2. What is an Entrepreneur?
An Entrepreneur is one who
creates a new business in the face of
risk and uncertainty
for the purpose of achieving profit
and growth
by identifying opportunities &
assembling the necessary resources to
capitalize on them.
An entrepreneur is a
Risk bearer
Organizer
Innovator
Opportunities
Ideas
Resources
An Entrepreneur
3. Characteristics of Entrepreneurs
Desire for Responsibility-
prefer to be in control of their resources and use the resources
to achieve self determined goal.
Preference for Moderate Risk
They are calculated risk taker, rarely gamble
Confidence in their ability to succeed
They are optimistic. This high level of optimism may explain
why some of the most successful entrepreneur have failed in
business before finally succeeding.
Desire for Immediate Feedback
High Level of Energy
4. The Benefits of Entrepreneurship
Opportunity to Create Your Own Destiny
Provides independence and opportunity to achieve what is important
to them.Opportunity to Make A Difference
Entrepreneurs are finding ways to combine their concerns for social
issues and their desire to earn a good living.
Opportunity to Reach Your Full Potential
Most people find their work is boring, unchallenging and unexciting,
but not for the entrepreneurs. It gives them a sense of empowerment.
Opportunity to Reap Impressive Profits
Opportunity to Contribute to society and To Be Recognized for
the Efforts
Opportunity to Do What You Enjoy and to Have Fun At It
“Find a job doing what you love, and you will never have to work a
day in your life” – Harvey McKays. Entrepreneurs make their
vocation (work) their hobbies and are glad they did.
5. The Potential Drawbacks of Entrepreneurship
High Level of Stress
Sometimes they unnecessarily bear the burden of managing
alone, because they can not bring themselves to delegate
authority and responsibility to other in the company, even
though their employees are capable
Complete Responsibility
It is great to be boss. But many entrepreneur find that they
must make decisions on issues about which they are not really
knowledgeable. The realization that the decision they make are
the cause of success or failure has a devastating effect on
some people.
Discouragement
6. According to the Type of Business
Business Entrepreneurs
Conceive the idea of a new product or services and then
translate their ideas into reality.
Entrepreneurs examine the various possibilities of sources of
finance, supply of labor, raw materials or finished products.
Trading Entrepreneurs
Buying the finished products from the producer and selling off
to the customer directly or through a retailer.
Has to be creative enough as he has to identify the market,
create demand through extensive advertising. So he have to find
out the desires tests and choices of his customers in domestic
and international market
Types of Entrepreneurs
7. Types of Entrepreneurs
Industrial Entrepreneurs
Perceive the opportunity to set up his unit complies with
necessary formalities
Has ability to convert economic resources and technology
into considerably profitable venture.
Corporate Entrepreneurs
The one who plans, develops and manage a corporate body.
He is a promoter, an part of board of directors an owner as
well as an entrepreneur
He gets his corporate body registered under the requisite Act
which gives his company the status of separate legal entity.
Agricultural Entrepreneurs
The one who is engaged in the agricultural activities.
He uses latest technology to increase the productivity of
agriculture and also adopts mechanization.
8. Types of Entrepreneurs
According to Capital Ownership
Private Entrepreneurs
When an individual or a group of individual set up an
enterprise.
State Entrepreneurs
The trading or industrial venture undertaken by the state
or the government itself.
Joint Entrepreneurs
Combination of private entrepreneur and state
entrepreneur who join hands.
