ENTREPRENEURSHIP MANAGEMENT

Name –

Division –

Roll Number –

By – Prof. Deepak Asarpota

Session: 2019-2020

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ASSIGNMENT – 1 Name

1) Define the meaning of an “entrepreneur” and explain what the 10 characteristics of

an entrepreneur are.

Answer –

The word "entrepreneur" comes from the French verb entreprendre, meaning "to
undertake".

Entrepreneur is a person who set up his own business, gives job to people and take
risks in the hope of making profit. They create new opportunities by implementing new
ideas and strategies.

An entrepreneur is one who bears most of the risks and enjoying most of the
rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods,
services, and business. [Taken from Investopedia]

Characteristics of Entrepreneur –

a) Passion –
For any entrepreneur to be successful, they must have passion towards it to
accomplish it. Without passion there is no meaning for your work to do. You must be
proactive with what you do and how you do it. Entrepreneurs love what they do and
are extremely dedicated to the businesses. To be successful, you must be confident
in yourself and your business.
b) Future oriented –
They are constantly learner and future oriented. Entrepreneurs are always looking
toward the future. They are goal-oriented and know exactly what they want. They
set their goals and everything they do is aimed at achieving those goals. Having a
strong vision helps propel you toward accomplishment.
c) Empathy –
Perhaps the least discussed value in the world today is empathy or having high
emotional intelligence. Empathy is the understanding of what goes on in someone’s
mind. A good entrepreneur should know the strengths and weaknesses of every

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 employee who works under him. You must understand that it is the people who
make the business tick. You’ve got to deploy empathy towards your people. An
entrepreneur should try to understand the situation of employees. Keeping a
workplace light and happy is essential. For without empathy, an entrepreneur
cannot reach the hearts of employees nor the success he desires. Empathy is one of
the most important characteristics of an entrepreneur.
d) Risk –
They are not afraid to take risk. Without the will to explore the unknown, one can’t
discover something unique. And this uniqueness might make all the difference. Risk-
taking involves a lot of things. Using unorthodox methods is also a risk.
e) Creative –
They are creative. Entrepreneurship starts with an idea. You always need to be
thinking of new ideas and better ways of doing things to become successful. They
think outside the box and look for opportunities to come up with new solutions. Not
necessarily every idea might be a hit. But the experience obtained is gold.
f) Optimistic –
They are optimistic. Entrepreneurs always look on the bright side. They focus on how
they can do things better. Without dwelling into the past, they focus on moving
forward and moving up. When they're confronted with challenges, they see them as
opportunities. Challenges fuel entrepreneurs and make them reach higher and do
more.
g) Motivated –
They are always motivated. Because of their strong passion and dedication in their
work they are always willing to put more efforts and because they are free to take
their own decisions they always feel motivated.
h) Leadership –
They have leadership skills. Entrepreneurs not only lead themselves, but they are
also skilled at leading others. They know the importance of teamwork, and they
understand the need to appreciate others, support them.
i) Responsibility –
They take all responsibilities. Rather than viewing a problem as someone else’s
responsibility, an entrepreneur own it and works to find a solution that will leave the

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 things in better shape than they were.
j) Vision -
They have proper vision to set any business. They forecast the future position of
business and take company to new level.
k) Self Belief –
They have self belief. They believe in their own actions and strategies.

2) Write short notes on any two:

a) Franchising as a quick start route
b) Raising capital for an entrepreneurship business
c) Creativity in entrepreneurship
d) Self confidence in entrepreneurship
e) Reducing risk in an entrepreneurship business

Answer –

c) Creativity in entrepreneurship -
Creativity helps to develop new ways and to optimize the business. Creativity
allows a person to develop interesting processes. Entrepreneurship is considered the
key factor toward economic development. Creativity isn’t just about coming up with
ideas. It’s about being able to adapt to new circumstances and find solutions as
problems arise. Entrepreneurs are able to create more opportunities in industry,
providing more employment options and to have a positive impact on per capital
income, revenue generation, lifestyle, etc.

Creativity leads to success by -

1) Creating new ideas –

When an entrepreneur is able to generate a new idea that is feasible and
efficient, it gives him an edge over the competition.
2) Thinking the unthinkable –
Creativity requires imagination to produce best ideas. Imagination is needed
to think outside the box. This allows entrepreneurs to think beyond the

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 traditional solutions, come up with something new, interesting, versatile, and yet
have success potential.
3) Finding similar patterns in different areas –
Sometimes due to following a habit, the thinking process also goes along the line
of those established processes. Creativity enables people to connect dissimilar
and unrelated subjects and make successful entrepreneurial ideas. Most people
are afraid of bringing different disciplines together, but most interesting ideas
come from colliding different fields.
4) Thinking of novel ways to develop product and improve the business –
Creativity helps develop new ways of improving an existing product or service
and optimizing a business. There is always a room for improvement and it is the
creative entrepreneur who can assess how to do it.

d) Self confidence in entrepreneurship –

Self confidence is a key entrepreneurial skill for success. Self-confidence is

concerned with how a person feels about his ability. A successful entrepreneur
believes in his abilities. He is not scared to take risk and take difficult decisions.
Sometimes you may lack confidence at work for a variety of reasons. Maybe your
employer’s expectations are too high, or you don’t have required skills. These factors
can impact your self-confidence, leaving you with a feeling that you’re unable or
unqualified to do your job. Unfortunately, at some point in our career, most of us
have had to deal with a lack of confidence. Truth is, no one is born with confidence.

You can grow confidence at work if you apply the following tips –

1) Stay Focused –
As an entrepreneur you will need to be focused on you important tasks. If you
lose your focus, you will lose your entrepreneurial career. Do not expend your
energy worrying about what others think of you. Regardless of the politics, non-
productive office maneuvers, or what the rumor will say, channel your energy
into doing time-honored productive work and striving for success in the
workplace.

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 2) Identify your strengths and weaknesses and capitalize on them –
Getting clear on your strengths and finding ways to integrate them into your
everyday life is one of the best ways to build confidence. When you make
decisions and carry out tasks from your strengths, you will be positively engaged
and energized. If there are weaknesses that impact your strength, consider
creating a plan to eliminate or minimize them. Obsessing over your weaknesses
will do no good, but by making diligent effort to address and overcome them,
you will enjoy increased confidence.
3) Develop positive attitude –
Rather than while away time discussing a specific problem, focus on how you can
provide solutions. Employees are drawn to those with a positive attitude, and it
will even rub off on your boss, ultimately projecting your confidence as you strive
to make positive energy a personal brand.
4) Monitor your successes –
Keep track of your daily successes. You can create a to-do list as you’d be more
aware of your constant accomplishments when you cross tasks off the list. You
can also keep a file of personal notes on challenges overcome, congratulatory
messages, and recognitions from inside and outside your workplace.

3) The challenges faced by women entrepreneurs are numerous in nature as compared

to their male counterparts. Justify your answer with valid explanations and your
viewpoints.

Answer –

Problems faced by women entrepreneurs are –

1. Male dominated society

2. Low risk bearing ability
3. Building a support network
4. Business mindedness
5. Safety and security
6. Family problem

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1) Male dominated society –
Male patriotism is still exists in India. The Constitution of India speaks of equality
between males and females. But, women are always looked as weak. In the
male-dominated Indian society, women are not treated equal to men. This serves
as a barrier to women to do business.
2) Low risk bearing ability –
Women in India are less educated and economically not self-dependent. All
these reduce their ability to bear risk involved in running an enterprise. Risk-
bearing is an essential quality of a successful entrepreneur. Social attitude has
also held the women back from entering into business.
3) Building a support network –
Having a robust support network is essential for entrepreneurial success, so it’s
no surprise that 48 percent of female founders report that a lack of available
advisers and mentors limits their professional growth, according to Inc. Knowing
where to find the right support network isn't always easy. A few good places to
start include women-focused networking events – such as WIN Conferences,
EWomen Network and Bizwomen events – as well as online forums and groups
created specifically for women in business, like Ellevate Network.
4) Safety and security –
This is one of the biggest problems women face nowadays. The business world is
filled with strangers and women entrepreneurs hesitate to socially interact with
them.
With the increasing crime rate, it’s become harder. This creates a strong impact
on society and even in the women’s mind also. And with time it becomes a
burden for them.
5) Family ties –
Looking after a child is the considered as the main responsibility of a married
woman. A married woman has to maintain balance between her work and
family. Due to her involvement in family, she is left with no energy and time to
devote to the business. Therefore, it’s essential to understand that men are also
quite capable of handling family responsibilities, and they should share such
duties to resolve this obstacle.

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Views –

Women entrepreneurship in India faces many challenges and requires a radical

change in attitudes and mindsets of society. Therefore, programs should be designed to
address changes in attitude and mindset of the people. It is important to promote
entrepreneurship among women to improve the economic situation of the women. This can
be made possible with the help of education as education is a powerful tool in bringing out
the entrepreneurship qualities in a human being.

Moreover, attempts to motivate inspire and assist women entrepreneurs should be

made at all possible levels. Proper training should be given to the women by establishing
training institutes that can enhance their level of work-knowledge, risk-taking abilities,
enhancing their capabilities. After setting up training institutes, there should be continuous
monitoring, improvement of training programs so that they can improve upon the quality of
the entrepreneurs being produced in the country.

Undoubtedly the women participation rate in the field of entrepreneurship is increasing

rapidly. However, efforts need to be taken at larger scale to give the position in the field of
entrepreneurship that they deserve. The actions & steps that have been taken by the
government sponsored development activities have benefited only small strata of society
and more needs to be done in this area. Effective steps need to be taken to have
entrepreneurial awareness and skill development to women.

4) What do you understand by the concepts of “Intrapreneurship”, “Entrepreneurship”

and a “Manager”? Explain in brief any four differences between the three.

Answer –

a) Intrapreneurship –
Basically, intrapreneur is an employee. Intrapreneurship is act of behaving like an
entrepreneur while working in the large organization. Intrapreneurship is known as
the practice of a corporate management style that integrates risk-taking and
innovation approaches.

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 1) Meaning –
Intrepreneur is employee who promotes innovations within the limits of the
organization.
2) Focus –
Focus on new products and geographies, crowd sourcing and recruitment.
3) Motivation –
Mentoring, training and innovation lead motivation.
4) Reward –
Attractive salary, promotion and incentives are the rewards.
5) Failure and mistakes –
Attempts to hide risky projects from view until it become ready.

b) Entrepreneurship –
It is a process of developing and designing of business with risk involved in the
process.
1) Meaning –
Entrepreneur is visionary and bears all financial risks.
2) Focus –
Focus on standing and expanding the business ideas.
3) Motivation –
Key motivation is own achievements.
4) Reward –
Reward for all the efforts is profit he earns from employees.
5) Failure and mistakes –
Deal with mistakes and failures.

c) Manager –
Manager is a person who takes all responsibilities of the company to guide his
employees and assigning their work. He is also responsible for administering and
controlling the activities within the organization.
1) Meaning –
Manager works for salary and does not have to bear much risk.

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2) Focus –
Focus on daily smooth functioning of the business.
3) Motivation –
Manager’s motivation comes from the power which comes with their
positions.
4) Reward –
Reward is the salary he draws from the company.
5) Failure and mistakes –
Try to avoid mistakes and loss.

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