Chapter 1: Introduction to entrepreneurship

• Entrepreneurship - is the art of starting a business, basically a start-up company offering a creative product, process, or service.
• entrepreneur - is a creator or a designer who designs new ideas and business processes according to the market requirements and his/her own passion.
• entrepreneur - is an innovator or a creator who introduces something new to the time economy.
• The word entrepreneur was derived from the French verb enterprendre, which means to undertake".
• entrepreneur - is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.
• Entrepreneurs - play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring good new ideas to market.
• Tough competition - An entrepreneur needs to face tough competition, to sustain and make a mark in this global market. To cope with this competition, motivation is required at each stage of the firm.
• Unfavourable environment - Nobody knows what the future holds. One has to take care of the current economy and should be prepared for the worst situations of deteriorating economic conditions.
• To create public demand – Market runs by the people and for the people
• To enhance creativity – The market always wants something new and different
• To increase productivity - It is very important to take care of the quality of the product as well as the profit.
• What Motivates an Entrepreneur?

  •        CHANGE

  •        CHALLENGE

  •        CREATIVITY

  •        CONTROL

  •        CURIOSITY

  •        CASH
• Change - Entrepreneurs often want change, not only change, but they also want to the bearers of change
• Challenge - Some people love challenges and they choose for starting a new business as it is very challenging to handle big problems.
• Creativity – running one's own business is all about being more creative and having the Independence to make discoveries
• Control - Some people tend to start a business because they don't want to be pushed around and work for a product on win which they have no way to shape their destiny
• • Curiosity Successful entrepreneurs are always anxious and ask "what if we do X this way?" They want to have more than one option to do work and choose the best one from them.
• Cash - The last but not the least part is the
• Heavy industrialization - Tremendous growth can be seen in industrialization
• Self Employment - A common man gets a chance to make a difference, set a new standard of industrial growth
• Economic growth - When there is growth in an individual's economy, there is a growth in the company's economy, which in turn results in the growth of that particular area and country
• Creating new jobs - More entrepreneurship leads to more job openings
• Proper social benefit - When a country's economy grows or increases we see that more advanced and proper social benefits are provided to the general public like the construction of roads, schools, hospitals,colleges, etc
• Discovery - An entrepreneurial process begins with idea generation, wherein the entrepreneur identifies and evaluates business opportunities
• Developing a Business Plan - Once the opportunity is identified, an entrepreneur needs to create a comprehensive
• Business Plan - is critical to the success of any new venture since it acts as a benchmark and the evaluation criteria to see if the organization is moving towards its set goals.
• Resourcing - The third step in the entrepreneurial process is resourcing, wherein the entrepreneur identifies the sources from where the finance and the human resource can be arranged
• Entrepreneurial Process - The Entrepreneur as change agent that acts at an industrialist and undertakes the risk associated with forming the business for commercial use.
• Discovery - An entrepreneurial process begins with idea generation, wherein the entrepreneur identifies and evaluates business opportunities
• Developing a Business Plan - Once the opportunity is identified, an entrepreneur needs to create a comprehensive
• Managing the company - Once the funds are raised and the employees are hired, the next step is to initiate the business operations to achieve the set goals.
• Harvesting - The final step in the entrepreneurial process is harvesting wherein, an entrepreneur decides on the future prospects of the business Le. its growth and development.
• TYPES OF ENTREPRENEURS- Innovative, Imitating, Fabian, Drone
• Innovative Entrepreneur - These are the ones who invent new ideas, new products, new production methods or processes, discover potential markets, and reorganize the company's structure
• The imitating entrepreneurs - are those who immediately copy the new Inventions made by innovative entrepreneurs
• Fabian Entrepreneurs - These types of entrepreneurs are skeptical about the changes to be made in the organization.
•  Drone Entrepreneur - These entrepreneurs are reluctant to change since they are very conservative and do not want to make any changes in the organization