Entrepreneurship-and-the-Entrepreneur.pptx

Entrepreneurship and the Entrepreneur

1. Entrepreneurship and the Entrepreneur

2. The Historical concept of Entrepreneurship and Entrepreneur Entrepreneurship is the practice of starting new organization or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. It started in France after French revolution. It was the start of capitalism and end of Feudalism. Economist argued that the concept of entrepreneurship, though closely tied with the theory of economics and society, is independent of the classical Capitalism, which was propagated by Adam Smith, spouse3s the optimization of what already exists.

3. Entrepreneurship and the Entrepreneur Entrepreneurship Defined Entrepreneurship is the capacity of innovation, investment and expansion in new markets, products, and techniques. This definition implies that an enterprise at work whether an individual takes the risks and invest resources to make something unique or something new, design a new way a making something that already exists, or creates new markets.

4. Entrepreneur defined The concept of entrepreneurship has a wide range of meanings. On the one extreme an entrepreneur is a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population. On the other extreme of definitions, anyone who wants to work for himself or herself is considered to be an entrepreneur.

5. Service Types of Entrepreneurial Activity Food Service Lodging services Financial services Recreation and tourism services Transportation services Personal Services Repair and Maintenance services Rental services

6. Philantropists A successful businessperson is one who also helps the less privileged in the society. He/she donates a considerable amount of money to a foundation that, for instance, supports early childhood education or sets up hospitals in poverty-stricken areas.

7. Activists Activists, who are putting pressure on policymakers and the public to stop a specific practice , are not social entrepreneurs. Activists, who are putting pressure on policymakers and the public to stop a specific practice, are not social entrepreneurs. Companies with a foundation

8. Business Plan A business plan is  a written document that describes in detail how a business—usually a startup—defines its objectives and how it is to go about achieving its goals .

9. Developing a Business Plan Planning involves asking and answering the following: What to do How to do it When to do it What to expect in the future

10. Planning should always be geared toward customer satisfaction. It should be: Realistic Based on felt needs Flexible Starting with simple projects

11. Criteria for Business Planning Clarity of Objectives Satisfactory accomplishment of objectives in terms of quantity, quality, time and cost Provision of guidelines of objectives Identification of departments/unit involved A set time frame or duration Specified resources and corresponding costs Designated and accountable officers/executives.