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Entrepreneurship Notes

Entrepreneurship Notes

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Published by Chintamani Joshi

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Categories:Topics, Art & Design
Published by: Chintamani Joshi on Sep 20, 2010
Copyright:Attribution Non-commercial

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04/04/2014

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ENTREPRENEUR Entrepreneur (Oxford Dictionary)Person who undertakes an enterprise with chances of profit or lossEnterprise (Oxford Dictionary)Bold UndertakingEntrepreneur ± New Encyclopedia BritanniaAn individual who bears the risk of operating a business in the face of uncertaintyAbout the future conditions;Common meaningOne who starts his own, new and small businessEntrepreneurshipIt is a philosophy or process through which an entrepreneur seeks innovation andEmployment. It is behaviour rather than a personality trait.Entrepreneur ± Entrepreneurship ± EnterprisePerson - Process or Philosophy ± ObjectEntre ± enter Pre ± before Neur ± Nerve Center Entrepreneurship Theories
 
1600:
French verb-entreprendre ± to undertake
 
1700:
Person bearing risks of Profit in a fixed price contract (Risk)
 
1725:
Richard Cantillon ± Person bearing risks is different from Capital Supplier (Risk)
 
1803:
J.B.Say ± Shifts economic resources out of an area of lower into an area ohigher productivity & greater yields (Value Addition)
 
1934:
Joseph Schumpeter ± Innovator and develops untried technology(Productivity & Innovation)
 
1901:
David McClelland ± highly motivated energetic moderate risk taker (Need Achievement)
 
1964:
Peter Drucker ± Searches for change, responds to it & exploits asopportunity (Opportunity Focused)
 
1980:
Karl Vesper ± Behaviour Perceptions ± Economists, Psychologists,Businessmen, Politicians (Environment)
 
1983:
Gifford Pinchot ± Entrepreneur 
 
1985:
Robert Hisrich ± Creating something different with value, devoting time &effort,assuming risk (FPS);rewards and satisfaction (Leadership & Vision)
 
The nature and development of Enterpreneurship
Entrepreneur stems from French:Means between-taker or go betweenNew definition involves four aspects:
-
 
T
he creation process.
-
 
T
he devotion of time and effort.
-
 
T
he assumption of risk.
-
 
ewards of independence, satisfaction, money.PE
T
E
F.D
RUCK 
E
 
 
S
earches for change
 
esponds to it
 
Exploits as opportunities
 
I
s the process of creating something different with value by devoting the necessarytime and effort, assuming the accompanying financial, psychic, and social risks, andreceiving the resulting rewards of monetary and personal satisfaction andindependenceDavid Mcclelland
T
hematic Apperception
T
estNeed for AchievementNeed for PowerNeed for Affiliation
TH
E EN
TR 
EP
ENE
UR 
I
AL DE
C
ISIO
N P
O
C
E
SS
 
EFE
S
 
T
O
 
TH
E DE
C
ISIO
N
T
O
 LEAVE A P
E
S
EN
T
 
C
A
EE
 
O
L
I
FE
S
TY
LE D
U
E
T
O
:
 
etirement
 
elocation
 
T
ermination (V
S)
 
 
C
ompletion of education
 
Perceived advantages over a secured job- innovative idea- unsuitable structured environment- desire for self-employment- desire to earn and retain more money- prolonged career- resources
 
Environment
Environment
 
Political ± System, Stability,Leadership
 
Socio-cultural ± Culture, Community,values,Ethics, Attitude
 
Technological ± Education, Absorption, Competition, Innovation
 
Legal ± Regulatory framework,consumer protection, concern for environment,labour laws
 
Economic ± G.D.P, G.N.P, B.O.P,Resources, Fiscal and Non-fiscal policies,Incentives and SubsidiesEntrepreneurial Behaviour (EB) is a function of individual¶s personalityCharacteristics (P) and environmental factors (E)EB= f (P,E)
Characteristics of Enterpreneurship
 
Mental ability
 
C
lear objectives
 
B
usiness secrecy
 
H
.
.Ability
 
C
ommunication ability
 
T
echnical knowledge
 
Achievement
O
riented
 
Perseverance
 
Motivator
 
S
elf 
C
onfident
 
Long term involvement
 
H
igh energy level
 
Problem
S
olver
 
I
nitiator
 
G
oal
S
etter
 
isk 
T
aker
ey elements of entrepreneur
I
nnovation
-
 
isk taking - Vision
-
 
O
rganising skills - Ethics, ValuesNeed for Achievement

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