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INTRODUCTION
TO
ENTREPRENEURS
HIP
GENERAL
CONCEPT
S
THE ENTREPRENEUR
Our common understanding:
The boss
The business owner
The risk taker
One who starts a small
The pioneer
The resourceful guy
business
WHY BE AN
ENTREPRENEUR?
The four primary reasons that
people become entrepreneurs
and
start
their
own
companies:
Desire to be their own boss
Desire to pursue their
own ideas
Doing work they enjoy
Financial rewards
ENTREPRENEURSHIP VS
ENTREPRENEUR
Entrepreneur
Entrepreneurship
The
person
who
leads
an
The
coordination
process
enterprise through leadership and
maintained by an entrepreneur
motivation, by coordinating all
and the way in which an
three elements of production
entrepreneur leads and motivates.
ENTREPRENEURSHIP VS
ENTREPRENEUR
In short:
Entrepreneur
A person pursuing or operating a
business, usually with considerable
initiative and risks
Entrepreneurship
The process or practice of pursuing
or managing the business
DEFINITI
ON
NO SINGLE DEFINITION
Richard Cantillon
A person who pays a certain price to a
product to resell it at an uncertain price,
thereby making decisions about obtaining
and using the resources while consequently
admitting the risk of enterprise.
Adam Smith
An individual who undertakes the formation
of an organization for commercial purposes
by recognizing the potential demand for
goods and services, and thereby acts as an
economic agent and transforms demands
Joseph Schumpeter
Entrepreneurs are innovators who use this
process of shattering the status quo of the
existing products and services, to set new
products, new services.
Peter Drucker
Entrepreneur is the one who is involved in
gathering and using resources and
opportunities to produce results.
Entrepreneurship
The pursuit of opportunity through
innovation, creativity and hard work
without regard for the resources
currently controlled.
THEORIES
THEORIES OF
ENTREPRENEURSHIP
Entrepreneurs
cause entrepreneurship
Entrepreneurship is a function of the
entrepreneur:
E = f(e)
For
Sociological Theory
Entrepreneurship is likely to get a boost in a
particular social culture
Societys values, religious beliefs, customs, taboos
influence the behavior of individuals in a society
The entrepreneur is a role performer according to
the role expectations of the society
Psychological Theory
Entrepreneurship gets a boost when society has
sufficient supply of individuals with necessary
psychological characteristics
The psychological characteristics include need for
high achievement, a vision or foresight, ability to
face opposition
Individuals wit such characteristics tend to take keen
interest in situation of high risk, desire for
responsibility and desire for task performance.
According
Economic
of
.People
.Such
.They
CHARACTERISTIC
S
Being
an
entrepreneur
requires
specific
characteristics and skills that are often achieved
through education, hard work, and planning.
Risk
taker
Businesses face risk. As their own boss,
entrepreneurs face more risks as compared to
employees in a company. Entrepreneurs can
minimize risk through research, planning and skill
development.
Perceptive
Hardworking
Entrepreneurs need a great deal of energy to see a
venture start and succeed. Yet they are not deterred
by the long hours to achieve their goal.
Goal-setting
Entrepreneurs are motivated by the excitement of
staring a new business. Once achieved, they seek
out new goals or ventures to try.
Persistent
True entrepreneurs face bureaucracy, make
mistakes, receive criticism, and deal with money,
family, or stress problems. But they still stick to
their dreams of seeing the venture succeed.
Imaginative
Entrepreneurs are creative. They imagine solutions
to problems that encourage them to create new
products and generate ideas.
Independent
An entrepreneurs desire for control and the ability
to make decisions often makes it difficult for them
to work in a controlled environment.
Flexible
Entrepreneurs must be flexible in order to adapt to
changing trends, markets, technologies, rules, and
economic environments.
Self-confident
Entrepreneurs believe in themselves. Their selfconfidence takes care of any doubts they may
have.
Why study
ENTREPRENEURSHIP?
Thanks!
Any questions?