User talk:Mansoor Salihi

Entrepreneurship (By Mia Shahid)
Entrepreneurship (By Mia Shahid) CHAPTER 1�What is entrepreneurship? Learning objectives in this chapter

Define the Entrepreneurship as social and economic phenomenon and its importance Learn historical perspective of Entrepreneurship Define the entrepreneurial process Define the character and role of the entrepreneur in business in the national and around the world.

What is Entrepreneurship?� Shane (2003) defines Entrepreneurship is an activity that involves the discovery, evaluation and exploitation of opportunities to introduce new goods and services, ways of organizing markets, processes and raw materials through organizing efforts that previously had not existed.

One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them.

Introduction to an Entrepreneur The term 'entrepreneur' is used in various ways and views. Broadly the three main views are: 1. Entrepreneur as a risk bearer 'Richard Cotillion' was the first person who introduced the term 'entrepreneur' and his uniqueness as an agent who buys items of production at certain prices in order to combine then into a product with a view to selling it at uncertain prices in future. Thus, it is a risk bearing activity. 2. Entrepreneur as an organizer Jean -Baptiste, developed the concept of entrepreneur by associating it with the functions of co-ordination, organization and supervision. According to him an entrepreneur is one who combines the land of one, the labor of another and capital of yet another and thus produces a product. By selling the product in the market ,he pays interest on capital, rent on land and wages to laborers and what remains is his/her profit. Thus, an entrepreneur is an organizer. 3. Entrepreneur as an innovator "Joseph A. Schumpeter" in 1934, assigned a crucial role of 'innovation’ to the entrepreneur. He considered economic development as a dynamic change brought by entrepreneur by instituting new combinations of factors of production, i.e., innovations. The introduction of new combination of according to him may occur in any of the following forms: (a) Introduction of new product in the market. (b) Use of a new production technology (c) Opening of a new market. (d) Discovery of a new source of supply of raw    materials.

Who are entrepreneurs?� Common traits Original thinkers Risk takers Take responsibility for own actions Feel competent and capable Set high goals and enjoy working toward them Common traits Self employed parents Firstborns Between 30-50 years old Well educated – 80% have college degree and 1/3 have a graduate level degree