Entrepreneurship

Concept of entrepreneurship

• Richard Canilton conceived of an entrepreneur as a ‘bearer of risk and uncertainty. This definition explains the important characteristic of an entrepreneur

• An entrepreneur as one who organizes, manages and assumes the risks of a business enterprise.

• Joseph Schumpeter regarded entrepreneur as an innovator who carries out new combinations to initiate and accelerate the process of economic development.

Characteristics of entrepreneurs

Innovative ability Desire to accomplish Energetic activity. Risk taking Perception of good ideas Future-oriented Desire for responsibility Skill in organizing FlexibilitySelf-confidence

Profile of an Entrepreneur

Characteristics Traits

Self-confidence

Result orientation

Risk-taking

Leadership

Originality

Future outlook

Independence, Individuality, optimism.

Need for achievement, profit-oriented, persistence, perseverance, determination, hard-work, drive, energy, initiative.

Risk taking ability, likes challenges.

Capacity to lead, gets alongwith others, responsive to suggestions and criticism.

Innovative, creative, flexible, open-minded, versatile, knowledgeable.

Foresighted, perceptive.

Importance of Entrepreneurship

• The entrepreneur is an innovator.• The entrepreneur stands at the centre of the

whole process of economic development.• Entrepreneur is an agent of progress in the

society.

Kinds of entrepreneurs

Innovating Entrepreneurs Imitating Entrepreneurs Fabian Entrepreneurs Drone Entrepreneurs

Role and Functions of an Entrepreneur

• Innovation • Bearer of Risks and Uncertainty • Promoter• Supplier of Capital • Management

Qualities of a Successful Entrepreneur

• Wide knowledge • Foresight.• Open Mind • Adaptability• Business Morality and Social Responsibility • Dependability• Innovative Attitude • Self-Confidence • Business Connections and Goodwill • Leadership Qualities

Circumstances Favouring Entrepreneurship

• Independent way of life • Achievement orientation • Implementation of ideas• Insecurity of job• Family business • Government encouragement • Risk-Taking