Entrepreneurship Development Introduction Meaning of Entrepreneurs and Entrepre

Entrepreneurship Development

Introduction: Meaning of Entrepreneurs and Entrepre neurship. Entrepreneurship Development. Importance and Problems of Entrepreneurship Development. Types, func tions required qualities of Entrepreneurs- Entrepre neurial Process. Personal & social dimensions of Entrepreneurship.

Ahmed Akbar Sobhan

Salman F Rahman

Azam J Chowdhury

Entrepreneur � As the individual who bears the risk of operating a business in the face of uncertainty about future conditions and who is rewarded accordingly by his profit or losses. � A person who takes the risks necessary to organize and manage a business and receives the financial profits and nonmonetary rewards.

Intrapreneur Any individual employed in a large organization known as corporation who by his own choice make new products/ services and or develops newer methods of producing the same. Some definitions are: Skinner S J & Ivancevich J M I. An entrepreneurial person employed by a corporation and encouraged to be innovative and creative. II. A person with entreprenurial characteristics who is employed within a large corporation. III. Are usually found in enterprises that encourage experimentation, tolerate failure recognize success and share the wealth.

Entrepreneurship � The process of organizing, managing and assuming the risks of a business. � Entrepreneurship is the capacity for innovation, investment and expansion in new markets, products and techniques. � The act of starting a business.

Qualities of a successful entrepreneur � � � � Moderate risk taking Hard work Accountability Educated in real sense Analytical( logical) mind Dynamic leadership Presence of mind Accommodative( obliging, Courageous and tactful Maker of right decisions Far-sighted Right perception of things Enjoy simple life Intuitive (sensitive )and investigative Strong desire to succeed Innovation (Modernization) Self confidence Goal setting Keen observation Sociable Loves works Loves new ideas Team builder Clear understanding Ability to conceptualize Make repeat customers All time active and mobile Patient an perseverant Optimist Strategist Pleasure of success

Functions of entrepreneurship 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Take initiative Formulate business ideas and concepts Communication with the useful parties Perform legal formalities Make judicious (well judged) investment Ensure quality product/service Arrange R & D for innovation and newness collect technologies to adapt/adopt Manage risk and uncertainties Develop manpower by appropriate training

Functions of entrepreneurship (cont… 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. Get right persons for right jobs Manage capital from the relatively easier and cheaper sources on favorable term Select appropriate marketing channels of distribution Appoint motivated sales force capable of making augmented sales. Reasonably distribute the business surplus among the interested groups. Make re investment wherever safe and profitable. Introduce cost control measures without compromising with the quality of the products Maintain useful social contact Make realistic plans Recruit skill and able persons Oversee the overall affairs of the enterprise Arrange judicious (well judged) publicity

Types of entrepreneur According to Clarence danhol 3. Innovating entrepreneurs Imitative (copied) entrepreneurs Fabian entrepreneurs: 1. Drone entrepreneurs 1. 2. They are rigid and fundamental in their approach. Usually, they are second generation entrepreneurs in a family business enterprise. They follow the footsteps of their successors. Drone entrepreneurs who refuse to copy or use opportunities that come on their way. They are conventional in their approach. They are not ready to make changes in their existing production methods even if they suffer losses. Some other Solo operators ü active partners ü inventors ü challengers ü buyers ü life timers

Phases of Entrepreneurship development a) b) c) Initial Phase Development phase Support phase

The myths( folklore) of entrepreneurship 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Entrepreneurs are doers(active person), not thinkers Entrepreneurs are born, not made Entrepreneurs are always inventors Entrepreneurs are academic and social misfits Entrepreneurs must fit the “Profile” All you need is money to be a entrepreneur. All you need is luck to be an entrepreneur Ignorance is bliss(enjoyment) for an entrepreneur Entrepreneurs seek success but experience high failure rates Entrepreneurs are extreme risk takers