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Entrepreneur

Def. Joseph A. Schumpeter An entrepreneur is an innovator

who carries out new combinations to initiate & acceleratethe process of economic development.

Richard Cantillion

An entrepreneur is an individualdecision-maker who uses to assume risk & providemanagement to the firm.

Peter Drucker Entrepreneur is one who always searches

for change, responds to it & exploits an opportunity.Innovation is a specific tool of entrepreneurs, the means by

which they exploit change as an opportunity for differentbusiness & service.

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Entrepreneur

Def. (Conclusion)An entrepreneur is an individual or a group of

individuals who as a single decision maker, keyplanner & sole risk taker organises, manages & runsthe enterprise / venture whereby he reallocatesresources beneficially for the best interest of his / theirenterprise / venture.

An entrepreneur is an individual who organizes andoperates a business or businesses, taking on financialrisk to do so.

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Entrepreneur

Characteristics Innovator: New techniques of Production, New Markets, New

Products, New Sources of Materials & New type of industrial re-organisation.

Individual or Group of Individuals Talented & Motivated: Managerials Skills, high level of

Motivation, motivates others. Decision-Maker : key decision maker. Risk-taker Pioneer of Economic Development Key Planner Co-ordinator Creative & Sound Personality Promoter - Organiser

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Entrepreneur

Characteristics Employer: generation of employment opportunities Owner: Enjoys all Profit & losses of the firm Producer: increases productivity, new products & new process

Creator of Wealth: by proper utilisation & re-allocation ofresources. Fulfilling demand . Dynamic Leader: Dynamic nature, creative, managerial ability. Manager: Plans, Organises, Directs, Co-ordinates, motivates &

controls. Searcher for Economic Opportunities Independent thinker & Ambitious Person of Special Qualities: Drives, Self confidence, independent

motives, need for achievement, sense of responsibility, tact &excellence in work.

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Entrepreneur

Types Innovating Entrepreneurs

Imitating

Fabian: Shy, do not take risk, follows traditions. Drone: No focus on growth, struggle to exist.

Routine: continue to work on well established concerns

N-entrepreneurs: working on completely new things.

Working in unknown areas Political: Advancement through election.

Private: self employed owner of a firm.

Criminal: Illegal activities.

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Entrepreneur

Types Revolutionary: Non profit Objectives

Business: develops new business opportunities taking

production and marketing resources Corporate: Plans, develops and manage Corporate

Bodies

1st Gen: Start business / industrial units by means of

their innovative skills. Professional: Establish new biz then sell it out, to start

another with the proceeds of sale.

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Entrepreneur

Role / Imp.As a Owner: takes all step for the development of

enterprise.

...Employer: Creates employment opportunities.

...Producer: maximise production process

...Co-ordinator: of all functions internal and external

...Market Maker: creates new markets

...Decision-Maker ...Risk-Taker: operates under uncertainty

...Manipulator of Market Information: to benefit isfirm.

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Entrepreneur

Role / Imp. ...Innovator

...Economic Pioneer: balanced regional development

...Export Promoter ...Forex Earner

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Entrepreneur

FunctionsInnovation, Establishment of Enterprise, Risk-bearing,

Organising, Co-ordination, Searching for EconomicOpportunities, Economic Development, Leadership,Decision Making, Manager of Firm, Re-allocation ofresources and creation of new ones, Motivation,Adapting to change, Maximising Production.

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Entrepreneur

QualitiesInnovativeness, Creativity, Self- Confidence,

Decisiveness, Leadership, Risk-taking ability,Perseverance & Hardworking, Strong Personality, Highaspirations, Adaptability & flexibility, Knowledge ofmarket opportunities, Competence, Motivation,Managerial Qualities.