CHAPTER 1 NOTE

INTRODUCTION OF INTREPRENEUR
“A common definition of an entrepreneur is someone who establishes a new entity to offer a new or existing
product or service into a new or existing market, whether for profitable or non-profitable outcomes.
Entrepreneurs not only initiate and organize ventures but also assume the financial, social, and psychological
risks associated with innovation. They identify opportunities, mobilize resources, adapt to changing
environments, and drive economic and social progress through creativity, strategic decision-making, and value
creation.”

Entrepreneurship–
Entrepreneurship is a process of identifying and starting a business venture, sourcing and organizing the
required resources, and taking both the risks and rewards associated with the venture.

Finally, we can say:- Entrepreneurship is the capacity for innovation, investment, and expansion of new
markets, products, and techniques.

Functions/ Role of Entrepreneur

1. Risk measurement and risk taking: Risk taking and risk measurement is the primary function of an
entrepreneur. Risks are not only related to the success or failure of business but also involve personal and
professional careers forgone for the sake of opportunity.

2. Innovate/ create/ discover: Entrepreneurship is innovativeness of individuals and does not involve
ownership. The principal function of the entrepreneur is to carry out new combinations of means of
production.

3. Analyze opportunities: An entrepreneur has to have an opportunity-seeking style where they evaluate
the credibility of various alternatives and choose the most suitable one.

4. Develop Strategies for venture: The entrepreneur has to strategize a long-term plan for starting the
venture. He has to analyze the market and devise effective strategies to face present and future competition

5. Develop business plan: A business plan is a written document containing details about every aspect of
the proposed business venture. It provides a roadmap to employees working in the company to attain
objectives and is capable of convincing potential customers, shareholders, and investors of the company.

6. Acquire resources: The entrepreneur has to acquire various types of resources such as men, money,
material, and machinery to start the venture. The entrepreneur has to have suitable skills to line up required
resources for the company.
7. Organize and start venture: An entrepreneur should be a good organizer. They should deploy suitable
resources at the right place and right time required for the company to ensure effective working of the
organization.

8. Develop and grow venture: It is not only important to start a venture but also to ensure the company
is able to respond to changes happening in the business market, which is a crucial factor in deciding the
existence of the company.

9. Delegate, direct and lead the plan: During the growth stage of the company, the entrepreneur should
provide required resources for the company. During the later stage, the entrepreneur should come up with
effective strategies to face competition and guide employees in the company, performing the role of leader.

10. Supervise and control: For the success of a business, it is important to have a suitable mechanism in
place so that the entrepreneur can track the overall success of the company.

Role of Entrepreneurs in Economic Development

1. Capital Formation:
Entrepreneurs mobilize savings and invest them in productive ventures. This increases the rate of
capital formation, which is essential for economic growth.

2. Generation of Employment:
By establishing new businesses and industries, entrepreneurs create job opportunities for skilled and
unskilled workers, helping to reduce unemployment.

3. Improvement in Per Capita Income:

Entrepreneurial activities increase national income through production and trade. As a result, people’s
income levels and purchasing power rise.

4. Reduces Concentration of Wealth:

Entrepreneurship encourages the distribution of wealth among a larger group of people by providing
equal opportunities for business ownership.

5. Balanced Regional Development:

Entrepreneurs often set up industries in less developed areas, reducing regional disparities and
promoting balanced economic growth.

6. Resource Mobilization:
Entrepreneurs utilize idle human, financial, and natural resources efficiently, turning them into
productive assets.

7. Utilizing Natural Resources:

They help in discovering and using natural resources effectively, which might otherwise remain
unutilized or underutilized.
 8. Creating New Markets for Products:
Entrepreneurs identify customer needs and develop new markets by introducing innovative goods and
services.

9. Use of Technological Possibilities:

They adopt and implement modern technology to improve production, efficiency, and product quality.

10. Develop Standard of Living:

By providing quality goods, services, and employment, entrepreneurs help improve people’s living
standards and social well-being.

Characteristics of Entrepreneurs
1. Creates new venture: Giving birth to new business within the existing organization is a typical
characteristic of an entrepreneur.

2. Innovates products and services: To create effectiveness at the workplace, entrepreneurs must
update organizational techniques through the implementation of new technology in the company.

3. Innovates processes: To sustain in the market, the company's strategies should be more effective than
those of competitors. For this reason, entrepreneurs should renew company processes at regular intervals.
They do things in new and different ways.

4. Proactive/Practical: Entrepreneur attempt to lead rather than follow competitors through their
proactivity in terms of advance operations in the company.

5. Renews organization: Entrepreneur is expected to transform the organization through renewal of key
ideas.

6. Competitively aggressive: Entrepreneur is expected to come up with new strategies to stabilize or

develop the company's brand image in the market.

7. Risk taking: Entrepreneurs possess a risk-taking attitude with regard to investment decisions and strategic
actions under uncertain situations. Entrepreneurs enjoy challenges but they are careful and calculating.

8. Ability to Take Right Decision: Entrepreneurs make decisions. The success of their business depends
on their ability to make the right decisions.

Decision-making has six distinct phases:

1. Identifying the problem

2. Gathering the data about the problem

3. Analyzing the data

4. Formulating alternative solutions

5. Selecting the best solution

6. Implementing the solution/decision.

Reasons for Entrepreneurial Failure

1. Lack of Experienced Management:
Many entrepreneurs lack proper managerial knowledge and decision-making skills, leading to poor
planning and execution.
2. Few Trained or Experienced Human Resources:
Without skilled employees, it becomes difficult to maintain productivity, quality, and efficiency in
operations.
3. Poor Financial Management:
Mismanagement of funds, lack of budgeting, and insufficient cash flow control often cause businesses to
fail.
4. Rapid Growth:
Expanding too quickly without proper planning or resources can lead to operational inefficiencies and
financial strain.
5. Lack of Business Linkages:
Weak relationships with suppliers, distributors, and other stakeholders limit business opportunities and
market access.
6. Weak Marketing Efforts:
Inadequate promotion, poor understanding of customer needs, and ineffective sales strategies reduce
competitiveness.
7. Lack of Information:
Insufficient market research and lack of data about competitors, trends, and consumer behavior lead to
poor decisions.
8. Incorrect Pricing:
Setting prices too high or too low can drive away customers or reduce profits, hurting the business.
9. Improper Inventory Control:
Overstocking or understocking causes financial losses, storage problems, and customer dissatisfaction.
10. Short-term Outlook / Lack of Vision:
Entrepreneurs who focus only on immediate profits and fail to plan for the long term often lose direction
and sustainability.

Differences Between Entrepreneur and Manager

Field of Entrepreneur Manager
Difference
1. Definition A person who organizes, runs, and takes the risk A person who manages and controls the
of a business. organization’s operations.
2. Position Owner of the enterprise. Employee of the enterprise owned by the
entrepreneur.
3. Motive To establish a new venture and make it To efficiently manage and operate the
successful. existing business.
4. Risk Taking Takes financial and business risks. Does not bear business risks; works under
the entrepreneur.
5. Reward Earns profit as a reward for risk-taking. Receives salary or wages for services
rendered.
6. Thinking Abstract, creative, and innovative thinking; has Concrete and practical thinking; prefers
high tolerance for uncertainty. certainty and stability.
7. Decision Makes strategic and long-term decisions Makes operational and day-to-day
Making regarding the business. managerial decisions.

Entrepreneurial Process / Steps

1. Identifying and Evaluating the Potential Opportunity:
The first step is to identify a business opportunity in the market. The entrepreneur studies consumer
needs, market trends, and potential demand to determine if the idea is feasible and profitable.
2. Develop the Business Plan:
Once the opportunity is identified, the entrepreneur prepares a detailed business plan. It includes
objectives, marketing strategy, financial projections, production methods, and organizational structure to
guide business operations.
3. Resources Required:
After planning, the entrepreneur gathers the necessary resources such as capital, human resources,
technology, and raw materials. Proper allocation and management of these resources are crucial for
success.
4. Create and Manage the Organization:
The final step involves establishing the enterprise — setting up the business structure, recruiting staff,
launching operations, and continuously managing and monitoring activities to ensure growth and
sustainability.

Importance of Women Entrepreneurs

1. Full Utilization of Labor Force:
Women entrepreneurship ensures that the skills and talents of women are fully utilized, increasing the
overall productivity of the nation.
2. Self-Reliance:
Women entrepreneurs become financially independent and confident, reducing their dependence on
others for livelihood.
3. Employment Generation:
By starting their own ventures, women create job opportunities for themselves and others, helping to
reduce unemployment.
4. Empowerment of Women:
Entrepreneurship enhances women’s decision-making power, social status, and participation in
economic activities.
5. Economic Development of Family:
The income earned by women entrepreneurs supports their families, improving the standard of living
and financial stability.
6. Reduce Gender Disparity:
Encouraging women in business helps bridge the gender gap in economic participation and promotes
equality.
7. Social Development:
Women entrepreneurs contribute to social progress by inspiring others, promoting education, and
improving community welfare.
8. Development of Creativity:
Entrepreneurship provides women with opportunities to express their creativity and innovation in
developing new products and services.
Problems of Women Entrepreneurs
1. Problems of Financing:
Women often face difficulty in obtaining loans or financial support due to lack of collateral, credit
history, or trust from financial institutions.
2. Keen Competition:
Women entrepreneurs usually face tough competition from male entrepreneurs and large-scale industries
with better resources and experience.
3. Family Ties:
Balancing family responsibilities and business duties becomes challenging, as women are often expected
to prioritize household roles.
4. Lack of Education and Training:
Many women lack proper business education, technical skills, and training, which limits their
managerial efficiency and growth.
5. Scarcity of Raw Materials:
Difficulty in obtaining quality raw materials on time affects production and profitability.
6. Limited Mobility:
Due to social and cultural restrictions, women entrepreneurs often have limited freedom to travel for
business purposes.
7. Low Risk-Bearing Ability:
Because of financial insecurity and social pressures, many women hesitate to take business risks.
8. Male-Dominated Society:
Gender bias and male dominance in the business world discourage women from pursuing or expanding
their enterprises.
9. Lack of Network Support:
Women often lack access to professional networks, trade associations, and business mentors, which
affects their growth opportunities.
10. Marketing Problems:
Limited marketing knowledge and fewer contacts make it difficult for women entrepreneurs to promote
and sell their products effectively.

🏢 TYPES OF ENTREPRENEURS (With Examples and Details)

1. Based on Functional Characteristics

a. Innovative Entrepreneur

These entrepreneurs introduce new ideas, goods, services, production methods, or markets. They are creative,
forward-thinking, and often bring revolutionary changes to industries.
💡 Example: Elon Musk (Tesla, SpaceX) – introduced electric vehicles and reusable rockets, transforming the
automobile and space industries.

b. Imitative or Adoptive Entrepreneur

These entrepreneurs copy or adopt successful innovations introduced by others. They play an important role in
developing countries where new ideas are often imported and localized.
💡 Example: Mukesh Ambani (Reliance Jio) – adopted advanced telecom models from abroad and made them
affordable in India.

c. Fabian Entrepreneur

They are very cautious and skeptical about making changes. They adopt innovations only when it becomes
absolutely necessary to avoid losses.
💡 Example: A small traditional textile manufacturer who modernizes machinery only when sales decline due to
competition.

d. Drone Entrepreneur

Such entrepreneurs resist change and innovation. They continue traditional business practices even when
profits fall.
💡 Example: A local handloom business owner refusing to switch to power looms despite rising costs and
competition.

2. Based on Development

a. Prime Mover

A dynamic entrepreneur who leads industrial growth by initiating innovation, expansion, and diversification.
💡 Example: Dhirubhai Ambani – started from textiles and expanded into telecom, petrochemicals, and energy
sectors.

b. Manager

These entrepreneurs focus on utilizing existing resources efficiently. They may not innovate but are excellent at
maintaining and managing business operations.
💡 Example: Tim Cook (Apple) – known for operational efficiency and management excellence after Steve Jobs.

c. Local Trader

Entrepreneurs who operate within a local area or community, selling limited products and services.
💡 Example: A local grocery store or clothing retailer serving neighborhood customers.

3. Based on Type of Business

a. Manufacturing Entrepreneur

Engaged in producing goods using raw materials and selling them in the market. They add value through
production.
💡 Example: Ratan Tata (Tata Motors) – manufactures vehicles and industrial goods.

b. Wholesale Entrepreneur
Acts as a link between producers and retailers by purchasing in bulk and selling in smaller quantities.
💡 Example: A wholesale trader who buys food items or garments from factories and supplies them to local
stores.

c. Retailing Entrepreneur

Sells goods directly to consumers, either through shops or online platforms.

💡 Example: Jeff Bezos (Amazon) – started as an online book retailer and expanded globally.

d. Service Entrepreneur

Provides specialized professional or technical services instead of physical products.

💡 Example: Mark Zuckerberg (Meta/Facebook) – provides online communication and social networking
services.

4. Based on Personality of Entrepreneurs

a. Improver

Always seeks to develop and upgrade business operations, benefiting both the company and the economy.
💡 Example: Satya Nadella (Microsoft) – transformed Microsoft through innovation and inclusivity.

b. Advisor

Provides expert opinions or consultancy services to help clients solve problems or improve performance.
💡 Example: Business consultants or financial advisors in firms like McKinsey & Company.

c. Superstar/Hero

Charismatic leaders who inspire and lead their teams effectively through vision and motivation.
💡 Example: Steve Jobs (Apple) – known for his visionary leadership and creativity.

d. Artist

Creative, sensitive, and often focused on design, art, or media-related businesses.

💡 Example: Sabyasachi Mukherjee – an Indian entrepreneur and designer known for his unique fashion style.

e. Visionary

Has a futuristic approach, always seeking innovation and growth opportunities.

💡 Example: Larry Page and Sergey Brin (Google) – created one of the most powerful search engines in the
world.

f. Analyst

Focuses on analyzing data, solving problems logically, and maintaining stability while improving processes.
💡 Example: Warren Buffett – a highly analytical investor who makes decisions based on detailed analysis.

5. According to Use of Technology

a. Technical Entrepreneur

Has strong technical expertise and focuses on improving products or processes through technology.
💡 Example: Bill Gates (Microsoft) – a software expert who built the world’s largest software company.

b. Non-Technical Entrepreneur

Focuses on marketing, management, and strategy rather than product technology.

💡 Example: Howard Schultz (Starbucks) – built a global coffee brand through customer experience, not
technology.

6. According to Stages of Development

a. First-Generation Entrepreneur

Starts a new business without any family background in entrepreneurship; self-made.

💡 Example: Narayan Murthy (Infosys) – founded Infosys with no family business history.

b. Second-Generation Entrepreneur

Inherits a family business and works to expand and modernize it.

💡 Example: Kumar Mangalam Birla – took over the Aditya Birla Group and diversified into new industries.

c. Classical/Traditional Entrepreneur

Aims for steady profits and survival rather than innovation or expansion.
💡 Example: A small shopkeeper who continues his business without major change for decades.

7. According to Capital Ownership

a. Private Entrepreneur

Owned and managed by individuals or private groups who bear all risks and rewards.
💡 Example: Reliance Industries Ltd. – owned and operated by the Ambani family.

b. State Entrepreneur

Owned and operated by the government to serve public interests.

💡 Example: Bangladesh Biman Airlines or Indian Railways – both are state-owned enterprises.

c. Joint Entrepreneur

A partnership between government and private sector enterprises.

💡 Example: ONGC joint ventures with private companies for oil exploration and production.

Ethical and Legal Issues Regarding Entrepreneurship

Entrepreneurs must follow ethical practices and comply with legal regulations to ensure their business
operates smoothly and avoids disputes or penalties.

1. Trade License

 A legal document issued by local government authorities permitting a business to operate in a specific
location.

 Ensures that the business meets local rules, safety, and zoning requirements.
💡 Example: A restaurant must obtain a trade license before starting operations.

2. Trademark

 A distinctive sign, symbol, logo, or name that identifies a company’s products or services.

 Protects the brand from unauthorized use by others.

💡 Example: Nike “Swoosh” logo or Apple logo.

3. Copyright

 Legal protection given to creators of original works such as books, software, music, art, or films.

 Prevents unauthorized reproduction or distribution of creative works.

💡 Example: Software programs like Microsoft Office are protected by copyright.

4. Patent Right

 Exclusive rights granted to inventors for new products, processes, or technologies.

 Allows the entrepreneur to prevent others from making, using, or selling the invention without
permission.
💡 Example: Pharmaceutical companies patent their new drugs to protect innovation.

5. Contract

 A legally binding agreement between two or more parties outlining rights, responsibilities, and
obligations.

 Ensures fairness and protects parties in business transactions.

💡 Example: Lease agreements, supplier contracts, or service agreements.

6. Various Acts
Entrepreneurs must comply with relevant business laws:

 a. Partnership Act – Governs rights and duties of partners in a partnership firm.

💡 Example: Two people forming a small consultancy business must follow this act.

 b. Company Act – Regulates the formation, management, and operation of companies (private and
public).
💡 Example: Registration of a private limited company under the Companies Act.

 c. Other Related Acts – Includes laws like:

o Consumer Protection Act – Ensures product safety and customer rights.

o Factories Act – Ensures workplace safety and labor regulations.

o Income Tax Act – Governs taxation for businesses.

✅ Summary:
Entrepreneurs need to follow ethical standards (honesty, fairness, transparency) and comply with legal
regulations (licenses, trademarks, patents, contracts, and acts) to protect their business, customers, and
society.

Myths of Entrepreneurship
Many people have misconceptions about entrepreneurship, which can discourage or mislead aspiring
entrepreneurs. Understanding these myths is important for developing a realistic mindset.

1. Entrepreneurs are born, not made

Entrepreneurs are made, not born.

While some people may naturally have qualities like creativity, confidence, or leadership,
entrepreneurship mainly develops through education, experience, and environment.
Entrepreneurial skills such as risk-taking, decision-making, innovation, and business
management can be learned and improved through training, practice, and exposure to
real-life situations. Government programs, business schools, and successful role models
also help people become entrepreneurs.
Therefore, although some individuals are born with certain traits, most entrepreneurs
develop their abilities over time through learning, hard work, and determination.

2. Entrepreneurs are doers, not thinkers

 Myth: Entrepreneurs only take action without planning.
 Reality: Successful entrepreneurs think strategically, plan carefully, and balance action with analysis.
3. They are academic and social misfits
 Myth: Entrepreneurs are often poor students or socially awkward.
 Reality: Entrepreneurs come from all educational and social backgrounds; many are highly educated and
socially skilled.

4. All entrepreneurs need is money

 Myth: Money is the only requirement to start a business.
 Reality: Skills, creativity, market knowledge, and management capabilities are far more important than
capital alone.

5. All entrepreneurs need is luck

 Myth: Success depends mainly on chance.
 Reality: Planning, hard work, and perseverance determine success more than luck.

6. A great idea is the only ingredient for success

 Myth: A single innovative idea guarantees success.
 Reality: Execution, marketing, management, and adaptability are equally important.

7. My best friend will be a great business partner

 Myth: Friendship guarantees a successful business partnership.
 Reality: Partnerships need aligned goals, complementary skills, and professional trust, not just
friendship.

8. I can make lots of money

 Myth: Entrepreneurship is a quick way to wealth.
 Reality: Most businesses take years of effort to become profitable. Risk and hard work are always
involved.

9. Ignorance is bliss for entrepreneurs

 Myth: Entrepreneurs can succeed without learning or preparation.
 Reality: Knowledge of markets, law, finance, and management is essential.

10. I’ll definitely become successful

 Myth: Every entrepreneur is destined to succeed.
 Reality: Many startups fail; success requires planning, persistence, and learning from failures.

11. Life must be much simpler if I work for myself

 Myth: Being your own boss is easy and stress-free.
 Reality: Entrepreneurs face long hours, responsibilities, and risks that can be more challenging than
regular jobs.

12. Entrepreneurs are extreme risk-takers (Gamblers)

 Myth: Entrepreneurs gamble with their business and money recklessly.
 Reality: Successful entrepreneurs take calculated and informed risks, not blind bets.
✅ Summary:
Entrepreneurship requires planning, skills, knowledge, and persistence, not just luck, money, or inherent
talent. Breaking these myths helps aspiring entrepreneurs develop a realistic and strategic mindset.

Entrepreneur vs Intrapreneur
Feature Entrepreneur Intrapreneur

Definition A person who starts, owns, and runs A person who acts like an entrepreneur within
their own business, taking risks to earn an organization, driving innovation while being
profit. an employee.

Risk Bearing Bears financial and business risks Works within the company, so risk is mostly
personally. borne by the organization.

Ownership Owns the enterprise and has control Does not own the company; works under the
over decisions. company’s structure.

Motivation Motivated by profit, independence, and Motivated by career growth, innovation, and
business growth. recognition within the organization.

Decision Makes strategic, long-term decisions for Makes operational or innovative decisions within
Making the business. the scope of the organization.

Reward Gains profit and equity from the Receives salary, bonuses, and recognition; may
business. share in profits indirectly.

Example Elon Musk (Tesla, SpaceX), Dhirubhai Employees at Google or 3M who create new
Ambani (Reliance Industries) products or services like Gmail or Post-it Notes.

Key Difference in Simple Words:

 Entrepreneur: Creates a business and owns it.

 Intrapreneur: Innovates and takes initiatives inside an existing organization without owning it.

Previous Queston 1st chapter

1. How does manager differ from an entreprieneur?
2. Discuss the role of entrepreneurs in economic development of a country?
3. Clarify the types of entrtpreneurs with example?
4. Are entrepreneurs born or made?justify your ans?
5. Why the some entrepreneurs more succesfull then others?
 6. What are the biggest challenges faced by the woman entreopreneurs in running a
business in our country?
7. What qualities are essential for someone to be considered a true entrepreneur?
8. Discuss the role of women entrepreneurs in entrepreneurship development?

Qualities Essential for a True Entrepreneur

1. Innovative and Creative
o Ability to generate new ideas, products, or methods of production.
o Sees opportunities where others see problems.
💡 Example: Creating a new service or improving an existing product.
2. Risk-Bearing Ability
o Willingness to take calculated risks in business ventures.
o Can handle uncertainty and financial, market, or operational risks.
3. Leadership and Decision-Making Skills
o Can lead a team, motivate employees, and make critical business decisions.
o Balances short-term decisions with long-term strategy.
4. Visionary and Goal-Oriented
o Has a clear vision for the future of the business.
o Sets goals and works systematically to achieve them.
5. Self-Confidence and Determination
o Believes in one’s abilities to succeed.
o Persistent and resilient in the face of challenges or failures.
6. Adaptability and Flexibility
o Can adjust to changing market conditions, consumer preferences, or technological advances.
o Quick to respond to opportunities and threats.
7. Good Communication and Interpersonal Skills
o Can clearly convey ideas, negotiate effectively, and build professional relationships.
o Essential for networking, marketing, and managing teams.
8. Financial and Management Skills
o Ability to manage resources efficiently, plan budgets, and control costs.
o Understanding of business operations and market dynamics.
9. Ethical and Social Responsibility
o Maintains honesty, transparency, and fairness in business practices.
o Considers societal and environmental impacts.
10. Passion and Commitment
o Strong drive to succeed and dedication to the business.
o Works hard, often beyond standard working hours, to achieve objectives.

✅ Summary:
A true entrepreneur is innovative, risk-taking, visionary, resilient, and ethical, combining creativity with
practical management skills to turn ideas into successful businesses.

why Some Entrepreneurs Succeed More Than Others

 Success in entrepreneurship is influenced by a combination of personal traits, skills, resources, and
external factors. Here are the key reasons:

1. Vision and Goal Setting

 Successful entrepreneurs have a clear vision and set realistic, measurable goals.
 They plan for the long term and focus on growth and innovation.
2. Innovation and Creativity
 They bring new ideas, products, or services to the market.
 Constantly improving or differentiating their offerings gives them a competitive edge.
3. Risk Management Skills
 Successful entrepreneurs take calculated risks rather than gambling blindly.
 They analyze potential outcomes and prepare contingency plans.
4. Strong Leadership and Team Management
 They inspire, motivate, and manage employees effectively.
 A good team enhances productivity and helps implement business strategies.
5. Adaptability and Flexibility
 Markets and technology change rapidly; successful entrepreneurs adapt quickly to survive and thrive.
 They embrace change and turn challenges into opportunities.
6. Financial and Resource Management
 They use resources efficiently, maintain budgets, and control costs.
 Proper financial planning prevents failure due to cash flow issues.
7. Persistence and Resilience
 They don’t give up in the face of obstacles or initial failures.
 Learning from mistakes and maintaining determination is crucial.
8. Networking and Relationship Building
 Successful entrepreneurs build strong networks with investors, customers, suppliers, and mentors.
 These connections provide support, advice, and business opportunities.
9. Market Knowledge and Research
 They understand consumer needs, trends, and competitors thoroughly.
 Decisions are based on data and insight rather than assumptions.
10. Ethical Practices and Reputation
 Trust and credibility are important for long-term success.
 Entrepreneurs who maintain honesty, fairness, and responsibility attract customers and partners.

✅ Summary:
Some entrepreneurs are more successful because they combine vision, innovation, risk management,
leadership, adaptability, persistence, and ethical practices, while others may lack one or more of these
essential traits or skills.

MD .ABDULLAH AL ARAFAT
DEPARTMENT OF MANAGEMENT STUDIES
BEGUM ROKEYA UNIVERSITY,RANGPUR