Compiled & Prepared in perspective of students dealing Management as a subject

1. ENTREPRENEURSHIP
Presented By,
Somashekar S M
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2. Contents
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3. Objectives
• To disseminate and intensify knowledge on the different types of
entrepreneurship and entrepreneurs.
• To differentiate between entrepreneurial activities as well as the functions
assumed by the entrepreneurs.
• To understand the role played by entrepreneurs in economic
development and entrepreneurship barriers in India.
Learning Outcomes: At the end of the course students can able to
• Concept of “Entrepreneurship”, its model, characteristics, Qualities,
functions, types of entrepreneurs of various sectors etc…
• Understand people management, processes and resources within a
diverse organization.
• Apply knowledge of leadership concepts in an integrated manner.
• Analyse the internal/external factors affecting starting of new business.
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4. Introduction
• Entrepreneurship is a trait possessed by an entrepreneur.
• Definition: “The capacity and willingness to develop, organize and
manage a business venture along with any of its risks in order to
make a profit.”
• Entrepreneur thus is an innovator, who carries out new combinations in-
ever changing environment to initiate and accelerate the economics, social
and technological development.
• “An entrepreneur is one who always searches for changes, responds to it
and exploits it as an opportunity”-Peter F Drucker
• He possesses required knowledge, skills, initiative, drive and spirit of
innovation and aims to achieve goals.
• He identifies opportunities and grabs them for economic benefits.
• Entrepreneurship is a dynamic activity which entrepreneur to bring
changes in the process of production, innovations in business, new idea
and usage of resources, establishing new markets etc.
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5. Meaning and Evolution of concept
• The term “Entrepreneur” is defined in variety of ways.
• It varies from country to country, time to time and the level of economic
development.
• The word “entrepreneur” is derived from the French verb “entreprendre”
which means to “undertake”.
• In 16th century, the Frenchmen who organized and led military
expeditions were referred to as “entrepreneurs”.
• In early18th century French economist Richard Cantillon used the word
entrepreneur to business.
• Since then the word entrepreneur is used to one who takes risk of
starting new organization or business or introducing a new idea, product
or service to society.
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6. Meaning and Evolution of concept
• According to Joseph Schumpeter, “An entrepreneur in an advanced
economy is an individual who introduces something new in the economy
such as,
 A method of production not yet tested by experience in the branch
of manufacture concerned
 A product with which consumers are not familiar
 A new source of raw materials or of new markets and the life.
• Accordingly to him the functions of an entrepreneurship are:
 Introduction of new product
 Introduction of new methods of production
 Development of new markets and finding fresh sources of raw
materials
 Making changes
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7. Meaning and Evolution of concept
• Cantillon defined entrepreneur as “The agent who buys factors of
production at certain prices in order to combine them into a product with
a view to selling it at uncertain prices in future”.
• To summarize “an entrepreneur is the person who bears risk, unites
various factors of production to explore the perceived opportunities in
order to evoke demand, create wealth and employment.
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8. Characteristics of Entrepreneur
An entrepreneur is a highly goal oriented, enthusiastic and energetic
individual.
A good entrepreneur should possess the following characteristics.
• Action oriented, highly motivated and ready to take risk at all levels to
achieve the goal.
• Should have unwavering determination and commitment
• Creativeness and result oriented, hard working.
• Accepts responsibilities with enthusiasm.
• Self confident, dedicated and self disciplined.
• Both thinker and doer, planner and worker.
• Future vision, intelligent, imaginative and self directed.
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9. Functions of an Entrepreneur
• An entrepreneur performs all the necessary functions that are essential
from the point of establishing and developing enterprise.
• The functions are broadly classified into three groups
 Primary functions
 Secondary functions
 Functions important for developing countries
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10. Functions of an Entrepreneur
Primary Function Other Functions Functions important for
developing countries
1. Planning 1. Diversification of production 1. Management of scarce resources
2. Organizing 2. Expansion of the enterprise 2. Dealing with public
3. Decision making 3. Maintaining cordial employer
and employee relations
3. Engineering
4. Management 4. Talking labour problems 4. New product development
5. Innovation 5. Coordination with outside
agencies
5. Parallel opportunity
6. Risk bearing 6. Marketing
7. Leading 7. Management
8. Controlling 8. Customer relation
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11. Primary Functions
Planning: Like any other activity, planning is a first step of entrepreneur.
He prepares his plan of proposed project or business in a very systematic
way. Planning involves;
 Study of various ideas
Scanning and selecting the best idea.
 Selection of product line and location of plant
 Deciding the type of business organization
 Preparation of budget and identifying capital sources.
 Studying the government rules, regulations and policies
 Study and selection of work force.
 Study and selection of marketing strategies.
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12. Primary Functions
• Organization: An entrepreneur coordinates and supervises the various
tasks of organizing for optimal utilization of resources.
• Decision Making: He has to take effective decisions with regard to
business objectives of the enterprise, arrangement of resources and
facilities like men, material, machines, money, methods, technology etc.,
development of market for the product and maintain good relationship
with others.
• Management: It refers to managing of the day to day problems. These
include future expansion and policies in long run.
• Innovation: He should be innovative in launching of new product,
introduction of new technology in production line, creation of new
market, new or better source of raw material.
• Risk bearing: He should undertake responsibility of risk due to
unforeseen situations.
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13. Other functions
• In addition to the primary functions, entrepreneur has to perform other
functions important for developing countries.
• The other functions are
diversification of production,
 expansion of the enterprise,
maintaining cordial relations with employer and employees,
attending to resolving labour problems and
 coordination with outside agencies for well being of the enterprise
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14. Types of entrepreneurs
a) According to types of business
 Business entrepreneur: are the individuals who conceive idea for a new
product or service leading to new business.
They also deal with product development, marketing and sales.
 Trading entrepreneurs: are individuals who undertakes trading
activities and is not concerned with the manufacturing activities.
 Industrial entrepreneurs: are generally manufacturers who identifies
the potential needs for customers and tailors a product and service to
meet the marketing demands.
 Corporate entrepreneurs: who demonstrates their innovative skill in
managing corporate undertaking.
 Agricultural entrepreneurs: are undertake agricultural activities such
as raising a marketing crops, fertilizers and other inputs of agriculture.
They cover a broad spectrum of the agricultural sector and includes its
related areas.
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15. Types of entrepreneurs
b) According to technology
 Technical entrepreneur: also called as “craftsman”, develops improved
quality goods.
Their focus is oriented towards manufacture then marketing and selling.
Their aim is to develop quality goods using innovative ideas and
craftsmanship
 Non-technical entrepreneur: are not concerned with technical aspects
of a product instead they are mainly concerned with the development of
alternative marketing and distribution strategies to promote their
business.
 Profession entrepreneurs: whose interest is to establish a business but
does not deal with its management and organizing it.
They sells out the established business and starts other venture.
They are dynamic keeps on conceiving and venturing new ideas.
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16. Types of entrepreneurs
c) According to motivation:
 Pure entrepreneur: is a person who gets motivated by psychological
and not by economic rewards.
He works for his own satisfaction or for his own status.
 Induced entrepreneur: who induced to take up a task due to policy
measures that provide assistance, incentives, and concessions etc. to
start an enterprise.
Many small scale industries are started by people because government
and institutions are giving support and lots of concessions.
 Motivated entrepreneur: New entrepreneurs are motivated by the
desire for self fulfilment.
They come into existence because of the possibility of making and
marketing some new product.
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17. Types of entrepreneurs
c) According to motivation:
 Spontaneous entrepreneurs: Who start their business by natural
talents inherent in them.
They possess traits like initiative, boldness and self confidence which
motivate them to take up entrepreneurship.
d) According to growth: Growth of an enterprise may termed as low,
medium, high or super high growth.
The development of new venture leads to a chance of growth.
Growth entrepreneurs are those who take up an industry with
substantial growth prospects.
On the other hand, super growth entrepreneurs show enormous growth
performance in any venture they take up.
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18. Types of entrepreneurs
e) According to stages of development:
 First generation entrepreneur: who starts an industry unit by his own
innovative ideas and skills.
 Modern entrepreneur: who undertakes those projects that are well
needed and suited for changing demands.
 Classical entrepreneur: who concerned with the customers and
marketing needs while developing new venture.
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19. Types of entrepreneurs
f) Others:
 Innovative entrepreneur: who sees the opportunity for introducing a
new technique of production process or a new product or a new service
using his innovative ideas.
 Initiative entrepreneur: are revolutionary and take lot of initiative in
any work.
He can set in motion the chain reaction which leads to cumulative
progress.
He is more an organizer of factors of production than a creator.
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20. Concept of Entrepreneurship
• Entrepreneurship is a process undertaken by an entrepreneur to
augment his business interests.
• Some authors define it as, “ Entrepreneurship is the indivisible process
flourishes, when the interlinked dimensions of
individual psychological traits,
social encouragement,
business opportunities,
government policies,
availability of resources and
opportunities coverage towards the common good,
development of the society and economy”.
• Entrepreneurship lies more the ability to minimize the resources and put
them to maximum advantage.
• Above all, entrepreneurship in today’s context is the product of team
work and the ability to create, build and work as a team. 20

21. Concept of Entrepreneurship
• Entrepreneurship is the process of identifying opportunities in the
market place, arranging the resources required to pursue these
opportunities and inverting the resources to exploit the opportunities for
better gains.
• Higgins defined entrepreneurship as “the function of
 foreseeing investment and production opportunities,
 organizing an enterprise to undertake a new production process,
 rising capital,
 hiring labour,
 arranging the supply of raw materials,
 finding site,
 introducing new technique,
 discovering new source of raw materials and
 selecting top managers for day-to-day operation.
• 21

22. Concept of Entrepreneurship
• Cole’s definition for entrepreneurship is “ the purposeful activity of an
individual or a group of associated individuals undertaken to initiate,
maintain or organize profit by production or distributing of economic
goods and services”.
• All the definitions, highlight the risk bearing, innovating and resource
organizing, achieving goal through production of goods or services.
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23. Characteristics of Entrepreneurship
The process of entrepreneurship is a complex one having multidimensional
characteristics. The following are some of the commonly accepted
characteristics.
• Innovation: Entrepreneurship involves innovation of new things to effect
dynamic changes and good success in economy.
It should create conditions for growth of the economy.
• Risk-taking: Risk is a inbuilt element of nay business.
Entrepreneurship should be risk bearing to cater uncertainty of future.
• Skilful management: Entrepreneurship begins together various
functions of the management-planning organizing, staffing, directing,
controlling and leading.
• Organization: It brings together various facilities of production for an
efficient and economical use.
• Decision making: is very vital characteristic of an entrepreneurship.
Taking decisions at all levels and stages of an entrepreneurship is a
routine task.
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24. Characteristics of Entrepreneurship
• Making the enterprise success: Entrepreneurship is mainly an
economic activity as it deals with creating and operating an enterprise.
It involves in satisfying the needs of customers with the help of
production and distribution of goods and services. This makes the
enterprise a success.
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25. 25

26. Evolution of Entrepreneurship
Entrepreneurship existed even in very early stages in different kinds.
i) Early period:
• An early example of entrepreneurship is known to be the example of
Marco Polo who tried to routes to the far east.
• He used to sign a contract with a venture capitalist to sell his goods.
• The capitalist was the risk bearer, the merchant-adventurer took the role
of trading, bearing all physical and other risks.
• After his successful selling of goods and completing his trip, the profits
were shared by the capitalist and merchant.
ii) Middle ages:
• In the middle ages, the term entrepreneur was referred to a person who
was managing large projects.
• He was not taking any risk but was managing the projects using the
resources provided.
• Some examples are the cleric who used to be in charge of big
architectural works like castles, cathedrals etc. 26

27. Evolution of Entrepreneurship
iii) 17th century
• During 17th century, an amalgamation of risk with entrepreneurship
had evolved.
• A person (entrepreneur) used to enter into contractual agreement with
government to perform a service to supply some goods.
• This involved some risk since the contract price was fixed and the profit
or loss was borne by the entrepreneur.
• Cantillon a noted author developed one of the early theories of
entrepreneurship during 17th century.
• He viewed the entrepreneur as the risk taker serving that merchants,
farmers, craftsmen, buy at a certain price and sell at an uncertain price,
hence operating at risk.
iv) 18th and 19th century
• As a result of industrialization during 18th century the person with
capital (capitalist) differentiated from the person who needs capital
(entrepreneur).
• Many of the technical inventions did not have money to turn their
inventions into products. Hence some capitalists had to finance them. 27

28. Evolution of Entrepreneurship
20th century:
• During this, the entrepreneurs were not distinguished from managers
and were viewed mostly in perceptive of money.
• The entrepreneur organises and operates enterprise for personal gains.
• He takes risk, contributes his own initiative, skills, plans and leads his
enterprise.
• He own and bears the loss or gain.
• In the middle or 20th century, the notion of an entrepreneur as innovator
was established.
• The ability to innovate could be seen history from the Egyptians who had
designed, planned and erected pyramids with very heavy stone blocks, to
the space launching technology, to a cell phones to an artificial pace
maker in heart.
• Although the tools have changed with advances in science and
technology, the ability to innovate and risk taking has been present in all
generations. 28

29. Development of Entrepreneurship
• The development pf entrepreneurship started in the olden days.
• Ancient people invented wheel, fire by rubbing stones, spears to hunt
animals, new ways and means of cultivation etc.
• Then came the era of the boats and ships opening the doors of trade at
far places.
• The invention of steam engine revolutionized sea and land transportation.
• Eventually the industrial revolution during 19th century led to better and
modern techniques of entrepreneurship.
• The noteworthy pioneers of this era are Colt who invented fire power for
weapons, Whitney who invented ‘gin’ which revolutionized spinning of
cotton and Morse’s telegraph that changed the life of communication.
• American steel industry was founded in 20th century by Andrew
Corregie, Henry Ford started Automobiles in a very big way. Though
Henry Ford was not a inventor, he was a great entrepreneur.
• The contemporary period of entrepreneurship began with innovative
such as Mc Cormic, who revolutionized mechanical reaper in agriculture.29

30. Development of Entrepreneurship
• Alexander Graham Bell who invented telephone, Thomas Alva Edison
who invented electric bulb, Gillet who invented safety razor.
• In the Indian context, pioneers like Jamshedji Tata, Birla etc., though
not inventors, were great entrepreneurs who contributed to the technical
and economic growth of India.
• All these entrepreneurs have been responsible for net worthy innovation
that changed human life for better.
• IBM converted the mechanical typewriter to a electrically operated one.
• Apple developed personal computers.
• Today we consider some companies as giants in innovations and
entrepreneurial ventures. To name some, Microsoft for OS, Sony for
electric goods, Ford for cars, Intel for Microelectronics and IC’s, Sun
Microsystem for Electronic workstations etc.
• In all above examples, staring from early period to today’s entrepreneurs,
there have been enthusiastic individuals who went out and extended
their hands to create new ventures which created new avenues and
satisfied needs of people. 30

31. Stages in Entrepreneurial Process
1. Identification of an opportunity:
• Identification of an opportunity usually carried out by conceiving idea or
from external sources like consumers and business associates, members
of distribution system, independent technical organizations, consultants
etc.
• Consumers are the best source of ideas for a new venture who spells out
the need of a product or service.
• Due to the close contact with the end user, member of distribution
system also see product needs one can identify new business
opportunities through a discussion with retailer, wholesalers or a trade
representative.
• Some highly technical oriented individuals are not interested in any
entrepreneurship. Such people conceptualize new business opportunities
that can be given to the interested.
• Some government organizations and R&D centres are also provide new
ideas
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32. Stages in Entrepreneurial Process
2. Evaluation for the opportunity:
• The opportunity identified by using either input from consumers,
business associates, channel members or technical people, must be
carefully screened and evaluated.
• This evaluation is perhaps the most critical element of the
entrepreneurial process as it allows the entrepreneur to assess whether
the specific product or service provides sufficient return or investment.
• The evaluation process involves looking at the length of the opportunity,
its real and perceived value, its risks and return, its fit with personal
skills and goals of the entrepreneur.
• The length of opportunity and the market size and share are two main
aspects for deciding the risk and gains or profits.
• SWOT analysis is one of the useful tools.
• Strength and Weakness are internal factors and related to the
organization, whereas Opportunities and Threats are external and related
to the environment and competition.
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33. Stages in Entrepreneurial Process
2. Evaluation for the opportunity:
• Whichever capital invested forms the basis of return and profits.
• It is very important that entrepreneur must be able to put forth the
necessary time and effort needed to see the venture succeed.
• An overall opportunity assessment plan is prepared to evaluate the
opportunity.
• Unlike a business plan, this is a short one focuses only on opportunity
with risks and rewards and makes it clear whether to go or not to go with
it.
• This plan includes
 Description of product
 Agreement of opportunity
 Assessment of the entrepreneur and his team
 Resources needed
 Amount and source of capital needed.
 Rewards and profit expected
33

34. Stages in Entrepreneurial Process
3. Preparation of a business plan
• To achieve the proposed business opportunity, a well defined business
plan need to be developed.
• This is tedious and time consuming activity of the entrepreneurial
process.
• The business plan should contain the following in order;
 Title of project, table of contents and executive summary
 Description of business and industry
 Technology plan
 Financial plan
 Organizational plan
 Production and operation plan
 Marketing and distribution plan
 Summary of plan
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35. Stages in Entrepreneurial Process
4. Determination and organizing the plan
• This process begins with the assessment of present resources.
• Enough care must be taken not to underestimate the amount and
nature of resources required.
• The risk involved with insufficient or incorrect resources should be
calculated.
• Organizing the required resources at the appropriate time is another
aspect of entrepreneurial process.
• Alternative sources of supply, process of manufacture etc are to be
planned.
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36. Stages in Entrepreneurial Process
5. Management of Enterprise:
• After resources are acquired, the entrepreneur must use them to
implement the business plan.
• The operational problems of the growing enterprise must also be
examined.
• This calls for a management with all functions like planning, organizing,
staffing, directing and controlling.
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37. Role of Entrepreneur in Economic Development
• The role of entrepreneurs in economic development involves more than just
increasing the output and income; it involves in initiating and effecting the
change in structure of business or society.
• This change gives way to growth and higher output that leads to higher
profits.
• Innovation plays key role in economic growth both in developing new
products or services and stimulating idea of investment in new ventures.
• This new investment works on both the demand and supply sides of growth.
• The new capital created expands the capacity for growth on supply side and
the resultant new spending brings new capacity and increased output on
demand side.
• In spite of importance of investment and innovation in the economic
development of an area, there is little awareness of the product evolution
process.
• This is the process through which innovation develops and commercializes
through the entrepreneur’s activity which in turn results in economic
growth.
37

38. Role of Entrepreneur in Economic Development
• Entrepreneur bridges the gap between technology and the market by
creating new enterprises and brings new products.
• Those activities of an entrepreneur significantly effect the economy of an
area by building economic base and providing jobs.
• In some areas entrepreneur creates new products and new employment.
• Thus entrepreneur thrusts impact and plays vital role in overall economic
development and create employment to people.
38

39. Role of Entrepreneur in Economic Development
• Entrepreneur bridges the gap between technology and the market by
creating new enterprises and brings new products.
• Those activities of an entrepreneur significantly effect the economy of an
area by building economic base and providing jobs.
• In some areas entrepreneur creates new products and new employment.
• Thus entrepreneur thrusts impact and plays vital role in overall economic
development and create employment to people.
39

40. Entrepreneurship in India
• The evolution of entrepreneurship in India is the efforts of great people
as well as professionals.
• It started as family business known to be around 1850’s with the
starting of cotton mill in Bombay (Mumbai).
• From then on entrepreneurship had grown in all directions from cotton
mill to manufacture, to services, electronic goods, health care, exports
and imports, information technology, education, transport, space
technology etc.
PAST: In the past “Business Community” was evolved in trade and
commerce. This community is presently known to be Viasyas or Baniyas.
• Manufacture and supply of a product was based on the demand. The
traders used to book order from the required people and get them from
the producer.
• All the members of the family were involved in the business from
planning to manufacture stage and finally selling them.
• The industrial activity was controlled by the caste system. For ex.
Weavers used to weave clothes. Gold smiths used to make ornaments,
farmers used to produce food products etc.
• The skill of any enterprise was inherited from ancestors.
40

41. Entrepreneurship in India
Present:
• There is a tremendous growth of industries and services over last 50-60
years.
• Banking, Automobile, software development, petrochemicals, cement,
steel, communication etc are some of the major modern entrepreneurship
areas, where lot of innovations had taken place.
• Some of the note worthy highly talented entrepreneurs of India are: G D
Birla, J R D Tata, Aditya Birla, Godrej, Jamanlal Bajaj, Wadia, Hindujas,
Azim Premji of Wipro, Narayan Murthy of Infosys, D Ambani of Relaince ,
Karsanbhai Patel of Nirma etc.
• Before 1940’s the Indian business was almost dominated by British
companies except for some well established companies like TATA steel,
Birla Group etc.
• It is very difficult to compete with British goods.
• After 2nd World war more business opportunities were projected like
cement, steel and other infrastructures.
• Indian industry began to expand in the core sector only after the
Independence. 41

42. Barriers to Entrepreneurship
1. Environmental Barriers
2. Financial Barriers
3. Personal Barriers
4. Societal Barriers
42

43. Environmental Barriers
Raw Materials:
• Non-availability of raw material causes impediment in the growth of the
business.
• In such situation, competition causes increase in the price of the raw
material.
• This problem becomes more severe, if there are alternative goods or
services available in the market.
Labour
• Human resource has been identified as the important resource in any
organization.
• But there is always dearth of the skilled labour in the market and lack
of committed and loyal employees in the organization.
• Both these factors cause impediments in the growth of the organization.
43

44. Environmental Barriers
Machinery:
• Good machines are required in the organization for the production of
goods.
• These machines come at a cost and because of rapid technological
developments, they became obsolete very soon and need to be replaced.
• This requires a lot of cash in hand which is very difficult to maintain
small business organization.
Land Building:
• Acquisition of land and construction of building at a prime location to
run the business requires expenditure of large scale.
• A alternative approach could be taking land on lease or rent.
• But this becomes a matter of continuous concern for the entrepreneur.
44

45. Environmental Barriers
Other infrastructure requirements:
• Any business entity requires some basic infrastructure support like
adequate power supply, proper roads, water and drainage facilities.
• This support has to come from the various development authorities
which again is a chain in a long bureaucratic system.
45

46. Financial Barriers
• Funds is one of the most important components required for the
successful running of the business.
• There are various methods by which an entrepreneur arranges for funds.
Ex: his own savings, borrowings from friends and relatives, banks and
other institutional bodies that support the new venture.
• If there is a delay in the release of payments by the source of finance, it
causes delay in starting and/or running the business.
46

47. Personal Barriers
Lack of confidence:
• Many people think that they lack what it takes to become an
entrepreneur.
• They look at successful entrepreneurs and think that they could never
be able to find a successful idea or would be unable to attract resources
required and dismiss the thought of becoming self employed as
irrelevant.
• They may regard themselves as risk adverse and feel that running
business is too risky.
Lack of dependability on others:
• Many entrepreneurs aim to gain their additional expertise through the
trail and error of experience rather than seeking further personal
development or assistance from others.
• Often this is uncomfortable for entrepreneur, who is far more interested
in spotting and filling market needs than in devising effective
management which is essential if the business is grow and prosper.
• Those who do recognize the need of support are likely to be successful in
the long run. 47

48. Personal Barriers
Lack of Motivation:
• When an individual starts a new business venture, he is filled with
enthusiasm and drive to achieve success, but when he faces the
challenges of real business, bears losses, he loses interest/motivation.
• This cause further loss of business and the entrepreneur starts
withdrawing himself from mainstream competition.
Lack of Patience:
• This barrier is more dominant among youth entrepreneurs.
• The desire to achieve success in the first attempt is the prime motive
factor of modern youth.
• They want to achieve instant success and believe it would be a cakewalk.
• When such desires are hindered by business challenges/problems, they
loose interest.
48

49. Personal Barriers
Inability to dream:
• Entrepreneurs who are short on vision or become complacent with what
they achieve sometimes lose interest in further expansion, which impedes
further growth of the business.
Sense of Pride and/or Embarrassment:
• Entrepreneurs get a high by being responsible for their own decisions
and future.
• They find it extremely rewarding talking to customers, taking orders,
fulfilling those orders and getting paid.
• They are understandably proud of what they have achieved.
• A problem for many entrepreneurs, particularly during and shortly after
the start up period, is that they do not have a sufficient repertoire of
behaviours to cope with every situation.
• Those entrepreneurs who can overcome their pride or embarrassment
will go onto seek support by hiring additional staff with required skill. 49

50. Societal Barriers
• The first and traditionally the hardest barrier to overcome is the societal barrier,
which inhibits many people even from thinking of starting a business.
• A society putting premium on safety and security in matters of securing a
livelihood, such a value can become a strong social barrier to entrepreneurship.
• In some societies, the business is considered as a profession of lower hierarchy.
Business people are considered inferior to office-goes, engineers, doctors etc.
Such a social response to entrepreneurs can be a big hurdle in developing and
nurturing entrepreneurs.
• Social factors such as
insistence on conformity
an excessive protective attitude among children during their formative years
discouragement to mobility
will all thwart the following essential values of entrepreneurship.
 creativity
 innovative spirit
 sense of adventure.
50