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Module 1

ENTREPRENEUR

SYLLABUS

• 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, The entrepreneurial culture, stages in entrepreneurial process
• Reference books...

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Meaning of entrepreneur

The commonest definition of an entrepreneur is a person who organizes, manages and assumes the risk of running an enterprise.

Meaning of entrepreneur

• In economics and commerce, entrepreneur is an economic leader who possesses the ability to...
• ......recognise opportunities for the successfull introduction of new commodities, new techniques, and new sources of supply,
• .......and to assemble the necessary plant, equipment, management and labour for their realisation,
• .......and organise them into a running concern.

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India needs entrepreneur...

• To capitalise on new opportunities
• To create wealth and new jobs
• Traditional employers find it difficult to offer new jobs
• Knowledge based economy - fertile ground for entrepreneurs

Why should you become an entrepreneur?/charms

• Own boss/to others

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• Make decisions that are crucial to business' success/failure
• Chance to put your ideas into practice
• You will make money for self than for other
• Gain experience in every discipline of business
• Chance to work directly with customers

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• Satisfaction of creating/running a business
• You will work in an area you enjoy
• Chance to build retirement value

Evolution/History of entrepreneur

• The word 'entrepreneur' has been taken from the French language where it cradled and originally meant to designate an organiser of musical or other entertainments.
• Oxford English Dictionary (in 1897) also defined as "the director or a manager of a public musical institution, one who 'gets up' an entertainment, especially musical performance".

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• In the early 16th century, it was applied to those who were engaged in military expeditions.

Evolution/history...

• It was extended to cover civil engineering and architectural activities such as construction and fortifications in the 17th century
• In 18th century that the word was used to refer to economic aspects.
• In this way, the evolution of the concept of entrepreneur is considered over more than four centuries.
• Since then, the term entrepreneur' is used in various ways and various views - broadly classified into three groups, namely, risk-bearer, organizer and innovator.

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Functions of entrepreneur

• Entrepreneur as a risk- bearer
• Entrepreneur as an organizer
• Entrepreneur as an innovator
• Staffing
• Procuring machine and material

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• Raising necessary funds
• Sales/marketing promotional formalities
• Form of ownership
• Business objective.

What makes him successful

According to EDI, India,

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• Initiation
• Watching for opportunities
• Persistence
• Information seeker
• Quality conscious

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• Commitment to work
• Efficiency lover
• Proper planning
• Self-confidence
• Assertiveness

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• Persuasion
• Efficiency monitoring
• Concern for employees

Characteristics of a successful entrepreneur

• Creativity
• Innovation

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• Dynamism
• Leadership
• Team building
• Achievement motivation
• Problem solving

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• Goal orientation
• Risk taking and decision making ability
• Commitment

(Read Poornima page)

Characteristics of entrepreneur

Janakiraman

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This download link is referred from the post: VTU MBA Lecture Notes - 1st Sem, 2nd Sem, 3rd Sem and 4th Sem || Visvesvaraya Technological University