WEEK 1N Flashcards
A person who is engaged in carrying out any activity, related to commercial and industrial purposes. Sets up his business as a new entrant in the market as for the existing business.
DEFINITION OF BUSINESSMAN
is a person who conceives a unique idea or concept to start an enterprise and brings it into reality. He is the person who bears risks and uncertainties of the business.
DEFINITION OF ENTREPRENEUR
STARTS A BUSINESS FROM AN EXISTING IDEA
TRADITIONAL
AVOIDS TAKING RISKS
PROFIT ORIENTED
MARKET PLAYER
BUSINESSMAN
STARTS A BUSINESS FROM A UNIQUE AND INNOVATIVE IDEA
REVOLUTIONARY
RISK TAKER
CUSTOMER ORIENTED
MARKET LEADER
ENTREPRENEUR
5 ENTREPRENEURIAL MYTHS
Myth No. 1: Entrepreneurs are Essentially Inventors
Myth No. 2: Entrepreneurs are Mainly Motivated by Money
Myth No. 3: Entrepreneurs Have to be Risk-takers
Myth No. 4: Entrepreneurs are Born
Myth No. 5: Entrepreneurship is Prone to High Failure
5 ENTREPRENEURIAL REALITIES
Reality: Entrepreneurs are Ideators
Reality: Entrepreneurs are Motivated by Passion
Reality: Entrepreneurs Have to be Challenge-takers
Reality: Entrepreneurs are Made
Reality: Entrepreneurship is Dependent on Performance
10 Principles of Entrepreneurship
1 Be a Solution Provider
2 Have a Vision
3 Select the Team Wisely
4 Make Viable Products or Services
5 Proper Identification of Capital Requirements
6 Accountability and Responsibility with Integrity
7 Effective Growth and Marketing
8 Know your Customers
9 Find the Right Opportunity
10 Respect your Customers and Employees
9 TRAITS OF AN ENTREPRENEUR
Good Leader
Optimistic
Confident
Passionate
Disciplined
Proactive
Open minded
Competitive
Kind
