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Subject Name: Management and Entrepreneurship Subject Code:10AL51 Prepared By: Mrs.Kala & Mrs.Robina Gujral Bagga Department:ECE Date : 10/11/2014. UNIT 5 ENTREPRENEURSHIP. OUTLINE. Meaning of Entrepreneur Evolution of the Concept Functions of an Entrepreneur Types of Entrepreneur
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Subject Name: Management and Entrepreneurship Subject Code:10AL51 Prepared By: Mrs.Kala & Mrs.Robina Gujral Bagga Department:ECE Date : 10/11/2014
OUTLINE • Meaning of Entrepreneur • Evolution of the Concept • Functions of an Entrepreneur • Types of Entrepreneur • Intrapreneur – an emerging Class • Concept of Entrepreneurship • Evolution of Entrepreneurship • Development of Entrepreneurship • Stages in entrepreneurial process • Role of entrepreneurs in Economic Development • Entrepreneurship in India • Entrepreneurship – its Barriers
A Model of entrepreneurship Initiates Organises Manages Controls Risk Taking Innovates Pools up resources Entrepreneur Business Enterprise Individual
Peter F. Ducker:An entrepreneur is one who always searches for changes, responds to it and exploits it as an oppurtunity
Characteristics of Entrepreneur Action-oriented, highly motivated & ready to take risk at all levels to achieve the goal Should have unwavering determination & commitment Creativeness & result oriented, hard working Accepts responsibilities with enthusiasm Self confident, dedicated & self disciplined Both thinker & doer, planner & worker Future vision, intelligent, imaginative & self-directed
Qualities of an Entrepreneur Success & achievement Risk bearer Opportunity explorer Planner Stress taker Facing uncertainities Independent Flexible Self confident Motivator
INTRAPRENEUR Intrapreneurship is the entrepreneurship with in an existing business structure. Elements of Intrepreneurship New business venturing Innovations Self-renewal Proactiveness
Entrepreneurship Entrepreneurship is a process undertaken by an entrepreneur to augment his business interests. Characteristics Entrepreneurship Innovation Risk-taking Skillful management Organization Decision making Making the enterprise a success
Stages in entrepreneurial process Identification of an opportunity Evaluation of the opportunity Preparation of the business plan Determination and organizing the resources Management of the enterprise
Barriers of entrepreneurship Lack of capital Lack of technical knowledge Economic business cycles Non availability of raw materials and resources Government regulations Obsolescence of technology or idea Unstable and unpredictable markets Globalisation and entry of foreign goods Risk