CONCEPT OF ENTREPRENEUR.

ROLE OF ENTREPRENEUR

ENTREPRENEUR
A person responsible for setting up a business. In an advanced economy an individual who introduces something new in the economy a method of production not yet tested by experience in the branch of manufacture concerned, a product which consumers are not yet familiar with, a new source of raw material or of new markets and the like. Joseph Schumpeter

Perceives opportunities for profitable investments Explores prospect of starting such enterprise Obtains necessary industrial licences Arranges initial capital Provides personal guarantees to financial institutions Supplies technical know-how

TO BECOME SUCCESSFUL ENTREPRENEUR

Face challenges Identify new product Plan for venture Select technology with respect to financial means and social and economic environment Able to manage men and material Innovative Progressive

TO BECOME SUCCESSFUL ENTREPRENEUR (CONTD)

Strives to climb up Imbibes new technology Well informed Meets the changing needs of the consumer

Organisation
Urge

Innovation

Skill

Risk
Vision

Growth

Enterprise

Management

ENTREPRENEURSHIP

Creative human act involving mobilisation of resources from one level of productive use to a higher level of use.

ENVIRONMENT FOR ENTREPERNEURSHIP

Socio economic Family background Education and technical knowledge Financial stability Political stability and government policy Caste & religious affiliation Support facilities Achievement motivation Personality & personal skills