Who is an entrepreneur?

The word entrepreneur is French and literally

translated means between taker or go between.

Entrepreneur is an individual who takes risks and

starts something new.

Development of Entrepreneurship
Earliest Period
Middle Ages 17th Century

18th Century
19th & 20th Centuries Entrepreneurship today

Earliest Period
Marco Polo is an example of earliest entrepreneur.
He attempted to establish trade routers to the Far East. As a go between Marco Polo would sign a contract with

a money person (capitalist) to sells his good

Middle Ages
In the middle ages the term entrepreneur was used to

describe both an actor and a person who managed large production or construction project.
In such projects the manager did not take any risk but

just manage the projects and the resources were

usually provided by government.

th 17

Century

The connection of risk with entrepreneur developed in

the 17th century.

In this era the entrepreneur was a person who entered

into a contractual arrangement with the government to perform a service or to supply a product. The price is pre-fixed and any resulting losses were charged to entrepreneur. One big example of entrepreneurship in this era was John Law who was allowed to establish Royal Bank

th 18

Century

It was the time when entrepreneur was distinguished

from capitalists. This was the era of industrialization and development of modern technology. The inventors like Thomas Edison was in need of resources to finance their research work. In this period the entrepreneurs were capital users only and they were a investment area for capital owners of that time.

th 19

&

th 20

Centuries

In the 19th and 20th centuries entrepreneurs were

mostly viewed from and economic perspective. In this era the function of entrepreneur was only to introduce innovations in the field of production. It was the time when entrepreneurship was mixed with the Invention and Innovation.

Entrepreneurship Today
Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort,

assuming the accompanying financial, psychic and social

risk and receiving the resulting rewards of monetary and personal satisfaction and independence.

Entrepreneurship Today ( Cont..)

There are four basic aspects of modern

entrepreneurship:
It involve creation process

The creation has to be some value both for entrepreneur

and for audience for which it is developed.

It require devotion of time and effort. It contain some risk

The Entrepreneurial Process

Identify & Evaluate the Opportunity Develop Business Plan Resources Required Manage The Enterprise

Identify & Evaluate the Opportunity

Opportunity Assessment
Creation and Length of Opportunity Real and Perceived value of opportunity Risk and Returns of opportunity Opportunity VS Personal Skills and Goals Competitive Environment

Business Plan
Description of Business
Description of Industry Technology Plan

Marketing Plan
Financial Plan Production Plan Organization Plan Operational Plan

Resources Required
Determine Resources Needed
Determine Existing Resources Identify resource gaps and available suppliers Develop access to needed resources

Manage the Enterprise

Develop Management Style
Understand Key Variables for Success Identify problems and Potential Problems Implement Control System Develop Growth Strategy

Future of Entrepreneurship
We are living in the age of entrepreneurship
Entrepreneurship is endorsed by educational

institutions, governmental units, society and corporations Almost all Universities in the world offer different courses in the field of entrepreneurship These Universities also conduct Research Work in this field

Entrepreneurship in Pakistan
Youth Loan Scheme by the Government of Pakistan to

provide financial support to young Entrepreneurs Internship Program is also a tool to Promote Entrepreneurship in Pakistan Vocational Training Institutes(VTIs) are providing skilled labor and encouraging people to be self dependent