Entrepreneurship Defined PDF

ENTREPRENEURS HIP DEFINED ntroduction of Entrepreneurship Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. It is also defined as "capacity and willingness to develop, organize and manage a busine...

ENTREPRENEURS HIP DEFINED ntroduction of Entrepreneurship Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. It is also defined as "capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit". The people who create these businesses are called entrepreneurs. Entrepreneur: is someone who develops a business model, acquires the necessary physical and human capital to start a new venture, and operationalizes it and is responsible for its success or failure. Role of an Entrepreneur Initiator: key man who envisages new opportunities, new lines of production, new products & co-ordinates all other activities. Innovator: brings in overall change through innovation for maximum social good. human values remain scared & inspire him to serve society. he is headed with innovation & creativity. Coordinator: he has firm belief in social betterment & carries out this responsibility with conviction. in this process, he accelerates personal, economic as well as human development. Leader: he is a visionary & an integrated man with outstanding leadership qualities. with a desire to excel, he gives top priority to research and development. Development agent: he contributes in development of country by way of providing employment & building up nation's economy. results in raising standard of living of people. Social worker: he always works for the well-being of the society. haracteristics of Entrepreneurship Economic activity: entrepreneurship is an economic activity, as it involves designing, launching and running a new business enterprises in order to earn the profit, by ensuring best possible use of resources. Creativity and innovation: it involves discovering new ideas and implementing it in business. the entrepreneur continuously evaluates current modes of running a business and identifies new methods and techniques for operating the business more efficiently and effectively. Profit: the activity of entrepreneurship is undertaken with the sole objective of making the profit. it is also the reward of the efforts made and risk taken by the entrepreneur. Risk bearing: "willingness to assume the risk" is the essence of entrepreneurship without which he/she cannot succeed. it occurs due to the creation and implementation of new ideas. such ideas are often uncertain, and so the result may or may not be positive and instant.  Social entrepreneurs: social entrepreneurs are individuals with innovative solutions to society's most pressing social problems. they are persistent and ambitious, tackle major social issues and offer new ideas for a wide-scale change. Solopreneurs: solopreneurs are individuals who start up their own enterprise alone, take care of the daily activities, and are known to manage the tasks related to the entire business themselves. this type is possible due to the advent of internet, email, etc. they have the ability to perform several S tasks with ease, they also have the option of outsourcing any particular department in their business to freelancers. Serial entrepreneur: a serial entrepreneur is an individual that starts many new businesses in a short period of time. it is a business person that tends to pursue new ideas constantly and work on them simultaneously.  Home-based entrepreneur: they are usually self- employed, either they are working alone, or it's a group of few employees working together. so it's a close sort of entrepreneurship, they don't require a separate office. they operate via their home or maybe a home office. for ex. photographers, graphic designer. Entrepreneurial Process The entrepreneurship process can be expressed as a set of procedures and methodologies that are followed by entrepreneurs for establishing a new business or venture. Differences Between Entrepreneur & Entrepreneurship THANK YOU