unit1- entreprenuership

8/3/2019 UNIT1- ENTREPRENUERSHIP

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ENTREPRENEUR


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2

Who is an entrepreneur?

Person conducting own business(Webster)

Person who sets up business deals inorder to make profits (Collins Cobuild)

Organizer of an economic venture, one

who owns, organizes, manages, andassumes the risks of the business(Chandrashekhar)


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Why entrepreneurship?

Process of creating something different,with value, by devoting necessary timeand effort, by assuming theaccompanying financial, psychological,and social risks, and receiving theresulting rewards of monetary and

personal satisfaction(Bowen andHisrich, 1986).


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ENTREPRENEURSHIP

Entrepreneur

Land

Labor

capital

organization

4 factors of production

New venture


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TYPES OF ENTREPRENEUR

Innovative Entrepreneurs

Adopted by developed countries

Aggressive assemblage of information & analysing.

Aggressive in experimentation and cleverly putattractive possibilities into practice.

Sees opportunity for introducing a new technique,

new product or a new market. Raise money to launch an enterprise, assemble the

various factors and choose top executives and setthe organization going.


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Imitative Entrepreneurs

Characterized by imitating the innovativeentrepreneurs.

They imitate the technology & techniques

innovated by others.

They are important in underdevelopednations.


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Face less risk and uncertainty.

Organizer of factors of production than a

creator.He can set in chain reaction and lead to

cumulative progress.

E.G. china made products

Imitative Entrepreneurs contd


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Fabian Entrepreneurs

Very cautious and skeptical while practicing anychange.

Neither the will to introduce new changes nor the

desire to adopt new methods. Shy and lazy

Dont take risks, Follow predecessors.

Determined by custom, religion, traditions and

past practices. They imitate only in situations when it becomes

absolutely necessary.


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Drone Entrepreneurs

Are laggards and operate in a traditionalway.

Conventional

Refuse to change and adopt newopportunities to make changes inproduction methods.


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INVENTOR AND INNOVATOR

Inventoris a person creates

new thing.

Innovator

is a person who

brings somethingnew in business


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CHARACTERISTICS OFSUCCESSFUL

ENTREPRENEUR


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CHARACTERISTICS OF SUCCESSFUL

ENTREPRENEUR

ENTREPRENEUR

Determination

&

Persistence

Motivation to

succeed

No daunted by

failure

Passion

Spot and take

advantage of

opportunities

Relevant skills and

expertise

Vision, creativity

and innovation

Risk taker


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Path followed by Entrepreneur


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FAMOUS

ENTREPRENEURS


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Bill Gates 1955

Bill Gates discovered his interest in

software and began programmingcomputers at age 13. He is the chief software architect of

Microsoft Corporation, the worldwideleader in software, services and

solutions that help people andbusinesses realize their full potential. Microsoft had revenues of US$19.95

billion for the fiscal 2011 secondquarter and employs more than55,000 people in 85 countries andregions.

He donates rigorously to charities allaround the world.

By linking his Microsoft software toIBM's first PCs, he dominated theindustry.


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Donald Trump Donald Trump received much

of his business sense from hisfather, Fred Trump, who wasforced by his father's death tohelp support a large family. Hisfather succeeded in producing

affordable housing. DonaldTrump was brought upassisting his father with hisbusiness ventures. Donald seta goal to be involved in real

estate in a larger scale than hisfather. Trump started a billiondollar empire and is now alsoon his own hit TV show calledthe Apprentice. Donald Trumpowns over 100 businesses..


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OPRAH WINFREY1954

Oprah Winfrey turned her name

into one of the most successful

and respected brands in the

world.

"The Oprah Winfrey Show" becamethe number one talk show innational syndication. HARPOProductions Inc. which is Oprahspelled backwards was started in1986. Today, HARPO is a formidable

force in film and television.Oprahuses her influence and wealth tohelp various charities and socialcauses around the world. Her workin Africa alone is phenomenal.


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Chad Hurley, 29, Steve Chen, 28 & JawedKarim, 27

Founders of YouTube

Broadcasts 100 million short videos daily onmyriad subjects

In October 2006, Google Inc. acquired YouTubefor $1.65 billion in Google stock, and the dealwas finalized on November 13, 2006.

Before the launch of YouTube in 2005, therewere few easy methods available forordinary computer users who wanted topost videos online. With its simpleinterface, YouTube made it possible for

anyone with an Internet connection to posta video that a worldwide audience couldwatch within a few minutes. The wide rangeof topics covered by YouTube has turnedvideo sharing into one of the mostimportant parts of Internet culture.


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Sam Walton - Walmart

After Sam got out of the US military he decided hewanted his own department store. He wanted to makeenough money that he could support his family. Hisdream came into reality in the fall of 1945 when hepurchased a store in Newport with the help of his father-in-law. Sam borrowed $20,000.00 from his father-in-lawand had $5,000 saved from the military.

Wal-Mart first opened in 1962 and became theworld's number one retailer. Wal-Mart's success has alsogiven many people today an opportunity for a bigger jobmarket. More than 600,000 Americans work at Wal-Mart.

The reason for its popular success it still followsSam Walton's values: He launched a determined effort tomarket American-made products. Included in the effortwas a willingness to find American manufacturers whocould supply merchandise for the entire Wal-Mart chain

at a price low enough to meet the foreign competition.


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HOW TO BE A SUCCESSFUL

ENTREPRENEUR?


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Entrepreneur should be:Self-confident and optimistic

Able to take calculated risk

Respond positively to changes

Flexible and able to adapt

Knowledgeable of markets

Able to get along well with others

Independent minded

Energetic and diligent

Creative, need to achieve

Dynamic Leader

Responsive to suggestions

Take initiatives

Resourceful and persevering

Perce tive with foresi ht

O O


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ROLE OF ENTREPRENEUR INECONOMY

Better Standard of living

Creation of employment

New product in market

New ideas bring huge changes

Money circulation

Develop new market

Mobilize capital resources

New technology

Discover new source of material


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CONCLUCION

Entrepreneurship mainly depends onvalues, norms and traits that areconsistent to the growth of an

economy. An entrepreneur alwaysseeks the opportunities, looks for waysand means to capitalize on the newer

opportunities by organizing


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THE END

unit1- entreprenuership

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