entrepreneurshi[

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Entrepreneurship

Entrepreneurship is an important factorof industrial development of a country. Itis the primary trait of an entrepreneur.The degree and quality of

entrepreneurship differ from entrepreneurto entrepreneurs


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Entrepreneurship

Entrepreneurship is the dynamic process of

creating incremental wealth. This wealth is

created by individuals who assume the

major risks in terms of equity, time and

career commitment of providing value for

some product or service.


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Entrepreneurship

The product or service itself may or may not

be new or unique but value must somehow

be infused by the entrepreneur by securing

and allocating the necessary skills and

resources.


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Entrepreneurship

In practice, entrepreneurship changes the

direction of national economies, industries

or markets. It initiates new products and

develop organizations and means of

production to make them marketable.


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Characters tics of Entrepreneurship

Dynamic Process

Innovation

Risk Taking

Decision making

Accepting Challenges

Organisation

Skillful Management

Making the Enterprise a Success


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Characteristics of a successful Ent.

CREATIVITY : INNOVATION:

DYNAMISM:

LEADERSHIP:

TEAMBUILDING:

ACHIEVMENT MOTIVATION:

PROBLEM SOLVING:

GOAL ORIENTATION: COMMITMENT:

RISK TAKING AND DECISION MAKINGABILITY:


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An entrepreneur is the risk bearer

and works under uncertainty.

INNOVATION THEORY: propounded by by J.A.Schumpeter.

entrepreneur is basically a innovator and innovatoris one who introduces new combinations.


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New combination theory covers five

cases.

New good or New quality of good

New method of Production

New market New source of supply of raw material

New organisation of any industry


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Critical Evaluation

Schumpeters concept of entrepreneurship is quite broad

based. Entrepreneurship includes not only theindependent businessmen but also executives and

managers who actually undertake innovative functions. It excludes individual who merely operate an established

business without performing innovative functions


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It represent the most vigorous type of enterprise.

It laid too much emphasis on innovating functions

An entrepreneur cannot have large scale operations

from the very beginning.

It fails to provide a suitable answer to question like-why some countries had more entrepreneurial talent

then others.


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Need for Achievement Theory

Human values and motives that lead man to exploitopportunities, to take advantage of favorable tradeconditions. The entrepreneur is cocerned with need for

achievement. Need for achievement is called as a desire to do

well,not so much for the sake of social recognition orprestige. But for the sake of an inner feeling of personal

accomplishment.


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There are two important things

First doing thing in a new and better way.

Secondly , decision making under uncertainty.

Utlimate goal is personal accomplishment.


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Critical Evaluation

Research studies on the psychological roots ofentrepreneurship reveal that high achievementorientation ensures the success but the empirical tool

of concept used, are found to be highly suspect andone wonders how many of the individuals who arejudged to have high n-ach.could succeed in utilisingit in practice in the present day developing countries

unless strengthened by other reinforcingcircumstances.


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Theory of Leadership

Entrepreneurship is a function of managerialskill and leadership. Theory explain that aperson who is to become an industrial

entrepreneur must have more than the drive toearn profits and amass wealth. In this process hehas to show his ability to lead and manage.


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Critical Evaluation

It is quite true that managerial men or groupsenjoying an ambiguous culture and socialposition having no bondage of trading to inhibit

them from entrepreneurship development. Butthere are certain economic and political factorsalso which encourage the people to initiate

entrepreneurial behaviour.


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What is an Entrepreneur?

An Entrepreneur (ahntra pra nur) is a

person who organizes and manages a

business undertaking, assuming therisk for the sake of profit. Any person

(any age) who starts and operates a

business is an entrepreneur.


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Three Aspects of Entrepreneurship

1. The identification/recognition of marketopportunity and the generation of a businessidea (product or service) to address the

opportunity


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2. The marshalling and commitment ofresources in the face of risk to pursue theopportunity


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3. The creation of an operating businessorganization to implement the opportunity-motivated business idea


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Successful Entrepreneurs

According to the Small BusinessAdministration, successful entrepreneurs

have five characteristics: Drive, which is defined as the most important

attribute. Entrepreneurs can expect long hours, highstress and endless problems, as they launch a new

business.


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have five characteristics:Thinking Ability, or the characteristic that

encompasses creativity, critical thinking, analyticalabilities and originality.


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According to the Small BusinessAdministration, successful entrepreneurshave five characteristics:Aptitude for Human Relations. This characteristic

recognizes the importance of the ability to motivateemployees, sell customers, negotiate with suppliersand convince lenders. Personality plays a big part in

success in this area..


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have five characteristics: Communication Skills, or the ability to make

yourself understood.


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According to the Small BusinessAdministration, successful entrepreneurshave five characteristics:Technical Ability speaks to the need of the

entrepreneur to know their product and theirmarket. They must consider the long- and short-term implications of their decisions, their strengths

and weaknesses, and their competition. In short,they need strategic management skills.


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Entrepreneurship

Some advantages

You are your own boss

Enjoy the profits from you effortsSense of pride in your business

Flexibility in your work schedule


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Entrepreneurship

Some disadvantagesWill need to put in long hours

Need money to start

Have to keep up with government rules andregulations

May have to mark hard decisions (hiring, firing, etc.)

May lose money

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