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Origins in Europe and growth in US with the Entrepreneurial Economy & Society. To be differentiated from the Manager who has a given role and limited responsibilities.IntroductionConcept. Usage & meanings of Enterprise. informed choices & decision making is central to Entrepreneurship S.nature & scope of entrepreneurship.Mitra 3 . Entrepreneur & Entrepreneurship in terms of the Business. The element of Innovation. the Businessman and the Process/ Facilitating factors. Relevance to Business Management Studies & Professional life.

These can be further elaborated as under— Choice of project. 3 broad functions are INNOVATION.ROLE & FUNCTIONS OF AN ENTREPRENEUR Driven by high achievement motivation to provide new products/ services/ processes by integrating all business & human skills. Risk taking Mobilising finance Planning Production Budgetting & control Managing Operations Earning profits on sustainable basis S. RISK-TAKING & ORGANISATION.Mitra 4 .

Mitra 5 Contd. .Clarity of objectives Knowledgeable & well informed Business sense Basic technical knowledge Networked S.CHARACTERISTIC TRAITS OF AN ENTREPRENEUR High achievement motivation Strategic orientation Ideator Innovator Creative Systematic in approach High Financial & Analytical skills Focussed.

Mitra 6 .Characteristic traits of an entrepreneur Ability to correlate disaggregated facts Tolerance of ambiguity Organisational skills Emot ional stability under stress Effective communicator Visualiser Sensitive to environment S.

process and organisational Analytical skills—Financial & Situational Project skills Marketing & communication Interpersonal skills High self-belief Raising resources High energy levels Strategic orientation Economics S. marketing. production.Mitra 7 .COMPETENCIES NEEDED TO SUCCEED Conversant with Management Technology Positive thinking & resilience Convergence of multidisciplinary skills-finance.

N. service. KIIT. P Reddy.Mitra 8 .Sulabh. Technological etc. Technopreneur—L&T Serial Entrepreneur Intrapreneur or Professionals of corporates encouraged to launch new businesses ( Tata / GE ) S. Self employed. Entrepeneurs have similar traits irrespective of their field of work— Public. Professionals.TYPES OF ENTREPRENEURS The single aspect of an entrepreneur is the nonstop quest for value addition & improvement over the status quowhatever the size. For purpose of study they can be classified as underPrivate individuals—Raman Roy. Private. process or market.Murthy. product. Emami Public service. Business. Dr. business.

De S.WRAP UP OF SESSION LEARNING Recommended readingINNOVATION AND ENTREPRENEURSHlhiIP Practice and Principles-Peter F.Mitra 9 . Drucker Heineman: London UBS Publishers’ Distributors Ltd.