Entrepreneurial Mindset Unit 1

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Concept of an Entrepreneur :

It refers to a Person


It refers to a Creator
It refers to a Organizer
It refers to a Decision Maker
It refers to a Initiator
It refers to a Leader
It refers to a Motivator
It refers to a Risk Taker
Meaning of Entrepreneur

• The entrepreneur is defined as someone who has the ability and


desire to establish, administer and succeed in a startup venture along
with risk entitled to it, to make profits.

• The best example of entrepreneurship is the starting of a new


business venture. The entrepreneurs are often known as a source of
new ideas or innovators, and bring new ideas in the market by
replacing old with a new invention.

• It can be classified into small or home business to multinational


companies. In economics, the profits that an entrepreneur makes is
with a combination of land, natural resources, labour and capital.

• In a nutshell, anyone who has the will and determination to start a


new company and deals with all the risks that go with it can become
Concept of Entrepreneurship

 Entrepreneurship is the ability and readiness to develop, organize and


run a business enterprise, along with any of its uncertainties in order
to make a profit. The most prominent example of entrepreneurship is
the starting of new businesses.

 In economics, entrepreneurship connected with land, labour, natural


resources and capital can generate a profit. The entrepreneurial
vision is defined by discovery and risk-taking and is an indispensable
part of a nation’s capacity to succeed in an ever-changing and more
competitive global marketplace.
Characteristics of Entrepreneurship
Entrepreneurship is a multi-dimensional concept and it is necessary to consider
many factors and perspectives. The distinctive features of entrepreneurship are
summarized below:-

• Ability to take a risk


• A Function of High Achievement
• Innovation
• Organization Building Function
• A Function of Group level Pattern
• A Function of Managerial Skills and leadership
• Gap Filling Function
• A function of Status withdrawal
• A function of Social, Political and Economic structure
• A Function of Religious Beliefs
Importance of Entrepreneurship

• Creation of Employment- Entrepreneurship generates employment. It provides an entry-level job,


required for gaining experience and training for unskilled workers.

• Innovation- It is the hub of innovation that provides new product ventures, market, technology
and quality of goods, etc., and increase the standard of living of people.

• Impact on Society and Community Development- A society becomes greater if the employment
base is large and diversified. It brings about changes in society and promotes facilities like higher
expenditure on education, better sanitation, fewer slums, a higher level of homeownership.
Therefore, entrepreneurship assists the organization towards a more stable and high quality of
community life.

• Increase Standard of Living- Entrepreneurship helps to improve the standard of living of a person
by increasing the income. The standard of living means, increase in the consumption of various
goods and services by a household for a particular period.

• Supports research and development- New products and services need to be researched and
tested before launching in the market. Therefore, an entrepreneur also dispenses finance for
research and development with research institutions and universities. This promotes research,
Entrepreneurship: the
activity of organizing,
managing, and assuming
the risks of a business or
enterprise.

Entrepreneur: an
entrepreneur is a person
who engages in the
activities mentioned
above.
Introduction, Identifying Ideas &
Business Opportunities
Learn the tools of setting
up new enterprises.
Dhirubhai Ambani

• Dhirubhai Ambani (1932–2002) is an Indian businessman who


started out humbly by selling traditional snacks to religious
pilgrims. His business soon grew, and he expanded and
diversified into industries including telecommunications,
power generation, information technology, consumer goods,
and logistics.

• Today, Reliance Industries is India's largest private company


and is listed on the Fortune 500.Ambani's son now runs
Reliance and is one of India's wealthiest people; Mukesh
Ambani, 65, is worth $92.5 billion, according to Forbes.
Jehangir Ratanji Dadabhoy Tata

• Jehangir Ratanji Dadabhoy Tata or JRD Tata (1904–1993) was


born in Paris to Indian and French parents. He was trained as
an aviator in Europe and later became India's first
commercial airline pilot. Working for the family
business, TATA group, he set out on his own and built TATA
Airlines, which ultimately became the modern Air India.

• By the time of JRD Tata's death, TATA owned nearly 100


different businesses across many industries. Notably, his
automobile venture, Tata Motors (TTM), produces
economical automobiles that nearly all working Indians can
afford to own. JRD Tata is descended from Jamsetji Tata who
founded the TATA group of companies in the mid-1800s.
ENTREPRENE ENTREPRENEURSHIP
UR

• PERSON • PROCES
S
• VISUALIZER
• VISIO
N
• CREATOR
• CREATION

• ORGANIZER
• ORGANISATIO
• INNOVATOR N

• PLANNER • INNOVATION

• LEADER • PLANNIN
G

• LEADERSHI
P
Theories of Entrepreneurial
Theory of social Change
Challenges for Indian Entrepreneurs

• The Female Entrepreneurs:- The entrepreneurial wave is


also being driven by women entrepreneurs who are
carving a niche for themselves. Start-ups like Zivame,
Kaaryah, Your Story and POP xo have become successful
ventures. Led by women founders, they are answering the
market needs in their respective segments.

• Raising Funds for the Business:- The challenge for any


start-up lies in raising funds for the business. To do so, they
need to have a dependable business plan and a strategy on
how they want to enter the market. Start-ups get funds
from venture capitalists once they have convinced them
about the venture’s potential for success.
• Knowledge on How to Run a Business:- As simple as it may seem, any
venture needs to have a good plan to begin with.
• Various business schools have started entrepreneurship courses to
answer the requirements of interested students who seek to become an
entrepreneur.
• These courses help the students get their expectations right and prepare
themselves for a career in entrepreneurship.

• Keeping Up with Technology:- This point is important for start-ups in


the technology sector. It is important for them to keep track of the latest
technology and stay ahead of the curve.
• These days, technological innovations are happening every day leading
to technology getting obsolete quickly. They need to keep on improving
their products and give new and innovative products to their customers.
• The innovations need to be useful for the customers. They need to have
good research backing their product launches. If the product does not
answer any need gap in the market, then it will not be successful in the
market even if there is cutting edge technology behind it.
5. Higher Risks
6. Lack of Work life balance
7. Self Motivation
8. Legal Consideration
9.Corruption
10. Regional Sentiments
11. Social Capital
12. Hiring Employees and team building
13. Cash Flow management

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