ENTREPRENEURIAL MINDSET

Part I. The Entrepreneurial Perspective

ENTREPRENEURSHIP AND ENTREPRENEURIAL MIND-SET

1. The Nature Of Entrepreneurship

Entrepreneur:
 Entrepreneur as a person who only provides capital without taking active part is the leading role is the enterprise. –
Adam Smith
 A person who is able to look at the environment, identify opportunities to improve the environment, mar shall
resources and implement action to minimize those opportunities. – Prof. Robert Nelson
 A person who sets up a business of businesses, taking financial risk is the hope of profit.
 Author Lloyd Shefsky dissected the entrepreneur ino: entre (enter), pre (before), neur (nerve center) – which leads
to defining entrepreneur as someone who enters a business in time to for or change substantially that business nerve
center.
 The dynamic process of creating incremental wealth. –Karl Vesper
 The ability to create and build a vision from practically nothing. – Jeffry Timmons
 In sociology, Max Weber refers to entrepreneur as the ultimate source of power and authority in an economic
organization.
 An entrepreneur is someone who perceives an opportunity and creates an organization to pursue it. The
entrepreneurial process involves all the functions, activities and actions associated with perceiving opportunities and
creating organizations to pursue them. – William Bygrave’s Concept


Entrepreneurship

 Entrepreneurship is meant that function of seeking investment and production opportunity organizing and enterprise
to undertake a new production process, raising a capital, having labor, arranging the supply of raw materials, finding
site and selecting to managers of day to day operations. -Heggins
 Entrepreneurship is essentially a creations activity it consists of doing things such things are generally not done in
ordinary course of business. – Josph Schem Peter

Nature of Entrepreneurship

 It is a multi-dimensional concept. Entrepreneurship as an economic activity emerge and functions in Socio-

economic and cultured settings.

Entrepreneurship Features

 Management skills: Leadership/Handling & involving risk & uncertain

 High achievement: Targer based
 Decision Making:
 Risk bearing capacity: No. of times
 Innovations:

Entrepreneur Competencies

 Risk taking
 Networking and Pursuation
 Commercial Aptitude: update developments/best practices
 Integrity: Values/business decisions
 Optimism: working hope of success
 Strategic Planning
 Fresh Approaches
 Self Confidence
 Persistence
 Systematic Planning and Monitoring
  Commitment to work Contract
 Demand for quality and efficiency
 Information seeking
 Goal Setting

Entrepreneur Attitudes

 Capacity and willingness to assume risk

 Willing to hardwork and be always tenacious
 Vision and foresightedness
 Creative and imaginative thinking and innovative
 Willingness to adopt to change
 High degree of ambition
 Total commitment and determination
 Prompt and sound decision making
 Ability to organization and administration
 A long-term vision of the future of your business.

Entrepreneur Qualities

 Initiation
 Opportunity Seeking
 Persistence
 Information seeker
 Qualities conscious
 Commitment to work
 Efficient lover
 Proper planning
 Eager to learn
 Patient
 Positive thinking
 Self determination
 Self motivation

Function of Entrepreneur

 Innovation
 Risk bearing
 Uncertainty
 Organization building
 Perceiving market opportunities
 Purchase inputs
 Marketing the products
 Dealing with dbureaucrats
 Managing human relations within the firm
 Industrial engineering
2. How Entrepreneurs Think
3. Entrepreneur Background and Characteristics
4. Sustainable Entrepreneurship
5. Ethics: Company’s Code of Ethics

CORPORATE ENTREPRENEURSHIP
1. Ethical Conduct of Entrepreneurs versus Managers
 Establishing a Culture for Corporate
 Leadership Characteristics for Corporate
 Learning from Failure
ENTREPRENEURIAL STRATEGY: GENERATING AND EXPLOITING NEW ENTRIES
1. Environmental Instability and First-Mover
2. Risk Reduction Strategies for New Entry Exploitation
 Market Scope Strategies
 Imitation Strategies
 Managing Newness

Part II. From Idea to Opportunity

Creativity and the Business Idea

1. Trends
 Green Trend
 Organic-Orientation Trend
 Economic Trend
 Social Trend
 Health Trend
 Web Trend

Protecting the Idea and Other Legal Issues for the Entrepreneur
1. Intellectual Property: meaning
2. Legal Issues in Setting Up the Organization
3. Patents
4. Trademarks
5. Copyrights
6. Licensing
7. Product and Safety and Liability
8. Contracts