Sandip University, Nashik

School Of Computer Science & Engineering

Department of Computer Science & Application
Academic Year -2024-2025 Sem-I
Course: Entrepreneurship Development Program: BCA/BSc AIML & VR
Course Code: NMGO01/First -Year

▪ Concept of Entrepreneurship
Entrepreneurship is the ability and readiness to develop, organize and run a business
enterprise, along with any of its uncertainties in order to make a profit. The most prominent
example of entrepreneurship is the starting of new businesses.
In economics, entrepreneurship connected with land, labour, natural resources and capital can
generate a profit. The entrepreneurial vision is defined by discovery and risk-taking and is an
indispensable part of a nation’s capacity to succeed in an ever-changing and more competitive
global marketplace.
▪ What are the 4 Types of Entrepreneurship?
It is classified into the following types:
Small Business Entrepreneurship-
These businesses are a hairdresser, grocery store, travel agent, consultant, carpenter, plumber,
electrician, etc. These people run or own their own business and hire family members or local
employee. For them, the profit would be able to feed their family and not making 100 million
business or taking over an industry. They fund their business by taking small business loans
or loans from friends and family.
Scalable Startup Entrepreneurship-
This start-up entrepreneur starts a business knowing that their vision can change the world.
They attract investors who think and encourage people who think out of the box. The
research focuses on a scalable business and experimental models, so, they hire the best and
the brightest employees. They require more venture capital to fuel and back their project or
business.
Large Company Entrepreneurship-
These huge companies have defined life-cycle. Most of these companies grow and sustain by
offering new and innovative products that revolve around their main products. The change in
technology, customer preferences, new competition, etc., build pressure for large companies
to create an innovative product and sell it to the new set of customers in the new market. To
cope with the rapid technological changes, the existing organisations either buy innovation
enterprises or attempt to construct the product internally.
Social Entrepreneurship-
This type of entrepreneurship focuses on producing product and services that resolve social
needs and problems. Their only motto and goal is to work for society and not make any
profits.
▪ Characteristics of Entrepreneurship:
Not all entrepreneurs are successful; there are definite characteristics that make
entrepreneurship successful. A few of them are mentioned below:
• Ability to take a risk- Starting any new venture involves a considerable amount of
failure risk. Therefore, an entrepreneur needs to be courageous and able to evaluate
and take risks, which is an essential part of being an entrepreneur.
• Innovation- It should be highly innovative to generate new ideas, start a company
and earn profits out of it. Change can be the launching of a new product that is new to
the market or a process that does the same thing but in a more efficient and
economical way.
• Visionary and Leadership quality- To be successful, the entrepreneur should have a
clear vision of his new venture. However, to turn the idea into reality, a lot of
resources and employees are required. Here, leadership quality is paramount because
leaders impart and guide their employees towards the right path of success.
• Open-Minded- In a business, every circumstance can be an opportunity and used for
the benefit of a company. For example, Paytm recognised the gravity of
demonetization and acknowledged the need for online transactions would be more, so
it utilised the situation and expanded massively during this time.
• Flexible- An entrepreneur should be flexible and open to change according to the
situation. To be on the top, a businessperson should be equipped to embrace change in
a product and service, as and when needed.
• Know your Product-A company owner should know the product offerings and also
be aware of the latest trend in the market. It is essential to know if the available
product or service meets the demands of the current market, or whether it is time to
tweak it a little. Being able to be accountable and then alter as needed is a vital part of
entrepreneurship.
▪ Challenges of Entrepreneurship Development
Entrepreneurship has its fair share of challenges and in this article, we will be discussing all
those points.

Following are some of the challenges faced by entrepreneurs in their entrepreneurship

journey:
1. Cash Flow Management: Cash flow management is one of the most important
components of any business. Still, some entrepreneurs find it difficult to pay their bills, while
waiting for the payment to be done by the clients.The reason for such an issue can be delayed
invoicing, which is a common occurrence in the entrepreneurial world. The time taken
between work done, invoicing and receipt of payment is significant and in that time the
business has to run its daily operations, which requires money.
2. Hiring Employees: Hiring of employees is another of the major issues faced by the
entrepreneurs. It is one of the most time consuming activities and is therefore often sidelined
by the entrepreneurs.
It will be difficult for business owners to manage daily operations and simultaneously invest
time interviewing candidates.
3. Time Management: Time management is one of the most highlighted issues and for
modern entrepreneurs, it is a difficult phase as they need to perform multiple roles.
4. Choosing the product to sell: The most difficult part for an entrepreneur sometimes is
deciding the kind of product or service they want to sell.
• What is Management
“Management is the process of planning and organising the resources, operations and
workflow of a business to achieve specific goals in the most effective and efficient manner
possible. Efficiency in management refers to the completion of tasks correctly and at
minimal costs. Effectiveness in management relates to the completion of tasks within
specific timelines to yield tangible results.”
Companies and organisations need effective management to achieve business goals. There are
different levels of management that aim to organise and coordinate the business functions of
a company. If you're interested in becoming a manager, knowing about what a manager does
can help you get an idea about the role. In this article, we discuss what management is and its
unique characteristics, objectives, levels and functions.
• Role of Entrepreneur
An entrepreneur is an individual who creates a new business, bearing most of the risks and
enjoying most of the rewards. The process of setting up a business is known
as entrepreneurship.
Builder
Builders seek to create scalable businesses within a short time frame. Builders typically pass
$5 million in revenue in the first two to four years and continue to build up until $100 million
or beyond. These individuals seek to build out a strong infrastructure by hiring the best talent
and seeking the best investors. Sometimes, they have temperamental personalities that are
suited to the fast growth they desire but may make personal and business relationships
difficult.
Opportunist
Opportunistic entrepreneurs are optimistic individuals with the ability to pick out financial
opportunities, get in at the right time, stay on board during the time of growth, and exit when
a business hits its peak.
These types of entrepreneurs are concerned with profits and the wealth they will build, so
they are attracted to ideas where they can create residual or renewal income. Because they are
looking to find well-timed opportunities, opportunistic entrepreneurs can be impulsive.
Innovator
Innovators are those rare individuals that come up with a great idea or product that no one has
thought of before. Think of Thomas Edison, Steve Jobs, and Mark Zuckerberg. These
individuals worked on what they loved and found business opportunities through their vision
and ideas.
Rather than focusing on money, innovators tend to care more about the impact that their
products and services have on society. These individuals are not the best at running a business
as they are idea-generating individuals, so they often leave the day-to-day operations to those
more capable in that respect.
Specialist
These individuals are analytical and risk-averse. They have a strong skill set in a specific area
obtained through education or apprenticeship. A specialist entrepreneur will build out their
business through networking and referrals, sometimes resulting in slower growth than a
builder entrepreneur.
▪ Future of Entrepreneurship
Utilization of AI, machine learning, and automation
Utilizing AI, machine learning, and automation will play a significant role in shaping the
future of entrepreneurship. These technologies offer immense potential for efficiency and
productivity improvements.
The emergence of new business models enabled by technology
Technology has paved the way for new and innovative business models, giving entrepreneurs
the opportunity to disrupt existing industries and create unique value propositions. Some of
the emerging business models enabled by technology include:
1. Sharing Economy: Platforms that connect individuals to share resources, such as car
rides or accommodation, have revolutionized industries like transportation and
hospitality.
2. Subscription-Based Services: Technology has made it easier for businesses to offer
subscription-based models, providing customers with convenience and personalized
experiences.
Increased Focus on Sustainability
Increased Focus on Sustainability: The future of entrepreneurship will see a heightened
emphasis on sustainability. Startups are increasingly incorporating eco-friendly practices to
reduce carbon footprints and promote environmental responsibility. Existing businesses are
also integrating sustainability into their operations. This shift aligns with the growing
consumer demand for environmentally conscious products and services.
Growing importance of e-commerce and online marketplaces
The future of entrepreneurship will see a growing importance of e-commerce and online
marketplaces. With the advancement of technology and the rise of digital transformation,
these platforms provide entrepreneurs with new opportunities and a wider customer base.
▪ The Goal of Management
The primary goal of management is to create an environment that empowers employees to
work efficiently and productively. A solid organizational structure guides employees and
establishes the tone and focus of their work.
Managers are involved in implementing and evaluating these structures. As a manager, you
may be responsible for doing any of the following tasks:
Create goals and objectives
Create schedules
Develop strategies to increase performance, productivity, and efficiency
Ensure compliance with company policies and industry regulations
Mentor employees
Monitor budgets, productivity levels, and performance
Resolve customer problems
Train staff