UNIT 1-Entrepreneurship What is an entrepreneur ? What are the characteristicsof an entrepreneur? ‘+ Entrepreneur is derived from a French word Entreprendre’,ie., individuals who were undertakers, meaning who undertook the risk of new enterprise. ‘+ According to Adam Smith, "Entrepreneur is an individual who forms an organisation for commercial purpo: + According to Carl Menger, "Entrepreneur is a change agent-who transforms resources into useful goods and services thus, creates the circumstances leading to industry growth." ‘+ According to Peter Drucker, "An entrepreneur is one who always searches for change, responds to it and exploits it as an opportunity.” ‘* According to Joseph Schumpeter, "Entrepreneurs are innovators who use the process of shattering the status quo of the existing products and services to set new products, and services. An entrepreneur is one who innovates, raises money, collects input, organizes talent, provides leadership and sets the organizations." Characteristics of an Entrepreneur : [Link] entrepreneur is always optimistic. [Link] has a desire to succeed. [Link] possesses risk taking ability. [Link] entrepreneur contains managerial skills. [Link] has leadership qualities 6.. Urge to learn new things. He is always ready to fulfill his commitment. [Link] and result oriented. Entrepreneurship- 1. Entrepreneurship is the process of developing, organizing, and running a new business to generate profit while taking on financial risk. 2. Entrepreneurship means self employment, which comes with the ability to set your own schedule and work where you want. 3. Entrepreneurship is the process of designing and running a new business venture for earning profits. 4. A person who develops new business and undertakes all risks and challenges sociated with itis termed as Entrepreneur. 5. Entrepreneurship results in creativity, innovation, employment opportunities and leads to the overall economic development of the country.Characteristic: 1 Ability to Take Risk [Link] [Link] Minded [Link] Oriented [Link] [Link] and Well Informed Features of Entrepreneurship The main features of entrepreneurship are as follows: 1 .Economie:It involves the creation and operation of an enterprise. [Link] : It isa goal-oriented activity seeking to earn profits 3. Risk Bearing: Risk is an inherent and inseparable clement of entreprencurship. [Link] : I involves organization building capabilities. [Link] Relations : Ability to work with other people and signing responsibility isa key to success. 6. Flexibility : Flexibility is the hallmark of a successful entrepreneur. 7. Innovation : Entrepreneurship is an innovative function. Entrepreneurship need and scope- Entrepreneurship need- Entrepreneurship and innovation help individuals become independent and channel their creativity into creating something of their own in this competitive world ‘© Passion, Perseverance and Persistence: i, Passion is a strong and uncontrollable emotion which is based into something that is higher to achieve than what the person is carrying within himself. UL. Perseverance is a mature emotion which comes through experiences gathered and analyzed. ut. While persistence is the sail that will row the boat of an entreprencur through the toughest of climate © Big Dreamer: Dreaming big further strengthens an entrepreneur with his ability to dream and see the ‘wide picture. This is actually the very first step which sets the path to self-discovery. ‘© Learning: Learning is never to stop irrespective of age and thus arming oneself with education does play a vital role in forming leadership qualities when needed.Good Listener-The ability to contribute will only come once we have abundance in ourselves, and this comes by absorbing the words of others. Financing Partner: Chosing a financing partner who understands the business needs is very much essential. This is as critical as choosing the business which the entreprencur wants to pursue.Entrepreneurship scope It Provides jobs for society. Solution for society. Provides opportunities to improve the new business sectors, Entrepreneurial movements in the agricultural sector. Service Sector Entrepreneur vs EntrepreneurshipEntrepreneurs An entrepreneur is an individual or a person who has an innovative idea to generate money and lead the market as well. An entrepreneur isa person whether male or female. An entrepreneur is an innovator who has some unique and never seen idea. Entrepreneurs have the vision to start an enterprise. Entrepreneurship Whereas entrepreneurship is the skill of generating an idea into a real product and generating money. Whereas entrepreneurship is the process of starting a business and providing a service or product to the public. Whereas entrepreneurship is the process that includes risk-taking, planning, and execution. Entrepreneurship varies from a single business or multiple that generates employment.Types of Entrepreneurs 1, Innovative Entrepreneurs: This type of an entrepreneur is more interested in introducing some new ideas into the market, organization or in the nation. They are drawn towards innovations and invest a lot of ime and wealth in doing research and development.2, Imitating Entrepreneurs: These ate often disparagingly referred toa copy cats’, They observe an existing successful system and replicate itn a manner where all the deficiencies ofthe original business model are addressed and all its efficiencies are retained. These calteproncurs help to improve an existing product or production process and can offer suggestions to enhance the use of better technology 3. Fabian Entrepreneurs: These are entrepreneurs that are very careful in their approaches and cautious in adopting any changes. They are not prone to sudden decisions and try to shy away from any innovations or change that doesn’t fit their narrative 4. Drone Entrepreneurs: These are entrepreneurs who do not like a change. They are ‘considered as old school’. They want to do business in their own traditional or orthodox. ‘methods of production and systems. Such people attach pride and tradition to even ‘outdated methods of doing business. 5. Classie entrepreneurs: The so-called "classic" entreprencur is someone who observes & sap in the market or takes note of a business or consumer need, and develops a company that addresses the deficit or the need, In some cases, the entrepreneur may also be an inventor, although some classic entrepreneurs will team up with someone who has invented a product. 6. Serial entrepreneurs: A serial entrepreneur enjoys getting businesses started, and then sells the business to another person or company. This type of entrepreneur is typically somebody who is excited about starting something new and taking risks.