This document outlines the syllabus for the course "Entrepreneurship Development (II Year / III Sem)" including 4 units: 1) Entrepreneurial Competence, 2) Entrepreneurial Environment, 3) Business Plan Preparation, and 4) Management of Small Business. It provides notes on key topics within Unit 1 including definitions of entrepreneur and entrepreneurship, types of entrepreneurs, distinguishing entrepreneurs from managers, and characteristics of successful entrepreneurs.
The document discusses different classifications and types of entrepreneurs. It describes entrepreneurs as those who make things happen by bringing together resources to capitalize on opportunities. The document outlines several classifications of entrepreneurs including innovative vs imitative entrepreneurs based on their willingness to take risks and try new ideas. Entrepreneurs are also classified based on their motivations, the type of businesses they start, and whether they focus more on production or marketing.
An intrapreneur is someone who takes an entrepreneurial approach within an organization. They work within the organization's constraints to affect change through intrapreneurship. Intrapreneurs exist at all levels of organizations and work to create new ideas and options through a flexible approach, taking on responsibilities and involving others in the decision-making process. They aim to continuously learn new skills and take moderate risks to drive organizational change.
This document lists various entrepreneurship support programs offered by major commercial banks in India, including the Small Industries Development Bank of India (SIDBI), Housing Development Finance Corporation (HDFC), Industrial Credit and Investment Corporation of India (ICICI), Industrial Development Bank of India (IDBI), Allahabad Bank, and State Bank of India. It provides brief descriptions of financing schemes, loans, and other initiatives supported by each bank to promote small and medium enterprises.
1) Industrial disputes mainly arise between employers and employees regarding employment issues like wages, hours, terms of employment.
2) Causes of industrial disputes include industrial factors like dismissal or wages; management attitude like unwillingness to negotiate; issues with government machinery; and other factors like political instability.
3) Preventive measures for industrial disputes include appointing welfare officers, establishing tripartite and bipartite bodies for consultation, implementing standing orders to regulate employment conditions, having grievance procedures to address employee issues, and engaging in collective bargaining between unions and management.
Small Industries Development Corporations (SIDCOs) are state-owned agencies established in Indian states to promote small-scale industries. SIDCOs aim to stimulate growth in small industries by providing infrastructure like roads, electricity, and water, as well as developing industrial estates with production sheds and facilities. They also offer technical training and help establish skills training institutes. SIDCOs undertake activities from industry installation to production start-up, such as supplying raw materials, marketing assistance, export help, and financing. Their assistance has helped develop previously backward areas and spread industry throughout states.
Dr. R.Kalaivani from the Department of Biotechnology at Bon Secours College for Women in TamilNadu presented on key factors related to entrepreneurship. Some factors discussed included self-efficacy, education level, technology transfer, and societal culture. Political factors like legal restrictions and market forces such as industry structure and barriers to entry can influence entrepreneurial opportunities. Successful entrepreneurship requires arrangements for funding and resources, the willingness to commit and take risks, and the necessary abilities including skills, knowledge, and experience. Competitive strategies, independence, institutional support, and innovation clusters within an entrepreneurial ecosystem are also important.
The document discusses entrepreneurship development. It defines an entrepreneur as someone who sets up a business or enterprise and drives economic growth through innovation, job creation, and growing other sectors. Entrepreneurs undertake risks and perceive opportunities to invest profitably. The document outlines characteristics of successful entrepreneurs like intelligence, creativity, clear objectives, technical knowledge, and strong communication, administrative and human relations skills. It categorizes entrepreneurs based on the type of business, use of skills, motivation levels, and stage of development.
This document summarizes key aspects of entrepreneurship from Chapter 1. It discusses how entrepreneurs take initiative by bundling resources innovatively while bearing risk and uncertainty. The entrepreneurial process involves identifying opportunities based on market size and window of opportunity. Entrepreneurs think differently than others by effectuating based on available resources and selecting outcomes. They learn from failure through an emotional recovery process of loss-orientation and restoration-orientation. Entrepreneurship drives economic development through innovation in products that evolve from iterative synthesis of knowledge and social needs.
This document provides an overview of the merchant banking sector in India. It discusses the evolution of merchant banking in India since 1969. It defines the key terms like merchant banking and investment banking. It describes the various functions of merchant bankers like corporate counseling, project counseling, issue management, portfolio management etc. It also discusses the regulatory framework for merchant bankers in India as laid out by SEBI, including the categories of merchant bankers and their capital adequacy requirements. In conclusion, it discusses some recent developments and challenges in the Indian merchant banking sector.
Traditional Indian society and its emphasis on hereditary occupations, caste system, and religious values have hindered entrepreneurship. Additionally, lack of infrastructure, enterprising mentality, capital, and training facilities present challenges. Socio-cultural factors like fatalism, rigid social norms, and resistance to change have also slowed entrepreneurial progress in India. Competition from large industrial houses and public sector further limits opportunities for new entrepreneurs.
This document provides information on leasing and hire purchasing. It defines leasing as a contract that conveys the right to use an asset for a specified period of time in exchange for rental payments. Hire purchasing allows goods to be bought through periodic installment payments, with ownership transferring after the final payment. The document discusses the participants in leasing agreements, different types of leases such as financial and operating leases, and regulations related to leasing in India. It also provides basics of hire purchasing agreements.
The document discusses different classifications and types of entrepreneurs. It describes entrepreneurs as those who make things happen by bringing together resources to capitalize on opportunities. The document outlines several classifications of entrepreneurs including innovative vs imitative entrepreneurs based on their willingness to take risks and try new ideas. Entrepreneurs are also classified based on their motivations, the type of businesses they start, and whether they focus more on production or marketing.
An intrapreneur is someone who takes an entrepreneurial approach within an organization. They work within the organization's constraints to affect change through intrapreneurship. Intrapreneurs exist at all levels of organizations and work to create new ideas and options through a flexible approach, taking on responsibilities and involving others in the decision-making process. They aim to continuously learn new skills and take moderate risks to drive organizational change.
This document lists various entrepreneurship support programs offered by major commercial banks in India, including the Small Industries Development Bank of India (SIDBI), Housing Development Finance Corporation (HDFC), Industrial Credit and Investment Corporation of India (ICICI), Industrial Development Bank of India (IDBI), Allahabad Bank, and State Bank of India. It provides brief descriptions of financing schemes, loans, and other initiatives supported by each bank to promote small and medium enterprises.
1) Industrial disputes mainly arise between employers and employees regarding employment issues like wages, hours, terms of employment.
2) Causes of industrial disputes include industrial factors like dismissal or wages; management attitude like unwillingness to negotiate; issues with government machinery; and other factors like political instability.
3) Preventive measures for industrial disputes include appointing welfare officers, establishing tripartite and bipartite bodies for consultation, implementing standing orders to regulate employment conditions, having grievance procedures to address employee issues, and engaging in collective bargaining between unions and management.
Small Industries Development Corporations (SIDCOs) are state-owned agencies established in Indian states to promote small-scale industries. SIDCOs aim to stimulate growth in small industries by providing infrastructure like roads, electricity, and water, as well as developing industrial estates with production sheds and facilities. They also offer technical training and help establish skills training institutes. SIDCOs undertake activities from industry installation to production start-up, such as supplying raw materials, marketing assistance, export help, and financing. Their assistance has helped develop previously backward areas and spread industry throughout states.
Dr. R.Kalaivani from the Department of Biotechnology at Bon Secours College for Women in TamilNadu presented on key factors related to entrepreneurship. Some factors discussed included self-efficacy, education level, technology transfer, and societal culture. Political factors like legal restrictions and market forces such as industry structure and barriers to entry can influence entrepreneurial opportunities. Successful entrepreneurship requires arrangements for funding and resources, the willingness to commit and take risks, and the necessary abilities including skills, knowledge, and experience. Competitive strategies, independence, institutional support, and innovation clusters within an entrepreneurial ecosystem are also important.
The document discusses entrepreneurship development. It defines an entrepreneur as someone who sets up a business or enterprise and drives economic growth through innovation, job creation, and growing other sectors. Entrepreneurs undertake risks and perceive opportunities to invest profitably. The document outlines characteristics of successful entrepreneurs like intelligence, creativity, clear objectives, technical knowledge, and strong communication, administrative and human relations skills. It categorizes entrepreneurs based on the type of business, use of skills, motivation levels, and stage of development.
This document summarizes key aspects of entrepreneurship from Chapter 1. It discusses how entrepreneurs take initiative by bundling resources innovatively while bearing risk and uncertainty. The entrepreneurial process involves identifying opportunities based on market size and window of opportunity. Entrepreneurs think differently than others by effectuating based on available resources and selecting outcomes. They learn from failure through an emotional recovery process of loss-orientation and restoration-orientation. Entrepreneurship drives economic development through innovation in products that evolve from iterative synthesis of knowledge and social needs.
This document discusses various types of consumer and commercial financing services provided by banks and financial institutions. It begins by defining consumer credit as financing provided to consumers for purchasing durable goods in installments. It describes the characteristics and importance of consumer credit in India. It then discusses credit cards, including their origin and types in India. Next, it covers real estate financing and factors considered. It also explains bills discounting, the discounting process, and types of bills like demand bills, usance bills, and clean bills. In summary, the document provides an overview of key consumer and commercial financing services in India including consumer credit, credit cards, real estate loans, and bill discounting.
Entrepreneurial motivation is the process of transforming an ordinary individual to a powerful businessman, who can create opportunities and helps in maximizing wealth and economic development. It is defined as various factors stimulate desires and activates enthusiasm in entrepreneurs which make them attain a particular goal. Entrepreneurship is the process of identifying strengths and opportunities which help in the realization of one’s dreams for designing, developing and running a new business by facing threats and risks effectively.
Internal factors
External factors
Need for self-actualization
Optimism
Positive attitude
Self-motivation
Enthusiasm
The document provides a history of corporate governance in India and discusses its development over time. It begins by discussing ancient Indian governance concepts from Kautilya in the 3rd century BC that were strikingly modern. In the 19th century, state laws enhanced board governance rights. Studies have found that while India has strong investor protections on paper, enforcement is a problem due to slow courts and corruption. Corporate governance gained prominence in India in the 1990s and was introduced voluntarily before becoming mandatory in the early 2000s. Reforms are ongoing to develop appropriate solutions that address India-specific challenges efficiently.
This document discusses various organizations that provide entrepreneurship development programs (EDPs) and marketing development programs (MDPs) in India, including:
- The National Institute for Entrepreneurship and Small Business Development (NIESBUD), which helps coordinate EDP activities and provides training programs.
- Small Industries Service Institutes (SISIs), which provide training programs, workshops, apprenticeships, and advice to small businesses.
- The Entrepreneurship Development Institute of India (EDI), which develops innovative training techniques and conducts EDP programs both in India and other countries.
- The Development Commissioner (Handicrafts), which assists women entrepreneurs through programs focused on
Ethics provides standards for determining right and wrong human behavior based on concepts like rights, obligations, fairness, and virtues. Accounting ethics requires accuracy and honesty when interpreting financial data to avoid intentionally misleading practices. Upholding ethical standards is important in accounting and finance to maintain integrity, credibility, and trust. Some unethical behaviors include fraud, insider trading, producing false financial statements, delaying payments, and deception. When facing ethical issues, accountants should follow their organization's policies or discuss the matter with an unbiased advisor to find an appropriate resolution.
SWTT(7th Apr 2014) Session 01
- Title: "Web Technologies on Mobile - Opportunities and Challenges"
- Speaker: Andreas Gal, Vice President of Mobile at Mozilla
You have 5 years to enjoy 25 days of stay between 15 days at Golden Swan properties and 10 days at Nature Trails properties. You also receive Rs. 5000 in food coupons for Golden Swan properties. The offer allows you to gift stay coupons to family and friends. There is also a 30% weekday room booking discount at all Golden Swan properties for 10 years, along with additional discounts. Contact information is provided to schedule appointments or ask questions about properties.
This document defines several vocabulary terms related to movies including movie star, animated, role, blockbuster, cast, thriller, and celebrities. It provides short definitions or examples for each term, such as that a movie star plays a leading role in a film like Leonardo DiCaprio, animated movies are cartoon style, a role is a character in a movie like in The Godfather, and celebrities are famous people who attend events like the Oscars.
The document outlines the course content for a Cognos TM1 online course. It describes multiple modules that examine the components of TM1, how to browse and filter cube data, contribute and manage data, create reports and templates using Active Forms, configure TM1 servers, create dimensions and cubes, load and maintain data, add business rules, automate processes using scripts, customize drill paths, and implement TM1 security. It also provides contact information for the training provider.
The Ahwaan Foundation is launching an anti-human trafficking campaign called "Ahwaan Bal Mukti Andolan" with a strategy of recognition, awareness, research, rescue, rehabilitation, and reintegration. They are holding various awareness events like street plays, rallies, and competitions. They are producing a documentary and seeking sponsors at different budget levels (Presenting Sponsor: Rs. 500,000, Co-sponsor: Rs. 300,000, Associate Sponsor: Rs. 100,000) who will receive publicity and branding benefits. The Foundation hopes individuals will help support their efforts to prevent human trafficking through this campaign.
Frank Jermusek: 5 Useful Commerical Real Estate TipsFrank Jermusek
This document provides 5 tips for purchasing commercial real estate:
1. Ask yourself questions about your needs and goals before beginning your search
2. Learn common commercial real estate terms to facilitate the process
3. Tour and carefully consider many different property options to determine what will best suit your needs
4. Hire experts like accountants, lawyers, brokers, and mortgage professionals to assist with various aspects of the process
5. Determine your financing options to ensure you can purchase your desired property
The document defines key sports terms such as athlete, coach, competition, court, defeat, fan, and player. An athlete trains and competes in a sport. A coach trains and directs athletes or teams. Competitions are organized events where people compete against each other. A court is the playing area for sports like tennis or basketball. To defeat means to win against opponents. A fan supports a particular sport, team, or player. A player participates in a sport.
The document discusses a final proposal for an art installation called "What makes your heart sing?". The installation will use various materials like pin, thread, ribbon, and personal artifacts arranged over an area of approximately 1 square meter. The goals of the installation are to foster conversation, collaboration, and creativity among viewers. It also references the concepts of participatory art and a quote about believing in the beauty of one's dreams.
A lista contém nomes de artistas e bandas cristãs de música gospel e louvor. Muitos dos nomes são de artistas e bandas populares como Hillsong United, Casting Crowns e Chris Tomlin. A lista também inclui artistas brasileiros como Marcela Gandara, Elizeu e Eliseu e Ministério Tomados pela Glória.
The document discusses linking a film trailer to ancillary products for a psychological thriller genre project. It maintains the psychological thriller genre across all parts. The trailer and ancillary products feature a protagonist in an abnormal mental state. Costumes get darker and settings more isolated and vague as the protagonist's mental state decays. Props like knives add tension. Cinematography in fast-paced trailer scenes references secretive settings in ancillary products. Sans serif fonts maintain the same effect across all parts, with language directly addressing the audience to make them think deeply about the secrecy in the trailer.
Dear Reader,
We thank you for your interest in this new magazine who, we hope for it, will know how to give you satisfaction and will can inform you on your personal projects.
This PPT is made in accordance to the references taken from the small business management course on the Sayloracademy.org The ppt provides a brief introduction to the small business world. Along with, it provides a overall angle to the various components included in a small business. The ppt is concise and in a well defined manner so as the reader finds it out interesting and understandable.
This document discusses entrepreneurship development as a common course for BCom/BBA students at the University of Calicut School of Distance Education. It covers topics such as the evolution of the concept of entrepreneur, definitions of entrepreneur and entrepreneurship, characteristics of entrepreneurs, risks involved in entrepreneurship, barriers to entrepreneurship, and factors affecting entrepreneurial growth. The document provides an overview of key concepts in entrepreneurship development.
This document discusses entrepreneurship development as a common course for BCom/BBA students at the University of Calicut School of Distance Education. It covers topics such as the evolution of the concept of entrepreneur, definitions of entrepreneur and entrepreneurship, characteristics of entrepreneurs, risks involved in entrepreneurship, barriers to entrepreneurship, and factors affecting entrepreneurial growth. The document provides an overview of key concepts in entrepreneurship development.
This document provides an overview of entrepreneurship and the role of entrepreneurs. It discusses how entrepreneurs play a key role in economic development by organizing new business ventures, taking on risks to benefit from opportunities. The document defines entrepreneurship and discusses theories from scholars like Schumpeter, Knight and Kirzner. It outlines important characteristics of successful entrepreneurs like achievement motivation, determination, risk-taking ability. It explains the roles entrepreneurs play in stimulating economic activity, driving growth, innovating to meet new needs, managing businesses, and assuming financial risks.
The document provides an introduction to the topic of entrepreneurship. It defines entrepreneurship and entrepreneurs. An entrepreneur is defined as an individual who establishes a business to introduce a new product or service and assumes the financial risks involved. Entrepreneurship is the process of identifying business opportunities and creating an organization to capitalize on those opportunities. Successful entrepreneurs possess traits like creativity, risk-taking ability, and motivation to achieve goals. E-business, or conducting business online, allows entrepreneurs to reach a global customer base and reduces some costs.
This document provides an overview of key concepts related to entrepreneurship and small business management. It discusses the concept of an entrepreneur, distinguishing them from managers. It defines entrepreneurship and lists its key characteristics, including economic activity, innovation, risk-bearing, and enterprise creation. The document also discusses types of entrepreneurs, functions of entrepreneurs, the concept of intrapreneurs, and differences between entrepreneurs and intrapreneurs. Additionally, it covers unemployment in India and the importance of wealth creation through entrepreneurship.
UNIT-I-Entrepreneurship Development BBA Sem IV.pptReena Nath
Concept of Entrepreneur, Manager, Intrapreneur
Entrepreneur and Entrepreneurship
Meaning, Definition, Evolution.
Types of Entrepreneurs, Qualities and Functions of Entrepreneur.
Factors influencing Entrepreneurship: Psychological, Social, Economical and Environmental factors.
Role of Entrepreneur in growth and development of the small business.
Problem of Unemployment and Importance of wealth creation.
The document discusses the concept of entrepreneurship, defining it as an innovative function that involves introducing new products, methods of production, markets, or supply sources. Entrepreneurship is characterized by risk-taking and involves connecting resources to organize new business ventures. Modern concepts view entrepreneurs as agents of change who transform resources into goods and services, often leading to industrial growth.
Enterpreneurship development by_pawan_tripathi_2014_09_14_10_41_17_775Pawan Tripathi
This document provides notes on entrepreneurship development for students. It defines key terms like entrepreneur and entrepreneurship. An entrepreneur is an individual who takes on the risk of starting a new business venture. Entrepreneurship involves identifying opportunities and combining resources to exploit them for profit. The document discusses the evolution of the concept of entrepreneur over time. It also outlines characteristics of entrepreneurs like being achievement-oriented and innovative. Risks of entrepreneurship like financial and career risks are examined. Finally, barriers to entrepreneurship like lack of skilled labor and raw materials are summarized.
Business planning and entrepreneurial management (s.y bms)LOHITA RAO
This document provides an overview of entrepreneurship and business planning concepts. It discusses the definition of key terms like enterprise, entrepreneur and entrepreneurship. It also summarizes several theories of entrepreneurship such as Schumpeter's innovation theory, McClelland's theory of achievement motivation, Leibenstein's X-efficiency theory, Knight's theory of profit, and Hagen's theory of social change. Additionally, the document outlines the importance of entrepreneurship development, characteristics of entrepreneurs, and what is involved in business planning.
The document discusses the concept and definitions of entrepreneurs and rural industries. It provides various definitions of an entrepreneur from different scholars as someone who organizes and manages a business undertaking and assumes the risk to make a profit. It also defines rural industries as any industry located in a rural area with a population of less than 20,000 people and investment of less than 3 crores in plant and machinery. The document further categorizes rural entrepreneurs into agricultural entrepreneurs, artisan entrepreneurs, merchant/trading groups, and tribal entrepreneurs based on their primary occupations and activities.
This document provides information about entrepreneurship and small scale industries. It defines an entrepreneur as an innovator who identifies opportunities and takes risks to start new businesses. It describes the concept of entrepreneurship as undertaking business interests through teamwork and exploiting opportunities. The stages of the entrepreneurial process are identified as identifying opportunities, evaluating opportunities, preparing a business plan, organizing resources, and managing the enterprise. Characteristics of entrepreneurship include innovation, risk-taking, and skillful management. Sources of finance for entrepreneurs and the roles of various central level institutions in supporting small scale industries are also outlined.
This document provides an overview of entrepreneurship including definitions, types of entrepreneurs, and roles of entrepreneurs. It defines entrepreneurship as exploiting business opportunities that exist within the scope of the market. The four main types of entrepreneurs discussed are innovative, imitating, fabian, and drone entrepreneurs. Entrepreneurs fulfill economic, social, and technological change roles. Later sections discuss developing an entrepreneurial mindset and how entrepreneurship can drive social and economic change.
The document defines entrepreneurship and discusses the various types of entrepreneurs. It also covers entrepreneurial competencies and qualities, factors influencing entrepreneurship, entrepreneurial development programs, and organizations providing entrepreneurship development programs. In summary:
1. Entrepreneurship involves recognizing business opportunities, managing risk, and using skills to organize resources to bring projects to fruition.
2. Entrepreneurs can be classified based on their functions, developmental angle, type of business, and personality types.
3. Factors like family tradition, culture, psychology, policies, and economic conditions influence entrepreneurship in a society.
Entrepreneurial orientation, entrepreneurial education and performanceYing wei (Joe) Chou
1. The study examines the relationship between entrepreneurial orientation (including proactiveness, innovativeness, and risk-taking) and business performance, as well as the role of entrepreneurship education.
2. The findings show that innovative proactiveness positively influences non-financial business performance, while risk-taking propensity does not influence financial or non-financial performance.
3. Entrepreneurship education was also found to have no connection with entrepreneurial orientation or business performance.
This document is a report submitted by three students - Jayamani Shrivastava, Purvi Sharma, and Yamini Sapra - on entrepreneurial skills. It contains sections on defining an entrepreneur, characteristics of entrepreneurs, types of entrepreneurial skills needed, and developing entrepreneurial competencies. The students declare that the report was prepared under the supervision of their faculty guide, Prof. Abhay Dubey, to fulfill a course requirement for their MBA program.
Entrepreneurs play a vital role in tourism development through identifying opportunities and transforming resources into tourist attractions. The document discusses different classifications of entrepreneurs, including by innovativeness, ownership, and scale of enterprise. Entrepreneurship is especially important in emerging destinations and rural areas for tourism development where large companies are less likely to invest. Entrepreneurs help satisfy new tourist needs through experience-based products and help lead to more responsible and inclusive tourism development.
Entrepreneur Definition,Function,Characteristics,Role of entrepreneurship in economic development,Features and Advantages of small business & setup small business
This document discusses entrepreneurship and provides information about entrepreneurs. It defines entrepreneurship and entrepreneurs, identifies different types of entrepreneurs including megaentrepreneurs and microentrepreneurs. It outlines the importance of entrepreneurship such as generating wealth, decreasing poverty, and creating jobs and innovation. The document also discusses the relevance of entrepreneurship education for senior high school students and potential job opportunities in fields like business consulting, sales, and new venture creation. In the end, it prompts assessing understanding of entrepreneurs and entrepreneurship and answering questions about career opportunities and characteristics of entrepreneurs.
1. `
GANADIPATHY TULSI’S JAIN ENGINEERING COLLEGE.
DEPARTMENT OF MBA
BA7032 / Entrepreneurship Development (II Year / III Sem)
Unit – 1 Notes
SYLLABUS
UNIT – I ENTREPRENEURAL COMPETENCE 6
Entrepreneurship concept – Entrepreneurship as a Career – Entrepreneurial Personality - Characteristics of
Successful, Entrepreneur – Knowledge and Skills of Entrepreneur.
UNIT – II ENTREPRENEURAL ENVIRONMENT 12
Business Environment - Role of Family and Society - Entrepreneurship Development Training and Other Support
Organisational Services - Central and State Government Industrial Policies and Regulations - International Business.
UNIT – II BUSINESS PLAN PREPARATION 12
Sources of Product for Business - Prefeasibility Study - Criteria for Selection of Product - Ownership - Capital -
Budgeting Project Profile Preparation - Matching Entrepreneur with the Project - Feasibility Report Preparation and
Evaluation Criteria.
UNIT – III LAUNCHING OF SMALL BUSINESS 10
Finance and Human Resource Mobilization Operations Planning - Market and Channel Selection - Growth Strategies -
Product Launching.
UNIT – IV MANAGEMENT OF SMALL BUSINESS 5
Monitoring and Evaluation of Business - Preventing Sickness and Rehabilitation of Business Units- Effective
Management of small Business.
GTEC/MBA/Entrepreneurship Development / Notes/ Unit-1 Page 1
2. ENTREPRENEURIAL COMPETENCE
Unit – 1 Notes
Entrepreneur:- Owner of a concern / business.
Meaning:-
The term is derived from the French word “entreprendre” – Meaning “to undertake.”
Entrepreneur means the person who undertakes the risk of running an enterprise.
He arranged everything that required setting up an enterprise.
Eg:- fund, land, people, material etc.,
INTRODUCTION:
Entrepreneur is an economic agent who plays a vital role in the economic development of a country.
Entrepreneurial development of a country refers study growth in the incomes level. An entrepreneur is an
individual with knowledge, skills, initiative; derive spirit of innovation who aims at achieving goals.
Generally speaking, entrepreneur refers to a person who establishes his own business or industrial
undertaking with a view to making profit. An entrepreneur is considered to be an originator of a business
venture.
ENTREPRENEURSHIP CONCEPT
DEFINE THE TERM ENTREPRENEUR. (OR) EXPLAIN THE CONCEPT OF
ENTREPRENEUR?
Like other economic concepts, entrepreneurship has been a subject of much debate and discussions.
Various experts have defined the term entrepreneur in different words. Some of the definitions are as
follows:
According to J.B.Say, “an entrepreneur is the economic agent who unites all means of production,
land of one, the labour of another and the capital of yet another and thus produces a product. By selling a
product in a market he pays rent to land, wages for labours, interest on capital, and what remains his profit”.
J.A.Schumpeter, is of the overview that, “a person who introduces innovative changes is an
entrepreneur and he is an integral part of economic growth”.
According to F.H.Knight, “all entrepreneur is a person who performs dual function of risk taking
and control”.
GTEC/MBA/Entrepreneurship Development / Notes/ Unit-1 Page 2
3. The term “entrepreneur” has been defined as one who detects and evaluates a new situation in his
environment and directs the making of such adjustments in the economic systems, as he deems necessary. In
this process, performs one or more of the following:
Perceives opportunities for profitable investments;
Explores the prospects of starting such a manufacturing enterprise;
Obtains necessary industrial licenses;
Arranges initial capital;
Provides personal guarantees to the financial institutions.
Thus, an entrepreneur is always action-oriented. He has the ability to visualize the necessary steps
involved from idea generation to its actualization. He is both a thinker and doer; planner and worker. He
accepts risk and manages it. All the above definitions portray an entrepreneur as an initiator of action,
stimulator of social economic change and a harnesser of resources.
EXPLAIN THE DIFFERENT TYPES OF ENTREPRENEURS.
Entrepreneurs can be classified into four major types:
1. Innovators: who produce new goods in new way and do enter into new markets by undertaking
new methods of organization.
2. Imitators: do follow the innovators and design their production.
3. Fabian Entrepreneurs: are lazy and they would follow old customs, tradition and sentiments, with
the result, they are totally uninterested in taking risk and imitating successful entrepreneurs.
4. Drone Entrepreneurs or Laggards: this type of entrepreneurs never allow any changes in their
production and the style of functioning.
DISTINGUISH ‘ENTREPRENEUR’ FROM ‘MANAGER’.
Many people are of the view that the terms entrepreneur and manager mean the same. It is a wrong
notion since one can find a lot of differences between these two as given below:
MANAGER ENTREPRENEUR
Servant: A manager is acting in the capacity of a
servant in the enterprise.
Owner: An entrepreneur is the owner of the
enterprise, which he establishes himself.
Salary: The reward for a manager is salary and his
salary is certain and fixed.
Profit: The reward for an entrepreneur is
profit, which is highly uncertain.
GTEC/MBA/Entrepreneurship Development / Notes/ Unit-1 Page 3
4. No risk bearing: As a servant the manager need
not bear any risk involved in the enterprise.
Full risk bearing: As an owner, the
entrepreneur has to bear all risks and
uncertainties involved in running the business.
Managerial functions only: A manager renders
only the managerial services in an enterprise.
All functions: An entrepreneur has to perform
many functions in order to run the enterprise
successfully.
Executor: A manager mainly acts as an executor
of plans prepared by the entrepreneur.
Innovator: An entrepreneur mainly acts as an
innovator and prepares plans for execution.
DEFINITION OF ENTREPRENEURSHIP
A.H. Cole has defined entrepreneurship as “The purposeful activity of an individual or group of associated
individuals, undertaken to initiate, maintain, or earn profit by production and distribution and distribution of
economic goods and services”.
DEFINITION OF INTRAPRENEURSHIP
According to Mary Coulter, “Intrapreneurship is the pursuit of entrepreneurship within the confines of a
large organization”. In big enterprises, the top-level executives are encouraged to generate new ideas and
convert them into products through research and development activities within the framework of an
organization.
“INTRAPRENEURS are the persons who resigned from their well-paid executive positions to launch their
own ventures”. Like entrepreneur, Intrapreneurs are also innovators. They are also introducing new
products, ideas and services within the framework of a company.
S.N
O.
ENTREPRENEUR INTRAPRENEUR
1. Dependency
Entrepreneur is independent
Intrapreneur is dependent on the Entrepreneur
2. Raising of Funds
Entrepreneur himself raises funds on his own
initiative to meet the requirements of the
enterprise.
Intrapreneur does not raise funds
3.
Profit
Entrepreneur enjoys the profit of the business
Intrapreneur does not take profit out of his
innovations. However, he gets a lot of perquisites
for his innovations.
4. Risk-taking Entrepreneur bears the entire
risk that is involved in the business.
Intrapreneur does not bear the risk at all.
GTEC/MBA/Entrepreneurship Development / Notes/ Unit-1 Page 4
5. 5. Ownership
Entrepreneur is the real owner of the business.
Intrapreneur is not the owner of the business. But
the works for the business.
6. Operation
Entrepreneur operates from outside the
organization.
Intrapreneur works from within the organization
7. Nature of work
Entrepreneur converts the innovative ideas of
Intrapreneur into viable opportunities.
Intrapreneur creates innovation.
ENTREPRENEURSHIPAS A CAREER
EXPLAIN FRAMEWORK FOR ENTREPRENEURIAL CAREER.
Life space
areas
Childhood Early Adulthood Present adulthood
Work /
Occupation
Education & Childhood
Work Experience
Employment history Current Work situation
Individual /
Personal
Childhood influences on
Personality, Values & Interests.
Adult development
history
Individuals current
perspective
Non Work /
Family
Childhood family environment Adult family / Non work
history
Current family / Non
work situation
ENTREPRENEURIAL PERSONALITY
EXPLAIN SOME PERSONALITY CHARACTERISTICS OF SUCCESSFUL ENTREPRENEUR
(OR) EXPLAIN SOME ENTREPRENEURIAL PERSONALITY.
Ability to create high morale among employees.
Development of Interpersonal skills.
Leadership quality.
Obtain good business result.
Intelligence and Creative.
Able to guard business secrets.
Emotional stability.
Communication ability.
GTEC/MBA/Entrepreneurship Development / Notes/ Unit-1 Page 5
6. Self-confidence.
Long term involvement in business.
Reasonable level of technical knowledge.
Complete task or solve problem.
Goal setting ability.
Deep knowledge of social , Political & Economic.
Ability to infuse dynamism in organisation.
Reacting to changing environment.
Strong Cultural base, healthy family background.
CHARACTERISTICS OF SUCCESSFUL ENTREPRENEUR
EXPLAIN THE CHARACTERISTICS OF AN ENTREPRENEUR? (OR) DESCRIBE THE
QUALITIES OF AN ENTREPRENEUR. (OR) ESSENTIAL ELEMENTS FOR SUCCESSFUL
ENTREPRENEUR.
Anybody can become an entrepreneur provided he has got a certain set of behavioral traits and
mental aptitude. His success depends more on hard work than good luck. The success of an entrepreneur
depends largely on his intelligence, imagination, capacity, to innovate and his ability to turn visions into
realities. The only capacity, very essential to become an entrepreneur is the willingness to work hard. There
are certain characteristic features which make an entrepreneur successful in his venture. They have been
briefly discussed here under:
1. Hard work:
A successful entrepreneur is one who is willing to work hard from the very beginning of his
enterprise. An entrepreneur with his hard work and pervasive perseverance can revive his business even on
the verge of collapse.
2. Prudence:
A successful entrepreneur must be prudent in all his dealings. He should have the ability to work out
the details of the venture from all angles, assess the favorable factors and pitfalls and take the suitable
measures to overcome the pitfalls.
3. Achievement Motivation:
The achievement motivation is the most important characteristic of an entrepreneur since all other
characteristics emanate from this motivation. He must have a strong desire to achieve high goals in business.
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7. In fact, this achievement motivation helps him to surmount the obstacles, suppress, repair misfortunes and
devise plans for success.
4. Self-reliance and Independence:
A successful entrepreneur wants to follow his own routine policies and procedures and he does not
like to be guided by others. He is found to be self-reliant by acting as his own master and making him
responsible for all his decisions. He doesn’t like to work for others.
5. Highly Optimistic:
Successful entrepreneur is always optimistic about his future and he is never disturbed by the present
problems. He always expects a favorable situation for his business and he is able to run his business
successfully in the midst of temporary hurdles. He does not allow the past to obsess him.
6. Keen Foresight:
An entrepreneur must have keen foresight to predict the future business environment. He has the
capacity to visualize the likely changes to take place in the market, customer’s attitude, technological
developments, government’s policy etc., and take timely actions accordingly.
7. Innovativeness:
When all is said and done, innovation becomes a different task. One should be always innovative to
satisfy the varying demands of customers. For this purpose, the entrepreneur should initiate research and
innovative activities to produce new goods and services. It is a never-ending process.
8. Risk Taking:
An entrepreneur is not a gambler and hence he should not assume high risk. However, he must love a
moderate risk situation, high enough to be exciting, but with a fairly, reasonable chance to win.
9. Secrecy Maintenance: A successful entrepreneur must be capable of maintaining all his business
secrets. Leakage of business secrets to trade competitors will definitely lead to the downfall of his business.
Hence, he should be very careful in selecting his subordinates.
10. Maintenance of Public Relations:
The extent of maintenance of public relations or human relations has a vital role to play on the
success or failure of an entrepreneur. A successful entrepreneur must have cordial relations with his
customers to gain their continued patronage and support. He must also maintain good relations with his
employees with a view to motivating them to higher levels of efficiency. Similarly, he must maintain good
relations with his suppliers, creditors and the community at large so that he may succeed in his ventures.
11. Communication Skills:
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8. Communication skill is the secret of most entrepreneurs. Good communication skill enables them to
put their points across effectively and with clarity and thereby helps them to win customers.
DESCRIBE THE TYPES OF ENTREPRENEURS? (OR) EXPLAIN THE DIFFERENT
CLASSIFICATION OF ENTREPRENEURS?
There are various ways by which entrepreneurs have been classified. Different authorities have
classified entrepreneurs differently times. The most popular classification has been given by Clarence
Danhof on the basis of his study of the American agriculture. According to him an entrepreneur may be
classified as follows:
1.Innovative Entrepreneur:
An innovative entrepreneur is one who is able to foresee potentially viable and profitable
opportunities through innovation. This type of entrepreneur is highly motivated and talented and
“innovation” is his key function. According to Peter F.Drucker an innovating entrepreneur is one “who
always searches for change, responds to it, and exploits it as an opportunity.” He creates new values or
increases the value of what already exists.
An innovative entrepreneur may exhibit his talents of innovation in any one of the following forms:
o Introduction of a new product or introduction of a new quality of an existing product.
o Introduction of a new method of production.
o Opening of a new market.
o Discovery of a new source of supply of raw materials or semi-finished goods.
o Reorganization of the enterprise so as to achieve monopoly or to break up the monopoly position.
One should not confuse the terms ‘innovator’ and ‘inventor’ at this juncture. An entrepreneur is not
an inventor. An inventor discovers new methods and new materials. But an innovator commercializes
these inventions to produce new and better goods. Thus, an innovating entrepreneur implements the
inventor’s ideas.
2.Adoptive (Or) Imitative Entrepreneur:
Imitative entrepreneur is one who is ready to adopt the successful innovations already inaugurated by
innovating entrepreneurs. In other words, an imitative entrepreneur does not innovate anything by himself,
but, he only imitates techniques and technologies innovated by others. He follows the innovators after
carefully observing how the latter fare and to what extent their innovation has caught the imagination of the
society. For example, the Cochin Shipyard has been constructed by using the innovative technology
provided by the Mitsubishi Heavy Industries Ltd. of Japan.
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9. This type of entrepreneur has a vital role to play in developing countries. Innovative entrepreneurs
are scarce in developing countries. To add fuel to fire, there is also a problem of scarcity of capital and
skilled labour in these countries, which hinder innovative entrepreneurship. In this context, the imitative
entrepreneur fills up this gap very admirably by simply imitating the technology, skill and technology
already developed by innovative entrepreneurs in developed countries. Hence, developing of their countries
with limited resources available in these countries.
3.Fabian Entrepreneur:
Fabian entrepreneur is one who adopts a great caution in introducing any change in the business.
Normally, he has neither the will to introduce any new changes nor the desire to adopt new methods. He is
ready to imitate only when it becomes perfectly clear that failure to do so would definitely result in heavy
loss for him. He is dominated more by customs, religions, traditions, and past practices and he is not ready
to take any risk at all.
4.Drone Entrepreneur:
Drone entrepreneur is one who blindly follows the traditional methods of production even when it
causes loss to him. He is not prepared to introduce any change under any circumstances in the method of
production he has already introduced. He continues to carry out his business in the traditional way even
when he suffers losses.
SOME MORE TYPES OF ENTREPRENEURS.SOME MORE TYPES OF ENTREPRENEURS.
5. Technological Entrepreneurs:
A technology entrepreneur is essentially compared to “craftsman”. He develops improved quality of
goods because of his craftsmanship. He concentrates more on production than marketing. He demonstrates
his innovative capabilities in matter of production of goods and rendering of services. The greatest strength,
which the technology entrepreneur has, is his skill in production techniques.
6. Entrepreneurs by inheritance: At times, people become entrepreneurs when they inherit the family
business. In India, there are a large number of family controlled business houses. Firms in these houses are
passed from one generation to another.
7.Forced Entrepreneurs:
A person comes out to start business by forced. These entrepreneurs are usually depended with the
source of moneylenders and NRI’s (Non-Residing Indians). These entrepreneurs do not have any proper
training and knowledge about business. It is not sure this type of entrepreneur would succeed. To minimize
the losses, they should be trained by government and others.
8. Large scale Entrepreneurs:
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10. It denotes one who invests huge capital in the industries is few in numbers to compare small-scale
industries. The countries like U.S.A., England, etc., have developed mainly due to the large –scale
industries. They have lot of financial resources, raw materials, skilled labours, and modern technology to
start the large-scale industries.
9. Small-scale Entrepreneurs:
In a country small-scale enterprise are more than the large-scale enterprises. This classification is
especially popular in the underdeveloped countries. They need only small size of capital. Small
entrepreneurs do not possess the necessary talents and resources to initiate large scale production and
introduce revolutionary technological changes.
10. Rural Entrepreneurs:
Rural entrepreneurs denote starting the business with the local resources like manpower, material,
money and marketing. These entrepreneurs do not have large markets for their products. Rural products like
pickles, puppets, handicrafts, matchboxes, etc., the rural entrepreneurs utilized local resources, manpower
techniques and markets.
11. Urban Entrepreneur:
When urban entrepreneurs denotes doing the business in urban with same 4m’s – manpower,
material, money and marketing as like the rural entrepreneur. These entrepreneurs having some sort of
knowledge and training about the business. These entrepreneurs adopt capital from the business, NBFI’s,
moneylenders, etc.,
EXPLAIN THE MAIN FUNCTIONS PERFORMED BY THE ENTREPRENEURS?
An entrepreneur performs all the functions right from the conceiving idea up to the establishment of
an enterprise. He is an opportunity seeker. He organizes and co-ordinates the factors of production. His main
functions are discussed below:
1. Generating Business Idea: Generation of idea is the first and foremost function of an entrepreneur.
Essentially there are only two ways, in which business ideas can be created namely, (i) generating own idea,
or (ii) Developing someone else’s idea. The second is far more common because virtually every successful
business is a development of an earlier business concept.
In terms of generating business ideas, there are three sources of opportunities such as adverts, agents,
and opportunity spotting, or watching out for business that one find match his objectives. All people and
organizations have needs that they fulfill in many different ways. If a person can meet these needs better
when compared to current method, then he will almost certainly have a business opportunity.
2. Determining Business Objectives:
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11. The next function of entrepreneur is determining business objectives. He should lay down his
objectives clearly. He should clearly state the nature of business and the type of business. In other words, he
has to specify clearly whether the business, which he decides to start, belongs to manufacturing activities or
trading or services oriented organization. It will enable him to carry on the activities without any hesitation.
3. Product Analysis:
The next important function of an entrepreneur is product analysis and market research. He should
conduct market research in order that the data regarding the product, which he likes to manufacture, can be
systematically collected. It should be carried on persistently because it gives him the information regarding
the demand for the product, supply of the product, price of the product, size of the customers etc.
4. Deciding the Form of Enterprise:
Another important function of an entrepreneur is deciding the form of an enterprise. It should be
decided by taking into account the factors such as nature of the product, volume of investment, nature of
activities, types of product, quality of product, quality of human resources etc. the various forms of
organizations that are prevalent are sole trading concerns, partnership firms, co-operative society and joint
stock companies. Before establishing an organization, the form of ownership is to be decided. Because,
based on the form of ownership only, the other legal formalities can be carried on to establish the
organization.
5. Promoting the Enterprise:
Once the form of ownership is decided, the next step is undergoing the necessary legal formalities as
required under the relevant statute if any to establish an organization. In case of sole trading concerns and
partnership firms, there are not many legal formalities when compared to joint stock companies and co-
operative societies. He has to read the relevant statute and fulfill the necessary legal formalities in
establishing the enterprise.
6. Raising Necessary Funds:
Finance is the life-blood of any business all the activities of a business depend upon it. Hence raising
of finance is considered as the most important function of an entrepreneur. He needs funds for purchasing
assets, carrying out day-to-day activities, meeting establishing expenses etc. he raises funds internally as
well as externally. He should know well about pros and cons of different sources of funds so that he can
choose the cheapest way. He should also have the full knowledge about various government-sponsored
schemes, which enables him to get assistance in the form of seed capital, working capital, etc.
7. Procurement of Machine and Material:
The next function is procuring machines and raw materials. Machines and equipments are purchased
and installed in the initial stage itself. While purchasing them he should consider the aspects like details as to
the technology adopted, installed capacity of the machines, details of manufactures and suppliers, country in
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12. which the machines are manufactured i.e. whether they made domestically or in a foreign country,
availability of after-sales service facilities and warranty period given etc. this will enable entrepreneurs to
buy quality machines at cheaper rates.
8. Recruiting Men:
Recruiting of suitable personnel for the various activities of the enterprise is another important
function of an entrepreneur. First of all, entrepreneur has to estimate the manpower need of the enterprise.
Then he has to lay down the selection procedure. He should devise suitable method of compensation.
Arrangements should be made for giving training to personnel to the jobs for which they have been
recruited.
9. Undertaking the Activities:
This is the stage of implementing the project. It should be done in a time-bound manner. He should
perform it as per schedule. This will enable him to avoid cost and time over run and also competition.
KNOWLEDGE AND SKILLS OF ENTREPRENEUR
EXPLAIN ESSENTIAL KNOWLEDGE AND SKILLS OF ENTREPRENEUR.
I) Technical skills
* Writing, oral communications.
* Monitoring environment.
* Technical business environment.
* Technology, interpersonal, listening.
* Ability to organize, network building.
* Management style, coaching, team player.
II) Business Management Skills
* Planning and Goal setting.
* Decision making, Human Relations, Marketing.
* Finance, Accounting, Management, Control.
* Negotiation, Venture launch, Managing growth.
III) Personal Entrepreneurial Skills
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13. * Inner control / disciplined.
* Risk taker, Innovative, Change oriented.
* Persistent, Visionary leader.
* Ability to manage change.
WHAT ENVIRONMENTAL FACTORS DO INFLUENCE THE EMERGENCE AND
DEVELOPMENT OF ENTREPRENEURSHIP?
There are certain major factors that affect the growth of entrepreneurship. In many of the less
developed countries, most of their inventions either lies in idle conditions or flow out to the more prosperous
nations. On the one hand entrepreneurs do not seem to come; on the other hand, those who are present tend
to leave their countries in search of better opportunities. Several factors are affecting the growth of
entrepreneurship. They can be studied under the following heads:
A. Economical Factors.
B. Social Factors.
C. Cultural Factors.
D. Personality Factors.
E. Psychological and Sociological Factors.
A. ECONOMICAL FACTORS.
The economic factors that affect the growth of entrepreneurship in the less developed countries are:
(a) Lack of Adequate Basic Facilities: Certain basic or overhead facilities like modern transport and
communication, adequate irrigation and power facilities, latest technology etc. are very essential for
undertaking innovative activities. They provide external economies by increasing the output and reducing
the cost of production. Unfortunately, these facilities are not adequately available in less developed
countries. Hence, entrepreneurs have to provide these facilities themselves or obtain them at lowest costs.
An entrepreneur cannot set up his own power project for undertaking innovative activities. Hence,
entrepreneurs are discouraged from going for innovations.
(b) Non- availability of Capital:
Innovations generally require huge capital investment on capital equipments. Capital equipments
have to be imported which involves heavy shipping and insurance expenses. Sometimes, even the basic
expertise has to be imported. Imports also involve the use of considerable amount of foreign exchange,
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14. which is also scarce in less developed countries. Hence, innovations are scarce to developing countries and
thus, non-availability of capital hampers entrepreneurial growth.
(c) Non-availability of Raw Materials and Finished Goods:
Again, raw materials supply is not uniform throughout the year. Hence, they have to be stocked in
plenty during the periods of their supply. Moreover, large stocks of inventories have to be kept to ensure
adequate industrial supplies. Hence the amount of working capital required is increased considerably in less
developed countries pushing up the cost of production. Borrowed capital either for fixed or working capital
requirements involves high interest rates also. Hence, the entrepreneurial growth is affected very much in
these countries.
(d) Greater Risks Involved in Business:
Risks are greater in less developed countries than developed nations due to the following reasons:
There is considerable instability in both domestic and foreign economic policies.
There is instability in the market due to seasonal fluctuations of demand.
The domestic market is also small that inhibits new investments.
There is lack of information on cost, market demand, overhead facilities etc; hence, an entrepreneur
cannot make correct estimates of his proposed venture.
B. SOCIAL FACTORS.
Social factors also play a decisive role in encouraging entrepreneurship in a country. In fact, the
favourable social factors that prevailed in Europe during the 17th
and 18th
centuries led to the very emergence
of the ‘entrepreneur’ as a factor of production. Some of these factors are:
(a) Customers and Traditions:
If customs and traditions play a dominant role in production decision-making rather than the critical
assessment of facts, then entrepreneurship will not be encouraged. It is so because an entrepreneur will be
guided more by customers than his individual initiative and drive. In fact, in Europe, people rejected
customs and traditions.
(b) Rationality of the Society:
A society is said to be rational when decisions regarding resource utilization are based on empirical
facts and critical scientific standards. While rational behaviour is the order of the day in the developed
nations, a majority of the less developed countries are characterized by a non-rational society, which is
unsuitable to entrepreneurship.
(c) Social System:
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15. The social system prevailing in a locality also affects entrepreneurship. For instance, in a society
where the joint family system is in vogue, entrepreneurship cannot be developed. It is so because those
members of the joint family who gain wealth by their labour, since they have to share their wealth with the
other members of the family.
(d) Social Set-up:
The social set–up in some countries in hostile to entrepreneurship. For instance, in some societies,
education, research and training are given very little importance. Such societies cannot expect entrepreneurs
to emerge and take up new ventures.
C. CULTURAL FACTORS.
The cultural factors prevailing in a country decide the level of entrepreneurial activities in that
country. If the culture does not attach great value to business talents, industrial leadership etc. then people
may not prefer any business ventures.
Again, entrepreneurial growth requires motives. In less developed countries, people are not
economically motivated and they have greater scope for attaining social status by non-economic pursuits.
Hence entrepreneurship is not developed.
D. PERSONALITY FACTORS.
(a) Support Personality:
In the less developed countries, the entrepreneur is looked upon with suspicion. People tend to see in
the entrepreneur a suspect personality. They see the entrepreneur only as profit maker and an exploiter. Thus,
the public opinion has become hostile to entrepreneurship.
(b) Emergence of Planning:
In developed countries, people favour direct state activity in the economy rather than private
entrepreneurship due to suspect personality factors. Hence, many countries have resorted to planning as a
means of achieving economic progress and the state has been given vital role. Planning imposes controls and
this goes against the very personality of the entrepreneurs.
E. PSYCHOLOGICAL AND SOCIOLOGICAL FACTORS.
There are many psychological and sociological factors that affect entrepreneurship. Many theories
have been put forth by psychologists and sociologists to explain the root of entrepreneurship. They can be
summarized as follows:
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16. o According to McClelland “need achievement” motives induces entrepreneurship. This is confirmed
by Paul Wilken who says “entrepreneurship becomes the link between need achievement and
economic growth”.
o This need achievement is influenced not only by social and cultural factors, but also by parental
influence.
Referred From:
1. Hisrich, Entrepreneurship, Tata McGraw Hill, New Delhi, 2001.
2. S.S.Khanka, Entrepreneurial Development, S.Chand and Company Limited, New Delhi,2001.
END OF UNIT I
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