The document defines entrepreneurship and discusses the characteristics and functions of successful entrepreneurs. It states that an entrepreneur is a person who creates an enterprise by undertaking risks to exploit new opportunities. Successful entrepreneurs exhibit traits like creativity, innovation, leadership, and risk-taking. The key functions of an entrepreneur are to identify opportunities, turn ideas into action through feasibility studies and business plans, obtain necessary resources, set up the enterprise, manage it for growth and development.

1. Entrepreneurship Development
MODULE 1
ENTERPRENEUR

2. Meaning of Entrepreneur

Entrepreneur is a person who creates an
Enterprise.

“Entrepreneur” has been taken from a French word
“Enterprendre” which means to undertake.

Who undertook the risk of new enterprises.

3. Definition of Entrepreneur
According to Peter F Drucker , “ He searches for a
change, responds to it and exploits opportunities.
Innovation is the specific tool of an Entrepreneur ”

4. What is Entrepreneurship???

The process of creation of an Enterprise is called
Entrepreneurship.

It is the process of creating something new and
assuming the risk and rewards.

5. Definition of Entrepreneurship
According to David .C. Mc Clelland ,
“Entrepreneurship is doing things in a new and better
way and decision making under the conditions of
uncertainty.”

6. Evolution of Entrepreneur
Earliest Period
Middle Ages
17th
century
18th
century
19th
& 20th
century

7. Characteristics of Successful
Entrepreneurs.

Creativity

Innovation

Dynamism

Leadership

Team Building

Achievement motivation

Problem Solving

Goal orientation

Risk taking & decision making ability

Commitment

8. Functions of Entrepreneur
Identifying entrepreneurial opportunity – There are many opportunities in the world of
business. These are based on human needs like food, fashion, education, etc., which are
constantly changing. These opportunities are not realized by common man, but an
entrepreneur senses the opportunities faster than others do. An entrepreneur therefore, has
to keep his eyes and ears open and require imagination, creativity and innovativeness.
Turning ideas into action – An entrepreneur should be capable of turning his ideas into
reality. He collects information regarding the ideas, products, practices to suit the demand
in the market. Further steps are taken to achieve the goals in the light of the information
collected.
Feasibility study – The entrepreneur conducts studies to assess the market feasibility of
the proposed product or services. He anticipates problems and assesses quantity, quality,
cost and sources of inputs required to run the enterprise. Such a blue print of all the
activities is termed as a ‘business plan’ or a ‘project report’.

9. Resourcing – The entrepreneur needs various resources in terms of money, machine,
material, and men to running the enterprise successfully. An essential function of an
entrepreneur is to ensure the availability of all these resources.
Setting up of the Enterprise – For setting up an enterprise the entrepreneur may need to
fulfill some legal formalities. He also tries to find out a suitable location, design the
premises, install machinery and do many other things.
Managing the enterprise – One of the important function of an entrepreneur is to run the
enterprise. He has to manage men, material, finance and organize production of goods and
services. He has to market each product and service, after ensuring appropriate returns
(profits) of the investment. Only a properly managed organisation yields desired results.
Growth and Development – Once the enterprise achieves its desired results, the
entrepreneur has to explore another higher goal for its proper growth and development.
The entrepreneur is not satisfied only with achieving a set goal but constantly strives for
achieving excellence.

10. Resourcing – The entrepreneur needs various resources in terms of money, machine,
material, and men to running the enterprise successfully. An essential function of an
entrepreneur is to ensure the availability of all these resources.
Setting up of the Enterprise – For setting up an enterprise the entrepreneur may need to
fulfill some legal formalities. He also tries to find out a suitable location, design the
premises, install machinery and do many other things.
Managing the enterprise – One of the important function of an entrepreneur is to run the
enterprise. He has to manage men, material, finance and organize production of goods and
services. He has to market each product and service, after ensuring appropriate returns
(profits) of the investment. Only a properly managed organisation yields desired results.
Growth and Development – Once the enterprise achieves its desired results, the
entrepreneur has to explore another higher goal for its proper growth and development.
The entrepreneur is not satisfied only with achieving a set goal but constantly strives for
achieving excellence.