On Entrepreneurship Management Sem VI

12/30/2013
Entrepreneurship Perspectives
Concept of Entrepreneur, Entrepreneurship and Enterprise
What is Entrepreneurship?

It is Creative and Innovative response to the environment. Doing New things or; Doing things that are already being done in a new way. Dr. Joseph A. Schumpeter, the well known expert on Entrepreneurship and David C McClelland, one of the key researcher in the area of Entrepreneurship have given different definitions based on certain findings. If we summarise their findings, we get following;
Global view of Entrepreneurship
Entrepreneurship Management
Sshailesh L. Prajapati, FCA, MBA
Entrepreneurship At a Glance
Significance Factors influencin g

Global Views Findings from David C McClelland
Functions
E Nature and Develop ment Qualities
Types
Forces behind Entrepren eur-ship
The need for Achievement Desire for responsibility Preference for moderate risk Perception of Probability of success Stimulation by Feedback Energetic Activity Future Orientation Skill in organising Attitude towards money, more importance to weath.
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Significance of Entrepreneurship

Qualities of an Entrepreneur

It Generates Employment; It Develops Economy of a Country; It Improves Standard of Living; It facilitates proper utilization of Resources; It creates New Market; It creates New Products; It gives fuel to Technological innovation and It increases productivity.
High level of motivation Moderate risk-taker Self confident with positive self-image Excellent leadership qualities Good business acumen Managerial competence Problem solving attitude Flexibility and adaptability Realistic approach to planning


Creativity Innovation Dynamism Decision Making Ability Self Motivation Self Confidence Vision Time management Persistence
Independence of thought and action Ability to perceive opportunities and Threats Some Additional Points : They are quick to see possibilities for achievement. They see where the gap is and capitalize. They grab novel ideas, develop them, and take it to the success level. They are self starters and doers. Entrepreneur are the first one to embark on the innovative ideas.
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Functions of an Entrepreneur

Types of Entrepreneur

Identifying Business Opportunity Making Customer aware of the product Making Customer aware of the Services Taking risk involved in starting New Venture Arranging finance for setting up of new enterprise Employing Individuals with required skill-sets for operating in different functions of an organisation
On the basis of Functional Characteristics Innovative Entrepreneurs Imitative Entrepreneurs Fabian Entrepreneurs ( Cautious & Skeptic) Drone Entrepreneurs ( Who believes in Status quo ) On the basis of Nature of Business Manufacturing Entrepreneurs Service Entrepreneurs Trading Entrepreneurs


On the basis of Nature of Business Private Entrepreneurs State or Public Entrepreneurs Joint Entrepreneurs On the basis of Development Large Scale Entrepreneurs Small Scale Entrepreneurs Satellites ( Suppliers to Manufacturers ) Managers (
On the basis of Personality Traits Advisors Administrators, Event Organisors Builders or Creators Communicators, Trainers Caretakers ( Security Guards etc) Entertainers /Hosts Technologists ( Software developers)
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Professional V/s Family Entrepreneurs
Professional
They are usually involved in firms that are larger in size. They are open to new ideas and thoughts. They are ready to adopt new things. They do not show partiality in managing the human resource. They are organization oriented. The decision making process involves the participation of all the employees.
Entrepreneurial Leaders V/s Managers
Entrepreneurial Leaders They are their own bosses. They bear all the risks and the uncertainties involved in the business. Their objective is to introduce innovations and act as change agents. Their income is not fixed and depends on the performance of the enterprise They believe in experimenting new ideas. They take own decisions. Managers They are salaried employees. They need not bear any risk. Their objective is to supervise and create routines as well as implement entrepreneurs plans and ideas. They get fixed salaries and rewards for performing well They put efforts to avoid mistakes. They execute the decision of the owner.
Family
They are engaged in family-owned businesses that are comparatively of small size. They lack open mindedness. They avoid experimenting on new things. They employ their relatives or friends in responsible positions. They give first priority to their family concerns and interests. They make the decisions themselves or with the help of family members.
Forces behind Entrepreneurial growth

Advantages of Developing and encouraging Entrepreneurship
Psychological
Certain inner, Psychological concerns as prime movers for risk bearing and innovation. Value in Society and status
Sociological
Economic
Economic incentives found in market opportunities Market Opportunities and operational Skill to run the business.
Managerial
Employment Generation Distribution of Economic power Optimum utilization of regional resources Meeting the demand gap by seizing Opportunity. Add to Export Potentials Regional Development. Reduction of Gap in Rural and Urban area.
appropriate
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Nature and Development of Entrepreneurship
Nature of Entrepreneurship :

Nature and Development of Entrepreneurship
Development of Entrepreneurship

Entrepreneur has the Power to change destiny of City, State, or the Country. Rate of economic growth of certain states are higher than the others with much natural resources with them. This happens because of a very strong entrepreneurial base and bent of mind and a Value system. Other states live under safe umbrella of Monthly salary and no risk.
Earlier it was restricted to certain communities Role of State Industrial Development Corporations (SIDC) Role of Small Scale Industrial Institutes ( SSII) They have taken short term courses to develop Entrepreneurship. Management Institutes also developing the same. Failure of SIDC and SSII is on account of wrong selection process, general lack of entrepreneurs in the country.
Entrepreneur is Opportunity Seizer and not opportunist. Look future and Opportunities. seize business opportunities. Convert Problem into
Factors influencing Entrepreneurship
Individual
Individual

Motivational factors Skills Knowledge Economic policies of Government and Financial Institutions Political Factors Location Advantage, Sources of 5 Ms etc
ENVT
Entrepreneurship
Socio Culture Factors
Environment

Support Systems
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Socio- Culture Factors

Support Systems

Normative Behaviour ( Norms of Behaviour ) Family expectation and pressures Familys Role in Small business Risk Taking Independence ( Not to wait for Instructions) Willingness to Work Socialization ( Family, Friends, Culture in which he grown)
Corporations specially set up to develop entrepreneurship; Financing Institutions including banks; Non-government Organizations of Small Industries; Consultants, Private Agencies doing research; Training Institutions; Educational Institutions in Technology, Management, Universities, Colleges etc. Development administration in districts Industrial Associations, Large industries interested in developing ancillaries.
Factors favouring Entrepreneurship

What makes a Successful Entrepreneur

Developed Infrastructure Facilities Financial Assistance Protective and Promotional Policies Growth of Education Risk taking abilities Hunger for success Environment /Culture Impact Social Security Technical/Industrial Training facilities and Globalisation
The Urge for achievement Future Orientation ( Vision ) Ethics and Values ( Mission) Self Belief Perseverance Flexibility Capacity to plan and organize Who can sustain in physical and emotional stress Willingness to take moderate risk
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What makes a Successful Entrepreneur

Characteristics of an Entrepreneur

Win-Win Personality Ability to identify and explore opportunities Analytical ability to take strategic decisions Determination to win Positive Approach towards work. The above list are inclusive and not exhaustive
Mental Ability H.R. Ability Communication Ability Technical Knowledge Ethical Self Confident Motivator Clear Objectives Business Secrecy
Characteristics of an Entrepreneur

Achievement Oriented Initiator Long Term Involvement Perseverance Problem Solver High Level Energy Goal seeker Risk Taker.

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On Entrepreneurship Management Sem VI

Hochgeladen von

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Verfügbare Formate

12/30/2013

Concept of Entrepreneur, Entrepreneurship and Enterprise

Global view of Entrepreneurship

Global Views Findings from David C McClelland

E Nature and Develop ment Qualities

Forces behind Entrepren eur-ship

Advantages of Developing and encouraging Entrepreneurship

Socio Culture Factors

Socio- Culture Factors

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