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The word Entrepreneur originates from the French Word, Entreprendre , which mean “to undertake” in the business context it means to start a business. ENTREPRENEURIAL MINDS & PERSONALITY. Innovative Creative Risk takers Pioneers Change
The word Entrepreneur originates from the French Word, Entreprendre, which mean “to undertake” in the business context it means to start a business
Entrepreneurs have a sense of excellence: they think they are special and unique
Entrepreneur is a strong motivation for personal achievement
Father of modern entrepreneurship is the Austrian born “Joseph A. Schumpeter” 1934
Austrian economist Joseph Schumpeter’s placed an emphasis on innovation such as
New production methods
New forms of organization
The core of Schumpeter’s definition of entrepreneurship is innovation
A new good or a new quality of a good
A new method of production not previously tested
Opening of a new market, that is, a market that a firm has not previously entered
A new source of supply of raw materials
The carrying out of new organization
William Baumol’s description of an entrepreneur— an individual who exercises what in the business literature is called leadership
Al Shapero:- entrepreneurial behavior as the kind of behavior that includes
(1) Taking initiative,
(2) Organizing or reorganizing of social
(3) The acceptance of risk & failure
Schumpeter’s entrepreneur creates opportunities through innovation
Kirzner’s entrepreneur sees opportunities because he or she possesses unique information or knowledge
Kirzner’s entrepreneur seeks to market
Schumpeter’s entrepreneur creates new markets
Entrepreneurship is important to economic wealth creation at the national and individual levels
Entrepreneurship significantly impacts our own lives
A vital source of new job creation and a source of a vast majority of new technology and products
Entrepreneurship also plays a key role in providing effective and innovative solutions to environmental & social problems.
There are basically three ways to recognize an opportunity
1. An active & systematic search of the external environment
2. Unexpected discovery
3. It is the creation of the entrepreneur.
Cooperativeness and a strong team player,
Strong desire to work hard,
Strong desire to learn new and different things,
Ability to listen to others and network,
Not competitive, but visionary and goal setting,
Coach or a trainer,
Not any more risk-prone than other professionals.
You should ask yourself the following five questions
What is something that I do well that I like to do?
Is there a market for this business?
Can I afford to start this business?
What will distinguish my business?
Can I make a profit?
It consists of two steps:
1. Looking at how much you have to invest
2. Conducting market research
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