• FACULTY NAME- ER. D MOHANTY
• TOPIC- ENTREPRENEURSHIP
• BRANCH-AUTOMOBILE ENGG.
• SEM- 5th

Entrepreneurs V. Intrapreneurs

1. Entrepreneurs are people that notice opportunities and take the initiative to mobilize resources to make new goods and services.

2.Intrapreneurs also notice opportunities and take initiative to mobilize resources, however they work in large companies and contribute to the innovation of the firm.

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3.Intrapreneurs often become entrepreneurs.

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CONCEPT OF ENTREPRENEURSHIP�

*Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. The most prominent example of entrepreneurship is the starting of new businesses.

In economics, entrepreneurship connected with land, labour, natural resources and capital can generate a profit. The entrepreneurial vision is defined by discovery and risk-taking and is an indispensable part of a nation’s capacity to succeed in an ever-changing and more competitive global marketplace.

Meaning of Entrepreneur�

• The entrepreneur is defined as someone who has the ability and desire to establish, administer and succeed in a star-tup venture along with risk entitled to it, to make profits. The best example of entrepreneurship is the starting of a new business venture. The entrepreneurs are often known as a source of new ideas or innovators, and bring new ideas in the market by replacing old with a new invention.
• It can be classified into small or home business to multinational companies. In economics, the profits that an entrepreneur makes is with a combination of land, natural resources, labour and capital.
• In a nutshell, anyone who has the will and determination to start a new company and deals with all the risks that go with it can become an Entrepreneur.

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Importance of Entrepreneurship:�

• Creation of Employment- Entrepreneurship generates employment. It provides an entry-level job, required for gaining experience and training for unskilled workers.
• Innovation- It is the hub of innovation that provides new product ventures, market, technology and quality of goods, etc., and increase the standard of living of people.
• Impact on Society and Community Development- A society becomes greater if the employment base is large and diversified. It brings about changes in society and promotes facilities like higher expenditure on education, better sanitation, fewer slums, a higher level of homeownership. Therefore, entrepreneurship assists the organisation towards a more stable and high quality of community life.
• Increase Standard of Living- Entrepreneurship helps to improve the standard of living of a person by increasing the income. The standard of living means, increase in the consumption of various goods and services by a household for a particular period.
• Supports research and development- New products and services need to be researched and tested before launching in the market. Therefore, an entrepreneur also dispenses finance for research and development with research institutions and universities. This promotes research, general construction, and development in the economy.

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Entrepreneurship and Management Entrepreneur�

• Management talks about the span of organizational studies. Simply speaking, management explains each aspect of the organization which discusses the organization and coordinates the activities to achieve a destined set of objectives. Harold Koontz, the great scholar, highlighted management as the art which talks about how to achieve the things done by people. He also pointed out the importance of formal groups in this process. 
• Thus, the management discusses the overall organizational function which is to achieve the desired objectives. This also tells that the interconnection between management and entrepreneurship is a set because the entrepreneurship proceeds to the management level. In general, entrepreneurship features the business creation whose management is required to target the objectives of an entrepreneurial venture.

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ENTREPRENEURSHIP

IS A RISK TAKING

Barriers to Entrepreneurship�

Every entrepreneur aims to follow their passionate approach and convert it into a successful business by earning more and more profits and creating goodwill in the market. But many barriers can block the path to the success of entrepreneurship. So there is no other option for an entrepreneur to be successful without solving or removing these major barriers in their respective field.

Important of entrepreneur

An entrepreneur can do anything.

FORMS OF BUSINESS OWNERSHIP

• One of the first decisions that you’ll have to make as a business owners is how your business should be structured. You need to know the advantages and disadvantages of each of the different forms of business organization to make sure you’re making the right decision for your new business.
• All businesses must adopt some legal configuration that defines the rights and liabilities of participants in the business’s ownership, control, personal liability, lifespan and financial structure. The form of business determines which income tax return form to file and the company’s and owners legal liabilities.
• This is a big decision that has long-term implications, so if you’re unsure of which form of business is best for your company, you’ll want to consult a professional. Luckily, there are several business counselors and centres across Missouri offering free assistance in forming a business that are knowledgeable and ready to help.

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What is a Start-up?�

ENTREPRENEURIAL SUPPORT AGENCIES

• Small Industries Service Institutes (SISI)
• Small Industries Development Organisations (SIDO)
• National Small Industries Corporation
• Small Industries Extension Training Institute.
• Entrepreneurship Development Institute of India
• Institute for Rural Management and Administration
• National Institute for Entrepreneurship and Small Business Development (NIESBUD)
• National Alliance of young entrepreneurs (NAYA)
• Maharashtra Centre for Entrepreneurship Development (MCED)

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THANK YOU