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Presented ByNAME ROLL NO

Pankaj Shirke 329

Snehal Meshram 332

Sumit Saurabh 336

Omkar Thakur 343

Vipul Shah 354

Pramod Salecha 362

Manish Jhawar 363

Animesh Jaiswal 364

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Definitions Derived from French word Entreprendre means to

undertake.

Richard Carleton: a person who buys factors ofproduction at certain prices in order to combine theminto a product with a view to sell them at uncertainprices.

Considered as a risk bearer. Ex. Farmer pays definiteprice for seeds, fertilizers, pesticides, labours etc butnot certain at which price he could sell his produce.

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QUALITIES OF ENTREPRENUERSMental ability: Intelligent person.

Organising ability: good organisation.

Hard work: ready to work for long hours.

Discipline: highly disciplined- everything to be in order for them.Clear objectives: regarding nature of business & products to be

produced.

Optimistic: highly optimistic- not disturbed by present problems-hope favourable future.

Risk taking: they like challenges.

H.R. ability: maintain good relations with other people

Emotional stability: have considerable amount of self-control-business pressure can be handled.

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FUNCTIONS OF ENTREPRENUERS:

Market research

Idea generation

Product/ service analysis

Determination of business objectives: Main objectives,subsidiaries objectives, short term, long term.

Promotional formality: Getting license, clearance of govt.Formalities.

Raising Capital: Own capital/Issue of share/Borrowing loan.

Providing Infrastructure: Buying plant, Machinery, Land.

Selection of human resources: right people at right place.

Carrying out the Operations: where to purchase, scale ofproduction, fixing price, and advertisement mean etc.

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ENTREPRENURESHIP

B. HIGGINS: The function of seeing investment &production opportunities; organising an enterprise toundertake a new production process; raising capital;hiring labour, arranging for raw material, finding a site& combining these factors of production into a goingconcern; introducing new techniques, newcommodities, discovering new sources of naturalresources & selecting top-managers for day-to-dayoperations.

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Intrapreneurship There are people working in big org holding key

positions. They are quite innovative & bring manychanges in products & methods of production. Theypossess all qualities of an entrepreneur. Topmanagements in big organisations encourage peopleholding key positions to come out with new ideas sothat they can bring some changes in products &services. They are also known as enter corporateentrepreneurs or intraprenuers. They serve aschampions to others in the organisation.

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DistinctionEntrepreneur Intraprenuer

1. Entrepreneur is employer 1. Intraprener is employee

2. Independent in operation 2. Depends on the organization toimplement his ideas.

3. Bears all the risk involved inenterprise.

3. Does not bear all the risk.

4. Exhibits higher need forachievement.

4. May not have high needachievement

5. Profit is the reward. 5. Attractive salary, promotion &incentives are the reward.

6. May not have formal qualification. 6. Should have some professional ortechnical qualification.

7. Do not have any boundary foroperations. 7. He has to operate within theorganisational policies.

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CLASSIFICATION OF

ENTREPRENUERS INNOVATIVE ENTREPRENEUR: he is the one who

introduces a new product or a new method ofproduction or opens a new market or explore newsource of supply of raw material or carry out a newtype of organization. as per the Schumpeter innovativeentrepreneur are real entrepreneur.

IMITATIVE/ ADOPTIVE ENTREPRENEUR:are

those who imitate the successful entrepreneurs intechniques innovated by others.

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DRONE ENTREPRENEUR: Drone entrepreneur arethose who never allow any change in their production& style of functioning. They never explore anything.They are also called Laggards. They are pushed out ofmarket when product loses its marketability.

FABIAN ENTREPRENEUR: are always cautious. Theyneither introduce new changes nor adopt newmethods invented by others. They are lazy. They followold customs, old method of production, techniques.

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ENTREPRENEURIAL MOTIVATIONINTERNAL FACTORS

Strong desire to do something new.

To be independent in Life. Making the maximum use of technical/professional

knowledge.

Occupational experience/background.

Passionate about particular activity.

Dissatisfaction with present job.

To attain self-satisfaction.

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EXTERNAL FACTORS

Utilizing Government grants & subsidiaries.

To continue ancestor business. Financial assistance from Institutions.

Availability of resources.

Encouragement from big business houses.

Availability of sick units/ easy financial terms.

Encouragement from family members.

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Barriers to entrepreneurship1. Economic barriers

2. Non economic barriers

3. Personal barriers

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Non economic barriers Cultural block/Tradition binding

Practical values

Importance of logic Respect for entrepreneurs

Emotional block

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Personal barriers Lack of sustained motivation

Difficulty with ambiguity

Inability to dream and use subconscious Risk avoidance

Lack of clean perception

Impatience in solving problem

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Barriers of Woman Entrepreneurs Family ties

Social attitude towards woman

Low mobility Male dominance

Lack of education

Non-availability of finance

Sever competition No risk bearing capacity

Too much dependence on middlemen

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Problems of New Ventures Financial Problems

Administrative Problems

Marketing Problems Production Problems

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Financial Problems Long term capital

Working capital

Recovery Taxation

Inadequate finance

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Marketing Problems Lack of knowledge about the market

Competition from large industries

Branding problems Distribution problems

Inadequate advertising and sales promotion

Poor bargaining power Unfamiliarity with export procedures and market

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Production Problems

Shortage of raw material

Underutilized capacity

Poor quality control Inadequate utility services

Problem of outdated technology

Low scale of production

Lack of standardization

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ACTS & REGULATIONS1. Factories Act

2. Industrial Dispute Act

3. Workmens Compensation Act4. Trade Union Act

5. Payment of Wages Act

6. ESI Act

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It regulates the conditions of employment of youngpersons & females.

It also provides for safe & healthy working conditionsinside the factories.

It requires the employer to take certain minimum stepsfor the welfare of workers.

It brings out uniformity regarding certain matters suchas leave with wages, no of working hours etc.

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2. Industrial Dispute Act This act has been enacted to give security to workers

regarding better conditions of work.

It ensures the workers in decent standard of living.

It defines employer, pay & wages, industry, industrialdisputes & workmen.

It also defines a strike / lockout shall be illegal.

It lays down / specifies conditions necessary for thevalidity of lockouts/layoffs(a temporary stoppage ofparticular worker/ their group), retrenchment ofworkers.

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It also lays down the method of calculation ofcompensation & extent of compensation period.

Extent of compensation payable to workers being ledof retrenchure.

It lays down procedures of conciliation & awards ofjudgment.

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3. Workmen's Compensation Act This Act protects the workers from hardships arising

out of accidents during working hours or while onwork.

It provides for payment of compensation by certainclasses of employers to their workmen for injuriescaused by accidents.

It indirectly helps to reduce the no of accidents. It also provides for cheaper & quicker disposal of

disputes relating to compensation through specialtribunals.

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Worker can also file a civil suite for damages againstthe employer. However the worker has to choosebetween two rights;

1. civil suite

2.claim under workmens compensation

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4. Trade Union Act

This act provides for the registration of trade union.

It defines the law relating to registered trade union.

It lays down the procedure for registration of tradeunions.

It defines rights & liabilities of trade union.

It mentions the objects on which a trade union may

spend its general fund. It provides for constitution of separate fund for

political purposes.

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It defines workmen, trade dispute, trade union,employer etc.

The aim of act is to regulate trade union.

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5. Payment of Wages Act To ensure that industrial worker receive payment of

their wages at regular intervals & date.

No unauthorized deductions are made from the wages.

It defines factory, industrial establishment & wages.

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6. ESI Act Employees State Insurance Act

The insured worker has given some benefit out of fundcreated by contributions from insured person, hisemployer & state government whenever contingencieslike sickness, maternity & employment injuryhappens.

The Act contains provisions regarding the grant ofbenefits in the event of said contingencies.

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