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    Entrepreneurship Module 1 PPT 1

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    Midhun George Varghese
    An entrepreneur is an innovator who introduces new products, services, or processes. They take on the risk of developing new markets or methods of production. Entrepreneurship involves developing, managing, and growing a business for profit. Entrepreneurs drive economic development by perceiving new opportunities and mobilizing resources to pursue them, despite risks of failure. They take initiative and establish new organizations to bring innovations to consumers.

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    Entrepreneurship Module 1 PPT 1

    Uploaded by

    Midhun George Varghese
    47 views17 pages
    An entrepreneur is an innovator who introduces new products, services, or processes. They take on the risk of developing new markets or methods of production. Entrepreneurship involves developing, managing, and growing a business for profit. Entrepreneurs drive economic development by perceiving new opportunities and mobilizing resources to pursue them, despite risks of failure. They take initiative and establish new organizations to bring innovations to consumers.

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    Entrepreneurship module 1 PPT 1

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    An entrepreneur is an innovator who introduces new products, services, or processes. They take on the risk of developing new markets or methods of production. Entrepreneurship involves developing, managing, and growing a business for profit. Entrepreneurs drive economic development by perceiving new opportunities and mobilizing resources to pursue them, despite risks of failure. They take initiative and establish new organizations to bring innovations to consumers.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    47 views17 pages

    Entrepreneurship Module 1 PPT 1

    Uploaded by

    Midhun George Varghese
    An entrepreneur is an innovator who introduces new products, services, or processes. They take on the risk of developing new markets or methods of production. Entrepreneurship involves developing, managing, and growing a business for profit. Entrepreneurs drive economic development by perceiving new opportunities and mobilizing resources to pursue them, despite risks of failure. They take initiative and establish new organizations to bring innovations to consumers.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 17

    Who is an entrepreneur ?

    • An innovator who introduces something new into the economy, a new method of
    production not yet tested by the experience in the branch of manufacture
    concerned, a product with which the consumers are not familiar or of new
    markets hither-to unexploited and other similar innovations.
    Definitions

    • An agent who purchased the means of production for combination into marketable products
    (French Economist Cantillon)
    • "entrepreneur" comes from the French verb entreprendre, meaning "to undertake").
    • JB Say while defining entrepreneur laid emphasis on bringing together of the factors of
    production and the provision of continuing management as well as risk bearing.
    • Joseph Schumpeter - entrepreneur is an innovator who implements change within the markets
    through carrying out of new combinations.
    • Knight - entrepreneurs are the bearers of uncertainty and responsible for risk premiums
    in financial
    More definitons

    • Lord Swaraj Paul


    • First: Motivation beyond monetary incentives
    • Second: The ability to do work one doesn’t like as effectively as work that one does;
    • Third: Needs little sleep and takes a few holidays;
    • Fourth: Never worries about a pension
    • Fifth : Is not afraid to lower one’s standard of living”.
    Entrepreneurship

    • Entrepreneurship in a broader sense can be described as a creative and innovative


    response to the environment.
    • An organisation developed, managed and run by an entrepreneur for the motive of
    profit making is called entrepreneurship
    • Four types –
    • Small business entrepreneurship
    • Scalable startup entrepreneurship
    • Large company entrepreneurship
    • Social entrepreneurship
    Difference

    Entrepreneur •Person
    Entrepreneurship •Process
    Enterprise •Outcome
    Characteristics
    • Entrepreneurs are instrumental in initiating and sustaining socio economic development.
    • Entrepreneurs discover new sources of supply of materials and markets and they
    establish new and more effective forms of organizations.
    • Entrepreneurs perceive new opportunities and seize them with super normal will power
    and energy essential to overcome the resistance that social environment offers.
    • Even though the risk of failure is always present, entrepreneurs take risks by assuming
    responsibility for their actions.

    • Entrepreneurial journey is one of being with the right product and


    right service at the right time in the right manner
    Entrepreneurial origins
    • Entrepreneurial journey is one of being with the right product and right
    service at the right time in the right manner
    • There are two expectations out of a good entrepreneurial journey, we should
    have the ability to expand an existing market or create a new market. Or,
    develop an emerging market.
    • It is the entrepreneur’s passion that develops the entrepreneurial firm on its
    growth path.
    • Established firms also could be very entrepreneurial in the way in which they
    have set up their companies or the way they have grown their companies.
    Developing an emerging market
    Steel industry – Jamshetji Tata L&T
    Entrepreneurs vs Intrapreneurs
    • Entrepreneur is a person who sets up business/businesses, taking financial
    risks in the hope of extending innovative solutions to the problems of the
    world.
    • Intrapreneur is an employee who also promotes and accelerates innovation –
    but within the limits of his/her organization.
    Entreprenuerial firms vs Start ups
    Entrepreneurs Startups
    Takes Risks while setting up business Takes risks while setting up business
    Not always based on new technology Almost always based on new technology
    Seek to segment/or expand new markets Seek to create new markets
    Entrepreneur and innovation
    • As per Peter F. Drucker, famous management Guru: “Innovation is
    the specific tool of the entrepreneur” and “business has only two
    basic functions – marketing and innovation.”
    • Innovations can be broadly categorised into two categories:
    Technical or product innovations
    Business process innovations
    Creativity and innovation
    • According to Schumpeter innovation may occur in
    the following form:
    • Introduction of new goods
    • The use of new methods of production
    • The opening of a new market
    • The conquest of a new source of supply of raw
    material.
    • The reorganization of any industry.
    Induced innovations
    • Innovations which respond to need and economic conditions are called as
    Induced Innovations. Inventors, investors, and researchers put effort and
    money into solving burning problems, and that leads to innovations. Examples
    can be:
    • Labor shortages led to mechanized equipment.
    • Drought conditions led to improved irrigation.
    • Energy crises led to higher efficiency cars.
    • Farmers’ cooperatives were established during periods of excessive low farm
    prices.
    • Environmental regulations trigger cleaner technologies.

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