Subjects:- MGT 225; Entrepreneurshi Notice;- Join Free of Cost in Telegram Group ‘Subisu Education Center is Non-Profit Education Center. We Provide Simple and Easy Way of Notes Of All Subjects. Chapter 1:- Introduction (By. Subisu Education Center) # Meaning of Entrepreneur. ‘An entrepreneur is an individual who takes on the role of designing. launching, and managing a new business or venture. They are typically driven by a strong desire to create and innovate, as well as to take risks to bring their ideas to life. Entrepreneurs are known for their ability to spot opportunities in the market, think creatively, and take initiative to turn their vision into a reality. They are often willing to invest their time, resources, and energy into building a business from the ground up, and are comfortable with uncertainty and ambiguity that comes with the entrepreneurial journey. In essence, an entrepreneur is someone who embodies ¢ combination of creativity, resilience, determination, and a willingness to take risks in order to create value and make a meaningful impact in the business world. # Concepts of Entrepreneurship; Entrepreneurship is the process of designing, launching, and running a new business or venture, often with the goal of making a profit. Itinvolves taking risks, being innovative, and having the ability to see opportunities where others may not. Entrepreneurs are individuals who identify and pursue these opportunities, taking on the financial and personal risks associated with starting a new business. In summary, entrepreneurship involves: 1. Identifying opportunities for creating a new product or service 2. Taking calculated risks to start and grow a business 3. Being innovative and creative in developing new ideas 4. Being able to adapt to changing market conditions 5. Having the drive and determination to succeed in the face of challenges6. Decision-making: Entrepreneurs must make numerous decisions on @ daily basis. They need to be able to analyze information, evaluate alternatives, and make informed decisions that will drive their business forward. 7. Adaptability: The business environment is constantly changing, and entrepreneurs need to be adaptable and flexible in response to these changes. ‘They must be willing to pivot their business strategies, products, or services in order to stay competitive and meet customer needs. By effectively carrying out these functions, entrepreneurs can increase the chances of success for their businesses and drive innovation and economic growth in the marketplace. # Types of Entrepreneurship: ‘There are several types of entrepreneurship that individuals can pursue based on their goals, motivation, and approach to starting and running a business. Here are some common types of entrepreneurship: 1. Small Business Entrepreneurship: - Small business entrepreneurship involves starting and running a business that typically serves a local or niche market. The focus is on creating a sustainable and profitable venture that provides goods or services to customers in a specific geographic area. 2. Social Entrepreneurshi - Social entrepreneurship involves starting a business with the primary goal of creating social or environmental impact, rather than purely focusing on maximizing profits. Social entrepreneurs aim to address pressing issues such as poverty, inequality, climate change, or healthcare access through innovative business models. 3. Corporate Entrepreneurship (Intrapreneurship): - Corporate entrepreneurship, also known as intrapreneurship, involves employees within a larger company or organization taking on entrepreneurial roles to drive innovation and growth from within, Intrapreneurs are encouraged to develop new products, services, or processes to create value for the company. 4. Tech Entrepreneurship: ~Tech entrepreneurship involves starting and growing businesses that offer innovative technology products or services. These entrepreneurs often leverageOverall, entrepreneurship is about creating value and contributing to economic growth through the creation of new businesses and job opportunities. # Evolution of the Entrepreneurship Concept; The concept of entrepreneurship has evolved over time, retlecting changes in economic, social, and technological landscapes. Here is an overview of the evolution of entrepreneurship concepts: 1. Classical Entrepreneurship: in the classical view, entrepreneurs were seen as risk-takers who identified opportunities, invested resources, and created new ventures. This concept focused on individual characteristics such as creativity, innovation, and leadershi 2. Neoclassical Entrepreneurship: The neoclassical perspective expanded the notion of entrepreneurship to encompass the role of institutions, markets, and factors such as capital and labor in fostering entrepreneurial activity. It emphasized the importance of market conditions and policy frameworks in shaping entrepreneurial behavior. 3. Behavioral Entrepreneurship: This concept considers psychological and behavioral factors that influence entrepreneurial decision-making, such as risk perception, cognitive biases, and emotions. It highlights the role of psychology and individual traits in shaping entrepreneurial actions. 4, Social Entrepreneurship: Social entrepreneurship involves using entrepreneurial approaches to address social and environmental challenges. This concept emphasizes creating social value alongside financial returns, and involves innovative solutions to social problems. 5. Corporate Entrepreneurship: Also known as “intrapreneurship,’ this concept refers to entrepreneurial activities and initiatives within established companies. Corporate entrepreneurship involves fostering a culture of innovation, encouraging employees to take risks, and driving change and growth from within the organization. 6. Sustainable Entrepreneurship: Sustainable entrepreneurship integrates environmental, social, and economic considerations into business practices. This concept emphasizes the triple bottom line of people, planet, and profit, and focuses on creating long-term value while minimizing negative impacts on society and the environment.7. Digital Entrepreneurship: With the rise of digital technologies, this concept focuses on leveraging technology to create and grow businesses. Digital entrepreneurship involves online platforms, e-commerce, social media, and other digital tools to innovate, reach new markets, and scale ventures rapidly. Overall, the evolution of entrepreneurship concepts reflects a broader understanding of the multifaceted nature of entrepreneurship and the diversity of entrepreneurial activities that contribute to economic growth, social development, and innovation. # Major Functions of Entrepreneurship; Entrepreneurship involves various functions that are crucial for starting and running a successful business. Some of the major functions of entrepreneurship include: 1. Opportunity Recognition: Entrepreneurs are skilled at identifying opportunities in the market. They have the ability to spot unmet needs, gaps in the market, or emerging trends that can be turned into viable business ventures. 2. {Innovation and Creativity: Entrepreneurs are often known for their creativity and ability to think outside the box. They are constantly looking for new ideas and ways to innovate, whether it's through developing a new product, service, or business model. 3. Risk-taking: Taking risks is an inherent part of entrepreneurship. Entrepreneurs are willing to take calculated risks, whether it's investing their own money, time, or resources into a new venture. This willingness to take risks is essential for making progress and achieving success. 4. Resource Management: Entrepreneurs need to effectively manage resources such as finances, human capital, and time in order to build and grow their businesses. They must allocate resources wisely to support the growth of their ventures. 5. Networking and Relationship Building: Building a strong network of contacts is essential for entrepreneurs. They need to establish relationships with suppliers, customers, partners, and other stakeholders to support their business growth and success.