ENTREPRENEURSHIP IN THE

NEW MILLENNIUM
• According to F.A. Walker, “entrepreneur is
one who is endowed with more than average
capacities in the task of organizing and
coordinating the factors of production, i.e.
land, labour, capital and enterprises”.
• According to Gilbraith, “An entrepreneur
must accept the challenge and should be
willing hard to achieve something”.
• According to A. H. Cole, “Entrepreneurship is
the purposeful activities of an individual or a
group of associated individuals who undertake
to initiate and maintain or organize a profit
oriented business unit for the production or
distribution of economic goods and services. It
means the function of creating something new
organizing, coordinating and undertaking risk
and handling economic uncertainties”.
 IMPORTANCE OF ENTREPRENEURS
• Develop entrepreneurial
tendencies.
• To promote innovations.
• Optimum utilization of resources.
• Increase employment
opportunities.
• Rapid economic development.
• Social satisfaction.
• Promote capital formation.
• Contribution towards
government policy execution
CHARACTERISTICS OF ENTREPRENEURS
 TYPES OF ENTREPRENEURS

1. According to the type of

business
• Business Entrepreneur
• Industrial Entrepreneur
• Trading Entrepreneur
• Corporate Entrepreneur
• Agricultural Entrepreneur
2. According to the use of
technology
• Technical Entrepreneur
• Non- Technical Entrepreneurs
3. According to motivation:
• Pure Entrepreneur
• Induced Entrepreneur
• Motivated Entrepreneur
• Spontaneous Entrepreneur
4. According to growth:
• Growth Entrepreneur
• Super Growth Entrepreneur
5. According to stages of
development:
• First Generation Entrepreneur
• Modern Entrepreneur
• Classical Entrepreneur
6. Other types:
• Innovative Entrepreneur
• Adoptive or Imitative
Entrepreneur
• Fabian Entrepreneur
• Drone Entrepreneur
• Entrepreneur by
inheritance
• Individual and
Institutional Entrepreneur
 BENEFITS OF ENTREPRENEURSHIP
 Benefits of personal finance
 Self employment
 Business management skills
 Orientation to change
 Expand creative thinking
 Decision making skills
 The opportunity to:
• Create your own destiny
• Make a difference
• Reach your full potential
• Reap impressive profits
• Contribution to society
POTENTIAL RISKS OF ENTREPRENEURSHIP
• Losing stable income
• Lack of family support
• Long hours
• No health insurance or
needed benefits
• All expenses are
entrepreneur's
responsibility
• Its all entrepreneur fault
• Start-up costs
 MYTHS OF ENTREPRENEURSHIP
• Myth 1: Entrepreneurs Are Doers, Not Thinkers
• Myth 2: Entrepreneurs Are Born, Not Made
• Myth 3: Entrepreneurs Are High Risk Takers
• Myth 4: Entrepreneurs Are Mainly Motivated to Get Rich
• Myth 5: Entrepreneurs Are Loners and Introverts
• Myth 6: Entrepreneurs Are Job Hoppers
• Myth 7: Entrepreneurs Are Often Ruthless or Deceptive
• Myth 8: Entrepreneurs Have Limited Dedication
• Myth 9: Entrepreneurs Seek Success But Experience High
Failure Rates
• Myth 10: All Entrepreneurs Need Is Money.
 Factors affecting growth of Entrepreneurship in India
1. Economic factors:
• Capital
• Labour
• Raw materials
• Market
2. Social factors:
• Caste factor
• Family background
• Education
• Attitude of the society
• Cultural values
3. Psychological factors:
• Need achievement
• Withdrawal of status/respect
• Motives
• Political factors
 Role of Entrepreneurship in Economic Development

 Capital formation
 Improvement in per capita income
 Improvement in living standards
 Economic independence
 Backward and forward linkages
 Generation of employment
 Harnessing locally available resources
 Balanced regional growth
 Reducing unrest and social tension amongst youth