Basic of entrepreneurship

2. This module discuss the Entrepreneurship Definition, Basic of Entrepreneurship, Entrepreneur As Organizer and Innovator, The Myth about Entrepreneurship, Functions of Entrepreneur, Types of Entrepreneur, Evolution of Entrepreneurship, Entrepreneurial Revolution, Characteristics of Entrepreneur, Entrepreneur Vs Manager, Corporate Entrepreneur, Entrepreneur Vs Intrapreneur, Entrepreneurial Decision process, Role of Entrepreneurship in Economic Development, Ethics and Social responsibility of Entrepreneurs, Opportunities for Entrepreneurs in India and Woman as Entrepreneur.

1. Prepared by Jitendra Patel Assistant Professor, Prestige Institute of Management and Research, Indore Basic of Entrepreneurship

2. Module I General Introduction and Ice breaking Entrepreneurship Definition Basic of Entrepreneurship Entrepreneur As Organizer and Innovator. The Myth about Entrepreneurship. Functions of Entrepreneur Types of Entrepreneur Evolution of Entrepreneurship Entrepreneurial Revolution Characteristics of Entrepreneur Entrepreneur Vs Manager Corporate Entrepreneur Entrepreneur Vs Intrapreneur Entrepreneurial Decision process Role of Entrepreneurship in Economic Development Ethics and Social responsibility of Entrepreneurs Opportunities for Entrepreneurs in India Woman as Entrepreneur. 14/12/2020 2 Jitendra Patel, PIMR, Indore

3. Stay Hungry Stay Foolish 14/12/2020 3 Jitendra Patel, PIMR, Indore

4. 14/12/2020 4 Jitendra Patel, PIMR, Indore

5. 14/12/2020 5 Jitendra Patel, PIMR, Indore

6. Entrepreneur The word 'entrepreneur' is derived from the French verb enterprendre . It means "to undertake." In the early 16th century, the Frenchmen who organised and led military expeditions were referred to as "entrepreneurs." Around 1700 A.D., the term was used for architects and contractors of public works. 14/12/2020 6 Jitendra Patel, PIMR, Indore

7. Entrepreneur Entrepreneur are risk bearer Entrepreneur are agent who buy factors of production at an certain prices in order to combine them into a product with a view to selling it at uncertain prices in future Knight defines entrepreneur as group of person who bears uncertainty Entrepreneur are economic functionary who undertakes such responsibility of uncertainty which by its very nature cannot be insured, nor capitalized nor salaried too. 14/12/2020 7 Jitendra Patel, PIMR, Indore

8. Basics Of Entrepreneur 14/12/2020 8 Jitendra Patel, PIMR, Indore

9. Entrepreneur as Organizer Moral qualities for work judgment, perseverance and a knowledge about the business world Command over sufficient capital Uncertainty of profits ENTREPRENEUR AS INNOVATOR The introduction of a new product to the market The instituting of new production technology which is not yet tested by experience in the branch of manufacture concerned The opening up of a new market into which the specific product has not previously entered. The discovery of new source of supply of raw material The carrying out of the new form of organization of any industry by creating of a monopoly position or the breaking up of it 14/12/2020 9 Jitendra Patel, PIMR, Indore

10. The Myths of Entrepreneurship Entrepreneurs are doers, not thinkers. Entrepreneurs are born, not made. Entrepreneurs are always inventors. Entrepreneurs are academic and social misfits. Entrepreneurs must fit the “profile.” All you need is money to be an entrepreneur. All you need is luck to be an entrepreneur. Ignorance is bliss for an entrepreneur. Entrepreneurs seek success but experience high failure rates. Entrepreneurs are extreme risk takers (gamblers). 14/12/2020 10 Jitendra Patel, PIMR, Indore

11. FUNCTIONS OF AN ENTREPRENEUR Idea generation and scanning of the best suitable idea. Determination of the business objectives. Product analysis and market research" Determination of form of ownership/organization. Completion of promotional formalities. Raising necessary funds. Procuring machine and material. Recruitment of men. Undertaking the business operations 14/12/2020 11 Jitendra Patel, PIMR, Indore

12. Types of Entrepreneur Innovating Entrepreneurs : An innovating entrepreneur is one who introduces new goods, inaugurates new method of production, discovers new market and reorganizes the enterprise. It is important to note that such entrepreneurs can work only when a certain level of development is already achieved, and people look forward to change and improvement. Imitative Entrepreneurs : These are characterized by readiness to adopt successful innovations inaugurated by innovating entrepreneurs. Imitative entrepreneurs do not innovate the changes themselves, they only imitate techniques and technology innovated by others. Such types of entrepreneurs are particularly suitable for the under-developed regions for bringing a mushroom drive of imitation of new combinations of factors of production already available in developed, regions. 14/12/2020 12 Jitendra Patel, PIMR, Indore

13. Types of Entrepreneur Fabian Entrepreneurs : Fabian entrepreneurs are characterized by very great caution and skepticism in experimenting any change in their enterprises. They imitate only when it becomes perfectly clear that failure to do so would result in a loss of the relative position in the enterprise. Drone Entrepreneurs : These are characterized by a refusal to adopt opportunities to make changes in production formulae even at the cost of severely reduced returns relative to other like producers. Such entrepreneurs may even suffer from losses but they are not ready to make changes in their existing production methods. 14/12/2020 13 Jitendra Patel, PIMR, Indore

14. Type of Entrepreneur Solo Operators: These are the entrepreneurs who essentially work alone and, if needed at all, employ a few employees. In the beginning, most of the entrepreneurs start their enterprises like them. Active Partners: Active partners are those entrepreneurs who start/carry on an enterprise as a joint venture. It is important that all of them actively participate in the operations of the business. Entrepreneurs who only contribute funds to the enterprise but do not actively participate in business activity are called simply 'partners'. Inventors: Such entrepreneurs with their competence and inventiveness invent new products. Their basic interest lies in research and innovative activities. 14/12/2020 14 Jitendra Patel, PIMR, Indore

15. Type of Entrepreneur Challengers: These are the entrepreneurs who plunge into industry because of the challenges it presents. When one challenge seems to be met, they begin to look for new challenges. Buyers: These are those entrepreneurs who do not like to bear much risk. Hence, in order to reduce risk involved in setting up a new enterprise, they like to buy the ongoing one. Life timers: These entrepreneurs take business as an integral part to their life. Usually, the family enterprise and businesses which mainly depend on exercise of personal skill fall in this type/category of entrepreneurs 14/12/2020 15 Jitendra Patel, PIMR, Indore

16. Evolution of Entrepreneurship Historical developments 1. No single definition of entrepreneur exists. 2. Recognition of entrepreneurs dates back to eighteenth-century France. 3. Until 1950, the majority of definitions and references came from economists. 4. Robert C. Ronstadt said, “Entrepreneurship is the dynamic process of creating incremental wealth.” 5. In present day, the word entrepreneur has become closely linked with free enterprise and capitalism. 6. Entrepreneurs serve as agents for change, provide creative, innovative ideas for business enterprise, and help businesses grow and become profitable. 7. Entrepreneurs are considered heroes of free enterprise. 8. Many people regard entrepreneurship as “pioneer ship” on the frontier of business. 14/12/2020 16 Jitendra Patel, PIMR, Indore

17. Entrepreneurial Revolution Contemporary View on Entrepreneurship Many people around the world are calling for an “entrepreneurial revolution” to fix social and economic problems. Entrepreneurs are known for creating new ventures that creatively solve problems. This basic definition, has to be expanded to conceive that entrepreneurs are powerful agents of cultural change capable of transforming their societies. The paradigm that only governments and established companies are capable of addressing social needs. Is needed to be broken and Entrepreneurs, who operate closer to the people, are in a perfect position to identify and to tackle critical problems, such as poverty and the lack of access to health and education. 14/12/2020 17 Jitendra Patel, PIMR, Indore

18. Entrepreneurial Revolution Contemporary societies are demanding more efficient and socially interconnected ways to satisfy their necessities. To make this happen, entrepreneurs must understand that, by establishing new ventures that aim both to create economic prosperity and to spur social development, they are ensuring their long-term sustainability. Changing entrepreneurial culture requires not only redefining the role of the entrepreneur in society, but also offering incentives for employees to be innovative within their organizations 14/12/2020 18 Jitendra Patel, PIMR, Indore

19. Characteristics of an Entrepreneur Hard work Desires for high achievement Highly optimistic Independence Foresight Good organizer Innovative Personal initiative The ability to consolidate resources Management skills A tendency toward autonomy and risk taking Competitive Goal-oriented behavior Aggressiveness Ability to employ human relations skills 14/12/2020 19 Jitendra Patel, PIMR, Indore

20. Entrepreneur VS Manager Points Entrepreneur Manager Motive The main motive of an entrepreneur is to start a venture by setting up an enterprise The main motive of a manager is to render his services in a enterprise already set up by someone else. Status an entrepreneur is a owner of the business manager is the servant in the enterprise Risk Bearing an entrepreneur assumes all risks and uncertainly involved in an enterprise Manager as the servant does not bear any risk involved in an enterprise Rewards The rewards of entrepreneur gets for bearing risks involved in the enterprise is profit which is highly uncertain A manager gets salary as reward for the services rendered by him in the enter­prise. Salary of a manager is certain and fixed. 14/12/2020 20 Jitendra Patel, PIMR, Indore

21. Entrepreneur VS Manager Points Entrepreneur Manager Innovation what and how to produce goods to meet the changing demands of the customers. Hence, he acts as an innovator also called a 'change-agent' But, what a manager does is simply to execute the plans prepared by the entre­preneur. Thus, a manager simply trans­lates the entrepreneur's ideas into prac­tice.   Qualifications An entrepreneur needs to possess qualities and qualifications like high achievement motive, origi­nality in thinking, foresight, risk-bearing ability and so on. On the contrary, a manager needs to possess distinct qualifications in terms of sound knowledge in management theory and practice. 14/12/2020 21 Jitendra Patel, PIMR, Indore

22. ‘ Intrapreneurs '. ‘ Intrapreneurs '. They emerge from within the confines of an existing enterprise. In big organizations, the top executives are encouraged to catch hold of new ideas and then convert these into products through research and development activities within the framework of organization. Eg : Vinita Bali, Aditya Puri , Chanda Kocher 14/12/2020 22 Jitendra Patel, PIMR, Indore

23. Intrapreneurship (Corporate Entrepreneurship ) Very few executives understand the concept. Pinchot’s definition: those who take hands-on responsibility for creating innovation of any kind within an organization. Major thrust in intrapreneuring is to create or develop the entrepreneurial spirit within corporate boundaries. 14/12/2020 23 Jitendra Patel, PIMR, Indore

24. Entrepreneur Vs Intrapreneur 14/12/2020 24 Jitendra Patel, PIMR, Indore

25. Entrepreneurial Decision process: Though many individuals have creative new ideas, few can bring their ideas to the market and create a new venture. Yet entrepreneurship and the actual entrepreneurial decisions have resulted in several million new .businesses being started throughout the world. 14/12/2020 25 Jitendra Patel, PIMR, Indore

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27. Entrepreneurial Decision making Process

28. Business Opportunity : A business opportunity represents a possibility for entrepreneur to meet a large enough unsatisfied need that is worthwhile.

29. Opportunity Recognition Education Experience Personal Exp Work Exp Prior Knowledge of Market and Consumer prob Entrepreneurial Alertness Networks Outcome Successful Opportunity Recognition

30. Role of Entrepreneur in Economic Development (1) Promotes Capital Formation: Entrepreneurs promote capital formation by mobilising the idle savings of public. They employ their own as well as borrowed resources for setting up their enterprises. Such type of entrepreneurial activities lead to value addition and creation of wealth, which is very essential for the industrial and economic development of the country. (2) Creates Large-Scale Employment Opportunities: Entrepreneurs provide immediate large-scale employment to the unemployed which is a chronic problem of underdeveloped nations. With the setting up of more and more units by entrepreneurs, both on small and large-scale numerous job opportunities are created for others. As time passes, these enterprises grow, providing direct and indirect employment opportunities to many more. In this way, entrepreneurs play an effective role in reducing the problem of unemployment in the country which in turn clears the path towards economic development of the nation. 14/12/2020 30 Jitendra Patel, PIMR, Indore

31. (3) Promotes Balanced Regional Development: Entrepreneurs help to remove regional disparities through setting up of industries in less developed and backward areas. The growth of industries and business in these areas lead to a large number of public benefits like road transport, health, education, entertainment, etc. Setting up of more industries lead to more development of backward regions and thereby promotes balanced regional development. (4) Reduces Concentration of Economic Power: Economic power is the natural outcome of industrial and business activity. Industrial development normally lead to concentration of economic power in the hands of a few individuals which results in the growth of monopolies. In order to redress this problem a large number of entrepreneurs need to be developed, which will help reduce the concentration of economic power amongst the population. 14/12/2020 31 Jitendra Patel, PIMR, Indore

32. (5) Wealth Creation and Distribution: It stimulates equitable redistribution of wealth and income in the interest of the country to more people and geographic areas, thus giving benefit to larger sections of the society. Entrepreneurial activities also generate more activities and give a multiplier effect in the economy. (6) Increasing Gross National Product and Per Capita Income: Entrepreneurs are always on the lookout for opportunities. They explore and exploit opportunities,, encourage effective resource mobilisation of capital and skill, bring in new products and services and develops markets for growth of the economy. In this way, they help increasing gross national product as well as per capita income of the people in a country. Increase in gross national product and per capita income of the people in a country, is a sign of economic growth. 14/12/2020 32 Jitendra Patel, PIMR, Indore

33. 7) Improvement in the Standard of Living: Increase in the standard of living of the people is a characteristic feature of economic development of the country. Entrepreneurs play a key role in increasing the standard of living of the people by adopting latest innovations in the production of wide variety of goods and services in large scale that too at a lower cost. This enables the people to avail better quality goods at lower prices which results in the improvement of their standard of living. (8) Promotes Country's Export Trade: Entrepreneurs help in promoting a country's export-trade, which is an important ingredient of economic development. They produce goods and services in large scale for the purpose earning huge amount of foreign exchange from export in order to combat the import dues requirement. Hence import substitution and export promotion ensure economic independence and development. 14/12/2020 33 Jitendra Patel, PIMR, Indore

34. (9) Induces Backward and Forward Linkages: Entrepreneurs like to work in an environment of change and try to maximise profits by innovation. When an enterprise is established in accordance with the changing technology, it induces backward and forward linkages which stimulate the process of economic development in the country. (10) Facilitates Overall Development: Entrepreneurs act as catalytic agent for change which results in chain reaction. Once an enterprise is established, the process of industrialisation is set in motion. This unit will generate demand for various types of units required by it and there will be so many other units which require the output of this unit. This leads to overall development of an area due to increase in demand and setting up of more and more units. In this way, the entrepreneurs multiply their entrepreneurial activities, thus creating an environment of enthusiasm and conveying an impetus for overall development of the area. 14/12/2020 34 Jitendra Patel, PIMR, Indore

35. Ethics and Entrepreneurship While we are talking about the business ethics, there are three things that need consideration: (1)    Avoid breaking criminal law in one’s work related activity (2)    Avoid action that may result in civil law suits against the company (3)    Avoid actions that are bad for the company image. For example, an entrepreneur made a chemical that looks like a pesticide and he started selling it like a pesticide in the market and earns the profit, this act is against the law. 14/12/2020 35 Jitendra Patel, PIMR, Indore

36. Opportunity for Entrepreneurship in India When economists and businesspeople make predictions of which country will claim the number two slot in the global economy, Asia's rising giants--China and India, which combined account for more than one-third (37 percent) of the world's population--are usually near the top. India's economy is improving, and it is a budding center for entrepreneurship. India currently has more than 48 million small businesses, double the number of the small companies here in the U.S. (23 million). Breakdowns among the top industries in India are as follows. Retail (except motor vehicles): 40% Clothing manufacturing: 8.75% Food & Beverage: 7% Services: 6.2% Auto (sales, maintenance, repairs): 3.6% Furniture: 3.2% 14/12/2020 36 Jitendra Patel, PIMR, Indore

37. Role of Small Business in Entrepreneurship Development in India. Micro, Small and Medium Enterprises (MSME) contribute nearly 8 percent of the country's GDP, 45 percent of the manufacturing output, and 40 percent of the country's total exports. Small businesses in India create 1.3 million jobs every year and provide the largest share of employment after agriculture. They play a significant role in the country's GDP. About 15,000 small business owners have registered with eBay India to export their products globally, and these exporters now comprise a third of sellers on the platform. It is estimated that a product listed by an Indian seller is sold in the international market through eBay India every 10 seconds. Entrepreneurs needs to improve the quality of their products in order to better compete in the global e-commerce marketplace. 14/12/2020 37 Jitendra Patel, PIMR, Indore

38. India must loosen some of its strict regulatory practices. Access to credit is the most critical growth driver for any growing company, yet most Indian entrepreneurs start out with minimal capital, which hurts their potential. The lack of easy financing stagnates growth of small companies. A growing entrepreneurship culture, a supportive new proactive government, and growing availability of financing, India, the world's biggest democracy, is poised for robust economic times. 14/12/2020 38 Jitendra Patel, PIMR, Indore

39. Opportunities for Entrepreneurs in India   Large Human Resource Every year, nearly 19 million students are enrolled in high schools. Another 10 million students are enrolled in pre-graduate degree courses across India. Moreover, 2.1 million graduates and 0.3 million post-graduates come out of India's non-engineering colleges. While 2.5-3 percent of them find jobs in other fields or pursue further studies abroad, the rest are opting for employment in the IT industry. Indian Education System The Indian education system puts strong emphasis on mathematics and science, and resultantly a large number of science and engineering graduates are produced. Proficiencies in quantitative concepts coupled with good knowledge of English language has resulted in a skill set that enables the country to take advantage of the current international demand for IT. 14/12/2020 39 Jitendra Patel, PIMR, Indore

40. Quality Manpower Indian programmers have established their credentials for strong technical skills and their eagerness to accommodate clients. In some instances, clients outsource work to get access to specialized engineering talent, particularly in the area of telecommunications and computer science related areas. India also has one of the largest pools of English-speaking professionals. Other Strengths at a Glance Great record of software development Government Support and policies English Language proficiency Strong tertiary education Process quality focus Skilled workforce Cost advantage Reverse brain drain Expansion of existing relationships Leverage relationships in West to access overseas markets Indian domestic-market growth 14/12/2020 40 Jitendra Patel, PIMR, Indore

41. Sector in which Entrepreneur will have great opportunities in India are Tourism Automobile Textile Social Venture Software Engineering Goods Franchising Education and Training. Food Processing Corporate Dressing. Ayurvedic and Traditional Medicine. Organic Farming Media Packaging Floriculture. Toys Healthcare Biotechnology Energy Solution Recycling Business. 14/12/2020 41 Jitendra Patel, PIMR, Indore

42. Women Entrepreneurship 14/12/2020 42 Jitendra Patel, PIMR, Indore

43. Woman As an Entrepreneur Definition : Women Entrepreneurship” means an act of business ownership and business creation that empowers women economically increases their economic strength as well as position in society. Women Entrepreneur” is a person who denies the role of their personal needs to participate and be accepted economically independent In recent years, a record number of women have been breaking out of corporate life and embracing entrepreneurial careers as an alternative to inflexible work practices and outdated systems. 14/12/2020 43 Jitendra Patel, PIMR, Indore

44. However, women still face “glass ceiling” and somehow fail to achieve maximum potential, there are evidences to suggest that most countries have now realized the potential contributions women make to the nations’ economic growth. Female entrepreneurship has brought in a new revolution as we witness women emerging as business owners in economic sectors they have not previously occupied. On the business side, businesses that women entrepreneurs run from their homes are relatively new. These are usually smaller businesses dealing with basic products and providing other online services. Against the belief of many people who assume that these are temporary settings, these businesses are very stable and are proving to have higher survival rates. Women entrepreneurs are forming a very important subgroup within the economy. 14/12/2020 44 Jitendra Patel, PIMR, Indore

45. Challenges in Women Entrepreneurship Access to financial resources Inadequate training and access to information Lack of Experience in Field Work- family interface Women’s safety and gender based violence Lack of societal support Legal barriers and procedures 14/12/2020 45 Jitendra Patel, PIMR, Indore

46. Opportunities in Women Entrepreneurship Increasing Education Level The industrial structure and the enterprises are undergoing a radical change. Information Technology has transformed the very technique of doing business. business ownership provides women with the independence they crave and with economic and social success they need. Gender equality: push & pull factors Beyond the gender Gap. Closing the gender gap Woman entrepreneur empowering the developing Country. 14/12/2020 46 Jitendra Patel, PIMR, Indore

47. 9 C”s list for Women Entrepreneurs Control Confidence Courage Creativity Conviction Clarity Contribution Connections Commitment. 14/12/2020 47 Jitendra Patel, PIMR, Indore

48. Category of Women Entrepreneur 1. educated and professionally qualified. They take initiative and manage business as men do. Women entrepreneurs with basic managerial training and educational qualification usually head medium and large units. 2. Not educated or formally trained in management but have developed practical skills required for tiny or small scale enterprises. They chose the products with which they are familiar e.g., handicrafts, garments, retail, beauty salons etc. 3. W omen entrepreneurs works in cities and slums to help women with lower means of livelihood. There is a service motivated organization to assist economically backward section of society. Such entrepreneurs like Lizzat Papad and Sasa Detergents need government support in marketing and getting finance at concessional rates. 14/12/2020 48 Jitendra Patel, PIMR, Indore

49. Motivations for Women entrepreneurs 1. Their desire for doing something independently. 2. Their desire to keep themselves busy. 3. They want to start their venture to earn money. 4. In desire of economic gains to run their own enterprise. 5. Women wants to fulfill their ambitions for the sake of it they start their own enterprise. 6. Another motivating factor is complete utilization of their own experience and technical knowledge. 7. Family support and interest motivate women to start and run their own venture. 8. The desire of gainful time structuring also motivate women to utilize their time in creative activities. 9. As a challenge to satisfy some of their personality needs (Power, Achievement and Novel experience). 10. Educated women utilizing their knowledge gained. 14/12/2020 49 Jitendra Patel, PIMR, Indore

50. Reasons for Women Entrepreneurs 1. Innovative thinking 2. New challenges and opportunities for self fulfillment 3. Employment generation 4. Freedom to take own decision and be independent 5. Family occupation 7. Need for additional income 8. Bright future of their wards 9. Role model to others support of family members 11. Education and qualification self identity and social status 12. They want to assume new and fresh challenges and opportunities for self-fulfillment. 13. They want to prove their personalities in an innovative, daring and competitive job. 14. They want to undertake changes to control the balance between their families responsibility and business obligations. 15. Increasing standard of living. 14/12/2020 50 Jitendra Patel, PIMR, Indore

51. Age and Education 14/12/2020 51 Jitendra Patel, PIMR, Indore

52. Women Entrepreneur Profile 14/12/2020 52 Jitendra Patel, PIMR, Indore

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54. Reference Rajendran N (2003), Problems and prospects of women Entrepreneurs" SEDME, Vol. 30 no.4 Roy, Rajeev (2012) 'Entrepreneurship'; Oxford University Press, New Delhi. S.Santha , Vasanthagopal.R (2008), Women Entrepreneurship In India, New Century Publications Shaper, M. et al (2013) 'Entrepreneurship and Small Business', 3rd Asia Pacific Edition. Willey Publications. Sinha , D.K “20 Business Opportunities available for Small Entrepreneurs in India” retrieved from https :// www.yourarticlelibrary.com/entrepreneurship/20-business-opportunities-available-for-small-entrepreneurs-in-india/40739. Last assessed on 14.01.2020 . Sudha , G.S. ' Fundamentals of Entrepreneurship' ; RBD Publications, Jaipur . New Delhi. Taneja , Satish & Gupta, S.L. (2012) 'Entrepreneur Development''\; Galgotia Publications, New Delhi. Trehan , Alpana (2012) 'Entrepreneurship'; Kogent Learning Solutions Incorparation . New Delhi. 14/12/2020 Jitendra Patel, PIMR, Indore 54

55. 14/12/2020 Jitendra Patel, PIMR, Indore 55 Thanks