unit1- entreprenuership
TRANSCRIPT
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ENTREPRENEUR
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2
Who is an entrepreneur?
Person conducting own business(Webster)
Person who sets up business deals inorder to make profits (Collins Cobuild)
Organizer of an economic venture, one
who owns, organizes, manages, andassumes the risks of the business(Chandrashekhar)
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Why entrepreneurship?
Process of creating something different,with value, by devoting necessary timeand effort, by assuming theaccompanying financial, psychological,and social risks, and receiving theresulting rewards of monetary and
personal satisfaction(Bowen andHisrich, 1986).
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ENTREPRENEURSHIP
Entrepreneur
Land
Labor
capital
organization
4 factors of production
New venture
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TYPES OF ENTREPRENEUR
Innovative Entrepreneurs
Adopted by developed countries
Aggressive assemblage of information & analysing.
Aggressive in experimentation and cleverly putattractive possibilities into practice.
Sees opportunity for introducing a new technique,
new product or a new market. Raise money to launch an enterprise, assemble the
various factors and choose top executives and setthe organization going.
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Imitative Entrepreneurs
Characterized by imitating the innovativeentrepreneurs.
They imitate the technology & techniques
innovated by others.
They are important in underdevelopednations.
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Face less risk and uncertainty.
Organizer of factors of production than a
creator.He can set in chain reaction and lead to
cumulative progress.
E.G. china made products
Imitative Entrepreneurs contd
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Fabian Entrepreneurs
Very cautious and skeptical while practicing anychange.
Neither the will to introduce new changes nor the
desire to adopt new methods. Shy and lazy
Dont take risks, Follow predecessors.
Determined by custom, religion, traditions and
past practices. They imitate only in situations when it becomes
absolutely necessary.
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Drone Entrepreneurs
Are laggards and operate in a traditionalway.
Conventional
Refuse to change and adopt newopportunities to make changes inproduction methods.
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INVENTOR AND INNOVATOR
Inventoris a person creates
new thing.
Innovator
is a person who
brings somethingnew in business
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CHARACTERISTICS OFSUCCESSFUL
ENTREPRENEUR
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CHARACTERISTICS OF SUCCESSFUL
ENTREPRENEUR
ENTREPRENEUR
Determination
&
Persistence
Motivation to
succeed
No daunted by
failure
Passion
Spot and take
advantage of
opportunities
Relevant skills and
expertise
Vision, creativity
and innovation
Risk taker
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Path followed by Entrepreneur
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FAMOUS
ENTREPRENEURS
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Bill Gates 1955
Bill Gates discovered his interest in
software and began programmingcomputers at age 13. He is the chief software architect of
Microsoft Corporation, the worldwideleader in software, services and
solutions that help people andbusinesses realize their full potential. Microsoft had revenues of US$19.95
billion for the fiscal 2011 secondquarter and employs more than55,000 people in 85 countries andregions.
He donates rigorously to charities allaround the world.
By linking his Microsoft software toIBM's first PCs, he dominated theindustry.
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Donald Trump Donald Trump received much
of his business sense from hisfather, Fred Trump, who wasforced by his father's death tohelp support a large family. Hisfather succeeded in producing
affordable housing. DonaldTrump was brought upassisting his father with hisbusiness ventures. Donald seta goal to be involved in real
estate in a larger scale than hisfather. Trump started a billiondollar empire and is now alsoon his own hit TV show calledthe Apprentice. Donald Trumpowns over 100 businesses..
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OPRAH WINFREY1954
Oprah Winfrey turned her name
into one of the most successful
and respected brands in the
world.
"The Oprah Winfrey Show" becamethe number one talk show innational syndication. HARPOProductions Inc. which is Oprahspelled backwards was started in1986. Today, HARPO is a formidable
force in film and television.Oprahuses her influence and wealth tohelp various charities and socialcauses around the world. Her workin Africa alone is phenomenal.
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Chad Hurley, 29, Steve Chen, 28 & JawedKarim, 27
Founders of YouTube
Broadcasts 100 million short videos daily onmyriad subjects
In October 2006, Google Inc. acquired YouTubefor $1.65 billion in Google stock, and the dealwas finalized on November 13, 2006.
Before the launch of YouTube in 2005, therewere few easy methods available forordinary computer users who wanted topost videos online. With its simpleinterface, YouTube made it possible for
anyone with an Internet connection to posta video that a worldwide audience couldwatch within a few minutes. The wide rangeof topics covered by YouTube has turnedvideo sharing into one of the mostimportant parts of Internet culture.
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Sam Walton - Walmart
After Sam got out of the US military he decided hewanted his own department store. He wanted to makeenough money that he could support his family. Hisdream came into reality in the fall of 1945 when hepurchased a store in Newport with the help of his father-in-law. Sam borrowed $20,000.00 from his father-in-lawand had $5,000 saved from the military.
Wal-Mart first opened in 1962 and became theworld's number one retailer. Wal-Mart's success has alsogiven many people today an opportunity for a bigger jobmarket. More than 600,000 Americans work at Wal-Mart.
The reason for its popular success it still followsSam Walton's values: He launched a determined effort tomarket American-made products. Included in the effortwas a willingness to find American manufacturers whocould supply merchandise for the entire Wal-Mart chain
at a price low enough to meet the foreign competition.
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HOW TO BE A SUCCESSFUL
ENTREPRENEUR?
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Entrepreneur should be:Self-confident and optimistic
Able to take calculated risk
Respond positively to changes
Flexible and able to adapt
Knowledgeable of markets
Able to get along well with others
Independent minded
Energetic and diligent
Creative, need to achieve
Dynamic Leader
Responsive to suggestions
Take initiatives
Resourceful and persevering
Perce tive with foresi ht
O O
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ROLE OF ENTREPRENEUR INECONOMY
Better Standard of living
Creation of employment
New product in market
New ideas bring huge changes
Money circulation
Develop new market
Mobilize capital resources
New technology
Discover new source of material
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CONCLUCION
Entrepreneurship mainly depends onvalues, norms and traits that areconsistent to the growth of an
economy. An entrepreneur alwaysseeks the opportunities, looks for waysand means to capitalize on the newer
opportunities by organizing
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THE END