the advent of mankind, there has been a continuous search and Peter things inorder to improve all fees of ther He. Man luxuries and comforts, and realize that people bave laboured, produced and maintained all these wonderful things. — ‘Scanned with CamScanner“Faluepreneur Manger The main motive of an entrepreneur is to stat a business venture in order To eam profit aud also to achieve ersonal satisfaction ‘The main motive of a Provide services to an e order to eam salary achieve growth in the comy 2._| Status Hees the owner of the company He is the employer of the cor He assumes all risks and Uncertainty In running the enterprise. He does not bear any riskin the running ofthe enterprise. 4 Rewards He is driven by profits and self satisfaction Hee is driven by salary and pi growth in the organisation. Innovation He tres to innovate to meet the charging demand of customers. He is also called a ‘change agent’. He simply works and executes plan prepared by the entrepre He may strategies: along. with entrepreneur to meet the goal of enterprise: Quuilification ‘No formal qualification needed. But jfieeds t) have high motivation, originality in thinking, foresight , risk beating ability and so on. Formal qualification preferred Additionally he should have good f experience, sound knowledge in theory and practice, commitment to company and be result oriented. 1) FUNCTIONS OF ENTREPRENEUR 1) Entrepreneur as an innovator. 2) Entrepreneur as a rsk-taker. 3) Entrepreneur as an Organiser. 1) Entrepreneur-as an innovator: ‘The very essence of entrepreneurship is innovation, entrepreneur has the following five functions: _Lntroduction ofa stomers Orit could be a new variety of an old roduc inthe marke product, ethod of according to Schumpter, as an innovator, t, It could be a product totally unfamiliar to duction which is not yet tested in the branch of into which the product has not previously entered, ily of raw material ae ‘Scanned with CamScannersential quality of an entrepreneur is that ofa risk tak ‘the following five functions. : reneur asstimes all possible risks of business, 2, An entrepreneur buys all what is necessary to make finished goods, but is uncertain ir selling prices. An entrepreneur has to bear uncertainty which can neither be insured against nor be caleulated. 4, An entrepreneur tries to reduce risk by combining experience, foresight and professional ea 5, An entrepreneur tries to reduce uncertainties by his initiative skills and judgement. 3) Entrepreneur as an Organiser: __ Ultimately an entreprencur is responsible forthe organisation and running of his Be) Asan orgatiser, an entrepreneur has the following three functions to perform. An entrepreneur has to raise sufficient eapital for the smooth running of the organization. He has to plan, delegate and execute all facts of business, He must have moral qualities, perseverance and a thorough knowledge of the business world. reneurs must own great negotiating skills to stay in business, These skills can help them e excellent deals and gain a reputation. ‘Scanned with CamScannerears ficult an Ifyou can’t identify with the emotions of others, communication is ae cami, effective overall. Entrepreneurs with high emotional epee ae Stoo eel problem-solving, and social skills to come up with solutions, cre : ultimately, win people over Entrepreneur requires understanding the importance of ethical business practices, aes Re to your community and running your business in a way that minimizes harm to others i ‘environment. P= Problem solver/ Patience/ Passion/ Perseverance aa J Perhaps the most important characteristic for entrepreneurs, passion, patience & perseverance essential to any business owner or working professional's success. : R—Relations Human & Publie/ Result Oriented Entrepreneur is results oriented, he takes ownership to get the task done Many successful entrepreneur have one thing in common: they understand the need for human a and public relations. E=Energetie/ Endurance Entrepreneurs have high levels of enthusiasm and en that is higher than could be reasonably expected. ¢ consistently generates output N= Networking ability, Stoceseful enttepreneurs know tha the lifeblood of their business is found in making ae coe eel usiness is found in making the right E=Excellence in Economic Entrenrene ho omis Entrepreneurs shape economic destiny of nations by creatn vealtt Droducts and services, and generating taxes for governments ne ond CmPloyment, 0 R=Real innovator Entrepreneurs realize that ‘very event or situation is busi portunit generating new and innovative ideas, samen ‘Scanned with CamScanner+b) Imitative entrepreneur ©) Fabian entrepreneur 4) Drone entrepreneur Innovative entrepreneur: ; An innovative entrepreneur is one who introduces a new product or @ new technique ot anew market and can re-organize the enterprise if needed. = They are generally aggressive in experimentation and seize opportunities. ~ They are capable of converting attractive possibilities into practice ~ They raise money to start an enterprise, assemble the various factors, choose the right employees and set the organization going, __ + Innovative entrepreneurs are more commonly found in developed countries, This is because such entrepreneurs can work only when a certain level of development is already achieved. Imitative Entrepreneur or Adoptive entrepreneur: = Imitative entrepreneurs are those who adopt or copy successful by innovative entrepreneurs, They do not innovate the changes themselves, but only imitate techniques and technology innovated by others. -Imitative entrepreneurs are more commonly found in developing countries because People prefer to imitate products, technology, knowledge and skills already available in more advanced countries, ~~ They are Gévertheles3)important for the development for poor countries. innovations created ve neither the will to introduce any new changes nor the desi movated by others, unless pushed to wall. ‘Scanned with CamScannerhey suffer from losses but prefer to stick fo 2 ‘Such inane entrepreneurs are found plenty in _ = Ideal Jawa, a motorbike company b: aged in Mysore is an example. ‘1 According to the types of business: a) Business Entrepreneur: a ‘The individual entrepreneurs are called Business Entrepreneurs. This kind entrepreneur finds out an idea for a new product or service and then creates a business to materialise the idea into reality. ies potential markets, stimulates demand for his product and creates a desire interest among buyers for his products. : ) Industrial Entrepreneur: The entrepreneur who undertakes manufacturing activities and goods are called) epee ane He is a product oriented man who starts a bi : c od usiness in an Because ofthe possibilty of making some new product i eet inputs of agricultun productivity peacul tes tana Eerie ‘gh mechanisation ‘Scanned with CamScanner) Technical Entrepreneur: These entrepreneurs are technically qualified persons who have entered the field of - business to commercially exploit their innovations and discoveries. Non —Technical Entrepreneur: These entrepreneurs are not concemed with the technical aspects of the production. They are concemed only with developing altemative, marketing and distribution method to promote their business. Professional Entrepreneué: ; He is a person who is interested in ‘iablishing a business but does not have interest in operating or managing it once itis established. According to area: Urban Entrepreneur: The person who establishes the industries in urban areas is called urban entrepreneur. Rural Entrepreneur: ‘The Person who establishes the industries in rural areas is called rural entrepreneur, cording to Gender and Age: ‘Scanned with CamScannersem of den resignation of thei fOP exceuh and start their own ventures. Some of : : cit 1 ae sion ey I, an American Management : fons, Gifford Pinchot am ; eae tems within the o1 ee noccrercame corporations should create smaller syst’ i ean aaa erate like entrepreneurs. He also sugges! iB eae autonomy necessary fy en te provided with adequate financial resources and the =e | ae ide selected executives Fa ication of their ideas, Such a system would provi ‘the development and application i cue eaves status similar to that of an entrepreneur in the society, he sai a ul ce xducts, services and process which enable the company to : f fans “intrapreneurs’ would introduce new pro a book was ion decades ago, But this wasn’t the brainchild ofa late night idea ¢ ation session erberg aid co; it came from their celebrated ‘hack-a-thons', where coders aul 4 platform to create and develop ideas. So next time you click the Like) ut Facebook page, remember its origins, It came about t because the social network | Iture: of entrepreneurship, and has been Teaping the benefits ever since, ! | . | Was, in essence, a Prototype based | infendo console. I's creator? An ‘intrapreneur’ working for Sony as a junior Know tis, but the original Sony Playstation v ‘Scanned with CamScanneree creativity contained within their workforce, ‘up t 15 percent oftheir work time developing new projets. From here, Silver developed an adhesive that wasn't complete rock solid sickness Unfortunately, = it was a more user-frien he struggled to find an end use for it, until some five years later A Fea Golleague at 3M, recognised that the sticky solution could solve an everyday problem ‘was experiencing: his bookmarks falling out of his reading book.6The Post-it Note was bom, and | afler an intense marketing campaign became a favourite of offices and stationers across the globe. ~ 4) Google - Gmail Tike 3M, Google is a company that embraces intrapreneurship by offering their workforce a 20 | Per cent timeframe on developing personal projects relating to the business. One such project "from Paul Buchheit was the initial template for Gmail, particularly the search function (the first _ of its kind from email service providers) and increased storage capacity.Today, Gmail remains | one of the most widely-used email platforms ci the webs driving key traffic to Google's " products. And all thanks to the brainchild of one of their employees. lifferences between Entrepreneur aud Intrapreneur develops and operates SINo Entrepreneur Tntrapreneur ‘An entrepreneur is an independent An intrapreneur is a semi independent 1 business man ‘business man 2 | Hebearsfullrisks ofthe businesshe | He doesnot bears fully risks ofthe business he operates Hee himself raises the necessary capital from various sources and guarantees its return to the suppliers He neither raises the capital himself nor guarantees any return to the suppliers "| He operates from outside the organisation. In other words he creates | the organisation which works for him. ‘He operates from within the organisation. In other words he is part of the organisation that he may be allowed to create, aici ‘Scanned with CamScannera business organisations by mobilising the savings of public. ployment which reduces unemployment problem in the count ized. ‘Scanned with CamScanner‘com = in the county, there are bound tobe problems, are plenty of successful small businesses in India, But the entrepreneurs lack the will the strength to scale - up their operations. rpressure and lack of experience. ‘b) Lack of Motivation: In the beginning all entrepreneurs are enthusiastic about their projects. they may lose interest especially in face of challenges and competitions 6) Lack of patience: This barrier is more dominant among youth entrepreneurs. When things do tot go as expected they may lose interest because of lack of perseverance, cligious and conservative attitudes of the society inhabit entrepreneurs, communistic feelings in certain states in India definitely kills the entrepreneurial \dians. ‘Scanned with CamScanner