Defining Entrepreneur/ship

Several definition could be as simple as:

Entrepreneurship is the process of
development of a business from the
ground up coming up with an idea
and turning it into a business while
assuming the risks and rewards
associated with the business.
The entrepreneur is one who
undertakes to organize, manage,

Defining Entrepreneurship
Entrepreneurship, is the control
and deployment of resources to
create an innovative economic
organization for the purpose of
gain or growth under conditions of
risk and uncertainty.

Relationship between Entrepreneur

and Entrepreneurship

Defining Entrepreneurship
If we look at the various definitions
we come up with three things in
common namely:
risk bearer,
organizer and
innovator.

Defining Entrepreneurship
Risk Bearing
We often talk about risk and
uncertainty but they are not the
same.
Risk refers to the variability of
outcomes (or in business the
returns);
Therefore, risk is a limit to everexpanding entrepreneurship. Risk
can also be measured

Defining Entrepreneurship
Uncertainty
With uncertainty, we dont know
the outcome and therefore there
would be no probabilities
associated with them.
Uncertainty are barriers to
entrepreneurship for some people,
because they greatly increase
anxiety about the future. But
entrepreneurs bear this
uncertainty. They can manage it

Defining Entrepreneurship
Entrepreneur as an Organizer
An entrepreneur is one who
combines the land of one, the
labour of another and the capital of
yet another, and thus, produces a
product.
By selling the produce in the
market he pays interest on capital,
rent on land, wages to labourers
and what remains is his/her profit.

Defining Entrepreneurship
Entrepreneur as an Innovator
The basic function an entrepreneur
performs is to innovate new products,
services, ideas and informations for the
enterprise. As an innovator, the
entrepreneur foresees the potentially
profitable opportunity and tries to exploit
it. He is always involved in the process of
doing new things.

Defining Entrepreneurship
Entrepreneur as an Innovator
According to Peter Drucker, "Innovation is
the means by which the entrepreneur
either creates new wealth producing
resources or endows existing resources
with enhanced potential for creating
wealth". Whenever a new idea occurs
entrepreneurial efforts are essential to
convert the idea into practical application.

Defining Entrepreneurship
Innovation is doing something new or
something different. Entrepreneurs
constantly look out to do something different
and unique to meet the changing
requirements of the customers.
Entrepreneurs need not be inventors of new
products or new methods of production or
service, but may possess the ability of
making use of the inventions for their
enterprises. For example, in order to satisfy
the changing needs of the customers, nowa-days fruit juice (mango, fruits etc.)

Defining Entrepreneurship
Innovation may be in the form of:
Introduction of new product in the market.
Use of new method of production, which is
not yet tested.
Opening of new market.
Discovery of new source of raw materials.
Bringing out of new form of organisation.

Defining Entrepreneurship
Innovator vs Invention
An inventor is one who discovers new
methods and new materials.
An innovator utilizes inventions and
discovers in order to make new
combinations.

CHARACTERISTICS OF ENTREPRENEUR
Entrepreneur

is a person of telescopic
faculty drive and talent who perceives
business
opportunities and promptly seizes them for
exploitation. Entrepreneur needs to
possess
competencies to perform entrepreneur
activities.

CHARACTERISTICS OF ENTREPRENEUR

CHARACTERISTICS OF ENTREPRENEUR