Introduction to entrepreneur and intrapreneur

Entrepreneurship refers to the process of identifying business opportunities, mobilizing resources, and taking calculated risks to create new products, services, or businesses. It involves creative thinking, innovation, and the ability to convert ideas into profitable ventures. Entrepreneurs play a vital role in society as they generate employment, encourage competition, and contribute to economic development. They possess distinct characteristics such as self-confidence, leadership ability, problem-solving skills, determination, and a strong desire for achievement. Entrepreneurship includes different forms such as small-scale entrepreneurship, large-scale entrepreneurship, corporate entrepreneurship, social entrepreneurship, innovative entrepreneurship, and rural entrepreneurship. In modern organizations, intrapreneurship has gained importance, where employees act like entrepreneurs within a company by introducing new ideas, improving systems, and driving innovation. Entrepreneurship significantly contributes to economic development by promoting industrial growth, regional advancement, and an increase in national income and exports. A true entrepreneur is visionary, resilient, ethically responsible, and capable of turning challenges into opportunities. Women entrepreneurship is an emerging force across the world, as women actively participate in business and contribute to family welfare and national progress. Despite facing challenges like lack of financial support and social barriers, women entrepreneurs continue to grow with the help of government schemes, training, and support networks.

1. ENTREPRENEURSHIP AND PROJECT MANAGEMENT UNIT 1

2. Meaning of Entrepreneurship Entrepreneurship is the process of identifying a business opportunity, taking risks, organizing resources, and creating a new venture to generate profit and add value. Eg : Steve Jobs Elon Musk

3. 1 . Creativity & Innovation Entrepreneurs generate original ideas and introduce new products or services. 2 . Resilience Resilience means staying strong and motivated during failures or setbacks.

4. 3 . Decisiveness & Leadership Entrepreneurs make quick, effective decisions and guide their teams confidently. 4 . Risk-Taking Ability Entrepreneurs are willing to take financial and personal risks for success. 5 . Adaptability & Problem-Solving They can quickly adjust to market changes or unexpected situations.

5. Why Entrepreneurship is Crucial? Fuel for Economic Dynamism Bridging Market Gaps Encouraging Technological Advancement Stimulating Capital Formation Promoting Healthy Competition Developing Human Capital Improving Social Well-being Diversification of Economy Encouraging Self-Determination Global Integration and Exposure

6. Innovation Risk-Taking Planning Organizing Resources Decision Making Management and Leadership Financial Management Adaptability Creating Employment Contributing to Economic Development

7. Legal Compliance Business Registration Licenses and Permits Paying Taxes Following Labor Laws Protecting the Environment Respecting Intellectual Property Customer Protection Keeping Data Safe

8. On the Basis of Innovation Innovative Entrepreneur : Creates original ideas, products, or services. They challenge norms and often disrupt existing markets. Example: Steve Jobs launched the iPhone , reshaping mobile technology. Imitative Entrepreneur : Adopts existing ideas with slight changes. They apply proven models to new markets or improve them. Example: Ray Kroc expanded McDonald's using the franchise model. Fabian Entrepreneur : Extremely cautious and slow to adopt change. They act only when they see strong evidence of success. Example: A family business that only goes online after years of pressure. Drone Entrepreneur : Refuses to change despite market evolution. They continue outdated practices, often facing decline. Example: A typewriter manufacturer ignoring digital trends.

9. On the Basis of Business Type Business Entrepreneur : Builds and operates businesses across sectors. They identify market gaps and create enterprises. Example: Mark Zuckerberg created Facebook to connect people globally. Trading Entrepreneur : Buys and sells goods or services. They focus on commerce and market exchange. Example: Jeff Bezos started Amazon as an online bookstore. Industrial Entrepreneur : Engages in manufacturing and large-scale production. They set up factories and manage production processes. Example: Ratan Tata expanded Tata Motors into global auto markets. Corporate Entrepreneur ( Intrapreneur ) : Innovates within an existing company. They develop new products or strategies internally. Example: Gmail was created by an intrapreneur at Google. Agricultural Entrepreneur : Applies innovation in farming and agribusiness. They improve agricultural output and practices. Example: M.S. Swaminathan advanced India’s Green Revolution.

10. On the Basis of Technology Technical Entrepreneur : Uses technical skills to create new products or services. Often from engineering or scientific backgrounds. Example: Bill Gates co-founded Microsoft with programming expertise. Non-Technical Entrepreneur : Lacks technical skills but excels in leadership or vision. They focus on management, marketing, or media. Example: Oprah Winfrey built a media empire without tech skills.

11. On the Basis of Motivation Social Entrepreneur : Solves social problems through business solutions. Profit is secondary to social impact. Example: Anshu Gupta founded Goonj to address rural clothing needs. Spontaneous Entrepreneur : Acts on instinct and personal drive. Initiates ventures without external prompting. Example: Mark Zuckerberg started Facebook while still a student. Induced Entrepreneur : Motivated by external forces like policy or demand. Often responds to government schemes or market trends. Example: A startup begins due to solar energy subsidies. Motivated Entrepreneur : Driven by internal goals like profit or purpose. Committed to achieving a specific vision. Example: Anita Roddick founded The Body Shop with ethical values.

12. INTRAPRENEUR - MEANING An intrapreneur develops a new idea within the framework of an existing company. They are similar to an entrepreneur in their focus on innovation. With their organisation’s sponsorship, an intrapreneur typically takes on less risk than an entrepreneur.

13. KEY CHARACTERISTICS OF AN INTRAPRENEUR They risk something of value, like time or effort. They innovate and create. They work independently within their company. They locate necessary resources within their company. They share the reward of their risk with their company.

14. 1. They risk something of value, like time or effort Intrapreneurs willingly put their time, energy, and reputation on the line to pursue innovative ideas. Their risk doesn't always involve money but includes intangible sacrifices.

15. 2. They innovate and create Intrapreneurs are natural problem-solvers who look for new ways to improve products, processes, or services.

16. 3. They work independently within their company Although they operate within a structured organization, intrapreneurs often function like entrepreneurs. They take initiative and make decisions without needing constant direction.

17. 4. They locate necessary resources within their company Intrapreneurs are skilled at finding and using resources already available inside their organizations. This could mean leveraging teams, tools, data, or budget allocations.

18. 5. They share the reward of their risk with their company Unlike entrepreneurs who keep the full benefit of their ventures, intrapreneurs ’ successes are shared with the organization. Their innovations can lead to increased profits, better customer experiences, or improved operations.

19. Types of Intrapreneurs The Advocate  – The Advocates usually have a customer-facing role where they function as  problem solvers . The Creator  – Creators are innovators. They give life to a business idea and create a prototype solution. The Change Maker  – The Change Maker is an external business-facing person responsible for winning new investments and businesses for the company.

20. Difference Between Entrepreneur and Intrapreneur Goals Position Funds Responsibility Risks

21. I I NTRAPRENEURIAL TRAITS Intrapreneurial traits are the qualities and behaviors that enable employees to think and act like entrepreneurs within an existing organization.

22. • Proactive Intrapreneurs take action before problems become visible. They are forward-thinkers who constantly look for ways to improve systems, workflows, or customer experiences. • Willing to Pursue Big Ideas Intrapreneurs are not afraid to think big, even when working within corporate structures.

23. • Strategic Intrapreneurs think long-term and align their ideas with the company’s goals and direction. • Collaborative Intrapreneurs understand that success requires teamwork.

24. • Resourceful Intrapreneurs are creative problem-solvers who make the most of what they have. Even with limited time, budget, or tools, they find effective ways to move forward. • Knowledgeable and Interested in Learning Intrapreneurs stay curious and always look for new knowledge to improve their work. They follow industry trends, learn new tools, and study internal systems to find opportunities for growth. • Adaptable Intrapreneurs embrace change and are quick to adjust when needed.

25. ENTREPRENEURSHIP DEVELOPMENT Entrepreneurship development is the overall development of entrepreneurial skills and acumen necessary to start businesses successfully. They consistently seek personalised guidance and knowledge from experienced professionals. 

26. The Role of Entrepreneurship In Economic Development Economic Advancement Entrepreneurship plays a crucial role in advancing economic growth by fostering innovative technologies. It also contributes to a country’s GDP and promotes self-reliance by reducing the country’s dependency on imported goods and services. Improving Per Capita Income & Gross National Product Entrepreneurship helps improve the per capita income of a country by generating new job opportunities. It plays a significant role in increasing Gross National Product.

27. Generating Employment Opportunities As more people start their own businesses, they continue to recruit, generating more employability opportunities across various sectors.  Through entrepreneurship, the growth of employment opportunities advances professional development.   Improving Living Standards Entrepreneurship improves the living standards of people by introducing innovative services that enhance daily life and address the requirements of the community.

28. Reducing Poverty Rate Entrepreneurship plays a major role in reducing poverty by generating new job opportunities and fostering economic inclusion. Financial Independence  Through entrepreneurship, individuals develop financial independence and learn to manage their businesses positively.

29.   DIFFERENCE BETWEEN ENTREPRENUR AND TRUE ENTREPENEUR Main Goal Commitment Level Creativity Vision Impact

30. TRAITS OF TRUE ENTREPRENEURSHIP 1. Visionary Thinking A true entrepreneur is guided by a clear and ambitious vision. 2. Passion and Purpose Passion is the emotional drive that pushes true entrepreneurs to keep moving forward.

31. 3. Innovation and Creativity True entrepreneurs thrive on innovation. 4. Risk-Taking Ability Entrepreneurship always involves risk, but true entrepreneurs are willing to take calculated and informed risks.

32. 5. Resilience and Perseverance Failure , rejection, and setbacks are common in entrepreneurship, but a true entrepreneur never gives up easily. 6. Customer-Centric Approach A true entrepreneur puts the customer at the center of every decision.

33. 7. Strong Leadership and Team Building True entrepreneurs are also strong leaders who inspire and guide others. 8. Continuous Learning The most successful entrepreneurs never stop learning.

34. 9. Social and Ethical Responsibility True entrepreneurs understand that their actions impact not only their business but also society and the environment. 10. Long-Term Thinking Unlike those who chase quick profits, true entrepreneurs focus on building sustainable and scalable businesses.

35. Women Entrepreneurship Women entrepreneurship is when women create, manage, and grow their own businesses. It allows women to use their skills and ideas to earn income. They can start businesses in areas like fashion, food, tech, or services

36. Women Entrepreneurship – Need and Factors These factors suggesting their need can be broadly classified into two groups: I) Motivational factors or needs and II) Facilitating factors or needs.

37. Motivational Needs: Economic Necessity Desire for High Achievement Independence Government Encouragement Education Model Role Family Occupation Employment Generation Self Identity and Social Status Growing Awareness

38. (II) Facilitating Needs: Facilitating needs are the needs for providing various facilities for the successful working of the women enterprises.

39. Adequate Financial Facilities Innovative Thinking Support and Cooperation of the Family Availability of Experienced and Skilled Women Development Programmes

40. Fredrick Horbison has enumerated the following functions five functions of a woman entrepreneur: 1. Exploration of the prospects of starting a new business enterprise. 2. Undertaking of risks and handling of economic uncertainties involved in business. 3. Introduction of innovations or imitation of innovations. 4. Co-ordination, administration and control . 5. Supervision and leadership .

41. Role and Importance Economic Growth and Development – Women entrepreneurs help the economy grow by starting businesses and creating jobs. Empowerment and Independence – Running a business gives women financial freedom and confidence. Innovation and Diversity – Women bring new ideas and different perspectives to business.

42. Employment Generation – Women-owned businesses create jobs for others, especially in local areas. Improved Standard of Living – Women use business income to improve their families’ quality of life. Social Change and Gender Equality – Women entrepreneurs help break gender stereotypes and promote equality. Community Development – Many women-run businesses support health, education, and social causes. Global Competitiveness – Women-led businesses help their countries compete in the global market.