The document discusses the evolution and definitions of entrepreneurship and entrepreneurs throughout history. It provides perspectives on entrepreneurship from scholars such as Cantillon, Drucker, and Schumpeter. It also discusses characteristics of successful entrepreneurs such as vision, risk-taking, innovation, determination in the face of failure, and the ability to identify and exploit opportunities. Examples are given of famous entrepreneurs like Levi Strauss, Sunil Mittal, JK Rowling, Steve Jobs, Fred Smith of FedEx, and Thomas Edison who all demonstrated these traits. Reasons for entrepreneurial failure and qualities of successful women entrepreneurs are also outlined.

1. Entrepreneur and
ENTREPRENEURSHIP

2. Evolution of Entrepreneurship
• Entrepreneurs have always been present,
however their behavioural patterns were
different in different periods of time.
• The word entrepreneur was derived from the
French word “entreprendre”, which means “to
undertake”, “go-between” (Kuratko, 2016).
• The usage of the term entrepreneur can be
traced from 1755, wherein an entrepreneur
was used to refer to economic activities..

3. Entrepreneur
According to Richard Cantilon
“ An entrepreneur is a person who buys factors
of production at certain prices in order to
combine them into a product with a view to
selling it at uncertain prices”
Thus an entrepreneur is a bearer of risk which is
non-insurable

4. Entrepreneurship
“Entrepreneur always searches for change,
responds to it, and exploits it as an
opportunity.”
Peter Drucker
“Entrepreneurship is the identification,
evaluation and exploitation of opportunities”
By Shine

5. Definition of Entrepreneurship
• Joseph A. Schumpter writes:
“ The entrepreneur in an advanced economy is an
individual who introduces something new in the
economy – a method of production not yet tested by
experience in the branch of manufacturer concerned, a
product with which consumers are not yet familiar, a
new source of raw material or of new markets and the
like.”
It is also to reform or revolutionise the pattern of
production by exploiting an invention or more
generally an untried technological possibility for
producing a new commodity.

6. Drucker Views on Enterpreneurship
• According to Drucker three conditions are to be
fulfilled
• 1. Innovation at work. It requires knowledge and
ingenuity. It makes great demands on diligence,
persistence and commitment.
• 2. To succeed, innovation must build on their
strengths.
• 3. Innovation always has to be close to the
market focused on the market, indeed market-
driven.

7. Characteristics of an
Entrepreneur
The main characteristics of the entrepreneur are
Entrepreneurs are vision-oriented people
Entrepreneurs have a high need in achievement
Entrepreneurs do not rely on fate or luck, however they try to control their own
lives
Entrepreneurs undertake moderate risks, which is why they look for high earning
on their investments
Entrepreneurs have the abilities to deal with several ambiguous situations in their ventures.
They face these ambiguous situations and circumstances regularly because they do certain
jobs and tasks which are entirely new by nature.
High energy level- Success of an entrepreneur demands the ability to work long
hours for sustained periods of time.
7

8. Characteristics of Entrepreneur
• Mental ability – intelligent and creative
thinker
• Human relations ability
• Communication ability – with suppliers and
creditors
• Technical knowledge

9. Example (1): Rise of Levi’s
• Problem:
– Working Clothes for Mining Workers do Not Last
• Solution:
– First Pair of Jeans
Enterprise and its Business Environment ©
Goodfellow Publishers 2016

10. Example
• Sunil Mittal with no business background started
his first business at age of 18 with borrowed
capital of 20,000 for making cycle parts
• He failed
• Then he set bharti healthcare 1983-84 for making
capsules .It didnt work well due to govt. Policies
• He started manufacturing push button
telephones and he never saw back.
• First answering machine, first cordless, first fax
machine.

11. Learning's
• His Mantra one achieves in proportion to what
one sets and negotiates.
• Failures are steps to succeed
• Overcome obstacles, suppress anxieties
• Identify the opportunities
• Take risk
• Have high need for achievement

12. J.K. Rowling
• Famous author of Harry Potter books
• She wrote her first book in 1995 – got rejected
by 12 publishers
• Her personal life was in mess
• Her brand is worth $15 billion and the second-
richest female entertainer on the planet,
behind Oprah

13. Entrepreneurial competencies
• Initiative
• Lateral thinking
• Looking for opportunity
• Persistence
• Creativity
• Information seeker
• Quality Consciousness
• Commitment to work
• Commitment to efficiency
• Persuasive

14. Entrepreneurial competencies
• Effective monitoring
• Employee welfare
• Moderate risk taker
• Communication ability
• Human relation ability
• Mental ability

15. Entrepreneurial skills
• Technical skills
• Group skills - work together, learn together work in tight resource
• Business management skills
• Personal entrepreneurial skills – Innovation, persistent, visionary
• Enterprise skills –identify value creation, right organized structure,
manage attitude and discipline, risk taking
• Behavioural skills – motivation, resilience, trusting ourselves
• Communication skills
• Listening skills – Pay more attention to others
• Soft skills – clarity of expression,step out of the box

16. Fred Smith of FedEx
•
• FedEx faced not one, but two major setbacks.
• Initially, this multi-billion dollar company was a term project at Yale
University.
• His professor said “The concept is interesting and well-formed, but
in order to earn better than a ‘C’, the idea must be feasible.”
• That didn’t stop Smith, however. He got funding, planes, and
people, and started operating.
• Two years in, the company faced high fuel charges and a bunch of
debt.
• At one point, FedEx had $5,000 left. Still believing in his capacity to
succeed against all odds, Smith took it to Las Vegas.

17. Fred Smith of FedEx
• And what do you know?
• He did succeed. He turned 5,000 into 27,000
— enough to cover costs for another week.
That’s about how long it took for him to find
another investor.

18. Steve Jobs
• This story is so famous you’ve probably heard it a
few times already.
• The iconic Steve Jobs was at one point fired from
his own company, Apple.
• In a commencement speech 1 at Standord, he
said, “What had been the focus of my entire adult
life was gone, and it was devastating.”
• That’s the point where many people give up. Or
settle.
• What would you deprive the world of if you stop
striving towards your goals?

19. • JK Rowling
• In 1992, JK Rowling was jobless, penniless, and
divorced with a baby. She had three chapters of Harry
Potter in her suitcase as she fled to her sister’s house.
• Despite (understandable) depression, she kept writing
until she had a book.
• 12 prominent publishers rejected Harry Potter, before
Rowling tried a small publishing house named
“Bloomsbury.”
• They agreed to print 1,000 copies (500 to be placed in
libraries).
• And the rest, they say, is history!

20. Thomas Edison
• This guy takes the cake when it comes to
appreciating failures.
• Rather than use such a harsh word, he
considered each “failure” an iteration.
• He’s famous for inventing the lightbulb, on the
10,000th try — something he readily
acknowledged.
• “When I have eliminated the ways that will not
work, I will find the way that will work,” Edison
explained.
• Nothing wrong with a little trial and error.

21. Reasons Why Most Entrepreneurs Fail
• Not Having Enough Money
• Let's start with the simplest and most straightforward reason any business fails: lack of money.
Whether they self-finance, get a bank loan or take the "Shark Tank" approach and get partners and
investors, many businesses fail before really getting started because they are not prepared with the
capital it takes to operate a new business.
• Not Knowing Your Market
• Who are your clients? Who is your competition? What is your target market willing to pay for your
product or service? Entrepreneurs must be able to answer these and many more questions about
their market in order to run a successful business.
• Lack Of Vision
• Biting Off More Than You Can Chew
• Speaking of goals, they say "Rome wasn't built in a day," and neither was Amazon or Google or GE.
• Trying To Be Everything To Everybody
• Not Enough Marketing
• You can have the best product or service in the world, but if nobody knows about it, you won't
succeed. You need to get your name out there and let people know about the benefits of your
business. If you cannot reach your audience, you cannot find success.
• Poor Planning

22. Reasons Why Most Entrepreneurs Fail
• Not Accepting Constructive Criticism
• Let criticism serve as an opportunity to do it better. Too often,
entrepreneurs get offended by critiques because they are too emotional
when it comes to their business. There is no such thing as success without
failure and mistakes. As an entrepreneur, you must find the lesson and
learn from criticism.
• Not Delegating
• Many entrepreneurs start as a "one-person show," and some can succeed
in the beginning that way. However, as a business grows, you need a good
team that can help bring the company's vision to fruition.
• Lack Of Soft Skills
• Soft skills are the sometimes intangible and non-technical talents
entrepreneurs need to lead effectively. They include attitude,
communication, empathy, motivation, teamwork, networking, leadership,
decision making, problem-solving and conflict resolution.
• Burnout

23. Women Entrepreneurs qualities
Courage
• Courage is one of the most important characteristics of
an woman entrepreneur. They many have the passion
to start their own business, it's the courageous ones
who succeeds in their career.
• Sound and strong mind with clear vision
• A disturbed mind of the woman acts as a hindrance
and she cannot achieve success in her venture. There
could be exceptional cases where such women could
succeed in their chosen field, of course, with great
difficulty by crossing all the hurdles of life.

24. Capable of taking risks
• She is capable of confidently taking risks and is efficient in making the risk, a
rewarding one.
Work-life balance
• She can efficiently cope up with the stress levels in a better way by spending value
time with her children, spouse and family members. She very well knows how to
balance her work-life which is one of the keys to successful business. She makes
time to spend with her children and supports them in every possible way without
any excuses of busy work life.
Build and develop their networks
• One of the most prominent characteristics of a successful woman entrepreneur is
she is keen on meeting new people and thus tries to grow her business contacts.
She readily socializes with people whom she thinks are useful in developing her
business. She will never miss the social events / gatherings and she is keen on
increasing her circle. She is a good relationship builder and develops mutually
beneficial relationship in the society.

25. Women Entrepreneurs problems
• Defying social expectations
• Accessing funding
• Struggling to be taken seriously
• Owning your accomplishments
• Building a support network
• Balancing business and family life
• Coping with fear of failure

26. • Assertiveness and decision making
• A successful woman entrepreneur takes
various decisions on various activities of her
enterprise with assertiveness. She takes firm
decisions on the type of venture she
undertakes and the way of doing / handling it.
She is clear, creative and assertive in her
decision making.

27. • 1. Oprah
• No last name is needed for Oprah, known as “the first lady of talk
shows.” As noted in her online biography, she was born on an
isolated farm in Mississippi, where she entertained herself by
playacting in front of farm animals. She came from a poor family
and experienced sexual abuse at the age of 9, but she says she hit a
turning point in her teenage years when her father saved her life.
• Oprah Winfrey’s first streak of success came when she won the
titles of Miss Black Nashville and Miss Tennessee in her freshman
year of college. After graduating, she moved into the TV industry
and was soon getting better ratings than daytime talk show pioneer
Phil Donahue. Today, Oprah is best known for hosting The Oprah
Winfrey Show, being a billionaire philanthropist, and having her
own TV network and magazine

28. • Lady Gaga
• Born by the name Stefani Joanne Angelina Germanotta, Lady Gaga
first took the world by storm in 2008 with her pop hit “Just Dance.”
But before she was Gaga, she was a girl in Catholic school who had
a love for music and wrote her first piano ballad when she was 13.
• In 2008, Gaga released her debut album, The Fame, and started
making a name for herself. Lady Gaga never was just your average
pop star – she goes all out in everything she does, from her risky
outfits to her fun dance moves and jaw-dropping theatrical
performances.
• Music was only the start for Gaga. Today her credits include a
Golden Globe for acting in American Horror Story, an Oscar win for
Best Original Song and nomination for Best Actress in A Star Is Born,
and a makeup line called Haus Labs that the internet is literally
going “Gaga” over.