Entrepreneurship development First unit .... by kar

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Entrepreneurship development First unit .... by kar

  1. 1. ENTREPRENEURAL COMPETENCE (Unit – 1)
  2. 2. ENTREPRENEURSHIP CONCEPT ENTREPRENEUR ENTREPRENEURSHIP ENTERPRISE person process of action object
  3. 3. ENTREPRENEUR An entrepreneur is a person responsible for setting up a business or an enterprise. He has the initiative , skill for innovation and who looks for high achievements. He puts up new green field projects that create wealth, open up many employment opportunities and leads to
  4. 4. DEFINITION  The term “entrepreneur” is derived from the French word entreprendre which means “ to undertake” i.e. the person who undertakes the risk of new enterprise.  The term “entrepreneur” was applied to business initially by the Irish economist, Richard Cantillon, to designate a dealer who purchase the means of production for combining them into marketable products.  According to him, “ An entrepreneur is a person who buys factor services at
  5. 5. THE MYTHS OF ENTREPRENEUR Myth 1: Entrepreneurs Are Doers, Not Thinkers Myth 2: Entrepreneurs Are Born, Not Made Myth 3: Entrepreneurs Are Always Inventors Myth 4: Entrepreneurs Are Academic and Social Misfits Myth 5: Entrepreneurs Must Fit the “Profile” Myth 6: All Entrepreneurs Need Is Money Myth 7: All Entrepreneurs Need Is Luck Myth 8: Ignorance Is Bliss For Entrepreneurs Myth 9: Entrepreneurs Seek Success But Experience High Failure Rates Myth 10: Entrepreneurs Are Extreme Risk Takers (Gamblers
  6. 6. CONCEPT OF ENTREPRENEURSHIP According to Peter Drucker, “Entrepreneurship is defined as „a systematic innovation, which consists in the purposeful and organized search for changes, and it is the systematic analysis of the opportunities such changes might offer for economic and social innovation”
  7. 7. CONCEPT OF ENTREPRENEURSHIP “ Entrepreneurship is a dynamic process of vision, change, and creation. It requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions. Essential ingredients include the willingness to take calculated risks- in terms of time, equity, or career; the ability to formulate an effective venture team; the creative skill to Marshall needed resources; the fundamental skills of building a solid business plan; and, finally, the vision to recognize opportunity where others see chaos, contradiction, and confusion.”
  8. 8. IMPORTANCE OF ENTREPRENEURSHIP  Develop new markets  Discover new sources  Mobilize capital resources  Introduce new technologies  Create employment
  9. 9. ENTRPRENEURIAL PERSONALITY • Self confidence, initiative & independent • Flexibility & team work • Commitment • business knowledge • Creative solutions to difficult problems • Ability to grab an opportunity • Overcome an personal problems & environmental factors.
  10. 10. CHARACTERISTICS OF SUCCESSFUL ENTREPRENEUR • Risk taker • positive self – control • Analytical Ability • Ability to mobilize resources • Search for new Ideas and innovation • Highly Motivated and Energetic • Locus of control • Flexibility • Business communication skills • Self – confidence • Openness to change • Accepting of constructive criticism and rejection Vision and leadership
  11. 11. ENTREPRENEURSHIP AS A CAREER Choosing Entrepreneurial career is like choosing a life partner
  12. 12. KNOWLEDGE & SKILLS OF ENTREPRENEUR • Time management • administration skills • Environmental awareness • Financial knowledge • Know the market • Interpersonal skills • Problem solving skills • Sales • Vision & leadership skills • Political – legal concern • Cultural aspect • Conflict & consensus management skills • Communication skills • technical skills

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