Entrepreneurship

ENTREPRENEURSHIP
By Anamika Sonawane
Entrepreneurship: Stepping Stone for Your Success
DEFINITION AND MEANING

Entrepreneurs take initiative, accept risk of failure and have an internal locus of control. An Entrepreneurship signifies a continuous, ever evolving, ever expanding opportunity for personal as well as business growth and development
SLOGAN
A nice slogan was given by SWAMI VIVEKANANDA YOU ARE THE CREATOR OF YOUR OWN DESTINY
SUCCESSFUL ENTREPRENEURS
The following are some of successful Entrepreneurs: Mr. PATEL - Nirma Group of companies. Mr. NARAYANA MURTHY Infosys Technologies Mr. DHIRUBAI AMBANI Reliance Group Mr. RAMOJI RAO Eenadu Group Mr. LAKSHMI MITTAL Mittal Iron Industries
WHAT IS ENTREPRENEURSHIP?
It can be described as a process of action an entrepreneur undertakes to establish his enterprise. IT IS A CREATIVE ACTIVITY.
WHO IS AN ENTREPRENEUR
He is a person who start the business in search of new challenges. He convert threat into opportunity. He is creative and innovative.
Entrepreneur
Derived from French word Entreprendre means to undertake. Richard Carleton: a person who buys factors of production at certain prices in order to combine them into a product with a view to sell them at uncertain prices. Peter F Drucker : One who considers the changes that take place in market as an opportunity to do business. Innovation is his tool. J.B.Say: one who combines the land of one, labour of another & capital of yet another & thus produces a product. By selling product pays rent, wages and interest.
Who is an entrepreneur ?
Person conducting own business (Webster)
Person who sets up business deals in order to make profits (Collins Cobuild) Organizer of an economic venture, one who owns, organizes, manages, and assumes the risks of the business (Chandrashekhar)
Role of the Entrepreneur
An innovator who combines technical innovations and financial finesses. Important role in producing competitive products, processes, and services. Generation of new employment Local and regional economic development Improved allocation of resources and transfer of technologies
Entrepreneurship
Entrepreneur
4 factors of production
Land Labor capital organization
New venture
Characteristics of Successful Entrepreneur
Characteristics of Successful Entrepreneur

Risk taker
Determination & Persistence Vision, creativity and innovation
Motivation to succeed
Entrepreneur
Relevant skills and expertise Spot and take advantage of opportunities
No daunted by failure Passion
Path followed by Entrepreneur
ADVANTAGES OF ENTREPRENEURSHIP
1.INCOME GENERATION :
It is the initial stage in the entrepreneurial process in which one tries to generate surplus or profit
2.SELF EMPLOYMENT:
It is the second stage in the entrepreneurial process and refers to an individuals full time involvement in his own occupation
FUNCTIONS OF ENTREPRENEUR
1. INNOVATION:
2. RISK BEARING: 3. ORGANISATION BUILDING:
EMPLOYMENT
ENTREPRENEURSHIP
ENTREPRENEURSHIP: Own boss. Make own plans. Creative activity. Creates wealth. Earning can be negative or positive.
EMPLOYMENT : Works for others. Follow instructions. Routine jobs. Does not create wealth. Earning is fixed.
Manager
Manages the things at the right time and at right place. A person who control the professional activities of a performer.
A person responsible for planning and directing the work of a group of individuals, monitoring their work, and taking corrective action when necessary.
Management Process
Planning
--- Determination of organisational objective & formulation
of strategies & policies.
Organising ---- Process of designing the structure of organisational

activities, authority responsibility roles &relationship among employees.
Staffing ----- Determining the man power requirement. Directing ----- Activating the plans, structure & group efforts in desired
direction.
Controlling ---- Regulating the ongoing activities of org.
Entrepreneur v/s Manager

Entrepreneur 1 Entrepreneur is an employer . 2 Independent in operation. 3 Bears all the risk involved in enterprise. 4 Exhibits higher need for achievement. 5 Profit is the reward. 6 May not have formal qualification. 7 Do not have any boundary for operations. 1 2 3 4 5 6 7 Manager Manager is an employee Depends on the organization to implement his ideas. Does not bear all the risk. May not have high need achievement Attractive salary, promotion & incentives are the reward. Should have some professional or technical qualification. He has to operate within the limit of org. boundries.
Features of Entrepreneur
o
Visionary : Ability to better judge

the future event for ex:- Late Sh. Dhiru Bhai Ambani had the vision to start a new business & so set up reliance industries.
Risk taker : entrepreneur is a risk lover. e.g. Mr. Sunil Bharti Mittal took the risk
and started the mobile services in 1995 when there was no other player in market.
Cont.
o
Discipline - Being discipline is perhaps the most

important characteristic of an entrepreneur. Willing to do whatever it takes to reach to the finish line. His drive must always be at its highest level for being an entrepreneur would make you work overtime. Inner passion for business - Having the right passion for business. You have to maintain your enthusiasm and interest in the business. As long as you have the right drive and passion, you can run the business for a long time. An entrepreneur must really love what he/she is doing in such a way that it does not appear to be hard work, but rather something they enjoy and want to do.
Features of Manager..
Time Management: Supervisory positions can be very stressful and overwhelming when specific deadlines need to be met. Leaders need to be able to handle tasks and assignments in a timely manner. Time is similar to finances and both need to be budgeted wisely.
Conflict solution: a manager should understand the demands of various employees of org. & should try to solve problem in a better way.
Cont.
Communication Skills: Communication is fundamental in any aspect of life, especially for management teams and among employee relations. Supervisors need to be capable of communicating clearly with fellow managers, employees, other businesses, and customers. Confidence and personality plays a major role in a manager's ability to communicate. Managers should be experienced with speaking both to groups and individuals. Leadership Skills: Managers are leaders in the workplace and need to possess the basic skills. Generally managers were once leaders in other aspects of their life. They might have led youth groups, school projects, plays, and other groups. Being able to handle a group of people and lead them in the right direction is very important.
FUTURE ENTREPRENEUR
CONCLUSION
The identification and development of 1st generation entrepreneurs through Entrepreneurial Development Programmes is an important strategy. India needs entrepreneurs to capitalize on new opportunities and to create wealth and new jobs.

Entrepreneurship

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ENTREPRENEURSHIP

Entrepreneurship: Stepping Stone for Your Success

DEFINITION AND MEANING

Person conducting own business (Webster)

Role of the Entrepreneur

Land Labor capital organization

Characteristics of Successful Entrepreneur

Characteristics of Successful Entrepreneur

Relevant skills and expertise Spot and take advantage of opportunities

No daunted by failure Passion

Path followed by Entrepreneur

2. RISK BEARING: 3. ORGANISATION BUILDING:

--- Determination of organisational objective & formulation

of strategies & policies.

Organising ---- Process of designing the structure of organisational

Controlling ---- Regulating the ongoing activities of org.

Entrepreneur v/s Manager

Visionary : Ability to better judge

Discipline - Being discipline is perhaps the most

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