Entrepreneurship definition concept characters.pptx

Entrepreneurship definition concept characters.pptx

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  Entrepreneurship Development &Business Management SUB CODE:-AEXT-5311 COLLEGE OF AGRICULTURE AND RESEARCH STATION ,BOIRDADAR,RAIGARH(C.G) SUBMITTED BY:- ADITYA CHANDRAKAR ROLL N.O:-20221684 3RD YEAR 1ST SEMEMSTER
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  CONTENT • ENTREPRENEUR CONCEPT, MEANINGAND DEFINITIONS • ENTREPRENEURSHIP DEVELOPMENT AND THEIR CHARACTERSISTICS
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  ENTREPRENEUR
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  CONCEPT The word entrepreneuris derived from French word ‘entreprendre’and German word ‘unternehmen’meaning to undertake or do something. An Entrepreneur is a person who takes the responsibility of initiating and establishing an enterprise or an organization under conditions of uncertainty. The person is hard-working, optimistic, risk taker and sets high targets or goals and tries to achieve those amidst odd situations.
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  Creates new Business Takes risks Enojythe reward MEANING An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.
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  WHAT IS ANENTREPRENEUR? 'An Entrepreneur is one who organizes, operates and assumes the risk in a business venture in an expectation of making a profit’.[Oxford Dictionary (1933)] An entrepreneur is a person who combines various factors of production ,process raw materials ,converts the raw materials into a finished product and creates utility and sells produce in the market to earn profit.
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  According to F.H.Knight “Entrepreneur is a person or a group of persons who bears risk and uncertainty”.
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  ENTREPRENEURSHIP ○ Robert K.Lamb characterizes entrepreneurship as a form of decision-making performed by individuals who drive economic innovation. Entrepreneurs introduce new ideas, products, or processes that challenge existing norms and contribute to societal and economic progress. ○ According to A.H.Cole (1959) “Entrepreneurship is the purposeful activity of an individual or a group of associated individuals, undertaken to initiate, maintain or aggrandize profit by production or
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  ENTREPRENEURSHIP DEVELOPMENT It isa dynamic and transformative process that enables individual with entrepreneurial aspirations to undertake calculated risks,devise innovative solutions, and actualized their business concepts.
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  Key points duringevaluation What are the primary requirements Business idea worth the investment Business feasibility in terms of cost How much capital is required PROCESS OF ENTREPRENEURSHIP DEVELOPMENT Exploring and investigating the business concept Thorough Evaluation of the business concept Identifies a potential idea Comphrensive Research
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  Business plan development Duringthis process key elements such as vision, goals ,objectives, required capital, and product itself must be carefully outlined With the complete business plan in hand ,the subsequent phase of entrepreneurship development involved identifying and securing essential resources both human and financial Resource Mobilization
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  Establishing the Organizationalstructure An entrepreneur need to define the management and hierarchical framework of the business. When the business is operating smoothly the entrepreneur should prepare for the expansion and advancement of the entreprise . Strategizing for future Growth
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  Managing Finance Entreprenuer mustthoroughly understand their financial landscape to make informed decisions and allocate resources effectively
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  Characteristics of an Entrepreneur
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  1. Hard work– Willingness to work hard distinguishes a successful entrepreneur from others. The entrepreneur with his tedious, sweat filled hours and perseverance revive their business even from on verge of failure. In nutshell, most of the successful entrepreneur work hard endlessly, especially in the beginning and the same becomes their whole life. 2. Desire for High achievement The entrepreneur has a strong desire to achieve high goals in business. Entrepreneurs have high achievement motivation i.e. an urge for excellence and desire for success in competing with standards set by others as well as one sets for oneself. These high achievement motives strengthen them to surmount the obstacles, suppress anxieties, repair misfortunes and device expedients and only set up and run a successful business.
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  3. Good Organiser Differentresources required for production are divorced from each other. It is the ability of the entrepreneurs that brings together all resources required for starting up an enterprise and then to produce goods. 4. Innovative Production It is meant to meet the customer's requirements. It view of the changing taste of customers from time to time, the entrepreneurs initiate research and innovative activities produce goods to satisfy the customers changing demands for the products. The research institute / center established by Tata, Birla, Kirlosker, etc. are examples of the innovative taken by the successful entrepreneurs
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  5. High Optimistic- Thesuccessful entrepreneurs are not disturbed by a present problems faced by them. They are optimistic for future that the situations will become favourable to business in future. Thus, they can run their enterprise successfully in future, to follows their routine. They like to be independent in the matters of their business. 6. Foresight- The entrepreneurs have a good foresight to know about future business environment. In other words, they will visualize the likely changes to take place in market, consumer attitude, technological development etc. and take timely actions accordingly.
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  7. Goal setting-Anentrepreneur sets goals for himself/ herself both in terms of what he/she wants to and when. An entrepreneur realizes that time is a valuable. 8. Dealing with failure Failure does not deter an entrepreneur, rather he / she analyses the failure as a feedback information, and take appropriate corrective steps. Entrepreneurs are oriented towards problem solving.
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  .9.Money as ameasure- Entrepreneurs see money (profit) as a measure of their success, as against the general stigma attached to money making. 10.. Information seeking- An entrepreneur possesses information seeking behavior and is always on the lookout for relevant current information related to the product, process, market etc. to take sound decisions .
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  11. Use ofresources- Procurement and judicious utilization of resources are other important characteristic of a successful entrepreneur. 12. Networking- Developing a good network of relationships with the persons, agencies, organizations connected with the enterprise is an important characteristic for a successful entrepreneur.
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  13.Risk taking – Anentrepreneur takes calculated risk in dealing with a challenging situation. 14.Leadership- An entrepreneur follows a style of persuasive leadership which motivates the team members to put their maximum efforts. 15.Systematic Planning- An entrepreneur believes in planning and takes logical steps to achieve the Goals.
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  THANK YOU