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COM - 2

Schumpeter – An entrepreneur is an innovator who carries out new combinations to initiate & accelerate the process of economic development. Innovation is a specific tool of entrepreneurs. responds to it & exploits an opportunity. . the means by which they exploit change as an opportunity for different business & service.  Joseph A.Entrepreneur – Def.  Peter Drucker – Entrepreneur is one who always searches for change.  Richard Cantillion – An entrepreneur is an individual decision-maker who uses to assume risk & provide management to the firm.

key planner & sole risk taker organises. (Conclusion)  An entrepreneur is an individual or a group of individuals who as a single decision –maker. taking on financial risk to do so.Entrepreneur – Def.  An entrepreneur is an individual who organizes and operates a business or businesses. manages & runs the enterprise / venture whereby he reallocates resources beneficially for the best interest of his / their enterprise / venture. .

New Sources of Materials & New type of industrial reorganisation. Individual or Group of Individuals Talented & Motivated: Managerials Skills. Risk-taker Pioneer of Economic Development Key Planner Co-ordinator Creative & Sound Personality Promoter . New Markets.Entrepreneur – Characteristics  Innovator: New techniques of Production. New          Products. Decision-Maker : key decision maker.Organiser . motivates others. high level of Motivation.

sense of responsibility. independent motives. motivates & controls. Searcher for Economic Opportunities Independent thinker & Ambitious Person of Special Qualities: Drives. Fulfilling demand . new products & new process Creator of Wealth: by proper utilisation & re-allocation of resources. . Self confidence.Entrepreneur – Characteristics          Employer: generation of employment opportunities Owner: Enjoys all Profit & losses of the firm Producer: increases productivity. Organises. Directs. need for achievement. Dynamic Leader: Dynamic nature. Co-ordinates. managerial ability. Manager: Plans. creative. tact & excellence in work.

 Drone: No focus on growth.  Routine: continue to work on well established concerns  N-entrepreneurs: working on completely new things. do not take risk.Entrepreneur – Types  Innovating Entrepreneurs  Imitating  Fabian: Shy.  Private: self employed owner of a firm. . Working in unknown areas  Political: Advancement through election. follows traditions.  Criminal: Illegal activities. struggle to exist.

Entrepreneur – Types  Revolutionary: Non profit Objectives  Business: develops new business opportunities taking production and marketing resources  Corporate: Plans. to start another with the proceeds of sale.  Professional: Establish new biz then sell it out. . develops and manage Corporate Bodies  1st Gen: Start business / industrial units by means of their innovative skills.

..Decision-Maker .Co-ordinator: of all functions internal and external .Risk-Taker: operates under uncertainty .. .. ...Manipulator of Market Information: to benefit is firm...Employer: Creates employment opportunities.Entrepreneur – Role / Imp.  As a Owner: takes all step for the development of        enterprise.Producer: maximise production process ......Market Maker: creates new markets .. .

.Forex Earner ...Economic Pioneer: balanced regional development  ...  ...Export Promoter  .Innovator  ..Entrepreneur – Role / Imp.

Co-ordination. Leadership. Adapting to change. . Manager of Firm. Economic Development. Searching for Economic Opportunities. Re-allocation of resources and creation of new ones. Organising. Risk-bearing. Maximising Production.Entrepreneur – Functions Innovation. Motivation. Decision Making. Establishment of Enterprise.

Leadership.Entrepreneur – Qualities Innovativeness. Motivation. Decisiveness. Risk-taking ability. High aspirations. Perseverance & Hardworking. Competence. Strong Personality.Confidence. Adaptability & flexibility. Managerial Qualities. Self. Knowledge of market opportunities. . Creativity.