Entrepreneurship Development

Introduction:Meaning of Entrepreneurs and Entrepre neurship-Entrepreneurship Development-Importance and Problems of Entrepreneurship Development-Types, func tions required qualities of Entrepreneurs- Entrepre neurial Process-Personal & social dimensions of Entrepreneurship.

Ahmed Akbar Sobhan 

Salman F Rahman

Azam J Chowdhury

As the individual who bears the risk of operating a business in the face of uncertainty about future conditions and who is rewarded accordingly by his profit or losses.

A person who takes the risks necessary to organize and manage a business and receives the financial profits and nonmonetary rewards.

Entrepreneur

Any individual employed in a large organization known as corporation who by his own choice make new products/ services and or develops newer methods of producing the same. Some definitions are: Skinner S J & Ivancevich J M

I. An entrepreneurial person employed by a corporation and encouraged to be innovative and creative.

II. A person with entreprenurial characteristics who is employed within a large corporation.

III. Are usually found in enterprises that encourage experimentation, tolerate failure recognize success and share the wealth.

Intrapreneur

The process of organizing, managing and assuming the risks of a business.

Entrepreneurship is the capacity for innovation, investment and expansion in new markets, products and techniques.

The act of starting a business.

Entrepreneurship

Moderate risk taking Hard work Accountability Educated in real sense Analytical( logical) mind Dynamic leadership Presence of mind Accommodative( obliging, Courageous and tactful Maker of right decisions Far-sighted Right perception of things Enjoy simple life Intuitive (sensitive )and

investigative Strong desire to succeed

Qualities of a successful entrepreneur

Innovation (Modernization)Self confidenceGoal settingKeen observationSociable Loves worksLoves new ideasTeam builderClear understandingAbility to conceptualizeMake repeat customersAll time active and mobilePatient an perseverantOptimistStrategistPleasure of success

1. Take initiative2. Formulate business ideas and concepts 3. Communication with the useful parties4. Perform legal formalities5. Make judicious (well judged) investment6. Ensure quality product/service7. Arrange R & D for innovation and newness8. collect technologies to adapt/adopt9. Manage risk and uncertainties10. Develop manpower by appropriate training

Functions of entrepreneurship

11. Get right persons for right jobs12. Manage capital from the relatively easier and cheaper sources on

favorable term13. Select appropriate marketing channels of distribution14. Appoint motivated sales force capable of making augmented

sales.15. Reasonably distribute the business surplus among the interested

groups.16. Make re investment wherever safe and profitable.17. Introduce cost control measures without compromising with the

quality of the products18. Maintain useful social contact19. Make realistic plans20. Recruit skill and able persons21. Oversee the overall affairs of the enterprise22. Arrange judicious (well judged) publicity

Functions of entrepreneurship (cont…

According to Clarence danhol1. Innovating entrepreneurs2. Imitative (copied) entrepreneurs3. Fabian entrepreneurs:

They are rigid and fundamental in their approach. Usually, they are second generation entrepreneurs in a family business enterprise. They follow the footsteps of their successors. 

4. Drone entrepreneursDrone entrepreneurs who refuse to copy or use opportunities that come on

their way. They are conventional in their approach. They are not ready to make changes in their existing production methods even if they suffer losses.Some otherSolo operators

active partners inventors challengers buyers life timers

Types of entrepreneur

a) Initial Phaseb) Development phasec) Support phase

Phases of Entrepreneurship development

1. Entrepreneurs are doers(active person), not thinkers2. Entrepreneurs are born, not made3. Entrepreneurs are always inventors4. Entrepreneurs are academic and social misfits5. Entrepreneurs must fit the “Profile”6. All you need is money to be a entrepreneur.7. All you need is luck to be an entrepreneur8. Ignorance is bliss(enjoyment) for an entrepreneur9. Entrepreneurs seek success but experience high failure

rates10. Entrepreneurs are extreme risk takers

The myths( folklore) of entrepreneurship