entrepreneurship

1. ENTREPRENEUR

2. • The word ‘entrepreneur’ is derived from the
French verb enterprendre. It means “ to
undertake.”
• The term “entrepreneur” was applied to
business initially by the French economist,
Cantillon, in the 18th
century, to designate a
dealer who purchases the means of production
for combining them into marketable products.

3. ENTREPRENEURSHIP may defined in
various ways, but the four key elements
involved in it are:
i. Innovation.
ii. Risk-taking.
iii.Vision.
iv.Organising skill.

4. MEANING
• An individual who bears the risk of operating a
business in the face of uncertainity about the
future conditions.
• An entrepreneur is a person who has possession
of an enterprise, or venture, and assumes
significant accountability for the inherent risks
and the outcome. It is an ambitious leader who
combines land, labor, and capital to often create
and market new goods or services.

5. WORKING DEFINITION
An entrepreneur is a person who combines
various factors of production, processes raw
material, converts the raw material into a
finished product and creates utility and sells
the produce in the market to earn profit.
ENTREPRENEURS ARE MADE AND
NOT BORN.

6. JOSEPH A. SCHUMPETER
• The entrepreneur in an advanced economy is an
individual who introduces something new in the
economy.
• Entrepreneur is who innovates, raises money,
assembles input,chooses managers and sets the
organisation going with his ability to identify.

7. PETER DRUCKER
Entrepreneur as one who always searches for
change, respond to it and exploits it as an
opportunity . Innovation is the specific tool of
entrepreneurs, the means by which they exploit
change as an opportunity for a different business
or services.

8. E.E. HAGGEN
• An entrepreneur is an economic man who tries to
maximise his profits by innovations.
• Innovations involve problem- solving and the
entrepreneurs gets satisfaction from using his
capabilities in attacking problems.

9. ENTREPRENEURSHIP
• It requires a requires a willingness to take
calculated risks – both personal and financial, and
then to do everything possible to reduce the
chances of failure.
• It also includes the ability to build an
entrepreneurial or venture team to complement
your (the entrepreneur) own skills and talents.

10. HOW PEOPLE BECOME AN
ENTREPRENEUR?
• By Necessity and Opportunity, Design and
Default
• Triggered by ‘Social Disruption or Interruption”
• Entrepreneurs are created in good and bad
economic times.
• Achievements and Financial Rewards for an
Entrepreneur.
• Many begins but few make it.

11. ENTREPRENEUR TRAITS most important for
success:
• Innovative & Opportunistic
• Willingness to take risk
• Initiative
• Self reliance
• Perseverance (keep trying to achieve something)
• Need to achieve
• Self confidence

12. ENTREPRENEUR TRAITS important for success
• Leadership
• Competitiveness
• Good physical health
• Creative
• High level of energy
• Versatility

13. • Ability to get along
• Patience
• Well organized
• Desire for money
• Tolerate uncertainty
• Need for power
• Need for affiliation
ENTREPRENEUR TRAITS least important for
success