EPRENEURSHIP Entrepreneur and Entrepreneurship | Role and Importance of Entrepreneurship in Feonomic | Development | New Generations of Entrepreneurship Unit2 LAUNCHING ENTREPRENEURIAL VENTURES | Generation of Ideas Se Se cS | Business Plan — New Ventures | Role of Innovation and Creativity | Creativity 26 Unit 3 BUSINESS AND ENTREPRENEURIAL D5) | Entrepreneur Assistance ~° | Business and Entrepreneurial Development | Referencesa I ENTREPRENEUR AND ENTREPRENEURSHIP, 4 ) vi Entrepreneur and Entrepreneurship ' Meaning, Definitions, Evolution, types — Characteristics, qualities, functions of entrepreneur, Distinction. between entrepreneur and manager, Distinction between | entrepreneur and intrapreneur Entrepreneur and Entrepreneurship{ An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards! The process of setting up a business is known as entrepreneurship! The entrepreneur is commonly seen as an innovator, a | source of new ideas, 00d, services, and business/or procedures. i { : 1.4 MEANING: ‘The word “entrepreneur” is derived from the French verb entrepreneur, which rcuns ‘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”, An entrepreneur is one who innovates, raises. money, assembles inputs, chooses managers and sets the organisation going with his ability to identify them. Innovation occurs through: (2) The introduction of a new quality product, (b) Anew product, (c) A discovery of a fresh demand and a fresh source of supply, and (@) By changes in the organisation and management. ' Schumpeter’s entrepreneur only exists if the factors of production are combined for the first time. To him, maintenance of a combination is not entrepreneurial activity. As such, he differs § from the theory of Rent enunciated by Ricardo, Ricardo included the term “entrepreneurial ! ability” as an independent factor of production. To Ricardo, profit is the reward for @ entrepreneurial ability. " An entrepreneur performs one or more of the following: ‘ (i) Perceives opportunities for profitable investments, (ii) Explores the prospects of starting a manufacturing enterprise,Gi) Obtains anc dasa ons cial (©) Provides pomsnal guarantees to the financial isiition, (09) Promises to moet the shortfalls in the capital, and Dap (vid supplies tectnial Know-how. Tn actual practice the term “entrepreneur” ig attributed to all small industrialists, small ‘businessmen, and traders. All people who are gainfully engaged in work of manufacturing, distribution or service and other sectors are called entrepreneurs. Entrepreneur - Concept Entrepreacur refers to individuals who were ‘undertakers’, mesaing those who “undertook” In several literature reviews, it bas been observed that as carly as in the sixteenth century the Frenchmen who st 10 organise and lead military expositions were refered fo a entrepreneurs. In the early 18th century French economist Richard Cantillon used the term entrepreneur to business. Entrepreocur was a dealer who purchases the means of production for combining them into markets prodocs. Since then, the word entrepreneur refers o one who fakes the tisk of starting a new organisation or introducing a new ides, product or service. Enueprecr isthe most important factor in the process of economic development. He ‘occupies the central place in the growth process because he initiates development in-a society ‘and carries it forward. As a change agent, the entrepreneur is the first and foremost a catalyst for ions ‘The function that is specific to entrepreneur is the ability to take the factors of production— land, Isier sad ps and ese them to produce new goods of services. The eatepreaeit peresivscpporttics, He works as aa originator ofa sew business venture and also tres 19 Fmprove sn orpanstoa unit by initiating productive changes. ~ Concept of Entrepreneurship Eaepreocustip is the ability and readiness to develop, organise and run a business enterprise, along with any of its uncertainties in order to make a profit, The most prominent ‘example of entreprencurship is the starting of new businesses, In economics entrepreneurship connected with land, sbour, natural resources and capital ean generate a profit. The entrepreneurial vision is deficed by discovery and risk-taking and is an. indispensable part of a nation’s capacity to succeed in an ever-changing and more competitive slobal marketplace. Definition: Exrepreneurship iefers 10 the process of creating 3 new eerie and beating any of is risks, with the view of making the profit It is an act of seeking investment and production opportunity, developing and managing a business venture, so as to undertake ° SUA asta prexliction fiction, arranging inputs like land, labour, material and capita, introducing new techniques and products, identifying new sources forthe enterprise. Conceptual Mode! of Entrepreneurship The person who creates 2 new enterprise and embraces every challenge for its development and operation is known as an entrepreneur. And the undertaking or organisation, typically a start- ‘up company, set up by the entrepreneur is called enterprise. The very existence of the term entrepreneurship differentiates it from the at of business, While business, as we know it is at its core the buying and selling of products and services in order to tur a reasonable profit, entrepreneurship goes farther than the common concept of commerce. Entrepreneurship seeks to change the world by discovering opportunities where none previously existed. They convert new inventions into viable products, and provide consumers the means of meeting their needs. 4.2 DEFINITIONS 258% The New Encyclopedia Britannica considers an entrepreneur 2s “an in ‘who bears the risk of operating a business in the face of uncertainty about the future conditions.” Leading. economists of all schools, including Karl Marx have emphasised the contribution of the entrepreneurs to the development of economies, but Joseph Schumpeter. who argues that the rate of growth in an economy depends to a great extent on the activities of entrepreneurs, has probably put greater emphasis on the entrepreneurial functioa than any other economist. AAs Professor Jan Tinbergen points out ~ “The best entreprencur in any developing country is not necessarily the man who uses much capita, but rather the man who Inows how to organise the employment and training of his employees. Whoever concentrates on this is rendering a ‘much more important Service to his country than the man who uses huge capita. ‘Adam Smith, the father of classical economics, did not use the term entrepreneur anywhere. Instead, he used the words like employer, the merchant, the undertaker and the maser. Alfred Marshall wrote about the capitalists and management but he was silent about their difference. As such, the classical economists ignored the term entrepreneur entirely. According 10 A. P. Usher, “Specialisation or division of labour necessitates an centreprencurial function the crux of which is to coordinate different economic activities. ThisSASS. RONICS) view on entreprcs< as very narrow and it reduood i) actities to no smoee than a marszecisi function.~ FH. Knighs 19 Ss anicle on Risk, Uncertainty and Profit propounded the maxim that “entrepreneur is 2 spec alised group of persons who bear risks and deal ith uncertamty.” He also identified social, psychological and ceonomic factors which gover the supply of entrepreneurship According to David Ricardo, a contemporary of J. B. Say, “The foremost motive of a risk taker isto mass capa! and capital accumulation isthe sine gua nea of economic development.” Joseph A. Schumpeter thus writes — “The entrepreneur in an advanced economy is an individual who introduces something new in the escoemy — a method of production not yet tested by experience in the branch of manufacture concemed, a provuct with which consumers are not yet familis, anew source of raw material or of new markets and the like.” Hee further states the entrepreneur's fumetion is to “reform or revolutionise the pattern of ‘production by exploiting an invention or more generally, an untried technological possibility for producing a new commodity..." 4,3 EVOLUTION OF ENTREPRENEUR 2020 will bs remenibered 2s one of the most remarkable years in human history for a host of reasons, least of which is how the state of our economy, and need to work from home, ha thrust usall to appreciss wht means to be online erre one «ime that many’ are exploring stating a business of their ow Never before has the landscape of our workforce changed so dramatically while circumstances ave millions considering entrepreneumbip. That made me curious about the evolution ofthat word, entrepreneur. That made us consider what more we can do to help. ‘+ 1734. Insh-French economist and author Richard Cantilion penned Essai (Essay on the [Natur of Trade in General), considered the frst complete formal work on the subject of economics. In Esssi, Cantillon explored the early economics idea of cause and effect, considered monetary theories, and identified the enteprencur as a risk-bearer. “Entreprencurs are non-fixed income eamers who pay known costs of production but eam uncertain incomes.” Cantillon divided society into two principal classes — fixed income wage-camers and noo-fixed income eamers; nd while it's considered that Jean Baptiste Say coined the word “entrepreneur,” it's 1803. Say, a favourite study of mine, studied Cantillon and Adam Smith, and noted thatthe entreprencur is distinct in being the person who unites all means of production to wacover new opportunitics, “By selling ‘the product in the market he pays rent of land, wages to labour, intrest on capital and ‘what remains is his profit.” The entrepreneur shifs economic resources out ofan arca of lower and into areas of higher productivity and greater yield ‘+ Early 1900s, Nikola Tesla introduced the notion of a “world, wireless system” and visionary thinkers such as Paul Otlet and Vannevar Bush conceived of mecnannes ane mesie ~ in the 1930s and 1940s, This, of PATS: 2 course, ave rise (0 the internet on which we all find ourselves today and is ne + ‘ur history of entrepreneurs as this technology has enabled everyone, everywhere 1934, Joseph Schumpeter helped establish that entreprencurs disrupt, leading us. notion popular today of disruption. Entrepreneurs are innovators who use & procs, shattering the status quo of the existing products and services, 10 set up neW prot. new services, Schumpeter brought a unique perspective to bear on the power of maj. creating innovation to improve human well-being through his widely read ve, Capitalism, Socialism, and Democracy. 1961. David McClelland is credited with developing Ac niovement Mecwacion Toes, commonly referred to as “need for achievement” or ~achievement theory. He hin an energetic and a moderate risk taker, claimed that motivation is “a recurrent cence: for a goal state or condition as measured in fantasy, which drives, directs and selects behaviour of the individual”. He focused on three particular motives: the need fx3 achievement (N-Ach); the need for affiliation (N-AfM; andthe need for power (N-Pos\z [N-Ach isthe desire to excel in relation to a set of standards. It isthe drive te succeed. Ny Pow is the desire to be influential and affect an organisation. (N-AMf) is the desire f2 close personal relationships. The Achievement Motive has been closely studied {4 impact on development of economics and entepreneursbip Early 1960s. MIT's J.C. Licker popalarsed the idea of an “Intergalactic Netor gy ‘of computers; work that bocams ARPANET and in turn, th¢ ine eae a 1964, Management consultant and economist Pete Dracher noted that the entreprene:l searchss for change, responds to it and exploits opportunities. Innovation is a specifi tool of an entrepreneur and that it, combined with Marketing, creates the most vatue o! the work that businesses undertake a 197 Ptr Kilby stati the cial rol ofthe enpeener in developing economies in hist ‘work Entrepreneurship and Economic Development. Kilby distinguishes the «=o: scrsororavr Whe Joes" innovate bat imitates technologies innovated by others; bp, Usher in the ccogition of 2nd mover advartages and how being fist to market isn’t uss the best place tbe. bi 1975, Howard H, Stevenson of Harvard Business School notes that entrepreneurship i er pursuit of opportunity without regant to resources curently controlled, reinforcing the exh distinction of the entrepreneur as the risk taker in uncertain circumstances and comfortably ‘with Mud incorne. 3 1978. Albert Shapero reminded us tht Entreprencurs take initiative, accept risk eat failure and have an internal locus of control. His paper, The Displaced, Uncomforsblsuft Ucprcneur resonates even more in 2020 than perhaps before. 1990s, Computer scicntst Tim Berners-Lee invented the World Wide Web. oft a8 ‘confused with the internet, the web is the most common means of accessing data oalis'*at! the form of websites and hyperlinks.Si ARO: + 2005, liner Ostrom’s work Unlocking Public Entroprencutship and Publi Eeonomies - entrepteneurship to public an private sector, noting that unlocking human potential requires rich network of institutional arrangements in beth private and public spheres. er work solified the need for economic collabouration on behalf of everyone; positing that opening entreprencurship and the complex market organisation involved i, fnkey to increasing the evel and quality of private goods available to consumers. ‘+ 2013, Ronald May clarifies that an entrepreneur is someone who commercialss his or her innovation. T OF ENTREPRENEURS: > & REY Depending upon the level of willingness to create innovative ideas, there can be the following types of entrepreneurs: “A: Innovative entrepreneurs: These entrepreneurs have the ability to think newer, beter and more economical ideas of business organisation and management. They are the business Teaders and contributors to the economic development of a country. Inventions like the introdocten ofa srl ar ‘Nano’ by Ratan Tata, organised retailing by Kishore Biyani, making robile phooes available to the common may by Anil Ambani are the works of innovative Se 5 2 Imitating entrepreneurs: These entrepreneurs are people who follow the path shown by innovative entrepreneurs. They imitate innovative entrepreneurs because the environment in which they operate is such that it does not permit chem to have creative and innovative ideas on their own. Soch entrprencars are found in countries and situations marked with weak industrial and insitutionsl base which erates difficulties i initiating innovative ideas. In our county als, sch entrepreneurs ae found in every field of business activity and they fulfil cement by imitating the ideas introduced by innovative entrepreneurs Develojcnest of small shopping complexes is the work of imitating entrepreneurs. All the small car manufactures now ae the imitating entrepreneurs. 1. Fablan entrepreneurs: The dictionary meaning of the term “fabian is ‘a person seeking, victory by delay rather than by a decisive bale’. Fabian entrepreneurs are those individuals who proof, such as marketing,SSSR The market size and ytinature wt bo coctesves infugnce the own Wass. fat a cular product momoppiy io 3 rethet Ss fluent forthe ene than “competitive market, However, the ctsaltotages ofthe competitive mat eat be siisate to ‘oanc extent by improving the transportation ster, vreasing the mtility ofan matevat and Finished prouets, and increasing dssmand foe prahctve AICS S. Infrastructuze: Ertreprepcurtal expansion properly presuppases enhanced communication and vansportatioa facilities. It not only helps to grow the masket but also widens the business horizons. For example, thc establishment of a post and telegraph system in India and the cconsircton of roads and highways. ft fachtated a lo of entrepreneurial activities that took place in the 18505. In addition to the above reasons, tradebusiness associations, business schools, rae, te. also contribute value to the entreprencur forthe development and costinuation of the economy. You can collect all the information yea sant from this ageney: They serve as 2 forum for communication and collective ation 4. Environmental Factors ‘The environment is the conditions, circumstances, cc. affecting a person’s life. 1 consists of the actors and forces that affect che scccess and sustaining of peopie and ‘organisations. The emergence an! development of enrreprencurship is not a spentencous one but 2 dzpendent phenomenon of saious enviroamental factors, These actors may have both positive snd negative influences on “ic cmengence of cxtrepreneurship. Positive influences consttuie facilistuve aad conducive cons hs grows of entrepreneurship, whereas negative tueroes create inbiiating co development of entreprcnc’ Environment plays 2 crit rot of various environmental farce in setting 2p of az enterprise because of the influence 5s described beds 1, Developmental and iucsitstisaat factors: The encouragement and guidance of various governmental and non-gove:r-oectat instinutions plays a vital role in the setting up of an worse. 2, Eeonomie Factors: The £ the eaterprise. The financing the business. te} economic factors Hhe demand and supply will determin the economy vil also determine the various means of 43. Financial Factors: The funds required for stoning up an enterprise depctds on the ‘wailblty financial institutions and othe sources of funding and the policies followed by them. 4. Social and cultural factors: Fvaluating the social and cultural factors plays a vital role and requires that the enterprise is compatible with the neads of the population living ina specific region, , 5. Legal factors: Starting an enteprise involves fulfilment of various legal requirements ‘Thus, these factors have a crucial role in setting up ofan enterprise. 6. Political Factors: Various governmenial policies prevailing in the society will alfect the setting up of the enterprise. Thus, political factors nceds consideration for setting up of an enterprise. a 7. Vechnically Skilled | snowr Force: 4 technically skilled labour cnvtonmental factor coni.:se 19 entuepreteural activity. In the Ts heaving aid industry provi» vechnical base; many technicians and cigs. -te employed in 1972) Latour skilled in a particular area of the nes «osture seilitees the fonzation of new compawies A Stanford Research Institute {SRI} (19%) suly of smalt Susinesses in the electronics sndustry concluded that the “availability ot snc type of labour equited in the industry #s ewe of the most important considerations in dcter ng *he locaton of ieettnies companies". Sie:c a new fim is viewed as a high-risk place of employment, skilled ‘ebeur is not willing to eelcaie. The new finn mst locate where the labour >! ready exist, 8. Government Policies and Incentives: If the economic pol stable, progressive ane government may atract cnlteprencurs by making them aware about cnterprises Industries theo: “hese policies aud by providing them the arc ste. The government ray the entrepreneurs towards backrand si fay anncuncing and pros ‘concessions facilities and assistance. 1+ incentives. These incentive: telp in increasing production, income, ss+i capital formation and ultimate development of the country. If the ec government are suitable. progressive and sound, these may ctct development, The governsient my atract entrepreneurs by making them = proach towards eniipn Industries through these policies and ty czeatives and facilities « government are p development, The sand feciities f= and areas also soa to general ‘he governraent mss srnouncing and prov incentives. These invent capital formation nd sarat the entreprencuns towards bac ies end as: 5 eh areas also 49 te yeueral 5 oad lopment ofthe country. Conclusion: Study ef the interface betwee xt oi caseprenzural ‘environment is essential fot ~ucecssful operation of business firms sey tesh avenues for te expansion of new enirayreacurial operations, The entzeprencurs m3 wai with new igsas andl with new ventures shen they find enviruement suitable to the s Knowledge about chan ‘and maintain harmony ot bos ete onment enables businessmen 19 adh ss cpertions withthe environment. By st cnvironment reneurs can make it hospitable 10 the growth of business and thereby sa:> aypalar suppor. Thus, the entrepreneur should continuously study nature of enviruamert snd is influence on Jnusness. However, mere study is not enough. Attempis must be = influence the environment in ore to mnake st cong sat uvities, The most suevessiul entrepreneur is one who not oaly adjusts to the et Sat oko mdi cavionment to suit his reyuirenscats thragh the dest and indtoet iniven.> as can exercise over the system, ric approachEXAMINATION QUESTIONS Conceptual Type Question 1. Define Economic Development. 2. Define Capital Formation. 3. Whatis Balanced Regional Development. 4. Whatis capital Descriptive Type Question Explain the Role of ectrepreneur in Esonomie Development. Explain the Social factors influencing Entrepreneurship. Explain the psychological Factors influencing entrepreneurship. Explain the Economic factors influencing Entrepreneurship. ‘Explain the Environmental Factors infoencing entrepreneurship New Generations of Entrepreneurship te Now generations. of entrepreneurship viz, socal, Health, Tourism and Women’?! entrepreneurship; Barlrs to entrepreneurship. 2 |EW.GENERATIONS OF ENTREPRENEURSHIP. ‘The new generation entrepreneurship is the one who succeeds in influencing the society wit project, idea or innovation by revealing what is not there and trying the untested. It isthe job of people who follow their dreams. These people use their mind, time and knowledge with a focus ‘on science and knowledge. They never finish university and start working like ordinary people™ do, He is constantly involved in technology, suchas Gates, Jobs, Zuckerberg, Page or Yong tha® you all know wel. These people have created innovative companies such as Microsoft, Apple Google, Yahoo, Facebook. They combined their dreams with technology and fed with science. "2 tt With the new generation entreprencurship, the departments of top universities around the ‘orl focus on steace and echalogy. The new generation enuepreneus are stating fo catch from their student days. Students gain experience by working in R&D and technolo: departments, Many successful science-focused universities focus on raising entreprencuss by leaving the classical education approsch. At the end of this process, new projects and innovatioasat ‘emerge. Technology-orientod stagents who are the best, equipped, creative and pursuing the dreams are leaders in entrepreneurship, it Features of New Generation Entrepreneurship a + New generation entrepreneurs look at problems from a ¢ifferent and broad perspective ‘They are solution oriented. They find solutions by using technology at the most advan eve, + They frequently do R&D Studies. + It sims to solve the problems that people have dificult in solving. + They take risks. Because they ty to solve problems encountered forthe fist me, 62 can make misiaes at every sage. + They are generally not fo profit, They aim to rai awareness. They spend their po onissues that wll mise avareness, reT Wt is open to all kinds of innovative ideas. They are compatible with change and ab00s. + They can prodoce new things and bring thera into our lives. + They venture around the world. They ty to find sofutions tothe commen problems of the world and the county. 3.1.1 Social Entrepreneurship Social Entrepreneurship can be defined as doing business for a cause. This form of ccteprenenrstip combines business and socal issucs in 2 bid t0 improve the lives of people ‘Apart from altruistic motives, One possible reasoa behind sich a move is that if society progresses ‘well businesses will also become more profitable. Tis article will tke you through the efintion, pes, and examples of Socal Entrepreneurship. Socis! Entrepreneurship is when an individual or a group of people take up the responsibilty to sole the prevailing problems of society. It could bea low-key afar or a large-scale drive that involves the masses. What mates is that he activity cr initiative solves a problem and brings boat a postive change in someoce’s Fife Inthe words of Bill Drayton,» social extrepreocur,zuthor and founder of Ashoka: Innovators forthe Publie, “Whenever society is stck or bss 2n opportunity to seize a new opportunity, it ends an eateprecenr to see the opportnity znd then to rar that vision ito a realistic idea and ‘Sen realty and then, indeed, the new pattem all scross society. We need such entrepreneurial leaderssp atleast 2s mach in education and human rights as we do in communications and hotels. This isthe work of socal exrepreneus” Joarals 20d euthor David Borsten, wile defining social entrpreneuship, says, “What basins ecteprencurs a tothe economy, social entrepreneurs are to social change As pet American professor Greg Dees’s definition of social entrepreneurship, “Social crreprenears ate 2 “special breed’ of leaders.” Social entrepreneurs cennct be defined in 2 single sentence. They are changing the world in fleet ways every day. If we lock sround, we'll find several examples of social cctnepreceuhip that have affected monumental change + A social entrepreneur refers to en individval who pursues novel ideas with the potential to solve or alleviate certain community-oriented problems. + Social enuepreneurs often are willing to take the risks associted with their venture to help address enabling postive change in society + Social etrepreneus often need to make sure tht their ideas are easily understandable, twierfriendly and that they are able to receive vast support fiom other people who will ‘join nthe venture Social entrepreneurship is a term that is used to describe the activities of individuals or organisations who identify and solve social problems. Unlike traditional businesses, which are primarily motivated by profit, social entrepreneurs are driven by a desire to make a postive impact on society. There are many different ways in which social entrepreneurs can operate, but all share a common commitment to improving the lives of others. One of the most famous examples of social entrepreneurship is Muhammad Yunus, the Bangladeshi economist who founded the Grameen Bank. The Grameen Bank provides small loans to impoverished entrepreneurs in developing countries, helping them to stat or expand their businesses. To date, the bank has provided over $10 billion in loans and helped millions of people escape poverty. Characteristics of Social Entrepreneurs Social entrepreneurs certainly dfer when it comes to individual personalities; however they also share similar characteristics necessary for success as pragmatic individuals willing to undertake significant risks and uncerainties to achieve positive changes in areas that might be resistant to new ideas or approaches. Social entrepreneurs firstly néed to posses a strong passion that drives their desire to see their ideas and initiatives come to fruition, while also adopting a healthy impatience that tes in ‘with their uncomfortableness with sting bac to wait for change to happen. They also need to come up with practical but innovative ideas to social isues and often use mazket forces and principles. It allows them to break away from constrains imposed by the traditions and customs ‘within the fields of certain disciplines to take risks that hers are afraid of taking. Despite being hopeful of their sucess and ability o change the minds of others, social entrepreneurs ae often able to moniter their own impact and degree of success and set high standards for themselves and ther organisations in respoase to the communities with which they engage. They constantly review their percrmance using contimous feedback, both quantitative and qualitative, to guide thei improvement. 1, Ambitious: Social entrepreneurs often tackle major social issues anid often strive to improve the lives of cern disadvantaged groups within society. They operate in all kinds of, organisations from non-profit organisation, caries, ventures ~ such as for-profit community development banks and organisations tht mix elements of tc: promt and for-profit organisations. 2. Missiondriven: Socal entreprencurs often focus on generating social value and focus less on profits and revenue. When profits are generated, they are put back into supporting the socal rission of the organization. While profit is an important objective of the organsatioa, the money isused towards furthering the socal cause and objecive. 3, Strategie: Social entreprencurs are adept at observing what others might miss. They identify opportunities to, improve systems. to create new solutions and approaches to create societal value and make a postive change in society. Social eitepreDetis Heéd to be extremely ‘determined and conscientious in order tobe relentless in thee pursuit of the socal objective. 4. Resourceful: Social entrepreneurs often lack the strong world of access to capital and market support systems due to thei rather than profit generation for shareholders and other stakeholders. They need to be skilled at persuading others to agree with thie ideas and support their ambitions through figancal, political, and other means.5. Result-oriented: Socal ctreprencus focus onthe ced results, which transform existing realities, open up new pathways for the marginalised and disadvantaged, and unlock society's potential to effect socal change. Types of Social Entrepreneurship ‘There ae the diferent types of social entrepreneurship. Various types of social entrepreneurship: Here we'll look into four types of socal centeprencurship. 1. Community Social Entrepreneur: Community social entepreneus are small-scale hangemakersA community social entepreneur can be a young individual iaehiig _Seespivieges kids in 2 town, a group of college students running sanitation and plantation drives in city oF one or more organisations working fr socal god Commmanity veil entrepreneurs work in specific geographies ard communities but for 2 wide variety of eaues From hygiene and saittion to employment and fod distribution services 22 from plantation snd ervtonment safety to providing employment o deserving ons, they do ital These types of socal sore 2. Now-Proft Social Entrepreneur: These social entrepreneurs believe in reinvesting ofits. So, along wih the tal eos, they pt their profits ino the cause. For instance, if he initial project was to educate kids from underprivileged backgrounds and they received more funds than requted to facilitate the intative, they will use the surplus to edacate wornen and expand zit portfolio, People who have 2 bsines-oriented mindset prefer this typeof socal entrepreneurship. Not jst hat, but companies end organisations chose non-profit socal entrepreneurship to utilise their sacl gooduil forthe cause : 3. Transformational Social Entrepreneur: These enrepreneus focus on estab business that can solve a purpose that government natives and oher businesses can't. “Transformation vacileneepreneurship is more like ansng an organisation where you hire skied people, think of newer ways to stay relevant inthe marke, follow he guidelines issued by ‘goverments and do everything that an enterprise does-—~ ‘The larger picture for vonsformational socal entrepreneurs includes a collabourative set-up of muhiple businesses serving society colleaively and individually. 4 Global Social Entrepreneur: Global socal entrepreneur thnk ona lgger scale and focus _ pr betes se Te retest a ‘They usually collabourate with organisations working on similar causes in specifi regjons/eountries. One ofthe mos relevant examples of this ype of social entrepreneurship isthe repreneurs ate tbe ones who bring about instant change and strive for SSUES NES Make A Wish Foundation, Headquartered in Phoenix, Arizona, it actively works in aroun» countries, fulfiling the wishes of critically ill children. 5, Strong Ethical Impetus: Highly-successful Social entrepreneurs aren't fuelled by a as, to become famous or build a fortune, but a desire to restore justice in society, to address sac ‘problems, And this motivation comes down to a clear sense of what is right and what is oxy ‘This “ethical impetus” isnot only evident inthe work of successful social entrepreneurs but, in how they live their lives. 6. Willingness to Cross Disciplinary Boundaries: Highly successful social entreprenex not only escape established structures, they also combine thinking and resources from difey Aisciplines to achieve their intended goal. “Indeed,” explains Bornstein, “one of the pines functions of the social entrepreneur is to serve asa kind of social alchemist: to create new soca compounds; to gather people's ideas, experiences, skis, and resources in configurations tha society isnot naturally aligned to produce”. Examples of Social Entrepreneurship ere are some great examples of social entreprencurs who have brought about tremendou change in Indi Anshu Gupta, Founder of Goonj: Anshu, a media professional, wanted to provide prope clothing to the underprivileged. He started collecting olé clothes to wpeyele them and distribu, them among the poor. Santosh Parulekar, Founder of Pipal Tree: Focusing on one of the most undemata Segments, jobs in rural Indi, this organisation is the best example of social entrepreneuhi Pipal Tree was established to help youth from rual India find suitable jobs. ‘Urvashi Sahni, Founder and CEO of SHEF (Study Hall Education Fourdation): Set to educate girls in rural Inia, SHEF has transformed more than 1,000 schools, tained tes thousands of teachers and impacted nearly 5 milton students’ ives in UP and Rajasthan. Harish Hande, CEO and Founder, Seleo: India’s frst solar funding programme, Sela sims to provide sustainable energy inthe country's rural areas. ‘Trilochan Sastry, Founder of ADR (Association for Democratic Reforms): Tilocha, professor atthe Tndian Institute of Management, Bengalouru, began his joumey as aso entrepreneur by fing a PIL against some politcal leaders in Delhi High Court. He formed ADE in 1999, which now reviews election procedures to strengthen democracy in India Rachel Brathen: Rachel Brathen isa Swedish entrepreneur and yoga teacher who has bal: successful business around her passion for yoga and wellness. In 2010, she founded Yoga Sb a yoga studio and retreat Center in Aruba. ‘Since then, she has expanded her brand to include an online store, teacher tits programmes, and a popular blog and Instagram account. While her business is for-profit, Brit donates a portion of her profits to charity each year.EE tn sition to her philanthropic work, she is also an outspoken advocate for environmental and sustainability. Asa resolt of her success in social entrepreneurship Brathen has been featured in numerous publications. including Forbes, Time, and Fast Company These were just a few well-known examples of social entrepreneurship in India Not all tain the same levels of popularity, but they still have considerable impact oa society. These examples prove that you doa't need a dezree to be a social entrepreneur. An idea and the dive to see it through are what make you a socal enteprencur. Social entrepreneurship is an incredibly powerfUl tol for tackling today’s pressing social ‘needs, and we're only just witnessing the beginning of what social businesses can offer. Its upto the ising generation io explore their full potential and build social enterprises with power, scope, and breadth and reach of the Googles and Facebooks of today. In a quest to find out what makes a social entrepreneur, thirty-one social entrepreneurs ‘working in Boston, New York, San Francisco, and Los Angeles were interviewed. These ‘entrepreneurs were the kind of people that made headlines. They di not stop until they achieved ‘what they imagined, got right back up after every blow, and communicated their vision with confidence to stract people and resources that helped them realise their dreams. Conclusion The social enterprises inthis list bave not only made an impact on the world andthe causes they each believe in, but they also show businesses thatthe words “charity” and “profits” are not mutually exclusive as many of these enterprises have operated successfully for years and even dozens of years. Thats not to say that you should stop now and tura your business into a social ‘enterprise; rather, if there's one thing to learn is thet every business has the power to change the ‘world, however litle ~ it's just a question of finding the right eause for your business and sticking to your guns. 3.42 Health Entrepreneurship The Public Heath Entrepreneurship (taught by Teresa Chahine) is a case-based course about innovation and extreprencurship for health equity and drivers of health Health equity means that ‘everyone bas a fair and just opportunity to be as bealiby 25 possible. This requires removing obstacles to heath such 2s poverty, racism, gender and other biases and their consoquenes, including powerlessness and lack of Scess to good jo65 with fair pay, quality education and tousing, healthy foods, safe environmests, and health cae: We refer to thes a drivers of health. COVID-19 has brought to light for many complexities in divers of health, and the role of entrepreneurship an cross-sectoralcollabouraton in eliminating health disparities. 7” Te sing inomes, increasing health awarenes (det the digitisation Whats needed inthe elobal healibcare business market today is a new innovative model of public services for solving ‘public health issues, and that is possible only by entrepreneurial thinking! iow developing countries like India exploit the talent and the potential of Young Entrepreneurs to tackle the country’s public health challenges isa hot topic all ove the, work? It is expected that the Indian Healthcare market will reach @ 26 Lakh Crore by the year 2022. The hospital industry in India is expected to grow at a CAGR of about 17 per cent to reach about 600 Lakh Crore by the year 2022, In recent yeas, India has been facing a growing burden of diseases and a critical shortage of health system resources, lack of basic infrastrocture and qualified medical professionals, doctors, and surgeons, It is the need of hour to urgently fx the basic health concems in the sector of infectious diseases (Tuberculosis, diarhoea, Hepatitis A and E, typhoid fever, dengue fever, Japanese encephalitis or Acute Encephalitis Syndrome, AES, malaria leptospirosis, and rabies), [CDs (Non-communicable diseases), lifestyle diseases, and the emergence of new pathogens ‘causing epidemics and pandemics In addition to that, the problem of the malnourished child due to poor sanitation and the otality of abou 7 before the age of five are some other major issues tobe teed in urgency. (One cca issue which may be solved by public heakh entrepreneurship drive isthe ‘eradication of unemployment in India which has soared in recent times to its highest level in the last 20 years (7.2%, According to February 2019 report. th an aim to provide essential public health services, Entreprencurship in the Public Health sector has vast scopes for budding Entrepreneur for Start-ups business. They can plan projects in Surveillance, Diagnosis and investigation of heath hazards and health issues, Providing Information, education, and empowerment to women, Mobilising community partnerships and action in identification of health issues, Designing of polices and plans tht support individual and community health efforts, Enforcement of laws and regulations providing safety, Linking ‘people to required personal health care, Arranging workforce for competent public and personal health care, Assessment of effectiveness, accessbiliy, and quality of health services, and Research for new insights and innovative solutions to health issues. ‘Young Entrepreneurs should bring new ‘eas for improving human health and make the dream true of a Healthy and Wealthy India. Here the collabouration of basie scientists, elnical investigators, public health professionals, and Entrepreneurs are required to develop a common language for describing disease mechanisms to improve human health in India 3.4.3 Tourism Entrepreneurship . ‘Tourism enterprises refer to the different forms of tourist related business ventures permitted within the National Constitution, Like any other enterprise, tourism enterprises are also business ventures having sil preparative principles, but working ona very wide scale. Tourism entrepreneurship refers to tourism-related business ventures within the ody ‘These busiges involve transport, acconimodaion ealig,nafual resource, enteainmen, other Facilites, and services, suchas banks and other tour operator. Sinclac and Stabler (1997) have defined the tourism enterprise as “a composition of products involving transport, accommodation, catering, natural resources, entertainment and other facilites and services, such as shops and banks and other tour operators.”LA A “tourisan entrepreneur” may be definad as a peoson or a group of persons producing an managing tourism perocts. In this process the entreprenenr nist have the commonly preserital ccntreprencurial tits along with serviee sector spevialties As revealed by Shaw and Williams (2002), the service sector specialties involve wo fundamental objects: “One concems the commercial structure of the industry (especialy the dominance of certain activity components and ownership groupe), while the sceon relates to ai ‘understanding of the general organisation of economic power structures.” As regands the definition of tourism cateprencurship, we believe that the most useful and ‘consincing way to define tourism catreprenturship is to establish its congruence with ccatreprencurship it has emanated from. ‘Accordingly, tourism enireprencurship can be defined as the professional application of Imowledge, sills and competeacies andlor of monetising a tourism related new idea, by an individual cea set of poople by launching an enterprise de novo or diversifying from an existing ‘one (Gistnct om seeking self-employment asin a profession or trade, thus, to pursue growth ‘while generating wealth, employmect and social good. In other words, tourism entrepreneurship refers to the activities of the major group of stake- holders of this service sector primarily designed for the effective and profitable interaction of demand for and supply of tourism products; at the same time assuring competitive ‘professionalism and gainful socio-economic status, In simple words, it embraces all sorts of activites involved in ereation and operation of a legal tourism enterprise. A legel tourism enterprise excludes all forms of tourism or tourism like sctivities which are against the geacrlly accepted laws of the Land. For example, in India, wildife hunting, Nesh-trading (prostittion), drug trafficking, etc. are considered ict and illegal and hence, do net fall within the purview of tourism enterprises. 3.1.4 Women Entrepreneurship Women cxtrepreneurship is the process in which women initiate a business, gather all resources, undertake risks, face challenges, provides employment to others and manages the business independently. Approximeiely 1rd of the entrepreneurs in the world are women entrepreneurs. Women anereeraraur may ve sthinad as women or group of women who initiate 7 Women entepreneurs are those worsen who think of a business enterprise, iia it organise and combine factors of production, operat the enterprise and undertake sk and hale cconomic uncertainty involved in rung Women entrepreneurs may be defined as a voman or a group of woinen who iniiste, ‘organise and run a business concern. Schumpeter ~ “Women entrepreneus are those women who innovate, initiate or adopt a business activity”. @ CEE zh ae Government of Inia ~ “A woman entrepreneur is defined as an ne Owned controlled by a woman having « anininmum financial interest of 51 percent of the capita « ‘ving a least 51 per vent ofthe employment generate in the enterprise to wom Frederick Harbison -“Any woman or group of women which innovates, initiates oF adops, «conomie activity may be called women entrepreneurs In short, women entrepreneurs are those women who think of a business enterprise, init-forr ‘organise and combine factors of production, operate the enterprise and undertake risks ‘economic uncertainty involved ia running it. According to Government of India, “A Woman enterprise is the one owned and controlled ‘a woman having minimum financial interest of $1% of the capital and giving at least minim ‘51% of generated employment 1o women", According (9 J. Schumpet called women entreprencurs.” ‘Women who innovate, initiate or adopt business actively & World over 1/3" of the entreprencurial ventures is run by woman entrepreneurs, Due} ‘economic progress, better access to education, urbanisation, spread of liberal and democri: culture and recognition by society, there has been a spurt in woman entrepreneurship in Ind, Special incentives and drives have been created in India to bolster the growth of won entrepreneurs. Schemes like Start-up India and Stand-up also make special case to proms entrepreneurial drive among women, Gradually but steadily, world over, women entrepreneurs have emerged as suc ‘catrepreneurs while earning many accolades for themselves. For example Oprah Winfrey, ‘American entreprencur, television host and media executive reccived the Presidential Meds Freedom in 2013 for her outstanding work in the field of entertainment and social impact. Closer to home, Indian woman Entreprencur, Kiran Muzumdar Shaw, Chairman = Managing Director of Biocon Limited, received various coveted corporate award and civil awards like Padma Shri (1989) and Padma Bhushan (2005) for her remarkable contribution health and medicine industry. Other famous Indian Women entreprencurs include persona like Vandana Luthra, Ekta Kapoor, Naina Lal Kidwai and 50 on. ‘Some common features of women entrepreneurs are listed below: 1. Most women with small income are likely to become entreprencurs. 2. Women with small facilities are likely to become entreprencurs. 3. Aimajority of women entrepreneurs are married. With the support of their husband. accepted entrepreneurship. Most spinsters face difficulties in obtaining financial support to start their enterpriss A large number of women with litte or no education and training enter into the ta field. 6. Many women become entrepreneurs out of economic necessity.