WELCOME ALL STUDENTS

ENTREPRENEURSHIP
Definition –Entrepreneur
Definition -Entrepreneurship
Socio-Economic of Entrepreneurship
Characteristics of Entrepreneurship
Qualities of Entrepreneurship
Charms of being an Entrepreneur
 Criteria for Success
The term “ entrepreneur is defined in a variety of
ways. Yet no consensus has been arrived at on a
precise skills and abilities that make a person a
successful entrepreneur. The concept of entrepreneur
varies from country to country as well as from period
and the level of economic development thoughts and
perceptions.
The word ‘entrepreneur is derived from the French
verb enterprendre.It means to "undertake". In the
early 16th century, the Frenchmen who organized and
led military expeditions were referred to as “
entrepreneurs". Around 1700 A.D., the term was
used for architects and contractors of public works.
 THE ENTREPRENEUR-OTHER
DEFINITIONS

Joseph A. Schumpeter recognized person who

introduces innovation changes an entrepreneur.
He treated entrepreneur as an integral part of
economic growth.
Peter.F.Drucker defines an entrepreneur as one who
always searches for change, respond to it and
exploits it as an opportunity. Innovation is the specific
tool of entrepreneurs, the means by which they exploit
change as an opportunity for a different business or
service
Martin Luther king said, “ I have a dream and
thousands followed in spite of overwhelming
obstacles. In order to establish a successful new
business venture the intrapreneurial leader must
have a dream and work against all obstacles to
achieve it.
E.E.Haggen said, an entrepreneur is an
economic man who tries to maximize his profits by
innovations. Innovations invoke problem-
solving and the entrepreneur gets satisfaction
from using his capabilities in attacking problems.
 ENTREPRENEURSHIP
Entrepreneurship is a process undertaken by an
entrepreneur to augment his business interests. It is
an exercise involving innovation and creativity that will
go towards establishing his/her enterprise.
Entrepreneurship is the propensity of mind to take
calculated risks with confidence to achieve a
pre-determined business or industrial objective. In
substance it is the risk-taking ability of the individual,
broadly coupled with correct decision-making.
 CONCEPT OF ENTREPRENEURSHIP

ENTREPRENEUR ENTREPRENEURSHIP ENTERPRISE

PERSON PROCESS OF ACTION OBJECT

 SOCIO-ECONOMIC ORGINS OF
ENTREPRENEURSHIP

The Entrepreneurial activity at any time and

place is governed by varying combination of
socio-economic, psychological, cultural and
other factors. The empirical studies have
identified the following socio-economic factors.
Caste/religion
Family background
Level of education
Level of perception
Occupational background
Migratory character
Entry into entrepreneurship
Nature of enterprise
Investment capacity
Ambition/motivation
The entrepreneurs who launched their enterprises
during 60s predominantly came from mercantile
and allied backgrounds.
The main springs of entrepreneurship have been the
traditionally trading castes of Hindu and Jain Banias
from Gujarat, Rajasthan and Chettiars of Tamilnadu.
Besides the new springs of entrepreneurship
developed among other communities like Brahmins all
over the country, especially the South Naidus of the
south, Patels of Gujarat, Kayasthas of West
Bengal,Sikhs,Khatris and Aroras of Punjab making
entrepreneurship a widespread phenomenon.
 CHARACTERISTICS OF
ENTREPRENEURSHIP

ACCEPTING
CHALLENGES
DECISION MAKING ORGANISATION

RISKTAKING SKILLFULL
MANAGEMENT
INNOVATION
MAKING THE
ENTERPRISE
ENTREPRENEURSHIP A SUCCESS
 FEATURES OF ENTREPRENEURSHIP
Innovation
A function of high achievement
Organization building
Group level activities
Managerial skills and leadership
Gap filing
Status with drawl
Entrepreneurship supply, and
Entrepreneurship-an emerging class
 QUALITIES OF AN ENTREPRENEUR
Capacity to take risk
Capacity to work hard
Above average intelligence and wide knowledge
Self-(inner) Motivation
Vision and foresight
Willingness to defer consumption
Imagination, Initiative and Emulation
Inventive ability and sound Judgment
Flexibility and Sociability
Desire to take personal responsibility
Desire to seek and use feedback
Persistence in the face of adversity
Innovativeness and future-orientation
Mobility and drive
Creative thinking
Strong seed for achievement
Ability to marshal resources
High degree of ambition
Will to conquer and impulse to fight
Will to prove superior to others.
 CHARMS OF BEING AN ENTREPRENEUR

You become your own boss. You are

independent.
You no longer work for somebody. Hence you
face no frustration.
You create jobs for others by becoming a job
provider and no longer remain a job seeker
You can use your talents, skills and knowledge
for your own benefit and also for our nation’s
prosperity
No fixed salary. You can earn a hefty income.
Your successful enterprise can bring you
unlimited rewards.
You prove to the world that you are an'
Achiever’, because you seek nothing less than
excellence.
 CRITERIA FOR SUCCESS

 Shared vision.
 A marketable idea
 A sound strategy and an implementation action plan
 A layer of competent management
 A shared value system
 Professionalism
 Divorcing control from management
 Spirit of sacrifice
 Pride in creation of wealth
 Ideology, intellectual arrogance and the enterprise.
 R &D the bread -and-butter stream
 Leadership-by-example
THANK YOU