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An entrepreneur is an individual who creates a new business, bearing 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/or procedures. CHARACTERISTICS OF ENTREPRENEURS
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- LEARNING OBJECTIVES
- INTRODUCTION
- THE CONCEPT OF ENTREPRENEURSHIP
- 1. Systematic Activity: Entrepre-
- 2. Lawful and Purposeful Activity:
- 4. Organisation of Production:
- RELATIONSHIP BETWEEN ENTREPRENEURSHIP AND MANAGEMENT
- NEED FOR ENTREPRENEURSHIP
- FUNCTIONS OF ENTREPRENEURS IN RELATION TO ECONOMIC DEVELOPMENT
- 1. Contribution to GDP: Increase in
- 3. Generation of Employment: Every
- 4. Generation of Business Opportunities for Others: Every new
- 5. Improvement in Economic
- 6. Increasing the Spectrum and Scope of Economic Activities:
- Small-Scale Entrepreneurship among Marginalised Groups in India
- 7. Impact on Local Communities:
- 8. Fostering the Spirit of Exploration, Experimentation and Daring:
- ROLE OF ENTREPRENEURS IN RELATION TO THEIR ENTERPRISE
- 13. Introducing new production techniques and products.
- Identification of Specific Product
- Feasibility Analysis: The product
- Proforma Country-Product Matrix
- THE PROCESS OF ENTREPRENEURSHIP DEVELOPMENT
- Aspects of Feasibility Analysis
- THE ROLE OF THE INDIVIDUAL IN ENTREPRENEURSHIP DEVELOPMENT
- Business Plan
- ENTREPRENEURIAL COMPETENCIES
- The term ‘competence’ refers to a composite of knowledge, skills and a host of psychosocial attributes (including Attitudes and Motivation that
- The Role of Environment in Entrepreneurship Development
- Sees and Acts on Opportunities: A
- Systematic Planning: Breaking up
- Information seeking: Knowing and
- Concern for High Quality of Work:
- Commitment to Work Contract:
- Cash or KASH
- Concern for Employee Welfare:
- ENTREPRENEURIAL MOTIVATION
- Need for Achievement (N-Ach.): Need
- Need for Power (N-Pow): Need for
- How N-Ach. Drives Economic and Entrepreneurship Development
- Need for Affiliation (N-Aff.): Often you
- Need for Autonomy (N-Aut.): The
- ENTREPRENEURIAL VALUES AND ATTITUDES
- Entrepreneurship for Preserving Personal Work Ethos
- KEY TERMS
- SUMMARY
- Multiple choice questions
- Short answer questions
- Long answer questions
- Application question
- Question
- Project Work
After studying this chapter, you should be able to: Ø state the meaning of the terms, ‘entrepreneur,’ ‘entrepreneurship’ and ‘enterprise’; Ø distinguish between entrepreneurship and management and discuss the characteristics of entrepreneurship; Ø explain the need for entrepreneurship; Ø describe the roles and functions of the entrepreneurs; Ø iden...
Entrepreneurship is the process of setting up one’s own business as distinct from pursuing any other economic activity, be it employment or practising some profession. The person who set-up his business is called an entrepreneur. The output of the process, that is, the business unit is called an enterprise. You may invoke ‘subject-verb-object (SVO)...
You are aware that entrepreneurship is regarded as one of the four major factors of production, the other three being land, labour and capital. However, it should surprise you that as regards its French origin, the term ‘entrepreneurship’ (derived from the verb ‘entreprende’ meaning ‘to undertake’) pertained not to economics but to undertaking of m...
neurship is not a mysterious gift or Nurturing Success charm and something that happens by chance! It is a systematic, step-by-step and purposeful activity. It has certain temperamental, skill and other knowledge and competency requirements that can be acquired, learnt and developed, both by formal educational and vocational training as well as by ...
The object of entrepreneurship is lawful business. It is important to take note of this as one may try to legitimise unlawful actions as entrepreneurship on the grounds that just as entrepreneurship entails risk, so does illicit businesses. Purpose of entrepre-neurship is creation of value for personal profit and social gain. 3. Innovation: From th...
Production, implying creation of form, place, time personal utility, requires the combined utilisation of diverse factors of production, land, labour, capital and technology. Entrepreneur, in response to a perceived business opportunity mobilises these resources into a productive enterprise or firm. It may be pointed out that the entrepreneur may n...
Entrepreneurship is about business start-ups and renewals. That is, it appears at the time of starting a new business, disappears for some time in the course of stabilising the venture as an on-going business and reappears in case there is a need for introducing changes in product, market, technology, structure and so on. In fact, it is said that e...
Every country, whether developed or developing, needs entrepreneurs. Whereas, a developing country needs entrepreneurs to initiate the process of development, the developed one needs entrepreneurship to sustain it. In the present Indian context, where on the one hand, employment opportunities in public sector and large-scale sector are shrinking, a...
You are aware that entrepreneurs “organise” the production process. In the absence this function, all other resources, namely land, labour and capital would remain idle. They may not be inventing/discovering the products, their role in commercial exploitation of the advancements in science and technology via organisation of the productive apparatus...
the Gross Domestic Product or GDP is the most common definition of economic development. You are aware that income is generated in the process of production. So, entrepreneurs generate income via organisation of production be it agriculture, manufacturing or services. You are also aware that income generated is distributed among the factors of prod...
new business is a source of employment to people with different abilities, skills and qualifications. As such entrepreneurship becomes a source of livelihood to those who do neither have capital to earn interest on nor have the land to earn rent . In fact, what they earn is not only a livelihood or means of sustenance but also a lifestyle for thems...
business creates opportunities for the suppliers of inputs (this is referred to as backward linkages) and the marketers of the output (what is referred to as forward linkages). As a pen manufacturer you would create opportunities for refill manufacturers as well as wholesalers and retailers of stationery products. These immediate linkages induce fu...
Efficiency: You are aware that efficiency means to have greater output from the same input. Entrepreneurs improve economic efficiency by, Improving processes, reducing wastes, increasing yield ,and, Bringing about technical progress, that is, by altering labour-capital ratios. You are aware that if labour is provided with good implements (capital),...
Development does not merely mean ‘more’ and ‘better’ of the existing, it also and more crucially means diversification of economic activities– across the geographic, sectoral and technological scope. You are aware that underdeveloped countries are caught in the vicious cycles on the demand as well as supply side. Entrepreneurs penetrate into and br...
Source: Third Census of Small Scale Industries in India, Ministry of Small Scale Industries, Government of India about sectoral change. You must be aware that as the economies grow, percentage of GDP originating from agriculture decreases and that originating in industry and services sectors goes up. Entrepreneurs through their decisions to divest ...
Entrepreneurship, in its natural habitat, that is, small business is a great leveler. You may see from table on marginalised groups. That small-scale entrepre-neurship enables such marginalised groups as women, SC, ST and OBC to pursue their economic dreams. As there are no entry barriers in terms of educational qualifications, entrepreneurship is ...
Economic development, among other things, requires breaking away from the shackles of traditions and beliefs that restrict growth. For example if ‘crossing the seas’ were a taboo, there would not have been international trade and the resultant economic growth.
Drawing an analogy from musicology in explaining the role of the entrepreneurs in relation to their enterprise, one may say that an entrepreneur is not only the composer of the musical score and the conductor of orchestra but also a one man band. His roles and functions get much broader in scope in a developing country context like ours. entitled ‘...
Note: The scope of the entrepreneurial functions varies with the level of economy in which the entrepreneur operates; scale of production/operations; and entrepreneurs’ comparative efficiency in utilising managerial employees. In developed countries, entrepreneurship assumes upon themselves the responsibility of introducing innovations and after so...
Offering: While the environment scan leads to the discovery of more generalised business opportunities, there is a need to zero in on to a specific product or service idea. For example, trade liberalisation since WTOs has resulted in export opportunities, but the question is what to export and where? You may be required to compile a country-product...
offering idea must be technically feasible, that is it should be possible with the available technology to convert the idea into a reality. And this should be possible at a cost that can be covered by the price it will fetch; in other words, the idea must be economically feasible too. The project cost should be within the resources available and th...
Product Differentiation to simpler, softer and safer options of employment and practice of profession. Entrepreneurial going may be tough; but then that is where the tough get going! Do not worry if presently you may find yourself short on those competencies, values and attitudes. It is just a matter of making up your mind for a career in entrepren...
Entrepreneurship does not emerge spontaneously. Rather it is the outcome of a dynamic process of interaction between the person and the environment. Ultimately the choice of entrepreneurship as a career lies with the individual, yet he must see it as a desirable as well as a feasible option. In this regard, it becomes imperative to look at both the...
entrepreneurial activity. (Can you think why it is so?) Moderately low external value of domestic currency or in other words, moderately lower exchange rates, stimulate import substituting and export promoting entrepre-neurship. (Can you rationalise why?). Well developed financial system, good infrastructure, helpful bureaucracy all these have a fa...
Mr. Narayan Reddy was desirous of starting a small scale industry and also had a sense of efficacy or readiness to pursue it given his qualifications,
Executive Summary Business/industry background Product/service to be offered Market analysis Sales and marketing strategy Production/operations strategy Management Risk factors Funds required Return on and off investment and exit routes Use of the sales proceeds Financial summaries Appendices, e.g., Reports on Market Survey, Financial Statements, T...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
Visit a newly started small business in your neighbourhood and interview the owner. Prepare a report on how he/she decided to start the enterprise and the difficulties he/she faced. Also include steps taken by the owner to overcome them. Discuss the findings in the class. Study the life history of great entrepreneurs, such as Dhirubai Ambani, Jamsh...
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African Development Report 2011. Entrepreneurship development is the process of . enhancing entrepreneurial skills and knowledge through structured training and institution-building programs. It aims to enlarge the base of entrepreneurs to speed up the pace at which new ventures are created. The focus is on the individual
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