Entrepreneurial Skills

External Motivation refers to the drive to perform an activity or task due to external rewards or pressures, rather than internal satisfaction. It comes from factors outside the individual, such as praise, money, grades, promotions, or avoiding punishment. For example, a student studies hard to get good grades or a worker performs well to earn a bonus.

An entrepreneur is an individual who initiates, organizes, and manages a business venture, taking on financial risks in order to make profits. The key functions of an entrepreneur include:

Innovation: Introducing new ideas, products, or processes to improve business efficiency and competitiveness.
Risk-taking: Assuming the financial and market risks involved in starting and running a business.
Planning: Developing detailed business plans and strategies for production, marketing, and finance.
Resource Mobilization: Procuring and organizing the necessary resources such as capital, labor, and raw materials.
Decision Making: Making critical decisions related to business operations and problem-solving.
Management: Supervising and coordinating the activities of the business for smooth functioning.