This is first chapter of Entrepreneurship and Business Planning.
After the lesson, reader must be able to:
1. Describe Nature, Development and History of Entrepreneurship
2. Identify The Entrepreneurial Decision Process
3.Describe different types of Start-ups
4. Recognize Role of Entrepreneurship in Economic Development
5. Identify Entrepreneurial Careers and Education
6. Identify Different types of Skills Required for Entrepreneurship
7. Describe Ethics and Social Responsibility of Entrepreneurs
This topic is related to Business, which is Entrepreneurship development. It can refer by any technical & Management students. It is useful for B.Tech and MBA students under BPUT Syllabus 2014
This topic is related to Business, which is Entrepreneurship development. It can refer by any technical & Management students. It is useful for B.Tech and MBA students under BPUT Syllabus 2014
Entrepreneur development
External allaences for international business
Presentations By Rajendran Ananda Krishnan, https://www.facebook.com/ialwaysthinkprettythings
A presentation on how important entrepreneurship education is to various levels of institution. Entrepreneurship is the core of our module. This is for entrepreneurial idea in entrepreneurship establishments.
Entrepreneur development
External allaences for international business
Presentations By Rajendran Ananda Krishnan, https://www.facebook.com/ialwaysthinkprettythings
A presentation on how important entrepreneurship education is to various levels of institution. Entrepreneurship is the core of our module. This is for entrepreneurial idea in entrepreneurship establishments.
982016 University of Phoenix Managing Innovation and Entrep.docxransayo
9/8/2016 University of Phoenix: Managing Innovation and Entrepreneurship
https://phoenix.vitalsource.com/#/books/9781483322667/cfi/6/32!/4/2/[email protected]:0 1/8
forms such as private sector entrepreneurship, CE, public sector entrepreneurship (governpreneurship), and social
entrepreneurship.
The Historic Development of Entrepreneurship
One of the first to be looked at as an entrepreneur was Marco Polo, who tried to set up trade routes to the Far
East (Hisrich, Peters, and Shepherd, 2012). In the Middle Ages, the term entrepreneur was associated with an actor
and an individual who managed large production projects—for example, an individual who manages architectural
works such as castles, public buildings, or cathedrals. In major projects, the individual did not take risk but rather
he/she managed the project utilizing the resources that the government usually provided. In the 17th century, an
entrepreneur was an individual who entered into a contractual arrangement with the government to carry out a service
or provide acquired products—for example, John Law, a Frenchman, was allowed to establish a royal bank. One of
the earliest definitions of entrepreneurship was that of Richard Cantillion (1755), an economist, who described the
entrepreneur as a rational decision maker who assumed the risk and provided management for the firm. He was the
first to acknowledge that there is an entrepreneurial function within the economic system. In the 18th century, the
entrepreneur was differentiated from what is today known as the venture capitalist. This differentiation was made
because of industrialization. In the late 19th and early 20th centuries, entrepreneurship began to develop theoretically.
In the 20th century, Joseph Schumpeter, an economist, made a significant contribution to the theoretical development
of entrepreneurship. At that time, entrepreneurs were mostly viewed from an economic perspective. In the middle of
the 20th century, the idea that entrepreneurs were innovators was established. Since then, innovation and newness is a
fundamental aspect of entrepreneurship.
Historically, the term entrepreneurship has referred to an individual who takes on the risk of turning their vision
into a successful business enterprise. Some definitions focus on entrepreneurship as the creation of new organizations,
while others focus on wealth creation and ownership. This recognizes other forms of ownership—for example,
franchising, corporate venturing, management takeover, and family business. Some have adopted the opportunity
based view and suggested that entrepreneurship is about the discovery and exploitation of profitable market
opportunities.
Over the past four decades, entrepreneurship has extended beyond individual’s efforts to follow their vision to
include entrepreneurship within existing corporations. This has been referred to as CE as well as previously intra
corporate entrepreneurship, corp.
Question 2-2 Make a list of four groups of the people who may be poten.pdfgazender686
Question 2: (a) It is known that 56% of the students prefer having longer library hours. In a
recent survey of 750 students, 400 students expressed an interest in having longer library hours.
What is the probability that less than 400 students prefer to have longer library hours? Question 2
(Continued): (b) What is the probability that in a survey of 750 students, the number of students
wanting longer library hours is between 400 and 450 students, inclusive?.
Part One of Entrepreneurship Lecture Notes on Students Enterprise Club at www.studentsenterpriseclub.com.
This is a Study guide for intending Entrepreneurs.
Concept of Entrepreneurship
Entrepreneurship is the ability and readiness to develop, organize and run a business
enterprise, along with any of its uncertainties in order to make a profit. The most prominent
example of entrepreneurship is the starting of new businesses.
What Is Entrepreneurship
In economics, entrepreneurship connected with land, labour, natural resources and capital
can generate a profit. The entrepreneurial vision is defined by discovery and risk-taking and
is an indispensable part of a nation’s capacity to succeed in an ever-changing and more
competitive global marketplace.
Meaning of Entrepreneur
The entrepreneur is defined as someone who has the ability and desire to establish,
administer and succeed in a startup venture along with risk entitled to it, to make profits. The
best example of entrepreneurship is the starting of a new business venture. The
entrepreneurs are often known as a source of new ideas or innovators, and bring new ideas
in the market by replacing old with a new invention.
It can be classified into small or home business to multinational companies. In economics, the
profits that an entrepreneur makes is with a combination of land, natural resources, labour
and capital.
In a nutshell, anyone who has the will and determination to start a new company and deals
with all the risks that go with it can become an Entrepreneur.
What are the 4 Types of Entrepreneurship?
It is classified into the following types:
Small Business EntrepreneurshipThese businesses are a hairdresser, grocery store, travel agent, consultant, carpenter,
plumber, electrician, etc. These people run or own their own business and hire family
members or local employee. For them, the profit would be able to feed their family and not
making 100 million business or taking over an industry. They fund their business by taking
small business loans or loans from friends and family.
Scalable Startup EntrepreneurshipThis start-up entrepreneur starts a business knowing that their vision can change the world.
They attract investors who think and encourage people who think out of the box. The research
focuses on a scalable business and experimental models, so, they hire the best and the
brightest employees. They require more venture capital to fuel and back their project or
business.
Large Company EntrepreneurshipThese huge companies have defined life-cycle. Most of these companies grow and sustain by
offering new and innovative products that revolve around their main products. The change in
technology, customer preferences, new competition, etc., build pressure for large companies
to create an innovative product and sell it to the new set of customers in the new market. To
cope with the rapid technological changes, the existing organisations either buy innovation
enterprises or attempt to construct the product internally.
Soci
Controlling consists of verifying whether everything occurs in conformities with the plans adopted, instructions issued and principles established. Controlling ensures that there is effective and efficient utilization of organizational resources so as to achieve the planned goals. Controlling measures the deviation of actual performance from the standard performance, discovers the causes of such deviations and helps in taking corrective actions.
Price elasticity of demand (PED) shows the relationship between price and quantity demanded and provides a precise calculation of the effect of a change in price on quantity demanded.
In this chapter, the law of diminishing marginal utility is developed, which leads into a detailed discussion of the theory of consumer choice. The numerical illustrations of the utility maximizing rule should be viewed as a pedagogical technique, rather than an attempt to portray the actual choice making process of consumers. When this illustration is explained by “order of purchase,” the brief algebraic summary of consumer equilibrium should pose no great difficulties for most students. The discussion of the diamond-water paradox helps students look beyond what may be their first conclusions about the importance and value of products.
In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified framework designed to illustrate complex processes, often but not always using mathematical techniques. Frequently, economic models posit structural parameters. Structural parameters are underlying parameters in a model or class of models. A model may have various parameters and those parameters may change to create various properties. Methodological uses of models include investigation, theorizing, and fitting theories to the world.
THE ENTREPRENEURIAL AND INTRAPRENEURIAL MINDFallahchay Ali
This is second chapter of Entrepreneurship and Business Planning.
The contents discusses in this chapter are as follow:
1. THE ENTREPRENEURIAL PROCESS
2. Aspects of Entrepreneurial process
3. Managerial Vs. Entrepreneurial decision making
4. CAUSES FOR INTEREST IN INTRAPRENEURIALSHIP
5. Corporate Vs. Intrapreneurial Culture
6. Climate for Intrapreneurship
7. Intrapreneurial Leadership Characteristics
8. Establishing Intrapreneurship in the Organization
I hope readers find this paper useful and enjoy from reading it.
Thank you
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2. Nature and Development of Entrepreneurship
Who is an entrepreneur? What is Entrepreneurship?
What is an entrepreneurial career path? These
frequently asked questions reflect the increased national
and international interest in entrepreneurs by
individuals, university professors and students, and
government officials. In spite of all this interest, a
concise, universally accepted definition has not yet
emerged. The development of the theory of
entrepreneurship parallels to a great extent the
development of the term itself. The word entrepreneur
is French and, literally translated, means “between-
taker” or “go-between”.
3. Earliest Period
An early example of the earliest definition of an
entrepreneur as a go-between is Marco Polo, who attempted
to establish trade routes to the Far East. As a go-between,
Marco polo would sign a contract with a money
person(forerunner of today’s venture capitalist) to sell his
goods. A common contract during this time provided a loan
to the merchant–adventure at a 2205percent rate, including
insurance. While the capitalist was a passive risk bearer, the
merchant-adventure took the active role in trading, bearing
all the physical and emotional risks. When the merchant-
adventurer successfully sold the goods and completed the
trip, the profits were divided with the capitalist taking most
of them (up to 75 percent), while the merchant-adventurer
settled for the remaining 25 percent.
4. Middle Age
In the Middle Ages, the term entrepreneur was used to
describe both an actor and a person who managed large
production projects. In such large production projects,
this individual did not take any risks, but merely
managed the project using the resources provided,
usually by the government of the country. A typical
entrepreneur in the Middle Ages was the cleric- the
person in charge of great architectural works, such as
castles and fortifications, public buildings, abbeys, and
cathedrals.
5. 17th Century
The reemergent connection of risk with entrepreneurship
developed in the 17th century, with an entrepreneur being a
person who entered into contractual arrangement with the
government to perform a service or to supply stipulated
products. since the contract price was fixed, any resulting
profits or losses were the entrepreneur’s . One entrepreneur
in this period was John Law, a Frenchman, who was allowed
to establish a royal ban. The bank eventually evolved into
an exclusive franchise to form a trading company in the
New Word- the Mississippi Company. Unfortunately, this
monopoly on French trade led to Law’s downfall when he
attempted to push the company’s stock price higher than the
value of its assets, leading to the collapse of the company.
6. 18th Century
In the 18th century, the person with capital was
differentiated from one who needed capital. In other
words, the entrepreneur was distinguished from the
capital provider(the present-day venture capitalist). One
reason for this differentiation was the industrialization
occurring throughout the world. Many of the inventions
developed during this time were reactions to the
changing world.
7. 19th and 20th Centuries
In the late 19th and early 20th centuries, entrepreneurs were
frequently not distinguished from managers and were
viewed mostly from an economic perspective.
In the middle of 20th century, notion of an entrepreneur as
an innovator was established:
The function of the entrepreneur is to reform or
revolutionize the pattern of production by exploiting an
invention or, more generally, an untried technological
methods of producing a new commodity or producing an old
one in a new way, opening a new source of supply of
materials or a new outlet for products, by organizing a new
industry.
The concept of innovation and newness is an integral part of
entrepreneurship in this definition.
8. Definition of Entrepreneur Today
Entrepreneur is a loanword from French.
It is defined as an individual who organizes or operates a
business or businesses.
In almost all of the definitions of entrepreneurship, there is
agreement that we are talking about a kind of behavior that
includes: (1) initiative taking, (2) the organizing and
reorganizing of social and economic mechanisms to turn
resources and situations to practical account, (3) the
acceptance of risk or failure.
9. The Entrepreneurial Decision Process
Tough many individuals have creative new ideas, few
can bring their ideas to the market and create a new
venture. Yet entrepreneurship and the actual
entrepreneurial decisions have resulted in several
million new businesses being started throughout the
world. Although no one knows the exact number, in the
United States (Which leads the world in company
formation), estimates indicate that in recent years
around 1 million new companies have been formed each
year.
10. Indeed, millions of ventures are formed despite
recession, inflation, high interest rates, lack of
infrastructure, economic uncertainty, and the high
probability of failure. Each of these ventures is formed
through a very personal human process that, although
unique, has some characteristics common to all. While
some ventures result from specific circumstances many
entrepreneurs follow the entrepreneurial decision
process which entails a movement, from something to
something- a movement from a present lifestyle to
forming a new enterprise.
11. Change from Present Lifestyle
The decision to leave a career or lifestyle is not an easy one.
It takes a great deal of energy and courage to change and do
something new and different. Although individuals tend to
start businesses in areas that are familiar, two work
environments have been particularly good for spawning new
enterprises: research and development and marketing. While
working in technology (research and development),
individuals develop new product ideas or processes and
often leave to form their own companies when these new
ideas are not accepted by their present employers. Similarly,
individuals in marketing have become familiar with the
market and customers’ unfilled wants and needs, and they
frequently leave to start new enterprises to fill these needs.
12. Perhaps an even stronger incentive to overcome the
inertia and leave a present lifestyle to create something
new comes from a negative force-disruption. A
significant number of companies are formed by people
who have retired, who are relocated due to move by the
other member in a dual-career family, or who have been
fired. There is probably no greater force than personal
dislocation or galvanize a person’s will to act.
Another cause of disruption that can result in company
formation is someone’s completion of an educational
degree. For example, a student who is promoted after
receiving an MBA degree may become frustrated and
decide to leave and start a new company.
13. What cause this personal disruption to result in a new
company being formed?
The decision to start a new company occurs when an
individual perceives that forming a new enterprise is
both describe and possible.
14. Desirability of New Venture Formation
The perception that starting a new company is desirable results
from an individual's culture, subculture, family, teachers, and
peers. A culture that values an individual who successfully
creates a new business will spawn more venture formations than
one that does not.
The American culture places a high value on being one’s own
boss, having individual opportunities, being a success, and
making money- all aspects of entrepreneurship. Therefore, it is
not surprising to find a high rate of company formation in United
States. On the other hand, in some countries successfully
establishing a new business and making money are not as highly
valued, and failure may be a disgrace. Countries with cultures
that more closely emulate this attitude do not have a high a
business formation rate. It will be increasing to watch which of
the once-controlled economies will develop a strong pro-
entrepreneur culture.
15. Possibility of New Venture Formation
What makes it possible to form a new company ?
Several factors- government, background, marketing,
role models, and finances- contribute to the creation of a
new venture.
The social, psychological, and financial risks are still
present, the entrepreneur must also have the necessary
background. Formal education and previous business
experience give a potential entrepreneur the skills
needed to form and manage a new enterprise.
Financial resources must be readily available. Although
most of the start-up money for any new company comes
from personal savings, credit, friends, and relatives.
There is often a need for additional risk capital.
16. Types of Start-ups
1. Lifestyle firm
Is privately held and usually achieves only modest growth
due to the nature of the business, the objectives of the
entrepreneur, and the limited money devoted to research and
development. This types of firm may grow after several
years to 30-40 employees. A lifestyle firm exists primarily to
support the owners and usually has little opportunity for
significant growth and expansion.
2. Foundation companies
Is created from research and development and lays the
foundation for anew business area. This firm can grow in 5-
10 years from 40 to 400 employees.
This type of start-up rarely goes public, it usually draws the
interest of private investors only, not the venture-capital
community.
17. 3. High-potential venture
Is the one that receives the greatest investment interest
and publicity. While the company may start out like a
foundation company, its growth is far more rapid. After
5-10 years, the company could employ around 500
employees. This firm also called gazelles and are
integral to the economic development of an area.
18. Role of Entrepreneurship in Economic
Development
The entrepreneur who is a business leader looks for
ideas and puts them into effect in fostering economic
growth and development. Entrepreneurship is one of the
most important input in the economic development of a
country. The entrepreneur acts as a trigger head to give
spark to economic activities by his entrepreneurial
decisions. He plays a pivotal role not only in the
development of industrial sector of a country but also in
the development of farm and service sector. The major
roles played by an entrepreneur in the economic
development of an economy is discussed in a systematic
and orderly manner as follows:
19. (1) Promotes Capital Formation:
Entrepreneurs promote capital formation by mobilizing
the idle savings of public. They employ their own as
well as borrowed resources for setting up their
enterprises. Such type of entrepreneurial activities lead
to value addition and creation of wealth, which is very
essential for the industrial and economic development
of the country.
20. (2) Creates Large-Scale Employment Opportunities:
Entrepreneurs provide immediate large-scale
employment to the unemployed which is a chronic
problem of underdeveloped nations. With the setting up.
Of more and more units by entrepreneurs, both on small
and large-scale numerous job opportunities are created
for others. As time passes, these enterprises grow,
providing direct and indirect employment opportunities
to many more. In this way, entrepreneurs play an
effective role in reducing the problem of unemployment
in the country which in turn clears the path towards
economic development of the nation.
21. (3) Promotes Balanced Regional Development:
Entrepreneurs help to remove regional disparities
through setting up of industries in less developed and
backward areas. The growth of industries and business
in these areas lead to a large number of public benefits
like road transport, health, education, entertainment, etc.
Setting up of more industries lead to more development
of backward regions and thereby promotes balanced
regional development.
22. (4) Reduces Concentration of Economic Power:
Economic power is the natural outcome of industrial
and business activity. Industrial development normally
lead to concentration of economic power in the hands of
a few individuals which results in the growth of
monopolies. In order to redress this problem a large
number of entrepreneurs need to be developed, which
will help reduce the concentration of economic power
amongst the population.
23. (5) Wealth Creation and Distribution:
It stimulates equitable redistribution of wealth and
income in the interest of the country to more people and
geographic areas, thus giving benefit to larger sections
of the society. Entrepreneurial activities also generate
more activities and give a multiplier effect in the
economy.
24. (6) Increasing Gross National Product and Per
Capita Income:
Entrepreneurs are always on the look out for
opportunities. They explore and exploit opportunities,,
encourage effective resource mobilization of capital and
skill, bring in new products and services and develops
markets for growth of the economy. In this way, they
help increasing gross national product as well as per
capita income of the people in a country. Increase in
gross national product and per capita income of the
people in a country, is a sign of economic growth.
25. (7) Promotes Country's Export Trade:
Entrepreneurs help in promoting a country's export-
trade, which is an important ingredient of economic
development. They produce goods and services in large
scale for the purpose earning huge amount of foreign
exchange from export in order to combat the import
dues requirement. Hence import substitution and export
promotion ensure economic independence and
development.
26. (8) Induces Backward and Forward Linkages:
Entrepreneurs like to work in an environment of change
and try to maximize profits by innovation. When an
enterprise is established in accordance with the
changing technology, it induces backward and forward
linkages which stimulate the process of economic
development in the country.
27. (9) Facilitates Overall Development:
Entrepreneurs act as catalytic agent for change which
results in chain reaction. Once an enterprise is
established, the process of industrialization is set in
motion. This unit will generate demand for various
types of units required by it and there will be so many
other units which require the output of this unit. This
leads to overall development of an area due to increase
in demand and setting up of more and more units. In
this way, the entrepreneurs multiply their
entrepreneurial activities, thus creating an environment
of enthusiasm and conveying an impetus for overall
development of the area.
28. Entrepreneurial Careers and Education
Framework for on entrepreneur’s career development:
• Educational environment
• The individual’s personality
• Childhood family environment
• Employment history
• Adult development history
• Adult family/non-work history
• Current work situation
• The individual’s current perspective
• Current family situation
29. Types of skills required for entrepreneurship
Technical skills Business Management skills
• Writing
• Oral communication
• Technical business
management
• Interpersonal
• Technology
• Ability to organize
• Coaching
• Being a team player
• Management style
• Network building
• Planning and goal setting
• Decision making
• Human relations
• Marketing
• Finance
• Accounting
• Management
• Negotiation
• Venture launch
• Managing growth
31. Ethics
Ethics
- Is study of what ever is right and good for humans.
Business ethics
- Concerns itself with the investigation of business
practices in light of human moral and values.
32. Classifications of business ethics
• Pedagogically oriented inquiry, including both theory
and empirical studies
• theory-building without empirical testing
• Empirical research, measuring the attitudes and
ethical beliefs of the students and academic faculty
• Empirical research within business environments,
measuring the attitudes and ethical views, primarily
of managers within large organizations
33. Ethics and Social Responsibility of
Entrepreneurs
The life of the entrepreneur is not easy. An entrepreneur
must take risks with his or her own capital in order to
sell and deliver products and services while expanding
greater energy than the average businessperson in order
to innovate. Face to daily stressful situations and other
difficulties, the possibility exists that the entrepreneur
will establish a balance between ethical exigencies,
economic expediency, and social responsibility, a
balance that differs from the point where the general
business manager takes his or her moral stance.
34. Assignment
1. Research at least 2 future of Entrepreneurship.
2. Ethical behavior of being Entrepreneur.