The document discusses entrepreneurship from several perspectives. It defines an entrepreneur as someone who takes on significant risk by starting a business or venture. It presents conceptual models of entrepreneurship that consider the individual entrepreneur, the task or opportunity, the environment, and the organization. The document also summarizes various scholars' views on entrepreneurship and discusses the advantages of entrepreneurship.

2. WHO IS AN ENTREPRENEUR
 An entrepreneur
is a person who has
possession of an
enterprise, or
venture, and
assumes significant
accountability for
the inherent risks
and the outcome.

3. CONCEPTUAL MODEI OF
ENTREPRENEURSHIP
THE
PERSON
THE THE
ENTREPRENEURSHIP
ORGANIZATION ORGANIZATION
THE
ENVIRONMENT

4. THE ANALYTICAL FRAMEWORK
OF ENTREPRENEURSHIP
 The person: Personality , Skills ,
Experience, Motives and
Psychological Preferences.
 The Task: Perceiving
opportunity, marshalling
resources, providing leadership.
 The Environment: Availability of
Resources, infrastructure,
competitive pressures, social
values, rules and regulations,
state of technology, etc
 The Organization: structure,
policies, rules, culture, human
resources systems,
communication systems.

5. SCHUMPETER’S VIEWS ON
ENTERPRENEURSHIP
 Creative and innovative
activity.
 Distinction between an
innovator and an
inventor.
 Both wide and narrow.
 Entrepreneur is a large
scale businessman who
creates something new.

6. WALKER’S VIEWS ON
ENTREPRENEURSHIP
 Organizer and coordinator.
 Different degrees of organizational skill
and coordinating capacity.
 True entrepreneurs are limited.

7. DRUCKER’S VIEWS ON
ENTREPRENEURSHIP
 Entrepreneur is one who always
searches for change, responds to it and
exploits it as an opportunity.
 Purposeful and systematic innovation.
 Behavior rather than personality trait.

8. ENTREPRENEURSHIP

9. Entrepreneurship
 Mainstream Economic
Factors
 Land
 Labor
 Capital
 Entrepreneurship

10. Enterprise
 An enterprise may be defined as an
undertaking or adventure involving
uncertainty and risk and requiring
innovation and also to the ability to
think out and start new business.

11. Your own new enterprise serves your
interest in significant ways
 Salary.
 Security
 Assets builder
 Perks.
 Independence
 Fulfillment

12. Entrepreneurs...Traits
 Self-confident and optimistic
 Able to take calculated risk
 Respond positively to changes
 Flexible and able to adapt
 Knowledgeable of markets
 Able to get along well with others
 Independent minded

13. Entrepreneurs...Traits II
 Energetic and diligent
 Creative, need to achieve
 Dynamic Leader
 Responsive to suggestions
 Take initiatives
 Resourceful and persevering
 Perceptive with foresight

14. Entrepreneurship
 Joseph Schumpeter...20th century talks
about “creative destruction” whereby
established ways of doing things are
destroyed by the creation of new and
better ways of getting things done
 Described it as a process and
entrepreneurs as innovators who use
process to shatter the status quo
through new methods...

15. Entrepreneurship
 Is a dynamic process of creating
incremental wealth. This wealth is
created by individuals who assume the
major risks in terms of equity, time and
career commitment of providing value
for some product or service
 The entrepreneur must somehow infuse
value to the product or service...

16. The Creative Process
 Idea Germination
 Preparation
 Incubation
 Illumination
 Verification

17. The difference between
invention and innovation is:
 Invention - is the creation of new
products, processes, and technologies
not previously known to exist.
 Innovation - is the transformation of
creative ideas into useful applications
by combining resources in new or
unusual ways to provide value to
society for or improved products,
technology, or services.

18. Organizing entrepreneurship:
Does the entrepreneur need a firm?
 Entrepreneurship as
management : firm is the
assets the entrepreneur
arranges (not owns).
 Entrepreneurship as
imagination, creativity : firm
can contract for
entrepreneurship.

19.  Entrepreneurship as innovation :
entrepreneurship is sui generis, independent
of the firm.
 Entrepreneurship as alertness or discovery :
entrepreneur owns no capital (could be an
employee or independent contractor).
 Entrepreneurship as charismatic leadership :
firm is the entrepreneur plus the employees
who follow him.

20. Advantages of
entrepreneurship
 Enormous personal financial gain
 Self-employment, offering more job
satisfaction and flexibility of the work force
 Employment for others, often in better jobs
 Development of more industries, especially in
rural areas or regions disadvantaged by
economic changes, for example due to
globalization effects

21. Advantages…
 Encouragement of the processing of local
materials into finished goods for domestic
consumption as well as for export
 Income generation and increased economic
growth
 Healthy competition thus encourages higher
quality products

22. Advantages…
 More goods and services available
 Development of new markets
 Promotion of the use of modern
technology in small-scale manufacturing
to enhance higher productivity

23. Advantages…
 Encouragement of more researches/ studies
and development of modern machines and
equipment for domestic consumption
 Freedom from the dependency on the jobs
offered by others
 The ability to have great accomplishments
 Serious tax advantages