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- 2. MYTHS OF ENTREPRENEURSHIP • • • • • • • • • • Entrepreneurs are born not made They are academic and social misfits They fit an ideal profile All you need is money and luck to be an entrepreneur A great idea is the only ingredient in a recipe for business My best friend will be my great business partner Having no boss is great fun I can make lots of money I will definitely be successful Life will be much simpler if I work for myself
- 3. HARVARD DEFINITION • Entrepreneurship is the process of creating or seizing an opportunity and pursuing it regardless of the resources currently controlled
- 4. Definition of Entrepreneur Peter F Drucker, defines entrepreneur as: “The one who always searches for change, responds to it and exploits it as an opportunity. Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or services”
- 5. Who is an entrepreneur? High Creativity and Innovation Low INVENTOR ENTREPRENEUR PROMOTER MANAGER, ADMINISTRATOR High General Management Skills, Business Know-How & Networks
- 6. Elements of an Entrepreneur Risk Taking Innovation Ethics Operational Excellence Values Organising Skills Vision Character
- 7. • • • • • • • • • • • • • • • • Functions of Entrepreneur Market research Idea generation Product/service analysis Form of business Determination of business objectives Promotional formality Raising capital Providing infrastructure Selection of human resources Carrying out the operations Risk bearing Organisation of the resources Innovation Exploration of new opportunities Providing leadership Motivating people
- 8. Origin Entrepreneur derived from French verb ‘entreprendre’ – Means – “To Undertake”. In scriptures, society divided into 4 categories, they are: •Brahmins •Kshatriyas •Vaishyas •Shudras
- 9. Addressing the Entrepreneurs in various region and languages • • • • • • • • In Hindi – Bania. Rajasthan – Marwaris. Gujarati – Vyapari/Sheth. Tamil – Chettiars. Telugu – Komati. West Bengal – Subarna Baniks. Kerala – Moplas. Maharashtra – Sheroffs.
- 10. ENTREPRENEUR ENTREPRENEURSHIP ENTREPRISE PERSON PROCESS OBJECT INDIVIDUAL COLLECTION OF ACTIVITIES RESULT OF THE EFFORT
- 11. Economic Factors Business Government Labour c gi o ol ors hn a c t ec F T al Soc Poli io tica l Fac tors
- 12. Entrepreneur • • • • • • • • High risk taker Hard worker Innovator Honest person Independent Power to dominate Proactive Good managerial capabilities
- 13. Characteristics of an Entrepreneur • • • • • • • • • • • Organizer – Say Capitalist – Adam Smith Innovative – Schumpeter and Drunker Change Agent – Young Risk taker – Webster, Walker and Knight Opportunist – Drunker and Dewing Decision Maker – Danhof Visionary & Leader – Hisrich Dreamer – Luther Problem solver – Hagen High Achiever - McClelland
- 14. Features of Entrepreneurship • • • • • • • • Economic activity Creative activity Purposeful activity Functions of risk bearing Organizing function Gap-filling function Dynamic function Innovative function
- 15. Entrepreneurial Process Identification & Evaluation of opportunity Drawing up of a business plan Determination of the required resources Creating the venture Managing the enterprise
- 16. Elements of Successful Entrepreneur CustomerOriented Market Analysis Management of Finance Systematic Management Successful Entrepreneurship Entrepreneur’s Ability Object-Oriented advice from outside
- 17. ROLE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
- 18. ROLE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT • • • • • • National production Balanced regional development Dispersal of economic power Reinvestment of profits Employment generation Harnessing youth vigour
- 19. Need & Role and Importance • • • • • • • • To create more employment opportunities To create more innovative ideas Creates more innovative, quality products Leads to healthy competition Creates high quality goods at low costs Generates more revenue to the country Increases the exports and foreign exchange reserve Increases economy and cash flow
- 21. BENEFITS OF ENTREPRENEURSHIP • • • • • Opportunity to create own destiny Opportunity to make a difference Opportunity to achieve full potential Opportunity to reap full profits Opportunity to contribute to the society • Opportunity to do what you enjoy
- 23. DRIVING FORCES BEHIND ENTREPRENEURSHIP • • • • • • Attitude of people Demographic and economic factors Entrepreneurial education Shift to service economy Technological advancement International opportunities
- 25. DIMENSIONS OF ENTREPRENEURSHIP • Simple procedure for business • Education & training for entrepreneurship • Easier access to finance and investment friendly taxation • Better market access • Innovative companies • Strong business associations • Quality business support schemes and services • Clear & targeted information
- 27. CHARECTERISTICS/QUALITIES OF ENTREPRENEUR • • • • • • • • • • Hard working Speed Self reliance Communicator Motivator Initiative Discipline Will power Optimistic Strategist • Sound knowledge • Technical knowledge • Self confidence • Passion • Flexibility • Assertiveness • Independent • Creativity • Human relations • • • • • • • • • • • • Involvement Pride Adaptability Values Foresight Conviction Dynamism Courage High energy level Dreamer Determination Commitment
- 30. CLASSIFICATION OF ENTREPRENEURS CLARENCE DANLOF’S CLASSIFICATION • Innovative entrepreneurs • Imitative entrepreneurs • Fabian entrepreneurscautious • Drone entrepreneursrefuse to adopt opportunities
- 31. Classification According to Type of Business
- 32. Classification
- 33. Classification
- 34. Classification
- 35. INTRAPRENEURS • Talented persons from corporate world leave their jobs to start their own business units because they are unhappy with the management
- 36. Factors Influencing Entrepreneurship Economic - Government Personality Technology Socio - Cultural Individual Entrepreneur Personal Values Motivation & Family Attitude
- 38. Internal Factors
- 39. Internal Factors
- 40. External Factors