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    Entr CH 1

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    84kaveri86
    A person who exhibits the characteristics of self-development, creativity, selfdecision making and risk-taking can be rightly called as an entrepreneur. Entrepreneurship provides numerous opportunities for self-expression and realization of onePs passion for doing something new and different. Entrepreneur enjoys the power of decision-making. Reward of working on onePs own leads to immense satisfaction.

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    Entr CH 1

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    A person who exhibits the characteristics of self-development, creativity, selfdecision making and risk-taking can be rightly called as an entrepreneur. Entrepreneurship provides numerous opportunities for self-expression and realization of onePs passion for doing something new and different. Entrepreneur enjoys the power of decision-making. Reward of working on onePs own leads to immense satisfaction.

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    A person who exhibits the characteristics of self-development, creativity, selfdecision making and risk-taking can be rightly called as an entrepreneur. Entrepreneurship provides numerous opportunities for self-expression and realization of onePs passion for doing something new and different. Entrepreneur enjoys the power of decision-making. Reward of working on onePs own leads to immense satisfaction.

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    Attribution Non-Commercial (BY-NC)
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    Download as ppt, pdf, or txt
    791 views7 pages

    Entr CH 1

    Uploaded by

    84kaveri86
    A person who exhibits the characteristics of self-development, creativity, selfdecision making and risk-taking can be rightly called as an entrepreneur. Entrepreneurship provides numerous opportunities for self-expression and realization of onePs passion for doing something new and different. Entrepreneur enjoys the power of decision-making. Reward of working on onePs own leads to immense satisfaction.

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    Part I : Introduction to Entrepreneurship

    C1 Introduction to Entrepreneurship

    Chapte
    1 r
    Introduction to
    Entrepreneurship

    Copyright © 2008, Madhurima Lall, Shikha Sahai

    1– 1 Entrepreneurship (2nd Edition) Madhurima Lall, Shikha Sahai Excel Books


    Part I : Introduction to Entrepreneurship
    C1 Introduction to Entrepreneurship

    Meaning and Concept


    Anyone who exhibits the characteristics of self-development, creativity, self-
    decision making and risk-taking can be rightly called as a person with
    entrepreneurial traits. When these traits are exhibited by a person running a
    business he can rightly be called an entrepreneur.
    Entrepreneurship:
     It provides numerous opportunities for self-expression and realization of
    one’s passion for doing something new and different.
     There are numerous opportunities for growth and self-development.
     Monetary rewards are greater.
     Entrepreneur enjoys the power of decision-making.
     Reward of working on one’s own leads to immense satisfaction.
    Entrepreneurship leads to increase in the national income of the country and
    enhances its economic development.
    Copyright © 2008, Madhurima Lall, Shikha Sahai

    1– 2 Entrepreneurship (2nd Edition) Madhurima Lall, Shikha Sahai Excel Books


    Part I : Introduction to Entrepreneurship
    C1 Introduction to Entrepreneurship

    DEFINITION OF AN ENTREPRENEUR
    According to the dictionary the word “Entrepreneur” can be defined as “one
    who reorganizes and manages only enterprise specially involving high risk”.

    THE CHANGING DEFINITION OF ENTREPERENEUR/ENTREPRENEURSHIP


    1755 Cantillon “A person bearing risk”
    1800 Say “Agent combining all factors of production”
    1921 Knight “Recipient of pure profits”
    1930 Weber Innovator
    1934 Joseph Schumpter “Ability to identify new opportunities”

    Kirzner “Contributes to movement towards equilibrium by pursuing


    1973 opportunities through equilibrium”
    “Judgment decision maker in co-coordinating scarce
    1982 Mark Casson resources”
    1987 Stevenson & Sahlman “The relentless pursuit of opportunity”
    1990 Gartner “Actions taken to create organization”
    1991 Bygrave & Hofer “Characteristics of the entrepreneurial process”

    Copyright © 2008, Madhurima Lall, Shikha Sahai

    1– 3 Entrepreneurship (2nd Edition) Madhurima Lall, Shikha Sahai Excel Books


    Part I : Introduction to Entrepreneurship
    C1 Introduction to Entrepreneurship

    Characteristics of an Entrepreneur
     Vision
     Knowledge
     Desire to succeed
     Independence
     Optimism
     Value Addition
     Leadership
     Hardworking
     Desire to have control over their own fate
     Risk-Taking Ability
    Copyright © 2008, Madhurima Lall, Shikha Sahai

    1– 4 Entrepreneurship (2nd Edition) Madhurima Lall, Shikha Sahai Excel Books


    Part I : Introduction to Entrepreneurship
    C1 Introduction to Entrepreneurship

    How do Entrepreneurs View Risk


    Entrepreneurs do not shoot in dark, they are not gamblers, Yes they do take
    risks but only calculated risks.
    The type of risks that entrepreneur take can be categorized into the
    following:
    a) Career Risk
    b) Financial Risk
    c) Psychological Risk

    Copyright © 2008, Madhurima Lall, Shikha Sahai

    1– 5 Entrepreneurship (2nd Edition) Madhurima Lall, Shikha Sahai Excel Books


    Part I : Introduction to Entrepreneurship
    C1 Introduction to Entrepreneurship

    Entrepreneurial Process

    IDENTIFY AN OPPORTUNITY

    ESTABLISH VISION

    PERSUADE OTHERS

    Financial

    GATHER RESOURCES Operating


    Human
    information
    CREAT NEW VENTURE,
    PRODUCT OR MARKET

    CHANGE / ADAPT WITH TIME

    Copyright © 2008, Madhurima Lall, Shikha Sahai

    1– 6 Entrepreneurship (2nd Edition) Madhurima Lall, Shikha Sahai Excel Books


    Part I : Introduction to Entrepreneurship
    C1 Introduction to Entrepreneurship

    The Scope of Entrepreneurship in India


    In developing economies like that of India, the scope and need of
    entrepreneurship are higher. The reasons are many. Unemployment, disguised
    employment and underemployment, poverty are growing in the developing
    nations and entrepreneurship can be an answer to all of them as
    entrepreneurship not only provides employment and source of earning to the
    entrepreneur but to all those who become associated with the business
    enterprise. Moreover, the increase in the number of entrepreneurs can reduce
    the monopoly of rich businessmen and lead to balanced regional development
    and growth of the entire economy.

    Copyright © 2008, Madhurima Lall, Shikha Sahai

    1– 7 Entrepreneurship (2nd Edition) Madhurima Lall, Shikha Sahai Excel Books

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