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entrepreneurship.pptx
- 2. THE ACTIVITY OF SETTING UP A BUSINESS OR BUSINESSES, TAKING ON FINANCIAL RISKS IN THE HOPE OF PROFIT MEANING
- 3. CONCEPT OF ENTREPRENEURSHIP Entrepreneurship can be defined as the creation or the acquiring of value. Entrepreneurship can also be viewed as change which includes other values other than simply economic ones. The constricted definitions of Entrepreneurship talks about the process of designing, launching, and running a new business that actually starts as a small business. Entrepreneurship can also be defined as the capacity and the willingness to develop, organize and to manage a business.
- 4. The people who start and create a business with a new model, in a view to solve a societal problem they are referred to as entrepreneurs. The discussed definitions of entrepreneurship specifically focus on the launching and taking over the business with high risks involved in launching. Risk Taking, this is an important character which is must for an entrepreneur to develop within himself. This character comes, when he gets the self-confidence triggering in himself. A good entrepreneur will always take risks in ventures after methodically analyzing them CONCEPT OF ENTREPRENEURSHIP
- 5. AS SAID ABOVE ENTREPRENEUR IS USED IN VARIOUS WAYS AND VARIOUS VIEWS. THESE VIEWSARE BROADLY CLASSIFIED INTO THREE GROUPS, NAMELY RISK BEARER ORGANIZER INNOVATOR ENTREPREENEUR AS RISK BEARER: Richard Cantilon defined entrepreneur as an agent who buys factors as production at certain prices in order to combine them into a product with a view to selling it at uncertain prices in future. He illustrated a former who pays contractual incomes, which are certain to land owners and labourers, and sells at prices that are uncertain. He includes merchants also who make certain payments in expectation of uncertain receipts. Hence both of them are risk-bearing agents of production. MAIN CONCEPT OF ENTREPRENEURSHIP
- 6. ENTREPREENEUR AS AN ORGANIZER: According to J Baptist Say an entrepreneur is one who combines the land of one, the labour of another and capital of yet another, and thus produces a product. By selling the product in the market, he pays interest on capital, rent on land and wages to labourers and what remains is his/her profit. Say made distinction between the role of capitalist as a financer and the entrepreneur as an organizer. This concept of entrepreneur is associated with the functions of coordination, organisation and supervision.
- 7. ENTREPREENEUR AS AN INNOVATOR: Joseph A Schum Peter in 1934 assigned a crucial role of innovation to the entrepreneur. He considered economic development as a dynamic change brought by entrepreneur by instituting new combinations of factors of production, i.e. innovations. The introduction of new combination according to him may occur in any of the following forms. (a) Introduction of new product in the market. (b) Use of new method of production, which is not yet tested. (c) Opening of new market. (d) Discovery of new source of raw materials. (e) Bringing out of new form of organisation.
- 8. STAGES IN ENTREPRENEURSHIP PROCESS ENTREPRENEURSHIP IS A PROCESS OF COMPRISING SEVERAL DISTINCT STAGES AS FOLLOWS : 1. Discovery 2. Concept Development 3. Resourcing 4. Actualization 5. Harvesting
- 9. 1. DISCOVERY: The stage in which the entrepreneur generates ideas, recognizes opportunities, and studies the market. 2. CONCEPT DEVELOPMENT: Develop a business plan: a detailed proposal describing the business idea. -Choose business location -Will a patent or trademark be required? 3. RESOURCING: The stage in which the entrepreneur identifies and acquires the financial, human, and capital resources needed for the venture start-up, etc 4. ACTUALIZATION: The stage in which the entrepreneur operates the business and utilizes resources to achieve its goals/objectives. 5. HARVESTING: The stage in which the entrepreneur decides on ventures future growth, development, or demise.