Entrepreneurship

History of Entrepreneur
The term entrepreneur first appeared in French language. In the early 16th century it was applied to persons engaged in military expeditions. It was extended to cover constructions and other civil engineering activities in the 17th century. It was only in the 18th century that the word was used to refer to economic activities. Richard Cantillon, a french banker applied the word entrepreneur to mean a person who bears uncertainty and risk.

Entrepreneur are
Quick to see possibilities for achievement Embark the new innovative Ideas Person who see the need gap and capitalize on the same Self starters and doers who organize and build enterprise Person who start the business and bear the risk of uncertainty Creative and innovative in nature

According to Cantillon.
An entrepreneur is the agent who buys factors of production at certain prices in order to combine them into a product with a view to sell it at uncertain prices in future.
Example A farmer who pays out contractual incomes to the land lord and laborers and sell the agricultural produce at uncertain prices.

According to Schumpeter ..
An entrepreneur is an innovator who brings economic development through new combinations of factors of production.

Qualities of Entrepreneurs
Initiation Watching for opportunities Persistence Information seeker Quality Conscious Commitment to work Efficiency lover

Proper planning Self Confidence Assertiveness Efficient Monitoring Highly motivated Risk taker Leadership Qualities Problem solving attitude Flexibility and adaptability Innovative and Creative

Types of Entrepreneur
Innovative Entrepreneurs Imitative Entrepreneurs Fabian Entrepreneurs Drone Entrepreneurs

Entrepreneurship
Entrepreneurship can be described as a creative and innovative response to the environment. Such responses can take place in any field of social endeavour- business agriculture, education, social work and the like.Doing new things or doing things that are already being done in a new way is , therefore a simple definition of entrepreneurship.

According to Cole
Entrepreneurship is the purposeful activity of an Individual or a group of associated Individuals undertaken to initiate, maintain and increase profit by production or distribution of economic goods and services.

Nature and Characteristics of Entrepreneurship

Economic Activity Creative Activity Purposeful activity A function of risk bearing An organizing function Gap filling function Dynamic process Innovative function

Role of Entrepreneurship in Economic Development

Capital Formation Improvement in percapita income Generation of employment Balanced regional development Improvement in living standards Economic independence Backward and forward linkages

Love what you do..

Earning a good living Living or leading a good life The difference is enjoying what you do Love what you do till you find out what you love what is your passion

What is your passion?

Want to focus on New Venture Creation?
Want to go back to manage your Family Business?

Want to work in a large corporate where innovation is part of the organizational culture? Corporate Entrepreneurship
Want to start or work for a Non-Profit or Socially Responsible Organization? Social Entrepreneurship

Commitment & Determination

C & D demand personal sacrifice on part of the entrepreneur Endless hard work, other comforts may take a back seat Life style sacrifices influence on family life/circumstances Investment of equity from own net-worth Accepting a pay-cut, time, emotion, patience, loyalty Overcoming hurdles, completing the job, solving problems Keep trying when others give-up (tenacity/passion) Recognizing what they can not do Being selfish in seeking help from anybody/any where Knowing well their product, markets and competitors Courage unpopular decisions, tough challenges Ability to set goals, develop business plans & strategies Adaptability, traits & behavior to manage e - ventures

Entrepreneur - Functions

All functions from Idea to enterprise creation Idea generation Scanning and selecting the best idea Opportunity Scanning & Project Selection Determination of Business Objectives Product Analysis, Development & Market Research Form of Ownership & Organization Completion of Promotional Formalities Raising necessary funds Mobilizing Resources Machinery & Materials Recruitment of Manpower Business Operations