Bussiness management

1. 22BAB07 – ENTREPRENEURSHIP
DEVELOPMENT
UNIT 1 - Entrepreneurship – Types of entrepreneur –
Entrepreneurship as a Career – Characteristics of Entrepreneur
– Key Qualities of Good Entrepreneur - Intrapreneur Vs
Entrepreneur.

2. • According to George Bernard Shaw, people fall into three
categories:
• (1) those who make things happen
• (2) Those who watch things happen, and
• (3) those who are left to ask what did happen.
Generally, Entrepreneurs fall under the first category.

3. Who Are Entrepreneurs?
• 1. Entrepreneur is another name of Risk Taker.
• 2. An entrepreneur is an individual who takes moderate
risks and brings innovation.
• 3. Entrepreneur is a person who organizes/ manages the
risks in his/her enterprise.
• 4. “Entrepreneur is a individual who takes risks and starts
something new”

4. ABOUT ENTREPRENEURSHIP
• Entrepreneurship is a dynamic process of vision, change, and
creation.
• It requires an application of energy and passion towards the
creation and implementation of new ideas and creative solutions.
• An entrepreneur is an aggressive catalyst for change in the world of
business.
• He or she is an independent thinker who dares to be different in a
background of common events thereby catering to the social and
economic upliftment.
• The prime focus of any entrepreneur is to capitalize the
opportunities and to build a strong ethical base.
• Entrepreneurial development is a pivotal issue that needs to be
addressed by any country to develop endowed entrepreneurs who
can make a mark in this world of competitions.

5. Introduction to Entrepreneurship
take risks
whilst seeking
rewards for
their ventures
and efforts
(Kuratko, 2016)
create value
through
multiple
stakeholders
and resources
transform the
opportunities
into
merchandisabl
e concepts
innovators or
developers
who identify
and capture
opportunities
In
contemporary
markets,
entrepreneur
act as:
5

6. Reasons why people become entrepreneurs:
• To change the world:
• They don’t want a boss:
• They want flexible hours:
• They want to work from anywhere:
• They can’t get a job:
• They don’t fit into the corporate environment:
• They’re curious:
• They’re ambitious:

7. ENTREPRENEURSHIP – Definition
• Entrepreneurship is the act of creating a business or
businesses while bearing all the risks with the hope of making
a profit.
• Entrepreneurship is the ability and readiness to develop,
organize and run a business enterprise, along with any of its
uncertainties in order to make a profit.
• A person who undertakes the risk of starting a new business
venture is called an entrepreneur.
• An entrepreneur creates a firm to realize their idea, known as
entrepreneurship, which aggregates capital and labor in order
to produce goods or services for profit.
• Entrepreneurship is highly risky but also can be highly
rewarding, as it serves to generate economic wealth, growth,
and innovation.

8. TYPES OF ENTREPRENEUR
• Innovating Entrepreneurs: entrepreneurs who have creative
and innovative ideas of starting a new business. An innovating
entrepreneur sees the opportunity for introducing a new
technique or a new product or a new market.
• Adoptive or Imitative Entrepreneur: The imitative
entrepreneurs copy or adopt suitable innovations made by the
innovative entrepreneurs.
• Fabian Entrepreneur: This type of entrepreneurs have neither
will to introduce new changes nor desire to adopt new
methods of production innovated by the most entrepreneurs.
They follow the set procedures, customs, traditions and
religions.

9. • Drone Entrepreneur: Drone entrepreneurs who refuse to copy or
use opportunities that come on their way. They are conventional in
their approach and stick to their set practices products, production
methods and ideas.
• Trading Entrepreneur: There entrepreneurs undertake trading
activities and are not concerned with the manufacturing work.
• Industrial Entrepreneur: Industrial entrepreneur is essentially a
manufacturer who identifies the needs of customers and creates
products or services to serve them.
• Agricultural Entrepreneur: Agricultural entrepreneurs are those who
undertake agricultural activities as through mechanization, irrigation
and application of technologies to produce the crop.
• Social Entrepreneurship: Social entrepreneurship is where an
entrepreneur creates products and services to solve social needs
and problems.
•

10. • Small business entrepreneurs: If you are starting a
business with low capital to serve the local community or
town, then you are a small business entrepreneur.
• Large company entrepreneurs: Large company
entrepreneurship is establishing an innovative idea on a
large scale like providing service internationally like
Microsoft, Google, etc.
• International entrepreneurs: International entrepreneurs
will expand the business at the global level. Many
international entrepreneurs develop the product according to
the global requirements and market them.
• Scalable start-up entrepreneurs: Having a unique idea to
solve a problem will be a starting point for scalable startup
entrepreneurs.

11. Characteristics of Entrepreneurship:
• Ability to take a risk
• Innovation
• Visionary and Leadership quality
• Open-Minded
• Flexible
• Team Building
• Hard work
• Achievement Motivation
• Highly Optimistic
• Planning and Organizing ability
• Creation of Employment
• Impact on Society and Community Development
• Increase Standard of Living

12. KEY QUALITIES OF GOOD ENTREPRENEUR
• Business Focus
• Creative Thinker
• Risk Bearer
• Confidence
• High need achievement
• Good organizer and Manager
• Decision Maker
• Strong Commitment
• Firm Determination
• Delegator
• Relationship builder
• Knowledge seeker
• Promoter
• Clear goal setting
• Money management
• Good communicator
• Hardworking
• Passion & Motivation
• Networking abilities

13. Entrepreneurship as a career
• Entrepreneurship is important for two reasons. One, it promotes
innovation to find new solutions to existing and emerging demands.
Two, it provides greater opportunities for wealth creation for self and
society.
• Entrepreneurship has its challenges. It is about 20 percent luck and
80 percent effort, clarity, courage, confidence, passion, and above all
smartness.
• To fulfill the dream of getting high financial rewards: Some need
to start their own business in order to fulfill the need to achieve high
financial rewards as a result of efforts.
• Opportunity to deal with all aspects of the business: any job
provides an opportunity to learn and behave effectively with a wide
range of activities starting from idea generation, concept, design,
manufacturing, and marketing to customer feedback and customer
satisfaction.
• Vision To leave a long-lasting mark: Entrepreneurship creates an
opportunity to make a definite contribution to society by raising
people in and around the enterprise. The constant enthusiasm to
innovate helps to touch people’s heads and hearts on a large scale.

14. Entrepreneurship as a career
• To be their own boss and run their own show.
• To generate an idea that could solve people’s problems
and to execute a business plan from the ground-up.
• To create new job opportunities, thereby helping a
national economy to thrust unemployment rates down.
• To explore all facets of business – sales, marketing,
human resources, finance, product and project
management, administration, and even customer support
• To be associated with other like-minded people who share
the same fiery passion for product and business

15. Pros of Entrepreneurship as a career:
1. You are the boss
2. You can work at your own pace
3. Work Without Fear
4. Achieve personal satisfaction
Cons of Entrepreneurship as a career:
1. You do not have a guaranteed pay check
2. Constant risk

16. INTRAPRENEUR
• An intrapreneur is an employee of a large organisation, who
has the authority of initiating creativity and innovation in the
company’s products, services and projects, redesigning the
processes, workflows and system with the objective of
transforming them into a successful venture of the
enterprise.
• The intrapreneurs believe in change and do not fear failure,
they discover new ideas, looks for such opportunities that
can benefit the whole organisation takes risks, promotes
innovation to improve the performance and profitability,
resources are provided by the organisation. The job of an
intrapreneur is extremely challenging; hence they are
appreciated and rewarded by the organisation accordingly.

17. BASIS FOR COMPARISON ENTREPRENEUR INTRAPRENEUR
Meaning Entrepreneur refers to a person who
set up his own business with a new
idea or concept.
Intrapreneur refers to an employee
of the organization who is in charge
of undertaking innovations in
product, service, process etc.
Approach Intuitive Restorative
Resources Uses own resources. Use resources provided by the
company.
Capital Raised by him. Financed by the company.
Enterprise Newly established An existing one
Dependency Independent Dependent
Risk Borne by the entrepreneur himself. Taken by the company.
Works for Creating a leading position in the
market.
Change and renew the existing
organizational system and culture.