Entrepreneurship

EntrepreneurshipTypes of Start upRole of Entrepreneurship in Economic Development

QUIDIP, MarjorieIndividuals who take initiative to establish business and work for themselves on their own risk.

A key figure in economic growth.

The word entrepreneur has its origin in French language which refers to organizer of musical or other entertainment.

Concept of EntrepreneurAn entrepreneur is a person who has already started or is in the process of starting an enterprise.

Other Definition

Joseph Schumpeter

Entrepreneur is an innovator who brings economic development through new combinations of factors of production.

Meaning of EntrepreneurA. H.Cole

Entrepreneurship is a purposeful activity of an individual or a group of associated individuals, undertaken to initiate, maintain or organize profit oriented business unit for the production and distribution of economic goods and service.

Meaning of EntrepreneurTypes of Start upPrivately held; usually achieves only modest growth.

Qualities of a Lifestyle BusinessBuilt to operate for many years.Generates a good income for those involved.Allows founders to pursue passions & interests.No intentions to sell or exit.

Lifestyle FirmExamples of Lifestyle Businesses

Writer/Professional BloggerConsultantEcommerce Store

Lifestyle FirmCreated from research and development.Lays the foundation for a new business area.

One of the characteristics of the legal entities existing under the status of "Foundations", is a wide diversity of structures and purposes. Nevertheless, there are some common structural elements that are the first observed under legal scrutiny or classification.Chart of a foundationLegal requirements followed for establishmentPurpose of the foundationEconomic activitySupervision and management provisions

Foundation CompanyAccountability and Auditing provisionsProvisions for the amendment of the statutes or articles of incorporationProvisions for the dissolution of the entityTax status of corporate and private donorsTax status of the foundationSome of the above must be, in most jurisdictions, expressed in the document of establishment. Others may be provided by the supervising authority at each particular jurisdiction.

Foundation Company

Foundation companyReceives the greatest investment interest and publicity. Starts out like a foundation company, but attains rapid growth. Also called gazelles, is integral to the economic development of an area.

High-potential ventureRole of Entrepreneurship inEconomic DevelopmentInnovation is depicted as a key to economic development.Product-evolution process: Process through which innovation is developed and commercialized.Iterative synthesis: Critical point in the product-evolution process.

Three types of innovation:OrdinaryTechnologicalBreakthroughRole of Entrepreneur inEconomic DevelopmentThe position of the entrepreneur in modern production is like that of the director of a play.

The entrepreneur directs production and he must do whatever is necessary for its success.

Economists viewThe entrepreneur co-ordinates the other factors of production.

Co-ordination involves selection of the right type of factors, employment of each factor in the right quantity, use of the best technical devices, division of labor, reduction of waste etc.

Role in modern economic development has at least three aspects

The Entrepreneur takes risks.

Role in modern economic development has at least three aspects The Entrepreneur innovates

The entrepreneur can undertake any type of the following five categories of innovation.

The introduction of a new good or a new quality of a good.The introduction of a new method of production.The opening of a new market.

Role in modern economic development has at least three aspectsThe conquest of a new source of supply of raw materials.The carrying out of a new organization of any industry.

Role in modern economic development has at least three aspects