Lecture 1 Ed Unit1 - Entreprenuership - SB

ENTREPRENEUR
Who is an entrepreneur?
Person conducting own business (Webster) Person who sets up business deals in order to make profits (Collins Cobuild) Organizer of an economic venture, one who owns, organizes, manages, and assumes the risks of the business (Chandrashekhar)
2
Why entrepreneurship?
Process of creating something different, with value, by devoting necessary time and effort, by assuming the accompanying financial, psychological, and social risks, and receiving the resulting rewards of monetary and personal satisfaction (Bowen and Hisrich, 1986).
ENTREPRENEURSHIP
Entrepreneur
4 factors of production
Land Labor capital organization
New venture
TYPES OF ENTREPRENEUR
Innovative Entrepreneurs
Adopted by developed countries Aggressive assemblage of information & analysing. Aggressive in experimentation and cleverly put attractive possibilities into practice. Sees opportunity for introducing a new technique, new product or a new market. Raise money to launch an enterprise, assemble the various factors and choose top executives and set the organization going.
Imitative Entrepreneurs
Characterized by imitating the innovative entrepreneurs. They imitate the technology & techniques innovated by others. They are important in underdeveloped nations. Face less risk and uncertainty.
Imitative Entrepreneurs contd

Organizer of factors of production than a creator. He can set in chain reaction and lead to cumulative progress. E.g. china made products
Fabian Entrepreneurs
Very cautious and skeptical while practicing any change. Neither the will to introduce new changes nor the desire to adopt new methods. Shy and lazy Dont take risks, Follow predecessors. Determined by custom, religion, traditions and past practices. They imitate only in situations when it becomes absolutely necessary.
Drone Entrepreneurs
Are laggards and operate in a traditional way. Conventional Refuse to change and adopt new opportunities to make changes in production methods.
Inventor
INVENTOR AND INNOVATOR

Innovator
is a person who brings something new in business
is a person creates new thing.
CHARACTERISTICS OF SUCCESSFUL ENTREPRENEUR
CHARACTERISTICS OF SUCCESSFUL ENTREPRENEUR

Risk taker
Determination & Persistence Vision, creativity and innovation
Motivation to succeed
ENTREPRENEUR
Relevant skills and expertise
No daunted by failure Passion
Spot and take advantage of opportunities
Path followed by Entrepreneur
FAMOUS ENTREPRENEURS
Bill Gates 1955

Bill Gates discovered his interest in software and began programming computers at age 13. He is the chief software architect of Microsoft Corporation, the worldwide leader in software, services and solutions that help people and businesses realize their full potential. Microsoft had revenues of US$19.95 billion for the fiscal 2011 second quarter and employs more than 55,000 people in 85 countries and regions. He donates rigorously to charities all around the world. By linking his Microsoft software to IBM's first PCs, he dominated the industry.
Donald Trump
Donald Trump received much of his business sense from his father, Fred Trump, who was forced by his father's death to help support a large family. His father succeeded in producing affordable housing. Donald Trump was brought up assisting his father with his business ventures. Donald set a goal to be involved in real estate in a larger scale than his father. Trump started a billion dollar empire and is now also on his own hit TV show called the Apprentice. Donald Trump owns over 100 businesses..
OPRAH WINFREY1954
Oprah Winfrey turned her name into one of the most successful and respected brands in the world. "The Oprah Winfrey Show" became the number one talk show in national syndication. HARPO Productions Inc. which is Oprah spelled backwards was started in 1986. Today, HARPO is a formidable force in film and television. Oprah uses her influence and wealth to help various charities and social causes around the world. Her work in Africa alone is phenomenal.
Chad Hurley, 29, Steve Chen, 28 & Jawed Karim, 27

Founders of YouTube
Broadcasts 100 million short videos daily on myriad subjects

In October 2006, Google Inc. acquired YouTube for $1.65 billion in Google stock, and the deal was finalized on November 13, 2006.
Before the launch of YouTube in 2005, there were few easy methods available for ordinary computer users who wanted to post videos online. With its simple interface, YouTube made it possible for anyone with an Internet connection to post a video that a worldwide audience could watch within a few minutes. The wide range of topics covered by YouTube has turned video sharing into one of the most important parts of Internet culture.
Sam Walton - Walmart

After Sam got out of the US military he decided he wanted his own department store. He wanted to make enough money that he could support his family. His dream came into reality in the fall of 1945 when he purchased a store in Newport with the help of his father-in-law. Sam borrowed $20,000.00 from his fatherin-law and had $5,000 saved from the military. Wal-Mart first opened in 1962 and became the world's number one retailer. Wal-Mart's success has also given many people today an opportunity for a bigger job market. More than 600,000 Americans work at Wal-Mart. The reason for its popular success it still follows Sam Walton's values: He launched a determined effort to market American-made products. Included in the effort was a willingness to find American manufacturers who could supply merchandise for the entire Wal-Mart chain at a price low enough to meet the foreign competition.
HOW TO BE A SUCCESSFUL ENTREPRENEUR?
Entrepreneur should be:

Self-confident and optimistic Able to take calculated risk Respond positively to changes Flexible and able to adapt Knowledgeable of markets Able to get along well with others Independent minded Energetic and diligent Creative, need to achieve Dynamic Leader Responsive to suggestions Take initiatives Resourceful and persevering Perceptive with foresight
ROLE OF ENTREPRENEUR IN ECONOMY

New product in market New technology
Creation of employment
Money circulation
Better Standard of living
Discover new source of material
New ideas bring huge changes
Develop new market
Mobilize capital resources
CONCLUCION
Entrepreneurship mainly depends on values, norms and traits that are consistent to the growth of an economy. An entrepreneur always seeks the opportunities, looks for ways and means to capitalize on the newer opportunities by organizing
THE END

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ENTREPRENEUR

Land Labor capital organization

Imitative Entrepreneurs contd

INVENTOR AND INNOVATOR

is a person creates new thing.

CHARACTERISTICS OF SUCCESSFUL ENTREPRENEUR

CHARACTERISTICS OF SUCCESSFUL ENTREPRENEUR

Relevant skills and expertise

No daunted by failure Passion

Spot and take advantage of opportunities

Path followed by Entrepreneur

Bill Gates 1955

Chad Hurley, 29, Steve Chen, 28 & Jawed Karim, 27

Broadcasts 100 million short videos daily on myriad subjects

Sam Walton - Walmart

HOW TO BE A SUCCESSFUL ENTREPRENEUR?

Entrepreneur should be:

ROLE OF ENTREPRENEUR IN ECONOMY

Better Standard of living

Discover new source of material

New ideas bring huge changes

Develop new market

Mobilize capital resources

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