Entrepreneurship Development- Introduction, Definition, Characters, and Functions

1. Entrepreneurship
Development
By
Dr.D.RAVINDER
MBA, PhD.
20-09-2021 Dr.D.RAVINDER, Associate Professor, Depot of Business Management, Vaagdevi College of Engineering (ravinder.d17@gmail.com) 1

2. Entrepreneurship
Development
Who is entrepreneur?
and
What do you mean by
entrepreneurship?
20-09-2021 Dr.D.RAVINDER, Associate Professor, Depot of Business Management, Vaagdevi College of Engineering (ravinder.d17@gmail.com) 2

3. Entrepreneurship Development
20-09-2021 Dr.D.RAVINDER, Associate Professor, Depot of Business Management, Vaagdevi College of Engineering (ravinder.d17@gmail.com) 3
ENTREPRENEUR:
Meaning An entrepreneur
is an individual or a team thereof,
having an innovative idea, and
takes every step to turn the idea
into reality, while bearing the risks.
ENTREPRENEURSHIP:
Entrepreneurship is a risky activity
of commencing a business usually
a start up company, offering
distinct products and services to
the target customers, which may
or may not get success.

4. Top 3 Indian Successful Entrepreneurs
1. Anand Mahindra Director of Mahindra &
Mahindra
• He is an alumnus of Harvard Business School and Harvard University.
• As of January 2020, his net worth is about $1.6 billion.
• He is included among the ‘World’s 50 Greatest Leaders’ by Fortune
Magazine.
• He is also the Co-Chairperson of the World Economic Forum.
• He was noted as ‘Entrepreneur of the Year’ by Forbes (India) for 2013
and included by Fortune Magazine among the ‘World’s 50 Greatest
Leaders.
• Mahindra & Mahindra Group operates in aftermarket, aerospace,
components, agribusiness, defence, energy, automotive, construction
equipment, insurance, farm equipment, finance, industrial equipment,
hospitality, information technology, leisure, logistics, real estate, and
retail.
• Source: https://sugermint.com/top-6-indian-entrepreneurs-success-
stories-that-will-inspire-you/
20-09-2021
Dr.D.RAVINDER, Associate Professor, Depot of Business Management, Vaagdevi College of Engineering (ravinder.d17@gmail.com)
4

5. Top 3 Indian Successful Entrepreneurs
2. Radhakishan Damani
Founder of “D-Mart”, the mega-retail chain stores
• He dropped out of college from the University of Mumbai.
At the age of 32, Radhakishan Damani started the
stockbroking business.
• Dmart was founded in 2000 in Powai, Mumbai and is a one-
stop hypermarket chain and supermarket in India.
• D’Mart offers a wide range of basic home products and
personal care products under one roof.
• Today, DMart has a well-established presence in Karnataka,
Andhra Pradesh, Gujarat, Madhya Pradesh, Maharashtra,
Punjab, Telangana, NCR, Tamil Nadu, Chhattisgarh, and
Rajasthan.
20-09-2021 Dr.D.RAVINDER, Associate Professor, Depot of Business Management, Vaagdevi College of Engineering (ravinder.d17@gmail.com) 5

6. Top 3 Indian Successful Entrepreneurs
Gautam Adani
CEO of Adani Group, A man who dreamt big and made it a reality
• He founded The Adani Group in 1988 and diversified his
business into energy, defence, agriculture, resources, and
aerospace, logistics, amongst others.
• He started its first jetty in 1995, which was operated by
Mundra Port & Special Economic Zone.
• Mundra Port is the largest private-sector port in India and
has the handling capacity of more than 200 million tons of
cargo per annum and it.
• His net worth is estimated to be around $15.7 billion in
2019, According to Forbes. In 2019, according to India
Today, Gautam Adani was ranked as the 3rd most powerful
person in India.
20-09-2021 Dr.D.RAVINDER, Associate Professor, Depot of Business Management, Vaagdevi College of Engineering (ravinder.d17@gmail.com) 6

7. Why an individual becomes an entrepreneur ?
Career
to work for
some one
else
to be self
employed in a
profession
to be an
entrepreneur
Social status
20-09-2021 Dr.D.RAVINDER, Associate Professor, Depot of Business Management, Vaagdevi College of Engineering (ravinder.d17@gmail.com) 7

8. Entrepreneur is defined
Peter Drucker
“innovation is the specific tool of
entrepreneurs. The means by which they
exploit changes as an opportunity for a
different business or a different service. It is a
capable of being presented as a discipline,
capable of being learnt, capable of being
practised. Entrepreneurs need to search
purposefully for the source of innovation, the
changes and their symptoms that indicate
opportunities for successful innovation and
they need to know and to apply the principles
of successful innovation”
20-09-2021 Dr.D.RAVINDER, Associate Professor, Depot of Business Management, Vaagdevi College of Engineering (ravinder.d17@gmail.com) 8

9. According to the Definition
of Peter Drucker
Three conditions have to be fulfilled
1. Innovation is work, it requires knowledge
2. To succeed, innovation must be build on their
strengths
3. Innovation always has to be close to the market
20-09-2021 Dr.D.RAVINDER, Associate Professor, Depot of Business Management, Vaagdevi College of Engineering (ravinder.d17@gmail.com) 9

10. Difference Between
Entrepreneur
and
Entrepreneurship
20-09-2021 Dr.D.RAVINDER, Associate Professor, Depot of Business Management, Vaagdevi College of Engineering (ravinder.d17@gmail.com) 10

11. Comparison
chart
Basis of
Comparison Entrepreneur
Entrepreneurship
Meaning
An entrepreneur is an individual or a team
thereof, having an innovative idea, and
takes every step to turn the idea into
reality, while bearing the risks.
Entrepreneurship is a risky activity
of commencing a business usually
a start up company, offering
distinct products and services to
the target customers, which may
or may not get success.
What is it? Person who has an idea and gives shape to
it.
Process which gives shape to the
idea.
Represents An innovator, who chased the dream, till it
becomes true.
procedure through which an
innovation is done.
Business Venture He/She is the one who sets up the business
venture, to turn a concept into reality.
It is the activity, which an
entrepreneur undertakes to set up
the business venture.
20-09-2021 Dr.D.RAVINDER, Associate Professor, Depot of Business Management, Vaagdevi College of Engineering (ravinder.d17@gmail.com) 11

12. Characteristics of Entrepreneur
Vision Knowledge Desire to Succeed Independence
Optimism Value Addition Leadership Hard Working
Desire to Have
Control
Risk Taking Ability
• a) Career risk
• b) Financial risk
• c) Physical risk
20-09-2021 Dr.D.RAVINDER, Associate Professor, Depot of Business Management, Vaagdevi College of Engineering (ravinder.d17@gmail.com) 12

13. Functions of
Entrepreneur
Dr.D.RAVINDER, Associate Professor, Depot of Business Management, Vaagdevi
College of Engineering (ravinder.d17@gmail.com)
• Taking Initiative
• Organizing Resources
• Identifying Opportunities and Prospects
• Risk-Taking
• Decision Making
• Technology Transfer and Adaptation
• Innovation
• Fostering Autonomy
• Social Responsibility
• Public Relations
• Experience Sharing
• Managerial Roles
• Balanced Economic Development
20-09-2021 13

14. Entrepreneurial Process
Dr.D.RAVINDER, Associate Professor, Depot of Business Management, Vaagdevi
College of Engineering (ravinder.d17@gmail.com)
20-09-2021 14
Identify an
Opportunity
Establish Vision Pursue Others
Gather Resources
Create a New
Venture, Product or
Market
Change/ Adapt
with time

15. •Thank you
20-09-2021 Dr.D.RAVINDER, Associate Professor, Depot of Business Management, Vaagdevi College of Engineering (ravinder.d17@gmail.com) 15