Entrepreneurship: A Business Plan for Success: A Case Study of a Beach Resort Owner

Abstract

The concept of entrepreneurship is not new. Entrepreneur is the one who runs a business. Precisely an entrepreneur is the one who starts his own business. He is also a person who organizes, coordinates, operates, and assumes the upcoming risk of a business venture. Entrepreneurship is a creative and innovative response to the environment. Building up an entrepreneurship culture implies inculcating a set of entrepreneurial values, rules and traits that are beneficial to the growth of entrepreneurship. Adam Smith, - father of Political Economy, stated in his book named Wealth of Nation that an entrepreneur is a person who forms an organization for commercial purpose. He is the one who has an unusual foresight to recognize the potential demand of goods and services. Entrepreneurship essentially consists in doing things differently that are generally not done in the ordinary course of business. Entrepreneurship is the activity which leads the entrepreneur to look for opportunities, raise resources, create an organization and provide leadership which may result in success or failure. It can also be encouraged through interactions with successful entrepreneurs who inspire others as role models. The family business is one which has been closely identified with business for at least two generations of a family and the controlling ownership is held by an individual family member and use to manage the company. Many a times we find that enterprises that are locally owned and operated, by one person, is a sole proprietorship. Such enterprises are run by the family. These proprietors may have usually started their enterprises to supplement their family income. Many of them are service based firms and they rely exclusively on the skills of the owner. The businesses that are owned by the family vary widely. They can include retail stores, contracting business, small manufacturing firms and restaurants too. In family business the advantage is that it offers economic independence and it promotes family unity. This research paper focuses the case of a successful entrepreneur of a beach resort in konkan, western ghat area of Maharashtra. The research is based on a case study, which has been developed with the help of personal interview.