CONCEPT OF ENTREPRENEUR n According to International Labour

CONCEPT OF ENTREPRENEUR

n According to International Labour Organisation ( ILO ) entrepreneur “ are people who have the ability to see and evaluate business oppurtunities, together the necessary resources to take advantage of them, and to initiate appropriate action to ensure success.

Characteristics of Entrepreneur n n n n n Calculated Risks. Innovator. Organiser. Creator. Achievement motivated. Technically competent. Self Confidant. Socially Responsible. Optimistic. Equipped with Capability to Drive.

n n n Blessed with Mental Ability. Human Relation Ability. Communication Ability. Decision Making. Business Planning. Venture Capitalist. Visionary. Entrepreneurs make significant differences. Ability to Spot and Exploit opportunities. Courage to face Adversities. Leadership.

Types of Entrepreneurs (A) According to Type of Business n Ø Ø n Ø n Ø Business Entrepreneur Conceive the Idea of New Product. Arrangement of Resources. Trading Entrepreneur Involves in Trading Activities and not Manufacuring. Industrial Entrepreneur Sets up an industrial Unit. Corporate Entrepreneur Who Plans, Develops and Manages a Corporate Body. Agricultural Entrepreneur Engaged in agricultural Activities.

n (B) According to Motivation n Pure Entrepreneur Ø Tempted by the monetary rewards or Profits. • Induced Entrepreneur. Ø Attracted by the incentives, subsidies and facilities offered by the Government.

n (C) According to the use of Technology n Technical Entrepreneur Posses Craftsman skills which he uses to develop and to improve the technical aspect of the product. Ø n Ø Non-Technical Entrepreneur Spends time to develop alternative, strategies of marketing and distribution to promote his business. Professional Entrepreneur He initiates sells the business and float new business.

n (D) According to Stages of Development n First Generation Entrepreneur Ø No Entrepreneurial Background. n Second Generation Entrepreneur Ø Inherited the family business. n Classical Entrepreneur Ø Survival of the unit with or without an element of Growth.

n (E) According to Danhof n Innovative Entrepreneur Ø Putting attractive possibilities into Practice. n Imitative Entrepreneur Ø Initiate Techniques and Technologies. n Fabian Entrepreneur Ø Imitate when realise that otherwise they will be at Loss. n Drone Entrepreneur Ø Not ready to make changes into the existing Production methods.

n (F) According to Capital Ownership n Private Entrepreneur Ø Individual / Group arranges Finance and Bears Risks. n State Entrepreneur Ø Ventures undertaken by the State or Government. n Joint Entrepreneur Ø Combination of Private entrepreneur and State entrepreneur who joins hands.

n (G) According to Gender and Age Ø Ø Man Entrepreneur. Woman Entrepreneur. Young Entrepreneur. Old Entrepreneur. Middle Aged Entrepreneur. n (H) According to Area Ø Urban Entrepreneur. Rural Entrepreneur. Ø Ø

n (I) According to Scale Ø Ø Large Scale Industry. Medium Scale Industry. Small Scale Industry. Tiny Scale Industry. n Functions of Entrepreneur. Ø Innovation. Risk Taking. Decision Maker. Organisation and Management. Ø Ø Ø