2. “ E ntrepreneurship is the last refuge of the trouble making individual”

3. Oprah Winfrey Being an entrepreneur and creating a new business venture is analogous to raising children—it takes more time and effort than you ever imagine and it is extremely difficult and painful to get out of the situation. Thank goodness you cannot divorce yourself from either situation… I get a lot of satisfaction from having dared it-done it-and been successful.

4. What is Entrepreneur? Entrepreneur is a French word and literary translated, means “between- taker” or “ go-between”.

5. French word, Director or manager of musical institution

6. Growth of Entrepreneur Earliest Period In earliest period the definition of entrepreneur was as a go-between. Example: Marco Polo attempted to establish trade routes to far East Middle Ages The term Entrepreneur was used to describe a person to managed large productions.

7. Growth of Entrepreneur 17 th Century The connection of risk with entrepreneur developed in 17 th century with an entrepreneur being a person who enters in a contractual agreement with Government. 18 th Century The person with capital was differentiated from the one who needed capital.

8. Growth of Entrepreneur 19 th & 20 th Century In late 19 th and 20 th century entrepreneurs were not frequently distinguished from managers and were viewed mostly from an economic view Today’s Entrepreneur Initiative taking Organizing and recognizing of social and economic mechanism to turn resources and situation to practical account The acceptance of risk and failure

9. Person bears uncertainty, Organize and manage new product

10. 1.Creation of something new 2.Devotion of time and effort 3.Receiving rewards of monitory and personal satisfaction Entrepreneurship

11. …Is a process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risk and receiving the resulting rewards of monitory and personal satisfaction and independence.

12. Are you an Entrepreneur No Yes Purchase a Business Start a Business Define Business Ideas Create Business Plan Determine Legal Form Secure Financing Operate Business Harvest Business Entrepreneurial Process

13. Types of Start-ups Lifestyle firm is a small venture that supports the owner and usually does not grow. Reasons: No Research & Development, Limited Resources/ Capital

14. Foundation Company: Based on Research and Development that does not go public. Grows quickly over the years as based on research and development, Private investors, lays foundation for new business area Types of Start-ups

15. A High Potential Venture is the one that receives greatest investment interest and publicity. The company may start ups like a foundation company but its growth is far more rapid. Integral to economic development of the company. Types of Start-ups

17. Product Evolution 1.Recognition of Social needs 2.Initiation of technological innovations 3.Pressing towards to invention 4.Development phase 5.Industrial Phase

18. Entrepreneurship & Economic Development Increasing per capita income Initiate and constitute the change in business structures and society Increased growth and output

19. It helps to reduce the concentration of economic power promotes country’s export trade Entrepreneurship promotes capital formation by mobilizing saving It provides immediate large-scale employment

20. Product Evolution process Process of developing and commercializing an innovation Iterative synthesis The intersection of knowledge and social needs that starts the product development process Processes Involved

21. Ordinary Innovations New products with little technological change Technological innovations New product with significant technological enhancements Breakthrough innovations New products with some technological change Varying Degrees of Uniqueness

22. Assignment Importance of Ethics and social responsibilities in Entrepreneurship??