Entrepreneurship refers to the process of identifying, creating, and pursuing opportunities to establish and grow a new business or to enhance and innovate within an existing business. Entrepreneurs are individuals who take on the risks and responsibilities associated with starting and running a business, often with the goal of generating profit and creating value. Emergence of Entrepreneurial Class: The emergence of the entrepreneurial class is influenced by various factors, including economic, technological, and social changes. The rise of capitalism, technological advancements, and shifts in societal attitudes towards risk-taking and innovation have played significant roles in fostering the growth of entrepreneurship. As economies evolve, individuals with innovative ideas and the willingness to take risks often emerge as entrepreneurs, driving economic development and job creation. Theories of Entrepreneurship: Several theories attempt to explain the phenomenon of entrepreneurship. Some prominent theories include: Opportunity Theory: This theory suggests that entrepreneurs identify and exploit opportunities in the market. It emphasizes the importance of recognizing and capitalizing on gaps or unmet needs in the economy. Innovation Theory: Innovation is a key driver of entrepreneurship. This theory posits that entrepreneurs are individuals who introduce new products, services, or processes, contributing to economic development. Resource-Based Theory: According to this theory, entrepreneurs leverage their access to and utilization of resources, including financial capital, human capital, and social networks, to create and sustain competitive advantage. Psychological Traits Theory: This theory focuses on the personality characteristics and psychological traits of individuals that make them more likely to become successful entrepreneurs. Traits such as risk-taking propensity, proactiveness, and creativity are often highlighted. Role of Social Economic Environment: The social and economic environment significantly influences entrepreneurship. Factors such as economic policies, cultural attitudes towards entrepreneurship, access to resources, and the level of institutional support all play crucial roles in shaping the entrepreneurial landscape. Supportive environments can foster innovation and risk-taking, while unfavorable conditions may hinder entrepreneurial activities. Characteristics of Entrepreneurs: Entrepreneurs often exhibit certain characteristics that contribute to their success. These may include: 1. Innovativeness 2. Risk-taking 3. Proactiveness 4. Vision and Leadership 5. Adaptability 6. Persistence In summary, entrepreneurship is a multifaceted phenomenon influenced by various factors, and successful entrepreneurs possess a combination of skills, traits, and a conducive social-economic environment that enables them to thrive in the competitive business landscape.

1. ENTREPRENEURSHIP
NIVEDITHA AS
Faculty – Department of Fashion Design
Footwear Design & Development Institute
NIVEDITHA AS, FACULTY DEPT OF FASHION DESIGN - FDDI

2. TOP 10 SUCCESSFUL ENTREPRENEURS IN INDIA:
TRANSFORMING IDEAS INTO REMARKABLEVENTURES
1. Mukesh Ambani (Reliance Industries) ...
2. Ratan Tata (Tata Group) ...
3. Gautam Adani ( Adani Group) ...
4. Azim Premji (Wipro Limited) ...
5. Kiran Mazumdar-Shaw (Biocon Limited) ...
6. Nandan Nilekani (Infosys) ...
7. Radhakishan Damani (DMart) ...
8. Bhavish Aggarwal (Ola Cabs)
9. Vijay Shekhar Sharma (Paytm)
10. Byju Raveendran (BYJU’s)
NIVEDITHA AS, FACULTY DEPT OF FASHION DESIGN - FDDI

3. DEFINITION:
 Entrepreneurship refers to the process of identifying, creating, and
pursuing opportunities to establish and grow a new business or to
enhance and innovate within an existing business.
 Entrepreneurs are individuals who take on the risks and responsibilities
associated with starting and running a business, often with the goal of
generating profit and creating value.
NIVEDITHA AS, FACULTY DEPT OF FASHION DESIGN - FDDI

4. EMERGENCE OF ENTREPRENEURIAL CLASS:
 The emergence of the entrepreneurial class is influenced by various
factors, including economic, technological, and social changes.
 The rise of capitalism, technological advancements, and shifts in societal
attitudes towards risk-taking and innovation have played significant roles
in fostering the growth of entrepreneurship.
 As economies evolve, individuals with innovative ideas and the willingness
to take risks often emerge as entrepreneurs, driving economic
development and job creation.
NIVEDITHA AS, FACULTY DEPT OF FASHION DESIGN - FDDI

5. THEORIES OF ENTREPRENEURSHIP:
Several theories attempt to explain the phenomenon of entrepreneurship.
 OpportunityTheory:
 InnovationTheory:
 Resource-BasedTheory:
 PsychologicalTraitsTheory:
NIVEDITHA AS, FACULTY DEPT OF FASHION DESIGN - FDDI

6. OPPORTUNITYTHEORY:
 This theory suggests that entrepreneurs identify and
exploit opportunities in the market. It emphasizes the
importance of recognizing and capitalizing on gaps or
unmet needs in the economy
NIVEDITHA AS, FACULTY DEPT OF FASHION DESIGN - FDDI

7. INNOVATIONTHEORY:
 Innovation is a key driver of entrepreneurship.This
theory posits that entrepreneurs are individuals who
introduce new products, services, or processes,
contributing to economic development.
NIVEDITHA AS, FACULTY DEPT OF FASHION DESIGN - FDDI

8. RESOURCE-BASEDTHEORY:
 According to this theory, entrepreneurs leverage their
access to and utilization of resources, including financial
capital, human capital, and social networks, to create and
sustain competitive advantage.
NIVEDITHA AS, FACULTY DEPT OF FASHION DESIGN - FDDI

9. PSYCHOLOGICALTRAITSTHEORY:
 This theory focuses on the personality characteristics
and psychological traits of individuals that make them
more likely to become successful entrepreneurs.Traits
such as risk-taking propensity, proactiveness, and
creativity are often highlighted.
NIVEDITHA AS, FACULTY DEPT OF FASHION DESIGN - FDDI

10. ROLE OF SOCIAL ECONOMIC ENVIRONMENT:
 The social and economic environment significantly influences
entrepreneurship.
 Factors such as economic policies, cultural attitudes towards
entrepreneurship, access to resources, and the level of institutional
support all play crucial roles in shaping the entrepreneurial landscape.
 Supportive environments can foster innovation and risk-taking, while
unfavorable conditions may hinder entrepreneurial activities.
NIVEDITHA AS, FACULTY DEPT OF FASHION DESIGN - FDDI

11. CHARACTERISTICS OF ENTREPRENEURS:
Entrepreneurs often exhibit certain characteristics that contribute
to their success.
These may include:
 Innovativeness:
 Risk-taking:
 Proactiveness:
 Vision and Leadership:
 Adaptability:
 Persistence:
NIVEDITHA AS, FACULTY DEPT OF FASHION DESIGN - FDDI

12.  Innovativeness: Entrepreneurs are often associated with introducing new
ideas, products, or processes to the market.
 Risk-taking: Entrepreneurship inherently involves risk, and successful
entrepreneurs are willing to take calculated risks to achieve their goals.
 Proactiveness: Entrepreneurs are proactive individuals who take the
initiative to identify and pursue opportunities rather than waiting for them
to arise.
NIVEDITHA AS, FACULTY DEPT OF FASHION DESIGN - FDDI

13.  Vision and Leadership: Entrepreneurs typically have a clear vision for
their venture and the ability to inspire and lead a team to achieve
common objectives.
 Adaptability: Given the dynamic nature of business environments,
successful entrepreneurs are adaptable and able to navigate changes and
challenges.
 Persistence: Entrepreneurial ventures often face obstacles, and
persistence is a key trait that helps entrepreneurs overcome setbacks
and continue working towards their goals.
NIVEDITHA AS, FACULTY DEPT OF FASHION DESIGN - FDDI

14.  In summary, entrepreneurship is a multifaceted
phenomenon influenced by various factors, and
successful entrepreneurs possess a combination of skills,
traits, and a conducive social-economic environment that
enables them to thrive in the competitive business
landscape.
NIVEDITHA AS, FACULTY DEPT OF FASHION DESIGN - FDDI