[Group -1]

Definition- meaningThe concept of ‘new combinations’ :

• introduction of a new good,

• a new method of production,

• a new market,

• a new source of supply of raw-materials,

• a new organization of any industry.

 

Entrepreneurship is the process of identifying and starting a new business venture and sourcing and organizing the required resources while taking both the risks and rewards associated with the venture.

What ENTREPRENEUR(s) does??

Determines the supply of financial capital, innovation, allocation of resources among alternative uses.Entrepreneurs identify opportunitiesAssemble required resources, implement a practical action plan, and harvest the reward in a timely, flexible way.Forecasted futureCreation of a previously-unperceived ideaOpportunity for profit and the alertness to that previously untapped opportunityAttempt to calculate economic problems

Functions of an Entrepreneur

Risk-bearing function :-Assumes risks• Not insurable

& incalculable.

Organizational function :- • Coordinatio

n, Organization and Supervision.

Innovative function :- • New products

ideas and information.

• Foresees the potentially profitable opportunity.

Managerial function :– • Planning, organizing,

co-ordinating, staffing, directing, motivating and controlling.

• Production plans, product analysis and market research, organization of sales procuring machine and material, recruitment of men.

Decision making function:-• Determines financial

resources for the organization.

• Market for his product, develops new product or modify the existing product.

Factors affecting entrepreneur’s performance

SCALES (MBTI)

The Myers-Briggs Type Inventory) (MBTI is a instrument based on Carl Jung's personality theory that individual behavior is due to individual differences in perception and judgement. The MBTI is based on four bipolar subscales. Extroversion-Introversion, Sensing-Intuition, Thinking-Feeling and Judging-Perceiving.

The MBTI is widely used in organizations in both employee selection and personnel development and also in academic research. Based on Jung's theory, the MBTI identifies an individual's preference on each of the four dimensions. One pole of each dimension is preferred over the other, and each dimension is independent of the others. A classification for each of the four dimensions results in sixteen possible types.

SCALES (MBTI) Extroversio

n-Introversion (E-I)interacting ExtravertsIntroverts(concepts and ideas).

Sensing-Intuition (S-N). A sensing orientation focuses on the moment and the information coming through the five senses..

Thinking-Feeling (T-F) A thinking orientation indicates inferences based on logic and analysis.Inferences based on values and feelings of others.

Judging-Perceiving (J-P) A judging orientation indicates a desire for planning, order, and structure. A perceiving orientation indicates flexibility and a sensitivity to new information.

Thus Entrepreneurship is the art of generating innovative ideas that, if properly funded, generates profit. The profit could be from the sales of various products or services that were created by the idea. And further the yield can be used for Socio-Economic development.