ENTREPRENEURSHIP MANAGEMENT

CHAPTER-1 CONCEPT OF ENTREPRENEUR. ENTREPRENEURSHIP AND ENTERPRISE .

Peter Drucker defines an entrepreneur as one who always searches for change. 3. and to initiate appropriate action to ensure success. . International Labor Organization defines ´ Entrepreneurs are people who have the ability to see and evaluate business opportunities. together with the necessary resources to take advantage of them.Introduction Meaning of Entrepreneur 1.Encyclopedia Britannica defines an entrepreneur as an individual who bears the risk of operating a business in the face of uncertainty. 2. responds to it and exploits it as an opportunity.

j. k. i. f. p. g.Characteristics of Entrepreneur a. b. n. c. o. m. h. e. q. Administrative ability Organization skills Intelligence Creativity Innovation Clear objective Business Secrecy Sound Knowledge Emotional stability Public relations Effective communication Technical knowledge Risk bearer Highly motivated Hard working Growth oriented Self confidence . l. d.

the founder of Amazon. Generation of business ideas and choosing the best suitable idea after necessary scanning.Evolution of the Concept of Entrepreneur a. Functions of Entrepreneurs a.e. b. Entrepreneur as a Risk Bearer b. what he wants to achieve in his proposed business enterprise.Jeff Bezos. the successful web-based book store. Determination of the business objectives i. Entrepreneur as an innovator Example. . Entrepreneur as an Organizer c.

Completion of promotional formalities. if readyshed is not taken. Recruting required manpower i.e. Making necessary arrangements for finance to implement the project by approaching State Financial Corporation for long term loan and banks for working capital loan. Getting electrical power connection and other utilities. semiskilled and unskilled(helpers). j. Product analysis and market research. skilled.c. Appointing key managerial / supervisory persons. Plant and machinery i. k. Determination of form of ownership/ organization e. f. Undertaking building construction. l. . Arranging for various raw materials and consumables. h. g. d.

p. . n. After stabilising the commercial business operations. Taking the feedback from the market for customer satisfaction.m. Commencing the commercial business operations. o. q. Undertaking trial productions. Marketing the prioducts. PRC issued by District Industries centre has to be converted into PMT by filing necessary required application.

c. d. Imitative or Adoptive Entrepreneur c. e. Prime mover Manger Minor innovator Satellite Local trading .Types of Entrepreneurs  Classification of Entrepreneurs based on functional Characteristics. Classification of Entrepreneurs based on the Developmental Angle. Fabian Entrepreneur d. b. Innovative Entrepreneur b. a. Drone Entrepreneur  a.

e. c. c. f. Classification of Entrepreneurs Based on Types of Business Manufacturing Wholesaling Retailing Service Classification of Entrepreneurs as per Behavioral Scientists Solo Operators Active partners Inventos Challengers Buyers Life timers  a. b. . d. a. b. d.

Harpo Inc. Steve Wozniak .Successful Entrepreneurs a. e. d.Apple Computers Bill Gates ² Microsoft Oprah Winfrey .Dreamworks Sam Walton . c. b. Michael H.Walmart . and Jay Arrington ² HarperArrington Publishing and Media Steven Spielberg . f.

Validation of selection Process .Psychological c.Socio-Cultural b. Target groups c.Development of Entrepreneurship  Meaning of entrepreneurship development  Entrpreneurship development approaches a. Pre-training a.Contemporary d. Selecting potential entrepreneurs b.Behavioral Stages in entrepreneurship development process 1.

Training a. Post ²Training Role of Entrepreneurs in Economic development a. Business opportunity and project selection c. Promotes effective capital formation by mobilising the idle savings b. Acheivement Motivation b.2. Provides large scale direct and indirect employment to the unemployed people in the country and thereby helps the government to overcome socio-economic problems . Business management 3.

e.c.Improves standard of living. . g. d. wealth. Stimulates the equitable distribution of material resources.Promotes balanced regional development. Encourages effective resource mobilisation of capital and skill which mightr otherwise remain unutilised and idle. f. income.Helps to reduce the concentration of wealth and economic power in the hands of a few people. even political power in the interest of the country.

j. i.Contributes substantially in country·s export trade and thereby helps the country to earn vital foreign exchange Entrepreneurship in India .Helps in harnessing vast natural resources of the country for economic growth.h.Helps the country to become a developed nation and improve its status in the world.

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