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Course advisor: Dr. M.K. Manoharan Email: drmanoharan_63@yahoo.co.in

1   THE NATURE AND IMPORTANCE OF ENTREPRENEURS Historical Background Growing income inequalities.Slide 3 Module. . Urban & Rural imbalance and Huge backlog of unemployment makes the policy makers to concentrate on Entrepreneurship as a critical input in the process of devt. Regional disparities.

Vocational skills and Professionalism  Origion ( 1970) From Gujarat Industrial investment Corporation ( GIIC) Establishment of CED in 1979( Centre for Entrepreneurship Development)  .Slide 4 Thrust areas in policy guidelines Entrepreneurship training.

Confederation of Indian Industries also suppliments the EDP. DIC·s. .Slide 5 Entrepreneurship development  Gained momentum after 1980  Institutions like SSIDC·s. Chamber of Commerce and Industries.

Slide 6 ENTREPRENEURSHIP What is Entrepreneurship? It is the process of mind to take calculated risk with confidence to achieve pre-determined preobjectives.  .  Conventional view Entrepreneurs are born and it is hereditary Entrepreneurship is a monopoly of some communities and restricted to certain regions.

.  Definition J. Mill & Marshall define ¶Profit· as a compensation payable to the entrepreneur for his risk bearing function. education. Knight defines ¶Profit· as a reward for the uncertainty bearing capacity of entrepreneur  .Slide 7 Modern view It does not belong to any particular region. sex. Prof. age etc. community. S.

Slide 8 Working Definition  An entrepreneur is a person who combines various factors of production. processes raw material. converts the raw material into a finished product and creates utility and sells the produce in the market to earn profit. .

Slide 9 Salient Features     Entrepreneurship is need-based function needProduction is not for self ²consumption Profit oriented Entrepreneur posses distinct qualities like risk bearing. maintaining good interpersonal relations. information seeking. goal setting. time planning . innovator and team builder .

ie. Devotion.Slide 10 Continue«.. Dedication.  He is a creator of wealth  He takes decision about What to produce --. He posses the different D·s for success.Location When to produce --. Discipline. Desire.Technology Where to produce --. Determination. Dignity.Time planning/Duration For whom to produce --.Target consumers/ Market  .Product selection How to produce --.

Slide 11 Misconceptions about Entrepreneurs       Entrepreneurs are born They are profit-hungry profitThey are dishonest They are favoured by luck. Only rich people can become entrepreneurs It is a monopoly of certain communities .

it can be learned. says America·s leading management thinker.Peter F. It·s not magic. is all wrong. Drucker . it·s not mysterious. like any discipline. . It·s a discipline and.Slide 12  Most of what you hear about entrepreneurship. and it has nothing to do with genes.

Slide 13 Distinction between Entrepreneurs and Managers Entrerpreneur : 1. Decision making & calculated risk bearing 3. Public relation skills & team building 5. High level of achievement and motivation 6. imaginative soul 7. Has all round responsibility 4. Challenges established values and attitudes . Entrepreneurial function is organising production 2. creative. Innovative.

6. 3. Managers : Managers are employees (specific role) Limited scope for innovation & creativity Managerial jobs are transferable Managers do not bear risk Managers Need team building & leadership role Managers need knowledge. 4.Slide 14 Continue«. 2. insight and expertise (KIE) . 5.  1.

a movement from somethinga present life style to forming a new enterprise .. few can bring their ideas to the market and create a new venture. ED process which entails a movement from something to something-ie.Slide 15 Entrepreneurial Decision process   Though many individuals create new idas.

Financing 5. Peers Possible: 1. Teachers 5. Subcultural 3.Slide 16 ED PROCESS«. Marketing 4. Government 2. Role models . Background 3. Cultural 2. Family 4.  Form new enterprise Desirable: 1.

No culture is far against entrepreneurship. Many subculture shapes value system operate within a cultural framework. culture. The govt provides infrastructure and help.Slide 17 Desirability & possibility of New Venture formation    The perception that starting a new company is desirable results from an individuals. family. Factors making it possible to create a new venture. Subculture. teachers and peers. .

Slide 18 Role of Entrepreneurship in Economic development    Increasing per capita output and Income Involves initiating and constituting change in the structure of business and society The theory of economic growth depicts innovation as the key not only for developing new products but also in stimulating investment interest in the new ventures .

Slide 19     Production evaluation process: Process for developing & commercializing an innovation Iterative Synthesis: The intersection of knowledge & social need that starts the product development process Ordinary innovations: New products with little technological change Technological innovations: New products with significant technological advancement .

Slide 20    Breakthrough innovations: New products with some technological change Government as an innovator: Govt active in commercializing technology Technological Transfer: Commercializing technology in the laboratories into new products. .

Slide 21 Intrapreneurship   Entrepreneurship within existing organization is called as Intrapreneurship. Intrapreneurs are not necessarily the inventors of new products or services but are the persons who can turn ideas or prototypes into profitable realities. .

In spite of these increase many people do not consider entrepreneurship as a career.Slide 22 Entrepreneurial careers & Education      More awareness on entrepreneurship There has been increased interest in entrepreneurial careers & education Thousand & thousands of small cottage companies are formed Women become increasingly more active in the workforce No of families earning two incomes grows. .

Individual·s personality 3. Employment History 5. Current family situation . Individuals current perspective 9. Child-family environment Child4. 1. Adult Devt History 6. Educational environment 2.Slide 23 LifeLife-Cycle approach  This approach conceptualizes entrepreneurial career in Nine major categories. Adult non-work History non7. Current work situation 8.

.Slide 24 The Future of Entrepreneurship    Entrepreneurship means different things to different people and viewed in different perspective. We are living in the age of entrepreneurial era. in spite of differences. However. there are some commonalities will continue to be the driving force behind the notion of Entrepreneurship in future.

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