An entrepreneur is defined as someone who sets up a business or enterprise and takes risks in order to achieve profits and growth. They identify opportunities and assemble resources to capitalize on them. Key characteristics of entrepreneurs include a desire for responsibility, risk-taking, confidence, and a future orientation. Entrepreneurship provides employment, distributes wealth more widely, stimulates innovation and economic development. Factors that support entrepreneurship include education, infrastructure, access to financing, and policies that promote and protect new businesses.

1. Who is an entrepreneur? Entrepreneur is the person responsible for setting up a business or an enterprise. He takes the initiative, is innovative, and looks for high achievements. He is a change agent who puts up new projects that create wealth, open up employment opportunities and leads to the growth of the sector. One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them. Entrepreneurship

2. Workshop on Entrepreneurship Prepared from the works of good hearted people who ventured to document their experience and findings Entrepreneurship

3. Definitions The entrepreneur is an individual who introduces something new in the economy- a new production method, a new product, a new source of raw material, a new market etc. - Joseph Schumpeter. An entrepreneur is the one who always searches for change, responds to it and exploits it as an opportunity. Innovation is a specific tool by which he exploits change as an opportunity, for a business or service. - Peter Drucker A true entrepreneur is the one who is endowed with more than average capacity in the task of organising and coordinating the various other factors of production. – Francis Walker Entrepreneurship

4. Characteristics/Attributes of Entrepreneurs Desire for responsibility Preference for moderate risk Confidence in their ability to succeed Desire for immediate feedback High level of energy Future orientation Skilled at organizing Value achievement over money Entrepreneurship

5. Entrepreneurship The ‘Type E’ Personality Common Traits of Entrepreneurs: Aggressively pursues goals; pushes self and others Seeks autonomy, independence and freedom from boundaries Sends consistent messages; very focused Acts quickly, often without deliberating Keeps distance and maintains objectivity Pursues simple, practical solutions Willing to take risks; comfortable with uncertainty Exhibits clear opinions and values; has high expectations Impatient; “just do it” mentality Positive, upbeat, optimistic; communicates confidence

6. What is entrepreneurship? It is the propensity of mind to take calculated risks with confidence to achieve a pre determined business or industrial objective Entrepreneurship Entrepreneur Entrepreneurship Person Object Enterprise Process of action

7. Entrepreneurship and developing countries like Sri Lanka The potential of economic development remains dormant because of undeveloped or underdeveloped human resources. In fact, man is much more crucial to development than any other economic factors. The sufficiency of other resources alone, does not lead us anywhere. Resources to be developed may exist in plenty but if development-linked human minds are absent, hardly any economic development will take place. While human skills include manufacturing, technical, supervisory, managerial, administrative and entrepreneurial competence, it is the entrepreneurial quality, which is a key ingredient. It often sets the limit to the degree of industrial development and the speed with which it can be achieved in a particular country or region. Entrepreneurship

8. Barriers to entrepreneurship Lack of a viable concept Lack of market knowledge Lack of technical skills Lack of seed capital/resources Lack of business know how Lack of sufficient infrastructure Complacency Restrictive effects of customs and traditions Legal constraints Monopoly Restrictions due to patents Entrepreneurship

9. Intrapreneur He is the one who innovates and turns the idea into a profitable reality, within the framework of an organization It is necessary that an organization has a conducive environment to encourage intrapreneurs Characteristics of a conducive intrapreneurial environment are: Encouragement to innovation and experimentation Freely available resources Measurable rewards Flexibility to alter plans Long time horizon to measure success Top management support Entrepreneurship

10. Entrepreneurship Advantages of Entrepreneurship

11. To an Individual Self Employment Employment for near & dear ones Prolonged career for next generations Freedom to use own ideas - Innovation and creativity Unlimited income / higher retained income Independence Satisfaction Entrepreneurship

12. To the Nation Provides larger employment Results in wider distribution of wealth Mobilizes local resources, skills and savings Accelerates the pace of economic development Reap the benefits of the peace Stimulates innovation & efficiency Entrepreneurship

13. Factors favouring Entrepreneurship Growth of education- science, technology & management Developed infrastructure facilities Financial assistance Training facilities Protective and promotional policies Globalization Entreprenership

14. Entrepreneurship and Economic Development Entrepreneurs combine resources, put their time and efforts and produce goods or services What they contribute – productivity, output, value addition, income and employment Entrepreneurship is a “Low Cost Strategy”. Entrepreneurs perform the crucial role themselves The spirit of Entrepreneurship – Drive, achieving higher goals, creativity, innovative attitude. A dynamic society emerges and the spirit spreads like a chain reaction. Entrepreneurship

15. Entrepreneurship and Management Students Enterprises in protected economy can be mismanaged Enterprises in competitive environment are essentially to be managed A Management Graduate is a person trained to manage an enterprise. Naturally, he will deliver the best results A Management Graduate should not be just a Job Seeker. He can and should take the role of Job Provider Experience confirms that more Management Graduates take Entrepreneurial Role (after some experience) and their income is higher than their colleagues who are in job ( In Sri Lanka the percentage of Management Graduates who venture into business is dismally low. They prefer working for some one, but that trend is changing now. It is good news???) Entrepreneurship Management

16. Entrepreneurial Decision Process Pull Factors Perception of Advantages Spotting an Opportunity Government Policies Motivation from Biographies or Success Stories Influenced by Culture, Community, Family Background, Teachers, Peers, etc. Push Factors Job Dissatisfaction Relocation Lay-off Retirement Boredom Entrepreneurship

17. Comparison of Traditional Managers, Entrepreneurs and Intrapreneurs Entrepreneurship Management Traditional Managers Entrepreneurs Intrapreneurs Primary motives Perks and promotion Self-employment, satisfaction and money Creative freedom and recognition Time Orientation Short-term – meeting quotas and budgets; weekly, monthly, quarterly and the annual planning horizon Short-term –business establishment; Long-term – growth of business Tend to follow the middle path

18. Entrepreneurship Management Traditional Managers Entrepreneurs Intrapreneurs Activity Delegates and supervises Direct involvement Direct involvement , not merely delegation Risk Careful Moderate risk taker Moderate risk taker Monetary Risk Nil High Nil Status Concerned about status Not concerned about status Not concerned about traditional status Failure and mistakes Tries to avoid mistakes Deals with mistakes and failures Attempts to hide risky projects from view until ready

19. Entrepreneurship Traditional Managers Entrepreneurs Intrapreneurs Decisions Like to take their own but unable to disagree with superiors Follows dream with decisions Able to get others to agree to help achieve their dreams Serves who? Others Self and customers Self, customers, and sponsors Family history Family members worked for large organizations Entrepreneurial small-business, professional Entrepreneurial small-business, professional Relationship with others Hierarchy as basic relationship Transactions and deal-making as basic relationship Transactions within hierarchy

20. If you want to be an entrepreneur It is not too late . You can start . Entrepreneurship

21. You have one more task ! This is a presentation done by Maxwell Ranasinghe to Students of the Final Year in the Department of Marketing at the University of Kelaniya. Please develop it further with your own insight, knowledge and experience, share with your friends and members of your staff. Send comments to. I used a presentation made by a person called Swarupa to develop and adjust according to our requirements. So I claim no copyright to this. The knowledge is universal, we need to share it for the common benefit.

22. So act now and send it to many friends as possible AS A CHAIN LETTER.( you may have been part of sending many mythological, time wasting, illogical chain letters but send this, it will at least help another fellow Sri Lankan to be an entrepreneur) We, Sri Lankans need a big change in this attitudes more than any other thing. Good luck ………… Entrepreneurship Management

23. Assignment for Students Choose an entrepreneur as a case study. Understand his qualities/characteristics Factors that introduced him to entrepreneurship-push/pull Environment conditions (political, social etc)- favorable/unfavourable Process of starting a business venture; use of innovation and creativity Details of the enterprise, product/service provided Path to success-overcoming failures, problems faced, major milestones. SWOT of the organization/business in general; Recommendations if any for the future sustenance and growth Entrepreneurship