Learning Outcome:

After attempting this GDB, students will explore different kinds of entrepreneurs and analyze
their approaches.

 Background:

Mr. Usman is very energetic entrepreneur and always finds new ways of doing things, that are
cost effective and leads to profit.

He has a friend named Rauf who is also an entrepreneur. They are both in to kid’s toys making
business. Rauf is orthodox and works very cautiously. He believes that giving what fulfills
people needs is enough.  Trying out new techniques is just waste of time and money when people
are happy with what is being offered to them. Usman gave an idea to change production system
and fully automating the factory which requires huge initial investment. No one else in the
industry is using the automated production set-up.  Although initial cost will be high but it has
huge profit prospects as well since quality of product will be improved. Rauf was risk averse so
he rejected his idea and wanted to run the business on traditional methods.

 Point of Discussion:
Give your opinion with logical reasoning whose entrepreneurial approach is better?

 Solution: An entrepreneurship in education is a unique kind of entrepreneurship, which has a

significant influence on the development of society. There are variety of ways to classify
entrepreneurs on the basis of their approach. The two entrepreneurs discussed above fall into the
following category:

An Innovating entrepreneur such as Mr. Usman, is a person who is trying to introduce new
methods of production and enticing his partner to adopt innovating manufacturing process.

Mr. Rauf, a Fabian Entrepreneur, is skeptical about the creative ideas of Mr. Usman because
he is a risk averse, rigid person and prefers to follow the conventional methods.

In my opinion, an innovative approach is much better as it leads to more efficient, modern, safe,
products or services that are not beneficial for the society, but also for the state. But, this
approach has a few barriers: For instance, High installment cost, Need of Technical Skills,
Monopoly- protectionism, Patents, etc. On the other hand, Fabian approach is similar to imitating
entrepreneurship. There is no innovation in this approach. It is more favorable if there is no large
capital, resources, labor available. It is applicable in third world countries.
Student’s Guide
1.      Keep you discussion with the mentioned scenario and irrelevant answers and
material will not be graded. 

2.      Be careful from those blogs who are promoting cheating culture among our students
and killing their creativity and critical thinking. Answers copied from such blogs will be
straightaway marked as zero. Similarly any relevant or irrelevant material copied from
internet sources will get the same treatment. It can seriously damage your grades.

Note:
For acquiring the relevant knowledge, do not rely only on handouts but also watch the course
video lectures and read additional material available online or in any other mode.