Module 1 Entrepreneur

8/8/2019 Module 1 Entrepreneur

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Module 1 Entrepreneur


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Topics

Evolution of the concept

Functions

Types Culture

Stages


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Earliest period


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Middle Ages


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17th Century


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18th Century


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18th Century


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19th and 20th centuries

Concept of Innovation


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Meaning

Entrepreneur

Entrepreneurship is a process of creating --something new

-with value

-by devoting time and efforts

-assuming risk

-assuming resulting monetary rewards

- personal satisfaction and independence


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Meaning of Entrepreneur

Risk bearer

An organizer

Innovator


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Types of Entrepreneur

Innovating Entrepreneurs

Adoptive or imitative Entrepreneurs

Fabian Entrepreneurs

Drone Entrepreneurs


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Intrapreneurship

Entrepreneurship within existing business

structure


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Differences

1. Entrepreneur is an independent businessman whobears risk. Intrapreneur is semi independent, doesn'tfully bears the risk.

2. Entrepreneur raises the capital from various sourcesand guarantee return to people who financed.Intrapreneur neither raises capital nor guarantees anyreturn.

3. Entrepreneur starts a new enterprise and operate.Intrapeneuroperates with in the organization


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Intrapreneurial leadership

characteristics

Understand the environment

Visionary and flexibility

Creates management option

Encourage team work

Encourage open discussion

Build a coalition of supporters Persists


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Concept of entrepreneurship

Process undertaken to augment business

interest

Involves innovation and creativity Use factors of production appropriately

Take calculated risk to achieve predetermined

business


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Entrepreneurial culture

According to Stevenson it focus on:

The emergence of new opportunities

The means of capitalizing on them Creation of the structure appropriate for pursuing

them


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opportunitiesopportunities

Risk andRisk anduncertaintyuncertainty

Profit andProfit and

growthgrowth

AssemblingAssemblingresourcesresources

Entrepreneur


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Stages in Entrepreneurial process

Identification of opportunity

Evaluation of opportunity

Development of Business Plan

Determination and organizing the resources


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Entrepreneurial decision process

Change from present lifestyle

-Desirability of new venture formation

-Possibility of new venture formation


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Qualities of a true Entrepreneur

Capacity to assume risk

Technical knowledge and willingness to

change Ability to marshal resources.

Ability to organize and of administration.


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Types of skill required in

EntrepreneurshipTechnical skill Business mgt skill Personal Entrepreneurial

skill

Writing Planning and goal setting Inner control/disciplined

Oral communication Decision making Risk taker

Monitoring Environment Human relation Innovative

Technical business mgt Finance Change oriented

Networking building Marketing Persistent

Being a team leader Negotiation Visionary leader

Mgt style Venture launch Ability to manage change


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Aspects of Entrepreneurial Process

Identify and

evaluate the

opportunity

Develop a Business

Plan

Determine the

resources required

Manage enterprise

Creation and length

of opportunity

Title page Existing resources Management style

Real and perceived

value

Table of contents Resources gap and

available supplies

Key variables for

success

Risk and returns of

opportunities

Executive summary Access to needed

resources

Identification of

problems

Opportunity vs

personal skills and

goals

Appendices Implementation of

control systems

Competitive

situation


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Role in Economic Development

Product evolution

Iterative synthesis

Ordinary innovations

Technological innovations

Breakthrough innovations


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Barriers in Entrepreneurship Entry barriers include:

1. Cultural bias

2. Limited Industry

3. Limited effectiveness of infrastructural base

4. Visible and invisible barriers to societal group

.e.g. women

5. Unorganized capital market

6. Unsympathetic and cumbersome government

attitude

7. Hostile environment

8. Limited access to technology


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Barriers in Entrepreneurship

Exit barriers include:

Emotional commitment to his venture

Specialized assets, sunk fund

Increasing demand for managerial skill

Fear of failure


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Disadvantages

1. Remuneration

2. Benefits not in initial stages

3. Time management4. Experience


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Documents

Module 1 Entrepreneur