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20XX

ENTREPRENEURSHIP

Bachelor Of Design

6^th Semester �

Dr.(Mrs) Rakhi Mehta

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20XX

ENTREPRENEURSHIP �AND ITS TRAITS

1. WHY ENTREPRENEURSHIP

2. TYPES OF ENTREPRENEURSHIP

3. WHO IS AN ENTREPRENEUR

4. ENTREPENEURSHIP MOTIVATION TRAINING

(DEVELOPMENT ENTREPRENEUR’S TRAITS THROUGH BEHAVIOUR EXERCISE)

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ENTREPRENEURSHIP IS NEITHER A SCIENCE NOR AN ART. IT IS PRACTICE. IT HAS A KNOION LEDGE BASE KNOWLEDGE IN ENTREPRENEURSHIP IS A MEANS TO AN END. INDEED WHAT CONSTITUTES KNOWLEDGE IN PRACTICE IS LARGELY DEFINED BY THE ENDS THAT BY THE PRACTICE.

BY - PETER F DRUCKER

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WHY ENTREPRENEURSHIP

Entrepreneurs have played a pivotal role in the growth of the U.S. economy since the 19th century. They spur industry transformations, create entirely new markets, and help to build resilient communities. Successful entrepreneurs make their dreams and the dreams of others come true. They are able to match their personality, skills, and creativity with customer needs and market opportunities. This guide explains the importance of entrepreneurship, presents the various types and styles of entrepreneurship, and describes the skills that are most essential for reaching your entrepreneurial goals.

In a conference on entrepreneurship held in the united states the entrepreneurship was defined as follows"-“

Entrepreneurship is the attempts to create value through recognition of business opportunity the management of taking appropriate to the opportunity and through the communication and management skills to mobilize Human financial and material resources necessary bring a project to..."

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BY - ATI COLE

• Entrepreneurship is the purposeful activity of an individual of a group of associated individuals, undertaken to initiate maintain or aggrandize project by production or distribution of economic Goods or Services.

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• Economies are powered by innovation. Much of that innovation derives from forward-thinking individuals who possess the drive, skills, and background to turn a business vision into reality. The importance of entrepreneurs extends beyond the effect those individuals have on their own companies, however. They impact their broader communities, and, in some cases, even the world. Investopedia describes four ways entrepreneurs benefit society:

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• Economic growth: The success of the products and services created and sold by entrepreneurs cascades to other businesses and markets.
• Wealth generation: Entrepreneurs frequently target new markets and tap audiences outside the focus of established firms. This creates new sources of revenue and profits.
• Social change: The innovative goods and services entrepreneurs offer reduce dependence on outdated processes and technologies. One example is the way smartphones have affected how businesses communicate with customers, employees, and partners.
• Community development: Entrepreneurs foster a sense of community among people with common goals and interests, whether in a single neighbourhood or across continents. Their products and services contribute to the communities’ social and economic well-being.

WHY ENTREPRENEURSHIP

1. An entrepreneur is a starter. An entrepreneur is an initiator, a challenger and a driver. Someone that creates something new, either an initiative, a business or a company. He or she is the beginning (and sometimes the end) of a venture, project or activity. The entrepreneur might not be the ideator, but he or she is definitely the one that decides to make that idea a reality.
2. An entrepreneur is the driver. The entrepreneur is the person in charge, the leader and the person to look to for leadership. He or she is the one that pushes forward and inspires a team to follow. The entrepreneur is the one that sits in the driver's seat, and has the ability to change direction, accelerate, slow down or even stop a venture.
3. An entrepreneur is accountable and responsible. The entrepreneur is the ultimate responsible for the destiny of its venture, which can be a company, a project, or any other endeavor. The entrepreneur is the one that has the highest stakes at the venture, thus the one that needs to be empowered to fully direct the endeavor.

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TYPES OF ENTREPRENEURSHIP�

• Most people think of an entrepreneur as someone with dreams of becoming a titan of industry. While many would-be entrepreneurs have lofty goals, most hope only to create a successful business, whether that success spans the globe or reaches no farther than their local community. Types of entrepreneurship range from hometown storefront businesses to technological innovations that can change the world. These snapshot profiles of various entrepreneur types demonstrate the range of opportunities available to people who dream of starting their own business.
• 1. Small-Business Entrepreneurs- The U.S. Small Business Administration (SBA) reports that small businesses generate 44% of all business activity in the country. Small-business entrepreneurs differ from other small-business owners in their company’s legal status: Entrepreneurs generally incorporate their businesses, while owners operate as sole proprietors, partnerships, or other nonincorporated entities. Small-business entrepreneurs take greater risks than the typical small-business owner, and they tend to rely on a broader set of skills that encompass high-level thinking, analytical reasoning, and complex interpersonal communication.

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• 2. Investor Entrepreneurs- The roles of investors and entrepreneurs are typically seen as complementary but distinct: However, some entrepreneurs focus solely on providing financial backing to new business entities. Investor entrepreneurs may start their careers in one of the two roles and segue into a hybrid of both to tap the strengths of each. For example, entrepreneurs may feel the need to continually tweak their operations, which can prevent business processes from being firmly established. By taking an investor role and purchasing an ownership share in a business, entrepreneurs are likely to address business opportunities more strategically to capitalize on short-term performance as well as long-term goals.
• 3. Technology Entrepreneurs- As new technologies permeate industries of all types, it could be said that all entrepreneurs are technology entrepreneurs in some regard. However, over the past 40 years the image of technology entrepreneurs has been dominated by billionaires such as Bill Gates, Jeff Bezos, and Mark Zuckerberg. What distinguishes this type of entrepreneur is their practical application of scientific innovations to solve business problems. Technology entrepreneurs are characterized by their passion and unshakeable belief in the inherent value of the products or services they create. Becoming a tech entrepreneur typically entails working long hours and making financial sacrifices in the short term for the prospects of long-term gain.

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• 4. Internal Entrepreneurs- Internal entrepreneurs, or “intrapreneurs,” apply the principles of entrepreneurship to projects within an existing company or organization. One important distinction between entrepreneurs and intrapreneurs is the latter’s lack of personal investment, which reduces the impact of potential failure on any individual. When companies give employees the freedom to experiment and grow within an organization, they can benefit from the success of their employees’ internal projects. However, firms that fail to personally recognize the work of intrapreneurs risk seeing them leave to become true independent entrepreneurs.
• 5. Online Entrepreneurs- Internet-based businesses offer many advantages to entrepreneurs, including low startup costs and the ability to establish an online presence quickly to take advantage of the fast pace of changing markets. However, the low barrier to entry can be a dangerous illusion for online entrepreneurs who fail to realize the hard work and perseverance required to achieve their business goals. Online enterprises require the same time and effort commitment as other forms of entrepreneurship, and they are subject to their own challenges, many related to technology.

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BY- J.B. SAY

An entrepreneur is the economic agent who unities all means of production. The labour, the capital or land and who finds the value of product which result from their employment the reconstruction of entire capital that the utilize and the value of wager the interest and the rent that pays as well as project belonging to himself.

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WHO IS AN ENTREPRENEUR�

• Entrepreneur play an important role in promoting economic development and growth. The term entrepreneur is derived the French word entrepreneur white means to undertake ie the person who undertake the risk of new business An entrepreneur is a person who undertakes his own venture or who brings about new. innovation. In other words we can say that the entrepreneur is a person who organize manages and takes the risk of running an entrepreneur the makes arrangement of various factors of production ie hand, money, Labour, people and machinery and directs them towards achievement of predetermined goal. For this the entrepreneur is rewarded with the profits which are usually uncertain on entrepreneur doesn't have any specific feature the may be fat, thin, creative, header, social, educated sensitive, but these factors are not essential for being an entrepreneur. For being successful entrepreneur the person must have the qualities like innovation taking, hard work, self-confidence, etc...

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ACCORDING TO JOSEPH SCHUMPETU

• An entrepreneur is who seeks to reform or revolutionize the pattern of production by exploiting an innovation or more an generally an untried technology possibility for new ecommodity or producing an old one in a new way by opening up a new source of supply of material or a new outlet of products.

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ENTREPENEURSHIP MOTIVATION TRAINING�(DEVELOPMENT ENTREPRENEUR’S TRAITS THROUGH BEHAVIOUR EXERCISE)

• Entrepreneurial development means to help a person in inculcating and strengthening his entrepreneurial skills, abilities and capabilities. so that they can achieve their entrepreneurial goals are efficiently and effectively.
• In the opinion of JOSEPH. E. STEPARET "Intelligence motivation, knowledge and opportunity and the pre requestion of entrepreneurial development“
• The word motivation is derived from the word MOTIVE, which are expressions of a person's goals or moods. Motive may be define as inner state of mind that energies and activities the behavior forward the achievement of goal, motive leads the human behavior towards the achievement of goals.
• Motivation be defined as a process that includes a person to continue the course of action for the achievement of goals . In other words, we can say that motivation is the drive that ignites behavior action satisfy pre-determined needs.

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IN THE VIEW OF C.B. GUPTA AND N.P. SRINIVASAM

• Development of entrepreneur means including entrepreneurial traits into a person, imparting the required knowledge, developing the technical financial marketing and managerial skills and building the Entrepreneurial Skills.

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IMPORTANCE OF ENTREPRENEURSHIP MOTIVATION

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1. IMPROVED MORALE - Motivation acts as morale boosts for employee. High Morale will result in more interest in the work and hence increases the efficiency and productivity of the employees.
2. LOWER LABOR TURNOVER -Highly motivated labors are more committed to their work and they don't feel like having the organization. Hence the firm will be able to utilize the services of trained, committed and loyal workers for a long period and the resources of organization which the company has to spent on recruitment selection, training and placement of workers otherwise could be saved.
3. BETTER ORGANIZATIONAL IMAGE - Those enterprises which offer better monetary and non-monetary facilities to their employees have a better image among them such concerns are successful in attracting better qualified and experience persons.

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• 4. BETTER INDUSTRIAL RELATIONS-A good motivational system will create job satisfaction among employees and hence enable better relations among employees and employers.
• 5. QUALITY ORIENTATION - The motivated employees are more quality oriented everyone takes care while performing the assigned work. It leads to overall improvement in working and makes employees quality conscious.

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6. IMPROVES PERFORMANCE LEVEL-The ability to do work and willingness to do work both affect the efficiency of a person. The ability to do work is obtained with the help of education and training and willingness to do work is obtained with the help of motivation. Willingness is more important in comparison to ability. For example, a person is highly educated and he is recruited on this very basis. But it is not essential that he will do outstanding work. He shall have to be motivated to do good work. This is possible only through motivation. Therefore, motivation improves efficiency. The efficiency of a person is reflected through increase in productivity and decrease in costs.

• 7. HELPS TO CHANGE NEGATIVE OR INDIFFERENT ATTITUDES OF EMPLOYEES- Some employees of an organization have a negative attitude. They always think that doing more work will not bring any credit. A manager uses various techniques to change this attitude. For example, if the financial situation of such an employee is weak, he gives him a raise in his remuneration and if his financial condition is satisfactory he motivates him by praising his work.
• 8. REDUCTION IN EMPLOYEE TURNOVER- The reputation of an organization is affected by the employee turnover. This creates a lot of problems for the managers. A lot of time and money go waste in repeatedly recruiting employees and giving them education and training. Only motivation can save an organization from such wastage. Motivated people work for a longer time in the organization and there is a decline in the rate of turnover.
• 9. HELPS TO REDUCE ABSENTEEISM IN THE ORGANIZATION- In some of the organisations, the rate of absenteeism is high. There are many causes for this-poor work conditions, poor relations with colleagues and superiors, no recognition in the organization, insufficient reward, etc. A manager removes all such deficiencies and motivates the employees. Motivated employees do not remain absent from work as the workplace becomes a source of joy for them.

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• 10. REDUCTION IN RESISTANCE TO CHANGE- New changes continue taking place in the organisation. Normally workers are not prepared to accept any changes in their normal routine. Whereas it becomes essential to bring in some changes because of the demands of time. Employees can be made to accept such changes easily with the help of motivation. Motivated people accept these changes enthusiastically and improve their work performance.
• 11. ACCEPTABILITY OF CHANGE- The survival of organization depends upon its capability to cope with changing environment. Highly motivated employees welcome changes rather that opposing them. They help the owners in converting these changes into opportunities to be exploited in best possible manner for the promotion of business interests.
• 12. HIGH PERFORMANCE- Motivated employees usually put their maximum efforts for achieving organizational goals. This leads to improvement in performance and result in higher productivity.

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• Entrepreneurial Development Programme means a program designed to facilitates a person in strengthening this entrepreneurial skills motives, traits for playing his entrepreneurial role more efficiently.
• Entrepreneurial Development programme is a process through which motivation skills traits and Knowledge of potential entrepreneurs in enhanced. It helps entrepreneur to develop their own venture, through the process of training and development. It has been recognized as an effective human resources development of first generation enterprises who cannot perform business activities successfully with their own

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