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Welcome to the world of Entrepreneur Interest in entrepreneurship has never been higher. Entrepreneurial spirit is the most significant economic development in the recent business history. Around the globe, the heroes of the new economy are reshaping the business environment, creating a world in which their companies play an important role in the vitality of the economy.

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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Desire for responsibility Preference for moderate risk Confidence in their ability to succeed Desire for immediate feedback High level of energy Future orientations Serial Entrepreneurs Skill at organizing Value of achievement over money

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High degree of commitment Tolerance for ambiguity Flexibility Tenacity

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Capacity to take risks Ability to own and organize Desire and capability to innovate and diversify (Stepanek, 1962)

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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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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

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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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advantages

You are your own boss Enjoy the profits from you efforts Sense of pride in your business Flexibility in your work schedule Contribute to the society. Opportunity to do what you enjoy

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disadvantages

Will need to put in long hours Need money to start Have to keep up with government rules and regulations May have to mark hard decisions (hiring, firing, etc.) May lose money High level of stress Complete responsibility

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Entrepreneurs as heroes Entrepreneurial education Demographic and economic factors Shift to service economy Technological Advances Independent lifestyle www International opportunities

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Young Entrepreneurs Women Entrepreneurs Minority Entrepreneurs Immigrant Entrepreneurs Part-time Entrepreneurs Home-based business Family based business Copreneurs Corporate castoffs Social Entrepreneurs

INDIAN CELEBRITY ENTREPRENEURS ?

Creativity is the ability to develop new ideas and discover new ways of looking at problems and opportunities. Innovation- Is the ability to apply creative solutions, to problems and opportunities to enhance or to enrich peoples lives. Creativity is thinking new thinks and innovation is doing new things or old things in ways.

Innovation is the specific instrument of entrepreuers, the means by which they exploit change as an opportunity for a different business or a different service. Example of 3M

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Innovative Entrepreneurs- developed countries Aggressive assemblage of information & analysing. Aggressive in experimentation and cleverly put attractive possibilities into practice. Sees opportunity for introducing a new technique, new product or a new market. Raise money to launch an enterprise, assemble the various factors and choose top executives and set the organisation going.

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These are characterized by great caution and skepticism in practicing any change. Very cautious and skeptical while practicing any change. Neither the will to introduce new changes nor the desire to adopt new methods. Shy and lazy Dont take risks, Follow predecessors Determined by custom, religion, traditions and past practices. They imitate only in situations when it becomes absolutely necessary.

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Are laggards and operate in a traditional way. Conventional Refuse to change and adopt new opportunities to make changes in production methods.

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Transform the system with the limited resources available Face less risk and uncertainty Organizer of factors of production than a creator. He can set in chain reaction and lead to cumulative progress.

Characterized by imitating the innovative entrepreneurs. They imitate the technology & techniques innovated by others. They are important in underdeveloped nations.

Is a person within a large corporation who takes direct responsibility for turning an idea into profitable finished product through assertive risktaking and innovation.

An entrepreneur is a person who is motivated to satisfy a high need for achievement in innovative and creative activities. He is a great motivator to start his new business and manage it successively. He is the investor and takes risk in the enterprise. He perceives and exploits opportunity and works for his satisfaction to get positive results, whereas a manager (Professional Manager) takes care of the general functions of running an organisation such as strategic planning, operation planning, organising the resources, staffing, coordination, motivation and controlling work of the organisation.

Normally a professional manager acquires such knowledge through formal education and training. He has to work within the policy framework set by the entrepreneurs (owners) of the organisation.

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Long term planning Strategist Plans for expansion, growth etc The constraints of growth are usually outside the organization i.e. Environment

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Short-term planning Men of great details Operational and administrative decisions The constraints are usually within

Entrepreneur

Manager

The principles are with reference to macro-social aspects like social responsibility, equal opportunity, employment, ethical advertisement practices, adherence to government policies

The principles are more oriented towards internal administration and control like delegation, accountability, responsibility, planning, budgeting, reporting and information system

Entrepreneur

Manager

According to Sachar Committee on company law A professional manager is an individual who I) belongs to the professional of law, accountancy, medicine, engineering or architecture or II) is a member of a recognized professional body or institutional body exercising supervisory jurisdiction on its members III) is a holder of degree or diploma in management from any recognized university and possess not less than five years of experience.

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Perception of opportunity Risk-taking Strategic Planning Interpersonal communication Trouble- Shooting Innovator Motivator Determined Committed

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Setting of Objectives Policy formulation Strategic Planning Formal Communication Organizing Motivating Controlling Administrator Skilled Specialist

Entrepreneur

Professional Manager