A person or a group of person initiates and manages an enterprise is called an Entreprenuer. The tendency of people to become entrepreneurs largely depend on their prior belief about business. A set of values help in changing the wrong beliefs and will motivate a person to become an entrepreneur.
Entrepreneurs thus should possess the following values innovativeness, patience, independence / ownership, concern for standard of excellence and respect for work. Some of the innovations are doing new things, doing things first time than others, doing unique products or services, new experiments, inviting changes, facing risks in implementing new ideas, readyto accept errors and failures. Findings problems to solve, finding new applications of existing things, demonstrating originality, providing inputs to new ideas and evaluating the proposed ideas etc.
An entrepreneur want to do experiments with new ideas faces uncertainty. Entrepreneurship requires innovation and risk taking behaviour. The uniqueness of entrepreneurial functions are change attitude identifying new combinations, discovering new opportunities etc. The entrepreneurs should have sufficient patience in waiting for results, getting returns,failure etc.
He should not be disturbed with failures. Independence is the main quality of entrepreneurship. The entrepreneur can take independent decisions without waiting for the order of suggestions from others. This makes him self-reliant and independent. They do not like to controlled by others.
Entrepreneurs develop value for outstanding performance showing some standard of excellence. Performing routine and repeated tasks does not give satisfaction to entrepreneurs. They try to show some standard of excellence different from others for the benefit of society and to strengthen their beliefs.
Giving value to the work is an important aspect of entrepreneurship. The entrepreneur should be ready to take up any task needed for his enterprise. He never wait in performing tasks needed to achieve his goals. He has a pivotal role to be played in a business.