Module 1

Entrepreneurs & Entrepreneurship

Meaning & Definitions

Entrepreneur-derived from the French word entrependre, which means to undertake Entrepreneur one who organizes, manages and assumes the risks of a business or enterprise.
Webster Dictionary

Someone who takes the risk of running an enterprise by paying a certain price for securing and using resources to make a product and reselling the product for an uncertain price. Richard
Cantillon, Irish Economist

An innovator playing the role of a dynamic businessman adding material growth to economic development. Joseph Schumpeter, Austrian Economist

 http://zeenews.india.com/business/photogall ery/top-10-entrepreneurs-of-alltime_298.html?pagenumber=9 http://www.forbes.com/specialfeatures/innovative-companies-list.html

The Worlds Most Innovative Companies & Top Entrepreneurs of all time

Reasons for Growth of Entrepreneurship Industry Structure New Technologies Deregulation & Privatization Formation of New Business Communities Increasing Demand for Variety Services Sector Govt. Incentives & Subsidies Increasing Flow of Information Easier Access to Resources

Reasons for Growth of Entrepreneurs

Return on Innovation Entrepreneurial Education Entrepreneur as Hero High Regards for Self-Employment Rising Dissatisfaction at Job Acceptance of Ex-entrepreneurs in the Job Market

Entrepreneurial Motivation
The quest for new venture creation as well as the willingness to sustain the venture.
Control : exercise own will The Idea : revolutionize the world Flexibility : schedule as desired Money : logical way to become wealthy Set clear goals, understand how much money you want to make and how much money you need to make. Aim high, set financial targets beyond what you are making now, but be realistic.

Disadvantages You are alone All decisions are yours All losses are yours Work may not be satisfying You will need to put in long hours Lack of success will affect self-esteem Exiting the business is difficult Pressures will affect social and family life

Advantages You are the boss All profits are yours There will be great variety in roles and tasks Increases self-confidence Work can be very satisfying Success will give you immense satisfaction

Entrepreneurial Characteristics
Commitment and determination Opportunity obsession Tolerance of risk, ambiguity and uncertainty Creativity, self-reliance and ability to adapt Motivation to excel

Entrepreneurial Skills
Creativity and opportunity evaluation Real-time strategy and decision making Comfort with change and chaos Teamwork Evangelicalism, selling, negotiation and motivation through influence and persuasion Oral and written communication Basics of start-up finance, accounting, and law

Attitudinal adjustments
Comfortable with lifestyle changes Willingness to break/bend/stretch laws Patience to start from the scratch Prepared to make enemies Comfortable with confrontations Dealing with failure Willingness to learn

Worlds Most Innovative Companies-FORBES

1 Salesforce.com 2 Amazon.com 3 Intuitive Surgical 4 Tencent Holdings 5 Apple 6 Hindustan Unilever 7 Google 8 Natura Cosmeticos 9 Bharat Heavy Electricals 10 Monsanto