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Entrepreneur :- Entrepreneur means a person who always searches for

change and exploits own opportunity different business and services.

So Entrepreneur means who innovates , raises money , risk

taker and also performs decision making in management function.

Importance of Entrepreneur :-

1. Always searches new idea

2. exploits own knowledge in business and services.

3. He/she is risk taker because its very difficult to accept new ideas

4. creating wealth.

5. Economic development means Entrepreneur is a catalyst ofdevelopment

6. Help in small scale industrial sector

7. Help in social economic changes

8. Decrease the gap between knowledge and application through practical

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Function of entrepreneur :-The function of entrepreneur are

1.) Risk assumption function :-A entrepreneur take a risk and decreasethe uncertain incident , loss etc through own skill ,ability , knowledge etc.

2.) Decision-making function :-An entrepreneur has to take a decision in

various stages Stages like- decide nature and type of goods , size of business ,

technique etc.

3.) Managerial function :-Managerial function like coordination ,

organization and supervision . Managerial function start with planning and ending

with controlling.

4.) Function of innovation :-Entrepreneur always searches new ideas ,

production technique , new source of raw material , new market etc.

5.) Social function :-provide hyzone Product and help to small scale industry

etc.

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Classification of entrepreneurs :-

The entrepreneurs can be classified as follows

1.) Innovative Entrepreneur :-He/She have highly motivated andtalented in innovation function

2.) Adoptive/ Imitative entrepreneurs :-He/She adopt the

technique , method by innovating person. He/she imitative the techniques

innovated by others.

3.) Fabian entrepreneur :-A entrepreneur Know about truth of the

particular knowledge but He/She some scared , unbelief to take risk.

4.) Drone Entrepreneur :-Drone entrepreneur means who blindly

belief and follows the traditional methods of production when it causes loss to

him but He/She doesnt change any circumstance

Other Classification in notebook

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Pros/Cons or Advantage /Disadvantage of Entrepreneur :-

Advantage :-

1.) Bridge the gap between Knowledge and application :-put the theoretical

knowledge in practical use means convert his/her knowledge into an economic

activity.

2.) Complete freedom :-An entrepreneur is his own boss so he/she have fully

freedom.

3.) face competition :-An entrepreneur face the competition through new

products on low cost and own new ideas.

4.) Benefits of society :-An entrepreneur provides hyzone products and help in

Small scale industry etc

5.) Self Satisfaction :-An entrepreneur create a new ideas , technique on own

knowledge basis so He/She have self satisfaction.

6.) Increasing the economic growth :-Through decrease the product price and

used new technique et.

7.) On Globalization basis :-Provide the Globalization product and Challenged

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Disadvantage of entrepreneur :-

1.) Bear Risks :-An entrepreneur take a risk so the reward of risk may be

positive and negative.

2.) Initial low profit :-On initial time the Entrepreneurship process is long time

so provide normal benefits.

3.) Time Management :-If a entrepreneur does not manage the time then his

rewards will come in negative. So time management means on actual timeused actual idea in actual product and produce the product on actual time.

4.) Decision making :-Because An entrepreneur have freedom to take decision

so if He/She take wrong decision then reward also negative.

5.) Inexperience :-An Entrepreneur have new ideas , technique but he/she

have no knowledge about that field so its very critical and risky.

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Challenges faced by the Entrepreneur :-

1.) Economic factors :-Like technique, capital, finance, raw-material, lake of

skill labor

2.) Social factors :-social factors like old rule they follow, locality ,etc

3.) Cultural factors :-The cultural factors decide which level of entrepreneurial

activities in that country.

4.) Personally factors :-Like on self satisfaction , on profit basis , on society

basis

5.) Psychological factors :-Like People does not belief on new product on the

new idea basis etc.

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Short Notes On Woman Entrepreneur :-

Women Entrepreneur means group of women or individual women who organize

and operate a business enterprise.

Women entrepreneur means at least 51% employment otherwise financial

So women entrepreneur are classified into 3 categories :-

1.) Women with adequate education & professional qualification :- live in cities and

Engaged in medium industry like engineering ,services etc.

2.) Middle class women :-engaged in handicrafts and cottage industry like Rajsthan

Kashmir etc

3.) women who are forced to work :-In Rural area many family have financial

problem so the family ladies do the job in business enterprise

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How does motivation , role model ,moral support network , professionalnetwork Influencing entrepreneur in their career path:-

Motivation :- Through Job satisfaction ,Achievement , opportunity , monetary

reward , social responsible etc.

Role Model :- Role model is most important factors in their career path. So rolemodel can be u r father , mother any other person. The role model give the someSuggestion to the entrepreneur.

Moral support Network :-Moral support means family or friends any members

play important role during the critical time like initial business time financialsupport , suggestion etc

Professional support Network :-Professional support network means businessassociates , trade associations or personal affiliations

Business associates :- likeself experience , customer suggestion

Trade associations :- like through industry support like collect data etc.

Personal affiliations :- like through club members , shared hobbies etc

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Explain Entrepreneurial careers and education :-

The life cycle approach careers in many categories : Educational environment ,

Individual personality , childhood family , environment , adult non-work history,

Current work situation , current family situation.

Entrepreneurship education is a fast growing field in colleges and universities

In the united states and Europe.

The skills required by entrepreneurs can be classified into 3 main areas :-

a) technical skills :- Oral Presentations , organizing

b) Business Management Skills :- starting , developing , managing any

enterprise

C) Personal Entrepreneurial Skills :-Inner control , risk taking , visionary etc.

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Entrepreneurial decision making process:-

The entrepreneurial decision process a movement from something to somethingnew.

Stage1: Change from present lifestyle:-Change in the socio-economicenvironment leading to changes in every aspect of life. The change creates needsfor new goods and services and start a new company.

Stage2: New Venture Formation:-Starting a new company results from individualculture, sub-culture, family, teachers, etc. Entrepreneurial pool and a meetingplace where entrepreneurs and potential entrepreneurs can discuss ideas,

problems and provide the solution.

Stage3: Possibility of a new venture formation:-This stage arouse the question ofwhat makes it possible to form a new company like several factors and resourcesgovernment, background, financial support to the creation of a new venture.

Stage4: Coordination:-This is the last and final stage to achieve entrepreneurialgoal

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Entrepreneurship:

Entrepreneurship is the process of creating something new with right time with

financial and social risk and receiving the resulting rewards of monetary and

personal satisfaction

Characteristics of Entrepreneurship:

Entrepreneurship is the complex, risk taking ability of the individual, coupledwith correct decision making.

1. Innovation

2. Risk taking

3. Decision making

4. Organization and management

5. Opportunity seeking

6. Goal setting

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Barriers of entrepreneurship :-

1.) Lack of market

2.) Lack of technical skill

3.) lack of seed capital

4.) lack of business knowledge

5.) social stigma

6.) lack of time management

7.) monopoly

8.) lack of motivation

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Future of entrepreneurship :-

1.) help in risk-taking

2.) help in independence

3.) help in rewards

4.) help in academic research

5.) help in new business

6.) help to government like tax etc

7.) help in organization structure like infrastructure , capitalizing etc

7.) help for society support

8.) individual help like motivation , satisfaction , provide creative idea

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Intrapreneurs :- Intrapreneurs means who catch the new idea raise ofcorporate entrepreneurs like product , service process of work and he/she usedthat idea in organization framework.

Entrepreneurial competency :- success of an enterprise depends on theproper planning , implemented and managed . So competency like knowledge ,skill , positive personality etc.

Entrepreneur Development Programme (Edp) :-Edp means desining tohelp a person in motivation , acquiring skill , abilities necessary for playing hisentrepreneurial role effectively.

Inrapreneurship :-Intrapreeurship refers to developing a spirit ofentrepreneurship in organization . Its mostly used by top management inorganization . The key elements :- new business , venturing innovativeness , selfrenewal , and proactiveness .

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Entrepreneurship in india :-There is an overall shortage of start upentrepreneurship in india compared to the rest of the world . The quality &quantity of venture capital in india is very low. According to the globalEntrepreneurship in india 8.5 percent compare to 13.9 global basis . The vasttalent in it management and r&d , india has managed to make its place foroutsorced services from all around the world ; and investors get high quality workfor lower costs.

In today Indian society the Entrepreneurship in India classified are :-

1.) well-established business families :- Like Mittals , Tatas ,Birals etc have very

strong base so its family business one generation to 2

nd

generation. Most ofthese companies have strong management on world basis.

2.) Young graduates :-In India has a huge number of management graduate ininformation technology and other field like corporate sector, service sector help toraise India growth. So this is backbone of enterprise.

3.) Product-Based Business Entrepreneurship :-In every big city like city , town ,village in India the educational qualifications do not much on requirement basisso they provide training , experience contribution , customer service skills etc.

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Role of entrepreneurship in economic development :-

1.) Innovation

2.) product evolution

3.) risk assumption4.) co-ordination

5.) balancing agent