An entrepreneur is defined as someone who creates a new business while facing risks and uncertainties, with the goal of achieving profit and growth. Common traits of entrepreneurs include a desire for responsibility, moderate risk-taking, confidence, and a future orientation. Some benefits of entrepreneurship include creating your own destiny and reaching your full potential, while potential drawbacks include uncertainty of income and risk of losing investments. Forces driving increased entrepreneurship include entrepreneurial education, demographic trends of those aged 25-44 pursuing opportunities, and technological advancements lowering barriers to entry.

1. Foundations Of Entrepreneurship
• Definition:- An entrepreneur is one who creates a new business in the
face of risk and uncertainty for the purpose of achieving profit and
growth by identifying significant opportunities and assembling the
necessary resources to capitalize on them.
• Traits of Entrepreneurship
– Desire for responsibility
– Preference for moderate risk
– Confidence in their ability to succeed
– Desire for immediate feedback
– High level of energy
– Future orientation
– Skill at Organizing
– Value of Achievement
– High Degree of Commitment
– Tolerance For ambiguity
– Flexibility

2. Foundations Of Entrepreneurs
• Serial Entrepreneurs:- Entrepreneurs who repeatedly start
business and grow them to a sustainable size before striking
out again.
• Benefits Of Entrepreneurship
• Opportunity to create your own destiny
• Opportunity to make Difference
• Opportunity to reach your Full Potential
• Opportunity to Reap Impressive Profits
• Opportunity to contribute to society and be recognized
• Opportunity to do what you enjoy

3. Foundation Of Entrepreneurship
• Potential Drawbacks of Entrepreneurship
• Uncertainty of Income
• Risk of losing your entire Investment
• Hard work
• No Time Limit in Work hours
• Lower quality of life
• Complete Responsibility
• Discouragement

4. Foundations of Entrepreneurship
• Forces driving the growth of entrepreneurship
– Entrepreneurs as heroes
• People follow the role models e.g. Bill Gates etc
– Entrepreneurial Education
• Nowadays entrepreneurship has become a very popular
course
• Due to the downsizing, less job offering and less promising
career paths students are focusing on this course and
developing themselves as an entrepreneur.
– Demographic Factor
• Nearly two third f entrepreneurs start their business
between the age of 25-44
• They are more enthusiastic and energetic.
• Mostly they have capacity to take risk.
– Economic Factor
• Economic growth that spanned most of the 1980’s and
1990’s created a significant amount of wealth among people
of age 25-44

5. Foundation of entrepreneurship
• Shift to Service economy
– Because of their relatively low start up costs, service business have
become very popular among entrepreneurs.
– Booming service sector continues to provide many business
opportunities.
• Technological Advancements
– With the help of modern business machines such as PC, Laptops
computers, fax even a small business can look like a complete business.
– These days the prices are affordable with in the budget.
– Service Based or information based company effectively.
• Independent Life Style
– People want the freedom to choose where they live, the hours they
work and what they do.
– Financial security remains an important goal for most entrepreneurs
– Some place top priority on lifestyle issues such as more time with
family and friends, more leisure time, and more control over work
related stress.

6. Foundation Of Entrepreneurs
• World Wide Web
– The vast network that links computers around the globe via the internet and
opens up oceans of information to users, a major business opportunity for
entrepreneurs
• International opportunities
– No longer are small businesses limited to pursuing customers with in their own
borders.
– The shift to a global economy has opened the door to tremendous business
opportunities all around the globe
– Entrepreneurs are discovering that selling product and services in foreign
markets is really not that difficult.
– Small companies that have expanded successfully in to foreign markets tend to
rely on the following strategies
• Researching foreign markets thoroughly
• Focusing on single country initially
• Utilizing govt resources designed to help small companies establish an international
presence.#
• Having alliances with local partners.

7. Foundation of Entrepreneur
• The power of small Business
• There is no universal definition of small business (the US
Small Business administration has more than 800 definitions
of a small based on industry category)
• Small business is the one that employs fewer than 100
people.