Entrepreneurship Development

Ahmed Akbar Sobhan

Salman F Rahman

Azam J Chowdhury

 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.

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.

 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.

 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

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

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

According to Clarence danhol 1. Innovating entrepreneurs 2. Imitative (copied) entrepreneurs 3. Fabian entrepreneurs: 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. 1. Drone entrepreneurs 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 active partners inventors challengers buyers life timers

a) Initial Phase b) Development phase c) Support phase

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