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Entrepreneurship

What do you mean by


Entrepreneur (oxford dictionary): Person who
undertakes an enterprise with chances of profit or loss.

Entrepreneur (New Encyclopedia Britannica):


An individual who bears the risk of operating business in the face of uncertainty about the future conditions. Common Meaning: One who starts his own, new and small business

What do you mean by


Entrepreneurship: It is a philosophy or process through which an entrepreneur seeks innovation and employment.
Entrepreneur Person Entrepreneurship Process or Philosophy Enterprise Object

Entrepreneurship can be described as a creative and innovative response to the environment.

Entrepreneurship Theories
1600: French verb- Entreprendre to undertake 1700: Person bearing Risks of Profit in a fixed price contract (Risk) 1725: Richard Cantillon Person bearing risks is different from Capital Supplier (Risk) 1803: J. B. Say Shifts economic resources out of an area of lower into an area of higher productivity & greater yields (Value Addition) 1934: Joseph Schumpeter Innovator and develops untried technology (Productivity & Innovation)

Entrepreneurship Theories
1961: David McClelland highly motivated, energetic, moderate risk taker (Need for achievement) 1964: Peter Drucker Searches for change, responds to it & exploits as opportunity (Opportunity Focused) 1980: Karl Vesper Behaviour PerceptionsEconomists, Psychologists, Businessmen, Politicians (Environment) 1983: Gifford Pinchot- Intrapreneur 1985: Robert Hisrich - Creating something different with value, devoting time & effort, assuming risks ; results-rewards and satisfaction (Leadership & Vision)

Entrepreneurship Theories

How do you define an st entrepreneur in the 21 Century?

Entrepreneurship
Is the process of creating something different with value by devoting the necessary time and effort, assuming the accompanying financial, intuitive, social risks and receiving the resulting rewards of monetary and personal satisfaction and independence

Entrepreneurship
New Definition involves four aspects:
The creation process The devotion of time and efforts The assumption of risks Rewards of independence, satisfaction, money.

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Assignment

Updates on Assignment 1

To an Individual
Self Employment Employment for near & dear Prolonged career for next generations Freedom to use own ideas - Innovation and creativity Unlimited income / higher retained income Independence Satisfaction

To the Nation
Provides larger employment Results in wider distribution of wealth Mobilizes local resources, skills and savings Accelerates the pace of economic development Stimulates innovation & efficiency

Characteristics of Successful Entrepreneurs


Self confident Able to take calculated risk Respond positively to challenges Flexible and able to adapt. Knowledge of markets. Able to get along well with others. Independent minded Versatile knowledge Energetic and diligent Creative, need to achieve. Dynamic leader. Responsive to suggestions Take initiative Resourceful and persevering Perceptive with foresight Responsive to criticism.

Some more.
Self Driven Social Networkers Active Competitive Curious Decisive Determined Enthusiastic Focused Hardworking Imaginative Passionate Patient Disciplined