2 About Entrepreneurship

8/7/2019 2 About Entrepreneurship

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The word is derived from 17th century French entreprendre

, refers to individuals who were ³undertakers,´ meaning

those who ³undertook´ the risk of new enterprise.

Entrepreneurship was a common topic in economic essays

for much of the 18th and 19th centuries for being the change

agents

Entrepreneurship



ENTREPRENEURSHIP -1

Entrepreneurship is apurposeful activity of an

individual or a group of associated individuals,undertaken to initiate, maintain

or aggrandise profit byproduction or distribution of economic goods.



Entrepreneurship is the attempt tocreate value through recognitionof business opportunity, themanagement of risk appropriateto opportunity and through thecommunicative and management

skills to mobilise human, financialand material resources necessaryto bring a project to fruition.

ENTREPRENEURSHIP -2



Entrepreneurship is the

ability to create and build a

vision from practically

nothing. It is a dynamic

process of creatingincremental wealth.

ENTREPRENEURSHIP -3



It is not the critic who counts, nor the observer who watches from

a safe distance. Wealth is created only by doers in the arena who

are marred with dirt, dust, blood, and sweat. These are producers

who strike out on their own, who know high highs and low lows,

great devotions, and who overextend themselves for worthwhile

causes. Without exceptions, they fail more than they succeed and

appreciate this reality even before venturing out on their own. Butwhen these producers of wealth fail, they at least fail with style and

grace, and their gut soon recognizes that failure is only a resting

place, not a place in which to spend a lifetime. Their places will

never be with those nameless souls who know neither victory nor

defeat, who receive weekly paychecks regardless of their weeksperformance, who are hired hands in the labor in someone elses

garden. These doers are producers and no matter what their lot is

at any given moment, they will never take a place beside the

takers, for theirs is a unique place, alone, under the sun. They are

entrepreneurs! -- JOSEPH R MANCUSO

ENTREPRENEUR



Has concept, vision, dream Adapts concept to reflect realities in

environment, scans environment

Assesses risks versus rewards

Mobilizes resources

Able to convert dream into products andpeople within an organizational context

Able to champion the concept to a widerange of public and partners

Persevere in overcoming obstacles

Optimizes profits

ENTREPRENEURIAL INDIVIDUAL





ENTREPRENEURIAL PERSONALITY-

PSYCHOLOGICAL 1. Motivation driven by range of factors

Necessity (survival)

Opportunity (proactivity)

Dissatisfaction (cant stand job) Curiosity (What if?)

Material gain (We could make a killing)

Achievement oriented more than anything else

Driven by the task, challenge, opportunity

Money as a by-product, but scorecard

2. Strong belief in themselves- believe theycan change their environments



3. Calculated risk-takers (financial,career, family & social, psychic) Attempt to estimate likelihood and

magnitude of key risk factors and manageor lessen them through good planning ordecisions

4. High tolerance of uncertainty. Process can be loose, messy, shift directions

Prize their independence self-motivated, self-reliant, preferautonomy, have perseverance

ENTREPRENEURIAL PERSONALITY-

PSYCHOLOGICAL



SITUATION-BASED CHARACTERISTICS

Willingness and ability to assumeand manage risks

more critical with new-to-the-world products

Political skills important in largecorporate settings

Adaptability and tenacity are biggerfactors in turbulent environments



DARK SIDE TRAITS

Excessive need for control Tendency to micromanage

Suspicion others will steal myidea

Impatience

Need for applause Defensive attitude



ENTREPRENEURIAL POTENTIAL

A ll of us have

entrepreneurialpotential. Degreemight differ. It is

just a matter of developing that potential.



THE PROCESS

No individual may have all thepersonal attributes and skills needed

Know whats missing: attributes orskills and how to compensate forwhat is missing

Knowing how to compensate can beas valuable as already having the skill

Entrepreneur role models



Some Entrepreneur Role Models

Dhirubhai Ambani (Reliance)

Ramanbhai Patel (Cadila)

Uttambhai Mehta (Torrent)

Karsanbhai Patel (Nirma)

Anji Reddy (Dr Reddys Lab)

BM Munjal (Hero Honda)

Vergese Kurien (Amul)

Vijay Mallya (Kingfisher)



Lakshmi N Mittal (Mittal Steel)

Jaswantiben Popat (Lizzat)

Subrata Roy (Sahara)

Subhash Dandekar (Camlin)

KM Mammen Mappillai (MRF)

Ramchandra Gandhi (Vadilal)

Sunil Mittal (Bharti)

Narayan Murthy (Infosys)

Azim Premji (Wipro)




Kiran Mazumdar Shaw (Biocon)

Pratap Reddy (Apollo Hospitals)

Subhash Chandra (Zee TV)

Ruia Brothers (Essar)

Tulsi Thanti (Suzlon)

Gautam Adani (Adani Exports)

Suhas Gopinath (Globals Inc.)

Pranav Roy (NDTV)


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2 About Entrepreneurship