Submitted by: Veerpal(1928)

Aashima(1940)
Manpreet(1970)
Concept of Entrepreneur
The word entrepreneur is derived from the french word ‘entreprendre’
which refers ‘to undertake’ i.e. individual who undertake the risk of
new enterprices.
So an entrepreneur is an individual who rather than working as an
employee ,founds and runs a small business, assuming all the risk and
reward of the venture. The entrepreneur is commonly seen as an
innovators, a source of new ideas,goods,services,and business/or
procedures.
Entrepreneurship plays a key role in any economy . These are
the people who have the skills and initiative necessary to anticipate
current and future need and bring good new ideas to market.
Entrepreneur who prove to be successful in taking on the risk of
startup are rewarded with profits, fame and continued growth
opportunities.
 Classification of Entrepreneur
a) Innovative entrepreneurs. Schumpeter’s
enterpreneur was of this type. He introduce new
products, new method of production and open
new market these are very aggressive in nature.
b) Imitating entrepreneurs. This type of
enterpreneur instead of innovating new things
they just adopt the successful innovations
innovated by others.
c) Fabian entrepreneurs. These enterpeneur are
rigid in nature. They follow the foot steps of
their successor they are shy to introduce new
methods and ideas. These are no risk takers.
d) Drone entrepreneurs. Fabian are lazy in
nature in adopt new methods but Drone
enterpreneur are more rigid than fabian.They
are laggards. They may close down their
business but they don’t accept for changes.
 Other type of entrepreneur
1. Individual entrepreneurs. When an individual set up an enterprice,arrange
finance,bear the risk and adopt the latest techniques in the business with the intention
to earn profit.
2. Institutional entrepreneurs. In the business organisation where complex decisions
are required to be taken , group enterpreneur emerge to arrange funds ,bear the risk for
earning profits.
3. Entrepreneurship by Inheritance. When a person inherit the business of family
through succession. They are also called as a second generation enterpreneurs.
4. Forced entrepreneurs. Circumstances Force people to became enterpreneur. For e.g.
unemployed youth, non resident indians etc.
5. Agriculture entrepreneurs. These are normally engaged in the activity of raising
crops or fertilisers and other input of agriculture.
6. Pure entrepreneurs. Who undertake activity to satisfy his ego.
7. Motivated entrepreneurs. These are motivated by govt or non govt agencies which
provided funds, subsidies,training, concession etc.
8. Spontaneus entrepreneurs. They commence business out of their talent and
confidence.
9. Professional entrepreneurs. They make it as a profession in commencing a business.
They develop a business and sell it to another or start a new business.
10. First generation entrepreneurs. They do not possess any enterpreneurial
background.
Characteristics of entrepreneur
1. Innovator. Entrepreneur is basically an
innovator who carries out new
combination to initiate or accelerate
the process of economic development.
2. Good communicator. An entrepreneur
must have the quality of
communicating effectively in written
and oral communication .
3. patience. An entrepreneur must
having patience . Because aggressive
nature or impatient nature of
entrepreneur is not good.
4. Motivation. Entrepreneur has to
provide some personal incentives to
subordinate to motivate and persuade
them for achieving objectives.
5. Risk taker. An entrepreneur taken
calculative risk only. And he must faces
risk confidently.
6. Decision maker. The true entrepreneurship requires creative decision – making ,
rational approach, problem solving ability and ability to take quick and correct
decision.
7. Hard worker. A distinguishing feature of an enentrepreneur is the wilingness to
work hard. The entrepreneur has to follow the principle,” hardwork is the key to
success” As the successful entrepreneur are hard workers.
8. Acheivement oriented. An entrepreneur is an acheivement oriented person. He
works for the challenges to advance and to grow. Acheivement refers to the
accomplishment of excellent, innovative and risk involving task.
9. Highly optimistic . An entrepreneur must be optimistic. He should approach his
venture with a hope of success and optimistic attitude. A highly optimistic
entrepreneur can turn unfamiliar and adverse situation in to favourable for him. So
always be positive.
10. Leadership. Leadership quality is the most important characteristics of
entrepreneur. It is the process of influencing and supporting others to work
enthusiastically towards achieving objectives. Leadership is the catalyst that
transform potential into reality , problem into opportunities.
Functions of an entrepreneur
Entrepreneurial Functions
1. Innovation. Entrepreneur are highly responsible for innovation.
The economy without innovation will become static. e.g.
Renewable energy , solar techonology.

2. Risk Taking. Modern production is very risky. There is physical risk

and uncertainty (competitive Risk and lower risk). The
entrepreneur undertake both risk.

3. Organisation Building. Entrepreneur is final judge in conduct of

Business. He decide line of business to expand and capital to
employee.
 Promotional Functions
1. Conception of idea. Entrepreneur visualise the idea and
develop it with help of technical expert, in that field if the idea
seems to be profitable then it is taken forward for more detail
analysis.

2. Detailed Investigation. The entrepreneur will estimates total

demand for the products. The work of estimation became more
difficult if the proposed line is new.

3. Financing. Further decisions are taken by entrepreneur

regarding the capital structure. Both the quantities and sources
of finance are decided by him.
 Managerial Functions
1. Planning. In planning goals are outlined in concise manner.

2. Organising. Organisation is to arrange , guide, co-ordinate , direct and control

the activities of other factor of production.

3. Staffing. It is concerned with human resources and involves filling and keep filled
the position in the organisational structure.

4. Directing. After planning, organising and staffing he has to guide and supervise
his subordinates.

5. Leadership. Entrepreneur has to build confidence , zeal an enthusiasm among

people. For successful entrepreneur he must possess leadership qualities.

6. Co-ordination. Coordination helps in achieving common goals through collective

actions of employees.

6. Controlling. Contol is the process which enables entrepreneur to get his policy
implemented and to take corrective actions, if performance is not according to the
set standards.
Commercial Function
1. Production. Production is the creation of goods and services. Entrepreneur
will design the product and execute plans and policies.

2. Finance. Finance act as backbone for all enterprices. Business will collapse in
absence of finance.

3. Marketing. Marketing creates time,place and possesion utility and is not

confined to selling of goods. It is directed towards the satisfaction of consumer
wants.

4. Personnel. This function is concerned with people at work and with their
relationship with in an organisation. This functions aim to bring together and
develop the workforce of entreprise.

5. Accounting. Accounting is systematic recording of entrepreneurial

transactions .Accounting is very essential in order to get true and fair results of
business.
 How to became a successful
Entrepreneur
1. Knowledge of the organisation. An Entrepreneur should have a sound
knowledge of his entreprice. He should have a complete knowledge about their
subordinates i.e. their strong and weak points, their likings or dislikings and
their capacity to performs.
2. Technical Knowledge. He should have sufficicent technical competence and
skill to supervise, guide, and control his subordinates. He must be familier
with the machines , tools, and work methods used by the worker.
3. Administrative ability. Able and efficient administrator is one who get work
done from others. He must be the man of imaginative and creative thinking.
Possess sharp memory and self decision making and confidence.
4. Ability to instruct and inspire. An entrepreneur must know
a) How to maintain decipline
b) How to instruct workers.
c) How to assign work
d) How to settle their complaints,greivances
e) How to reward them
5. Leadership Quality. He has to act as a friend and guide to the workers. He
should be able to boost up the morale of workforce, himself to be able to set
an example before the worker so they can follow him.
6. Ability to secure co-opretaion. He should develop a spirit to learn in his
workers. So to ensure this he must be fair in dealing with his subordinates.
7. Ability to communicator. To be a successful entrepreneur he must have
ability to communicate effectively. It can be rightly said that a good
entrepreneur must be a good communicator.
8. Ability to listen. To be good communicator an entrepreneur must be good
listener . He has to listen to the complains, greivances, difficulties and
suggestion of workers. He should have patience and ability to listen.
9. Ability to judge people. Entrepreneur should be able to judge his
subordinates in regard to their capabilities, strong and weak points etc. If he is
unable to judge; he cannot delegate duties properely and can never achieve
desire results.
10. Physical Qualities/ Mentally sound. An entrepreneur always be energetic
and mentally alert so as to enable him to accomplish his responsabilities
towards the acheivement of objectives.
Recent trend in Entrepreneurship
1. Intrapreneurs are becoming common. Intrapreneurship is a relative recent
concept that focuses on employees of a company that have many of the attributes
of entrepreneurs. An intrapreneur is someone within a company that takes risk in
an efforts to solve a given problems.A lot of companies are simply calling these
people”internal entrepreneurs”
2. Solopreneurs are making it big time. A soloprenreur is an entrepreneur who
runs their business alone. They don’t have employees, although they certainly
have contractors. The appeal of this venture it keeps thing lean, nimble, minimal
and free. The challenges , however, is that it can limit scalability and greater
growth. Solopreneurship is definitely a great option, especially for those whose
entrepreneurship is still a part-time pursuit.
3. Fully online entrepreneurship Degree. There used to be a lot of resistance to
the idea of offering an entrepreneurship major fully online in higher education.
Many academics and institution felt that entrepreneurship must be taught in a
traditional classrooms by a fulltime business faculty.examples. Whitman school of
education, Spears school of management etc.
4. Social entrepreneurship. This involves creating wealth while
simultaneously addressing pressing Societal problems such as
enviromental degradation, poverty, and poor health.

5. facebook bots. This is the hotest topic in the industry right now.
Facebook bots are becoming more popular, especially that we’ve entered
the era of artificials intelligence. Many companies have incorporated
some form of facebook bots in their process.

6. Women entrepreneur. 2016 was a banner year for female entrepreneur

,as the number of woman starting businesses. Although gender parity is
still not there, women are starting 40 percent of all new businesses.

7. Live straming video content will be the emerging trends. In the past
few years, we have seen that video itself has become a vital component of
successful businesses. As customer wants real connection;they are done
with the impersonal and generic marketing.