1. MAHARASHTRA INSTITUTE OF
TECHNOLOGY
AURANGABAD
(PLASTICS & POLYMER ENGINEERING
DEPT.)
PRESENTATION ON: -
ENTREPRENEURSHIP
NAME- Anshul Gautampurkar
CLASS- T.Y. (P.P.E.)
ROLL NO.- T3715
2. OVERVIEW: -
What is an entrepreneur?
Characteristics of an entrepreneur
Planning to be an entrepreneur
Growth pressures, managing a family
business, and corporate intrapreneurship
3. 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
4. ENTREPRENEURS V/S INTRAPRENEURS: -
Entrepreneurs are people that notice
opportunities and take the initiative to
mobilize resources to make new goods and
services.
Intrapreneurs also notice opportunities and
take initiative to mobilize resources, however
they work in large companies and contribute
to the innovation of the firm.
Intrapreneurs often become entrepreneurs.
5. 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.
Entrepreneurs are not equal to
inventors...inventor might only create anew
product, whereas an entrepreneur will gather
resources, organize talent, and provide
leadership to make it a commercial success.
6. ENTREPRENEURS: -
MANY DEFINITIONS, ONE MEANING
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”
John Stuart Mill...describes an entrepreneur as a business
founder
Carl Menger...Principles of Economics: “Economic change
does not arise from circumstances but from an individual’s
awareness and understanding of those circumstances
7. WHO ARE ENTREPRENEURS ?
Common traits
Original thinkers
Risk takers
Take responsibility for own actions
Feel competent and capable
Set high goals and enjoy working toward them
Self employed parents
Firstborns
Between 30-50 years old
Well educated – 80% have college degree and 1/3
have a graduate level degree
8. ENTREPRENEURS...TRAITS II
Energetic and diligent
Creative, need to achieve
Dynamic Leader
Responsive to suggestions
Take initiatives
Resourceful and persevering
Perceptive with foresight
9. ENTREPRENEURS: -
successful unsuccessful
Poor Managers
Creative and
Innovative
Position themselves
in shifting or new Low work ethic
markets
Create new
products
Inefficient
Create new
processes
Create new delivery
Poor money
Failure to plan and managers
prepare
10. CHARACTERISTICS OF ENTREPRENEURS
Key Personal
Attributes
Strong Managerial Successful
Competencies Entrepreneurs
Good Technical Skills
11. 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...
12. 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.
13. THE CREATIVE PROCESS
Idea Germination
Preparation
Incubation
Illumination
Verification
14. ELEMENTS IN THE INNOVATION
PROCESS
Analytical
Planning
Organizing Resources
Implementation
Commercial Application
15. KEY PERSONAL ATTRIBUTES
Entrepreneurs are Made, Not Born!
Many of these key attributes are developed early in life,
with the family environment playing an important role
Entrepreneurs tend to have had self employed parents
who tend to support and encourage independence,
achievement, and responsibility
Firstborns tend to have more entrepreneurial attributes
because they receive more attention, have to forge their
own way, thus creating higher self-confidence
16. KEY PERSONAL ATTRIBUTES (CONT.)
Need for Achievement
A person’s desire either for excellence or to succeed in
competitive situations
High achievers take responsibility for attaining their
goals, set moderately difficult goals, and want immediate
feedback on their performance
Success is measured in terms of what those efforts have
accomplished
McClelland’s research
17. KEY PERSONAL ATTRIBUTES (CONT.)
Desire for Independence
Entrepreneurs often seek independence from others
As a result, they generally aren’t motivated to perform
well in large, bureaucratic organizations
Entrepreneurs have internal drive, are confident in their
own abilities, and possess a great deal of self-respect
18. KEY PERSONAL ATTRIBUTES (CONT.)
Self-Confidence
Because of the high risks involved in running an
entrepreneurial organization, having an “upbeat” and
self-confident attitude is essential
A successful track record leads to improved self-
confidence and self-esteem
Self-confidence enables that person to be optimistic in
representing the firm to employees and customers alike
19. QUESTIONS TO KEEP IN MIND
What are my motivations for owning a business?
Should I start or buy a business?
What and where is the market for what I want to sell?
How much will all this cost me?
Should my company be domestic or global?
21. CHARLES GOODYEAR-
AN INNOVATOR, AN ENTREPRENEUR.
Charles Goodyear was born in New Haven Connecticut, on 29th December, 1800.
In 1814, learnt the hardware business and worked industriously until he was twenty-
one years old, and then, returning to Connecticut, entered into partnership in his
father's business in Naugatuck, where they manufactured ivory and metal buttons,
and a variety of agricultural implements.
In 1826, opened a hardware store, where he did most of his work. His specialties
were the valuable agricultural implements that his firm had been manufacturing, he
found himself heading a successful business.
This continued to increase until between 1829 and 1830 he broke down in health,
being troubled with dyspepsia. At the same time came the failure of a number of
business houses that seriously embarrassed his firm. They struggled and finally
failed.
Between the years 1831 and 1832, the condition of his products was such that they
had to be tested for a year before it could be determined if they were perfect or not.
To their surprise, thousands of dollars worth of goods that they had determined to be
of good quality were being returned, the gum having rotted, making them useless.
Goodyear at once made up his mind to experiment on this gum and see if he could
overcome the problems with these rubber products.
22. By then a creditor had him arrested and imprisoned. While there, he tried his first experiments
with India rubber and he managed to incorporate in it a certain amount of magnesia which
produced a beautiful white compound and appeared to take away the stickiness.
He thought he had discovered the secret, and improved his invention in New Haven. The first
thing that he made was shoes, and he used his own house for grinding, calendering and
vulcanizing. His compound at this time consisted of India rubber, lampblack, and magnesia, the
whole dissolved in turpentine and spread upon the flannel cloth which served as the lining for
the shoes. It was not long, however, before he discovered that the gum, even treated this way,
became sticky. His creditors, completely discouraged, decided that he would not be allowed to
go further in his research.
Goodyear, however, had no mind to stop here in his experiments. Selling his furniture and
placing his family in a quiet boarding place, continued his experiments. His next step was to
compound the rubber with magnesia and then boil it in quicklime and water. This appeared to
solve the problem. At once it was noticed abroad that he had treated India rubber to lose its
stickiness, and he received international acclamation. He seemed on the high road to success,
but still his products were vulnerable even to weak acids.
In the line of these, he discovered that rubber dipped in nitric acid formed a surface cure, and
he made many products with this acid cure which were held in high regard.
Exposure to such harsh chemicals, adversely affected his health, and once nearly suffocated by
gas generated in his laboratory. Goodyear some how survived.
Together with an old business partner, he built up a factory and began to make clothing, life
preservers, rubber shoes, and a great variety of rubber goods. But due to the panic of 1837 he
again went bankrupted.
His next move was to go to Boston, where he became acquainted with J. Haskins, of the
Roxbury Rubber Company. Goodyear found him to be a good friend, who lent him money and
stood by him when no one would have anything to do with the visionary inventor. He therefore
invented a huge machine for doing the mixing by mechanical means. The goods that were
made in this way were beautiful to look at, and it appeared, as it had before, that all difficulties
were overcome.
Goodyear discovered a new method for making rubber shoes and received a patent which he
sold to the Providence Company in Rhode Island. However, a method had not yet been found
to process rubber so that it would withstand hot and cold temperatures and acids, and so the
rubber goods were constantly growing sticky, decomposing and being returned to the
23. THE LAST ONE
In 1838, Goodyear met Nathaniel Hayward in Woburn, Massachusetts, where
Hayward was running a factory. Some time after this Goodyear himself moved to
Woburn, all the time continuing his experiments. He was very much interested in
Hayward's sulfur experiments for drying rubber. Hayward told Goodyear that he had
used sulfur in rubber manufacturing.
Some say (Damian Francis Mullin, circa Feb 1865) that Goodyear tried the
experiment with a similar material over an open flame, and saw that the gum elastic
was charred, but on the edge of the charred areas were portions that were not
charred, but were instead perfectly cured. Other sources claim that Goodyear
accidentally spilled the rubber mixture on a hot stove. The key discovery was that
heating natural rubber and sulfur created vulcanized rubber. This process was
eventually refined to become the vulcanizing process.
The inventor himself admitted that the discovery of the vulcanizing process was not
the direct result of the scientific method, but claims that it was not accidental. Rather
it was the result of application and observation.
