An Entrepreneur is a person who organizes and manages a

business undertaking, assuming the risk for the sake of profit.

Person who make a significant difference
Creative & Innovative

Spot & Exploit opportunities.

Find resources & competencies required to exploit
opportunities
Good Team builders & Networker.
Determined in the face of adversity & competition

Manage change & risk

Creativity
Problem solving skills
Decision taking ability
Selling & Marketing their ideas
Find resources required to exploit
opportunities

ENTREPRENEURSHIP

Creation of an innovative economic organisation for the

purpose of gain or growth under conditions of risk and
uncertainty
COMMON ELEMENTS OF ENTREPRENEURSHIP
Creativity and Innovation
Resource Gathering & the founding of an economic
organization
Chance for gain under risk & uncertainty

Entrepreneurship is the process of creating value by pulling

together a unique package of resources to exploit an
opportunity"

Entrepreneur

Entrepreneurship

Enterprise

Person

Process of Action

Object

Distinction between Creativity, Innovation &

Entrepreneurship
Creativity
Getting Ideas

Innovation
Implementing
Ideas

Entrepreneurship
By

Human & Organizational

Processes

ENTREPRENEUR CHARACTERISTICS

Drive
Leader
Competitive
Innovative skills

Vision
Motivation

Self-confidence
Results orientated
Risk taker

ENTREPRENEUR FEATURES

Capacity and willingness to assume risk

Willingness to hard work
Vision and foresightedness
Creative and imaginative thinking

Innovative and willingness to change

TYPES OF ENTREPRENEUR

INNOVATIVE
Entrepreneur

ADOPTIVE
Entrepreneur

FABIAN
Entrepreneur

DRONE
Entrepreneur

INNOVATIVE Entrepreneur
Sense the opportunities for
Introduction of New Ideas,

New Technology of production

Opening of New Markets.

Launches new products, Can work only when

definite level of progress
discovers new markets,
establishes new methods has been previously
accomplished.
of production and
restructures the enterprise.
They focus on revolution
and development.

ADOPTIVE Entrepreneur
Imitate the existing entrepreneur & setup their enterprise in
the same manner
Instead of Innovating, Imitate
Technology
Methods innovated by others
Adopt victorious innovations launched by the
innovative entrepreneurs.
Duplicate the technology and techniques innovated
by others.

Suitable for underdeveloped countries.

FABIAN Entrepreneur
Always cautious. They neither introduce new changes nor
adopt new methods invented by others. They are lazy. They
follow old customs, old method of production, techniques.
Adopt new technology when Realize that failure to adopt will lead to loss or collapse of

the enterprise
Show by great caution and disbelief in
experimenting any change in the organization.
They imitate only in situations where it becomes
necessary to do so.
They are not adaptable to the changing environment

DRONE Entrepreneur
They are Conservative or Orthodox in outlook.
who never allow any change in their production & style of
functioning. They never explore anything. They are also
called Laggards. They are pushed out of market when
product loses its marketability
Refuse to adopt changes They are laggards.
Continue to operate in their tradition way & resist changes.
Drone Entrepreneurs suffer losses, as they refuse to
make any modifications in the existing production
methods.

INTRAPRENEUR
Mid-80s, Gifford Pinchot coined the term "Intrapreneur" to
describe employees of large corporations hired to think and

act as entrepreneurs.
Intrapreneurs, by definition, symbolizes the same
characteristics as the ENTREPRENEUR.
These characteristics might include conviction, passion,
and drive. If the company is supportive, the Intrapreneur
succeeds.
Intrapreneur should ask for permission before attempting
to create a desired future in practice

INTRAPRENEUR
Intrapreneur works overtime helping to run someone else's
business, for the company's future.
Person within a large corporation who takes direct
responsibility for turning an idea into a profitable finished
product
Anyone who behaves with entrepreneurial spirit within a
large organization

INTRAPRENEURSHIP
Intrapreneurship refers to employee initiatives in
organizations to undertake something new, without being
asked to do so.
Intrapreneurship involves using entrepreneurial behaviour
within an organisation and a different but overlapping skills
set is required

INTRAPRENEURSHIP SKILLS
Extensive technical knowledge
Social knowledge to make innovations meaningful
Prior intrapreneurial or entrepreneurial experience

Initiative
See opportunities that others have not seen
Co-operate with other experts such as marketing, R&D,
external suppliers, service providers, customers.
Acceptance of risk

Tolerance of ambiguity

ENTREPRENEURSHIP
ENTREPRENEUR

Person
Organizer
Risk Taker
Innovator
Good Planner
Leader
Decision-Maker
Visualizer
Administrator
Initiator

Process
Organized form of Initiative
Risk-taking activity
Process of Innovation
Planning for successful
performance
Crux of Leadership
Decision making activity
Vision
Administration
Taking Initiative

ENTREPRENEUR

INTRAPRENEUR

Entrepreneur is employer

Intrapreneur is employee

Independent in operation

Depends on the organization to

implement his ideas

Bears all the risk involved in

Enterprise

Does not bear all the risk

Exhibits higher need for

achievement.

May not have high need

achievement

Profit is the reward

Attractive salary, promotion &

incentives are the reward

May not have formal

qualification

Should have some professional

or technical qualification.

Do not have any boundary for

operations.

He has to operate within the

organisational policies

ENTREPRENUERS & ECONOMIC DEVELOPMENT

OPTIMUM UTILISATION OF RESOURCES
GENERATION OF EMPLOYMENT
IMPROVEMENT IN STANDARD OF LIVING OF PEOPLE
NEW/ IMPROVED GOODS & SERVICES
HELP AGRI SECTOR
PROMOTE INTERNATIONAL TRADE
HELP COMMUNITY AT LARGE

Entrepreneur Culture

Culture - definitions Cornwall and Perlman (1990)

an organizations basic belief s and assumptions about what the

company is about and how it defines itself in relation to its external
environment.
Hofstede (1980) collective programming of the mind which distinguishes
one group of people from another.
Cultures change over time and can be shaped over time.
An individual may be associated with a number of cultures.
One group culture may be strong and the other one weak.
A simple way to think about culture is that it captures the personality of the
company and what it stands for.

A culture reflects the unique history of a group of people interacting

over time, but it also is subject to continuous change as people come
and go, and is based on developments in the external environment.
Finally, cultures are fuzzy. They include elements that may seem
contradictory or paradoxical, visible or invisible.

ENTREPRENEURIAL CULTURE

Entrepreneurial culture implies a set of

VALUES (Principles, ethics, ideals, morals),
NORMS (Standard, rule)

TRAITS (Character, personality, behavior, individuality,

persona, qualities)
that are conducive to the growth of entrepreneurship.

ENTREPRENEURIAL CULTURE
Entrepreneurs often start their business because they want
to do things in their own way, and creating the
entrepreneurial culture is their opportunity to see that
everyone does it their own way.
The entrepreneurs communicate what they believe is
important for the organization to be doing.

This communication can be face to face, or can take place

in meetings, employee news letters, or in other written
forms.

ENTREPRENEURIAL CULTURE
Entrepreneurial culture is different from the culture of
traditional large organizations.

It is future oriented and emphasizes new ideas, creativity, risk

taking, and opportunity identification.
People feel empowered to manage their own jobs and time.
Everyone can make a contribution to the firms success, and
the common worker is a hero.

Communication is frequently horizontal and bottom up- while

the worker servers the customer , the manager servers the
worker.

Dimension
Strategy

Productivity
Risk
Opportunity

Traditional Org

Entrepreneurial Org

Conservative
Evolving, Futuristic
Short-term Focus, Short & long term,
Profitability
Multiple Criteria
Emphasize &
Punished
Rewarded
Absent
Integral

Leadership

Top-Down

Power

Hoarded

Failure

Costly

Culture of
empowerment
Given away
Taken as a Lesson

Decision Making

Centralized

Decentralized

Structured
Creativity

Hierarchical
Tolerated

Organic
Prized & Worshiped

Create jobs through the formation of new business ventures.

Utilize available manpower and resources that might have

remain idle and put them into productive use.

Create wealth, independence and status.

Stimulates growth in sectors with increase in D & S.

Increases productivity by means of innovation.

Facilitate and increase the need for technology.

ENTREPRENEURIAL TEAM
An entrepreneurial team consists of two or more persons
who have an interest, both financial and otherwise, in and
commitment to the ventures future and success; whose work
is interdependent in the pursuit of common goals and venture
success; who are accountable to the entrepreneurial team
and for the venture; who are considered to be at the
executive level with executive responsibility in the early
phases of the venture, including funding and pre-start up.
Entrepreneurial team - A group of experienced people from
different areas of business who join to form a managerial
team with the skills to develop, make and market a new
product.

ENTREPRENEURIAL TEAM
It means a group of people working together to pursue a
common goal. They have a stake in the venture. They
want it to be successful and share its success as well
as failure.
The choice of organizational structure, legal form of
business and entrepreneurial team depends on very
complex conditions

These conditions are separated into two parts:

one related to human aspect and the other is legal
organizational form

Why team is important?

A solid team attracts venture capital

Team can mitigate the pressures

To take the venture beyond founders abilities

Their skills can complement and give edge to the venture

Functions (Roles and Responsibilities) of the

Team Members
Identify the requirement of your venture

Search for skilled human resource

Chalk out their responsibilities clearly
Make them aware of the goal they have to accomplish
Instill the sense of belongingness and team mentality
Identify and maintain an awareness of environmental

influences, demands and changes

ENTREPRENEURIAL TEAMS AND

VENTURE PERFORMANCE
P1:

V.P

entrepreneurial teams effectiveness

Venture performance is dependent on the entrepreneurial

teams effectiveness.
P2: V.P

External Environment

Venture performance depends on the founding environment, not

necessarily an industry, and on the match between the
environment, stable or turbulent, and heterogeneity/homogeneity
of the entrepreneurial team.

P3:

V.P

Decision making process

Venture performance depends on the decision making power (e.g., to

make decisions within the entrepreneurial team based on the situation
and/or task at hand) positively influences both

P4:

V.P 1/

Politics within entrepreneurial team

Politics within the entrepreneurial team, based on destructive motivations,

will reduce entrepreneurial team effectiveness and venture performance.
P5:

V.P

Rich Communication

Rich communication, both in quality and quantity, will enhance the

entrepreneurial team effectiveness and, in turn, venture performance.

P6: V.P

demographic and cognitive composition

An entrepreneurial team that adjusts its demographic and cognitive composition

according to the ventures needs, in terms of development stage and venture
environment, will have enhanced venture performance.
P7: V.P.

Members good educational background

Entrepreneurial teams that have members with heterogeneous and

complementary industry experiences and educational backgrounds and have
(developed) effective communication within the team will be more effective and
will enhance venture performance.

PROJECT
Project is a temporary endeavor undertaken to produce a unique
product or service.
A project is defined as a collaborative activity,
frequently involving research or design, that is
carefully planned to achieve a particular aim.
Projects can be further defined as temporary rather
than permanent social systems that are represent
by teams within or across organizations to
accomplish particular tasks under time constraints.
Temporary

CHARACTERISTICS

Unique

Temporary Definitive beginning and end

Unique New undertaking, unfamiliar ground

PROJECT MANAGEMENT
Project management is the discipline of planning,
organizing and managing resources to bring about the
successful completion of specific project goals and
objectives.
Project Management is the application of skills,
knowledge, tools and techniques to meet the needs and
expectations for a project.
The purpose of project management is prediction and
prevention, NOT recognition and reaction

OBJECTIVE OF PROJECT MANAGEMENT

To ensure projects are delivered on time.
To ensure projects are delivered within schedule
commitment.
Continuous improvement in project process.

Implement project communication & Deliver Quality

solutions.
Reduced error.
Improve Effectiveness.
Appropriate Risk Management and Internal controls.