The tendencies of entrepreneurial behaviour are changeable, according to time, place, environment, and situations. In the modern context, these include risk-bearing, the establishment of new undertakings, management, direction, and control and also bringing out innovations, introducing new improvements and making changes in productions etc.
Tendencies of Entrepreneurial Behaviour
In brief, the types of Tendencies of entrepreneurial behaviour may be visualized as follows:
1. Imaginative Tendency
The entrepreneur has the power of imagination power.
Hence, the idea of establishing an enterprise emerges in his mind, he formulates a plan to operate it and puts it into execution.
Besides, he also has the tendency of being ambitious.
The person who is not of imaginative tendency, who does not have the ambitious tendency to progress and he, who does not march ahead in life towards High goals, may never be successful, no he may help others.
2. Tendency to Initiate
Along with imaginative tendency, The entrepreneur has also the tendency to initiate.
This tendency is found in the natural form.
So, he alone has to come forward for each task. He believes that work in worship.
Hence, the industrial environment is created only by his initiations.
As an outcome, other persons also get ready for the establishment of industrial Ventures.
3. Tendency to Bear Risks in Limit
The entrepreneur is naturally the person to take risks.
He faces the risks and uncertainties arising in the establishment of a new enterprise and in innovation-related activities, but he has the tendency to bear all the risks in certain limits.
Hence, he gathers courage for doing that work or does such works, which involves risks of certain degrees.
Hence, due to this tendency, he goes on thinking about new ideas, actions, situations, and capacities, etc.
4. Capacity to Change or Effect the Environment
For Success of the entrepreneur in his assignment, it is essential that he should be hardworking. It has been rightly observed that hard work is the key to success.
The entrepreneur believes that he may change the environment or has the capacity to change it.
Hence, those entrepreneurs who are not afraid of hard work always get success in their works.
On the contrary, if they do not possess the tendency, they may never gather the courage to take the risks and implement innovative activities.
In this regard, Edison has stated that “The role of the Talent in the success of any work is 1%, whereas the role of hard work is 99%.”
This way, the entrepreneur has the capacity to change and affect the environment.
5. Tendency of Taking Pleasure of Freedom in Actions and Expressions
The entrepreneur has the tendency of taking pleasure and in freedom of taking actions and expressing the ideas.
Hence, he does not like to be controlled by others.
He likes to act on the basis of self-motivation, rather than on the suggestions and directions of others.
He does not feel pleasure in copying others and making some changes therein.
With this tendency, he quits the service of others and establishes his own establishment or industries.
6. Tendency to Make Situational Analysis and Tendency for Planning
The entrepreneur is of the view that if someone respects work, the work also respects him.
So, he carries out all activities with hard work, promptness, concentration, and seriousness.
Due to his feelings of respect for work, he develops the tendency to analyze the situation.
Thereafter, he takes actions for planning. It is evident that the entrepreneur becomes successful in the formulation of plans, only when the entrepreneur has the tendency to develop the situational analysis.
7. Feelings of Satisfaction by Successful Performance of Work
The tendency of the entrepreneur that he feels satisfaction on the successful performance of the work, the reason being that he always gives importance to the best performance.
Besides it, he makes efforts to accomplish his works successfully, by formulating various types of plans and utilizing available physical and human resources.
So this entrepreneurial behaviour and qualities necessary.
Thus, now you know the tendencies of entrepreneurial behaviour.