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THE CONCEPT OF ENTREPRENEURSHIP

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In the British public mind, Sir Richard Charles Nicholas Branson is the archetypal modern entrepreneur.
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Person

Process of action
Object
Entrepreneur is a person who starts an enterprise. The process of creation is called entrepreneurship. The entrepreneur is the actor and entrepreneurship is the act. The outcome of the actor and the actwww.adibfh.com is called the enterprise. 3

Stems: from the French word ‘entrependre’ meaning one who undertakes or one who is a ‘go-between’
Richard Cantillon: An entrepreneur is a person who pays a certain price for a product to resell it at an uncertain price, thereby making decisions about obtaining and using there sources while consequently admitting the risk of enterprise.

Peter Drucker: An entrepreneur searches for change, responds to it and exploits opportunities. Innovation is a specific tool of an entrepreneur hence an effective entrepreneur converts a source into a resource
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Four aspects of being an entrepreneur today: • Involves creation process. • Requires devotion of time and effort. • Involves rewards of being an entrepreneur. • Requires assumption of necessary risks

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According to Peter Drucker Entrepreneurship is defined as ‘a systematic innovation, which consists in the purposeful and organized search for changes, and it is the systematic analysis of the opportunities such changes might offer for economic and social innovation.

"What is entrepreneurship? see need, fill that need, and you are rewarded" Welcome Wilsson, SR. Chairman GSL Welcome Group
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• Entrepreneur: men and women who establish and manage their own business. The process involved is called entrepreneurship. • Entrepreneurship: abstraction whereas entrepreneurs are tangible people. • Entrepreneurship: process. Entrepreneur: person. • Entrepreneur: actor. Entrepreneurship: act. • Entrepreneurship: most effective way of bridging the gap between science and the market place by creating new enterprises. • Entrepreneur: catalyst who brings about this change. www.adibfh.com 7

• Entrepreneurs are their own bosses. They make the decisions. • Entrepreneurship offers a greater possibility of achieving significant financial rewards • It offers the prestige of being the person in charge • Entrepreneurship creates an opportunity for a person to make a contribution • It gives an individual the opportunity to build eq-uity, which can be kept, sold, or passed on to the next generation. • It provides the ability to be involved in the total operation of the business, from concept to design and creation, from sales to business operations and customer www.adibfh.com 8 response.

Research indicates that most successful entrepreneurs share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence, and “smarts.”

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Bill Zinke proposes the following top characteristics list: 1. A commitment to purpose with passion Courage/willingness to take risks 2. Courage/willingness to take risks 3. Positive attitude, opportunistic 4. Strength of character/fortitude 5. Integrity/authenticity 6. Ability to engender trust/confidence/respect, to develop credibility 7. Vision/ability to see things as they might be and to anticipate change 8. Self-confident, assured 9. Dedication/commitment 10.Self-starter/proactive 11.High energy level 12.Creative/innovative spirit 13.Decisive/results-oriented 14.Leadership skills 15.Team building/teamwork abilitieswww.adibfh.com

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Bill Zinke proposes the following top characteristics list: 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. Clarity/consistency of thought Resourceful/resilient Tenacity/perseverance Flexible/adaptable Strength in concept development/implementation Broad knowledge base in critical areas/”knowing what you don’t know” Ability to accept rejection and turn failures into learning opportunities Open minded and willing to listen to others’ views Strong negotiating skills and ability to develop win/win results Ability to create strategic alliances/understanding of leverage

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1. Love what you do 2. Build a team immersed in your vision 3. Come up with innovative ways to solve problems 4. Create a delightful customer experience 5. Quickly learn from your mistakes 6. Rely on people smarter than you 7. Never sacrifice quality
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Entrepreneur An entrepreneur is involved with the start-up process An entrepreneur assumes financial, material and psychological risks An entrepreneur is driven by perception of opportunity An entrepreneur initiates change An entrepreneur is his own boss An entrepreneur gets uncertain rewards

Manager A manager with running the business over a long period of time A manager does not have to bear risks A manager by the resources he currently possesses A manager follows rules & procedures A manager is a hired employee A manager gets fixed rewards and salary

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An entrepreneur is a person who perceives opportunities, organizes the resources needed to exploit the opportunity and sets up an enterprise. The process of setting up an enterprise is called entrepreneurship.

An enterprise is a business venture.
Entrepreneurship is a discipline with a knowledge-based theory. A person can learn and acquire the competencies of becoming an entrepreneur and start a venture and make it grow. The most important functions of an entrepreneur are innovation, risk and uncertainty bearing and organization building. An entrepreneur usually has to perform all the functions of production, marketing, finance, human relations etc. especially at the time of start-up and establishing an enterprise.
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