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IMPORTANCE OF ENTREPRENEURSHIP

GROUP 1 ROLL NO : 10HM01 10HM12

WHO IS AN ENTREPRENEUR ?

Entrepreneur, translated from its French roots,

means "one who undertakes."

Refers to one who undertakes the organization and management of an enterprise involving independence and risk as well as the opportunity for profit.

Entrepreneurs see problems as opportunities, then take action to identify the solutions to those problems

WHAT IS ENTREPRENEURSHIP ?

Entrepreneurship is a process through which individuals identify opportunities, allocate resources, and create value.

Creation of value is often through the identification of unmet needs or through the identification of opportunities for change.

Entrepreneurial success is simply a function of the ability of an entrepreneur to see these opportunities in the marketplace, initiate change (or take advantage of change) and create value through solutions.

CHARACTERISTICS

Prepared to take risks Driven by achievement

Not put off by failure


Self motivated

Determined to stay ahead of the competition.

EXAMPLES OF INDIAN ENTREPRENEURS


Capt. G. R. Gopinath, founder of Air Deccan, vice-chairman of Kingfisher Red Dhirubhai Ambani (19332002), founder of Reliance Industries J.R.D. Tata, founder of Air India and Chairman of the Tata Group for 52 years. Jamshedji Tata (18391904), pioneering Indian industrialist, founder of the Tata Group of companies

BENEFITS OF ENTREPRENEURSHIP

Developing personal relationships Responding flexibly to problems and challenges Inventiveness and innovation Low overheads

Catering for limited or niche markets

ENTREPRENEUR : SELF DEVELOPMENT


Creative problem solving Negotiating Decision maker Networking

Holistically managing business

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Leadership and Success Are Your Birthright

IMPORTANCE OF ENTREPRENEURSHIP

1. THEY SET THE ECONOMY IN MOTION

Entrepreneurs are responsible for all economic activity outside of government: innovating, pricing, employing resources, labour, and capital goods, raising financial capital and organizing production.

2. EMPLOYMENT GENERATION

The available employment opportunities can cater

only 5 to 10 % of the unemployed.

It has been estimated that entrepreneurs have created 34 million new jobs since 1980.

3. NATIONAL INCOME

The growth in National Income of countries is often due to new product development and innovation.

4. BALANCED REGIONAL DEVELOPMENT

The growth of Industry and business leads to a lot of Public benefits like transport facilities, health, education, entertainment.

5. DISPERSAL OF ECONOMIC POWER

Entrepreneurship helps in weakening the harmful effects of monopoly.

6. BETTER STANDARDS OF LIVING

Entrepreneurs produce goods at lower cost and

supply quality goods at lower.

When the price of the commodities decreases the


consumers get the power to buy more goods for their

satisfaction.

7. EFFICIENT USE OF RESOURCES

An entrepreneur is someone who specializes in taking judgmental decisions about the coordination of scarce resources

8. NEW ARRIVALS WILL BE MORE EFFICIENT THAN THOSE THEY DISPLACE

Existing firms that are not driven out are forced to innovate and become more productive in order to compete

WHAT HAS CHANGED

1. BARRIERS TO ENTRY FALLING

We are moving towards free economy.


Free entry and more opportunities.

2. GROWTH OF SERVICES SECTOR

Service sector has grown tremendously.


Easier for entrepreneurs to start off.

3. CAREER PATTERNS AND ASPIRATIONS

More people are prepared to take the risk.


More achievement oriented.

PRODUCTIVITY

It is the measure of output/input


Production Human

Resource Productivity

INNOVATION

To renew or Change

To create entirely new one

Ex. veggibazzar.com

It is a new venture of supplying fresh vegetables to their door steps.

It started mainly to cater the needs of software professionals and elderly persons

It started in July09 in Chennai and now it is having a customer base of 9000 and 4000 regular customer.

CONCLUSION

Birth / Death of a firm and Expansion /

Downsizing of a firm is all dependent on


Entrepreneurs

Indian Economy is purely based on


Entrepreneurs

Employment Generation is basically dependent on Entrepreneurs

Productivity and Maximum utilization of man

power

Innovative thinking of an entrepreneur is the

outcome of new generation gadgets

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