Entrepreneurship Development

First Session
Issues For Discussion:
Who is an entrepreneur and who is not? What is entrepreneurship? Characteristics of a successful entrepreneur. Functions of an entrepreneur. Difference between entrepreneurial styles and managerial styles.

Who is an entrepreneur and who is not? An entrepreneur is a person whoa) is able to recognize potentially profitable opportunities; b) is able to conceptualize the venture strategies; c) is able to become the key force in successfully moving the idea from the laboratory to the market place; d) has lots of energy, an idea and a dream and is willing to drive hard to make his chosen course of action work; e) takes risks. What is entrepreneurship? The word entrepreneurship comes from a French word Entreprendre which means to undertake (some opportunities) to pursue the opportunities and to fulfill the certain needs and wants through innovation and starting new businesses. Entrepreneurship has been defined by different authors from different view points. But no definition has been accepted universally. The prominent author Robert D. Hisrich has been provided a very comprehensive definition of entrepreneurship. According to him, Entrepreneurship is the process of creating something different with value by devoting the necessary time and effort,

assuming the accompanying financial psychological and social risk, and receiving the resulting rewards of monetary and personal satisfaction. Characteristics of a Successful Entrepreneur
1. Self-confidence and optimistic

2. Able to calculate risks 3. Respond positively to challenges 4. Flexible and able to adapt 5. Able to get along well with others 6. Independent minded 7. Versatile knowledge 8. Energetic and Diligent 9. Dynamic leadership quality 10.Responsive to suggestions 11.Take initiatives 12. Creative and need to achieve 13.Resourceful and persevering 14.Perceptive with foresight 15.Responsive to criticisms 16.Knowledge about markets Functions of an Entrepreneur 1. Organizational functions 2. Conceptualizing new opportunities and possibilities 3. Risk-taking 4. Decision making 5. Technology transfer and application 6. Implementation of innovations 7. Utilization of experiences 8. Managerial roles

Difference between Entrepreneurial Styles and Managerial Styles The differences between entrepreneurial styles and managerial styles can be discussed based on business dimensions. These dimensions are as follows: 1. 2. 3. 4. 5. Strategic orientations Commitment to opportunities Commitment of resources Control of resources Management structure

1. Strategic Orientations: The entrepreneurial domain is oriented toward the perception of the opportunity. On the other hand, managerial domain is concerned with resources that are currently controlled. 2. Commitment to Opportunities: The entrepreneurial domain is in favor of short-term commitment to the opportunity. They prefer short-cut action, short- decision area, short -time spent. They want to make a profit within a short period of time. Thats why; the characteristic of entrepreneurs is called revolutionary effect with short duration. On the other hand, managers are in favor of long-term opportunity. They prefer long-term action, long- decision area, long-time spent. Thats why; the characteristic of managers is called revolutionary effect with long-duration. 3. Commitment to Resources: An entrepreneur as in favor of making arrange of resources periodically for the new ventures, they are interested arranges periodically resources and risks are involved at the allocation of resources. The characteristic of an entrepreneur is multistage commitment of resources. On the other hand, managers are in favor of making the resources by at a time. The characteristic of a managers domain is single stage commitment of resources. 4. Control of Resources: Actually, managers are responsible for effective utilization of resources of the organization. Therefore, managers are responsible for preparing administration at

a time of the new ventures. On the other hand, entrepreneurs want to use these resources on as on when needed basis because capital is limited and risks are involved. 5. Management Structure: Managers are interested in formal and hierarchy with clearest authority and responsibility in the organization. On the other hand, entrepreneurs are interested in informal / flat structure with minimum multiple informal network for the seeking of effective control.

Entrepreneurship Development
Second Session
Issues For Discussion:
Risks of an Entrepreneur. Stresses of an Entrepreneur. Causes / Reasons for the Stresses of an Entrepreneur. Methods for reducing the Stresses.

Risks of an Entrepreneur
1. Financial risk 2. Career risk 3. Family and social risk 4. Psychic risk

Stresses of an Entrepreneur
1. 2. 3. 4. 5. 6. 7. Anxiety Exhilaration Emotional and psychological effects Back problems Insomnia Headaches Indigestion

Methods for reducing the Stresses

1. Net working 2. Getting away from the business 3. Communicating with the employees and customers 4. Findings satisfaction outside the business 5. Delegating

1. Networking: An entrepreneur can reduces stresses by sharing experiences with other entrepreneurs. The success story and failure story of other entrepreneurs will help to reduce the stresses. 2. Getting away from the business: Although an entrepreneur can afford to take the vacation or good holiday to immersion in business but he/she cannot do it. Because short-break is possible but long-break is not possible.

3. Communicating with the stakeholders:

Entrepreneurs are in close contact with subordinates and can readily assess the concerns of their staffs. If the entrepreneurs can maintain close connection with the banks, dealers, lawyers and so on, they can easily to overcome their stresses. 4. Findings Satisfaction outside the Business: Japanese are marrying their business. Unbridles ambition of the entrepreneurs tide them up with their business. Entrepreneurs need to get away from the business occasionally and become more passionate about life itself; they need to gain some other perspectives. 5. Delegating: If the entrepreneur is overloaded, then the entrepreneur can be assigned less important tasks/ activities among the employees.

Entrepreneurship Development
Third Session
Issues For Discussion:
Benefits of Entrepreneurship. Process of Entrepreneurial. Entrepreneurship Environment. Model of Entrepreneurship Environment.

Benefits of Entrepreneurship
An entrepreneur can achieve independence, wealth, and satisfaction from his/ her new business. These three rewards/ benefits can be divided into two broad categories. 1. Financial Rewards/ Benefits 2. Psychic Rewards/ Benefits 1. Financial Rewards/ Benefits: Starting business finds a lot of opportunity. Business is only way to become rich.. 2. Psychic Rewards/ Benefits: Creating new business provides opportunities. It involves independence and freedom, decision making, and problem solving. It also involves controlling owned future.

Process of Entrepreneurial.
1. 2. 3. 4. Identifying and evaluating the business opportunities Developing the business plan Determining the resources needed Managing the enterprise created

Entrepreneurship Environment
An entrepreneurship environment is a combination of factors that play a role in the development of entrepreneurship. It refers to the overall economic, sociocultural, and political factors that influence peoples willingness and ability to undertake entrepreneurial activities. It refers to the availability of assistance and support services that facilitate the stat up process. Entrepreneurial environment has three broad streams. Such as follows: 1. General environmental condition for entrepreneurship. 2. Descriptive studies of the environmental conditions of a particular country or region. 3. The role of public policy in shaping the entrepreneurial environments.

Question: Model of Entrepreneurial Environments Opportunity

Entrepreneurial and business Skills

Ability to Enterprise

Propensity to Enterprise

SocioEconomic Factors

Likelihood to Enterprise Financial assistance Non financial assistance

New Venture creation Figure: - Model of Entrepreneurial Environments