ENTREPRENEURSHI

P Submitted
Submitted by: Aditya kalani
to: Swapana Patawari Ma’am
Subject: Seminar
MEANING OF ENTREPRENEUR

The entrepreneur is defined as someone who has the ability and desire to establish, administer and
succeed in a startup venture along with risk entitled to it, to make profits. The best example of
entrepreneurship is the starting of a new business venture. The entrepreneurs are often known as a
source of new ideas or innovators, & bring new ideas in the market by replacing old with a new
invention.
CHARACTERISTICS OF ENTREPRENEURSHIP

•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.
CHARACTERISTICS OF ENTREPRENEURSHIP
•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.
IMPORTANCE OF 5

ENTREPRENEURSHIP
•Creation of Employment- Entrepreneurship generates employment. It provides an entry-
level job, required for gaining experience and training for unskilled workers.

•Innovation- It is the hub of innovation that provides new product ventures, market,
technology and quality of goods, etc., and increase the standard of living of people.

•Impact on Society and Community Development- A society becomes greater if the

employment base is large and diversified. It brings about changes in society and promotes
facilities like higher expenditure on education, better sanitation, fewer slums, a higher level
of homeownership. Therefore, entrepreneurship assists the organisation towards a more
stable and high quality of community life.
IMPORTANCE OF 6

ENTREPRENEURSHIP
•Increase Standard of Living- Entrepreneurship helps to improve the standard of
living of a person by increasing the income. The standard of living means, increase
in the consumption of various goods and services by a household for a particular
period.

•Supports research and development- New products and services need to be

researched and tested before launching in the market. Therefore, an entrepreneur also
dispenses finance for research and development with research institutions and
universities. This promotes research, general construction, and development in the
economy.
EVOLUTION OF ENTREPRENEURSHIP 7

•Historical Roots:
•Entrepreneurship has ancient roots, with individuals engaging in trade and commerce throughout
history.
•The Silk Road and medieval guilds exemplify early forms of entrepreneurial activities.
•Industrial Revolution:
•The 18th and 19th centuries saw a significant shift with the Industrial Revolution, fostering the
rise of entrepreneurial endeavors driven by technological innovations.
•Capitalism and Entrepreneurship:
•Capitalism played a pivotal role in shaping modern entrepreneurship, emphasizing private
ownership, market-driven economies, and risk-taking.
•Innovation and Creativity:
•Entrepreneurs are known for their innovative spirit, continually seeking new ideas and solutions
to meet evolving market demands.
•Globalization:
•The 20th century witnessed increased globalization, enabling entrepreneurs to explore
international markets and opportunities.
•Technology and the Digital Age:
•The late 20th and early 21st centuries brought about a digital revolution, with entrepreneurs
capitalizing on technology for startups and disrupting traditional industries.
EVOLUTION OF ENTREPRENEURSHIP 8

•Ecosystem Development:
•Entrepreneurship ecosystems, including incubators, accelerators, and venture capital, have
flourished, providing support structures for startups.
•Social Entrepreneurship:
•A contemporary evolution involves a focus on social entrepreneurship, where businesses aim to
address social or environmental issues alongside profitability.
•Agile and Lean Approaches:
•Modern entrepreneurs often adopt agile and lean methodologies, emphasizing adaptability, rapid
prototyping, and customer feedback.
•Diversity and Inclusion:
•There's a growing recognition of the importance of diversity and inclusion in entrepreneurship,
fostering a richer and more dynamic business environment.
•Challenges and Resilience:
•Entrepreneurs continually face challenges, requiring resilience and adaptability to navigate
economic fluctuations, regulatory changes, and market dynamics.
•Future Trends:
•Current trends suggest a continued emphasis on sustainability, ethical business practices, and the
integration of advanced technologies like artificial intelligence and blockchain in entrepreneurship.
PROCESS OF ENTREPRENEURSHIP 9

•Idea Generation: Identify a business opportunity or problem.

•Market Research: Understand the target market and competition.

•Planning: Develop a business plan and choose a legal structure.

•Funding: Secure financing through savings, loans, or investors.

•Adaptability: Be flexible and adapt to market changes.

•Sales and Marketing: Promote and sell the product or service.

•Financial Management: Monitor and manage finances, including budgeting.

•Scaling: Expand the business as it grows.

•Networking: Build a network of contacts and mentors.

•Continuous Learning: Stay informed about industry trends.

•Reflection: Assess performance and seek improvement.

TYPES OF ENTREPRENEURSHIPS
•Small Business Entrepreneurship: Small business entrepreneurs typically operate on a local scale, serving specific
communities or niches. Their focus is on building strong relationships with customers, and success is often measured in
terms of community impact and sustained profitability rather than rapid growth.

•Scalable Startup Entrepreneurship: Scalable startup entrepreneurs aim for rapid growth and often leverage technology to
achieve scalability. Their focus is on capturing larger markets, attracting venture capital, and expanding quickly. Success is
measured by market share, valuation, and the ability to disrupt or dominate industries.

•Social Entrepreneurship: Social entrepreneurs are driven by a dual mission of making a positive societal or environmental
impact while generating profits. They tackle issues such as poverty, education, or environmental sustainability. Success is
measured not only in financial terms but also by the positive change achieved.

•Corporate Entrepreneurship (Intrapreneurship): Corporate entrepreneurs, or intrapreneurs, operate within established

companies. They foster innovation, take risks, and develop new products or services. Success is often gauged by the ability
to introduce novel ideas, improve processes, and contribute to the company's long-term growth and competitiveness.
 SOCIAL ENTREPRENEURSHIP
11

SOCIAL ENTREPRENEURSHIP INVOLVES USING BUSINESS PRINCIPLES TO ADDRESS AND SOLVE

SOCIAL OR ENVIRONMENTAL ISSUES. THESE ENTREPRENEURS STRIVE TO CREATE POSITIVE
CHANGE WHILE ALSO ACHIEVING FINANCIAL SUSTAINABILITY. AN EXEMPLARY EXAMPLE OF
SOCIAL ENTREPRENEURSHIP IS TOMS SHOES.

EXAMPLE

TOMS SHOES:
FOUNDED BY BLAKE MYCOSKIE IN 2006, TOMS OPERATES ON A "ONE FOR ONE" BUSINESS MODEL.
FOR EVERY PAIR OF SHOES SOLD, TOMS DONATES A PAIR TO A CHILD IN NEED. THIS MODEL
EXTENDS BEYOND SHOES TO EYEWEAR AND COFFEE. THE COMPANY'S APPROACH GOES BEYOND
TRADITIONAL CHARITY, AIMING TO CREATE SUSTAINABLE IMPACT BY INTEGRATING SOCIAL
RESPONSIBILITY INTO ITS CORE BUSINESS PRACTICES. TOMS HAS BECOME A SYMBOL OF
SUCCESSFUL SOCIAL ENTREPRENEURSHIP, DEMONSTRATING HOW A BUSINESS CAN THRIVE WHILE
MAKING A MEANINGFUL CONTRIBUTION TO SOCIETY.
SUMMARY 12

•Definition of Entrepreneurship:
• Entrepreneurship involves identifying opportunities, creating innovative solutions, and establishing ventures to meet
market needs.
•Characteristics of Entrepreneurship:
• Key traits include risk-taking, innovation, adaptability, and a proactive approach to problem-solving.
•Process of Entrepreneurship:
• Involves idea generation, market research, planning, securing funding, implementation, adaptability to market
changes, sales and marketing, financial management, scaling, networking, continuous learning, and reflection.
•Types of Entrepreneurship:
• Span small business, scalable startup, social entrepreneurship, corporate entrepreneurship (intrapreneurship), online
entrepreneurship, and more.
•Example of Entrepreneurship - TOMS Shoes:
• TOMS integrates a "One for One" model, donating a pair of shoes for every one sold. It exemplifies social
entrepreneurship by addressing a societal need (footwear for those in need) while maintaining financial sustainability.
•Evolution of Entrepreneurship:
• Historical roots include ancient trade, guilds, and the Industrial Revolution. Modern trends emphasize digital
innovation, social responsibility, and diverse forms of entrepreneurship.
 THANK YOU
Submitted by: Aditya kalani
Submitted to: Swapana Patawari MA’am
Subject: Seminar