SEMESTER V

CIVIL ENGINEERING

ARMIET

Module 1

Definitions of entrepreneurship Concept of entrepreneur & entrepreneurship Characteristics of entrepreneurship Ideal entrepreneur

Four factors of production

Land
ENTREPRENEURSHIP n. entrepreneur (ntr-pr-nr) A person who organizes, operates, and assumes the risk for a business venture. [French, from Old French, from entreprendre, to undertake]

Entrepre neurship

Factors of Production

Labor

Capital

Entrepreneur and Entrepreneurship

An entrepreneur is an individual who introduces something new in the economy, like A new method of production, not yet practiced A product not known to consumers A new source of raw materials A new market He reforms the pattern of production by exploring, inventing or uniting possibilities for producing a new good or service Entrepreneur is always in search of innovations to create opportunities

Entrepreneur and Entrepreneurship

Entrepreneurship is the propensity of mind to take calculated risks with confidence to achieve a pre-determined business or industrial objective. Undertaking the risk of operating a business in the face of uncertainties about future conditions is called entrepreneurship.

More Definitions of Entrepreneurship

Entrepreneurship is the practice of starting, new businesses generally in response to identified opportunities.

Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The definition of entrepreneurship is a process through which individuals identify opportunities, allocate resources, and create value.

Concept
An entrepreneur is a person who undertakes and operates a new enterprise or venture and assumes some accountability for the inherent risks with the expectation that profits will be made. It is the Process of Bearing Risk of Running a Business An entrepreneur is a person who takes the risk of converting a new idea into reality.

Characteristics
The characteristics of a unique entrepreneur
PRIMARY SECONDARY
Common Sense Self Confidence

Mental Ability

Innovation

Creativity

Clear Objective

Business Acumen

Administrative Ability

Value of ethics

Need for achievement

Public Relations

Communication Skills

Technical Knowledge

Independence

Propensity to take risk

Emotional Stability

Business enterprise

WHO IS AN IDEAL ENTREPRENEUR

He is a person who develops and owns his own enterprise He is innovative and visionary He persistently tries to do something better He brings an over all change through innovation for maximum social benefit He has outstanding leadership qualities and management skills Top priority to research and development Accelerates both personal and social economy Takes interest in his surroundings, people, resources and tries to catalyse sustainable development. He has an urge to exercise power over objects and in situations Firmly believes in social betterment and carries his responsibility with a commitment.

SUCCESS OF AN ENTREPRENEUR
Vision Reso r cef lne ss Leader ship

o nicati ons

SUCCESS

o pe titivene ss

Selfrelianc e

Talent

Capabilities of an entrepreneur
Can make decisions in the face of uncertainty. Can spot high leverage opportunities. Can hire A Players Can build a thriving small business. Can lead. Can solve big problems. Can see possibilities where others do not. Can delay gratification.

Capabilities of an entrepreneur
Prepared to withstand the hard life. Determined but patient Exhibits sense of leadership Also exhibits sense of competitiveness Takes personals responsibility Oriented towards the future. Tends to persist in the face to adversity Convert a situation into opportunity.

CONCLUSIONS
Entrepreneurship is a challenging and rewarding profession Need to concentrate on market analysis, financial resources, and technology management Cannot compete directly with the big guys , so need to be ingenious and innovative in all entrepreneurial functions

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Some other famous Indian entrepreneurs

Ghanshyam Das Birla Brijmohan Lall Munjal Capt. G. R. Gopinath K. C. Mahendra Karsanbhai patel Kasturbhai Lalbhai Kiran Mazumdar Shaw Subhash Chandra T. V. Sunderam Iyengar Vijay Mallya

On a lighter note

PREPARED BY Ms. Sujata Nath Vontimitta Faculty, Civil Dept., ARMIET