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Fundamentals of Entrepreneurship

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This presentation covers meaning,definiton,characteristics & types of enrepreneur & meaning of entrepreneurship,its dimensions,classification of corporate entrepreneurship & factors affecting development of entrepreneurship

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Fundamentals of Entrepreneurship

  1. 1. FUNDAMENTALS OF ENTREPRENEURSHIP Ms. Neha Yadav Asst. Professor GDRCST, Bhilai
  2. 2. Meaning of Entrepreneur The word Entrepreneur has an interesting definitional history & it stems from a French word "entreprendre" thereby meaning "between- taker or go between or undertaker" 2 Neha Yadav (Asst. Professor)
  3. 3. Definitions of Entrepreneur Adam smith (1776) describes the Entrepreneur as an individual who forms an organization for commercial purpose- who is a capitalist. David Mc Cleland (1961) defined Entrepreneur as an energetic, moderate risk-taker 3 Neha Yadav (Asst. Professor)
  4. 4. Characteristics of Entrepreneur  Need for achievement  desire for independence or autonomy  Desire for responsibility  Risk-taking  Self-confidence  Future oriented & optimistic  Energetic activity  Organizing capacity  Decision making 4 Neha Yadav (Asst. Professor)
  5. 5. Types of Entrepreneurs (I) Danhof Model 1) Innovative Entrepreneurs 2) Adoptive Entrepreneurs 3) Fabian Entrepreneurs 4) Drone Entrepreneurs 5 Neha Yadav (Asst. Professor)
  6. 6. (II) Based on Motivational factors 1) Spontaneous Entrepreneur 2) Motivated Entrepreneur 3) Induced Entrepreneur 6 Neha Yadav (Asst. Professor)
  7. 7. (III) On the Basis of "to go it Alone or Share the Risk" 1) Solo operators 2) Active partners 3) Partners 4) Investors 5) Challengers 6) Buyers 7) Lifetimers 7 Neha Yadav (Asst. Professor)
  8. 8. Success factors for Entrepreneurs  Identification & evaluation of opportunity  Developing a business plan  Building a good organization  Determining the needed resources  Managing the venture 8 Neha Yadav (Asst. Professor)
  9. 9. Definition of Entrepreneurship Entrepreneurship is a multi-dimensional task & hence this term has been defined differently by different experts as follows: Joseph Schumpeter(1930):” Entrepreneurship is based on purposeful & systematic innovation. It included not only the independent businessmen but also company directors & managers who actually carry out innovative functions.” 9 Neha Yadav (Asst. Professor)
  10. 10. Dimensions of Entrepreneurship Neha Yadav (Asst. Professor) 10  Purposeful innovation  Devotion of time & effort  Risk-taking  Rewards
  11. 11. Classifications of Corporate Entrepreneurship Neha Yadav (Asst. Professor) 11  Administrative Entrepreneurship  Opportunistic Entrepreneurship  Acquisitive Entrepreneurship  Imitative Entrepreneurship  Incubative Entrepreneurship
  12. 12. Factors affecting development of Entrepreneurship Neha Yadav (Asst. Professor) 12 I. Internal factors affecting development of Entrepreneurship 1. Desire to work independently 2. Entrepreneurial ambition 3. Forcing or compelling reasons 4. Facilitating or support reasons a) Occupational or work experience b) Moral support c) Imitative encouragement
  13. 13. Neha Yadav (Asst. Professor) 13 II. External factors affecting development of Entrepreneurship 1. Availability of financial help 2. Availability of infrastructural facilities 3. Support from government & other agencies 4. Ancillary support 5. Entrepreneurial team 6. Open & meritocratic environment 7. Products & markets
  14. 14. Neha Yadav (Asst. Professor)14

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