Entrepreneurship: Nature, Advantages, and Factors
What do you mean by…
Entrepreneur
Entrepreneur
(oxford dictionary): Person who undertakes an
(oxford dictionary): Person who undertakes an
enterprise with chances of profit or loss.
enterprise with chances of profit or loss.
Enterprise
Enterprise
(oxford dictionary): Bold Undertaking
(oxford dictionary): Bold Undertaking
Entrepreneur
Entrepreneur
-New Encyclopedia Britannica: An
-New Encyclopedia Britannica: An
individual who bears the risk of operating
individual who bears the risk of operating
business in the face of uncertainty about the
business in the face of uncertainty about the
future conditions.
future conditions.
Common Meaning: one who starts his own, new
Common Meaning: one who starts his own, new
and small business
and small business
Entrepreneurship
Entrepreneurship
: It is a philosophy or
: It is a philosophy or
process through which an entrepreneur
process through which an entrepreneur
seeks innovation and employment.
seeks innovation and employment.
Entrepreneur
Entrepreneur
Entrepreneurship
Entrepreneurship
Enterprise
Enterprise
Person
Person
Process or Philosophy
Process or Philosophy
Object
Object
Entre
Entre
– enter
– enter
Pre
Pre
– before
– before
Neur
Neur
– Nerve Centre
– Nerve Centre
Entrepreneurship can be described as a creative
and innovative response to the environment.
Entrepreneurship
“Is the process of creating something
“Is the process of creating something
different with value by devoting the
different with value by devoting the
necessary time and effort, assuming the
necessary time and effort, assuming the
accompanying financial, psychic, social
accompanying financial, psychic, social
risks and receiving the resulting rewards
risks and receiving the resulting rewards
of monetary and personal satisfaction
of monetary and personal satisfaction
and independence”
and independence”
The Nature and Development of
Entrepreneurship
Entrepreneur stems from
Entrepreneur stems from
French Verb Entreprendre
French Verb Entreprendre
means between – taker or go between
means between – taker or go between
New Definition involves four aspects:
New Definition involves four aspects:
The creation process
The creation process
The devotion of time and efforts
The devotion of time and efforts
The assumption of risks
The assumption of risks
Rewards of independence, satisfaction, money.
Rewards of independence, satisfaction, money.
To an Individual
Self Employment
Employment for near & dear
Prolonged career for next generations
Freedom to use own ideas - Innovation
and creativity
Unlimited income / higher retained income
Independence
Satisfaction
To the Nation
Provides larger employment
Results in wider distribution of wealth
Mobilizes local resources, skills and
savings
Accelerates the pace of economic
development
Stimulates innovation & efficiency
Factors favouring Entrepreneurship
Growth of education- science, technology
& management
Developed infrastructure facilities
Financial assistance
Training facilities
Protective and promotional policies
Globalization
Think of numerous other factors?
What makes a Successful
Entrepreneur?
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Ethics and Values :
Ethics and Values :
Mission
Mission
Who can be an Entrepreneur?
Who can take moderate risks
Who has ability to work hard
Who can capitalize on opportunities
Who has some financial strength
Who feels the need for achievement
Who has desire for responsibility
Who has perception of probability of success
Who gets stimulation by feedback
Who possess skills in organizing
Who can be male or female
Who may not have previous experience
Characteristics of an Entrepreneur
Mental ability
Clear objectives
Business secrecy
H.R. ability
Communication ability
Technical knowledge
Achievement-oriented
Perseverance
Ethical
Motivator
Self-confident
Long term
involvement
High energy level
Problem solver
Initiator
Goal setter
Risk taker
Key elements of entrepreneur
Innovation
Vision
Ethics & Values
Organizing Skills
Risk taking
Need for Achievement
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Entrepreneur’s Background and
Characteristics
Family environment
Education
Age
Physical attributes
Marital status
Working history
Family contacts
Professional contacts
Personal values
Lifestyle
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Antaha – Prerna (Sanskrit term) sounds similar to Entrepreneur
Entre(In)- Pre(before)- Neur (nerval system, mind)
Entrepreneurship is the bold undertaking of creating something new with value, involving risks and rewards. It is a philosophy where individuals seek innovation and employment, contributing to economic development. Advantages of entrepreneurship include self-employment, freedom for creativity, unlimited income potential, and benefits to the nation such as job creation and resource mobilization. Factors promoting entrepreneurship include education, science, and technology.
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Presentation Transcript
What do you mean by Entrepreneur (oxford dictionary): Person who undertakes an enterprise with chances of profit or loss. Enterprise (oxford dictionary): Bold Undertaking Entrepreneur-New Encyclopedia Britannica: An individual who bears the risk of operating business in the face of uncertainty about the future conditions. Common Meaning: one who starts his own, new and small business
Entrepreneurship: It is a philosophy or process through which an entrepreneur seeks innovation and employment. Entrepreneur Person Entrepreneurship Process or Philosophy Enterprise Object Entre enter Pre before Neur Nerve Centre Entrepreneurship can be described as a creative and innovative response to the environment.
Entrepreneurship Is the process of creating something different with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, social risks and receiving the resulting rewards of monetary and personal satisfaction and independence
The Nature and Development of Entrepreneurship Entrepreneur stems from French Verb Entreprendre means between taker or go between New Definition involves four aspects: The creation process The devotion of time and efforts The assumption of risks Rewards of independence, satisfaction, money.
To an Individual Self Employment Employment for near & dear Prolonged career for next generations Freedom to use own ideas - Innovation and creativity Unlimited income / higher retained income Independence Satisfaction
To the Nation Provides larger employment Results in wider distribution of wealth Mobilizes local resources, skills and savings Accelerates the pace of economic development Stimulates innovation & efficiency
Factors favouring Entrepreneurship Growth of education- science, technology & management Developed infrastructure facilities Financial assistance Training facilities Protective and promotional policies Globalization Think of numerous other factors?
What makes a Successful Entrepreneur? The urge for achievement Determination to win Win-Win Personality Willingness to take moderate risks Ability to identify & explore opportunities Analytical ability to take strategic decisions
Perseverance Flexibility Capacity to plan and organize Preparedness to undergo physical and emotional stress Positive self concept Future orientation: Vision Ethics and Values :Mission
Who can be an Entrepreneur? Who can take moderate risks Who has ability to work hard Who can capitalize on opportunities Who has some financial strength Who feels the need for achievement Who has desire for responsibility Who has perception of probability of success Who gets stimulation by feedback Who possess skills in organizing Who can be male or female Who may not have previous experience
Characteristics of an Entrepreneur Mental ability Clear objectives Business secrecy H.R. ability Communication ability Technical knowledge Achievement-oriented Perseverance Ethical Motivator Self-confident Long term involvement High energy level Problem solver Initiator Goal setter Risk taker
Key elements of entrepreneur Innovation Vision Ethics & Values Organizing Skills Risk taking Need for Achievement Study the Profile of a Successful Entrepreneur and identify six key elements in order of priority
Entrepreneurs Background and Characteristics Family environment Education Age Physical attributes Marital status Working history Family contacts Professional contacts Personal values Lifestyle
Interesting, right? This is just a sneak preview of the full presentation. We hope you like it! To see the rest of it, just click here to view it in full on PowerShow.com. Then, if you d like, you can also log in to PowerShow.com to download the entire presentation for free.
