Foundation of Entrepreneurship

Development

FOUNDATION OF ENTREPRENEURS
ASST. PROF. ARCHANA SALUNKHE
Content

► Meaning and Definition of Entrepreneurship

► Characteristics of Entrepreneurship
► Types of Skills required by an Entrepreneur
► Barriers to Entrepreneurship
► Strengths of an Entrepreneur
Entrepreneurship

► Meaning :
Entrepreneurship is the process of identifying opportunities in the marketplace,
arranging the resources to exploit opportunities for long-term gains.
► Definition :
“Entrepreneurship is the purposeful activity of an individual or group of
associated individuals undertaken to initiate, maintain or aggrandize profit by
production or distribution of economic goods or services.”
- A. H. Cole
 Characteristics of Entrepreneurship

1. Innovation : creative activity

2. High achievement : achievement motive to achieve high
3. Managerial skill : getting things done
4. Leadership : ability to lead
5. Group level pattern : family background, experience, certain groups
6. Gap filling function : overcome the deficiencies
7. Status withdrawal : sense of pleasure when facing problem
8. A function of social, political and economic structure : circumstances
9. Dynamic process : changes in environment
10. Resource mobilization : mobilise resources to achieve goals
Types of Skills required by an Entrepreneur

1. Technical skills : methods, processes, procedures and techniques

2. Behavioural skills : understand people
3. Conceptual skills : utilize existing knowledge
4. Economic-business skills : use of scares and limited resources
5. Implementing skills : initiate and conduct the activity
6. Strategic skills : vision and effective strategies
7. Financial skills : managing income and costs
 Continued

8. Management skills : work is done and completed successfully

9. Human relations skills : maintain good personal relations
10. Communication skills : communicate effectively
11. Diagnostic skills : used to measure risk
12. Project development skills : suitable and proper selection of projects
13. Marketing skills : modern marketing skills
One Minute Paper

Question

What are the skills required by an entrepreneur?

 Barriers to Entrepreneurship

A) Environmental Barriers B) Personal Barriers

1. Raw Material 1. Lack of confidence
2. Labour 2. Lack of dependability on others
3. Machinery 3. Lack of motivation
4. Land & building 4. Lack of patience
5. Other infrastructure 5. Inability to dream
6. Financial Barriers 6. Sense of pride/ embarrassment
One Minute Paper

Question

What are barriers to entrepreneurship?

Strengths of An Entrepreneur

1. Vision : Can see what people cannot see

2. Creativity : The ability to think outside the box
3. Courage : The ability to act despite fear
4. Self-confidence : The ability to withstand criticism
5. Self-control : The ability to control our emotion and desire
Any Questions?