Entrepreneurship And Small

Business Management

ENTREPRENEUR
The word Entrepreneur is derived from
the French verb Enterprendre. It means to
undertake.

An entrepreneur is an individual who takes
moderate risks and brings innovation.


Definitions
Entrepreneur takes initiative, organizes some
social and economic mechanisms, and accepts
risks of failure .
-Albert Shapero
One who always searches for changes, responds
to it and exploits it as an opportunity. Innovation
is the basic tool of entrepreneurs, the means by
which they exploit change as an opportunity for a
different business or service.
-Peter Drucker

Acc. to Schumpeter "An entrepreneur is
basically an innovator. He developed more and more
new technology. when more technical knowledge then
he became more successful in the world. He is a good
advisor. The entrepreneur must have three qualities:

Ability
willingness
leadership
quick decision


E:xamine Needs
N:ew Ideas
T:hink quickly and make a wise decision.
R:esearch the opportunities
E:stimater
P:lanner
R:isk Taker
E:xtreme self confidence
N:eed to Achieve
E:mploy the resources
U:nderstand that they will have to work long and
hard
R: Reward
Characteristics of Entrepreneur


Hard worker
Risk taker
Desire for high achievement
Highly optimistic
Independence

Characteristics of
Entrepreneur


Foresight
Good organizer
Innovative
Team Spirit
Discipline
Ability to accept change





Azim Premjis Ten Golden Rules for
Successful Entrepreneurs


Dare to dream
Set clear goals
Never loose your curiosity for learning
Strive for excellence
Build self confidence
Learn to work in teams
Take care of yourself
Persistence
Have a broader social vision
Never let success go to your head

Functions of Entrepreneur
Planning
Organizing
Decision Making
Management
Innovation
Risk Bearing

Planning
Scanning for the best suitable idea
Selection of the product line
Determining the form of business
organization
Estimation of capital resources
Selection of location/site
Studying the government policies and
regulations
Studying the availability of labour force
Studying of the market and marketing
strategy to be adopted

Tasks and challenges in business

Challenges Tasks undertaken to meet challenges
Raising capital Applying for a loan
Sourcing credit facilities from suppliers
Reducing expenditure so as to save, etc

Marketing
goods/services
Advertising
Costing and products
Market assessment, etc

Managing funds Budgeting and budget control
Record keeping, etc

Maximizing profits Controlling costs, Sales promotion, etc

Tasks and challenges in
business
Challenges Tasks undertaken to meet
challenges
Acquiring stock Contacting suppliers
Choosing best suppliers
Transporting goods
Storage, etc
Installing effective and efficient
production processes producing high
quality products

Types of Entrepreneur
Innovative Entrepreneur
Imitative Entrepreneur
Fabian Entrepreneur
Drone Entrepreneur