The document discusses key concepts related to entrepreneurship including defining entrepreneurs, entrepreneurship, and enterprises. It outlines several functions of entrepreneurs such as innovation, risk-taking, and organization building. It also discusses promotional, managerial, and commercial functions that entrepreneurs take on. Some needs of entrepreneurs are an ability to learn and a desire to learn from failures. Common myths about entrepreneurship are also debunked.

1. ENTREPRENEURSHIP: CONCEPTS AND FUNCTIONS
TEAM MEMBERS
1 JIYA SUCHAK
2 TANUSHKA PATIL

2. Entrepreneur
• AN ENTREPRENEUR IS AN INDIVIDUAL WHO CREATES A NEW
BUSINESS, BEARING MOST OF THE RISKS AND ENJOY ALL
REWARDS.
• THE ENTREPRENEUR IS COMMONLY SEEN AS AN INNOVATOR, A
SOURCE OF NEW IDEAS FOR BUSINESS.

3. Entrepreneurship
• AN ABILITY TO MAKE A BUSINESS GROW AND PROFITABLE
IS CALLED ENTREPRENEURSHIP.
• THIS WORD IS DERIVED FROM THE FRENCH WORD
‘ENTREPRENDRE’ WHICH MEANS ‘TO TAKE CONTROL’.

4. Enterprise
• AN ENTREPRENEUR WITH HIS ENTREPRENEURSHIP
ABILITY CREATES A BUSINESS THAT BUSINESS IS
CALLED ENTERPRISE.

6. Entrepreneurial Functions
1) INNOVATION
• INNOVATING NEW IDEAS, PRODUCTION, NEW METHODS ETC.
• PRACTICAL IMPLEMENTS OF NEW IDEAS WHICH MAY RESULTS IN
IMPROVEMENT OF GOODS AND SERVICES.

7. 2) RISK TAKING
• IT IS THE FACT OF DOING SOMETHING THAT INVOLVES
DANGER OR RISK IN ORDER TO ACHIEVE A GOAL.

8. 3) ORGANISATION BUILDING
• PROPER STRUCTURE BUILDING FOR YOU EMPLOYEE IS
ORGANISATION BUILDING.
• “YOU DON’T HAVE TO BUILD BUSINESS BUILD THE RIGHT
PEOPLE AND THEY WILL BUILD YOUR BUSINESS”

9. PROMOTIONAL FUNCTIONS
i. DISCOVERY OF AN IDEA: IDENTIFYING NEW METHODS OF
CONDUCT OF BUSINESS .
ii. Detained investigation: estimation of demand for product
Demand= A + B
WANT PRICE

10. iii. Assembling the requirements: This involves assembling the various
resources, connecting the supplier and vendors also with completion of the
preliminary contracts.
IV. FINANCING THE PROPOSITION: DECIDING THE CAPITAL
STRUCTURE, ESTIMATION OF THE FIXED CAPITAL AND
WORKING CAPITAL.

11. Managerial Functions
i. PLANNING: PROCESS OF THINKING ABOUT AND ORGANIZING
THE ACTIVITIES REQUIRED TO ACHIEVE A DESIRED GOAL.
ii. ORGANIZING: REFER TO ALLOCATION OF RESOURCES.

12. iii. Staffing: Entrepreneur analysis the man power which involves
selection, training, promotion, transfer etc.

13. 1. Richard Branson Theory
i. “ TRAIN YOUR EMPLOYEES ENOUGH, TRAIN THEM SO MUCH THAT
ANYBODY CAN PAY THEM DOUBLE SALARY OF WHAT YOU ARE GIVING
THEM”
ii. “ TREAT THEM SO WELL ENOUGH SO THEY DON’T WANT TO LEAVE YOU”

14. iv. Directing
“ANYTHING THAT IS APPRECIATED GETS REPEATED”
Directing
Leadership Supervision
Motivation
Communication

15. Commercial functions
i. PRODUCTION: REFERS TO CERTAIN OF GOODS AND SERVICES, EXECUTES THE
PROCESS OF SUPPLYING, INPUT, PROCESS, OUTPUT AND CUSTOMER. RAW
MATERIAL IS CONVERTED INTO FINISHED GOODS.

16. II. FINANCE: IT IS THE MOST IMPORTANT ASPECT, TO RAISE FUNDS, THIS IS IMPORTANT
FOR SURVIVAL OF THE BUSINESS.
III. MARKETING: CONDUCTING MARKET SURVEY, UNDERTAKING PRODUCTS DEMAND
VALUE, CREATING CUSTOMERS LOYALTY

17. IV. PERSONNEL: IT ALL THE ISSUES THAT RELATE TO THE PEOPLE THAT WORK IN
THAT COMPANY. IN MANY WAYS PEOPLE ARE THE MOST IMPORTANT FACTOR IN
PRODUCTION, BUSINESS IS ALL ABOUT PEOPLE, IT USES HUMAN SKILLS A ND
TALENTS TO.
V. ACCOUNTING: IT IS TO PROVIDE FINANCIAL INFORMATION TO THE
STAKEHOLDERS OF THE BUSINESS: MANAGEMENT, INVESTORS AND
CREDITORS. ACCOUNTING MEASURES AND SUMMARIZES THE ACTIVITIES OF THE
COMPANY AND COMMUNICATES THE RESULTS TO MANAGEMENT AND OTHER
INTERESTED PARTIES.

18. Needs of Entrepreneur
AN ENTREPRENEUR NEEDS A HIGH ABILITY TO LEARN—AND A DESIRE TO LEARN. IF
A PERSON IS ABLE TO LEARN IN ANY SITUATION, EVEN FAILURE, THEY H AVE THE
SKILLS NECESSARY TO BECOME A SUCCESSFUL ENTREPRENEUR. FAILURE CAN HELP
EXPAND ONE'S KNOWLEDGE AND UNDERSTANDING OF BUSINESS.

19. Myths of Entrepreneur
•ENTREPRENEURS ARE BORN THAT WAY. ...
•THE ONLY REQUIREMENT IS A GOOD IDEA. ...
•STARTING A NEW BUSINESS GUARANTEES FREEDOM. ...
•LAUNCHING A COMPANY QUICKLY LEADS TO WEALTH. ...
•ONLY MONEY MOTIVATES EMPLOYEES. ...
•BUSINESSES EITHER FLOURISH OR FAIL. ...
•ALL RESPONSIBILITY FALLS ON THE ENTREPRENEUR.

20. Advantage and Disadvantage of Entrepreneurship