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17. Advantages of Entrepreneurship

17. Advantages of Entrepreneurship

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Entrepreneurship– 4th Sem -
Entrepreneurship– 4th Sem -

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Published by: MAHENDRA SHIVAJI DHENAK on May 27, 2010
Copyright:Attribution Non-commercial

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05/12/2014

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Advantages of EntrepreneurshipTo an Individual
Self Employment
Employment for near & dear ones
Prolonged career for next generations
Freedom to use own ideas - Innovation and creativity
Unlimited income / higher retained income
Independence
SatisfactionTo the Nation
Provides larger employment
Results in wider distribution of wealth
Mobilizes local resources, skills and savings
Accelerates the pace of economic development
Stimulates innovation & efficiencyBarriers to entrepreneurship
Lack of a viable concept
Lack of market knowledge
Lack of technical skills
Lack of seed capital/resources
Lack of business know how
Lack of sufficient infrastructure
Complacency
Restrictive effects of customs and traditions
Legal constraints
Monopoly
Restrictions due to patents
 
There are 3 types of startup ventures:
1.A lifestyle firm exists primarily to support the owners and usually has little growthopportunity.2.Foundation companies are firms created from research anddevelopment that lay the foundation for a new industry.3.High powered ventures (“
 gazelles
”) are new companies that receive the greatest interestand publicity.
Types of start up firms :
Salary substitute firms : are small firms that afford their owner/ owners a level of similar to what they would earn in conventional job. Examples of salarysubstitute firms are dry cleaners, convenience stores, restaurants, accountingfirms, retail stores , hairstyling salons, etc.
Lifestyle firms : firms that provide their owner or woners the opportunity to pursue a particular lifestyle and make a living at it .
Entrepreneurship firms : that bring new products and services to the market bycreating and seizing opportunities regardless of the resources they currentlycontrol .
Types of start up firms :
Lifestyle firm
Privately held; usually achieves only modest growth.
Foundation company
Created from research and development.
Lays the foundation for a new business area.
High-potential venture
Receives the greatest investment interest and publicity.
Starts out like a foundation company, but attains rapid growth.
Also called gazelles, is integral to the economic development of an area

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