TRINITY INSTITUTE OF PROFESSIONAL STUDIES

Sector – 9, Dwarka Institutional Area, New Delhi-75Affiliated Institution of G.G.S.IP.U, Delhi

BCOM(Hons.)Entrepreneurship Development

888305

Introduction to Entrepreneurship Development

By:SagunaKhajuria

Assistant Professor

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

Entrepreneur

• The word ‘Entrepreneur’ finds its origin in french language as Entreprendre, meaning a person who undertakes risk of the new enterprise.

• An entrepreneur according to J.B.Say is defined as “ one who brings together the factors of production and combine them into a product.”

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

Characteristics of an Entrepreneur• He is a catalyst of change• Action oriented, highly motivated individual• Undertakes risk• Accepts responsibilities with enthusiasm and endurance• He has a dream and visualizes the means to achieve it• Has sound conceptual knowledge• He has a strong desire to succeed• Needs independence in work and decision making• Highly optimistic• Create, innovate or even add value to existing products/ services• Exhibits leadership qualities• Hardworking

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

Types of Entrepreneur

• Innovative Entrepreneur– Introduces new goods, inaugurates new methods of

production, discovers new markets.• Imitative Entrepreneur– Imitate techniques and technology innovated by others

• Fabian Entrepreneur– Traditional, resistant to change, only adopt to changes

when necessary.• Drone Entrepreneur• Traditionally bounded, refuse to adopt to changes.

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

Comparison between Entrepreneur and Manager

Basis Entrepreneur Manager

Venture creation An entrepreneur sets up a new venture and runs it

A manager only runs an existing unit

Innovation He works to find new methods, products, etc

he deals with day to day affairs, need not be an

innovatorRisk Taking He takes calculated risks, he is

responsible for failure and financial loss

He takes less risks as compared to an

entrepreneur, does not share business risks

Status He starts and runs his venture independently, self employed

He is an employee of the business organization

Reward Motivated by profits Motivated by incentives

Change Always prepared to change May not be very receptive to change

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

Entrepreneur Vs IntrapreneurBasis Entrepreneur Intrapreneur

Status Owner of business Employee

Capital Raises the requisite capital himself Does not raise any money

Freedom Works independently Semi-independent

Risk-Taking He bears full risks Does not bear any risks

Guarantee Guarantees payment to suppliers No such guarantee

Norms & Rules He frames norms and rules of his business

He is bound by organizational norms and

rules

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

Entrepreneurship• It is the process that involves all actions an entrepreneur

undertakes to establish an enterprise to give reality to his business ideas.

• Entrepreneurship is associated with-• Perceiving opportunities for profitable investment• Taking initiative in establishing a business• Risk bearing• Introduction of innovations• Provision of capital• Coordination of different factors of production

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

Characteristics of Entrepreneurship• It is a function of innovation and leadership• It is an organization building function• It is a process of creating value for customers by exploiting

untapped opportunities• It is concerned with employing, managing and developing the

factors of production• Strong and positive orientation towards growth in sales,

income, assets and employment.

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

Risks associated with Entrepreneurship

• Financial Risk• Personal Risk• Career Risk• Psychological Risk

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

Entrepreneurial Process

TRINITY INSTITUTE OF PROFESSIONAL STUDIESSector – 9, Dwarka Institutional Area, New Delhi-75

Thank You