Here are the key points about an entrepreneur: - An entrepreneur is someone who starts a business by taking on financial risks in hopes of profit. They organize resources and coordinate efforts to turn innovations into profitable enterprises. - Entrepreneurs bear risks related to investing time, money and effort into starting a new business venture. If the business fails, they lose their investment. - They organize resources like capital, materials, people and equipment to establish and operate the business. Entrepreneurs coordinate these resources to efficiently produce goods and services. - Innovation is a key role of entrepreneurs. They develop new products, services and business models by recognizing opportunities for change and exploiting them. This allows entrepreneurs to create value for customers.

1. ENTREPRENEURIAL
DEVELOPMENT
J,HARIPRIYA
ASSISTANT PROFESSOR
DEPARTMENT OF COMMERCE(HONS)
ETHIRAJ COLLEGE FOR WOMEN

3. Consider this example to understand the risks and rewards for an entrepreneur
vs. her employee. Carla Hernandez decides to start a fruit “smoothie” drink
shop in her neighborhood. Carla invests a lot of money, time, and effort to get
the business started. Tony Bertelli, one of her employees, creates a new juice
combination that Carla decides to put on the menu. By doing so, she risks the
money spent on ingredients. She also risks a drop in sales if customers don’t
like the drink. As it turns out, the new drink is a great hit with customers, and
sales dramatically increase. Tony receives a small raise as a reward. Carla will
benefit the most because she owns the business and took the bigger overall
risk. Risks involve making choices, and entrepreneurs need to weigh their
choices carefully to achieve their goals for their businesses.

4. Gary Rayner founded his business, LifeProof, as a smartphone case company in 2009.
Gary came up with his idea because he loved his iPhone, but also loved outdoor
activities like biking, running, and surfing. Not to mention, he had small children who
would destroy his phone by throwing it in the garbage and bathtubs. He wanted to find
a way to protect his phone so that he would not worry about it anymore. Other items on
the market were bulky. Or, they made aspects of the phone, like the camera, unusable.
He decided he wanted to design a sleek, thin, and functional case that was waterproof,
dustproof, and childproof!
Today, LifeProof is valued at over $350 million and makes cases for smartphones and
tablets. The company mantra is “Freedom—freedom to be connected anywhere with
your mobile device; freedom to build relationships, gain knowledge, exercise, and
juggle work; freedom for all people anywhere to go everywhere.”
Do some research on LifeProof and Gary Rayner’s story specifically:
􀁴􀁴 What products do they make today?
􀁴􀁴 What problems do their products solve for customers?
After you research, respond to the following questions:
􀁴􀁴 Do you think LifeProof solves a real problem?
􀁴􀁴 Do you think the LifeProof concept was a good idea? Why or
why not?

7. • “Entrepreneur” is a
person who creates an
enterprise or who starts
business.
• To Eston Kimani, “A
person who creates and
manages change by the
recognition of
opportunities(needs,
wants, opportunities,
problems and challenges)
and develops people and
manage resources to take
advantage of the
resources to take the
opportunity and creates a
venture (profitable

8. Ducker's Views on
Entrepreneur “An
entrepreneur is the one who
always searches for change,
responds to it and exploits it
as an opportunity.
Innovation is the specific
tool of entrepreneurs, the
means by which they exploit
changes as an opportunity
for a different business or
different service” .

9. Adam Smith : The
entrepreneur as an
individual who forms an
organization for
commercial purpose.
He/She is proprietary
capitalist, a supplier of
capital and at the same
time a manager who
intervenes between
the labor and the
consumer.
“Entrepreneur is an
employer, master,
merchant but
explicitly considered

10. • According to A Schumpeter
“The entrepreneurship is
essentially a creative activity
or it is an innovative function”.
Entrepreneurship can be
defined as a process of action
an entrepreneur undertakes to
establish his enterprise.
• According to McClelland,
entrepreneurship is doing
things in a better and new way
and decision-making under the
condition of uncertainty. A
purposeful activity to initiate
and develop a profit oriented
business.

11. An enterprise is a
company or business,
often a small one.
An enterprise is
something new, difficult,
or important that you do
or try to do.
Enterprise is the activity
of managing companies
and businesses
and starting new ones.

15. ENTREPRENEUR AS RISK
BEARER

16. ENTREPRENEUR AS ORGANIZER

17. ENTREPRENEUR AS
COORDINATOR

18. ENTREPRENEUR AS INNOVATOR