Basics of Entrepreneurship

1. ENTREPRENE
UESHIP
Aspects of
Entrepreneurshi
p: MODULE -I

2. IMPORTANT
TERMINOLOGIES:
Entrepreneur: Entrepreneurs are people that
notice opportunities and take the initiative to
mobilize resources to make new goods and
services.
Intrapreneur: Intrapreneurs also notice
opportunities and take initiative to mobilize
resources, however they work in large
companies and contribute to the innovation of
the firm. Intrapreneurs often become
entrepreneurs.
PREPARED BY: PROF. HIRAL VORA/IMBA/NGI 2

3. DEFINITION OF
ENTREPRENEUR:
 Joseph A. Schumpeter: “Entrepreneur is a
person who foresees a potentially profitable
opportunity and tries to exploit it.”
Frank H. Knight: “Entrepreneurs are a
specialized group of persons who bear
uncertainty.”
David Holt: “An entrepreneur is seen as an
individual who assumes the risk of starting a
new business, creating a new commercial
product or service, and consequently
seeking profitable regard within a free
enterprise system.” PREPARED BY: PROF. HIRAL VORA/IMBA/NGI 3

4. WHAT DOES AN
ENTREPRENEUR DO?
PREPARED BY: PROF. HIRAL VORA/IMBA/NGI 4

5. ROLE OF
ENTREPRENEURSHIP IN
ECONOMIC
DEVELOPMENT (STATE
DEVELOPMENT) National Production
 Balanced Regional Development
 Dispersal of Economic Power
 Reinvestments of Profit
 Employment Generation
 Harnessing youth Vigour.
PREPARED BY: PROF. HIRAL VORA/IMBA/NGI 5

6. BENEFITS OF
ENTREPRENEURSHIP
:
• Opportunity to create own Destiny
• Opportunity to make a difference
• Opportunity to achieve full potential
• Opportunity to Reap Impressive profit
• Opportunity to Contribute to the society and
recognition
• Opportunity to Do what they enjoy.
PREPARED BY: PROF. HIRAL VORA/IMBA/NGI 6

7. DRIVING FORCES
BEHIND
ENTREPRENEURIAL
TRENDS IN THE
SOCIETY:i. Attitude of People
ii. Demographic and Economic Factors
iii. Entrepreneurial Education
iv. Shift in Service Economy
v. Technological Advancement
vi. International Opportunities.
PREPARED BY: PROF. HIRAL VORA/IMBA/NGI 7

8. CHARACTERISTICS
OF
ENTREPRENEURS:
• Commitment to task
•Choosing Moderate
Risk
•Seizing Opportunity
•Sense of Efficacy
•Objectivity
•Open to feedback
•Independence
•Hope for success
•Optimism in novel
position
•Attitude toward
Money
•Proactive
management
•Competition and
collaboration
•Reinforcing
achievement
motivation
•Flexible authority
relationship
•Sound decision
making ability
•Good at team workPREPARED BY: PROF. HIRAL VORA/IMBA/NGI 8
•Vision
•Leadership Skills
•Self
Confidence/Gut
feeling
•Dedication and
Devotion
•Positive Attitude.