TYBBA-IB

1. Semester- VI
601- NEW VENTURE CREATION
AND START-UPS
Prepared by-
Prof. Mayuree Londhe
BBA-IB

2. UNIT-1
Introduction to Entrepreneurship
• 1.1 Definition of Entrepreneur, Entrepreneurial Traits,
and Entrepreneur vs. Manager,
• 1.2 The Entrepreneurial decision process.
• 1.3 Role of Entrepreneurship in Economic
Development,
• 1.4 Ethics and Social responsibility of Entrepreneurs.
• 1.5 Opportunities for Entrepreneurs in India and
abroad.
• 1.6 Woman as Entrepreneur

3. 1.1 Definition of Entrepreneur:
“An entrepreneur is someone who has an idea and who works to create a
product or service that people will buy, as well as an organization to
support that effort.
An entrepreneur takes on most of the risk and initiative for their new
business, and is often seen as a visionary or innovator.”
By Peter E. Drucker: "An entrepreneur is the one who always searches for
change, responds to it and convert it as an opportunity.
Innovation is the basic tool of entrepreneurs, the means by which they exploit
change as an opportunity for a different business or service.“
By New Encyclopaedia Britannica: "It treats an entrepreneur as an individual
who bears the risk of operating a business in the face of uncertainty about the
future conditions. This definition deals with uncertain future and that causes
risk in the operation of a business and entrepreneur is required to bear the risk“

4. Entrepreneurial Traits,
1. Vision and Passion•
• An entrepreneur must have a very clear vision of his business. So he must have the
capability to plan out his long-term and short-term goals and objectives. He has to
be able to map out his upcoming plans in an articulate and efficient manner.
• Another very important trait necessary for an entrepreneur is that he must be
passionate about his work. Entrepreneurship is hard work for long hours, so an
entrepreneur must be passionate about what he is doing. Such passion can translate
into hard work and success.
2. Innovative:
• One of the main traits of entrepreneurship is innovation. The entrepreneur look for
the opportunity in the market and capitalizes on it.
• He is the one who introduces new products and services in the market trying to
fulfill customer needs..
• The innovation can also be in a production process, new marketing strategy
innovative advertising etc.
3. Risk Taker:
• A risk is a vital part of any new business. But it is an especially important factor in
particularly entrepreneurship because here the entrepreneur bears the total risk of
the business. So it is obligatory that the entrepreneur has an adventurous and are
risk-taking temperament.

5. 4. Leader•
• One of the other important trait of a successful entrepreneur is leadership. All
decent entrepreneur are good leaders. They have the ability to inspire and lead their
employees to success.
5. Persistent:•
• A good entrepreneur is always persistent by nature. A business is never an overnight
success. It takes immense hard work and also a little bit of luck. But a persistent
entrepreneur makes his own luck. He can create opportunities if they are not
presented to him. So a persistent entrepreneur that works tirelessly always has a
greater chance of success.
6. Ethical
• Ethics and integrity are the cornerstones of any successful business in the long run.
A sustainable business cannot be run by someone with compromised morals. So
any reliable business must have at its head an ethical entrepreneur..
7. Competitive Spirit
• The business world is a very cut-throat space. Thousands of new businesses born
and die every day. So the competition is always going to be fierce and intense.
• Such an environment is better suited to someone who is already competitive by
nature and thrives in such situations of pressure.

6. 8. Resilient-
• One of the most important traits in a successful entrepreneur is also of resilience
There is no smooth straightforward path to success. There will always be some
failures and roadblocks in the way. So the entrepreneur has to be resilient and
steadfast in his pursuit of success.
9. Highly Self-motivated
• No body makes progress by sitting back and waiting for it to find them.
• Successful people go out into the world and invoke change through their actions.
• Typically, leaders enjoy challenges and will work tirelessly to solve problems that
confront them. They adapt well to changing situations without unravelling and are
typically expert of helping their teams by motivating them towards new goals and
opportunities.
• They are also often very passionate about their ideas that drive towards their
ultimate goals.
10. Understand the Value of a Strong peer Network:
• In almost every case entrepreneurs never get to success alone. It requires a network
of contacts, business partners, financial partners, peers and resources to succeed.
• Effective entrepreneur nurture these relationships and surround themselves with
people who can help make them more effective.

7. Entrepreneur vs. Manager,
Entrepreneur Manager
1. Skill
Entrepreneur requires instinct, creative
thinking and inventive ability among
other skills.
1. Skill
A manager however depends more on
human relationships and theoretical
abilities.
2. Status:
Self- Employed & he is his own Boss
2. Status:
Waged Person & not independent of his
employer.
3. Risk Taking
He takes deliberate risks.
3. Risk Taking
He is less broadminded and does not
share business risks.
4. Reward
He is stimulated by his profits
4. Reward
He is stimulated by his goals and prizes
5. Innovation
He works to change the circumstances
according to his own principles
5. Innovation
He keeps running business on recognized
lines. He is neither inventor nor innovator.

8. 1.2 The Entrepreneurial decision process.
Identification of problem or
opportunity
Identification of
problem or opportunity

9. 1.3 Role of Entrepreneurship in Economic
Development,
Role of
Entrepreneurship in
Economic
Development,
Promotes country’s
Export Trade
Employment
Generation
National Income
Balanced Regional
Development
Wealth Creation
and Distribution
Dispersal Economic
Power
Creating Innovation
Better Standard of
Living

10. 1.4 Ethics and Social responsibility of Entrepreneurs.
• Ethics:
Business ethics is a practice that determines what is right, wrong, and
appropriate in the workplace. Business ethics is often guided by laws, and
these principles keep companies and individuals from engaging in illegal
activity.
• Social responsibility:
Social responsibility means that besides maximizing shareholder value,
businesses should operate in a way that benefits society. Socially responsible
companies should adopt policies that promote the well-being of society and the
environment while lessening negative impacts on them.

11. 1.5 Opportunities for Entrepreneurs in India and abroad.
. India:
1. Tourism
2. Automobile
3. Textile
4. Social venture
5. Software
6. Engineering goods
7. Franchising
8. Education and training
9. Food processing
10. Corporate demands
11. Ayurveda and traditional medicines
12. Organic farming
13. Media
14. Packaging
15. Floriculture
16. Toys
17. Healthcare sector
18. Biotechnology
19. Energy solutions
20. Recycling business

12. • Opportunities For entrepreneurs Abroad:
1. Cultural Opportunity
2. Food Taste opportunity
3. Environmental opportunity
4. Buying Franchise

13. 1.6 Woman as Entrepreneur:
• Need for women entrepreneur:
1. Better management of finance
2. Access and Awareness
3. Challenges and opportunities
4. Self employment
5. Achiever
6. Overcome from conventional pattern and structure
7. Breakthrough orthodox views
8. Narrow down the gender gap
9. Better company culture

14. • Functions of women Entrepreneurs:
1. Risk taking
2. Proper decision
3. Innovation
4. Managerial duties

15. Traits of woman Entrepreneur:
• Courage
• Sound mind
• Clear vision with a strong mind
• Self confidence and boldness
• Orientation of goals
• Optimistic approach
• Assertive and make decision
• Maintain work-life balance
• Build up networks
• Brilliant organizer and managers.

16. • Role of a woman entrepreneur:
1. Generating employment
2. Development of country
3. Development of economy
4. Optimum utilization of resources
5. Improvement in quality of life

17. Problems of women entrepreneurs in India:
• Lack of education
• Lack of information and experience
• No risk bearing capacity (more dependancy)
• Family involvement
• Male dominated society

18. • Assignment No.1:
1. Explain role of entrepreneurship in economic upliftment of a
country.
2. State functions and problems of women entrepreneurs in
India.
3. Write a short note on the entrepreneurial decision process.