The document defines entrepreneurship as launching and running a new business, often a small business, and defines entrepreneurs as those who create these businesses. It discusses the roles of entrepreneurs as initiators, innovators, coordinators, leaders, and social workers. It also covers the characteristics of entrepreneurship such as being an economic activity, involving creativity and innovation, profit-seeking, and risk-bearing. Finally, it discusses the entrepreneurial process of discovery, developing a business plan, resourcing, managing the company, and harvesting.

1. SUBMITTED TO :-
Dr. E. Binodini
Faculty, Dept. of Business Management
SUBMITTED BY :-
Susheel Kumar Tiwari
MBA IIIrd Semester

2. Introduction of Entrepreneurship
 Entrepreneurship is the process of designing, launching and
running a new business, which is often initially a small business.
 It is also defined as "capacity and willingness to develop, organize
and manage a business venture along with any of its risks to make
a profit”.
 The people who create these businesses are called Entrepreneurs.
 Entrepreneur: An entrepreneur is someone who develops a
business model, acquires the necessary physical and human capital
to start a new venture, and operationalizes it and is responsible for
its success or failure.

3. Role of an Entrepreneur
1) Initiator: Key man who envisages new opportunities, new lines of production, new
products & co-ordinates all other activities.
2) Innovator: Brings in overall change through innovation for maximum social good.
Human values remain scared & inspire him to serve society. He is headed with
innovation & creativity.
3) Coordinator: He has firm belief in social betterment & carries out this responsibility
with conviction. In this process, he accelerates personal, economic as well as human
development.
4) Leader: He is a visionary & an integrated man with outstanding leadership qualities.
With a desire to excel, he gives top priority to research and Development.
5) Development Agent: He contributes in development of country by way of providing
employment & building up nation’s economy. Results in raising standard of living of
people.
6) Social Worker: He always works for the well-being of the society.

4. Characteristics of Entrepreneurship
 Economic Activity: Entrepreneurship is an economic activity, as it involves
designing, launching and running a new business enterprises in order to earn
the profit, by ensuring best possible use of resources.
 Creativity and innovation: It involves discovering new ideas and
implementing it in business. The entrepreneur continuously evaluates current
modes of running a business and identifies new methods and techniques for
operating the business more efficiently and effectively.
 Profit: The activity of entrepreneurship is undertaken with the sole objective
of making the profit. It is also the reward of the efforts made and risk taken by
the entrepreneur.
 Risk Bearing: “Willingness to assume the risk” is the essence of
entrepreneurship without which he/she cannot succeed. It occurs due to the
creation and implementation of new ideas. Such ideas are often uncertain, and
so the result may or may not be positive and instant.

5. Classification

6.  Social Entrepreneurs: Social entrepreneurs are individuals with
innovative solutions to society’s most pressing social problems.
They are persistent and ambitious, tackle major social issues and
offer new ideas for a wide-scale change.
 Solopreneurs: Solopreneurs are individuals who start up their
own enterprise alone, take care of the daily activities, and are
known to manage the tasks related to the entire business
themselves. This type is possible due to the advent of Internet,
email, etc. They have the ability to perform several tasks with
ease, they also have the option of outsourcing any particular
department in their business to freelancers.
 Serial Entrepreneur: A serial entrepreneur is an individual that
starts many new businesses in a short period of time. It is a
business person that tends to pursue new ideas constantly and
work on them simultaneously.

7.  Home-based Entrepreneur: They are usually self-
employed, either they are working alone, or it's a group
of few employees working together. So it's a close sort
of entrepreneurship, they don't require a separate
office. They operate via their home or maybe a home
office.
For ex. Photographers, Graphic designer.

8. Entrepreneurial Process
The Entrepreneurship Process
can be expressed as a set of
procedures and methodologies
that are followed by
entrepreneurs for establishing
a new business or venture. All
the phases in the
entrepreneurship process have
certain meaning and
functionality; which one has to
trail and pursue for setting up a
venture.

9. Entrepreneurial Process Contd.
 Discovery: An entrepreneurial process begins with the idea
generation, wherein the entrepreneur identifies and evaluates the
business opportunities.
 Developing a Business Plan: This step involves developing a
successful business plan to exploit the identified opportunity.
Developing a business plan involves setting goals, standards, methods,
and techniques of achieving those set goals.
A well drafted business plan serves as a road map to the entrepreneur
to guide and monitor his/her activities towards the set goals.
 Resourcing: In this step, the entrepreneur identifies the sources from
where the finance and the human resource can be arranged. The
entrepreneur also finds the investors for its new venture and the
personnel to carry out the business activities.

10. Entrepreneurial Process Contd.
 Managing the company: After resourcing the funds and
employees, an entrepreneur must decide the management
structure or the hierarchy that is required to solve the
operational problems when they arise.
 Harvesting: The final step in the entrepreneurial process
is harvesting wherein, an entrepreneur decides on the
future prospects of the business, i.e. its growth and
development. Here, the actual growth is compared against
the planned growth and then the decision regarding the
stability or the expansion of business operations is
undertaken accordingly, by an entrepreneur.

11. Differences between Entrepreneur &
Entrepreneurship
Entrepreneur
 Entrepreneur is a person.
 Entrepreneur is an organizer.
 Entrepreneur is an innovator.
 Entrepreneur is a risk bearer.
 Entrepreneur is a motivator.
 Entrepreneur is a creator.
Entrepreneurship
 Entrepreneurship is a process.
 Entrepreneurship is an
organization.
 Entrepreneurship is an
innovation.
 Entrepreneur is a risk bearing.
 Entrepreneur is a motivation.
 Entrepreneur is a creation.

12. Thank You