Entrepreneurship definition and introduction.

1. [Group -1]

2. Definition- meaning
The concept of ‘newcombinations’ :
• introduction of a new good,
• a new method of production,
• a new market,
• a new source of supply of raw-materials,
• a new organization of any industry.
Entrepreneurship is the process of identifying and starting a new
business venture and sourcing and organizing the required
resources while taking both the risks and rewards associated with
the venture.

3. What ENTREPRENEUR(s) does??
Determines the supply of financial capital, innovation, allocation of
resources among alternative uses.
Entrepreneurs identify opportunities
Assemble required resources, implement a practical action plan, and
harvest the reward in a timely, flexible way.
Forecasted future
Creation of a previously-unperceived idea
Opportunity for profit and the alertness to that previously untapped
opportunity
Attempt to calculate economic problems

5. Functions of an Entrepreneur
Risk-bearing
function :-
Assumes risks
• Not insurable &
incalculable.
Organizational
function :-
• Coordination,
Organization
and
Supervision.
Innovative function :-
• New products
ideas and
information.
• Foresees the
potentially
profitable
opportunity.
Managerial function :–
• Planning, organizing, co-
ordinating, staffing,
directing, motivating and
controlling.
• Production plans, product
analysis and market research,
organization of sales
procuring machine and
material, recruitment of men.
Decision making function:-
• Determines financial
resources for the
organization.
• Market for his product,
develops new product or
modify the existing
product.

6. Factors affecting entrepreneur’s
performance

7. SCALES (MBTI)
The Myers-Briggs Type Inventory) (MBTI is a instrument based
on Carl Jung's personality theory that individual behavior is
due to individual differences in perception and judgement.
The MBTI is based on four bipolar subscales. Extroversion-
Introversion, Sensing-Intuition, Thinking-Feeling and
Judging-Perceiving.
The MBTI is widely used in organizations in both employee
selection and personnel development and also in academic
research. Based on Jung's theory, the MBTI identifies an
individual's preference on each of the four dimensions. One
pole of each dimension is preferred over the other, and each
dimension is independent of the others. A classification for
each of the four dimensions results in sixteen possible types.

8. SCALES (MBTI)
Extroversion-
Introversion
(E-I)
interacting
Extraverts
Introverts(conc
epts and ideas).
Sensing-
Intuition (S-
N). A sensing
orientation
focuses on the
moment and
the
information
coming
through the
five senses..
Thinking-
Feeling (T-F) A
thinking
orientation
indicates
inferences
based on logic
and analysis.
Inferences
based on
values and
feelings of
others.
Judging-
Perceiving (J-P)
A judging
orientation
indicates a
desire for
planning,
order, and
structure. A
perceiving
orientation
indicates
flexibility and a
sensitivity to
new
information.

10. Thus Entrepreneurship is the art of generating
innovative ideas that, if properly funded, generates
profit. The profit could be from the sales of various
products or services that were created by the idea.
And further the yield can be used for Socio-
Economic development.