Entrpreneurship

Development

Presented to

Prof. Dr. Kazi Ahmed NabiDean, FBA, USTC

Todays Topics

Characteristics Attributed to Entrpreneurs

Types of Entrepreneurship

Entrepreneur versus Management

National Benefits of Entrepreneurship

Definition

'Entrepreneur'An individual who, rather than working as

an employee, runs a small business and

assumes all the risk and reward of a given

business venture, idea, or good or service

offered for sale.

‘Entrepreneurship’The ability of a person to see a business

opportunity, to get together the capital

needed to take advantage of the opportunity

and to start a business taking the risk of

failure in the hope of reaping the rewards of

success.

Characteristics attributed to entrepreneurs

1. Add confidence

2. Determination

3. Energy

4. Ability to take calculated risks.

5. Leadership

6. Optimism

7. Need to achieve

8. Versatility: Knowledge of product,

market machinery & technology.

9. Creativity

10. Ability to influence others

11. Ability to get well along people

12. Initiative

13. Flexibility

14. Intelligence

15. Pleasant personality

16. Courage

17. Imagination

18. Tolerance for ambiguity

19. Positive response to challenge.

20. Independence

21. Responsiveness to suggestions criticism

22. Efficiency

23. Ability to make decisions quickly

24. Responsibility

25. Foresight

26. Accuracy

27. Co-operative

28. Profit orientation

29. Ability to learn from mistakes

30. Aggressiveness

31. Commitment

32. Ability to trust workers

33. Sensitivity to others

34. Honesty

35. Maturity

Attributes that successful entrepreneurs tend to possess

Being an entrepreneur requires much more than just big ideas. A true

entrepreneur is a rare breed; it’s someone who possesses a unique cocktail of

traits, skills and characteristics that enable them to beat the odds and go after

their dreams full throttle. But what are those attributes? What does an

entrepreneur need to succeed?

They’re goal-orientated:

Entrepreneurs are all about setting goals and

putting their all into achieving them; they’re

determined to make their business succeed

and will remove any encumbrances that may

stand in their way.

They’re committed to their business:

Entrepreneurs are not easily defeated; they

view failure as an opportunity for future

success.

Attributes that successful entrepreneurs tend to possess (cont...)

They’re hands-on:

Entrepreneurs are inherently proactive,

and know that if something really needs to

get done, they should do it themselves.

They’re ‘doers’, not thinkers, and tend to

have very exacting standards.

They thrive on uncertainty:

Not only do they thrive on it—they

also remain calm throughout it.

Attributes that successful entrepreneurs tend to possess

(cont...)

They continuously look for

opportunities to improve:They have the ability to look at everything

around them and focus it toward their goals

in an effort to improve their business.

They’re willing to take risks:

A true entrepreneur doesn’t ask questions

about whether or not they’ll succeed—they

truly believe they will.

They’re inherently creative:

They’re able to not only come up with

ingenious ideas, but also turn those ideas

into profits.

Types of Entrepreneurship

Five types of entrepreneurs

1. Administrative entrepreneurship

It is the joint efforts of both the general management

and scientific technical personnel to identify areas for

R & D and the development of new products,

techniques or the improvement of existing ones.

2. Opportunistic Entrepreneurship

Ability to catch at the right time the fruits of the

internal as well as external technological

developments.

3. Incubative Entrepreneurship

This is nothing but the ability to initiate and nurture

new venture developments within the original

company with special care.

Types of Entrepreneurship (cont...)

4. Imitative technical Entrepreneurship

This stresses the replication or creative imitation

of innovative technical achievements made by

another firm ---done with appropriate

modifications and refinements in case protected

property right are involved.

5. Acquisitive Entrepreneurship

This is the ability of the internal management/

entrepreneurs to acquire competitors technical

capabilities.

Entrepreneur Versus Management

In 1980, Thomas Beglay and David P Boyd identified five dimensions

of distinctions between Entrepreneurs and Managers. These are:

1. Need – Achievement: High in case of entrepreneurs while

managers are with moderate scale.

2. Locus of Control: Both of them feel that not luck or fate but

themselves control their own lives.

3. Tolerance for Ambiguity: Every manager faces some amount of

ambiguity but entrepreneurs face more as they take more risk.

4. Tolerance for Risk: Entrepreneurs bear moderate risk and in case

of others it is limited only with reference to their jobs.

Entrepreneur versus Management (cont...)

5. Type “A” behavior: This refers to the

drive to get more in less time. Both the groups

have this type of behavior.

• Entrpreneur tend to value self respect, freedom, a

sense of acomplishment and exciting life style.

• Manager tend value true friendship, wisedom,

salvation and pleasure.

• Entrepreneurship are individual who

i. concieve the idea for a new business venture;

ii. gather the necessary inputs to the venture;

iii. start the operation and grow it; and

iv. bear the rik of starting and operating the venture.

• Professional managers on the other hand, are hired to

perform the basic management functions of the ongoing

and the growing organization.

National Benefits of

EntrepreneurshipEntrepreneurship has at least four national benefits: These are under:

1. Fosters economic growth: In the USA ¾ ths and in our country

most of the new jobs are provided by the entrepreneurs.

2. Creates new technologies, products & services: Entrepreneurship

play a very vital role in promoting innovative technologies, products,

and services. Sometimes one entrepreneurial invention gives rise to

many others.

3. Changes and rejuvenates market competition: Entrepreneurs stir

up the waters of competition in the marketplace. The international

market also provides entrepreneurial opportunities for companies.

4. Increases productivity: Entrepreneurship has been recognized for

its dynamic role in raising productivity. Higher productivity is simply

a matter of improving production techniques.

Presented by

MEHEDI HASANClass ID: 1114

7th Semester