Professional Documents
Culture Documents
ED&SBM (Group 4 Seahawks)
ED&SBM (Group 4 Seahawks)
Trishal, Mymensingh.
Submitted by
Team: 4 (Seahawks)
Students of
Dept. of Human Resource Management
Jatiya Kabi Kazi Nazrul Islam University
Table of Content
Serial Name Roll Question
No:
1. Farzana Aktar Zarna 20133035 1. What Is Entrepreneurship?
2.Characteristics of
entrepreneurship
Ans: Entrepreneurship refers to the process of creating something new and bearing any of its
risks, adding value with the view of making the profit.
It’s an innovation process that means to initiate something.
In the field of economics, the term entrepreneur is used for an entity which has the ability to
translate inventions or technologies into products and services.
2. Characteristics of entrepreneurship
There are some important characteristics of entrepreneurship as follows:
1.Innovation Process;
2.High Achievement Motivation;
3.Transformational Process;
4.Organization Building Activity;
5.Rewarding Activity;
6.Wealth Creating Process;
7.Social Decision making;
8.Managerial Skills & Leadership.
1.Innovation Process: An innovation process is a set of steps between an idea's conception and
its implementation. It is a streamlined process that is managed in a way that reflects a company's
structure and innovation goals.
2.High Achievement Motivation: People who are high in achievement motivation are good at
delaying immediate gratification and instead focus on longer-term goals. They also like having
control over the tasks they work on, so they can feel a sense of personal satisfaction when they
do a good job. So, to become a successful entrepreneur, one must have high achievement
motivation.
6.Wealth Creating Process: Entrepreneurship is a wealth creating process. One cannot create
wealth by just earning more money. You have to invest your savings to create a parallel stream
of income. This process of investing your saved money to grow your wealth by choosing
investments that align with your financial goals is called wealth creation.
7.Social Decision Making: Entrepreneurship is that form of social decision making performed
by economic innovators. Entrepreneurship is an act of economic activity engaged in
innovation. social orientation of entrepreneurship as it is involved with social good and welfare.
8.Managerial skills and Leadership: These skills are very important for an entrepreneur.
Management and leadership skills are often used interchangeably as they both involve planning,
decision-making, problem-solving, communication, delegation, and time management. Good
managers are almost always good leaders as well.
3. Functions of entrepreneurship:
5. Classification of Entrepreneurship
There are many types of Entrepreneurship. Here, the types of entrepreneurship classified by Hans
Scholl hammer in 1980 are briefly discussed below.
1. Administrative Entrepreneurship:
Administrative entrepreneurship refers to the adoption of certain techniques or strategies in
managing the organization, which helps the organization improve and maximize its efficiency and
sustain in the environment or competitive marketplace in the long run. It is a combined effort of
general management and technical area to improve and develop better products and techniques
than the existing ones.
Some of the examples of Administrative entrepreneurship are R&D, total quality management, job
redesign, management by consensus, pension scheme for old age by government etc.
2. Opportunistic Entrepreneurship:
Sometimes due to changes in the environment or situation there is raised a need for many things
in the market. By identifying that opportunity many take various relevant steps to exploit it that
help them improve things around them is called opportunistic entrepreneurship. For example,
during COVID-19, though numerous companies faced crisis, many started various businesses
related to Covid-19, including PPIs, ventilators, masks, vaccines, Covid-19 detection technology,
disinfectant sprays etc.
3. Acquisitive Entrepreneurship:
Acquisitive entrepreneurship is the type of entrepreneurship that learns from other competitors. It
tries to acquire new values and achieve the level of their competitors. This is done so that the
business can be kept sustainable in the competitive market, by understanding and figuring out the
competitors’ technical capabilities. The highlighted point is that some failure never set them back
instead helps them to develop a new skill that they can use further to figure out things coming up
in time. For example, Walt Disney, FedEx.
4. Incubate Entrepreneurship:
It is a sort of entrepreneurship that deals with the creation and fostering of fresh ideas that emerge
in an individual's mind and then implementing them within a company or organization. Like,
Companies in the technology industry promote emerging technologies in a wide range of products
and forms differentiation among all the categories of the product in the marketplace.
5. Imitative Entrepreneurship:
The practice of imitating or duplicating an established business model and establishing a new one
in a similar way under a franchise agreement is known as imitative entrepreneurship. In this
entrepreneurship people just adapt to the techniques, ideologies, and technology being given or
used by others in this situation rather than taking the risks associated with a new thought. For
example, Walton Bangladesh has introduced its motorbikes, refrigerators, televisions and other
electronic appliances in Bangladesh not being the original inventor of those products.
6. Classification of Entrepreneur
Entrepreneurs can be classified into different categories based on nature, gender, place, size,
generation etc. Here, the types of individual entrepreneurs are discussed below.
1. Technical Entrepreneur:
A technical entrepreneur is one who uses an altered form of already-existing technology to produce
a product or provide a service. A particular technology's potential developments are seen by
technical entrepreneurs. These business owners might start a venture to make money off of their
inventions and discoveries. Their key strength is their technical knowledge. For example, A
garment manufacturer probably makes a change to his spinning machines to make them work
faster and more effectively.
2. Innovative Entrepreneur:
An innovative entrepreneur is a business person who finds new applications for an existing product
by incorporating new features. Innovation is defined as new working methods, a new market, a
new supply of materials, a new management style system or a new strategy, in the present or future
environment. Hence, an innovative entrepreneur is someone who decides to carry out existing
activities in a novel manner that benefits customers. For example, some smartphone companies
are constantly creating new applications for customers by adding new features to their
smartphones.
3. Drone Entrepreneur:
Drone entrepreneurs are those who refuse to adopt and use opportunities to make changes in
production. They will not change the method already introduced. They will only follow traditional
methods. They may even suffer losses but also, they will not be ready to make changes in
production.
4. Imitative Entrepreneur:
This kind of entrepreneur establishes an already-existing business and enhances it. Although they
won't have any original ideas of their own, they will be managing a company that does have some
excellent original ideas.
They will copy a previously established firm or hold a franchise for a well-known business.
However, these business owners work hard to increase their sales and strive to be the best in their
particular area or region. The emergence of business endeavors by imitative entrepreneurs making
them suited for developing or underdeveloped regions. By introducing technology, information,
and skills from developed nations, these people effectively improve the system of poor or
backward nations with little resources and helps these areas' economic development.
5. Fabian Entrepreneur:
An entrepreneur who adopts a generally pessimistic approach when implementing new
technologies in the workplace is known as a Fabian entrepreneur. They try as hard as they can not
to use the most recent technology since they don't feel comfortable using them. These
entrepreneurs believe that the available technology is sufficient to stay one step ahead of the
competition. They are also referred to as "old generation entrepreneurs" since they only use new
technologies when there is a significant risk to their business.
6. Forced Entrepreneur:
Forced entrepreneurs are those who initially had no intention of starting their own firm, but were
persuaded to do so by their current circumstances after understanding that there was no other way
to get out of it. For example, when a graduate can't find a job, he might start an enterprise to
survive.
7. Characteristics of an entrepreneur
The Word Entrepreneur is derived from the French word “Entreprenerd” which means “to
undertake”.
Entrepreneur is an economic agent. Entrepreneur is a person or groups of people who has main
task to determined kinds of work he done. Who has to take initiate that create value and profitable
tendency?
J.A Mill (1848) advocates for using the word entrepreneur in the sense of an organizer who is paid
for his non- manual type of work.
J.B. Say (1824) defines entrepreneur as "an economic agent who assembles factors of production,
sets price of produce in such a way that ensures the cost and profit, re-accumulates capital and
possesses administrative and productive knowledge".
Entrepreneur is a person who is action oriented and highly motivated to take risk and to achieve
such a goal that brings about a change in the process of generating goods or services or reinitiates
a progress in the advent of creating new organizations. Therefore, experts have projected
entrepreneur from different conceptual viewpoints. The characteristics that encompass the concept
of entrepreneur are listed below:
1. An economic agent: Entrepreneur is perceived as an economic agent who assembles
materials for producing goods at a cost that ensures profits and re-accumulation of capital.
He is also understood as a change agent who brings about changes in the structure and
formation of organization, market and the arena of goods and services.
2. Risk taker: Entrepreneurs always have capacity to taking all types of risk. Because they
are profit centered that’s why they try to take risk of all time.
3. Profit maker: Always tendency for profit and growth this concept of making profit by
initiating a business. Their views are centered on making profit by initiating a business.
4. Achievement Motivator: This concept of entrepreneur by calling him "a person with a
strong desire for achievement". Entrepreneurs are action oriented, highly motivated
individuals". Therefore, entrepreneurs have to have a deep-rooted need for achieving their
goals.
5. Capital provider: Entrepreneur is a person who operates a business by investing his/her
capital. They perceived entrepreneur as the founder of an enterprise who assembles
necessary resources for the operation of the enterprise.
6. Innovator: The entrepreneur should be always innovative to satisfy various demands of
the customers for this purpose an entrepreneur should start or undertake the risk & try to
innovate goods & services. Innovation is a never-ending program.
7. Hard worker: A successful entrepreneur is one who is willing to work hard from the
beginning of his Expertise. An entrepreneur with his hard work can retain the business for
a longer duration.
8. Sincerity: The success of an entrepreneur totally depends on the sincerity of an
entrepreneur. If a person is sincere about his business, he will move heaven to earth to
make it successful.
9. Determinant the nature of the people: Entrepreneur is the person or group of persons
who performs the task of determining the kind of business to be operated. Therefore,
entrepreneurs promote diversified and distinct types of business in a society.
10. A reward receiver: Entrepreneur is a person who creates something new of value by
devoting time and efforts and in turn receives monetary and personal rewards like,
monetary reward, non-monetary reward, personal satisfaction, recognition, and
independency.
11. Self-reliance: A successful entrepreneur wants to follow his own routine, policies &
procedure. He does like to be guided by others. He is acting as his own master & making
his responsibility for all his decision. He does not like to work for others or under the
supervision of any other person.
12. Highly optimistic: A successful entrepreneur is always optimistic about his future & he is
never disturbed by the present problem.
13. Planning and organizing ability: A successful entrepreneur are much more depends upon
good planning & systematic work above all he must have the ability to bring all the
scattered resources required for production.
14. Maintain public relation: A successful entrepreneur might have good relationships with
the customer to gain their continued support good relation.
15. Communication skill: Communication skills the secret of a successful entrepreneur. Good
Communication skill enables to put their points effectively with clarity.
8. Qualities of an entrepreneur
Entrepreneurship is the result of entrepreneurial quality of entrepreneurs. What makes
entrepreneurs success is still a debate. Experts have listed a long list of qualities relating to general,
mental, economic, social and personal traits of entrepreneurs. These are accepted qualities for an
entrepreneur, which are discussed below:
1. Self Confidence
i. Confidence is the reliance on self that one could do something. It is a belief on own
ability. Like, ‘I can do it’.
ii. Independence is the sense that makes a person able to run the self and takes decision
independently.
iii. Individuality is like be a different from others that’s why followers attracted on you
and must be a dynamic.
iv. Optimism is the driving force of all initiatives. It is the state of hope and aspiration that
people rest on self to walk in future.
2. Task or Result Oriented
i. Need for achievement is a desire to excel or to succeed in competitive situation
ii. Profit orientation must have a tendency to make a profit. Do not be an open for all. At
the end of the making profit to the main priority of business or organization.
iii. Take initiative like always try to be think unique from others and something new that
have created value.
iv. Must have an energetic person and hard worker but not only hard worker but also a
smart worker.
3. Risk Taker
i. All entrepreneurs are risk takers. They take their ventures in an uncertain environment
of future. As we know ‘no risk, no gain’.
ii. Always try to take challenge
4. Leadership
i. It is the process of influencing and directing the task related activities or to lead group
of people.
ii. Always try to both people and production-centered behavior.
iii. Leaders should be able to get along well with others.
5. Originality
i. Innovativeness is the quality of adding or discovering new utility with the old product
or process or system.
ii. Creativeness is the work of art, that is, skillful and imaginative use of something new
to produce.
iii. Flexibility that means entrepreneurs have open minded and always ready to adopt new
things and to understand problems of their subordinate.
6. Future Oriented
i. Entrepreneurs are hunters of fortunes into future.
ii. “Never look back” is the guiding principle for all entrepreneurs.
iii. Foresightedness is the ability to see what one’s future needs are likely to be, that means
pre-planned for future.
iv. Perceptiveness that means entrepreneurs are things differently and find things what
others cannot.
Chris et.al (2000) define, small business as those which are owned and controlled by one or a
few persons, with direct owner(s) influence in decision making and having relatively small share
of the market in the applicable industry.
In our campus there are many small businesses as like Hungarygi , Singra House etc.
Bangladesh Bank has reset the definitions of small and medium enterprises (SME) as per the
National Industrial Policy Order 2010
In manufacturing, small industry/enterprise would be those with assets worth Tk 5 to 100 million
(defined as above) and/or 25 to 99 workers.
In service industry and in business, small enterprises will be those which employ 10 to 25 and
have assets (defined as above) worth Tk 500,000 to 10 million.
10. Characteristics of Small business
Ownership: They have a single owner. So, it is also known as a sole proprietorship.
Management: All the management works are controlled by the owner.
Limited Reach: They have restricted area of operation. So, they may be a local shop or an
industry located in one area.
Labor Intensive: Their dependency on technology is very little because they are dependent on
labors and manpower.
Flexibility: Because they are small, they are open and flexible to sudden changes, unlike large
industries.
Resources: They utilize local and immediately available resources. They do better utilization of
natural resources and limited wastage.
5.1. Percentage of Employment: Small businesses help create new jobs. According to the
International Labor Organization (an agency of the United Nations), small businesses account for
over two-thirds of the jobs worldwide. This means that they are responsible for the majority of
job creation.
In India, small businesses fall under the regulation of the Ministry of Micro, Small and Medium
Enterprises. Micro, Small and Medium Enterprises (MSME) make up around 40 percent of jobs.
According to the latest National Service Scheme Report (73rd NSS Report), around 11.10 people
work in the MSME sector.
In the United States, a small business has less than 500 employees. According to this parameter,
the employment percentage of small businesses in the US is around 62-64 percent.
Thus, it is safe to say that although small businesses may be smaller in scale, their contribution to
job creation is quite large.
1. Capital: Capital refers to the funds/money available to a business for use in day-to-day
operations. It is the lifeblood of every business because it is enabling the business to cover
day-to-day cost. A low level of working capital may result in a business is failure.
2. Experienced entrepreneurs: The key success of entrepreneurship is needed experience
entrepreneur, it includes knowledge, Leadership, Communication, Ability to learn,
Opportunities, and especially creativity and innovation.
3. Skilled Labor force: A technically skilled labor force is another important environmental
factor conducive to entrepreneurial activity. Skilled labor force has an ability to solve
problems and efficiently adapt to changes in an ever-evolving world.
4. Suppliers: Good access to suppliers has likely had a positive impact on the decision to
start an entrepreneurship. Quality of products depends on raw materials, which provide
suppliers.
5. New markets: This factor is particularly important when the entrepreneurial activity has
local rather than national or international in scope or when customers are geographically
concentrated. Environmental support for having entry into the new market or customers is
a primacy for the entrepreneurship in any country.
6. Government Policy: Taxation rates, licensing policies, and other government activities
can have a positive or negative’ impact on entrepreneurship. For example: government
policy of south Korea.
7. Proximity of Universities: It is a popular Relief that universities are the source of technical
spin-off companies, but this is the exception, not the’ rule.
8. Receptive population: The receptive population is blessing for a country. Bangladesh is
not receptive population country. Bangladesh is an overpopulated country. So, in our
country, this factor is puzzled for our entrepreneurship.
9. Availability of Land: Land refers to all factors of production which come from nature.
Land resources, specifically, are raw materials in the production process, such as trees,
oil, and metals. So, without available of land entrepreneurship face big problem.
The word “Environment” can be defined as a sum total of all the living and nonliving elements
and their effects that influence human life.
Environment is the conditions, circumstances etc. affecting a person's life (Oxford Advanced
Learner's Dictionary). It consists of the actors and forces that affect the success and sustaining of
people and organization (Kotler and Armstrong, 2001).
Entrepreneurship environment refers to the various facets within which enterprises- big, medium,
small and others have to operate. The environment therefore, influences the enterprises are
political, social, economic, national, legal forces, etc. At last we can say that Environment consists
of the factors and forces that affect the success and sustaining of people and organization
Entrepreneurs Start Companies, Managers Run Them. Entrepreneurs are the dynamic force behind
the planning and launching of novel business ventures. They are involved in all aspects of their
business throughout its lifespan, beginning with the raw startup stage, when the business is little
more than an idea. The main difference between entrepreneur and manager is their role in the
organization.
An entrepreneur is the company owner, while a manager is the company’s employee.
Entrepreneurs take risks, particularly financial ones, while managers are not susceptible to such
business-related risks. This blog will cover the significant differences between entrepreneur and
manager.
What is an Entrepreneur?
The entrepreneur is someone who, individually or collectively, establishes a company, sets the
objectives, and makes strategic decisions about the goals, management, administration, and control
of the company or companies, while taking up its commercial and legal responsibilities.
The term generally applies to upper management, including executive directors, board members,
board directors, etc. They are usually the “majority shareholders” or those who own multiple
investments or are business owners. The work of entrepreneurs can include/may not be limited to
that of an owner, capitalist, or financier. They can be managers or administrators too.
What is a Manager?
A manager manages an organization, institution, company, or part of it. The manager’s role is to
use the resources at his disposal as efficiently as possible to obtain the maximum possible benefit
from them. In other words, maximize your organization’s or assigned area’s productivity.
In corporate setups, a manager is usually an employee; they earn a defined annual salary for
managing daily business operations. The general responsibilities of managers center around
ensuring that the company’s daily operations run smoothly. This does not mean they must perform
all the specific tasks themselves; instead, they ensure that the department or units they supervise
deliver results.
Difference Between Entrepreneur and Manager.
Entrepreneur Manager
Entrepreneur and Manager are not interchangeable terms. However, management tasks are an
essential part of the functions of an entrepreneur. While entrepreneurs are managers, not every
manager is an entrepreneur.
Why do some businesses succeed when others fail? In reality there are common mistakes that
kill many small businesses before they ever get off the ground. Discuss below:
1.Growing too fast: While growth is desirable, overexpansion is a serious error. Wanting to be
the first to market with a new product, taking on added overhead will bring harm for business.
Set realistic goals and expand only as needs dictate.
2.Overspending: Many new entrepreneurs burn through their startup capital before their cash
flow is positive. This often happens because of misconceptions about how business operates.
3.Lack of reserve capital: Be prepared for unexpected increases in the costs of things like
utilities, materials, and labor. Make sure to keep enough reserve cash to carry through tough
times and seasonal slowdowns.
4.Poor choice of location: Don’t let a cheap lease tempt you into choosing the wrong location.
Consider competition (how many similar businesses are located nearby?) and accessibility (is the
area well served by freeways, public transportation, and foot traffic?).
5.An inadequate business plan: A well thought-out business plan forces to think about the
future and the challenges to face. It also forces to consider financial needs, marketing and
management plans, competition, and overall strategy.
6. Ineffective marketing: Customers can’t do business with entrepreneurs if they don’t know
where are they. It doesn’t cost a lot to advertise and promote your business through online
marketing, social media, email, local search, and more.
7.Underestimating the competition: Customer loyalty must need to earn it. Watch business
competition and stay one step ahead of them. Always serve the best for customer satisfaction.
15.Reason Behind Failure of Small Business
Why do some businesses succeed when others fail? In reality there are common
mistakes that kill many small businesses before they ever get off the ground.
Discuss below: