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1. entre1

  2. 2. Entrepreneurs Do things that are not generally done in the ordinary course of business Some entrepreneurs become celebrities...others become ridiculed for their failed dreams All contribute to the spirit of free enterprise
  3. 3. Entrepreneurship Mainstream Economic Factors Land Labor Capital Entrepreneurship
  4. 4. Entrepreneurship Entreprendre...17th century French...the individual who undertook the risk of a new enterprise... “undertakers”. They were “contractors” who bore the risks of profit or loss Examples: soldiers of fortune, adventurers, builders, merchants and funeral directors
  5. 5. Entrepreneurs... “Essai sur la nature du commerce en general”...1755 ...describes an entrepreneur as a person who pays a certain price for a product to resell it at an uncertain price, thereby making decisions about obtaining and using resources while consequently assuming the risk of enterprise
  6. 6. Entrepreneurs... Adam Smith...The Wealth of Nations: spoke of the “enterpriser” as an individual who undertook the formation of an organization for commercial purposes A. Smith...mentioned “role of industrialist...,person with unusual foresight who could recognize potential demand for goods and services”
  7. 7. Entrepreneurs... “A Treatise on Political Economy”...describes an entrepreneur as one who possessed certain arts and skills of creating new economic enterprises, yet a person who had exceptional insight into society’s needs and was able to fulfill them. Influences society and is influenced by it.
  8. 8. Entrepreneurs... John Stuart Mill...describes an entrepreneur as a business founder Recognized entrepreneurship as central to economic theory Carl Menger...Principles of Economics: “Economic change does not arise from circumstances but from an individual’s awareness and understanding of those circumstances
  9. 9. Entrepreneurs... In 19th century entrepreneurs were: risk takers decision makers aspired to wealth endured commensurate losses gathered and managed resources to create new enterprises
  10. 10. Entrepreneurship Joseph Schumpeter...20th century talks about “creative destruction” whereby established ways of doing things are destroyed by the creation of new and better ways of getting things done Described it as a process and entrepreneurs as innovators who use process to shatter the status quo through new methods...
  11. 11. Entrepreneurs... Are not equal to inventors...inventor might only create a new product, whereas an entrepreneur will gather resources, organize talent, and provide leadership to make it a commercial success Peter Drucker...”Resources, to produce results, must be allocated to opportunities rather than to problems...
  12. 12. Entrepreneurs...Traits Self-confident and optimistic Able to take calculated risk Respond positively to changes Flexible and able to adapt Knowledgeable of markets Able to get along well with others Independent minded
  13. 13. Entrepreneurs...Traits II Energetic and diligent Creative, need to achieve Dynamic Leader Responsive to suggestions Take initiatives Resourceful and persevering Perceptive with foresight
  14. 14. Definition It refers to a process of action an entrepreneur (person) undertakes to establish his/her enterprise. It is a creative and innovative. It is a composite skill, the resultant of a mix of many qualities and traits. These include imagination, readiness to take risks, ability to bring together and put to use other factors of production, capital, labour, land as also intangible factors such as the ability to mobilize scientific and technological advances.
  15. 15. Entrepreneurship Is a 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 The entrepreneur must somehow infuse value to the product or service...
  16. 16. ENTREPRENEURSHIP What is Entrepreneurship? It is the process of mind to take calculated risk with confidence to achieve pre-determined objectives. Conventional view Entrepreneurs are born and it is hereditary Entrepreneurship is a monopoly of some communities and restricted to certain regions.
  17. 17. Working Definition An entrepreneur is a person who combines various factors of production, processes raw material, converts the raw material into a finished product and creates utility and sells the produce in the market to earn profit.
  18. 18. Continue…. He posses the different D’s for success. ie., Desire, Discipline, Determination, Dedication, Devotion, Dignity. He is a creator of wealth He takes decision about What to produce --- Product selection How to produce --- Technology Where to produce --- Location When to produce --- Time planning/Duration For whom to produce --- Target consumers/ Market
  19. 19. Most of what you hear about entrepreneurship, says America’s leading management thinker, is all wrong. It’s not magic; it’s not mysterious; and it has nothing to do with genes. It’s a discipline and, like any discipline, it can be learned. - Peter F. Drucker
  20. 20. Distinction between Entrepreneurs and Managers Entrepreneur : 1. Entrepreneurial function is organizing production 2. Decision making & calculated risk bearing 3. Has all round responsibility 4. Public relation skills & team building 5. High level of achievement and motivation 6. Innovative, creative, imaginative soul 7. Challenges established values and attitudes
  21. 21. Continue…. 1. 2. 3. 4. 5. 6. Managers : Managers are employees (specific role) Limited scope for innovation & creativity Managerial jobs are transferable Managers do not bear risk Managers Need team building & leadership role Managers need knowledge, insight and expertise (KIE)
  22. 22. Role of Entrepreneurship in Economic development Increasing per capita output and Income Involves initiating and constituting change in the structure of business and society The theory of economic growth depicts innovation as the key not only for developing new products but also in stimulating investment interest in the new ventures
  23. 23. The difference between invention and innovation is: Invention - is the creation of new products, processes, and technologies not previously known to exist. Innovation - is the transformation of creative ideas into useful applications by combining resources in new or unusual ways to provide value to society for or improved products, technology, or services.
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