Define an Entrepreneur:

"An entrepreneur is someone who can take any idea, whether it be a product
and/or service, and have the skill set, will, and courage to take extreme risk to
do whatever it takes to turn that concept into reality and not only bring it to
market but make it a viable product and/or service that people want or need,"

WHO IS AN ENTREPRENUER

• He/she is a person who develops and owns his own enterprise

• He/she is a moderate risk taker and works under uncertainty for achieving the
goal.

• He/she is innovative

• Reflects strong urge to be independent.

• Exhibits sense of leadership

• Also exhibits sense of competitiveness

• Takes personals responsibility

• Oriented towards the future.

• Tends to persist in the face to adversity

• Convert a situation into opportunity.

v Difference between Invention and Innovation

BASIS FOR INVENTION INNOVATION

COMPARISON
Meaning Invention refers to the
occurrence of an idea for
a product or process that
has never been made
before.
What is it? Creation of a new product.
Innovation implies the
implementation of idea for
product or process for the
very first time.
Adding value to something
already existing.
Concept An original idea and Practical implementation
its working in theory. of new idea.
Skills required Scientific skills Set of marketing, technical
and strategic skills.
Occurs when New idea strikes a scientist. A need is felt for a product
or improvement in existing
product.
Concerned with Single product or process. Combination of various
products and process.
Activities Limited to R & D Spread across the
department. organization

· Characteristics Traits Attributes of A Good

Entrepreneur

· Innovative
· Decision Making
· Negotiation skills
· Self-confidence
· Setting challenging but realistic goals
· Persistent problem solving
· Learning from failure
· Taking initiative and seeking personal responsibility
· Positive mental attitude
· Enjoy being around people
· Excellent communication skills
· Have a need to achieve

v Gap analysis
Five gaps that cause unsuccessful delivery:

1. Gap between consumer expectation and management perception

2. Gap between management perception and service-quality specification
3. Gap between service-quality specifications and service delivery
4. Gap between service delivery and external communications
5. Gap between perceived service and expected service
Functions of Entrepreneur

1. Entrepreneur initiates the business activity

2. Entrepreneur organizes the factors of production

3. Entrepreneur is a decision maker

4. Entrepreneur co-ordinate things effectively

5. Entrepreneur tries to introduce innovations

6. Entrepreneur handles budget of his business

7. Entrepreneur bears risk and uncertainty

Types of Entrepreneur

1. Idealist.

2. Optimizers

3. Hard Workers.

4. Jugglers

5. Sustainers

 Classification of Entrepreneurs

a) Entrepreneurs based on expertise

Technical, Non-technical, Professional

b) Entrepreneurs based on motivation levels

Pure, Induced, Motivated, Spontaneous

c) Entrepreneurs based on type of business

Business, Trading, Industrial, Corporate, Agricultural

 Entrepreneurial Development
1) Identification and evaluation of the opportunity

2) Development of the business plan

3 ) Determination of the required resources

4) Management of enterprises

How has entrepreneurship changed the world?

(1) Promotes Capital Formation:

(2) Creates Large-Scale Employment Opportunities:
(3) Promotes Balanced Regional Development:
(4) Reduces Concentration of Economic Power:
(5) Wealth Creation and Distribution:
(6) Increasing Gross National Product and Per Capita Income:
(6) Improvement in the Standard of Living:
(7) Promotes Country's Export Trade:
(8) Induces Backward and Forward Linkages:
(9) Facilitates Overall Development:

v Understanding start-ups

“A start up is a company working to solve a problem where the solution is

not obvious and success is not guaranteed,” says Neil Blumenthal.
 Types of start up

1) SMALL BUSINESS STARTUPS

2) LIFESTYLE STARTUPS
3) BUYABLE STARTUPS
4) SOCIAL STARTUPS
5) SCALABLE STARTUPS

v Team Formation

The five stages:

· Stage 1: Forming
 · Stage 2: Storming
· Stage 3: Norming
· Stage 4: Performing
· Stage 5: Adjourning

Qualities of a founder:

 Recruiter

Listening Skills:
Confidence:
Marketing Skills:
Target-driven:
Relationship building skills:
Communication Skills:
Multitasking:
Time Management Skills:
Patience:
Speed
IT and Social Media Skills:
Body Language Skills:
Problem solving skills:
Reliability:
Team working Skills:

 Deal maker

1. Passion
2. Integrity
3. Know the Rules of The Game
4. Return On Investment
5. Learn To Use Leverage
6. Investment Is Not Emotions, Just Numbers
7. Ride The Winners And Cut The Losers
8. Know Your Niche
9. Know the Timing
10. Take Action
 Strategist

1. Positive and Confident

2. Competitive
3. Reasonable
4. Critical Thinker
5. Virtuous
6. Great Communication Skills
7. Leader

 Salesperson
1. Sound health
2. Good posture
3. Pleasant voice
4. Good appearance
5. Cheerfulness
6. Imagination
7. Alertness
8. Resourcefulness
9. Initiative
10. Observation
11. Self-confidence
12. Memory
13. Sociability
14. Enthusiasm
15. Tact
16. Court-operation
17. Courtesy
18. Patience and tolerance
19. Effective speech
20. Honesty
21. Integrity
22. Loyalty
23. Reliability
24. Industriousness
25. Courage
26. Sincerity
27. Maturity
28. Determination
 · Phases of start-ups

Phase 1: Pre-company formation

Phase 2: Startup/Company Formation
Phase 3: Development Stage
Phase 4: Growth Stage
Phase 5: Preparation for Exit