ENTREPRENEURSHIP
It is basically an activity that helps in
sensing opportunities, resourcing
“innovation”.
It is a concept among business
minded individuals who want to start
small, but dream of becoming huge
financial success in the future.
What is
Entrepreneurship?
It is the act of being an entrepreneur,
which can be defined as “one who
undertakes innovations, finance and
business acumen in an effort to
transform innovations into economic
goods”.
Is the ability of an individual to innovate new
business prospects in the form of goods and
services that are in demand to the public and to
deliver them at the right time, to the right
people, at the right place and at the right price.
ENTREPRENEUR
Is commonly seen as a business leader and
innovator of new ideas and business
processes.
Definitions from Notable Person
WHAT IS AN ENTREPRENEUR???
RICHARD CANTILLON
As a person who pays a certain price to
a product to resell it at an uncertain
price, thereby making decisions about
obtaining and using the resources
while consequently admitting the risk
of enterprise.
Adam
Smith
Entrepreneur as an individual who
undertakes the formation of an
organization for commercial purposes
by recognizing the potential demand
for goods and services, and thereby
acts as an economic agent and
transforms demand into supply.
Jean-Baptiste Say
The capitalist as a financier and
the entrepreneur as a
coordinator and organizer of
resources to design a business
enterprise.
Joseph Schumpeter
The entrepreneurs are
innovators who use this process
of shattering the status quo,
the existing products and
services, to set new products,
new services.
Peter Drucker
An Entrepreneur is the one who is
involved in gathering and using
resources to opportunities to
produce results.
An effective entrepreneur converts
a source to a resource.
We can always begin again.
I’AM AN
ENTREPRENEUR
I’AM AN
ENTREPRENEUR
I’AM AN
ENTREPRENEUR
I’AM AN
ENTREPRENEUR
I’AM AN
ENTREPRENEUR
Disclaimer: All images are copyright to their
HAVE
PASSION
Willing to
learn and
experiment
CONFIDENT
CREATIVE
AND
INNOVATIVE
DETERMINATION
PERSISTENT
AND
PATIENT
COMPETITIVE
SYSTEMATIC
TAKE
CALCULATED
RISKS
OPEN
MINDED
TRUE TO THEIR
WORDS
SELF - DISCIPLINE
ACTIVITY
You will be answer the following questions by using
FORUM feature in your GENYO account.
1. What do you think is your natural ability that can be
useful in becoming an entrepreneur?
2. Why do people care about ENTREPRENEURSHIP?
FUNCTION OF AN
ENTREPRENEUR
An entrepreneur
frequently has to wear
many hats. He has to
perceive opportunity,
plan, organize resources,
and oversee production,
marketing, and liaison
with officials. Most
importantly he has to
innovate and bear risk.
The MAIN FUNCTIONS of an entrepreneur
are grouped in three categories:
1. Risk bearing functions,
2. Administrative and decision-making
functions, and
3. Distributive functions (responsibility
of the organizer).
1. Risk Bearing Function It is the most
important and specific function of an entrepreneur.
Every business involves some amount of risk. The
production of goods and services is always related to
future demands.
The future demand is uncertain and unpredictable
because it is influenced by the changes in fashion or
taste and liking of the consumers.
2. Administrative and Decision-Making
Functions
a. Conceiving the Idea of Business. The
entrepreneur conceives the idea of a business which suits
their nature, skill and resources.
b. Estimation of Details of Business and
Implementation of the Same. After arriving at a
conclusion about the nature of business, the
entrepreneur works out the details of business.
c. Supervision and Control of Business Activities. The
entrepreneur has to supervise and control the day-to-day
business activities to accomplish the business objectives.
d. Innovation. Innovation is one of the most important
functions of an entrepreneur. An entrepreneur uses
information, knowledge, and intuition to come up with
new products, new methods of reducing costs of a
product, improvement in design.
4. Distributive Functions
The entrepreneur organizes different factors
of production and sets them to work. It,
therefore, becomes his responsibility to
make proper allocation of funds for each
factor of production.