Entrepreneurship Development PDF

Module-IV: Entrepreneurship development Unit - I Content Introduction to Entrepreneurship: Meaning of Entrepreneur; Definition of Entrepreneur; Characteristics of Entrepreneur; Concept of Entrepreneurship; Characteristics of Entrepreneurship. Meaning of Entrepreneur The entrepren...

Module-IV: Entrepreneurship development Unit - I Content Introduction to Entrepreneurship: Meaning of Entrepreneur; Definition of Entrepreneur; Characteristics of Entrepreneur; Concept of Entrepreneurship; Characteristics of Entrepreneurship. Meaning of Entrepreneur The entrepreneur is defined as someone who has the ability and desire to establish, administer and succeed in a Startup venture along with risk entitled to it, to make profits. An entrepreneur is one of the most important inputs and segments of economic growth. He/she is one of the responsible person who can set up a business or an enterprise. The New Encyclopedia Britannica considers an entrepreneur as “an individual who bears the risk of operating a business in the face of uncertainty about the future conditions.” Entrepreneurial Management Entrepreneurial management is the concept of utilizing the creative and innovative abilities, skills and expertise to efficiently open and manage a profitable organization. It is a means of solving a mass problem through a unique and profitable business solution. An entrepreneur is always seen as a problem-solver. He/she considers a macro problem and finds out an innovative solution to it. Characteristics of Entrepreneurs Risk taker Visionary and Leadership quality Decision-making Ability Flexible Passion Confidence Entrepreneur: Goal setting Goal setting is the process of deciding what you want to accomplish and devising a plan to achieve those desired results. For entrepreneurs, goal setting is an important part of business planning. In order to accomplish the goals, it is to follow the SMART approach, which stands for: Specific Measurable Attainable Relevant Time-bound Entrepreneurial Risk Management Economic Risk Market Financial Risk Risk Entrepreneuri al Risk Management People Strategic Risk Risk Personal Risk Characteristics of Entrepreneurship Knowledge of Product Innovative in approach Consistency Open-Minded Elements of Entrepreneurial Management Idea Elements of Pain or Entrepreneurial Experiment Problem Management Solution Problem Identification Problem is the roadblock that needs a solution Problem Identification refers to the scanning of the environment to find out the real difficulties of the people at large. Innovation and Problem Solving Innovation is the specific tool of entrepreneur, the means by which they exploit changes as an opportunity for a different business or different service. Innovation is treated as an instrument of entrepreneurship. Winning in business today demands innovation. Systematic innovation consists of the purposeful and organized search for changes, and in the systematic analysis of the opportunities such change might offer for economic or social innovation. Problem Solving Skill Awareness Analyze Data Critical Thinking To Act on Solution Communication Resourcefulness Evaluating Detail Decision Making Thankyou