Foundations Of Entrepreneurship
Definition:- An entrepreneur is one who creates a new business in the face of
risk and uncertainty for the purpose of achieving profit and growth by identifying
significant opportunities and assembling the necessary resources to capitalize on
them.
Traits of Entrepreneurship
Desire for responsibility
Preference for moderate risk
Confidence in their ability to succeed
Desire for immediate feedback
High level of energy
Future orientation
Skill at Organizing
Value of Achievement
High Degree of Commitment
Tolerance For ambiguity
Flexibility
Foundations Of Entrepreneurs
Serial Entrepreneurs:- Entrepreneurs who repeatedly start business
and grow them to a sustainable size before striking out again.
Benefits Of Entrepreneurship
Opportunity to create your own destiny
Opportunity to make Difference
Opportunity to reach your Full Potential
Opportunity to Reap Impressive Profits
Opportunity to contribute to society and be recognized
Opportunity to do what you enjoy
Foundation Of Entrepreneurship
Potential Drawbacks of Entrepreneurship
Uncertainty of Income
Risk of losing your entire Investment
Hard work
No Time Limit in Work hours
Lower quality of life
Complete Responsibility
Discouragement
Foundations of Entrepreneurship
Forces driving the growth of entrepreneurship
Entrepreneurs as heroes
People follow the role models e.g. Bill Gates etc
Entrepreneurial Education
Nowadays entrepreneurship has become a very popular course
Due to the downsizing, less job offering and less promising career paths
students are focusing on this course and developing themselves as an
entrepreneur.
Demographic Factor
Nearly two third f entrepreneurs start their business between the age of 25-
44
They are more enthusiastic and energetic.
Mostly they have capacity to take risk.
Economic Factor
Economic growth that spanned most of the 1980’s and 1990’s created a
significant amount of wealth among people of age 25-44
Foundation of entrepreneurship
Shift to Service economy
Because of their relatively low start up costs, service business have become very
popular among entrepreneurs.
Booming service sector continues to provide many business opportunities.
Technological Advancements
With the help of modern business machines such as PC, Laptops computers, fax
even a small business can look like a complete business.
These days the prices are affordable with in the budget.
Service Based or information based company effectively.
Independent Life Style
People want the freedom to choose where they live, the hours they work and
what they do.
Financial security remains an important goal for most entrepreneurs
Some place top priority on lifestyle issues such as more time with family and
friends, more leisure time, and more control over work related stress.
Foundation Of Entrepreneurs
World Wide Web
The vast network that links computers around the globe via the internet and opens up
oceans of information to users, a major business opportunity for entrepreneurs
International opportunities
No longer are small businesses limited to pursuing customers with in their own borders.
The shift to a global economy has opened the door to tremendous business opportunities all
around the globe
Entrepreneurs are discovering that selling product and services in foreign markets is really
not that difficult.
Small companies that have expanded successfully in to foreign markets tend to rely on the
following strategies
Researching foreign markets thoroughly
Focusing on single country initially
Utilizing govt resources designed to help small companies establish an international presence.#
Having alliances with local partners.
