Concept of Entrepreneurship Development and - PowerPoint Presentation

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Concept of Entrepreneurship Development andCharacteristics Entrepreneurs

Entrepreneurship Development and Industrial Consultancy (DBM-421)

Concept of EntrepreneurshipEntrepreneurship is the ability and readiness to develop, organize, and run a business enterprise along with any of its uncertainties in order to make a profit.The entrepreneurial vision is defined by risk-taking

Concept of Entrepreneurship Contd.The Entrepreneur is defined as someone who has ability and desire to establish, administer, and succeed in a start-up venture along with associated risk to make profit. The example isstarting of a new business ventureEntrepreneurs are source of new ideas &

Innovations

In nutshell, anyone who has will and determination to start a new business venture and deals with risk can be become an Entrepreneur.

General facts of Entrepreneurship There are many characteristics of an entrepreneur, which are certainly not that easy to inculcate and possess. However, if one wants to earn money and improve livelihood, one has to be loaded with entrepreneurial characteristics, as much as possible .In fact, a number of characteristics of a good entrepreneur are those of a good progressive human being.

In other words, if an individual is not filled with characteristics of a good human being, he cannot think of becoming a good entrepreneur

General facts of EntrepreneurshipAlthough achieving perfection in entrepreneurship is a myth, one should try to imbibe those characteristics of agri-entrepreneurship as far as possible in order to bring about prosperity. Even partial inculcation and application of these characteristics can be of much help in bringing about farm prosperity.

Characteristics of an entrepreneurAbility to take risk:Starting any new venture involves a considerable amount of risk. An entrepreneur needs to be courageous Able to evaluate and take riskInnovation:

He should be innovative and generate new ideas, start a new business, and earn profit

Launching of product that is new to the market, or new process that does the same thing but more efficiently and economically

Visionary with Leadership Quality:

To be successful,

entrepreneur should have clear vision of he new venture.

To turn ideas into reality a lot of resources including personnel are required.

Thus , leadership quality is of paramount importance to create a cohesive and congenial environment along with a workforce committed to accomplish the goal.

Characteristics of an entrepreneurOpen MindedIn business, every circumstance can be an opportunity, which can be utilized for the benefit E.g.Paytm recognized the opportunity af

cashless transaction after demonetization, utilized the situation and expanded massively

Flexible

An entrepreneur should be flexible and open to change according to the situation

Aware of the Product

He should be fully aware of the product offerings, and latest trends in the market.

It is essential to know if the available product or service meets the demands of the current market

If need be, should be able to introduce changes

Other Characteristics of an EntrepreneurHealth conscious (Health is wealth)Goal setter, and goal commitment (goal always on the mind)Right user of time, money and energy (TME)Hard and smart working, no gain without pain/sacrifice Work is worship (No work is small, if it is beneficial; work more, talk less), willing to work, work enjoyer, enthusiastic, motivated

Focused and committed (do not go after attractions and get misled by distractions

)

Characteristics of an entrepreneurSelf confident (have faith on yourself)Market ledDeterminedWell behavedNon-aggressive in nature, but aggressive in workInnovativeAwareActive

Opportunity

seeker

Characteristics of an entrepreneurPassionate, persistent, persevering, patient, polite, punctual, Progressive, pluralistic, pragmatic, positive, planner, professionalFar-sighted (Dreamer)Optimistic DisciplinedHonestCompetitive, but non-quarrelsome

Frugal, but not miser, saver investor, good fund manager

Non-superstitious

Characteristics of an entrepreneurTolerantOpen minded with sharing attitudeHelp seeker and giver Non-blaming: do not blame non-helpersTendency to learn (knowledge and skill, etc) and implement it in life profitablyOccupationally, spatially and attitudinally mobile; (fixity of place, occupation and attitude is regressive)

Temperamentally flexible, receptive and

adjusting/accommodative

Importance of EntrepreneurshipCreation of EmploymentProvides an entry-level job, required for gaining experience and training for unskilled workersInnovationIt is the hub of innovation that provides new products, market, technology, and quality of goodsImpact on Society and Community DevelopmentAssists in more stable and high quality of community life

Increases Standard of life

Help increase income, employment , standard of living

Supports Research and Development

Adopts technologies and apply them

Supports R&D organizations

Funding, Testing, etc.

Barriers to Entrepreneurship DevelopmentPhysical: farmers’ health and rural infrastructureIndividual/personal : Laziness, unwillingness to do unconventional work of profit, lack of risk bearing ability

Family: Lack of support from family

Social: Lack of support from society

Educational: Lack of education reduces risk and responsibility bearing capacity, self-confidence to take up some enterprise

Economic: Lack of capital for initial fixed investment and operational expenditure

Religious/cultural:

Religious/cultural restriction to take up some enterprise