The document discusses entrepreneurship and what is required to create successful entrepreneurs in India. It defines entrepreneurs as individuals who undertake risks to start new businesses. It outlines four key areas needed to develop entrepreneurs in India: creating the right environment for success, ensuring access to relevant skills, access to startup capital, and networking opportunities. The future of entrepreneurship in India is promising as both central and state governments are increasingly supporting new business creation through incentives and infrastructure development.

1. Entrepreneurship & New Venture Creation-(3.1)BU-MBA-Semister-3

2. EntrepreneurThe term entrepreneur is derived from the French word ‘entreprendre’ which means ‘to undertake’.

3. It means the person who undertakes the risk of the new enterprise

4. In the 16th century the Frenchman who organized and led military expeditions were referred as EntrepreneursAccording to Richard CotillionAn entrepreneur is a person who buys factor services at certain prices with a view to selling its product at uncertain price (un- expected price)According to International Labor Organization (ILO)Entrepreneurs as those people who have the ability to see and evaluate business opportunities, together with the necessary resources to take advantage of them and to initiate appropriate action to ensure successAccording to Peter F.DruckerAn entrepreneur is one who always searches for change, responds to it and exploits it as an opportunity. Innovation is the specific tool of entrepreneurs, that means by which they exploit change as an opportunity for a different business or serviceImportance of EntrepreneursNature/Characteristics of EntrepreneurThe importance of any entrepreneur is as follows:-Develop new markets

5. Discover new sources of materials

6. Mobilize capital resources

7. Introduce new technologies

8. Create employment

9. Entrepreneur is a key player in economic progress

10. Entrepreneurs introduce new things in the economy

11. They are considered as the business leader and not as simple owner of capital.Finally to become successful entrepreneur one should have the following characteristics:-Need to achieve (goals should achieve)

12. Independence (start business their own)

13. Risk bearing (ready to face uncertainty)

14. Locus of control (governing and shaping the goals with high control)

15. Determination (working sincerely on goal achieving)

16. Positive self-concept (thinking positive and analyze anything by SWOT analysis)

17. Ability to find and explore opportunities (finding/grab opportunities)

18. Hope success (feeling success in each and every step they move no failure)

19. Flexibility (measuring pros and cons of decision and tend to change if situation demands)

20. Analytical ability of mind (unaffected by personal likes and dislikes)

21. Sense of efficacy (oriented always to goals no deviation or diversion by external influence)Openness to feedback and learning from experience (ready to accept feedback)

22. Confronting uncertainty (they are always optimistic, they take odd as the opportunity)

23. Interpersonal skills (they like dealing with people at all levels)

24. Need to influence others (they influence the others by their goals and their procedures/convince others)

25. Stress takers (ready to work for long hours with full energy)

26. Time orientation (they will stick on to the time, time is important)

27. Innovators (they will introduce new products and services)

28. Business communication skill (they must have good communication to lead market)

29. Telescopic ability (they will think every activity in microscope)

30. Leadership (they will act as leaders to lead business)

31. Business planning (they will plan present and future course of action)