This document provides an overview of entrepreneurship and entrepreneurial concepts. It begins by defining an entrepreneur as someone who undertakes a job and traces the development of entrepreneurship theories from scholars like Adam Smith and Joseph Schumpeter. The document then discusses reasons for becoming an entrepreneur such as being your own boss, financial success, and quality of life. It outlines characteristics of successful entrepreneurs such as vision, energy, tolerance for failure and creativity. The document concludes by suggesting approaches to entrepreneurship development and providing examples of food business ideas.

1. Mrs.Muktai Chavan Deb
Assistant Professor
Dr.Panjabrao Deshmukh Institute of Management
Technology & Research
Entrepreneurship

2. Entrepreneur & Entrepreneurship
 After finishing your graduation you will be at the
crossroads of life.
 You will face the dilemma of choosing what you have to do
in life.
 You can choose your career from two broad categories of
options – Wage Employment or Entrepreneurship.
 The term ‘career’ signifies a continuous, ever evolving, ever
expanding opportunity for personal as well as business
growth and development.
 We may define entrepreneurship as a career in your own
business [YOB] rather than wage employment [JOB].
 If you opt for a job then you will work for others. In case
you opt for entrepreneurship you will be your own boss.

3. Definition of an Entrepreneur
 “An entrepreneur is a person who
undertakes to do a job”. The term
entrepreneur originated from a French
word “entreprendre” was first coined
by Richard Cantillon (1755).
 In Malaysia, the term “usahawan” is used
to mean entrepreneur.

4. Some Modern Definitions
 Howard Stevenson (Harvard) – “.. The pursuit of
opportunity without regard to resources currently
controlled.”
 W. Gibb Dyer, Jr. (BYU) – “The founding of new
businesses is the essence of entrepreneurial activity.”

5. Development of Entrepreneurship
Theories
 Adam Smith (1776) – An entrepreneur is a person
who acts as agent in transforming demand into
supply.
 Jean Baptiste Say (1803) – An entrepreneur is a
person who shifts resources from an area of low
productivity to higher productivity.
 John Stuart Mill (1848) – An entrepreneur is a
prime mover in the private enterprise. The
entrepreneur is the fourth factor of
production.

6. Development of Entrepreneurship
Theories
 Carl Menger (1871) – The entrepreneur acts as an
economic agent who transforms resources into
products and services. These transformation process
gives added value to the output.
 Joseph Aloysius Schumpeter (1934) – The
entrepreneur is an innovator. The economy moves
through leaps and bounds because of the
innovations. This process is known as “creative
destruction”
 Alfred Marshall (1936) – The process of
entrepreneurship development is evolutionary. The
entrepreneur is responsible for the evolution of sole
proprietorships into a public company.

7. Development of
Entrepreneurship Theories
 Ibnu Khaldun (Abdul Rahman Mohamed
Khaldun) – The entrepreneur is seen as a
knowledgeable individual and is instrumental
in the development of a city-state where
enterprises emerge.
 David C. McLelland (1951) – The entrepreneur
is a person with a high need for achievement.
This need for achievement is the foundation of
the entrepreneurship process.

8. Why People Become Entrepreneurs?

9.  Being your Own Boss
 Self-management is the motivation that drives many
entrepreneurs.
 Financial Success
 Entrepreneurs are wealth creators.
 Job Security
 Over the past ten years, large companies have
eliminated more jobs than they have created.
 Quality of Life
 Starting a business gives the founder some choice over
when, where, and how to work.
Why Entrepreneurship?

10. Characteristics of Entrepreneurs

12. Entrepreneurial Characteristics
 Vision - entrepreneurs begin with an overall idea for how to make their
business idea a success
 High Energy Level - a willingness to work hard
 Need to Achieve - entrepreneurs work hard because they want to excel
 Self-Confidence - fearlessness in the face of difficult odds
 Tolerance for Failure - entrepreneurs are not easily discouraged
 Creativity - entrepreneurs devise innovative ways to overcome difficult
problems and situations
 Tolerance for Ambiguity - entrepreneurs take in stride uncertainties.
 Internal Locus of Control - entrepreneurs believe they can control
their own fate

13. Starting A New Venture
 Selecting a Business Idea
 Find something you love to do and are good at doing
 Can your idea satisfy a need in the marketplace?
 Entrepreneurs must be sure that the idea they
choose has interest in the marketplace
Business Plan

14. Approaches to Entrepreneurship Development
 a. The selective method/ approach
 b. The shotgun Approach Marketing
strategy whereby (in contrast to rifle approach)
the aim is to cover as wide an area or population as
possible.
 c. The multiplier method
 d. Intervention as an approach

15. Food Industry
 If there is an industry that is unlikely to go down,
it is probably the food industry. Regardless of the
economic situation, weather or whatsoever,
people must eat. People might stop buying clothes
and jewelries but they will never stop eating. Also,
this is a business you can start in any locality or
region; whether Nigeria, Canada, USA, U.K,
Ghana, India, Singapore, etc. So if you are
interested in starting a food business, below are
some food business ideas to help you start or
expand your existing food business

16. Ideas!
 Food Producer
 Restaurant
 Food Processing
 Frozen Foods
 Organic Foods
 Food on wheels
 Weight Loss or Dietary Foods
 Baking or Cooking Lessons
 Food Blogging

17. Ten ways to find and test your food business idea
Here are ten places to start finding and testing your ideas for a food business.
1. Ask your local deli or farm shop what they would like to see on their shelves.
2. Social media – get on Twitter, Facebook and YouTube and ask people what
they’re interested in. Upload photos and videos of different food ideas you’ve
had and see which get the warmest response.
3. The media: TV, magazines and newspapers are a good indication of current food
trends. Listen to The Food Programme on BBC Radio Q, and check out great
food bloggers.
4. How can you improve upon existing products? Think in terms of
flavour and nutrition. Both are big selling points.
5. Attend food networking events, go to food shows, festivals, farmers’ markets.
Get to know local producers and feed off their enthusiasm.
6. Discover new ingredients in speciality shops and delis.
7. Make a list of everyday food and drink and think about how you could improve
on it. Do the same for your favourite meals – both homecooked and from
restaurants.
8. Explore the science of nutrition in a short course.
9. Sign up for advanced-level cookery lessons.
10. Ask family and friends. (And experiment on family and friends!)

18. Making “Roti” your “Rozi Roti”

19. QUIZ

21. References
 Smallfoodbiz.com
 Technorati.com
 www.purdue.edu

22. Thank you for your patient listening
Queries are welcome.