This document defines key terms and characteristics related to entrepreneurship. It discusses that an entrepreneur is someone who starts a business by taking on risk and uncertainty. The document outlines characteristics of successful entrepreneurs like passion for their business, customer focus, perseverance, and a tolerance for risk. It also provides examples of entrepreneurs like Bill Gates, Michael Dell, and Larry Ellison. The functions of an entrepreneur are identified as generating ideas, conducting market research, raising funds, recruiting employees, and taking on business operations and risk. Qualities like hard work, leadership, analytical skills, innovation, and self-confidence are described.
5. Process by which individuals
pursue opportunities without
regard to resources they currently
control
6. CHARACTERISTICS OF ENTREPRENEURS
Passion for the business
Bill Gates----Microsoft
Michael Dell—Dell Computers
Larry Ellison--------Oracle
Product /customer focus
Tenacity despite failure
7. Commitment & determination
Leadership
Opportunity obsession
Tolerance of risk, ambiguity & uncertainty
Creativity, self-reliance & ability to adapt
Motivation to excel
Hard work
Desire for high achievement
Highly optimistic
Independence
Foresight
Good organizer
Innovative
8. Entrepreneurs Year Problem Solution Name of
business
Rob Glaser 1995 No way to play
audio & video on
the internet
Developed
software to
play both on
“Net”
Real
Networks
Jerry Yang &
David Filo
1994 No method to find
favorite web site
Created
online
directories to
find & store
favorites
Yahoo
Anita Raddick 1976 Unable to find
small amounts of
cream or lotion
Started a
company
Body shop
Fred Smith 1973 A jet air craft sales
firm , inability to
get spare parts
delivered on a
timely basis
Started a new
company to
get packages
in a timely
manner
Federal
Express
9. FUNCTIONS OF AN ENTREPRENEUR
Idea generation and scanning of the best suitable
idea
Determination of the business objectives
Product analysis and market research
Determination of form of ownership/organization
Completion of promotional formalities
Raising necessary funds
Procuring machine and materials
Recruitment of team
Undertaking the business operations
Risk bearing
Innovation
10. QUALITIES OF ENTREPRENEURS
Moderate risk taking
Hard work
Accountability
Educated in real sense
Analytical mind
Dynamic leadership
Presence of mind
Accommodative
Courageous and tactful
Maker of right decision
Foresighted
Right perception of things
11. Enjoy simple life
Strong desired to success
Innovation
Self confidence
Goal setting
Keen observation
Sociable
Loves to work
Loves new ideas
Team builder
Clean understanding
Ability to conceptualize
Patience
Strategist
Optimist
12. ENTREPRENEURIAL COMPETENCIES
Competency:
Underlying characteristic of a person which leads to his
/her effective or superior performance in an job.
Components of Competency:
Knowledge
Skill
Motive
13. Initiative
Looking for opportunities
Persistence
Information seeker
Quality conscious
Committed to work
Efficiency seeker
Proper planning
Problem solver
Self-confidence
Assertive
Persuasive
Efficient monitor
Employees well wisher
Effective strategist