Subject Name: Management and Entrepreneurship Subject Code:10AL51 Prepared By: Mrs.Kala & Mrs.Robina Gujral Bagga Department:ECE Date : 10/11/2014 4/28/2017

UNIT 5 ENTREPRENEURSHIP 4/28/2017

OUTLINE Meaning of Entrepreneur Evolution of the Concept Functions of an Entrepreneur Types of Entrepreneur Intrapreneur – an emerging Class Concept of Entrepreneurship Evolution of Entrepreneurship Development of Entrepreneurship Stages in entrepreneurial process Role of entrepreneurs in Economic Development Entrepreneurship in India Entrepreneurship – its Barriers 4/28/2017

A Model of entrepreneurship Initiates Organises Manages Controls Risk Taking Innovates Pools up resources Entrepreneur Business Enterprise Individual 4/28/2017

Peter F. Ducker: An entrepreneur is one who always searches for changes, responds to it and exploits it as an oppurtunity 4/28/2017

Characteristics of Entrepreneur Action-oriented, highly motivated & ready to take risk at all levels to achieve the goal Should have unwavering determination & commitment Creativeness & result oriented, hard working Accepts responsibilities with enthusiasm Self confident, dedicated & self disciplined Both thinker & doer, planner & worker Future vision, intelligent, imaginative & self-directed 4/28/2017

Qualities of an Entrepreneur Success & achievement Facing uncertainities Independent Risk bearer Flexible Opportunity explorer Self confident Planner Motivator Stress taker 4/28/2017

Functions of an Entrepreneur Primary Function Other Functions Functions important for developing countries Planning Diversification of production Management of scarce resources Organizing Expansion of the enterprise Dealing with public Decision making Maintaining cordial employer & employee relations Engineering Management Talking labor problems New product development Innovation Coordination with outside agencies Parallel oppurtunities Risk bearing Marketing Leading Controlling Customer relation 4/28/2017

Types of Entrepreneur 4/28/2017 According to the type of business Business Entrepreneur Trading Entrepreneur Industrial Entrepreneur Corporate Entrepreneur Agricultural Entrepreneur Retail Entrepreneur Service Entrepreneur 4/28/2017

Types of Entrepreneur 4/28/2017 According to the use of technology Technical/Non technical Entrepreneur Professional Entrepreneur Low tech & High tech Entrepreneur 4/28/2017

Types of Entrepreneur 4/28/2017 According to motivation Pure Entrepreneur Induced Entrepreneur Motivated Entrepreneur Spontaneous Entrepreneur 4/28/2017

Types of Entrepreneur 4/28/2017 According to the growth Growth Entrepreneur Super growth Entrepreneur 4/28/2017

Types of Entrepreneur 4/28/2017 According to the stages of development First generation Entrepreneur Modern Entrepreneur Classical Entrepreneur 4/28/2017

Types of Entrepreneur 4/28/2017 According to the area Urban Entrepreneur Rural Entrepreneur 4/28/2017

According to the age & gender Types of Entrepreneur According to the age & gender Young Entrepreneur Old Entrepreneur Male Entrepreneur Female Entrepreneur 4/28/2017

Types of Entrepreneur 4/28/2017 According to the scale of operation Small scale Entrepreneur Medium scale Entrepreneur Large scale Entrepreneur 4/28/2017

Types of Entrepreneur 4/28/2017 Other type Professional & non professional Entrepreneur Modern Entrepreneur Traditional Entrepreneur Skilled & non-skilled Entrepreneur Forced Entrepreneur Inherited Entrepreneur National/international Entrepreneur 4/28/2017

Elements of Intrepreneurship INTRAPRENEUR Intrapreneurship is the entrepreneurship with in an existing business structure. Elements of Intrepreneurship New business venturing Innovations Self-renewal Proactiveness 4/28/2017

Comparison Of Intrapreneur, Entrepreneur And Managers Point Intrapreneur Entrepreneur Manager Goal management Independent, innovates new ideas Independent, starts new venture & leads direct involvement Delegates & supervises more than direct involvement Status Not concerned about traditional status, but wants recognition Not concerned about status Concerned about status symbol Risk Owns moderate risk Bears all the risk & uncertainty Does not bear any risk Rewards Gets fixed reward for his work. Many get extra for his innovations Since there is risk, he may get profit or loss depending on outcome Works for salary for his service which is fixed and definite. Innovation Innovative Very innovative Need not be innovative. He manages the ideas of top management Decision Making Moderate, limited to his work Very much involved in decision making Delegates the decisions of top management 4/28/2017

Characteristics Entrepreneurship Entrepreneurship is a process undertaken by an entrepreneur to augment his business interests. Characteristics Entrepreneurship Innovation Risk-taking Skillful management Organization Decision making Making the enterprise a success 4/28/2017

Stages in entrepreneurial process Identification of an opportunity Evaluation of the opportunity Preparation of the business plan Determination and organizing the resources Management of the enterprise 4/28/2017

Barriers of entrepreneurship Lack of capital Lack of technical knowledge Economic business cycles Non availability of raw materials and resources Government regulations Obsolescence of technology or idea Unstable and unpredictable markets Globalisation and entry of foreign goods Risk 4/28/2017