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7/31/2019 Enter Per Nure Ship

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Opportunities and challengesfor

first generationentrepreneurs


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Entrepreneurship is the purposeful

activity of an individual or group ofassociated individuals, undertakento initiate, maintain or aggrandize

profit by production or distributionof goods or services.


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Individual with highachievement motive tend to

take keen interest insituation of high risk, desire

for responsibility and desirefor task performance.


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Entrepreneur possesses three things

An institutional capacity to see thingsin a way which later proves to be true

A kind of effort of will and mind to

overcome fixed habits of thinking The capacity to overcome socialopposition against doing something

new.


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Every entrepreneur have twoqualities.

Optimistic outlook

Dynamism


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Mental Ability

Entrepreneur must have creativethinking and must be able to analyze

problems and situations. He should beable to anticipate changes.


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Clear Objectives

He must have clear objectives as tothe exact nature of business or thenature of goods to be produced.


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Technical Knowledge

He should have sufficient technicalknowledge


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Human Relations

He must maintain good relation with

his customers, employees, etc. Tomaintain good relationship he shouldhave emotional stability, personal

relations, tactfulness andconsideration.


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Communication Ability

He should have good communicationskills means both the sender and thereceiver should understand each othersmessage.


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Business Secrecy

He should guard his business secretsfrom his competitors.


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Self confidence Initiative

Motivator Moderate risk taker Goal setter

Long term involvementAn entrepreneurmust be committed to the project. High energy level He should be able towork for long hours


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Protestant ethic from west emergeas new class of industrialist

Samurai from Japan Christians from Lebanon Halai Memon Industrialist in

Pakistan Marwaris & Parsis in India


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1. ECONOMIC FACTORS a) Lack of adequate overhead facilities: Profitable innovations require basic facilities like transportation,

communication power supply etc. They reduce cost of production andincrease profit.

b) Non availability of capital Inventions are capital oriented. In less developed countries most capital

equipment have to be imported which involves foreign exchange whichacts as a difficultproblem.

c) Great risk Risk is high in case of less developed countries as there is lack of reliable

information, markets for good and services is small etc. d) Non availability of labor and skills Though there is abundant labor supply there is generally scarcity of skills

at all levels.


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SOCIAL FACTORS

A society that is rational in decision makingwould be favorable for decision making.Education, research and training is given

less importance in less developed countriestherefore there is very little vertical mobilityof labor.


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PERSONALITY FACTORS

In less developed countries theentrepreneur is looked upon withsuspicion. Public opinion in the lessdeveloped nations sees in theentrepreneur only a profit maker andexploited.


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A person who does not have abacking which is available from the

family and struggles to achieve onhis own.


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An entrepreneur who has a familytradition of business and joins to be a

part of it.


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1st generationentrepreneurs aretypically more risk-taking and less brand-aware, they put a lot oftrust on their gut,

hence they have ahigher chance tosucceed or fail equally.

The 2ndgeneration

entrepreneurs onthe contrary, canbe highly risk

averse incomparison totheir peers relyingless on their gut.


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The 1st generationentrepreneurs are

definitely bolder, asbasically they havenothing to lose!

2nd generationentrepreneurs can

be bold too, butthere are limits, asin they would not

like put their entirepast success onthe line for onedeal.


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1st generation guyscan start off in a

garage or a smalloffice

2nd generationguys, of course

they will at leasthave a decent sizeoffice.


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Usually so, that the1st generation does

not inherit much

The 2ndgeneration ones

are sure to getsome partswithout all the

struggle.


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Basically the 1stgeneration

business is allabout toiling andsetting it up.

If it survives the2nd generation,

then its all aboutthe daring growth.


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Being a

1st generation entrepreneur

is like a double-edged sword andit can be both challenging, yet

rewarding.

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