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Understanding the Entrepreneur: Traits, Motivation, Factors & Classification

Explore the definition of an entrepreneur, key traits, functions, entrepreneurial motivation, internal and external factors, types of entrepreneurs, classification, and different theories associated with entrepreneurship and innovation. Discover the essential characteristics, motivations, and classification criteria for successful entrepreneurs.

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Understanding the Entrepreneur: Traits, Motivation, Factors & Classification

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  1. UNIT1 DefinitionofEntrepreneurInternal&ExternalFactorsFunctions EntrepreneurialMotivation&BarriersClassification TheoriesConcept DevelopmentofEntrepreneurshipCulture Stagesinentrepreneurialprocess          

  2. WhatisanEntrepreneur? Onewhocreatesanewbusinessinthefaceofriskanduncertaintyforthepurposeofachievingprofitandgrowthbyidentifyingandassemblingthenecessaryresourcestocapitalizeonthem.

  3. CONCEPTOFENTERPRENEUR • RISKBEARER • ORGANISER • INNOVATOR

  4. Schumpter’sDefinitionof Entrepreneur Reformorrevolutionizethepatternofproductionbyexploitinganinventionormoregenerally,anuntriedtechnologicalpossibilityforproducinganewcommodity

  5. Drucker’sviewonEntrepreneur Innovationisaspecifictoolofentrepreneurs,thismeansbywhichtheyexploitchangesasanopportunityfordifferentbusinessoradifferentservice.

  6. CharacteristicsofEntrepreneurs • Desireforresponsibility • Preferenceformoderaterisk • Confidenceintheirabilitytosucceed • Desireforimmediatefeedback • Highlevelofenergy • Futureorientation • Skilledatorganizing • Valueachievementovermoney

  7. FunctionsofEntrepreneur • Innovation • RiskTaking • OrganizationBuilding • Absorbuncertainty • FrametheChallenge • BuildCommitment

  8. Entrepreneurs...Traits • Self-confidentandoptimistic • Abletotakecalculatedrisk • Respondpositivelytochanges • Flexibleandabletoadapt • Knowledgeableofmarkets • Abletogetalongwellwithothers • Independentminded

  9. Entrepreneurs...TraitsII • Energeticanddiligent • Creative,needtoachieve • DynamicLeader • Responsivetosuggestions • Takeinitiatives • Resourcefulandpersevering • Perceptivewithforesight

  10. Personaltraitsandcharacteristicsofentrepreneurs.

  11. EntrepreneurialMotivation Motivationisaninnerspiritthatactivatesanddirectourbehaviortowardsourgoal.

  12. Whatmotivatesanindividualtobehaveentrepreneuriallyisexplainedbythebehavioralscientists?Whatmotivatesanindividualtobehaveentrepreneuriallyisexplainedbythebehavioralscientists?

  13. Entrepreneurship:SourcesofSupply&Motivation Entrepreneurial Author PhenomenonIndividualStatusGroups Religious&SocialGroups SourceofEntrepreneurialSupplyExtraordinaryindividualsExtraordinaryindividuals Individualswithhighn-achievementcreative Individualsinthesoceitydrivenbyadutytoachieve MotiveForce InnateurgetoachievesucessReligiousbeliefs Schumpter Weber McCelland Childrearingpractices&climate Statuswithdrawal&relativesocialblockage Hagen SubordinatedGroups

  14. FACTORSRESPONSIBLEFORENTREPRENEURS

  15. INTERNALFACTORS • Desiretodosomethingnew • EducationalBackground • Experience

  16. EXTERNALFACORS • Govt.assistanceandsupport • Availabilityoflaborandrawmaterial • Encouragementfrombigbusinesshouses • Promisingdemandfortheproduct

  17. TYPESOFENTREPRENEUR • Accordingtothetypeofbusiness • Accordingtotheuseoftechnology • Accordingtothemotivation • Accordingtothegrowth • Accordingtothearea • Accordingtothegender&age • Accordingtothesaleofoperation

  18. TypeofBusiness BusinessEntrepreneur(individualswhoconceiveanideaforanewproductorservice&thencreateabusinesstomaterializetheiridea.) TradingEntrepreneur(Isonewhoundertakestradingactivities&isnotconcernedwiththemanufacturingwork) IndustrialEntrepreneur(amanufacturerwhoidentifiesthepotentialneedsofcustomers&tailorsaproducttomeetthemarketingneeds) CorporateEntrepreneur(Isapersonwhodemonstrateshisinnovativeskillinorganizing&managingcorporateundertaking) AgriculturalEntrepreneur(Isonewhoundertakeagriculturalactivitiesasraising&marketingofcrops,fertilizers&otherinput.)RetailEntrepreneur ServiceEntrepreneur       

  19. UseofTechnology • TechnicalEntrepreneur(hedemonstrateshisinnovativecapabilitiesinmatterofproductionofgoods&renderingservices) • Non-TechnicalEntrepreneur(concernedonlywithdevelopingalternativesmarketing&distributionstrategiestopromotetheirbusiness) • ProfessionalEntrepreneur(apersonwhoisinterestedinestablishingthebusinessbutdoesnothaveinterestinmanagingitonce)

  20. AccordingtoMotivation • PureEntrepreneur(anindividualwhoismotivatedbypsychological&economicrewards) • InducedEntrepreneur(isonewhoinducedtotakeupentrepreneurialtaskduetothepolicymeasuresoftheGovt.) • MotivatedEntrepreneur(theyaremotivatedbythedesireofselffulfillment) • SpontaneousEntrepreneur(thosewhostarttheirbusinesstheirbynaturaltalents(inbornabilities)

  21. Accordingtoarea • UrbanEntrepreneur • RuralEntrepreneur

  22. Accordingtogender&age • MenEntrepreneur • WomenEntrepreneur

  23. Accordingtosaleofoperation • SmallscaleEntrepreneur • LargescaleEntrepreneur

  24. ClassificationofEntrepreneurs • InnovatingEntrepreneurs • ImitativeEntrepreneurs • FabianEntrepreneurs • DroneEntrepreneurs

  25. INNOVATINGENTERPRENEURS Isonewhointroducesanewgoods,inaugratesnewmethodofproduction,discoversnewmarket&reorganizestheenterprise

  26. IMITATIVEENTERPRENEURS Thesearecharacterizedbyreadinesstoadoptsuccessfulinnovationsinauguratedbyinnovatingentrepreneurs

  27. FABIANENTERPRENEURS Thesearecharacterizedbyagreatcaution&skepticisminexperimentinganychangesintheirenterprises

  28. DRONEENTERPRENEURS Thesearecharacterizedbyarefusaltoadoptopportunitiestomakechangesintheproductionformulaeevenatthecostofseverelyreducedreturnsrelativetotheotherlikeproducers.

  29. THEORIESOFENTREPRENEURSHIP • Economic • Psychological • Sociological

  30. ECONOMICTHEORY Economicincentivesarethemaindrivefortheentrepreneurialactivities.Thepersonsinnerdriveshavealwaysbeenassociatedwitheconomicgains.Thustheseincentivesareregardedassufficientconditionsfortheemergenceofindustrialentrepreneurship.

  31. SOCIOLOGICALTHEORY Sociologistsarguethatentrepreneurshipismostlikelytoemergeunderaspecificsocialculture.Socialvaluesarethemostimportantdeterminantoftheattitudes&roleexpectations.

  32. PSYCHOLOGICALTHEORY Thistheory, entrepreneurship ismost likelytoemergewhenasocietyhassufficientsupplyofindividualspossessingparticularcharacteristics.Schumpterbelievesthatentrepreneursareprimarilymotivatedbywillofconquer.McClellandassertsthatitishighneedforachievementthatmotivatespeopletowardsentrepreneurialactivities.

  33. BarrierstoEntrepreneurship • Lackofviableconcept • Lackofmarketknowledge • Lackoftechnicalskills • Lackofcapital • Lackofbusinessknowhow • Timepresencesanddistractions • Legalconstraintsandregulations

  34. Culture • Thesumtotalofsocialbehaviorthatincludesatleastthreeelementsnamely,knowledgeandbeliefs,idealsandpreferences. • Entrepreneurialcultureimpliesvision,values,normsandtraitsthatareconductiveforthedevelopmentoftheeconomy. • Theemergingmarketenvironmentandglobalizationischallengingeveryorganization&everypersonintheorganizationtoconsider,evaluateandbringoutthechangesinthinking,visionandaction.

  35. NatureofCulture • Basicbeliefsandassumptionsaboutthecompany • Emotionalaspect • Reflecthistory • Inherentlysymbolic • SubstanceandForm

  36. ComponentsofCulture • Values • RulesofConduct • Vocabulary • Methodology • Rituals • MythsandStores

  37. ElementsofanEntrepreneurialCulture • Peopleandempowermentfocused • Valuecreationthroughinnovationandchange • Attentiontothebasics • Hands-onmanagement • Doingtherightthing • Freedomtogrowandtofail • Commitmentandpersonalresponsibility • Emphasisonthefutureandasenseofurgency

  38. IndividualismvsCollectivism Individualism  Self-orientation Emphasisonself-efficiencyandcontrolPursuitofindividualgoals Valuesystemdrivenbyprideintheirownaccomplishments – – – – Collectivism  Group-orientation SubordinationofpersonalinterestsandgoalsEmphasisonsharing Concernforgroupwelfare – – – – EntrepreneurialIntensityisachievedbybalancebetweenindividualismandcollectivism 

  39. StepsintheEntrepreneurial Process Discovery ConceptDevelopment Resourcing Actualization Harvesting

  40. StepsintheEntrepreneurialProcess 1.Discovery:Thestageinwhichtheentrepreneurgeneratesideas,recognizesopportunities,andstudiesthemarket

  41. StepsintheEntrepreneurialProcess 2.ConceptDevelopment: Developabusinessplan:adetailedproposaldescribingthebusinessidea –

  42. ConceptDevelopment Choosebusinesslocation Willapatentortrademarkberequired? – –

  43. StepsintheEntrepreneurialProcess 3.Resourcing:Thestageinwhichtheentrepreneuridentifiesandacquiresthefinancial,human,andcapitalresourcesneededfortheventurestartup,etc

  44. StepsintheEntrepreneurialProcess 4.Actualization:Thestageinwhichtheentrepreneuroperatesthebusinessandutilizesresourcestoachieveitsgoals/objectives.

  45. StepsintheEntrepreneurialProcess 5.Harvesting:Thestageinwhichtheentrepreneurdecidesonventure’sfuturegrowth,development,ordemise.

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