Assignment no: 1

Subject: Entrepreneurship Management

Name: Nilesh Sangle

Roll no: 27 Div: B

Q.1) Defining the meaning of an “entrepreneur” and explain what are

the ten characteristics of an entrepreneur.

An entrepreneur is a person who organizes and operates a business or

businesses, taking on greater than normal financial risks in order to do so. Also an
entrepreneur is a starter. An entrepreneur is an initiator, a challenger and a driver.
Someone that creates something new, either an initiative, a business or a company.
He or she is the beginning (and sometimes the end) of a venture, project or activity.
The entrepreneur might not be the ideator, but he or she is definitely the one that
decides to make that idea a reality.

OR

An entrepreneur is the driver. The entrepreneur is the person in charge, the

leader and the person to look to for leadership. He or she is the one that pushes
forward and inspires a team to follow. The entrepreneur is the one that sits in the
driver’s seat, and has the ability to change direction, accelerate, slow down or even
stop a venture.

Examples of well-known entrepreneurs include Bill Gates, Steve Jobs, Mark

Zuckerberg. Successful business people have many traits in common with one
another. They are confident and optimistic. They are disciplined self starters. They
are open to any new ideas which cross their path.

10 Characteristics of an entrepreneur:

1. Disciplined :These individuals are focused on making their businesses work,

and eliminate any hindrances or distractions to their goals. They have overarching
strategies and outline the tactics to accomplish them.
2. Confidence :The entrepreneur does not ask questions about whether they can
succeed or whether they are worthy of success. They are confident with the
knowledge that they will make their businesses succeed.

3. Open Minded :Entrepreneurs realize that every event and situation is a

business opportunity. Ideas are constantly being generated about workflows
and efficiency, people skills and potential new businesses.

4. Self Starter :Entrepreneurs know that if something needs to be done, they

should start it themselves. They set the parameters and make sure that
projects follow that path.

5. Competitive :Many companies are formed because an entrepreneur knows that

they can do a job better than another. They need to win at the sports they play and
need to win at the businesses that they create.

6. Creativity :One facet of creativity is being able to make connections between

seemingly unrelated events or situations. Entrepreneurs often come up with
solutions which are the synthesis of other items.

7. Determination :Entrepreneurs are not thwarted by their defeats. They look at

defeat as an opportunity for success. They are determined to make all of their
endeavors succeed, so will try and try again until it does.

8. Strong people skills :The entrepreneur has strong communication skills to sell
the product and motivate employees. Most successful entrepreneurs know how to
motivate their employees so the business grows overall. They are very good at
highlighting the benefits of any situation and coaching others to their success.

9. Strong work ethic :The successful entrepreneur will often be the first person to
arrive at the office and the last one to leave. They will come in on their days off to
make sure that an outcome meets their expectations. Their mind is constantly on
their work, whether they are in or out of the workplace.
10. Passion :Passion is the most important trait of the successful entrepreneur.
They genuinely love their work. They are willing to put in those extra hours to
make the business succeed because there is a joy their business gives which goes
beyond the money. The successful entrepreneur will always be reading and
researching ways to make the business better.
Q.3) What do you understand by the concept of “Intrapreneurship”,
“Enterpreneurship” and a “Manager”. Explain in brief any four
differences between the three.
Intrapreneurship:
An Intrapreneurship is the system wherein the principles of entrepreneurship
are practiced within the boundaries of the firm. An intrapreneur is a person who
takes on the responsibility to innovate new ideas, products and processes or any
new invention within the organization. An intrapreneur is the individual who
thinks out of the box and possesses the leadership skills and does not fear from
risk. Thus, an intrapreneur possesses the same traits as that of an entrepreneur.

Entrepreneurship:

The word “entrepreneur” is derived from the French verb enterprendre,

which means ‘to undertake’. This refers to those who “undertake” the risk of new
enterprises. An enterprise is created by an entrepreneur. The process of creation is
called “entrepreneurship”. Entrepreneurship is a process of actions of an
entrepreneur who is a person always in search of something new and exploits such
ideas into gainful opportunities by accepting the risk and uncertainty with the
enterprise.

Manager:

Are you tired of constantly taking orders? Do you like to help assist people to
reach their goals? If your answers are yes, then you are a perfect fit to become a
manager. In order to become a good manager, it is important to study management
techniques that will make you successful in the workplace.
A manager is an expert in his or her field and is a support system for
employees. Managers work within a business and work together as a team to
achieve company goals. A manager is not a person who does a million things at
once while employees take a back seat. It is vital for managers to delegate
responsibilities to employees and assist them if they need help.
As a manager you have to put on many hats and be flexible. Imagine you are
blindfolded and walking through a forest.
Parameters Managers Entrepreneurs Intrapreneurs

Primary Motives Promotion and Independence Independence and

other traditional ,opportunity to create ability to advance
corporate rewards and money in corporate
such as rewards
office,staff and
power

Time Orientation Short term Survival and Between

meeting quotas achieving 5-10 years entrepreneurial
and budgets of business growth and traditional
weekly, monthly, managers
quarterly and depending on
annual planning urgency to meet
horizon self imposed and
corporate
timetable

Activity Delegates and Direct involvement Direct involment

supervises more more than
than direct delegation
involvement

Risk careful Moderate risk taker Moderate risk

taker

Status Concerned about No concern about Not concerned

status symbols status symbols about traditional
status symbols
desires
independence

Failure and Tries to avoid Deals with mistakes Attempts to hide

Mistakes mistakes and and failures risky projects
surprises from view until
ready
Q.4) The challenges faced by women entrepreneurs ate numerous in nature as
compared to their male counterparts. Justify your answer with valid explanations
and your viewpoints.

The challenges faced by women entrepreneurs are as follows:

1. Scarcity of Raw Material: Most of the women enterprises are plagued by the
scarcity of raw material and necessary inputs. Added to this are the high prices of
raw material, on the one hand, and getting raw material at the minimum of
discount, on the other.

2. Family Ties: It is mainly a women’s duty to look after the children and other
members of the family. Man plays a secondary role only. In case of married
women, she has to strike a fine balance between her business and family. Her total
involvement in family leaves little or no energy and time to devote for business.

3. Problem of Finance: Women entrepreneurs suffer from shortage of finance on

two counts. Firstly, women do not generally have property on their names to use
them as collateral for obtaining funds from external sources. Thus, their access to
the external sources of funds is limited. Secondly, the banks also consider women
less credit-worthy and discourage women borrowers on the belief that they can at
any time leave their business. Given such situation, women entrepreneurs are
bound to rely on their own savings, if any and loans from friends and relatives who
are expectedly meager and negligible. Thus, women enterprises fail due to the
shortage of finance.
4. Low Risk-Bearing Ability: Women in India lead a protected life. They are less
educated and economically not self-dependent. All these reduce their ability to
bear risk involved in running an enterprise. Risk-bearing is an essential requisite of
a successful entrepreneur. In addition to above problems, inadequate infrastructural
facilities, shortage of power, high cost of production, social attitude, low need for
achievement and socioeconomic constraints also hold the women back from
entering into business.

5. Stiff Competition: Women entrepreneurs do not have organizational set-up to

pump in a lot of money for canvassing and advertisement. Thus, they have to face
a stiff competition for marketing their products with both organized sector and
their male counterparts. Such a competition ultimately results in the liquidation of
women enterprises.
6. Male-Dominated Society:
Women suffer from male reservations about a women’s role, ability and
capacity and are treated accordingly. In nutshell, in the male-dominated Indian
society, women are not treated equal to men. This, in turn, serves as a barrier to
women entry into business

VIEWPOINTS:

1. Building a support network:

Having a robust support network is essential for entrepreneurial success, so
it’s no surprise that 48 percent of female founder’s report that a lack of available
advisers and mentors limits their professional growth.

2. Defying social expectations: Most female business owners who have attended
networking events can relate to this scenario: You walk into a crowded seminar
and can count the number of women there on one hand. When women
entrepreneurs talk business with primarily male executives, it can be unnerving. In
this sort of situation, women may feel as though they need to adopt a
stereotypically "male" attitude toward business: competitive, aggressive and
sometimes overly harsh.

3. Dealing with limited access to funding: Female they need, even if that means
requesting more than what they want.
4. Coping with a fear of failure: Failure is a very real possibility in any business
venture, Women must learn to overcome failure.
5. Balancing business and family life: Parent entrepreneurs have dual
responsibilities to their businesses and to their families; finding ways to devote
time to both is key to truly achieving that elusive work-life balance.

Q.5) Write a short note on any two:

B) Raising capital for an entrepreneurship business -

Cash is the lifeblood of business. If you run out of it and lack access to
additional resources, the game is over.

As the founder of a startup, you'll find that raising funds is a significant part
of your efforts and, for better or worse, a major challenge. Unless you have a
clearly defined plan and a path to follow, you’re going to end up wasting precious
time that could have been spent elsewhere.

So, understanding the basics of raising capital will be critical to your success.
If you’re clear on what you need to do to get from where you are to where you
want to be, you'll be less likely to derail while you’re in the thick of it.

1. Researching the different types of investors -

Just because you’ve decided whom you’re going to go after and what amount
to ask doesn’t necessarily mean you’re going to get what you’ve requested. When
it comes to financial matters, the more options you can identify, the better. That
way, you’ll always have a backup plan when you need it.
 Among the different types of investors out there that you may consider are:
founders, family, friends, venture capitalists, angel investors, single family offices,
business incubators, investment groups and crowd funding pledgers.

2. Networking and finding potential investors -

You can never know too many people. While networking, you don’t
necessarily need to be constantly promoting your business; you should make sure
you are helping other people. This will help you garner a positive reputation, and
when you help others get what they want, they will be more likely to help you.

Keep in mind that you will face rejection when discussing your business with
others. Some investors may not be looking for an opportunity right now. For other
people, your concept simply won’t be the right fit. Knowing this going in can save
you a lot of heartache and stress.

Researching various investment groups and resources online can prove

worthwhile. Just don’t get sucked into the bottomless black hole of the internet.
Try making a phone call or sending emails, so that you remain proactive when
reaching out.

3. Finding companies that offer capital in your niche -

If you have a niche business model aligned with ecommerce or SaaS, or you
produce devices for the healthcare industry, say, you can find investors that offer
funding to those types of companies.

This isn’t to suggest you won’t need to look for additional sources of funding, but
if finding tailored solutions streamlines your process of finding capital, it will be
worth looking into.
 D) Self-confidence in Entrepreneurship:

Self -confidence is a key entrepreneurial skill for success. It is easy to become

demoralized, frustrated and resentful if you lack self-confidence.

Self-confidence is concerned with how a person feels about his ability. A

successful entrepreneur believes in his abilities. He is not scared to explore un-
chartered territories, take risk and take difficult decisions.

Self-confidence, however, is not a personal trait that either you have or you
don't. A person can have high self-confidence in one situation and totally lack in
another. This is one of those skills that can be developed by training.

Self-confidence plays a very important factor in career growth. Millennials are

most insecure about their jobs. To survive in today’s demanding workplace, it is
important to build self-confidence. Not only does it give visibility to the person but
also makes sure that his/her voice is heard. It is something which doesn’t happen
overnight. However, by following a few steps, one can gain confidence to win in
life.

How to build self-confidence as an entrepreneur -

 Celebrate your wins (even the small ones)

 Accept praise from others
 Use good posture (head high, shoulders back, no slouching)
 Use positive affirmations
 Know your strengths and weaknesses
 Set SMART goals (and stick to them!)
 Stop comparing yourself to others

Example:

Vanky Kenny Kataria, Motivational Speaker, believes reading a

motivational story is always helpful when you are struggling with low
confidence.“Also, do things which you thought you should have done but haven't
done yet. Like, you wanted to apologize to your mother for your not so kind
behavior with her the other day. But, you couldn't gather the courage. So, when
you are low on self-confidence, do these things. It would take the baggage off your
chest and make you feel great about yourself and that is precisely what is required
to boost your confidence,” said Kataria.