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PRINCIPLES OF ENTREPRENEURSHIP
According to the GEM 2005 study, about 330 million people, or 14% of the adults in the 35 countries surveyed, are involved in forming new businesses
What is Entrepreneur?
The term 'Entrepreneur' has been derived from a French word 'Entreprendre' meaning to undertake certain activities Entrepreneur has to perform two types of functions which are explained here with the help of pictures given in next slides.
Functions of an entrepreneur
Functions
Factors of production viz. land, labour and capital are scattered at different places. All these factors have to be assembled together. This work is done by enterprise through entrepreneur. This is an 'Organization Function'. Organization function is the work of bringing the required factors together and making them work harmoniously. Entrepreneur has to bear risks and uncertainties. For facing uncertainties he may get profit or may incur loss. This is the 'Risk Bearing Function' and entrepreneur is the risk bear
Definition of Entrepreneur
Difference Between an Inventor and an Entrepreneur
An inventor creates something new. An entrepreneur puts together all the resources needed the money, the people, the strategy, and the risk-bearing ability to transform the invention into a viable business
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative
Basics of Entrepreneur
Organization
Growth
Innovation
Vision
Risk
Skill
Enterprise
Urge
Management
What is Entrepreneurship?
Entrepreneurship Defined
Entrepreneurship is the process by which individuals pursue opportunities without regard to the resources they currently control. The essence of entrepreneurial behavior is identifying opportunities and putting useful ideas into practice. The set of tasks called for by this behavior can be accomplished by either an individual or a group and typically requires creativity, drive, and a willingness to take risks.
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"
Desire to be their own boss Desire to pursue their own ideas Financial rewards
Successful Entrepreneurs
They also tend to be people who inspire, and this is most notably true when said successful entrepreneurs company was designed to inspire
Product/Customer Focus
A second defining characteristic of successful entrepreneurs is a product/customer focus. An entrepreneurs keen focus on products and customers typically stems from the fact that most entrepreneurs are, at heart, craftspeople.
Execution Intelligence
The ability to fashion a solid business idea into a viable business is a key characteristic of successful entrepreneurs.
The ability to translate thought, creativity, and imagination into action and measurable results is the essence of execution intelligence.
Entrepreneurial traits
Although no one is born to be an entrepreneur, there are common personality traits and characteristics of successful entrepreneurs
Achievement motivated Alert to opportunities Creative Decisive Energetic Has a strong work ethic Is a moderate risk taker Lengthy attention span
Optimistic disposition Persuasive Promoter Resource assembler Self-confident Tenacious Tolerant of ambiguity Visionary
Ethics
Social responsibility
Social responsibility arises from social power. Business shall operate as an open system, with open receipt of inputs from society and open disclosure of its operation to the public. The social costs and benefits of an activity, product, or service shall be thoroughly calculated and considered in deciding whether to proceed with it. Social costs related to each activity, product, or service shall be passed on to the consumer. Business institutions, as citizens, have the responsibility to become involved in certain social problems that are outside their normal areas of operation.
Social responsibility
Women as entrepreneur
Kiran Mazumdar-Shaw, Chairman & Managing Director of Biocon Ltd., Ekta Kapoor, creative head of Balaji Telefilms Neelam Dhawan, Managing Director, Microsoft India Mallika Srinivasan, Director of TAFETractors and Farm Equipment Preetha Reddy, Managing Director of Apollo Hospitals
Women entrepreneurs
Women as entrepreneur
Women Entrepreneurs
There were 6.5 million women-owned businesses in 2002, the most recent year the U.S. Census Bureau collected business ownership data. That number is up 20% from 1997.