this is very informative note

1. INTRODUCTION
Entrepreneurship is one of the four
mainstream economic factors: Land,
Labor, Capital, and Entrepreneurship.
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2. INTRODUCTION
Entrepreneurship is a vital activity to bring about
changes in economy and society not only in a
country but also of those in the world.
It affects all aspects of political-legal, socio
cultural, technological economic and
demographical environment of life and society.
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3. ORIGIN OF ENTREPRENEURSHIP
The term ‘Entrepreneurship’ is derived from
a French word ‘Entreprendre’ which means
‘to undertake’, to pursue opportunities’, or
‘to fulfill needs and wants through innovation
and starting business’.
The word was first appeared in French
dictionary in 1723.
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4. ORIGIN OF ENTREPRENEURSHIP
 It is believed that the Irish Banker operating in
France, Ricardo Cantilon was the first person
who used the word ‘entreprendre’ in economics
as “ an agent who assembles material/inputs for
producing goods at a specific price and through
coordination of those inputs produces goods
whose sales price is uncertain in comparison
with production cost”.
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5. DEFINITION OF ENTREPRENEURSHIP
“Entrepreneurship is the process of creating
something new with value by devoting the
necessary time and effort, assuming the
accompanying financial, psychic, and social risks,
and receiving the resulting rewards of monetary
and personal satisfaction of independence.”
… Robert Hisrich and Michael P. Peters (1998)
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6. FUNCTIONS OF ENTREPRENEURSHIP
 Entrepreneurship performs multivariate functions
in all the societies irrespective of their level of
development.
 Peter Kilby (1971), Albert Shaparo (1984), John
Burch (1986) and others have prescribed
different functions of entrepreneurship or
entrepreneur from which we can derive common
functions of entrepreneurship .
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7. FUNCTIONS OF ENTREPRENEURSHIP
 Taking initiative
 Organizing resources
 Identifying opportunities and prospects
 Risk taking
 Decision making
 Technology transfer and adaptation
 Innovation
 Fostering autonomy
 Social responsibility
 Public relations
 Experience sharing
 Managerial roles
 Balanced economic development
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8. FUNCTIONS OF ENTREPRENEURSHIP
1. Taking initiative: Entrepreneurship is a pro-active activity
that takes such actions, which others can’t even perceive.
2. Organizing resources: Organizing entails identifying those
resources that are required to transform a particular idea into
reality.
3. Identifying opportunities and prospects: Entrepreneurship
searches hopes into blind spots for prosperity.
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9. FUNCTIONS OF ENTREPRENEURSHIP
4. Risk taking: Entrepreneurship takes the risk for new
venture.
5. Decision making: Entrepreneurship is a new initiative
therefore, it has to take decision about multivariate
issues (product quality, price, capital structure,
organizational structure, management style, etc.) that
affect new ventures.
6. Social Responsibility: Entrepreneurship performs social
responsibility that protects welfare, benefits and economic
gain of the society.
7. Public Relations: Entrepreneurship convinces public and gets
legitimacy through public relations. 9

10. FUNCTIONS OF ENTREPRENEURSHIP
8. Experience Sharing: Entrepreneurship may spread in the
society through publishing and sharing its success stories.
8. Transfer and adaptation: Entrepreneurship throughout the
world brings invented technology from different corners of
the world and makes it appropriate by making required
adjustments for local conditions.
9. Innovation: Entrepreneurship innovates new production
process or technology, market, sources of new materials.
management, strategy. or technique.
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11. FUNCTIONS OF ENTREPRENEURSHIP
11) Fostering autonomy: Entrepreneurship is an exposure of creative
faculty that provides personal satisfaction and independence.
Thus entrepreneurship fosters autonomy so as to advent
something new of value by the application of devoted efforts and
time.
12) Managerial Roles: Entrepreneurs perform several
managerial roles to keep their venture functioning with
success.
13) Balanced Economic Development: Entrepreneurs make it
possible through establishing business ventures in various
parts of the country in various sectors of industry. 11

12. IMPORTANCE OF ENTREPRENEURSHIP
1. Growth of Enterprises: Entrepreneurship is the advent of
new venture particularly small ventures, in order to
materialize the innovative ideas of the entrepreneurs. Thus
the growth or establishment of small enterprises is the
specific contribution of entrepreneurship in every
economy of the world . The statistics reveals that in USA
economy nearly half a million small enterprises are
established every year.
2. Creation of job opportunities: Entrepreneurial firms
contributed a large share of new jobs. It provides entry-
level- jobs so necessary for training or gaining experience
for unskilled workers.
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13. IMPORTANCE OF ENTREPRENEURSHIP
3. Contributed towards research and development system:
Entrepreneurship is the incubator of the innovation. Almost 2/3 of
all innovations are due to the entrepreneurs. Without the boom of
inventions the world would have been a much dry place to live in.
Inventions provide an easier way of getting things done through
better and standardized technology.
4. Creates wealth for nation and for individuals as well:
All individuals who search business opportunities usually, create
wealth by entering into entrepreneurship. The wealth created by the
same play a considerable role in the development of nation. The
business as well as the entrepreneur contributes in some or other
way to the economy, may be in the form of products or services or
boosting the GDP rates or tax contributions. Their ideas, thoughts,
and inventions are also a great help to the nation.
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14. IMPORTANCE OF ENTREPRENEURSHIP
5. Impact on Community Development: A community is better
off if its employment base is diversified among many small
entrepreneurial firms. It promotes abundant retail facilities, a
higher level of home ownership, fewer slums, better sanitation
standards, and higher expenditure of education, recreation and
religious activities. Thus, entrepreneurship leads to more
stability and a higher quality of community life.
6. Entrepreneurship provides self sufficiency: The entrepreneur
not only become self sufficient but also provide great standards
of living to its employees. It provides opportunity to a number
of people working in the organization. The basic factors which
become a cause of happiness may be liberty, monetary rewards,
and the feeling of contentment that one gets after doing the job.
Therefore the contribution of entrepreneurs makes the economy
an improved place to live in. Continue… 14

15. IMPORTANCE OF ENTREPRENEURSHIP
7. Innovation: Entrepreneurship nurses innovation that provides
new ventures, product, technology, market, quality of goods etc
to the economy that increases Gross Domestic Products and
standard of living of the people.
8. Political and economic integration of outsiders:
Entrepreneurship is the most effective way of integrating those
who feel disposed and alienated into the economy.
9. It is a challenging opportunity for the people:
Although entrepreneurship is a challenging task but in most of
the cases the rewards it gives are much more than what one
anticipates. It does not only reward an entrepreneur at financial
levels but also on individual level. It provides self satisfaction
to the entrepreneur.
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16. WHO IS AN ENTREPRENEUR?
 John G. Burch says, “ The entrepreneur is the one who
undertakes a venture, organizes it, raises capital to finance
it, and assumes all or a major portion of the risk”.
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17. CHARACTERISTICS OF AN ENTREPRENEUR
The characteristics that encompass the concept of entrepreneur
are discussed below-
1. Entrepreneur is an agent
2. Entrepreneur is a risk taker
3. Entrepreneur is a profit maker
4. Entrepreneur is an achievement motivator
5. Entrepreneur is a capital provider
6. Entrepreneur is the determinant of the nature of the
business
7. Entrepreneur is an innovator
8. Entrepreneur is a reward receiver
9. Entrepreneur is a challenge taker
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18. CHARACTERISTICS OF AN ENTREPRENEUR
1. Entrepreneur is an agent: Entrepreneur is perceived as an
economic agent who assembles materials for producing goods
at a cost that ensure profits and re-accumulation of capital. He
is also understood as a change agent who brings about changes
in the structure and formation of organization, market and the
goods and services.
2. Entrepreneur is a risk taker: Many experts have emphasized
this characteristics that entrepreneur is a risk taker while
undertaking a venture.
3. Entrepreneur is a profit maker: Entrepreneur is the
individual who establishes and manages a business for the
purpose of making profit and growth.
4. Entrepreneur is a high achiever: David C. McClelland has
initiated this concept of entrepreneur by calling him “ A person
with a strong desire for achievement”.
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19. CHARACTERISTICS OF AN ENTREPRENEUR
5. Entrepreneur is a capital provider: Entrepreneur is a person
who operates a business by investing his/her capital along
with other sources of capital.
6. Entrepreneur is the determinant of the nature of the
business: Entrepreneur promote diversified and distinct types
of business in a society.
7. Entrepreneur is an innovator: Entrepreneur introduces a new
product, a new quality, a new method of production, new
market and new organization.
8. Entrepreneur is a reward receiver: Entrepreneur is a person
who creates something new of value by devoting time and
efforts and in turn receives monetary personal rewards.
9. Entrepreneur is a challenge taker: It perceives entrepreneur
as a person who accepts challenges for developing and
exercising vigilance about success and failure to take risk and
to generate products. 19

20. CLASSIFICATION OF ENTREPRENEURS
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Basis:
Nature
Basis:
Gender
Basis:
Place
Basis:
Size
Basis:
Generation
Entrepreneurs
Individual
Entrepreneur
Institutional
Entrepreneur
Technical
Entrepreneur
Innovative
Entrepreneur
Drone
Entrepreneur
Forced
Entrepreneur
Fabian
Entrepreneur
Female
Entrepreneur
Male
Entrepreneur
Small
Entrepreneur
Urban
Entrepreneur
Rural
Entrepreneur
Large
Entrepreneur
New Generation
Entrepreneur
Old Generation
Entrepreneur

21. CLASSIFICATION OF ENTREPRENEURS
 Individual Entrepreneur: When a single person undertakes
entrepreneurial venture then it is termed as individual
entrepreneur.
 Institutional Entrepreneur: When an institution undertakes
entrepreneurial venture then it is called institutional
entrepreneur.
a) Technical Entrepreneur: The entrepreneur using a modified
form of existing technology for producing a good or
rendering a service is known as technical entrepreneur.
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22. CLASSIFICATION OF ENTREPRENEURS
b) Innovative Entrepreneur: The person who takes the initiative to
do existing activities in a new way that has a value to customer
is called innovative entrepreneur.
c) Drone Entrepreneur: Drone entrepreneur is the person who can
immediately transfer an opportunity into a viable project.
Drone entrepreneur is also known as opportunist entrepreneur.
d) Imitative Entrepreneur: Imitation is an art of creating a product
similar to another product already in the market. A person who
adopts this technique is imitative entrepreneur.
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23. CLASSIFICATION OF ENTREPRENEURS
e) Fabian Entrepreneur: Fabian entrepreneur is very cautious and
skeptical while practicing any change. They are lazy and shy.
Their dealing is determined by custom, religion and past
practices.
f) Forced Entrepreneur: The entrepreneur who is forced to be so
by the competing environment is known as forced entrepreneur.
Fall of the existing business may force the entrepreneur to start
other type of venture.
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24. QUALITIES OF ENTREPRENEUR
Characteristics Traits
1. Self Confidence
2. Task or Result Oriented
1. Confidence
2. Independence
3. Individuality
4. Optimism
5. Need for achievement
6. Profit oriented
7. Persistent
8. Perseverance
9. Hard work
10. Drive
11. Energy
12. Determination
13. Initiative 24

25. QUALITIES OF ENTREPRENEUR
Characteristics Traits
3. Risk Taker
4. Leadership
5. Originality
6. Future Oriented
14. Risk taking ability
15. Like challenges
16. Leadership behavior
17. Gets along well with others.
18. Responsiveness to suggestions and criticism
19. Innovative
20. Creative
21. Flexible
22. Resourceful
23. Versatile
24. Knowledge
25. Foresight
26. Perceptive
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26. DIFFERENCE BETWEEN ENTREPRENEURS AND MANAGERS
Area of
operation
Entrepreneurs Managers
1. Motive To start a venture of difference
to provide with distinct
qualitative goods or services to
the economy
To render an effective and efficient service
in a created venture of the entrepreneur to
run the venture in a successful manner.
2. Status Owner of the venture or the
holder of the patented goods or
services.
Servant of the venture/organization who is a
salaried person and not independent.
3. Risk
taking
Assumes all types of risks Does not take any risk.
4. Rewards Profit that is uncertain.
Independence and psychic
satisfaction
Salary that is certain.
5.
Innovation
Innovate new ventures with the
vision and values of the
entrepreneur to meet the
changing needs of the market.
Execute innovation developed by the
entrepreneur. Managers translate the
entrepreneurs’ ideas into practice.
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27. DIFFERENCE BETWEEN ENTREPRENEURS AND MANAGERS
Area of
operation
Entrepreneurs Managers
6.Qualificati
on
A set of entrepreneurial qualities. A set of managerial qualities.
7. Thinking Abstract, creative and
imaginative. Entrepreneurs have
high tolerance for ambiguity and
uncertainty
Concrete, absolute and organizational.
Managers have low tolerance for
ambiguity and uncertainty.
8. Response
to authority
Do not submit to any authority.
They enact their own authority to
obey and execute in their
venture.
Identify themselves in a positive
constructive way with authority.
9.
Orientation
Self-oriented, action oriented,
highly motivated for
achievement
Power-oriented while work along
with others.
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28. ENTREPRENEUR & ENTREPRENEURSHIP
Entrepreneur Entrepreneurship
A person or a group of person A process
An organizer An organization
An innovator An innovation
A risk taker A risk bearing
A motivator A motivation
A creator A creation
A leader A leadership
An imitator An imitation
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29. WHAT IS INTRAPRENEURSHIP?
 Intrapreneurship is the change initiatives taken within a going
concern by the people working in that organization.
 Hisrich and Peters define, “Intrapreneurship is the
entrepreneurship within an existing organization”.
 Skinner and Ivancevich observe, “Intrapreneur is an
entrepreneurial person employed by a corporation and
encouraged to be innovative and creative”.
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30. DIFFERENCE BETWEEN INTRAPRENEURSHIP & ENTREPRENEURSHIP
Points of
difference
Intrapreneurship Entrepreneurship
1.
Definition
Intrapreneurship is the
entrepreneurship within an existing
organization.
Entrepreneurship is the dynamic
process of creating incremental
wealth.
2. Core
objective
To increase competitive strength and
market sustainability of the
organization.
To innovate something new of socio
economic value to make profit.
3. Risk Bears moderate risk. Bears all types of risk.
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31. DIFFERENCE BETWEEN INTRAPRENEURSHIP AND ENTREPRENEURSHIP
Points of
difference
Intrapreneurship Entrepreneurship
4. Status Organizational employee
expecting freedom in work.
Free and sovereign person does not
bother with status.
5. Decisions Collaborative decisions to
execute dreams.
Independent decisions to execute dreams.
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32. DIFFERENCE BETWEEN INTRAPRENEURSHIP AND
ENTREPRENEURSHIP
Points of
difference
Intrapreneurship Entrepreneurship
12. Attitude
towards system
Follow self style beyond given
structure.
Adaptive self-style considering
structure as inhabitants.
13. Attitude
towards destiny
Strong self confidence and
hope for achieving goals.
Strong commitment to self
initiated efforts and goals.
14. Operation Operates from inside the
organization
Operates from outside the
organization.
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33. Thank You All
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