Entrepreneurship Types and Qualities required

Entrepreneurship

1. Entrepreneurship

2. India is a developing country and its development is truly the hard work of its people. India has produced many great scholars, scientists, intellectuals and even entrepreneurs. The sense of achieving is deep rooted in Indians and that’s the reason Indians are doing great works in almost all countries.

3. Dhirubhai Ambani (Owner Of Reliance Company)

4. Nagavara Ramarao Narayana Murthy (Infosys)

5. Ghanshyam Das Birla

6. Azim Premji (Wipro)

7. Brijmohan Lall Munjal

8. Mark Zuckerberg

9. Vijay Sekhar Sharma ( Paytm CEO)

10. Go Dimension Shravan Kumaran and Sanjay Kumaran - Age 14 and 12 years Old Respectively                                                                                                                                           

11. Sameer Gehlaut -An IITian from Delhi, Sameer started India’s first online brokerage company in 2000, Indiabulls Group. The combined net worth of his diversified company is $3.17 billion.

12.   Kavita Shukla- Kavita is the founder of FreshPaper which keeps the produces fresh for longer hours than today’s conventional methods. She has patented her innovation

13.  Patricia Narayan , ( winner of 2017 ‘FICCI Woman Entrepreneur’

14. Our common understanding The boss The business owner The risk taker One who starts a small business The resourceful guy?

15. The word entrepreneurship is derived from French word ‘ Entependre ’ which means An undertaker. It means an entrepreneur is one who undertakes to oraginse , manage, and assume risks associated with business. At present entrepreneur regarded as an economic leader who is essentially an innovator. He exerts enormous influence upon economic development in general and business development in particular.

16. Walt Disney’s definition “….to do things and make things which will give pleasure to people in new and amazing ways. ….It is magic!

17. Definition of Entrepreneur Definition According to Prof. Knight,”Entrepreneurs are a specialised group of persons who bear risks and deal with uncertainty “. Peter Drucker, defines an entrepreneur as “one who always searching for change, responds to it and exploits it as an opportunity “.

18. Qualities of a Successful Entrepreneur

19. QUALITIES OF ENTREPRENUERS Mental ability : intelligent person. Organising ability : good organisation. Hard work : ready to work for long hours. Discipline : highly disciplined- everything to be in order for them. Clear objectives : regarding nature of business & products to be produced.

20. Need for high achievement - they have a strong desire for achieving something great. Optimistic : highly optimistic- not disturbed by present problems-hope favourable future. Risk taking : they like challenges. H.R. ability : maintain good relations with other people (employee, vendors, customers, bankers). Emotional stability : have considerable amount of self-control- business pressure can be handled.

21. Communication ability : good communication. Self-confidence : tackle problems immediately with self-confidence. Adaptability : highly flexible- adapt themselves for any conditions. Positive attitude : always think positively, they do not leave hopes even under difficult conditions.

22. Entrepreneurship

23. Meaning and Definition of Entrepreneurship Entrepreneur = Individual Entrepreneurship = Qualities of an entrepreneur Entrepreneurship is the end result of a complex and varying combination of socio economic, psychological and other variable .

24. Thus Entrepreneurship is a combination of various qualities like organisation skills, innovativeness, risk-bearing, managing uncertainty, ability to bring together & use factor of production, analysing market opportunities, observing the change taking place in the market, methods & technologies & studying the tastes & preferences of consumers.

25. According to Peter Drucker “Entrepreneurship is neither a science nor an art.It is a practice. It is a knowledge based. Knowledge in entrepreneurship is means to an end. ...”. According to Musseleman and Jackson, “entrepreneurship is the investing and risking of time, money, effort to start a business and make it successful “.

26. Intrapreneurship There are people working in company and holding key positions. They are quite innovative & bring many changes in products & methods of production. They possess all qualities of an entrepreneur. Top managements in big organisations encourage people holding key positions to come out with new ideas so that they can bring some changes in products & services. They are also known as enter corporate entrepreneurs or intraprenuers. They serve as champions to others in the organisation.

27. A classic case of entrepreneur is that of the founders of Adobe, John Warnock and Charles Geschke . They both were employees of Xerox. As employees of Xerox, they were frustrated because their new product ideas were not encouraged. They quit Xerox in the early 1980s to begin their own business. Currently, Adobe has an annual turnover of over $3 billion.

28. Examples of Intrapreneurs Kinetic India -The idea for their variant Zing, came through one of their employees who suggested that they must have a mobile charger in their mobike . Infosys Technologies - OnMobile Global, a mobile value-added services firm incubated within Infosys Technologies Ltd, has grown into a full-fledged company which even went on to release an IPO. Paul Buchheit .  Paul  T.  Buchheit  is an American computer programmer and entrepreneur. He was the creator and lead developer of Gmail. 

29. Entrepreneur Intraprenuer 1. Entrepreneur is employer 1. Intraprener is employee 2. Independent in operation 2. Depends on the organization to implement his ideas. 3. Bears all the risk involved in enterprise. 3. Does not bear all the risk. 4. Exhibits higher need for achievement. 4. May not have high need achievement 5. Profit is the reward. 5. Attractive salary, promotion & incentives are the reward. 6. May not have formal qualification. 6. Should have some professional or technical qualification. 7. Do not have any boundary for operations. 7. He has to operate within the organisational policies.

30. According to the ‘Oxford English Dictionary’, risk refers to “The possibility of something bad happening or expose to danger or loss”. Meaning

31. Types of Risks

32. Risk faced by the Entrepreneur Financial risk Market Risk Strategic risk Economical risk Competition risk Technological risk Operational risk Personal risk Human resource risk Marketing risk Political and legal risk Social and cultural risk Natural risk/Environmental risk

33. Financial Risk Financial risk is normally any risk associated with any form of financing. Risk is probability of unfavorable condition; in financial sector it is the probability of actual return being less than expected return. For example: non-payment by a customer or increased interest charges on a business loan. Financial Risk include: Credit risk Inflation Cost risk

34. Market Risk Market risk is the risk that the value of an investment will decrease due to moves in market factors. The four standard market risk factors are: Interest rate risk (the risk that interest rate will change) Equity risk (the risk that stock prices will change) Commodity risk (the risk that commodity prices (for e.g. crude oil, copper, etc…) will change) Currency risk (The risk that foreign exchange rate will change)

35. Strategic risk It’s the risk that your company’s strategy becomes less effective and your company struggles to reach its goals as a result. It could be due to technological changes, a powerful new competitor entering the market, shifts in customer demand, spikes in the costs of raw materials, or any number of other large-scale changes.

36. Technology Risk It is the process of managing the risks associated with implementation of new technology in the business. For example: New Technology failures in manufacture department.

37. Political & Economic Risk The risk of loss when investing in a given country caused by changes in a country's political structure or policies, such as tax laws, tariffs (tax paid on import or export), expropriation of assets, or restriction in repatriation of profits.

38. Operational Risk An operational risk is a risk arising from execution of a company's business functions. For example the breakdown of key equipment, human error and technical failure.

39. Environmental Risk The risk associated with economic or administrative consequences of slow or catastrophic environmental pollution. For example: like disasters

40. Tools used for overcome from risk Risk Avoidance (eliminate) Risk Reduction (mitigate) Risk Transfer (outsource or insure) Risk Retention (accept and budget)

41. Pros and cons of Entrepreneur Advantage of being an Entrepreneur Being his own boss Satisfaction of creating and running a successful business Opportunity to contribute to society Learn and gain a variety of experience Making money for himself Opportunity to translate idea into practice Enjoying a sense of independence Joy of creating employment opportunities

42. Highly Successful Risk Takers In Business  Donald Trump Bill Gates Henry Ford Warren Buffett Jeff Bezos