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What is Entrepreneurship?

Entrepreneurship term more closely associated with creative destruction, disruptive technologies, mindset, and entrepreneurial leadership. Entrepreneur A person who assumes the risk associated with uncertainty. A supplier of financial capital. An innovator. A decision maker. An industrial leader. A manager or superintendent. An organizer or coordinator of economic resources. A proprietor of an enterprise. An employer of factors of production. A contractor.

A person who allocates resources to alternative uses Entrepreneur traits

Abounding Curiosity Bursting with Creativity Clarity of Vision Ability to Communicate Leadership Acumen Loving Risk and Taking Action Inventor Someone who is the first to think of or make something. Highly creative.

Problem solverable to reduce complex problems to simple ones. Use analogies to stimulate ideas for innovative inventions. Passion to invent lies in their love for it rather than making money as a motive. Love and enjoy inventions. Entrepreneur Who starts venture that promises economic gain. Organize and manage an enterprise which involves considerable initiative and risk Love for the venture and its commercial success. Will do anything and everything for the growth and survival of the organization Love and enjoy translating inventions into reality by superior skills in execution.

Myth of Entreprenuership

To Be A Successful Entrepreneur You Must Invent Something Truly Novel. To Be A Successful Entrepreneur You Must Invent Something Truly Novel. Entrepreneurs Are Made, Not Born Entrepreneurs Are Introverted Loners. Entrepreneurs See BusinessBuilding As A Path To Riches. Nothing Succeeds Like Success Entrepreneurs Are Risk-taking Gamblers. You Hate Bosses. Thats Reason Enough To Become An Entrepreneur. White-collar Professionals Dont Become Entrepreneurs. Men Make Better Entrepreneurs Than Women. Supply of Entreprenuership
Socio-cultural conditions, resource endowment and past histories determine the supply of entrepreneurship in any economy. Hence, it is difficult to have broad generalizations. Habakkuk pointed out that innovative and imitative entrepreneurs in the developed economies played a critical role in the economic development of those nations. According to him some were interested in quick gains while others had long run growth in their minds. Despite these differences most entrepreneurs had certain common characteristics. A flair for identifying and seizing opportunities for profit An eye for the possibility of new products An eye for unexploited raw material supplies, untapped markets, willingness to take considerable risk, vision, drive and initiative Ability to devote their whole energies to attain their goals Most of them had the habit of expanding their enterprises through ploughing back of profits. In the later stages of industrial development technological as well as organizational changes favored the growth of corporate enterprises.

Evolution of Entrepreneurship differed in Western countries. In US there were few competitors to business success as source of social prestige In Europe a) land ownership b) bureaucracy c) the army d) the professions were all serious competitors to business for the social prestige. Hence, the wider the circle from which a country draws its businessmen, the more likely it is to produce great entrepreneurs. Impact of caste on supply of entrepreneurship in India Varna System Caste is a hereditary endogenous, usually localized group, having a traditional association with an occupation, and a particular position in the local hierarchy of castes. Relations between castes are governed by pollution versus purity Caste hierarchy in India Dominant castes in various states Banias, Patidars and Kotes Maratha Brahmins and Mahar in Maharashtra Marwari in Rajasthan Bhoomiyar in Bihar Brahmins and Khaistas in UP Chowdary and Reddys in Andhra Pradesh Chettiars and Nadars in Tamil Nadu Nairs, Izhavas and Syrian Christians in Kerala Okkalingas and Lingayats in Karnataka Usually entrepreneurs emerge from these castes/communities

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