F.W.Taylor

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Frederick Winslow Taylor also known as F.W.Taylor. frederick Winslow Taylor was an american mechanical engineer. f.w.taylor was born on march 20,1856 .He was the one of the first financial consultants.he is alsoKnown for"Father"of the Scientific management & Efficiency Movement, Father of Industrial Engineering.Taylor was the son of a lawyer. He entered Phillips Exeter Academy in New Hampshire in 1872. In 1911, Taylor summed up his efficiency techniques in his book ' The Principles of Scientific Management'. Taylor was also an athlete who competed nationally in tennis. His occupation was Efficiency expert Management consultant. He got the Awards of Elliott Cresson Medal (1902).
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Entrepreneur

Entrepreneur -meaning,definition,characteristics
Entrepreneur.

The term 'Entrepreneur' is derived from the french word 'entreprendre'.which means "to undertake a business venture".

Meaning:

He is an person who tries to create something new,who organises product and undertakes risk involved in the establishment and operation of a business enterprise.

Definition:
According to encyclopedia Britanica,"An entrepreneur is an individual who bears the risk of operating a business in the face of uncertainty about the future conditions"

According to adam smith,"an entrepreneur is a person who only provides capital without taking active part in the leading role in entreprise"


Characterstics of Entrepreneur

  1. Willingness to work hard -  willingness to work hard is a distinguishing characteristic of a successful Entrepreneur .his tireless,tedious and laborious work enables him to revive his business,even at the face of peril.
  2. Desire or high achievement - High achievement motive provides him sufficient strength to overcome obstacles and anxieties,repair misfortunes,devise remedial actions and to run the business successfully.
  3. Stubborn Optimism - A  successful entrepreneur does not get worried by the problems faced by him.He is optimistic that situations tend to become favourable to his business in the near future.Problems do not dishearten him.
  4. Independence  -  A successful entrepreneur does not  like to be guided by others.He strictly adheres to his own routine.
  5. self confidence  -  Entrepreneurs should have confidence in their abilities to make strategic and day-to-day decisions relating to their business
  6. Innovative skill  - An entrepreneur must initiate research and innovations to produce goods in such way as to satisfy the changing need of the customer.
  7. Organising capacity -  A successful entrepreneur must have the ability to organise all production resources like men,material and money and to channelise them in such a way as to set up the enterprise and develop it to a successful venture.
  8. Clear foresight  -  An entrepreneur must have the ability to visualise the likely changes that may take place in the market ,consumer attitude,technological development and also to take timely actions accordingly.

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