...1 LESSON- 1 ENTREPRENEUR AND ENTREPRENEURSHIP Dr. Jyotsna Sethi STRUCTURE 1.0 Introduction 1.1 Objectives 1.2 Entrepreneurship as a Career Option 1.3 Concepts and Definitions 1.3.1 Entrepreneur 1.3.2 Entrepreneurship 1.3.3 Enterprise 1.3.4 Difference between Entrepreneur and Entrepreneurship 1.4 Role of Entrepreneurship in Economic Development 1.4.1 Entrepreneurship and Economic Development 1.4.2Entrepreneurship and Education 1.5 Functions of an Entrepreneur 1.6 Innovation 1.7 Risk and Uncertainty Bearing 1.8 Organization 1.9 Functions Performed by an Imitator Entrepreneur 1.10Entrepreneur vs. Manager Relationship 1.11 Summary 1.12 Glossary 1.13 Self-Assessment Questions 1.14 Further Readings 1.0 INTRODUCTION Do you know that there are millions of unemployed youth in the country and by the time you graduate, this number would have increased substantially? Do you want to be part of that group which keeps knocking from pillar to post, checking with employment exchanges, relatives, friends, and neighbours and still not able to get a job to their liking and then settle for a second or third rate job? You can also choose to be like Mr. Patel of Nirma who was a chemist’s assistance and has a Rs. 2500 crore company today. Did you know that the original Mr. Bata was a cobbler? And now has stores in more than 30 countries all over the world. Or...
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...Entrepreneurial Process Ivy Harmon UOP Entrepreneurship in Healthcare HCS 567 K. Imlay May 13, 2012 Entrepreneurial Process Successful entrepreneurs tend to follow a multi-step process on four main elements to achieve their goals. These processes include identifying an opportunity, developing a business plan, determining the resources needed, and finally managing the newly developed enterprise (Hirsh, Peters, & Sheppard, 2005). A clear understanding of the entrepreneurial process is an important step in understanding the functions of a business administrator or assessing if entrepreneurship is the right fit for an individual. The order of the entrepreneurial process is important for proper fulfillment and to improve the odds of success (Barringer & Ireland, 2008). Some elements of the process are most important to the individual perspective, whereas other elements are most important from the corporate perspective. Finally, the entrepreneurial process has influenced the delivery of health care by affecting the scope of discovery, and the speed of delivery. A wide range of factors could influence someone to become an entrepreneur, including environmental, social, personal ones, or a combination of them. After one decides to be an entrepreneur, there are four steps of the entrepreneurial process he/she has to follow, spot and assess the opportunity, draw up a business plan, establish the resources needed and get them, and run the company created. The first...
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...Haryana E-mail: vaishaliarora1@gmail.com *Author to contact in case of any query. Social entrepreneurship Entrepreneurship is a topic of interest to academics, business people, and governments around the world. The dynamism and vitality of entrepreneurship research is reflected in the flow of new ideas and themes in the entrepreneurship literature. For many, mainstream entrepreneurship is inextricably bound with the creation of new technology firms, however, this is only part of a wide and varied terrain. The focus of this paper is social entrepreneurship - those activities associated with the perception of opportunities to create social value and the creation of social purpose organisations to pursue them. Social enterprises adopt financially sustainable strategies to pursue social aims, and address a wide range of social problems, such as unemployment, inequalities in access to health and social care services, low quality housing, high incidences of crime, deprivation and social exclusion. This paper categorises the...
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...Assignment One：Maple Leaf Shoes Ltd.—a Strategic Management Exercise Unit 33: Small Business Enterprise |Outcome(s)/criteria |Possible evidence |Feedback | |1 Be able to investigate the performance of a selected small | | | |business enterprise |Analyze the shoes industry by Michael Porter’s Five Forces Model | | |1.1 produce a profile of a selected small business identifying its |Define paternalistic management style, and its cons and pros | | |strengths and weaknesses |Indentify the SWOT of Maple Leaf Shoes | | |1.2 carry out an analysis of the business using comparative | | | |measures of performance | | ...
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...reference to entrepreneurial theory, critically comment on the following blog written by fourth grade high school students in Ohio discussing entrepreneurship: “ - Entrepreneurship is one of the most important parts of economics in a freeenterprise system. - An entrepreneur is a person that creates, organises and manages a business while trying to make a profit. The first thing an entrepreneur needs to do is to think of an idea. They have to be inquirers so they can gather as much information as possible. They need to constantly reflect on their decisions. They must be risk-takers because there is always a chance that their business will not succeed. They must be open-minded when presenting their ideas and receiving feedback. Entrepreneurs must be good communicators when sharing their ideas with investors and when advertising and promoting their company. They must also be principled and caring towards their employees and customers. - By being hardworking entrepreneurs, we all have the opportunity to be very successful.” 2 The essay examines the importance of entrepreneurship within the economy, core elements of entrepreneurship, and how entrepreneurial behaviour and certain character traits impact success. The investigation is based on statements about entrepreneurship given by fourth grade high school students in Ohio. The essay will argue that entrepreneurship is an essential part of economics in a free-enterprise system. Furthermore...
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...opportunities and creating organizations to pursue them (William Bygrave & Andrew Zacharakis,”Entrepreneurship” 2010) Opening Paragraph Budi Prasetyo, CEO of HK Aston, is preparing big agenda that afternoon. He is busy coordinating big projects of his new office HK Aston. As a subsidiary company of Hutama Karya a State Own Enterprises in construction business, HK Aston have specific mission to be a focus company in managing Asphalt and Steel business. One of the big projects on the pipeline is Tanjung Benoa Toll Road in Bali. First of all HK Aston is a newly startup company set up in 2009 with mission to differentiate services and bring more value to the industry towards better services as a group of businesses. Main purpose setting up subsidiary company with core business of specific services is to gain focus in asphalt services which value added perceive values. HK Aston business operation is still active during the process of spin off from division under Operation Directorate to become full fledge company. Even though setting up a good foundation of strong business need more than just a legal documentation and given business, moreover they must have a strong entrepreneurial spirits towards vision of the new company. In this case Budi will have to manage the three basic questions, “where are we now”, “where do we want to be” and “How to get there”. Those 3 questions will manage the expectation of action to be taken. Budi saw HK Group trust him and the new company plenty of resources ready...
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... * Small Business Management and Entrepreneurship by David Stokes and Nicholas Wilson Chapters /topics: * Understanding small business and entrepreneurship * Creating entrepreneurial small business * Managing the entrepreneurial small business * Case studies * The Small Business Start-up Workbook: A Step-by-step Guide to Starting the Business You've Dreamed of by Cheryl D. Rickman Chapters and topics: * Where to begin-What the big idea? * What to do and sell-Opportunities, products and services * Researching your Market ,Target Audience and Opportunity * Defining your brand * Figuring Out the Finance: Costs, Funding, Grants and Loans * Marketing and Selling your products and Services * The importance of good customer Services * Planning and creating a website that works * Launching and Promoting * How to manage and grow * Entrepreneurship and Small Business Management by Steve Mariotti and Caroline Glackin Chapters/Topics: * Sources/funds debt & equity * right location & layout * Global aspects of entrepreneurship in global economy a competitor six time zones away is potentially a serious threat as the competitor . * Planning for management succession * e-commerce and entrepreneurship * Managing Projects Large and Small: The Fundamental Skills for Delivering on Budget and on Time (Harvard Business Essentials) by Richard Luecke Chapters/topics: This books provides...
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...University, Shillong . INTRODUCTION: Women, the female member of the family is the backbone of emotional support who holds the family together. Social and economic development of women is necessary for the welfare of the society and also the Nation in turn. India being a well male dominated country, women are always considered backward and are not allowed to have various privileges. Many religions, even today, do not allow the women of the family to communicate with the rest of the world. Development of women would prove to be very positive in development of the Nation. The term “entrepreneurship” comes from the French verb “entreprendre” and the German word “unternehmen”, both means to “undertake”. Bygrave and Hofer in1891 defined the entrepreneurial process as „involving all the functions, activities, and actions associated with perceiving of opportunities and creation of organizations to pursue them‟. In simple, entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business...
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...The period chosen and particular to the selected entrepreneur is from 1994 to 2011. According to Schaper and Volery (2004) the factors that influenced the entrepreneurial activity for Charles and Keith from 1994 to 1996; just prior to the founding of the brand can be classified into five elements, namely, the environment, opportunities, resources, the organisation and the entrepreneur. At that point, the environment at community level during that time was that there were no known home-grown brands in the fashionable footwear market. Providers that exist were either neighbourhood stores or branded labels such as Nine West. However, during that period with a weak economy (National Wages Council (NWC), 1996), both brothers, Charles and Keith faced employment challenges such as the lack of opportunities as they had not done well academically and with that, they decided to work in their family owned shop in Ang Mo Kio. They assisted their parents entirely from the serving of customers to stock counting. “After helping out in my family owned shop for a couple of years, I felt that ladies footwear in Singapore was plain and basic as compared to other countries. There was no footwear retailer selling fanciful footwear at good pricing. Women in Singapore often have to rely on imported footwear which is expensive and unbefitting. Together with Keith, we introduced this brand – Charles & Keith”. Starting a business is never easy, especially when you are younger than others in...
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...the Technology Entrepreneur There are risks and costs to a program of action. But they are far less than the long-range risks and costs of comfortable inaction. John F. Kennedy |||||What drives global entrepreneurship?|| |C H A P T E R O U T L I N E|||| ||||| |||||ntrepreneurs strive to make a difference in|| 1.1|The Entrepreneur’s Challenge|||| 1.2|The Entrepreneur||our world and to contribute to its better-|| ||Ement. They identify opportunities, mobi-|| 1.3|Economics and the Firm||| |||lize resources, and relentlessly execute on their|| |||visions. In this chapter, we describe the character-|| |||istics of the people called entrepreneurs and the|| |||process they use to create new enterprises. We|| |||identify firms as key structures in the economy and|| ||||| |||the role of entrepreneurship as the engine of eco-|| ||||||| |||||nomic growth. New technologies form the basis of||...
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...Leadership styles, entrepreneurial orientation and family business growth in Ghana. The research problem While the number of family business abounds in Ghana, one sees lots of these slowly dying and some going bankrupt (Wolf, 2004). The lack of continuity and growth in family businesses is a major concern because of the primary contributory role that family businesses play in the world economy (Lansberg 1999: 1). It is perceived that entrepreneurial activities in Ghana lack the dynamism and competitive edge of those in more developed countries (Saffu, 2004). One reason that can be advanced is the lack of appropriate leadership style and competencies to manage the family business enterprises in Ghana (Wolf, 2004). Researchers in the fields of organizational behavior and leadership have examined leadership styles and their effects on such variables as job satisfaction, job stress, role conflict, job performance and organizational commitment (Humphreys et al., 2003, MacKenzie et al., 2001 and Stock and Hoyer, 2002), in the context of the North American and other developed countries and has rarely been conducted in emerging economies with different cultural orientation (Fakhrul et al 2011), and the Ghanaian context is no exception in this regard. Globally, there is a dearth of research regarding the influence of leadership styles and entrepreneurial orientation on the growth of service sector businesses including private schools. According to (Kest, 2007) there is a lack...
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...Definitions of Entrepreneurship Miami University of Ohio Entrepreneurship Center Sloan note: In the interest of full disclosure, among other universities attended (Maryland, Syracuse, Indiana, Ohio U, Ohio State) I must include Miami of Ohio (Political Science PhD program; voluntarily dropped out at the year mark – I found out what they pay those guys in that discipline! Business is a whopping amount better. In the spirit of due diligence, you can burn a whole lot of time through sheer naiveté). Researchers have been inconsistent in their definitions of entrepreneurship (Brockhaus & Horwitz, 1986, Sexton & Smilor, Wortman, 1987; Gartner, 1988). Definitions have emphasized a broad range of activities including the creation of organizations (Gartner, 1988), the carrying out of new combinations (Schumpeter, 1934), the exploration of opportunities (Kirzner, 1973), the bearing of uncertainty (Knight 1921), the bringing together of factors of production (Say, 1803), and others (See Long, 1983). The outline below presents some authors definitions of entrepreneurship and attempts to summarize these viewpoints into a more meaningful whole. Richard Cantillon (circa 1730); Entrepreneurship is defined as self-employment of any sort. Entrepreneurs buy at certain prices in the present and sell at uncertain prices in the future. The entrepreneur is a bearer of uncertainty. Jean Baptiste Say (1816); The entrepreneur is the agent "who unites all means of production and who finds in the...
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...? Satyabir Bhattacharyya A n entrepreneur is often defined as one who starts his own, new, and small business. But, not every new small business is entrepreneurial or represents entrepreneurship. For instance, the husband-and-wife team which opens another Mexican restaurant in the American suburb surely takes a risk. But, are they entrepreneurs? What they do has been done many times before. They gamble on the increasing popularity of eating out in their area but create neither a new concept of customer satisfaction nor a new consumer demand. Seen under this perspective, they are surely not entrepreneurs even though theirs is a new venture. WHAT IS ENTREPRENEURSHIP? The setting up of McDonald’s, however, was entrepreneurship. McDonald’s did not invent anything new; its final product was what any decent American restaurant had produced years ago. But, by applying management concepts and techniques (for instance, by asking what is ‘value’ to the customer), standardizing the ‘product’ across all locations and countries, designing processes and tools, and streamlining training on the analysis of the work to be done and then setting the standards it required, McDonald’s both drastically upgraded the yield from resources and created a new market and a new customer base. This is entrepreneurship. Equally entrepreneurial was the growing foundry started more than 20 years ago by a husband-and-wife team in America’s Midwest to heat-treat ferrous castings to high performance specifications...
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...Failure of Business Enterprises; Caused by Productivity or Management? RAJKOOMAR Manish Table of Contents Definition of Business Failure3 Closures and Failures: The Numbers3 Reasons For Business Failures Failure Due to Production Related Issues4 Failure Due to Management Related Issues5 Recovering From Business Failures8 Conclusion9 Definition of Business Failure Business failure is defined as the termination of a business that results in financial loss for at least one of the business's creditors. All entrepreneurs who decide to establish their own business face the possibility of failure, and a good deal of sources holds that failure is not only possible but probable for the small business owner seeking to launch his or her own enterprise. It has long been said that four out of five new businesses fail within five years of their establishment, for instance, but current studies indicate that such gloomy forecasts often present a false picture of entrepreneurial realities. Indeed, many business experts that the majority of small business owners are actually successful with their ventures. , The US Chamber of Commerce - published newsletter; Nation’s Business pointed out "Outright failures of small businesses are in fact remarkably rare." Moreover, Nation’s Business explained that "if failure is defined, reasonably enough, as a business closing that results in losses to creditors because the firm files for bankruptcy or because it simply closes its doors...
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...Entrepreneurial Leadership Steve Epitropou The Business Enterprise – BUS508 002016 Entrepreneurial Leadership Steve Case is an entrepreneurial leader. He is a visionary and a deal maker. He cares about what consumers want, and is technologically savvy. Case “focuses on building a world-class team of colleagues, advisers, and managers to run the business operations” (Citrin, 2006, para.4). He surrounds himself with people that complement his strengths and balance his weaknesses. James Kouzes believes that leadership is a journey, that credibility is the foundation of leading, that leadership is a relationship, that to lead you must first look inside yourself and clarify your values, and that you need to be inspiring to lead (McCrimmon, n.d.). Kouzes believes that leadership can be learned. He and Barry Posner created “The Leadership Challenge” which explains “how leaders mobilize others to want to get extraordinary things done” (Kouzes, J & Posner, B., 2010. para. 2). They state that leaders put their values into action, achieve their visions, innovate around obstacles and make risk pay off. Peter Drucker has written about entrepreneurial leaders. He believes that successful leaders do not ask themselves what they want to do, they ask themselves what needs to be done and can they make a difference by doing so? (Ambler, 2006). He believes that successful leaders only do things that they are good at and that they let others do the rest. Drucker...
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