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Concept of Entrepreneur
Individuals who take initiative to establish business
and work for themselves on their own risk.
Definition
Joseph Schumpeter
”Entrepreneur is an innovator who brings economic
development through new combinations of factors of
production”.
Definitions
Webster’s dictionary
“ one who organizes, manages and assumes the risk of a
business or Entreprise”.
A. H.Cole
“ Entrepreneurship is a purposeful activity of an
individual or a group of associated
individuals, undertaken to initiate, maintain or
organize profit oriented business unit for the
production and distribution of economic goods and
service.
Modern concept of
entrepreneurship
Perceive opportunities for profitable investment
Initiative in establishing a business
Risk’s bearing
Co-ordination of different factors of production
Introduction of innvotions
Provision of capital
Main features of entrepreneurship
An economic activity
A Creative activity
An innovative function
A dynamic process
An organizing function
A risk bearing function
A gap filling function
A goal oriented activity
Basic components of
entrepreneurship
Technology (
men, management, methods)
Finance (
money, material, machine)
Sales and marketing
( market)
ENTREPRENEURSHIP INTRAPRENEURSHIP
Entrepreneurship is the practice Intrapreneurship is the practice
of embarking on a new business of entrepreneurship by
or reviving an existing business employees within an
by pooling together a bunch of
resources, in order to exploit organization.
new found opportunities. An intrapreneur is an individual
An entrepreneur takes employed by an organization for
substantial risk in being remuneration, which is based on
the owner and operator of a the financial success of the unit
business with expectations of he is responsible for.
financial profit and other
rewards that the business may
generate.
TYPES
OF
ENTREPRENEUR
Types of entrepreneur
TECHNOLOGY FINANCE
The various functions performed by the entrepreneurs are:
He arranges the various factors of production and finance for the business.
He sets up the desired organisation and prepares plans and policies for its
smooth operation.
Organisational Innovative
function, function,
Decision
Managerial
making
function
function.
1. Risk-bearing function:
2. Organisational Function:
exploit it.
4. Managerial Function:
He decides the development of a market for his product, develops new product
He also decides to maintain good relations with the public authorities as well
as with the society at large for improving the firms image before others.
Economist’s view
The position of the entrepreneur in modern
production is like that of the director of a play.
Non-
Insurable
insurable
Risks
(c) The entrepreneur innovates