ENTREPRENEURSHIP AND NEW VENTURE CREATION

OBJECTIVES To make students to understand the

different dimensions of entrepreneurship.

To inculcate the spirit of entrepreneurship in students and make them job creators instead of job seekers.

To develop the skills required to prepare a Business Plan.

ANYONE WHO PAYS ATTENTION TO HIS TRAINING IS ON HIS LIFE.

-KING SOLOMEN

THE SECRET OF SUCCESS IS FOCUS.

WHO IS A ENTREPRENEUR............

MEANING OF AN ENTREPRENEUR The word ‘entrepreneur’ is derived from the

French word ‘entreprendre’ which means ‘to undertake’.

In the early 16th century the Frenchmen who organized and led military expeditions were referred to as entrepreneurs.

After 1700, the term was applied to other types of adventures, mainly civil engineering like construction of roads, bridges and buildings.

ENTREPRENEUR

DEFINITION R. Cantillon, an Irishman from

France, was the first person to use the term entrepreneur as a person who buys factor services at certain prices with a view to sell its products at certain prices in future.

Peter F Drucker defines an entrepreneur as the one who always searches for change, responds to it as an opportunity.

ENTREPRENEURSHIP Entrepreneurship is the act of being an entrepreneur, who

starts any economic activity for being self-employed.

Entrepreneurship is the “process of the entrepreneur”. It is an attempt to create value through recognition of business opportunity. It is basically communicative and management functions to mobilize financial and material resources.

Entrepreneurship is the tendency of a person to organize the business of his own and to run it profitably, using all the qualities of leadership, decision making and managerial caliber etc., The term ‘entrepreneur’ is often used interchangeably with ‘entrepreneurship’. But conceptually they are different.

DIFFERENCES BETWEEN ENTREPRENEUR AND ENTREPRENEURSHIP

Entrepreneur 1. Refers to a person2. Creator3. Organizer4. Decision maker5. Initiator6. Leader7. Motivator8. Risk taker

Entrepreneurship1. Refers to a process2. Creation3. Organization4. Decision making5. Initiative6. Leadership7. Motivation8. Risk taking

EVOLUTION OF THE CONCEPT OF ENTREPRENEUR

Earliest days- entrepreneur was defined as a ‘go-between’ person.

Ex: Marco Polo Middle ages – entrepreneur as an actor and a person

who managed large production projects. 17th century- entrepreneur was considered as a risk

bearer. Richard Cantillion- entrepreneur as the risk taker.

18th century- industrialization concept emerged. Entrepreneur was the person who required capital.

19th and 20th century- economic perspective.

ENTREPRENEUR TODAY A person who –1. Takes initiative2. Organizes and recognizes social and

economic mechanisms to turn resources and situations to practical account

3. Accepts risk or failure.

YOUNG ENTREPRENEUR- KING SIDHARTH, 20 (EXAMPLE)

King Sidharth is a multitalented youngster. He is a speaker, author, magazine publisher.

As an 11-year-old growing up in Northern India, King Sidharth and a few friends began organizing events and competitions for other children. They would make tickets and charge an entry fee, then award little prizes to whoever won. Sidharth’s first business was a big success.

Seven years later, King Sidharth got graduated from high school and he has already made a name for himself as one of India’s top young entrepreneurs. His primary work is in website development and design (see websites like MeditationRocks.us).

King is also a speaker on topics of entrepreneurship and spirituality. He calls himself the Outlaw Entrepreneur, because he refuses to follow a given pattern and says he’s going to reinvent the wheel. His vision of the wheel is unique.

CHARACTERISTICS OF AN ENTREPRENEUR Calculated risk taker Innovator Organizer Creative Achievement motivated Technically competent Self confident Socially responsible Optimistic Blessed with mental ability Communication ability Decision making