ENTREPRENEURSHIP Delivered in: Islamia University of Bahawalpur Presented By: Tasawar Javed

The world of Entrepreneur  Across the globe  Growing number of people are realizing their dreams of owning and operating their own businesses  Thousands of business every year people starts in their respective countries; 85,000 new business starts every year in US only  This spirit is the most significant economic development in recent business history  These heroes are reshaping the business environment, creating a world in which their business plays an important role in the world.  These businesses introduced innovative products and services, technological aspects, created new jobs, opened foreign markets  GEM shows variations in the rate of new businesses among the nations of world. It is higher in US and lower in Asian countries. ENTREPRENEURSHIP

Defined as:  They have become Stuff of legends, economic heroes, freedom of spirit, creativity, vision, they got courage and self belief  Those individuals who create & grow new enterprises, and Demonstrate characteristics of risk-taking and innovation ENTREPRENEURSHIP

Entrepreneur????  Entrepreneur is one!  who creates a new business In risk and uncertainty  Purpose: Achieving profit and growth  They identify: Significant opportunities and assembling the necessary resources to capitalize on them Although many people come up with great business ideas, most of them never act on their ideas. Entrepreneur DO!!!!! ENTREPRENEURSHIP

The process of creative destruction!  Entrepreneur create new ideas and new business that make existing one obsolete, is a sign of vibrant economy  Some rising, some sinking, many fallings,  It is indication of a healthy, growing, economic system that is creating new and better ways of serving people’s needs and improving their quality of life and standard of living  Researchers are trying to paint a clear picture of “Entrepreneurial personality”. There are several characteristics required for success ENTREPRENEURSHIP

Desire for Responsibility Preference for Moderate risk Confidence in their ability to Succeed Desire for immediate Feedback High level of Energy Future Orientation Skill at organizing Value of achievement over money ENTREPRENEURSHIP

Few other characteristics include:  High degree of commitment  Tolerance for ambiguity A willingness to jump into things when it’s hard to even imagine what the possible set of outcomes will be  Flexibility  Tenacity Obstacles, obstructions, and defeat typically do not dissuade entrepreneurs from doggedly pursuing their visions. They simply keep trying ENTREPRENEURSHIP

Entrepreneurs Oxford English dictionary says: ‘a person who attempts to profit by risk and initiative’ They exercise:  High degree of initiative and are willing to take high degree of risk.  Shifts economic resources from an area of lower productivity into an area of higher productivity and greater yield.  Creates value by exploiting some form of change, eg technology, materials, prices of demographics.  Creates new demand or find new ways of exploiting existing markets. They identify a commercial opportunity and then exploit it

Entrepreneurs (examples) Bill Gates, Microsoft:  In 1980, it had turnover of $8 million with 38 employees.  In 1997, it had turnover of $ 6.5 billion with 21,000 employees.  Sixth largest public company in the world.  Richard Branson is well known entrepreneur in UK today Associated with many business that carry the virgin brand name Aircraft, trains, vodka, mobile phones, cinemas, radio station and financial services as well

Owner-Managers Entrepreneurs Owner-managersManagers

Entrepreneurs Characteristics: Need to achieve… always generates ideas Highly responsible… driven by initiative and commercial ability Likes a challenge and don’t give up easily Ability to exploit an opportunity and to “Creates something out of nothing” Key Attributes: Hard working Focused Passionate Tough Self motivating Optimistic Innovative Visionary

The Benefits of Entrepreneurship  Opportunity to create your own destiny  Opportunity to make difference  Opportunity to reach your full potential  Opportunity to reap impressive profits  Opportunity to contribute to society and be recognized for your efforts  Opportunity to do what you enjoy and have fun at it ENTREPRENEURSHIP

The Potential Drawbacks of Entrepreneurship  Uncertainty of income  Risk of losing your entire investment  Long hours and hard work  Lower quality of life un-till the business gets established  High levels of stress  Complete responsibility  Discouragement ENTREPRENEURSHIP

Wealthiest Americans in History  John D. Rockefeller ( )  America’s first billionaire. Created most powerful monopoly, the Standard Oil Company ENTREPRENEURSHIP

Wealthiest Americans in History  Sam Walton ( )  Launched Wal-Mart in Arkansas, and built into the largest Company in the world

Wealthiest Americans in History  Bill Gates (1955- to date)  Dropped out of Harvard and launched Microsoft Corporation with Paul Allen. Wealthiest man in the world today ENTREPRENEURSHIP

Wealthiest Americans in History  Larry Ellison (1944- to date)  Started Oracle Corporation with $ 2,000 of his own money. Now the second largest maker of computer software behind Microsoft

ENTREPRENEURSHIP Wealthiest Americans in History  Micheal Dell (1965- to date)  Started Dell Computer from his dormitory room at the University of Texas. Sales now exceed $ 56 billion a year

ENTREPRENEURSHIP Entrepreneurs in Pakistan  Aziz Memon:  chairman of the $100-million Kings group of Pakistan, which deals in textiles, water and medical services among other sectors.

ENTREPRENEURSHIP Entrepreneurs in Pakistan  Seith Ahmad Dawood:  He was the Pakistani Chief Executive Officer (CEO) of the Dawood Group, the CEO of Dawood Cotton Mills Ltd, the CEO of the Central Insurance Company, and the owner of Dawood Chemicals Limited. He was one of the wealthiest people in Pakistan, and is considered to have been a great philanthropist and respected entrepreneur.

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