1. UNIT IIENTREPRENEUR

2. Introduction Word derived from French word- Entrprendremeaning to undertake Generally, entrepreneur refers to a person whoestablishes his won business. First used in 16th Century for the Frenchmen whoundertake the military expeditions Richard Cantillon refers Entrepreneur As risk takingfunction 3. Definition Richard Cantillon:- Entrepreneurs are non-fixedincome earners who pay known of production but earnuncertain income Jean-Baptiste Say:- An Entrepreneur is an economicagent who units all means of production. Land of one,the labor of another and the capital of yet another andthus produces a product. By selling the product in themarket, he pays rent of land, wages to the labor, intreston capital and what remains is his profit . He shifts theeconomic resources out of an area of lower and into anarea of higher productivity and greater yield. 4. Characteristics Of an Entrepreneur1) Hard Work2) Business acumen and sincerity3) Prudence4) Achievement motivation5) Self-reliance and independence6) Highly optimistic7) Keen foresight 5. Characteristics of an Entrepreneur8) Planning & organizing ability9) Innovativeness10) Risk taking11) Secrecy maintenance12) Communication skills 6. Qualities of an Entrepreneur1) Motivating towards achievement2) Creativity3) Clarity4) Energetic, Hardworking, Resourceful5) Aware of New Opportunity6) Handling Uncertainty7) Interested in advance technology 7. Qualities of an Entrepreneur8) Interested in expanding Business9) Visualizes Changes and adopts10) Planning & Systematic work11) Social Responsibility 8. Types of Entrepreneur1) Innovative Entrepreneur2) Adoptive Entrepreneur3) Fabian Entrepreneur4) Drone Entrepreneur 9. 1. Innovative Entrepreneur Highly motivated & talented Innovation is the key function Introduction of new product Introduction of new quality of existing product New method of production Opening a new market Discovering new source of supply of raw material orsemi-finished goods Achieve monopoly or breakup monopoly 10. 2. Adoptive or ImitativeEntrepreneur Adopt the successful innovations Doesnt innovate anything Imitates the techniques and technology of innovatingentrepreneur 11. 3. Fabian Entrepreneur Generally doubtful in nature Adopt great caution & skepticism Nighters the will to introduce any new changes nor toadopt new methods Imitate only when business seems to be profitable Dominated by customs, religions, traditions and pastpractices Not ready to take any risk 12. 4. Drone Entrepreneur Blindly follows the traditional methods of productioneven it causes loss to him Not prepared to introduce any change under anycircumstances in the method of production he hasalready introduced Carry Business in traditional way- loss For Ex. Coir Industry in Kerala dominated by DroneEntrepreneur 13. Types of Entrepreneur Accordingto Type of Business1) Trading Entrepreneur2) Industrial Entrepreneur3) Corporate Entrepreneur4) Agriculture Entrepreneur 14. Some Other Type of Entrepreneurs1) Born & Made Entrepreneurs2) Educated & Uneducated Entrepreneurs3) Rich & Poor Entrepreneur4) Urban & Rural Entrepreneur5) Collective & Individual Entrepreneur 15. Factors Affecting EntrepreneurshipGrowthA) Economic FactorsB) Social FactorsC) Social FactorsD) Personality FactorsE) Psychological & Sociological Factors 16. A) Economic Factors1) Lack of adequate basic facility2) Non-availability of capital3) Non-availability of Raw Material & Finished Goods4) Greater risk involved in Business5) Non-availability of skilled labour 17. B) Social Factors1) Customers & traditions2) Rationality of the society3) Social system4) Social setup 18. C) Cultural Factors 19. D) Personality Factors1) Suspect personality2) Emergence of planning 20. E) Psychological & SociologicalFactors 21. Factors Promoting Entrepreneurship1) Capital Formation :- Making Capital available toentrepreneurs to start new business2) Entrepreneurship Development Programmes:-Supportive Government Programmes to developentrepreneurship3) Training Facilities :- Availability of adequatetraining facilities to promote and developentrepreneurship 22. Factors Promoting Entrepreneurship4) Suitable Environment:- To transform scientific andtechnical developments into economically viableprojects5) Collateral Arrangement:- To establish a cordialrelationship between business and research and foreasy transferability of technology to the market place6) Ideal Climate for innovations:- To promote &develop entrepreneurial activities 23. Functions of Entrepreneurship1) Planning to establish enterprise2) Establish the enterprise3) Operate enterprise4) Control and evaluate the performance of theenterprise5) Expand and develop enterprise 24. 1. Planning to establish enterprise Identify the ideas for establishing the enterprise Analyze the idea Craft vision of the enterprise Set goals/objectives of the enterprise Conduct market survey and customer survey Calculate cost benefit ratio Identify the training needs of employees and trainingorganizations Identify the sources of incentives 25. 1. Planning to establish enterprise Identify and analyze the stakeholders Design processes Select site of the enterprise Prepare project report Apply for permissions to various regulatory bodies 26. 2. Establish the enterprise Carry out preparation of site and construction work Design processes of production Purchase raw material Recruit professionals and employees Impart training Develop organizational structure, roles andresponsibilities, authority and duty charts 27. 3. Operate enterprise Implement the production activities Check quality of products Launch the product in the market Transport the product in the market To collect orders for purchase on regular basis Receive feedback from customers Solve problems of customers 28. 3. Operate enterprise Remove complaint of the customers and stakeholders Expand products and services Motivates & encourage employees Reward the employees 29. 4. Control and evaluate theperformance of the enterprise Assess the effectiveness and efficiency of theenterprise Assess the profit Assess the turn over Assess the efficiency of various processes Assess the level of satisfaction of the customers Assess the level of wastage 30. 5. Expand and develop enterprise Explore the opportunities for growth and development Analyze the opportunities Explore new markets Introduce product expansion, production increase,services increase, wastage reduction strategies Enter in new ventures 31. Thank you, very much!Prof.Gholkar D.R.Assistant ProfessorDepartment of CommerceDeogiri College,Aurangabad