For every person who has a head and heart, there are three options to keep him or her busy and to contribute to his or her development and economic development of the country at large. The three alternatives are wage-employment, self-employment and being the employer. Among them the best option is accepting the challenge of becoming an employer than being an employee.
Entrepreneur- The word entrepreneur is derived from the French verb ‘ entreprendre’ which means to undertake. An entrepreneur is a person who brings us overall change through innovation for the maximum social good. He is a person handling ventures spun-off from a large business such as a company created as a subsidiary to produce the products of anew invention.
Professor Schumpter defined entrepreneur as “ any person who is innovative and profit earned by an entrepreneur is a reward for innovativeness”.
In short, an entrepreneur is a person who is responsible for setting up a business or an enterprise. He is one who has the innovative skill, looking for high achievements, agent of change and works for the good people.
Entrepreneurship- In broad sense, the word entrepreneurship is the process of starting and running ones’ own business. Presently it is known by other words as “adventurism”, ‘risk-taking’, ‘thrill-seeking’,’ innovating’ and the like.
According to professor B. Higgins, Entrepreneurship is “the function of seeking investment and production opportunities, organizing an enterprise to undertake a new product, process of raising capital, having labour, arranging the supply of raw-materials, finding site, introducing a new technique and commodities, discovering new sources of raw-materials and selecting top managers for day-to –day operations of the enterprise”.
In short, entrepreneurship is the creative and innovative response of the environment and an ability to recognize, initiate and exploit economic opportunity.
Difference between Entrepreneur and Entrepreneurship: Actually the words entrepreneur and entrepreneurship are inseparable and the latter part speaks of the functions of the former. The major differences based on it is as shown below.
Entrepreneur
Entrepreneurship
Person
Process
Organizer
Organization
Innovator
Innovation
Initiator
Initiative
Decision Maker
Decision
Leader
Leadership
Risk-taken
Risk
Motivator
Motivation
Communicator
Communication
Administrator
Administration
Planner
Planning
Director
Direction etc….
Factors affecting Entrepreneurial supply: The entrepreneurs are responsible for providing economic efficiency and bringing new innovations to the market. One of the key tasks of economic development in developing countries is the fostering of an entrepreneurial spirit. The emergence and development of entrepreneurship is not spontaneous, but it depends on economic, social, psychological, political and legal factors prevailing in the economy.
The major facilitating factors which influences the entrepreneurship are:
- Govt and Institutional support
- Favourable economic conditions including availability of capital
- Support from the society
- Mechanical knowledge and availability of workers.
- Entrepreneurial training facilities
- Support from suppliers of raw-materials
- Favourable market conditions and market contacts.
- Prevalence of family business
- Capable advisors and supporters, and
- Successful role models
- Legal and bureaucratic constraints
- Lack of co-operation from financial institutions
- Political instability
- Non-availability of capital
- Lack of business knowledge
- Social stigmas
- Lack of technical skills
- Lack of proper market
- Time pressures and distractions
1)Function of innovation
2)Function of high achievement
3)Function of building organization
4)Function of leadership skills
5)Function of linking the missing gaps
6)Function of group solidarity
7)Function of religious belief.
Intrapreneurship- Intrapreneurship is the practice of Entrepreneurship by employees with in an organization. It means the innovation occurs inside established companies through the efforts of creative employees. The idea of Entrepreneurship calls that managers inside the company should be encouraged to be entrepreneurs within the firm rather than moving out.
Entrepreneur Vs Intrapreneur
Entrepreneur is one who has a dream and builds an organization to achieve it. Intrapreneur is one who has a dream and tries to achieve it within an already existing co-operation.
Entrepreneurs must ensure the technology works, and sell it at a profit. Intrapreneurs must also get their company to let them do the innovative project to completion.
Entrepreneurs require funds of their own to initiate the project but the company/organizations often has capital to fund the project for the intrapreneurs.
Entrepreneurs require to arrange manpower for the project, but intrapreneurs do not have to worry about finding the talent tot get tasks performed.
Entrepreneur has to create a brand of his own. Intrapreneurs can use the branding of the company/organization to get their ideas to take root.
Entrepreneur Vs Manager
A manager is someone who directs a team and an entrepreneur is someone who organizes, manages and assumes the risk of a business or enterprise. So an entrepreneur can be a manager but a manager cannot be an entrepreneur.
A manager always like to control all aspects of their workplace. They constantly supervise the work assigned to their employees. But an entrepreneurs is generally considered as a leader versus a manager. They will give people tasks and deadline and generally leave them alone until it is completed. They trust the people than that of managers.
Entrepreneur is creator of ideas and managers are the peoples who implement the ideas of others. Manager is regarded as a coordinator, but an entrepreneur is regarded as a leader.
Savvy Intrapreneur - Savvy Intrapreneur takes a good idea and makes it better. A Savvy Intrapreneur steps out of the comfort zone of corporate security, to insure he creates additional income, which at least matches their take home pay. A Savvy Intrapreneur runs themselves like a business putting in 1 hour a day of overtime for their own financial future.
Entrepreneurship and Economic Development: Entrepreneurship and economic development are intimately related. Schumpter opines that entrepreneurial process is a major factor in economic development and the entrepreneurship the key to economic growth. Entrepreneurship is an approach to management that can be applied in start-up situations as well as within more established businesses. The growing interest, in the area of entrepreneurship has developed alongside interest in the changing role of small businesses. Small entrepreneurship has a fabulous potential in a developing country like India. The small industries now – a – days turn to be the main source of employment of our country. So it leads to growth in employment and decrease in unemployment. It also leads to improvement in the social, economic and institutional progress in many respects.
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