What is Entrepreneurship• Entrepreneurship is the practice of starting new

organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. Entrepreneurship is often a difficult undertaking, as a vast majority of new businesses fail. Entrepreneurial activities are substantially different depending on the type of organization that is being started. Entrepreneurship ranges in scale from solo projects (even involving the entrepreneur only part-time) to major undertakings creating many job opportunities. Many "high-profile" entrepreneurial ventures seek venture capital or angel funding in order to raise capital to build the business. Specialized government agencies, business incubators, science parks, and some NGOs support entre. activities.

Intrapreneur• Gifford Picot coined the term Intrapreneur which

basically means someone with an entrepreneur's attitude and approach but whose playing field is within the boundary of a company. Intrapreneuring is entrepreneuring within the corporation.

• Need for the concept : Innovation is stagnating in large organizations, as a result of entrenched analysis and control systems. Yet innovation is necessary for survival. The problem is compounded by venture capitalists bidding away the most creative people in the organisation and thus freeing them to become entrepreneurs.

Intrapreneur

• The solution is intrapreneuring - entrepreneuring within the organisation, allowing for dynamic innovation within the organization. "Intrapreneurs," he explains, "introduce and produce new products, processes, and services, which in turn enable the company as a whole to grow and profit."- G.Pinchot

Characteristics of a good entrepreneur

What is opportunity recognition? Why it is related to entrepreneurship?The opportunity recognition is seeing where there is gap in market. . It can be in following ways:There is a market and no one is there to serve that market.There is scope of new player. Gap to be filled up between expectations and actual services There is a more efficient and better way to fulfill demand.

Entrepreneurship is basically doing what others are not doing and in the process creating a niche for service/ product. Opportunity recognition is way to fulfill this particular urge.

• What kind of stress that entrepreneur has?It is to continuously perform so that it not only pays for all liabilities of internal and external stake holder persons/ organization but also grows to the expectation/aspiration of other stake holders.

The unscheduled breakdowns/ road blocks which create hurdles in achieving regular targets and the facing of risks due to reasons beyond control. In brief whatever factors that lead to problems in achieving targets, those all factors are cause of stress for entrepreneur.

What knowledge and skills the entrepreneur has? Why is it important to an entrepreneur?

• The basic skill is to envisage about future in a particular business in which he is there.

• He has to have strategic knowledge of business in which he is there- This is what kind of services product/ services competitors are offering and how he can create an edge in particular niche in which he is working

• For this one should have thorough knowledge about the product/ service which one is offering and also know about all the skills needed to create and deliver it.

Entrepreneur should have following generic skills:

• To mobilize all the financial and other resources • Institution building, giving leadership, creating team and

culture of trust, accountability & transparency • Motivating and directing people to achieve organization’s

goal • Making organization customer centric so that quick

responses to tackle changes in market • Helping people to achieve desired skills to execute their work

smoothly by providing them appropriate training, counseling. • Systematically experiment to improve product/ service

quality, reduce cost, adopt better technology and improve management processes

• Timely compliance of all mandatory requirements • Introducing changes in organization • Maintaining vigil towards external and internal environment-

leveraging strengths of organization

The critical work of entrepreneur is to get things done and for it he should have all the critical knowledge and skills discussed above.

The other aspect is to give Vision and Leadership to Organization and this is only possible if he has the above knowledge and skills to run a business smoothly and grow to achieve targets.

• Why personal characteristic is important to entrepreneur? How do the characteristics related to entrepreneur?

Whole concept of entrepreneur is centered on to perform around all odds and for these following personal characteristics are important so that he can perform :

• Natural tendency to take risks• Passion for a particular industry/ service to achieve excellence • He should be physically fit, mentally agile and emotionally balanced • Positive and optimistic attitude • To form a good team • Quality of perseverance to stick to goals and patience to fight all odds • Eye for detail • A never say die attitude

The following beliefs/qualities/ personal characteristics are required for entrepreneur to deal with people to

effectively empower and delegate

• Human resources are most important assets of any organization.

• Human resources can be developed to an unlimited • In organization all human beings are important and each one

doing his own role • Human beings are tender they must be handled with respect

and dignity. • Trust and honesty are virtuous policies and good for all • Given independent space of work in his area of work each

individual can excel in his field • Co-operation is key for success. • Persons are influenced by work environment and given

proper work environment/culture, attitude of persons become positive

Conclusion

• The above characteristics are related to entrepreneur because he needs qualities which can continuously keep people of company fully dedicated to organization. Not only the morale of people has to be maintained high and they have to perform well to keep organization healthy and growth centered. At times due to external environment the people also need to work in adverse and depressing situation with full enthusiasm and these personal characteristics will make this happen.