sreprenenrstip Development in ne making Skills ri pat gion! : one ust ° chara ef” cteristics and Qualities of Entrepreneur.) reneurial culture is an environment where someone is toinnovate, create and take risks. Entrepreneurial culture motive” ves ethical behaviour on the part of entrepreneurs, quality 480 ne sness, concern for environment, concern for social cl 1 0 pment, etc. le" neurial culture plays an important role in entrepreneurship En EO nont. Some of the elements of entrepreneurial culture that me entrepreneurial development are as follows: influ Ethical Behaviour: Entrepreneurs must practice ethical i behaviour. Entrepreneurial leaders must lead and be role models for their subordinates. They must be disciplined. There must be application and dedication on the part of entrepreneurial leaders. Their behaviour should indicate commitment towards organisational objectives. As far as possible, the leaders must refrain from corrupt practices and favouritism. 2. Productivity Culture: Entrepreneurial leaders must focus on improving productivity. They should place emphasis on results rather than mere activities. The entrepreneurial leaders must be flexible in their approach. They should not strictly follow formalities in the organisation, if they want to achieve higher productivity in the organisation. Communication Culture: Entrepreneurs should place emphasis on open communication. Open communication is generally better than restricted communication. If employees know the Problems of which the organisation is facing and hear what Managers are trying to do to overcome the problems, they will tespond favourably.40 PE EEE eee eee Business Planning and Entrepreneurial Management (BMS: SEM.Iy Entrepreneurs should also encourage upward communication, Feedback must be obtained from the subordinates regarding Management practices, policies, etc. The entrepreneur can taky suitable measures or develop action plans on the basis 4 employees’ feedback. Recognition and Rewards Culture: Entrepreneurs must focy on rewards culture. A traditional corporate culture has a climay and reward systems that favour conservative decision making But in an entrepreneurial culture, rewards must match wig formance. There must be equity in rewards. Equity jy rewards would lead to greater commitment, resulting in greaty efforts, and thereby higher performance in the organisation, Quality Culture: Entrepreneurs must focus on quali throughout the organisation. Various approaches may be adopted such as TOM, Just in Time Approach, Zero Defects Approach, etc. Since entrepreneurship is concerned with newness or innovation, focus must be placed on R&D. Adequate funds must be allocated for R&D, technology upgradation, and training and development of employees. Corporate Citizenship Culture: Entrepreneurs must give importance to corporate citizenship behaviour of the members of the organisation. The employees must be encouraged to display corporate citizenship behaviour. When members of the organisation adopt fair corporate citizenship behaviour, the organisation earns goodwill in the eyes of the society. Acts of corporate citizenship include: e Sportsmanship tolerance of daily nuisances of the job. e Helpful behaviour or task instrumental. e Civic behaviour such as attending meetings even though may be reluctant to do so. Concern for Environment: Entrepreneurs must also develop concern towards the environment. They must take possible measures to preserve and protect the environment. If they f@ to do so, they may invite wrath of the society. az“oundations of Entrepreneurship Development .. | WC ONATEPYNS i S 11. eel 41 elopment: The entrepreneurs must be evelopment. Concern for Social Dey, . . “OP: '€ entrepreneurs must fulfill their a Tesponsibility towards various sections of the society. REVIE LETS Ferpreeg, QUESTIO: Explain the need of entrepreneurship. Discuss the importance and signifi Discuss the concept of entrepreneurship Explain Joseph Schumpeter’s Theory of Innovation. Explain in brief Theory of High Achievement by David McClelland. Write a note on X-Efficiency Theory by Harvey Leibenstein. Discuss in brief the Theory of Social Change by Everett Hagen Write a note on Theory of Profit by Knight. Explain socio-cultural and political influences on entrepreneurship development. Explain economic and development. Discuss the role of entre development. personal influences on entrepreneurship preneurial culture on entrepreneurship Serene TIVE QUESTIONS | | OBJE e Fill in the blanks with the correct option from the bracket: conducts entrepreneurship development programmes. (NIESBUD, RBI, CARE) developed the concept of ‘Locus of Control’ in 1960s. (Joseph Schumpeter, Julian Rotter, Gifford Pinchot) Entrepreneurship requires (Proactive, Reactive, Neutral) In 1966, Harvey Leibenstein popularised the concept of ——— (X-efficiency, Y-efficiency, Z-efficiency) decisions. emanates CS Taee ON a2 Business Planning and Entrepreneurial Management (BMS: SEM, 5. _ Everett Hagen developed the “Theory of . hn 6 a Change, Uncertainty, Achievement) s ntrepreneur who acts like an arbi i (Gap Filler, Input Provider, Lead Sioriniae 7. Economic entrepreneurs are driven b (Profit Objective, Human Objectives, § ial Objecti 8. Analysis of envire beer — ‘Onment reveals strengths and we 3 of the organisation. (Internal, External, Local) aknessy . Analysis of environment reve iti the organisation. (Internal, External, — and threatsy resources are required in meeting working capital Needs, (Physical, Financial, Human) IL State whether the following statements are ‘True’ or ‘False’: 1. Entrepreneur fears taking risks. Social Entrepreneur is driven by profit objective. Ininternal locus of control, the behaviour of an individual is influenceq by fate or external factors. An entrepreneur should have good leadership skills. Professional entrepreneurs focus on R & D activities. Entrepreneurship does not focus on results. Entrepreneurship involves innovation and creativity. Richard Cantillon viewed entrepreneur as a risk taker. F.H.Knight states that ‘newness’ can create uncertainty. 10. Entrepreneurship is not influenced by political factors, Ans: False : 1, 2, 3, 6, 10 True : 4, 5, 7, 8,9 Ill. MATCH THE COLUMNS: 10. YPN PEN an~ Monetary Incentive . Welfare Facilities Non-Monetary Incentive . Bonus Insurable Risk . Bad Debts Non- Insurable Risk |. Loss due to Fire HRM . Managing Manpower Mobilizing Funds Ans: (1) - (b), (2) (a), (3) - (a), (4) - (c), (5) - (e)en Foundations of Entrepreneurship Development B. Richard Cantillon Julian Rotter Joseph Schumpeter Peter Drucker Robert Ronstadt a. if 43 Founder of the term ‘Entrepreneur’ Concept of ‘Locus of Control’ Five forms of Innovation Entrepreneur is a ‘Seeker of Change’ Entrepreneur is a ‘Wealth Creator’ Entrepreneur isa ‘Facilitator’ Ans: (1) - (a), (2) - (b), (3) - (c), (4) - (a), (5) - (e)