ENTREP MODULE 1

• It is identifying the potential business opportunities and capitalizing on them by recombining existing resources ?

  ENTREPRENEURSHIP
• Entrepreneurship is the ability to create and construct

  something from practically 'nothing'.
• ENTREPRENEUR - french word which is entreprendre which means to "undertake"
• CHARACTERISTICS OF ENTREPRENEUR

  1. eye for opportunity
  2. passion for hard work
  3. self-confidence
  4. need to achieve
  5. locus of control
  6. creative and innovators
  7. profit-focused
  8. risk-bearing
• eye for opportunity - quickly taking the potential opportunities
• passion for hard work - never stop working and determined for working hard
• self-confidence - high level confidence to deal with risks
• need to achieve - secondary to the personal success
• locus of control- believe in their own ability to control
• creative and innovators- expanding into markets and innovators
• profit-focused - profit is the primary measure of business
• risk-bearings - risk-takers and never gamble with the outcome
• CLASSIFICATION OF ENTREPRENEURSHIP

  1. ADMINISTRATIVE
  2. OPPORTUNISTIC
  3. ACQUISITIVE
  4. INCUBATIVE
  5. IMITATIVE
• ADMINISTRATIVE ENTREPERENEURSHIP - It gives a new

  option to handle prevailing or future situations in a more effective way
• OPPORTUNISTIC ENTREPRENEURSHIP - The entrepreneurship that identifies, exploits and executes the opportunity in the first hand.
• ACQUISITIVE ENTREPRENEURSHIP - The entrepreneurship that learns from others’ competencies.
• INCUBATIVE ENTREPRENEURSHIP- This type of entrepreneurship fosters

  and develops new ideas and ventures within the organization.
• IMITATIVE ENTREPRENEURSHIP - The practice of starting a business by copying or imitating an already successful business model, product, or service.
• Economic development is the upward progression of a nation's real per capita income.
• Entrepreneurship plays a critical and multifaceted role in promoting economic growth.
• Major roles played by an Entrepreneur

  1. Increasing Gross National Product and Per Capita Income
  2. Create large-scale employment for the society
  3. Promote balanced regional development
  4. Wealth Creation and Distribution
  5. Enhancing the standard of living
  6. Complete utilization of all natural resources
  7. Creates employment and innovation