Enterprenural Management

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ENTREPRENEURSHIP BMS SEM VI

MODULE- I
Ø The Concept of Entrepreneurship
v Definition of Entrepreneurship
v Need for Entrepreneurship
v Factors Influencing Entrepreneurship

Ø Emergence of Entrepreneurial Class
v Introduction
v Communities that promoted entrepreneurship in India
v Causes of slow growth of Entrepreneurship in India
Family Business in India
v Stages of Evolution of Entrepreneurship

Ø Characteristics of Entrepreneurship
v Qualities of Entrepreneurship
v Entrepreneurial functions
v Classification of Entrepreneurs

Ø Difference between
v
v
v
v
v

Entrepreneur & Manager
Entrepreneur and Entrepreneurship
Entrepreneur and Enterprises
Entrepreneur and Administrator
Entrepreneur & Intrapreneurship

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ENTREPRENEURSHIP BMS SEM VI

INTRODUCTION
The ultimate measure of a man
Is not where he stands
In moments of comfort and convenience
But where he stands
At times of challenge and controversy.
-

Martin Luther King.

The words entrepreneur, intrapreneur and entrepreneurship have acquired special significance in the context of economic growth in a rapidly changing socio-economic and socio-cultural climates, particularly in industry, both in developed and developing countries. Entrepreneurial development is a complex phenomenon. Productive activity undertaken by him and constant endeavor to sustain and improve it are the outward expression of this process of development of his personality.

WHO IS AN ENTREPRENEUR?
An entrepreneur is a person with a dream, originality and daring, who acts as the boss, who decides as to how the commercial organization shall run, who co-ordinates all activities or other factors of production, who anticipates the future trend of demand and prices of products.

An entrepreneur is one of the important segments of economic growth. Basically he is a person responsible for setting up a business or an enterprise. Infact, he is one who has the initiative, skill for innovation and who looks for high achievements. He is a catalytic agent of change and works for the good of people. He puts up new green-field projects that create wealth, open up many employment opportunities and leads to the growth of other sectors. The entrepreneur displays courage to take risk of putting his money into an idea, courage to face the competition and courage to take a leap into unknown future and create new enterprises/ business. This creative process is the life blood of the strong enterprise that leads to the growth and contributes to the national development.

The entrepreneur will always work towards the creation and enhancement of entrepreneurial society.

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ENTREPRENEURSHIP BMS SEM VI
The best entrepreneur in any developing country is not the one who uses much capital but an individual who knows how to organize the employment and training of his employees.
A classic example is that of Mr. Dhirubhai Ambani because he had all the dynamic qualities of a successful entrepreneur, as a result of which today, he was the owner of the largest private company in India. All decisions which he had taken to grow were instinct and no one had taught him to take decisions.

BASICS OF AN ENTREPRENEUR
Organization
Urge

Innovation

Skill

Risk

Vision

Enterprise

Growth
Management
We can define entrepreneur as one who innovates, raises money, assembles inputs, choose managers and sets the organization going with his ability to identify them.
As per Peter Drucker- “An entrepreneur is one who always searches for change, responds to it as an opportunity. Entrepreneurs innovate. Innovation is a specific instrument of entrepreneurship”.
As per Joseph A. Schumpeter- “Entrepreneur is one who innovates, raises money, and assembles inputs, chooses managers and sets the commercial organization going with his ability to identify them and opportunities which others are not able to identify and is able to fulfill such economic opportunities”.

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