Entrepreneurship is the ability to discover an investment opportunity and to organise a money making enterprise contributing to real economic growth.

Entrepreneurship is the propensity of mind to take calculated risk with confidence to attain an industrial or commercial or social objective.

Entrepreneur A person who sees problem in opportunity is not an entrepreneur but a person who sees opportunities in a problem is an Entrepreneur

Entrepreneurship For What ?

Entrepreneurship for solving

socio-economic problems like poverty, unemployment, concentration of wealth in a few hands and concentration of population in cities.

Entrepreneurship for Independence (Entrepreneur is his own master) For satisfaction of his own achievement

For financial gains

For higher social status (recognition)

Steps taken by Govt. to promote Entrepreneurship

Government

has

started

various

types

of

entrepreneurship

development training programmes as well as financial and other assistance programmes through various organizations such as MSME DI, KVIC, DICs, NSIC, Nationalized Banks, State Financial Corporations and Industrial Consultancy Organizations etc.

Steps to be taken for Entrepreneurship

a)Self evaluation for entrepreneurial qualities. b)Assessment of own resources and skills. c)Consultation with friends, Businessmen and Government Agencies for
further information.

d)Selection of product on the basis of Demand potential. e)Preparation of Project Report. f)Applying for Registration & Other Licences with statutory bodies. g)Arrangements for finance. h)Arrangements for Infrastructure facilities. i)Growth, Expansion, Diversification and growth of the unit.

Steps to be taken for Entrepreneurship

j)Purchase of machinery k)Purchase of Raw Material l)Recruitment and training of man power m)Trial run and development n)Deciding sales and distribution strategy o)Making continous efforts for improvements in product, quality,
utlility, service and demand

p)Making continous effort for higher profitability q)Repayment of loan r)Growth, Expansion, Diversification and growth of the unit.

Characteristics of an Entrepreneur

1. 2. 3. 4. 5. 6. 7. 8. 9.

Creative Calculated risk taking Not too discouraged by failures Future oriented Hard working Persistent Takes personal responsibilities Sets goals & steps by step sub goals Drive for power but not excessive can cooperate when necessary for his goals from experience

12. Goal Oriented

13.Ability to exploit situation 14.Willing to learn & does not suffer

from complex

10.Drive for independence but

11.Desires feedbacks and learns

15.Has self confidence 16.Constantly under stress 17.Person of self integrity 18.Likes to excel in work 19.Pleasant personality 20.Success oriented 21.Competitive 22.Makes quick decisions 23.Family & friends second to business 24.Dreamer 25.Time is important 26.Imaginative 27.realistic

Characteristics of an Entrepreneur
28. Courageous 29. Self starter 30. Multifaceted interests 31. Innovative 32. Likes challenges 33 Dynamics identified with creating and changing 34 High energy level 35. Easily bored with routine work 36. Good communication 37. Resourceful 38. Want to know the result of his efforts.

Entrepreneurial Development Cycle