Unit-1

Slide 1:

“Management is efficiency in climbing the ladder of success; Leadership determines whether the ladder is leaving against the right wall.” Cantilon defines “ an entrepreneur is a person who buys factor services at certain prices with a view to selling its product at uncertain prices.”

Slide 2:

J.A. Schumpeter “ the process of development is a deliberate and continuous phenomenon which is actively promoted by the escort services of change agent who provides economic leadership, this change agent is what is called entrepreneur. ” Cole “ to initiate maintain or aggrandize a profit oriented business unit for production or distribution of economic goods and services.”

Slide 3:

New concept of entrepreneur 1. Perceives opportunities for profitable investments 2. Explores the project of starting such a manufacturing enterprise Obtains necessary industry licenses Arranges initial capital Personal guarantee to Financial Institutions Technical know how

Key Elements of Entrepreneur:

Key Elements of Entrepreneur Risk taking Vision Values Organizing skills Innovation Ethics Operation Excellence Character

Slide 5:

Entrepreneurial Process I Stage – Socio economic environment leading to change II Stage – Starting a new venture III Stage- Intrapreneruship IV Stage- Coordinating the varied activities to achieve the entrepreneurial goal.

Entrepreneurial Competencies:

Entrepreneurial Competencies Initiative Looking for opportunity Persistence Information seeker Quality Consciousness Commitment to Efficiency Proper Planning Problem Solver Self Confidence Assertive Persuasive Effective Monitoring Employees welfare Effective Strategies

Characteristics of Entrepreneurs:

Characteristics of Entrepreneurs Mental Ability Clear Objectives Business Secrecy Human Relations ability Communication ability Technical Knowledge Ambitious Clear vision Passiobnate Integrity Honesty Ethics Flexibility Emotional stability PR

Qualities of an entrepreneur :

Qualities of an entrepreneur Confident Calculated risk bearing Communicative Co-operative Committed Goal –oriented Punctual Innovative, creative, imaginative Leadership Perceptive Responsible Survives in adverse situations Problem solving attitude Harmonious interpersonal relations Positive attitude.

Classification of entrepreneurs:

Classification of entrepreneurs Type of business Based on usage of technology Motivation Growth Stages of Development Area Organization Gender and Age Others- Innovating, adoptive, Fabian, drone, aspiring

Slide 10:

Professional Manager: A person who acquires knowledge through formal education, and follow sound principles of management like planning, staffing delegating and control. Entrepreneur : A person who is motivated to satisfy a high need for achievement in innovative and creative activities.

Slide 11:

Intrapreneur : A person who may be the creator or inventor but is always the dreamer who figures out how to turn an idea into a profitable reality . Those who take hands on responsibility for creating innovation of any kind with in an organization . Intrapreneurs are the integrators who combine the talents of both the technologists and the marketers by establishing new products, processes and services. Without them, innovation remains potential, or moves at the glacial pace of bureaucratic process that will no longer suffice in an environment filled with entrepreneurial competition.

Basis of differences :

Basis of differences Primary motives Time orientation Activity Risk Status Failure and mistakes Decisions Who serves Family history Relationship with others

Role of Entrepreneur in Economic Development of a country:

Role of Entrepreneur in Economic Development of a country Innovator in Economic Growth Generation of Employment Opportunities Complementing and supplementing Economic Growth Bringing about social stability and balanced regional development f industries. Export Promotion Import substitution Augmenting and meeting local demands

Problems of Entrepreneruship:

Problems of Entrepreneruship Internal Choice of an idea Feeble structure Faulty planning Poor project implementation Poor management Poor production Poor quality Marketing Financial church Labour problems Capacity Utilization Lack of vertical and horizontal training and skills Poor and lose organization Lack of strategies Lack of vision Inadequate connections Lack of motivation

Slide 15:

External Infrastructural Location Power Water Communication Financial Capital Working capital Long term funds Recovery 3. Marketing 4.Taxation 5. Raw material Industrial and Financial Regulations Inspections Trechology Governmant policy Administrative hurdles RampatCorruption Lack of direction Competitive and volatile environment

Slide 16:

Women Entrepreneur are those who explore new paths of economic involvement and contribution , have been making a significant impact in all segments of the economy . They want new challenges and opportunities for self fulfillment. They want to prove their mettle in innovative and competitive jobs.

Slide 17:

Factors affecting women Entrepreneurship Push and pull factors Motivation Utilization of spare time Attractive incentives and subsidies and schemes. Limited job opportunities

Problems of Women Entrepreneur :

Problems of Women Entrepreneur Psycho-social barrier Lack of Awareness of EDP Lack of institutional support

Rural Entrepreneurship:

Rural Entrepreneurship Definition : Rural entrepreneurship is that entrepreneurship which ensures value addition to rural resources in rural areas engaging largely rural human .

Slide 20:

To promote entrepreneurs who would take to rural entrepreneurship in utmost earnestness and sincerity is to ensure rural development. Such enterprising people who prefer rural entrepreneurship may or may not themselves belong to rural areas. Entrepreneurs taking to rural entrepreneurship should not only set up enterprises in rural areas but should be also using rural produce as raw material and employing rural people in their production processes. Rural entrepreneurship is, in essence, that entrepreneurship which ensures value addition to rural resources in rural areas engaging largely rural human resources. In other words, this means that finished products are produced in rural areas out of resources obtained in rural areas by largely rural people

Slide 21:

Constraints of Potential Rural Entrepreneurs and Development Inputs Sr. No. Constraints Inputs 1. Low self-image and confidence. Motivational inputs, unfreezing and experience sharing by successful local entrepreneurs. 2. No faith on others includes friends. Group building experiences. 3. No exposure to industry/business. Field visit to factories and big markets. 4. Who to contact for starting a venture, what formalities and procedures are to be followed? Information inputs on procedures and formalities.

Slide 22:

5. How to know whether the identified business is a viable and sound proposition? Opportunity identification and guidance. 6. How to know whether the identified business is a viable and sound proposition? Market survey, project report preparation. 7. How does one carry out bank operations? Training in simple banking procedures like filing up deposit and withdrawal slip etc.

Slide 23:

8. How to manage the business? Basic management orientation through simulation exercises. 9. How to read and write accounts? Functional and numerical literacy. Simple accounting in terms of writing income and expenditure. 10. Almost no technical skills Technical training (on-the-job training