The Concept of The Concept of EntrepreneurshipEntrepreneurship

Entrepreneurship is ….Entrepreneurship is …. a process undertaken by an entrepreneur to launch a process undertaken by an entrepreneur to launch

his business interests.his business interests.

an exercise involving innovation and creativity that an exercise involving innovation and creativity that leads towards establishing his/her enterprise.leads towards establishing his/her enterprise.

the ability to discover an investment opportunity and the ability to discover an investment opportunity and to organise an enterprise, thereby contributing to to organise an enterprise, thereby contributing to real economic growth.real economic growth.

It involves taking of risks and making the necessary It involves taking of risks and making the necessary investments under conditions of uncertainty and investments under conditions of uncertainty and innovating, planning, and taking decisions so as to innovating, planning, and taking decisions so as to increase production in agriculture, business, increase production in agriculture, business, industry etc.industry etc.

a composite skill, the resultant of a mix of many a composite skill, the resultant of a mix of many qualities and traits - these. include tangible qualities and traits - these. include tangible factors as imagination, readiness to take risks, factors as imagination, readiness to take risks, ability to bring together and put to use other ability to bring together and put to use other factors of production capital, labour, land, as factors of production capital, labour, land, as also intangible factors such as the ability to also intangible factors such as the ability to mobilise scientific and technological advances.mobilise scientific and technological advances.

Entrepreneurship lies more in the ability to Entrepreneurship lies more in the ability to minimise the use of resources and to put them to minimise the use of resources and to put them to maximum advantage.maximum advantage.

Entrepreneurship is a natural tendency of mind to calculate risks with confidence to achieve a pre-determined business or industrial objective

CHARACTERISTICS OF AN ENTREPRENEURCHARACTERISTICS OF AN ENTREPRENEUR• CLEAR OBJECTIVE

• ADMINITRATIVE ABILITY

• ORGANISATIONS SKILLS

• INTELLIGENCE

• CREATIVITY

• INNOVATION

• BUSINESS SECRECY

• SOUND KNOWLEDGE

• EMOTIONAL STABILITY

• PUBLIC RELATIONS

• EFFECTIVE COMMUNICATION

• TECHNICAL KNOWLEDGE

Advantages of Developing and Encouraging EntrepreneurshipEncouraging Entrepreneurship

Employment GenerationEmployment Generation Distribution of Economic powerDistribution of Economic power Optimum utilization of regional resourcesOptimum utilization of regional resources Meeting the demand gap by seizing Meeting the demand gap by seizing

appropriate opportunityappropriate opportunity Export PotentialExport Potential Regional DevelopmentRegional Development

Nature of EntrepreneurshipNature of Entrepreneurship Power to change destiny of a family, city, state or the Power to change destiny of a family, city, state or the

country as a whole.country as a whole.

Can become one of the strongest economic powers in Can become one of the strongest economic powers in the world today.the world today.

The people in other economically backward states is The people in other economically backward states is against entrepreneurship.against entrepreneurship.

They search for jobs, lives under the safety umbrella of They search for jobs, lives under the safety umbrella of monthly salary.monthly salary.

Entrepreneur is an opportunity seizer and not Entrepreneur is an opportunity seizer and not opportunist.opportunist.

Development of EntrepreneurshipDevelopment of Entrepreneurship

Earlier restricted to certain communities.Earlier restricted to certain communities. State Development Corporation and Small Scale State Development Corporation and Small Scale

Industries.Industries. Limited success in nurturing Entrepreneurship:Limited success in nurturing Entrepreneurship:i.i. People prefer job to self employmentPeople prefer job to self employmentii.ii. Problem with selection processProblem with selection processiii.iii. Unemployed people do not have experience of Unemployed people do not have experience of

working in an organized way.working in an organized way.iv.iv. Target people who have job but dissatisfied and Target people who have job but dissatisfied and

would like to take up entrepreneurship as a would like to take up entrepreneurship as a career.career.

The source of supply of entrepreneurs could be The source of supply of entrepreneurs could be management institutes management institutes

Take initiative:Take initiative:

i.i. Entrepreneurship management should be made Entrepreneurship management should be made compulsory subject.compulsory subject.

ii.ii. Cases on successful entrepreneurs.Cases on successful entrepreneurs.

iii.iii. Project work related to proposed venture and Project work related to proposed venture and feasibility reports.feasibility reports.

iv.iv. Regular talk by successful entrepreneur should Regular talk by successful entrepreneur should be organized.be organized.

v.v. Successful entrepreneur alumni will be more Successful entrepreneur alumni will be more impactful.impactful.

Barriers to EntrepreneurshipBarriers to EntrepreneurshipA large number of entrepreneurs particularly in the smallenterprises fall due to several problems and barriers.

Lack of a viable concept Lack of market knowledge Lack of technical skills Lack of capital Lack of business know-how Lack of motivation Social stigma Time presences and distractions Legal constraints and regulations Monopoly Restriction of patents

Reference books:Reference books:

1.1. Beyond EntrepreneurshipBeyond Entrepreneurship

By James C. Collins, Williams C. LazierBy James C. Collins, Williams C. Lazier

2.2. Entrepreneurship ManagementEntrepreneurship Management

By P.N. Singh, J C SabooBy P.N. Singh, J C Saboo

3.3. Dynamics of EntrepreneurshipDynamics of Entrepreneurship

Development and ManagementDevelopment and Management

By Vasant DesaiBy Vasant Desai

4.4. Entrepreneurship Development in IndiaEntrepreneurship Development in India

By Bishwanath GhoshBy Bishwanath Ghosh