This document defines key terms related to entrepreneurship and discusses the characteristics of successful entrepreneurs. It defines an entrepreneur as a person who sets up a business and takes risks on new projects. Entrepreneurship is the process of identifying opportunities and systematically pursuing innovation and change. Successful entrepreneurs have traits like risk-taking, motivation, flexibility, self-confidence, and the ability to mobilize resources and solve problems creatively. The document also notes that entrepreneurship provides benefits like developing new markets, creating jobs, and introducing new technologies.

1. ENTREPRENEURAL COMPETENCE
(Unit – 1)

2. ENTREPRENEURSHIP CONCEPT
ENTREPRENEUR ENTREPRENEURSHIP ENTERPRISE
person process of action object

3. ENTREPRENEUR
An entrepreneur is a person responsible
for setting up a business or an
enterprise.
He has the initiative , skill for
innovation and who looks for high
achievements.
He puts up new green field projects that
create wealth, open up many
employment opportunities and leads to

4. DEFINITION
 The term “entrepreneur” is derived from
the French word entreprendre which
means “ to undertake” i.e. the person who
undertakes the risk of new enterprise.
 The term “entrepreneur” was applied to
business initially by the Irish economist,
Richard Cantillon, to designate a dealer
who purchase the means of production for
combining them into marketable products.
 According to him, “ An entrepreneur is
a person who buys factor services at

5. THE MYTHS OF ENTREPRENEUR
Myth 1: Entrepreneurs Are Doers, Not Thinkers
Myth 2: Entrepreneurs Are Born, Not Made
Myth 3: Entrepreneurs Are Always Inventors
Myth 4: Entrepreneurs Are Academic and Social Misfits
Myth 5: Entrepreneurs Must Fit the “Profile”
Myth 6: All Entrepreneurs Need Is Money
Myth 7: All Entrepreneurs Need Is Luck
Myth 8: Ignorance Is Bliss For Entrepreneurs
Myth 9: Entrepreneurs Seek Success But Experience High Failure Rates
Myth 10: Entrepreneurs Are Extreme Risk Takers (Gamblers

6. CONCEPT OF
ENTREPRENEURSHIP
According to Peter Drucker,
“Entrepreneurship is defined as „a systematic
innovation, which consists in the purposeful and
organized search for changes, and it is the systematic
analysis of the opportunities such changes might offer
for economic and social innovation”

7. CONCEPT OF ENTREPRENEURSHIP
“ Entrepreneurship is a dynamic process
of vision, change, and creation. It requires an
application of energy and passion towards the
creation and implementation of new ideas and
creative solutions. Essential ingredients include
the willingness to take calculated risks- in
terms of time, equity, or career; the ability to
formulate an effective venture team; the
creative skill to Marshall needed resources; the
fundamental skills of building a solid business
plan; and, finally, the vision to recognize
opportunity where others see chaos,
contradiction, and confusion.”

8. IMPORTANCE OF ENTREPRENEURSHIP
 Develop new markets
 Discover new sources
 Mobilize capital resources
 Introduce new technologies
 Create employment

9. ENTRPRENEURIAL PERSONALITY
• Self confidence, initiative & independent
• Flexibility & team work
• Commitment
• business knowledge
• Creative solutions to difficult problems
• Ability to grab an opportunity
• Overcome an personal problems & environmental
factors.

10. CHARACTERISTICS OF SUCCESSFUL
ENTREPRENEUR
• Risk taker
• positive self – control
• Analytical Ability
• Ability to mobilize
resources
• Search for new Ideas
and innovation
• Highly Motivated and
Energetic
• Locus of control
• Flexibility
• Business
communication skills
• Self – confidence
• Openness to change
• Accepting of
constructive criticism
and rejection
Vision and leadership

11. ENTREPRENEURSHIP AS A CAREER
Choosing Entrepreneurial career is like choosing a life
partner

12. KNOWLEDGE & SKILLS OF ENTREPRENEUR
• Time management
• administration skills
• Environmental awareness
• Financial knowledge
• Know the market
• Interpersonal skills
• Problem solving skills
• Sales
• Vision & leadership skills
• Political – legal concern
• Cultural aspect
• Conflict & consensus
management skills
• Communication skills
• technical skills