Entrepreneurship Module 1
Entrepreneurship Module 1
Definitions
Entrepreneur
An entrepreneur is an individual who starts and operates their own independent business
venture. A person who undertakes the risk of starting a new business venture is called an
entrepreneur. Entrepreneurs are responsible for conceiving an idea, gathering resources,
and taking the financial and operational risks to establish and grow a new business.
Entrepreneurs play a key role in any economy, using the skills and initiative necessary to
anticipate needs and bring new ideas to market. Entrepreneurship that proves to be
successful in taking on the risks of creating a startup is rewarded with profits and growth
opportunities.
Intrapreneur
Intrapreneur is one who thinks and acts like an entrepreneur for the firm’s development
during the course of employment in an organisation. An Intrapreneur is described to be an
inside entrepreneur or an entrepreneur within a large firm who uses entrepreneurial skills
without incurring the risk associated with those activities. Intrapreneurs are usually
employees of a company who are assigned to a particular project or who are assigned to
work on a special idea. Intrapreneur usually use the resources and capabilities of the firm
to work on the project or on the idea.
Manager
Managers are responsible for the administration and management of a group of people or
a department of the company. Their day-to-day job is to manage employees and ensure
the smooth running of the organisation. They must possess similar qualities of an
entrepreneur, like accountability, leadership, decisiveness, etc. They must also have
qualities such as empathy and warmth. They are responsible for supervising subordinates,
who report to and work under them. They are the employees of the company unlike
entrepreneurs who are owners. Entrepreneurs bear all financial and other risks, whereas
managers do not bear any risks. Entrepreneurs take profit of the company whereas
managers draw salary from the company.
Traits of an entrepreneur
1. Strong leadership qualities
2. Highly self-motivated
3. Strong sense of basic ethics and integrity
4. Willingness to fail
5. Serial innovators
6. Know what you don't know
7. Competitive spirit
8. Understand the value of a strong peer network
1.The pace of growth in the startup ecosystem has increased to 15% year-on-year in
2018, while the growth of the number of incubators and accelerators has grown to 11%.
Significantly, the number of women entrepreneurs stood at 14%, up from 10% and 11% in
the previous two years.
2.Startups in the country have been able to create an estimated 40,000 new jobs over the
year, taking the total jobs in the start-up ecosystem to 1.6-1.7 lakh.
3.Bangalore has been listed within the world’s 20 leading startup cities in the 2019 Startup
Genome Project ranking. It is also ranked as one of the world’s five fastest growing startup
cities.
Another research from Cox Business says, freedom and passion are bigger motivating
factors than money. Cox Business research found that more than half of small business
owners start their own businesses to be their own boss. They were also motivated by the
idea of creating something from the ground up.
Cox Business research also found that entrepreneurs see technology development as an
opportunity and not as an obstacle. As technology advances, products and companies will
arise that challenge existing companies. Despite those challenges, small business owners
look at the rise of new technologies as more of an opportunity than a detriment for their
businesses. Unless entrepreneurs embrace new technology, they will not be able to keep
up with competitors.
Women Entrepreneurship
Women entrepreneurs may be defined as a woman or a group of women who initiate,
organise and run a business concern. Women entrepreneurs are those women who think
of a business enterprise, initiate it, organise and combine factors of production, operate
the enterprise and undertake risks and handle economic uncertainty involved in running it.
The increasing presence of women as entrepreneurs has led to significant business and
economic growth in India. Women-owned business enterprises are playing a prominent
role in society by generating employment opportunities in the country, bringing in
demographic shifts and inspiring the next generation of women founders.
Urban Entrepreneur refers to the person who commences business in urban areas. They
will do their business in state capital, towns, district headquarters, municipalities, etc. They
may be industrial or corporate entrepreneur. The availability of material and labour may be
difficult. So the cost of operation may be high.
Social Entrepreneurship
Social entrepreneurship applies the principles and guidance used by start-up founders and
entrepreneurs to a business that directly generates social change or impacts a social
cause. A social entrepreneur is primarily motivated by a desire to alleviate some kind of
systemic social or cultural problem. The main goal is to create lasting social change
through business. Some key areas of interest for social entrepreneurs include economic
development, education, gender equality, health care, agriculture, environmental
sustainability, renewable energy and community development. Some of the social
entrepreneurs in India are Anshu Gupta (Goonj Organization), Chetna Sinha (Mann Deshi
Bank), Neelam Chhiber (Rural Spark), and Vandana Goyal (Aajeevika Bureau).
Startup ecosystem
A startup ecosystem is a network of resources — people, investors, institutions, and
companies — that works together to create an environment for startups to thrive. A startup
ecosystem can be a physical place, like Denver, or an online space, like the Trends
community. Some top startup ecosystems in the world, are Silicon Valley, New York City,
London, Boston, Beijing and Los Angeles.