The document discusses entrepreneurs and entrepreneurship. It defines an entrepreneur as someone who takes risks to start a new business in order to make a profit by identifying opportunities and assembling resources. The key functions of an entrepreneur are risk assumption, decision making, management, and innovation. Entrepreneurs can be classified by type of business, gender, area of operation, and risk tolerance, such as innovative entrepreneurs who create new ideas versus imitative entrepreneurs who adopt existing successful innovations. [END SUMMARY]

1. ENTREPRENEUR AND
ENTREPRENEURIAL
COMPETENCIES
Entrepreneurship – Lesson 2

2. Topics to be
Discussed…………..
 Famous Entrepreneurs
 Who is an entrepreneur?
 Title of an entrepreneur
 Functions of entrepreneur
 Risk Assessment Function
 Decision Making Function
 Managerial Function
 Function of Innovation
 Types of entrepreneurs

3. Famous Entrepreneurs
Photo Name & Company
Sheikh Saud Salim Bahwan
Founder : Saud Bahwan Group

4. Famous Entrepreneurs
Photo Name & Company
Dr Mohammed Al Barwani
MB HOLDINGS
“There is no substitute to hard
work. Don’t be disheartened or
discouraged.”

5. Famous Entrepreneurs
Photo Name & Company
Abdulla Ahmad Sulaiman Al Hadi
Gulf Mining Materials Co
“To achieve success, you have to work
hard without looking at the time and be
prepared to make sacrifices. You have
to get out of the comfort zone.”

6. Famous Entrepreneurs
Photo Name & Company
Kanaksi Gokaldas Khimji
One of the very few Indians to
be offered Omani Citizenship.

7. Famous Entrepreneurs
Photo Name & Company
BILL GATES
Founder – Microsoft

8. WHO IS AN
ENTREPRENEUR?
 An Entrepreneur is one who creates a
new business in the face of risk and
uncertainty for the purpose of achieving
profit and growth by identifying
opportunities and assembling the
necessary resources to capitalize on
them.
 Risk
 Uncertainty
 Resources required for business

9. WHO IS AN
ENTREPRENEUR?
 Risk: Risk is “the threat or probability that
an action or event will adversely or
beneficially affect an organization's ability to
achieve its objectives”.
 Uncertainty: Uncertainty is a state of having
limited knowledge where it is impossible to
exactly describe existing state or future
outcome, more than one possible outcome.
 Resources required for business: The four
basic resources required for a business are
Man, Machine, Material and Money.

10. WHO IS AN
ENTREPRENEUR?
 Simply we can say, a person who takes
risk and start a new business for the
purpose of achieving reward.
 To conclude, an entrepreneur is a person
who
 identifies opportunities and gathers necessary
resources to establish/ create a new business
 bears risk and uncertainty
 runs a business
 receives financial and social rewards

11. Title of an Entrepreneur
Different Titles of an Entrepreneur
Business Owner Managing Director
General Manager President
Administrator Chief Executive Officer
(CEO)
Proprietor Chief Operating Officer
(COO)
Business
Developer
Business Leader

12. Functions of Entrepreneur
 Risk Assumption Function
 Decision-making Function
 Managerial Function
 Function of Innovation

13. Functions of Entrepreneur
 Risk Assumption Function
 An entrepreneur has to necessarily act as a “risk-
bearing” agent of production since he has to
handle a greater amount of uncertainties in
business.
 Risk due to the possibility of changes in the taste
of customers, change in fashion and technique of
production cannot be insured
 An entrepreneur therefore has to take calculated
risks.

14. Functions of Entrepreneur
 Decision-making Function
 An entrepreneur has to decide the nature and
type of goods to be produced, the size of the
business, its location, technique of production,
type of employees etc.

15. Functions of Entrepreneur
 Managerial Function
 An entrepreneur has to know the managerial
functions like coordination, organization, and
supervision.

16. Functions of Entrepreneur
 Function of Innovation
 The person who discovers new methods, new
materials and machines is called INVENTOR
 The person who utilizes these inventions so as to
make new combinations of products is called an
INNOVATOR
 Thus an entrepreneur has to be always on the
lookout to introduce a new product or a new
production technology or open a new market
hitherto untapped potential or discover new
source of supply of new material.

17. Types of Entrepreneur
 Entrepreneurs are classified on the
following basis:
According to the type of business
According to gender
According to the area of operation
According to risk taking ability

18. According to the type of
business
 Business entrepreneurs
 Trading entrepreneurs
 Industrial entrepreneurs
 Large, Medium, Small, Tiny
 Agricultural entrepreneurs
 Dairy, Poultry, Horticulture
 Retail entrepreneurs
 Service entrepreneurs

19. According to Gender
 Men Entrepreneurs
 Women Entrepreneurs

20. According to Area of Operation
 Urban entrepreneurs
 Rural entrepreneurs

21. According to Risk Taking Ability
 Innovative Entrepreneur
 Adoptive or Imitative Entrepreneur
 Fabian Entrepreneur
 Drone Entrepreneur

22. According to Risk Taking Ability
 Innovative Entrepreneur
 An entrepreneur is one who is able to foresee
potentially viable and profitable opportunities
through innovation.
 Example- Apple coming out with I-Phones.
 They are highly motivated and talented and
“innovation” is their key function
 According to Peter F. Drucker an innovating
entrepreneur is one “who always searches for
change, responds to it and exploits it as an
opportunity.”

23. According to Risk Taking Ability
 Adoptive or Imitative Entrepreneur
 He is one who is ready to adopt the successful
innovations already inaugurated by innovating
entrepreneurs.
 Example – Microsoft coming out with their own
search engine, Bing in response to Google.
 In other words, an imitative entrepreneur does not
innovate anything by himself but he only imitates
techniques and technologies innovated by others.

24. According to Risk Taking Ability
 Fabian Entrepreneur
 He is one who adopts a great caution in
introducing any change in the business.
 Example – Companies making airplanes like
Airbus and Boeing
 Normally, he has neither the will to introduce any
new changes nor the desire to adopt new
methods
 He is ready to imitate only when it becomes
perfectly clear that failure to do so would definitely
result in heavy loss for him

25. According to Risk Taking Ability
 Drone Entrepreneur
 He is one who blindly follows the traditional
methods of production even when it causes loss
to him.
 Example – Government owned companies in
developing countries like India.
 He is not prepared to introduce any change under
any circumstances in the method of production he
has already introduced.
 He continues to carry out his business in the
traditional way even when he suffers losses.

26. Review…………..
 Famous Entrepreneurs
 Who is an entrepreneur?
 Title of an entrepreneur
 Functions of entrepreneur
 Risk Assessment Function
 Decision Making Function
 Managerial Function
 Function of Innovation
 Types of entrepreneurs