entr ch 1

Excel Books1– 1 Entrepreneurship (2nd Edition) Madhurima Lall, Shikha Sahai

Part I : Introduction to Entrepreneurship

Introduction to EntrepreneurshipC1

Copyright © 2008, Madhurima Lall, Shikha Sahai

Chapter1

Introduction to Entrepreneurship





Meaning and ConceptAnyone who exhibits the characteristics of self-development, creativity, self-decision making and risk-taking can be rightly called as a person with entrepreneurial traits. When these traits are exhibited by a person running a

business he can rightly be called an entrepreneur. Entrepreneurship:

It provides numerous opportunities for self-expression and realization of one’s passion for doing something new and different.

There are numerous opportunities for growth and self-development.

Monetary rewards are greater.

Entrepreneur enjoys the power of decision-making.

Reward of working on one’s own leads to immense satisfaction.

Entrepreneurship leads to increase in the national income of the country and enhances its economic development.





DEFINITION OF AN ENTREPRENEURAccording to the dictionary the word “Entrepreneur” can be defined as “one who reorganizes and manages only enterprise specially involving high risk”.

THE CHANGING DEFINITION OF ENTREPERENEUR/ENTREPRENEURSHIP

“A person bearing risk”

“Agent combining all factors of production”

“Recipient of pure profits”

Innovator

“Ability to identify new opportunities”

“Contributes to movement towards equilibrium by pursuing opportunities through equilibrium” “Judgment decision maker in co-coordinating scarce resources”

“The relentless pursuit of opportunity”

“Actions taken to create organization”

“Characteristics of the entrepreneurial process”

1755

1800

1921

1930

1934

1973

1982

1987

1990

1991

Cantillon

Say

Knight

Weber

Joseph Schumpter

Kirzner

Mark Casson

Stevenson & Sahlman

Gartner

Bygrave & Hofer





Characteristics of an Entrepreneur Vision

Knowledge

Desire to succeed

Independence

Optimism

Value Addition

Leadership

Hardworking

Desire to have control over their own fate

Risk-Taking Ability





How do Entrepreneurs View Risk

Entrepreneurs do not shoot in dark, they are not gamblers, Yes they do take

risks but only calculated risks.

The type of risks that entrepreneur take can be categorized into the

following:

a) Career Risk

b) Financial Risk

c) Psychological Risk





Entrepreneurial Process

IDENTIFY AN OPPORTUNITY

ESTABLISH VISION

PERSUADE OTHERS

GATHER RESOURCES

CREAT NEW VENTURE,PRODUCT OR MARKET

CHANGE / ADAPT WITH TIME

Financial

Operating

Human

information





The Scope of Entrepreneurship in India

In developing economies like that of India, the scope and need of

entrepreneurship are higher. The reasons are many. Unemployment, disguised

employment and underemployment, poverty are growing in the developing

nations and entrepreneurship can be an answer to all of them as

entrepreneurship not only provides employment and source of earning to the

entrepreneur but to all those who become associated with the business

enterprise. Moreover, the increase in the number of entrepreneurs can reduce

the monopoly of rich businessmen and lead to balanced regional development

and growth of the entire economy.

entr ch 1

Documents

shikha sahai entrepreneurship

edition madhurima lall

scope of entrepreneurship

entrepreneurship definition

shikha sahai excel books

new opportunities

word entrepreneur

numerous opportunities