Entrepreneurship

Who is an Entrepreneur?

An Entrepreneur is a person who organises and manages a business undertaking,

assuming the risk for the sake of profit. Any person who starts and runs a
business is an entrepreneur.
Derived from French word Entreprendre, meaning to undertake.
Qualities of an Entrepreneur

Mental Ability - Intelligent Person

Organising Ability
Hard Working Ready to work for long hours
Highly disciplined
Clear Objectives
Need for high achievements
Optimistic
Risk Taking
Emotional Stability
Qualities of an Entrepreneur

Communication skills
Self-confidence
Adaptability
Positive Attitude
Functions on an Entrepreneur

Market Research
Idea Generation
Product/Service analysis
Deciding on the form of business Individual or Partnership
Determination of business objectives
Main objectives
Subsidiary objectives
Short term objectives
Long term bjectives
Functions on an Entrepreneur

Promotional formality Getting lisence, Govt. clearance, etc.

Raising capital
Providing infrastructure
Recruitment of Human Resources
Carrying out operations
Innovation
Exploration of new opportunities
Provide leadership and motivate people
Classification of Entrepreneurs

Innovator - the one who introduces a new product or a new method of

production or opens anew market or explore new source of supply of raw
material or carry out a new type of organization.
Imitator - those who imitate the successful entrepreneurs in techniques
innovated by others.
Drone entrepreneur - those who never allow any change in their production &
style of functioning. T hey never explore anything. T hey are also called
Laggards. They are pushed out of market when product loses its marketability.
Fabian Entrepreneur - are always cautious. They neither introduce new
changes nor adopt new methods invented by others. They are lazy. They follow
old customs, old method of production,techniques.
Classification of Entrepreneurs

Innovator - the one who introduces a new product or a new method of

production or opens anew market or explore new source of supply of raw
material or carry out a new type of organization.
Imitator - those who imitate the successful entrepreneurs in techniques
innovated by others.
Drone entrepreneur - those who never allow any change in their production &
style of functioning. T hey never explore anything. T hey are also called
Laggards. They are pushed out of market when product loses its marketability.
Fabian Entrepreneur - are always cautious. They neither introduce new
changes nor adopt new methods invented by others. They are lazy. They follow
old customs, old method of production,techniques.
Motivation Factors

Internal Factors
Desire
Independence
Experience
Dissatisfaction with the current job
Making the most out of the technical/professional knowledge
External Factors
Govt. grands and subsidies
Inheritance
Encouragement from people around
Motivation Factors

Financial assistance from various institutions

Availability of resources