INTRODUCTION TO ENTREPRENEURSHIP Dr.BALAMURUGAN MUTHURAMAN1 Chapter – 1

Learning objectives By the end of this chapter you will learn about Definition of entrepreneurship Creativity and innovation Who is an entrepreneur Why to be an entrepreneur Risks involved Characters of entrepreneurs Skills Reason to study entrepreneurship Dr.BALAMURUGAN MUTHURAMAN2

DEFINITION OF ENTREPRENEURSHIP “The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.” The word entrepreneur originates from the French word, entreprendre, which means "to undertake." Dr.BALAMURUGAN MUTHURAMAN3

CREATIVITY AND INNOVATION Creativity is thinking new things, & Innovation is doing new things  Creativity is the ability to develop new ideas and to discover new ways of looking at problems and opportunities.  Innovation is the ability to apply creative solutions to those problems and opportunities in order to enhance people’s lives or to enrich society Entrepreneurship = Creativity + Innovation Dr.BALAMURUGAN MUTHURAMAN4

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WHO IS AN ENTREPRENEUR? A person who organizes and manages an enterprise, especially a business, usually with considerable initiative and risk. Initiative: Readiness and ability in initiating action. Risk: The hazard or chance of loss. Dr.BALAMURUGAN MUTHURAMAN6

“An entrepreneur is someone who perceives an opportunity and creates an organization to pursue it.” Dr.BALAMURUGAN MUTHURAMAN7 DEFINE ENTREPRENEUR

 When an entrepreneur starts a new business, risk is involved. Risk is the chance of losing something.  Because employees work for someone else and entrepreneurs work for themselves, entrepreneurs risk more than employees. Dr.BALAMURUGAN MUTHURAMAN8

 Small firms employ about half of the U.S. private work force, and they create around 64 percent of all new jobs.  One way you can gain a sense of what business is like is by investigating an internship, or apprenticeship. Dr.BALAMURUGAN MUTHURAMAN9

WHY BE AN ENTREPRENEUR? The biggest reward of becoming an entrepreneur is the personal satisfaction that comes from having the freedom to make your own business decisions and then act on them. Dr.BALAMURUGAN MUTHURAMAN10

Making Your Own Rules When you own a business, you get to be your own boss. Doing Work You Enjoy Since the majority of most peoples’ lives is spent working, why not spend that time doing something you enjoy? Creating Greater Wealth There’s no limit to what an entrepreneur can make. Helping Your Community Being an entrepreneur lets you make your community and world a better place. Dr.BALAMURUGAN MUTHURAMAN11

RISKS OF BEING AN ENTREPRENEUR Potential Business Failure Being fully responsible means the success or failure of your business rests on you. Unexpected Obstacles Problems can happen that you don’t expect. Financial Insecurity Many new businesses don’t make much money in the beginning, so you may not always be able to pay yourself. Long Hours and Hard Work It’s not unusual for entrepreneurs to work a lot of extra hours to make their businesses successful. This is especially true during the initial start-up process. Dr.BALAMURUGAN MUTHURAMAN12

ENTREPRENEURSHIP IN HISTORY THIS IS YOUR FIRST ASSIGNMENT Write about (minimum 100 words each) any six well-known entrepreneurs who changed the world. Dr.BALAMURUGAN MUTHURAMAN13

CHARACTERISTICS OF AN ENTREPRENEUR Dr.BALAMURUGAN MUTHURAMAN14

SUCCESSFUL ENTREPRENEURS CHARACTERS Self-assessment—evaluating your strengths and weaknesses—is an important part of becoming an entrepreneur. An aptitude is a natural ability to do a particular type of work or activity well. An attitude is a way of viewing or thinking about something that affects how you feel about it. Entrepreneurs tend to be people with positive attitudes. Dr.BALAMURUGAN MUTHURAMAN15

Skills A skill is an ability that’s learned through training and practice. Business Skill Communication Skill Computer Skill Decision-Making and Problem-Solving Skills Mathematical Skill Organizational Skill People Skills Dr.BALAMURUGAN MUTHURAMAN16

Dr.BALAMURUGAN MUTHURAMAN17 PERSONAL CHARACTERISTICS Courage Creativity Curiosity Determination Discipline Empathy Enthusiasm Flexibility Honesty Patience Responsibility

Why Study Entrepreneurship? There are two primary reasons for studying entrepreneurship  You learn to think like an entrepreneur  You develop a vision for your life. Dr.BALAMURUGAN MUTHURAMAN18

Observe Listen Think THANK YOU Dr.BALAMURUGAN MUTHURAMAN19