Entrepreneurship and Business Management

PRESENTED BY : RONY ANDREWS. MBA ( MARKETING).

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What is Entrepreneurship?
Capacity to take risks Ability to own and organize Desire and capability to innovate and diversify
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Who is an entrepreneur?
Person conducting own business (Webster) Person who sets up business deals in order to make profits (Collins Cobuild) Organizer of an economic venture, one who owns, organizes, manages, and assumes the risks of the business .
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Why entrepreneurship?
Process of creating something different, with value, by devoting necessary time and effort, by assuming the accompanying financial, psychological, and social risks, and receiving the resulting rewards of monetary and personal satisfaction (Bowen and Hisrich, 1986).
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Role of the Entrepreneur

An innovator who combines technical innovations and financial finesses. Important role in producing competitive products, processes, and services. Generation of new employment Local and regional economic development Improved allocation of resources and transfer of technologies
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Entrepreneur as an Economic Pioneer

Introduction of new goods and products Introduction of new processes and methods of production Opening up of new markets Opening up of new sources of supply Industrial re-organization

Strategic Importance of the Small-Scale Sector

Significant contributions to national income, employment, and export earnings Value of output over Rs. 5,70,000 crores Employment of over 17.5 million (> twice the private sector; almost as much as all public sector employment) Exports of over Rs. 54,000 crores (> 35 per cent of all exports) (2000-01 figures)
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Entrepreneurship and Small Businesses

Entrepreneurship is especially critical in small businesses because: Important sources of competition for large firms; challenge their economic power Offer a wide range of choice to consumers Sources of innovation and creativity Good career opportunities to work in an unstructured environment of a small company
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Conclusions
Entrepreneurship is a challenging and rewarding profession Need to concentrate on market analysis, financial resources, and technology management Cannot compete directly with the big guys, so need to be ingenious and innovative in all entrepreneurial functions