entrepreneurship

1. Entrepreneurship Management

2. What do you mean by…
Entrepreneur
(oxford dictionary): Person who undertakes an
enterprise with chances of profit or loss.
Enterprise (oxford dictionary): Bold
Undertaking
Entrepreneur-New Encyclopedia Britannica:
An individual who bears the risk of operating
business in the face of uncertainty about the
future conditions.
Common Meaning: one who starts his own, new
and small business

3. Entrepreneurship: It is a philosophy or
process through which an entrepreneur
seeks innovation and employment.
Entrepreneur Entrepreneurship Enterprise
Person Process or Philosophy Object
Entre – enter Pre – before Neur – Nerve Centre
Entrepreneurship can be described as a creative
and innovative response to the environment.

4. Entrepreneurship Theories
1600: French verb- Entreprendre – to undertake
1700: Person bearing Risks of Profit in a fixed
price contract (Risk)
1725: Richard Cantillon – Person bearing risks
is different from Capital Supplier (Risk)
1803: J. B. Say – Shifts economic resources out
of an area of lower into an area of higher
productivity & greater yields (Value Addition)
1934: Joseph Schumpeter – Innovator and
develops untried technology (Productivity &
Innovation)

5. Entrepreneurship Theories…
1961: David McClelland – highly motivated, energetic,
moderate risk taker (Need for achievement)
1964: Peter Drucker – Searches for change, responds
to it & exploits as opportunity (Opportunity Focused)
1980: Karl Vesper – Behaviour Perceptions-
Economists, Psychologists, Businessmen, Politicians
(Environment)
1983: Gifford Pinchot- Intrapreneur
1985: Robert Hisrich - Creating something different with
value, devoting time & effort, assuming risks (FPS);
results-rewards and satisfaction (Leadership & Vision)
How do you define an entrepreneur in the 21st
Century?

6. Entrepreneurship
“Is the process of creating something
different with value by devoting the
necessary time and effort, assuming the
accompanying financial, psychic, social
risks and receiving the resulting
rewards of monetary and personal
satisfaction and independence”

7. The Nature and Development of
Entrepreneurship
Entrepreneur stems from
French Verb Entreprendre
means between – taker or go between
New Definition involves four aspects:
The creation process
The devotion of time and efforts
The assumption of risks
Rewards of independence, satisfaction, money.

9. To an Individual
Self Employment
Employment for near & dear
Prolonged career for next generations
Freedom to use own ideas - Innovation
and creativity
Unlimited income / higher retained income
Independence
Satisfaction

10. To the Nation
Provides larger employment
Results in wider distribution of wealth
Mobilizes local resources, skills and
savings
Accelerates the pace of economic
development
Stimulates innovation & efficiency

11. Factors favouring
Entrepreneurship
Growth of education- science, technology
& management
Developed infrastructure facilities
Financial assistance
Training facilities
Protective and promotional policies
Globalization
Think of numerous other factors?

12. What makes a Successful
Entrepreneur?
The urge for achievement
Determination to win
Win-Win Personality
Willingness to take moderate risks
Ability to identify & explore
opportunities
Analytical ability to take strategic
decisions

13. Perseverance
Flexibility
Capacity to plan and organize
Preparedness to undergo physical and
emotional stress
Positive self concept
Future orientation: Vision
Ethics and Values :Mission

14. Who can be an Entrepreneur?
Who can take moderate risks
Who has ability to work hard
Who can capitalize on opportunities
Who has some financial strength
Who feels the need for achievement
Who has desire for responsibility
Who has perception of probability of success
Who gets stimulation by feedback
Who possess skills in organizing
Who can be male or female
Who may not have previous experience

15. Characteristics of an
Entrepreneur
Mental ability
Clear objectives
Business secrecy
H.R. ability
Communication ability
Technical knowledge
Achievement-oriented
Perseverance
Ethical
Motivator
Self-confident
Long term
involvement
High energy level
Problem solver
Initiator
Goal setter
Risk taker

16. Key elements of entrepreneur
Innovation
Vision
Ethics & Values
Organizing Skills
Risk taking
Need for Achievement
Study the Profile of a Successful Entrepreneur and
identify six key elements in order of priority

17. Entrepreneur’s Background and
Characteristics
Family environment
Education
Age
Physical attributes
Marital status
Working history
Family contacts
Professional contacts
Personal values
Lifestyle

18. Interesting, right?
Thank You