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Entrepreneurenurship

Concept of Entrepreneur

Basically, an entrepreneur is a person responsible for setting up a business or an enterprise.He


has the initiative, skill for innovation and who looks for high achievements. He is a catalytic
agent of change and works for the good of people. He puts up new green field projects that
create wealth, open up many employment opportunities and leads to the growth of other
sectors.

ENTREPRENEUR
The word "entrepreneur" is derived from a French root ‘entrepreneur’, meaning, "to
undertake". The term "entrepreneur" seems to have been introduced into economic theory
byCantillon (1755) but Say (1803) first accorded the entrepreneur prominence. It
wasSchumpeter however, who really launched the field of entrepreneurship by associating it
clearly with innovation. Drucker’s definition of entrepreneurship, namely a
systematic, professional discipline, brought a new level of understanding to the domain
(Maurer, Shulman, Ruwe & Becherer 1995:526). Sharma and Chrisman (1999:12) identified two
clusters of thought on the meaning of entrepreneurship. One group focused on the
characteristics of entrepreneurship (e.g. innovation, growth, uniqueness) while a second group
focused on the outcomes of entrepreneurship (e.g. the creation of value).
• He is a person who develops and owns his own enterprise
• He is a moderate risk taker and works under uncertainty for achieving the goal.
• He is innovative
• He peruses the deviant pursuits
• Reflects strong urge to be independent.
• Persistently tries to do something better.
• Dissatisfied with routine activities.
• Prepared to withstand the hard life.
• Determined but patient
• Exhibits sense of leadership
• Also, exhibits sense of competitiveness
• Takes personals responsibility
• Oriented towards the future.
• Tends to persist in the face to adversity
• Convert a situation into an opportunity.An entrepreneur is a person who starts an enterprise.
He searches for change and responds to it. A number of definitions have been given of an
entrepreneur-The economists view him as a fourth factor of production along with land labor
and capital.The sociologists feel that certain communities and cultures promote
entrepreneurship like for example in India we say that Gujaratis and Sindhis are very
enterprising.Still, others feel that entrepreneurs are innovators who come up with new ideas
for products, markets or techniques.To put it very simply an entrepreneur is someone
who perceives opportunity, organizes resources needed for exploiting that opportunity and
exploits it. Computers, mobile phones, washing machines, ATMs, Credit Cards, Courier
Service, and Ready to eat Foods are examples of entrepreneurial ideas that got converted
into products or services.

Concept of Entrepreneurship
Entrepreneurship involves decision making, innovation, implementation, forecasting of the
future, independency, and success first and this is how entrepreneurship
developedEntrepreneurship is a discipline with a knowledge base theory. It is an outcome of
complex socio-economic, psychological, technological, legal and other factors. It is a
dynamic and risky process. It involves a fusion of capital, technology, and human talent.
Entrepreneurship is equally applicable to big and small businesses, to economic and non-
economic activities.D if fe re nt en t re p ren eu rs migh t h ave so me co mmo n t rait s b ut
a ll o f th e m will h ave so me different and unique features. If we just concentrate on the
entrepreneurs then there will be as many models as there are ventures and we will not be able
to predict or plan, how and where, and when these entrepreneurs will start their
ventures.E nt re pre ne ursh ip is a p ro ce ss. It is n ot a co mb in at ion of so me st r a y
in cid e nt s. th e p u r p o s e f u l a n d o r g a n i z e d s e a r c h f o r c h a n g e , c o n d u c t e d a f
t e r s y s t e m a t i c a n a l y s i s o f opportunities in the environment. Entrepreneurship is a
philosophy- it is the way one thinks, one acts and therefore it can exist in any situation be it
business or government or in the field of education, science, and technology or poverty
alleviation or any others.E n t rep ren e ursh ip can be de scrib ed as a p ro ce ss of act io n
a n en t re p ren e ur und e rt ake s t o establish his enterprise. Entrepreneurship is a creative
activity. It is the ability to create and build something from practically nothing. It is a knack of
sensing opportunity where others see chaos, contradiction, and confusion.
Entrepreneurship is the attitude of mind to seek opportunities, take calculated risks
and derive benefits by setting up a venture. It comprises of numerous activities involved
in conception, creation and running an enterprise.According to
Marketing Mix Change at Different Stages of the
Product Life Cycle

Development Stage
During the development stage, the product may still be just an idea, in the process of being
manufactured or not yet for sale. In this stage, the marketing mix is in the planning phase, so
rather than implementing marketing strategies, the product producer is researching marketing
methods and planning on which efforts the company intends on using to launch the product.
The marketing mix for this stage includes ways to bring awareness of the product to potential
customers through marketing campaigns and special promotions.
Introduction Stage
As the product hits the market, it enters the introduction stage of the product lifecycle. Because
it is a new product that customers are not yet aware of, the product sales during the
introduction stage are generally low. At this time, marketing expenses are generally high
because it requires a lot of effort to bring awareness to the product. The marketing mix during
this stage of the product lifecycle entails strategies to establish a market and create a demand
for the product.
Growth Stage
As customers become aware of the product and sales increase, the product enters into the
growth stage of the product lifecycle. Marketing tactics during the growth stage require
branding that differentiates the product from other products in the market. Marketing the
product involves showing customers how this product benefits them over the products sold by
the competition& dash; also known as building a brand preference.
Maturity Stage
As the product gains over its competition, the product enters the maturity stage of the product
lifecycle. The marketing mix during this stage involves efforts to build customer loyalty, typically
accomplished with special promotions and incentives to customers who switch from a
competitor& quo;s brand.
Decline Stage
Once a product market is over saturated, the product enters into the decline stage of the
product lifecycle. This is the stage where the marketing mix and marketing efforts decline. If the
product generated loyalty from customers, the company can retain customers during this stage
but does not attract new sales from new customers. For the marketing mix that remains during
the decline stage, the focus is generally on reinforcing the brand image of the product to stay in
a positive light in the eyes of the product's loyal customers.