about entrepreneurial motivation influences the decisions related to entrepreneurship endeavors and that variance across people in these motivations will affect who pursues entrepreneurial opportunities and assembles resources.

Meaning And Concept Of Entrepreneurial Motivation:

A person cannot win a game that they do not play. In this context of entrepreneurship, this statement suggests that success depends on people willing to become entrepreneurs. The pursuit of entrepreneurial opportunity is an evolutionary process that includes discovering the occasion and deciding whether it is a positive to pursue resources and design the mechanism of exploitation.

That the word motivation has its origin in the Latin word ‘mover,’ meaning to move. Psychologically it means an internal or environmental stimulus to action, forces, or the factors are responsible for the initiation, sustaining behavior. Motivation may be diverse, multiple, or dynamic.

Need Of Entrepreneurial Motivation: 

In common perception, entrepreneurs are after money, and they engage in profit-making. In actual profit is understood in terms of the residual income of the owner after the meeting.

All the expenses incurred on the engagement and utilization of other factors of production. Entrepreneurship, just as a salary is to people in employment and professional fees those in the profession.

So everybody works for money, the fund is required not for its own sake, but for the needs of the person, it can fulfill. The money thus is not the need as such.

It is teleological related to the internally felt needs and socially acquired needs. It leads to the need for entrepreneurial motivation to achieve that extra edge over others. Motivation is not a package in itself; if it is accompanied by various other things, which are as follows.

Self Efficacy:

It is the belief in one’s capabilities to organize and execute the courses of action required to manage prospective situations. In other words, self-efficacy is a person’s confidence in his or her ability to succeed in a particular location. Virtually the people are known for the goals to accomplish and things that need changes in the process.

People with a strong sense of self-efficacy:

  1. View challenging problems and tasks to be master.
  2. Develop a more in-depth interest in the activities in which they participate.
  3. Form a stronger sense of commitment to their interests and activities.
  4. Recover quickly from setbacks and disappointments.

People with a weak sense of self-efficacy:

  1. Avoid challenging tasks.
  2. Believe that difficult tasks and situations are beyond their capabilities.
  3. Focus on personal failings and adverse outcomes.
  4. Quickly lose confidence in personal abilities.

Creativity:

In an effortless and straight forward manner, creativity is the ability to create something that causes the new thing to exist. An idea did not exist before now does. That thing can be anything that may be a concept like a marginal utility that helps to explain previously unexplained phenomena. There are many ways for a creative mind to be applied to its talents:

  1. Creating a new product for which the entrepreneur has anticipated its future sales.
  2. It is improving a product that is adding or modifying something that makes the product better according to specific criteria like consumer’s needs.
  3. Painting, writing, sculpting
  4. We are improving a process for manufacturing something, maybe baking a cake at home or producing a better computer application to avoid pop up ads.
  5. Using the same product to satisfy a different need
  6. Developing a new statistical formula.
  7. They are inventing new concepts.
  8. You are interpreting information differently.
  9. Creativity is the most welcomed attribute of a business plan analysis, especially when explaining a product or service to be marketed in terms of its competitive advantages. But remember that creativity is also severely needed when analyzing data.

Risk-Taking:

  •  The market order tends to generate goods and services to satisfy the customers. The products and services are acting based on their appraisal of the wants of the customers. If they are correct in their judgment, then they will prosper are not attract buyers, and they will fail.

Leadership:

It is a unique skillset; some great entrepreneurs are not such good leaders or managers. But successful leaders need to masters some of the entrepreneurship skillsets. There is a new word that is thrown around entrepreneurship to represent the entrepreneurial activities internal to an organization. The business would be better off if leaders learn and adapt a bit of entrepreneurial focus as a part of being successful and enduring in industry.

Entrepreneur Communication:

Communication is an essential part of every field of business. Early-stage and startup businesses have demanding communication challenges.

Management As An Art

In this tutorial, we will learn about management as art that implies applying knowledge and skill to trying about desired results. Painting may define as a personalized application of general theoretical principles for achieving the best possible results.

Management is a process that involves the use of knowledge, how and skills—that direct towards the accomplishment of concrete results. Science and Art are not mutually exclusive but are complementary. The theory and practice of management are mutually helpful.

Art implies the application of knowledge & skill to trying about desired results. A painting may be defined as a personalized application of general theoretical principles for achieving the results. Art has the following characters are as given below –

Practical Knowledge: 

Every art requires practical knowledge; therefore, learning of theory is not sufficient. It is vital to know the practical application of theoretical principles. E.g., to become a good painter, the person may not only be knowing different colors and brushes but different designs, dimensions, situations, etc. to use them appropriately. A manager can never be successful just by obtaining a degree or diploma in management; he must have also know how to apply various principles in real situations by functioning in the capacity of manager.

Personal Skill: 

Maybe the same for every artist, each has his style and approach towards his job. That is why the level of success and quality of performance differs from one person to another. E.g., there are several qualified painters, but M.F. Husain recognized for his style. Similarly, management as an art is also personalizing. Every manager has his way of managing things based on his knowledge, experience, and personality. That is why some managers are known as good managers (like Aditya Birla, Rahul Bajaj), whereas others are bad.

Creativity: 

Every artist has an element of creativity in line. That is why he aims to produce something that has never existed before, which requires a combination of intelligence and imagination. Management is also creative, like any other art. It combines human and non-human resources in a useful way to achieve desired results. It tries to produce sweet music by efficiently combining chords.

Perfection through practice: 

Practice makes a man perfect. Every artist becomes more and more proficient through constant practice. Similarly, managers learn through the art of trial and error initially, but the application of management principles over the years makes them perfect for managing.

Goal-Oriented: 

Every art is result oriented as it seeks to achieve concrete results. In the same manner, management is direct towards the accomplishment of predetermined goals. Managers use various resources like men, money, material, machinery & methods to promote the growth of an organization.

Thus, we can say that management is an art; therefore, it requires the application of certain principles; instead, it is an art of the highest order because it deals with molding the attitude and behavior of people at work towards desired goals.