Gauhati University B.Com 3rd Sem (Honours), Entrepreneurship Unit-1 Complete Note As per CBSE New Pattern Guwahati University: This post contains the complete notes of B.Com 3rd Semester Entrepreneurship Unit 1 : introduction to Entrepreneurship which you can read and prepare for your upcoming exam and score very good marks. By reading this, you will get a lot of benefit and you will be able to perform very well, due to which there will be an improvement in your university result and you will move forward , so read this note carefully without wasting any time, don't forget to share this notes with your friend so that they can also prepare for the exam by reading this notes and achieve their goals.
UNIT -1
Introduction to Entrepreneurship
Short Answers Type Questions
(1) what is Entrepreneur?
Ans: Entrepreneur is a person who sets up a business or businesses, taking on financial risks in the hope of profit.
(2) what is Intrapreneur?
Ans: Intrapreneur is a manager within a company who promotes innovative product development and marketing.
(3) Technology Entrepreneurship ?
Ans: Technology entrepreneurship is an investment in a project that assembles and deploys specialized individuals and heterogeneous assets that are intricately related to advances in scientific and technological knowledge for the purpose of creating and capturing value for a firm.
(4) Cultural entrepreneurship?
Ans: Cultural Entrepreneurs are cultural change agents and resourceful visionaries who organize cultural, financial, social and human capital, to generate revenue from a cultural activity.
(5) International entrepreneurship?
Ans:- international entrepreneurship is the process of an entrepreneur conducting business activities beyond national boundaries. It may consist of exporting, licensing, opening a sales office in another country, subsidiaries, manufacturing or joint ventures and development of the business
(6)what is Ecopreneurship?
Ans: Ecopreneurship is a term coined to represent the process of principles of entrepreneurship being applied to create businesses that solve environmental problems or operate sustainably.
(7) Social Entrepreneurship?
Ans: Social entrepreneurship is an approach by individuals, groups, start-up companies or entrepreneurs, in which they develop, fund and implement solutions to social, cultural, or environmental issues. This concept may be applied to a wide range of organizations, which vary in size, aims, and beliefs.
(8) What are the Dimention of Entrepreneurship?
Ans:- The description can be refined by examining six dimensions of business practice: strategic orientation; commitment to opportunity; commitment of resources; control of resources; management structure and reward philosophy.
SHORT QUESTION ANSWER
2 MARKS
A.Define Entrepreneurship?
Ans: Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise along with any of its uncertainties in order to make a profit. The most prominent example of entrepreneurship is the starting of new businesses.
The entrepreneur is defined as someone who has the ability and desire to establish, administer, and succeed in a startup venture along with risk entitled to it, to make profits. The best example of entrepreneurship is the starting of a new business venture. The entrepreneurs are often known as a source of new ideas or innovator, and bring new ideas in the market by replacing old with a new invention.
2. Mention two Types of Entrepreneurship?
Ans: 1. Small Business Entrepreneurship: These businesses are a hairdresser, grocery store, travel agent, consultant, carpenter, plumber,electrician, etc. These people run or own their own business and hire family members or local employee.
2. Scalable Startup Entrepreneurship: This start-up entrepreneur starts a business knowing that their vision can change the world. They attract investors who think and encourage people who think out of the box. The research focuses on a scalable business and experimental models so, hire the best and the brightest employees, 3.
3.Mention two Characteristics of Entrepreneurship.
Ans: 1. Ability to take a risk: Starting any new venture involves a considerable amount of failure risk. Therefore, an entrepreneur needs to be courageous and able to evaluate and take risks is an essential part of being an entrepreneur.
2. Innovation: It should be highly innovative to generate new ideas, start a company, and earn profits out of it. Change can be the launching of a new product that is new to the market or a process that does the same thing but more efficient and economical way.w
4. Mention two Importance of Entrepreneurship.
Ans: 1. Creation of Employment: Entrepreneurship generates employment. It provides an entry-level job, required for gaining experience and training for unskilled workers.
2. Innovation: It is the hub of innovation that provides new product ventures, market, technology, and quality of goods, etc., and increase the standard of living of the people.
5. Define Creative Behaviou?
Ans: Creative behavior has been viewed as the creative act, or a set of acts, which is made explicit through behavior. Creative behavior is not submissive; it is action, which leads to a creative output or a solution to a challenge. Creative behavior is not confined solely to the domain of cognition and thought but rather it is action that yields output that is deemed original and useful (Puccio and Cabra 2011). It is a behavior that permits one to act unobstructed from self or externally imposed constraints in pursuit of self-expression, invention, discovery, design, and problem solving.
6.Mention two advantages of being creative behaviour.
Ans: 1. BECOME A BETTER PROBLEM SOLVER: There isn't a manual to being an artist, and there isn't a manual for being alive.
Obstacles and challenges throughout life are inevitable. However, when we make creativity a habit, we continue to learn new, resourceful ways of solving problems in our artwork, and in life.
2.CONNECT WITH YOUR COMMUNITY: When we create, we connect other people doing the same and an instant sense of community is formed. Whether we're exchanging ideas, providing feedback for our peers, or simply creating next to each other in silence, the sense of connection experienced as artists is undeniable and deeply rewarding.
7.Mention two disadvantages of being creative behaviour.
Ans: TIME : Time was always a controlling factor. I was expected to have a number of ideas ready for presentation within hours of being handed a brief. There is nothing wrong with this, but it is far from ideal. Mentally, I felt like I was falling through the air, extending my arms hoping that my fingers might latch onto a life-saving hand hold.
FOCUS: Having a lot of ideas competing against one another can lead to confusion. If you believe that you have a number of excellent ideas, it can be very difficult to discard some and pin your hopes of a single one.
8. What is an Intrapreneur?
Ans: An intrapreneur is an employee who is tasked with developing an innovative idea or project within a company. The intrapreneur may not face the outsized risks or reap the outsized rewards of an entrepreneur. However, the intrapreneur has access to the resources and capabilities of an established company.
9.Explain the Advantages of Intrapreneurship?
Ans: An entrepreneur starts a company as a means of providing a good or service. An intrapreneur explores policies, technologies, or applications that will help improve the performance of an existing company. Inevitably, as an intrapreneur develops the skills needed to recognize and solve important problems, that intrapreneur may turn into an entrepreneur. An intrapreneur can expect to be given the freedom and autonomy needed for such a project. Day-to-day deliverables are generally not demanded. The intrapreneur is expected to analyze and understand the trends necessary for planning the company's future. Intrapreneurs synthesize their findings and make proposals for staying ahead of their competitors.
10.Explain the Characteristics of Intrapreneurs?
Ans: Intrapreneurs are able to resolve specific issues such as increasing productivity or cutting costs. This requires a high level of skill namely leadership skills and thinking outside the box-directly applicable to the assignment. An intrapreneur also takes risks and drives innovation within a business to better serve the market through increased goods and services.
A successful intrapreneur is comfortable being uncomfortable while testing his or her ideas until achieving the desired results. He or she is also able to interpret trends in the marketplace and visualize how the company needs to evolve to stay ahead of its competition. The intrapreneur is part of a company's backbone and the driving force mapping out the organization's future.
11.Define Technology entrepreneurship?
Ans: Technology entrepreneurship lies at the heart of many important debates, including those around launching and growing firms, regional economic development, selecting the appropriate stakeholders to take ideas to markets, and educating managers, engineers, and scientists. Unless a generally accepted definition of technology entrepreneurship is established, however, these debates lose their focus. The purpose of this article is to identify the themes that dominate the technology entrepreneurship literature, provide a definition of technology entrepreneurship, and identify its distinguishing aspects relative to economics, entrepreneurship, and management.
12. Give two advantages of technology in Business?
Ans: 1. Increased productivity & efficiency : Automated business processes and operations are one of the major benefits of technology for business. Computers connected with high speed internet have allowed the workforce and authorities to collaborate and discuss business related things more efficiently than ever.
2. Effective communication: Benefits of technology in the field of business communication are also unavoidable. In this era of mobile devices, workers and employees and connected with each other any time to converse business related issues in real time to get things on track without waiting for hours.
13. Give two Disadvantage of Technology in Business?
Ans: 1. Expense: Expense is probably the number one disadvantage related to technology and business. Additionally, having technology means that a company needs to pay technology professionals to assist with and monitor that technology.
2. Personal Touch: Technology streamlines business processes, but in order to do so, it often displaces the personal touch of business (e.g. getting an automated service instead of a phone representative when calling a company.)
14. Define cultural entrepreneurship?
Ans. Cultural Entrepreneurs are cultural change agents and resourceful visionaries who organize cultural, financial, social and human capital, to generate revenue from a cultural activity. Their innovative solutions result in economically sustainable cultural enterprises that enhance livelihoods and create cultural value and wealth for both creative producers and consumers of cultural services and products
15. Define International Entrepreneurship?
Ans: The term international entrepreneurship was originally related to the way technological advances and cultural awareness allowed new ventures to access untapped foreign markets. It comprises novel and innovative activities that crosses borders with the aim of creating value and growth in business firms. As such, it refers to innovative activities pursued by a firm across borders. Innovative encompasses the value seeking component, as firms leave their home country to seek out new opportunities in unknown or unexplored markets.
16. Define two importance of International Entrepreneurship?
Ans: 1. Expansion of Domestic market: International Entrepreneurship helps in expansion of domestic market beyond national boundaries. When any organisation or business has covered market then the company can go in expansion for business to the international Market.
2. Increase sales and profit: International Entrepreneurship helps to contribute in the hike of sales and to earn profit. When the entrepreneurs are not able to earn profit or demand for their profit decreased in local market then they can sell their product in foreign market where life cycle of the product is in favourable condition.
17.Define Entrepreneurs ?
Ans: It basically means a small start-up which is solely online (net based) with no physical office their website/blog/e-presence is their office! For eg, it can be a freelancer, working from home taking projects online or launching e-marketing campaigns or running an SEO company. So, in a layman approach, it means making money online.
These days a lot of Netpreneurs have come up especially if you see on fb & twitter, since it is free to join these websites and easy to promote content through the network of friends.
18. What is Social Entrepreneurship ?
Ans:-Social entrepreneurship uses business to offer new ideas for wide-scale social and environmental impact. Social entrepreneurship unites the passion of a social mission with an image of business-like discipline, innovation, and determination. Many social entrepreneurs launch whole new ventures applying innovative and often risk-taking approaches to create scalable solutions, which includes inventing new products and services. Others join existing social enterprises aligned with their interests and passions.
LONG QUESTION ANSWER
5 MARKS
1. Explain the importance of Entrepreneurship?
Ans: 1. Free market evolution : Entrepreneurs are important in a free market because they help the market respond to changing prices and consumer preferences. For example, with the rise in the use of the internet, an entrepreneur may see the potential to set up a new home delivery service which uses an app for consumers to buy. Without entrepreneurs, product markets would become static and be slow to changes in new technology and trends.
2. Efficiency improvements: A successful entrepreneur maytake revenue from an established business. This can cause 'creative destruction' A phrase used to describe changes in the economy - which in the short-term could lead to firms going out of business and/or job losses. However, this potential for creative destruction also creates an incentive for an established business to adapt and increase their own efficiency. For example, in response to Uber taxi services, it created an incentive for established taxi-firms to develop their own apps.
3. Dynamic efficiency: Entrepreneurs can make radical changes and introduce new technologies which significantly move on an industry. For example, Henry Ford's novel use of assembly lines enabled a drastic cut in the average cost of producing a motor car. His efficiency savings forced other carmakers to follow suit.
4. New markets: Entrepreneurs can often 'redefine the rules' of an established industry. For example, in the 1990s, if you wanted to rent a room, you would scour newspaper ads and have to make a decision based on 40 words of text. However, the new service "Spareroom.co.uk" means you can easily scan through different possibilities and have an
opportunity to get to know your potential flatmate before you move in.
5.New Gig economy: The new technological economy offers increased opportunities for entrepreneurs. Low start-up costs give entrepreneurs the potential to find new niche markets to develop. Many of the current large technological firms are relatively young and started as small start-ups - often in someone's room or garage.
2. Explain the importance of Creativity in Entrepreneurship?
Ans: 1. To Face Cut-Throat Competition: Entrepreneurs acceptnew methods, techniques and new ideas through creativity. As a result, on the one side, maximum production at minimum costs becomes possible and on another side, the sale of commodities also gets increased.
2. Clubbing of Goals Becomes Possible: Creativity is of two types: individual and organizational and both are essential for entrepreneurship. Individual creativity includes discovery, thoughts, imaginations, and novelty of the individual, which helps in the smooth operation of the organization.
3. Entry of New Products in Market: An important problem of the organizational problems is to introduce the new products in the market. But, it may be made possible by creativity, since these are based on new thoughts and perceptions, recognition and likings. As a result, consumer reality accepts them.
4. Best Communication: Through Creativity, the employees are encouraged for constructive suggestions and creative ideas, so that they may also present the weakness and strengths of their organization. By that, the managers get knowledge about the ideas of the employee their organization.
5. Forecast of Changes Creativity is also helpful in the forecasting of internal and external changes taking place in the organization, the reason being that in today's complex environment, the business conditions of the markets are also fast-changing, in several ways. As a result, old products, techniques, old production methods become useless. So, in this emerging dynamic, aggressive and complicated environment, the forecast of the changes may e possible only by creativity, which is essential to minimize the risks.
3. Explain the Types of Entrepreneurs ?
Ans: 1. Innovative entrepreneurs: These entrepreneurs have the ability to think newer, better and more economical ideas of business organisation and management. They are the business leaders and contributors to the economic development of a country.Inventions like the introduction of a small car 'Nano' by Ratan Tata, organised retailing by Kishore Biyani, making mobile phones available to the common may by Anil Ambani are the works of innovative entrepreneur.
2. Imitating entrepreneurs: These entrepreneurs are people who follow the path shown by innovative entrepreneurs. They imitate innovative entrepreneurs because the environment in which they operate is such that it does not permit them to have creative and innovative ideas on their own.
Such entrepreneurs are found in countries and situations marked with weak industrial and institutional base which creates difficulties in initiating innovative ideas. In our country also, a large number of such entrepreneurs are found in every field of business activity and they fulfill their need for achievement by imitating the ideas introduced by innovative entrepreneurs.
Development of small shopping complexes is the work of imitating entrepreneurs. All the small car manufacturers now are the imitating
3. Fabian entrepreneurs : The dictionary meaning of the term fabian' is 'a person seeking victory by delay rather than by a decisive battle'. Fabian entrepreneurs are those individuals who do not show initiative in visualising and implementing new ideas and innovations wait for some development which would motivate them to initiate unless there is an imminent threat to their very existence.
4. Drone entrepreneurs: The dictionary meaning of the term'drone' is 'a person who lives on the labor of others'. Drone entrepreneurs are those individuals who are satisfied with the existing mode and speed of business activity and show no inclination in gaining market leadership. In other words, drone entrepreneurs are die-hard conservatives and even ready to suffer the loss of business.
5. Social Entrepreneur : Social entrepreneurs drive sociali and transformation in various fields including education, health, human rights, workers' rights, environment and enterprise development. They undertake poverty alleviation objectives with the zeal of an entrepreneur, business practices and dare to overcome traditional practices and to innovate. Dr Mohammed Yunus of Bangladesh who started Gramin Bank is a case of social entrepreneur.
4. Explain the Functions of an Entrepreneur?
Ans: 1. Innovation: An entrepreneur is basically an innovator who tries to develop new technology, products, markets, etc. Innovation may involve doing new things or doing existing things differently. An entrepreneur uses his creative faculties to do new things and exploit opportunities in the market. He does not believe in status quo and is always in search of change.
2. Assumption of Risk: An entrepreneur, by definition, is risk taker and not risk shirker. He is always prepared for assuming losses that may arise on account of new ideas and projects undertaken by him. This willingness to take risks allows an entrepreneur to take initiatives in doing new things and marching ahead in his efforts.
3. Research: An entrepreneur is a practical dreamer and does a lot of ground-work before taking a leap in his ventures. In other words, an entrepreneur finalizes an idea only after considering a variety of options, analyzing their strengths and weaknesses by applying analytical (techniques, testing their applicability, supplementing them with empirical findings, and then choosing the best alternative. It is then that he applies his ideas in practice. The selection of an idea, thus, involves the application of research methodology by an entrepreneur.
4. Development of Management Skills: The work of an entrepreneur involves the use of managerial skills which he develops while planning, organizing, staffing, directing, controlling and coordinating the activities of business. His managerial skills get further
strengthened when he engages himself in establishing equilibrium between his organization and its environment. However, when the size of business grows considerably, an entrepreneur can employ professional for the effective management of business operations.
5. Overcoming Resistance to Change: New innovations are generally opposed by people because it makes them change their existing behavior patterns. An entrepreneur always first tries new ideas at his level.
It is only after the successful implementation of these ideas that an entrepreneur makes these ideas available to others for their benefit. In this manner, an entrepreneur paves the way for the acceptance of his ideas by others. This is a reflection of his will power, enthusiasm and energy which helps him in overcoming the society's resistance to change.
6.Catalyst of Economic Development: An entrepreneur plays an important role in accelerating the pace of economic development of a country by discovering new uses of available resources and maximizing their utilization. To better appreciate the concept of an entrepreneur, it is desirable to distinguish him from an entrepreneur and promoter.
5. Explain Some Myths about Entrepreneurship ?
Ans: (i) Entrepreneurs, like leaders, are born, not made : The fact does not hold true for the simple reason that entrepreneurship is a discipline comprising of models, processes and case studies. One can learn about entrepreneurship by studying the discipline.
(ii) Entrepreneurs are academic and socially misfits : Dhirubhai Ambani had no formal education. Bill Gates has been a School drop-out. Therefore, this description does not apply to everyone. Education makes an entrepreneur a true entrepreneur. Mr Anand Mahindra, Mr Kumar Mangalam Birla, for example, is educated entrepreneurs and that is why they are heroes.
(iii) To be an entrepreneur, one needs money only: Finance is the life-blood of an enterprise to survive and grow. But for a good idea whose time has come, money is not a problem.
(iv) To be an entrepreneur, a great idea is the only ingredient : A good or great idea shall remain an idea unless there is proper com bination of all the resources including management.
(v) One wants to be an entrepreneur as having no boss is great fun: It is not only the boss who is demanding; even an entrepreneur faces demanding vendors, investors, bankers and above all customers.
6. Explain the Characteristics of Intrapreneurship?
Ans: Diversification: Intrapreneurship promotes teams with people of different gender, age groups, culture and fields. Innovative Approach: It is a creative initiative for the progress of both the employee and the company.
Restoration Concept: An intrapreneur adds value to an existingcompany by improving the products, services, methods or perceptions. Mutual Benefit: Through intrapreneurship, an employee achieves empowerment and self-actualisation; and the company also grower remarkable Calculated Risk: The risk involved in an intrapreneur's project is well analyzed and planned before it is onboard.
No Investment by Intrapreneur: The intrapreneur is the brain behind the idea but need not put even a penny into the project. The company funds it at every stage of business. Profit-Sharing Agreement: In many organizations, a profit-sharing agreement is signed mutually between the company and the employee.
7. Explain the Importance of Intrapreneurship?
Ans: Penetrate New Markets: An intrapreneur's idea sometimes lead to availing of the business opportunities prevailing in the new or existing market.
Employee Empowerment: The company can strengthen its bond with the workforce by granting them authority along with responsibility.
Optimum Human Resource Utilization: Intrapreneurship provides an opportunity to the employees for outperforming their key responsibility area.
Economic Stability: It is also undertaken to address market instability and economic downturns through rapid innovation. Innovative Growth: Idea generation is the basis of development. Thus, to nurture an entity well, intrapreneurs play a significant role in the business.
8. Explain the process of Intrapreneurship ?
Ans: Step 1: The first step is to encourage the workers to put forward their views and opinions. Also, the employees should be made familiar with the person or authority in front of whom he/she can present the idea.
Step 2: The next is analyzing the compatibility of the idea with the organizational need, mission, objectives, values, vision, consumer demand, etc.
Step 3: Now is the time to inspect the idea from different perspectives to seek any scope of betterment.
Step 4: This step is quite crucial as it aims at getting the approval on idea implementation from all the related parties like team, associates, investors and even customers (in case of industrial buyers).
Step 5: The final feasibility test of any new project can be doneby identifying the SWOT (strengths, weaknesses, opportunities and threats) for both, the idea and the person himself or herself. Step 6: After the idea is well tested for compatibility, applicability and feasibility, it is modified and crafted such that it becomes workable for the organization.
9.Explain the Advantages of Intrapreneurship?
Ans: Initiates Idea Sharing: An intrapreneur may provide a different perspective than that of the management. This idea can act as a robust input for the company.
Identifies Employee Potential: An employee has a lot of capabilities which can be explored by bringing out the intrapreneur within him/her.
Provides Competitive Edge: Intrapreneurs are considered to be a highly efficient workforce who have excellent problem solving and competitive skills.
Develops Leadership Intrapreneurs emerge as leaders when they are given a proper chance and thus, can set examples for other employees too.
Ensures Employee Engagement: It is a pragmatic way of keeping the employees immersed in their work, thinking innovative
solutions to every problem and evolving as intrapreneurs.
Brings a Positive Change: Innovative ideas and analytical thinking is mostly assertive for the company's development and progress.
10. Explain the Hurdles in Intrapreneurship?
Ans:. Multiple CEOs: If a company has more than one CEO with different mindsets, then the employee may not get equal support from each one of them, for intrapreneurship practice.
Cultural Issues: Many of the other employees who do not takei seriously or keep themselves away from such practice may raise problems.
Talent Acquisition Problems: Identifying an intrapreneur within a organisation is a challenging task for the human resource department.
Adverse Market Response: The consumers sometimes feel that the innovated product fail to meet their requirements.
Lack or Shift of Suitable Resource: An intrapreneur leaving the organization or the company unable to appoint one, may lead to its failure.
11. Explain the Advantages of technology in business?
Ans. Fast communication: If you are running a business and you want to communicate with your client then it is easy now. You can use skype or other online video calling service to video call with your client. By doing so you can save time and money. Also, employees within the organization can communicate with each other through online chatting service like skype or Gmail chat.
Online marketing: Various companies expand their business by going to the online world. You can spend some money online to promote your business on different websites through advertisement. Some of known websites for promoting your business are Facebook, Twitter and Instagram.
Storage of data: Storing office data in physical files is now old and it is prone to errors and a lot of space needed also. Now you can store your business/office data in your PC. Finding data using computer is easy then physical documents. You can also save your data online by which you can retrieve the data through number of devices like tablet, smartphone or your laptop if it is connected to the internet.
The hiring of staff: It is easy now to hire staff for your business by using technology. There are many websites and social networking websites which helps you to find a skilled person that match your needs. You can also interview the person online through skype. Now all the brands have built their websites by clients and staff can see the news. If you have vacancy for your business then you can place job announcement on your website. Sorting out CV of all the applicants of job is easy now with the technology used today.
Monitoring your staff: You can put cameras in different areas of your office and can monitor the working of your staff. This also improves the performance of your staff if they know that they are captured in-camera.
12. Explain the Disadvantages of technology in business?
Ans: Online socializing: In most offices, using online social websites like Facebook, Twitter, and Instagram is restricted. This is because these are types of addiction websites that waste your time.
Expensive machines: If you want to use the latest technology for your business then buying latest tools is expensive for startup businesses. For example using cameras, high-speed internet and computers, printers, scanners are expensive.
Reduce the talent of employees: If your employees are using software for completing daily tasks then their mind will not grow and they stick with the daily routine. Employees will not get a challenge in their work and their talent will not grow. If employees do email replies and communication online on daily basis then they feel trouble in having face to face communication. This is because for face to face communication you need extra communication skills.
Business dependent on online: Some type of businesses is mostly dependent on internet connection. So if there occurs any problem on the internet then their work stops working. Also if you store most of your data on com ter and your computer gets any problem then daily work is stopped. So you have to train your employees to work also if internet disconnects or computer gets any problem.
Data can be stolen: If your business is online there are chances that some hackers can steal your data. There is also chance that any of your employees leak your company important information like emails of clients.
13. Explain the Advantages of International Business?
Ans: 1. A Country can Consume those Goods which it cannot Produce: Commodities produced in India can be found in England and vice-versa. This helps England to enjoy those goods which he cannot produce in his country.
2.The Productive Resources of the World are Utilised to the Best Advantage of the Country: Every country expects highest return from its resources and this lead to fall in price and better goods for consumption.
3. Heavy Price Fluctuations are Controlled: If the price of any commodity goes up, the goods can be imported from abroad and its price can be brought down.
4. Shortages in Times of Famine and Scarcity can be met from Imports from Other Countries: Surplus produce can be sent out to needy countries. Food scarcity in India and Europe in often met by surplus food-grains from the U.S.A.
5. Countries Economically Backward but Rich in Resources may Develop their Industries: Indian people are opening industries with the idea of sending produced goods to foreign countries.
6. International Business Promotes Peace and Friendship : No country however big it may be can claim to be self-sufficient. It will have to depend on other country for something. Free international business is essential for goodwill, peace and to meet any requirements of the nation.
14. Explain the Dis-Advantages of International Business?
Ans: 1. The Worst Part of Foreign or International Business is the Destruction of Cottage and Home Industries : Indian industries need protection. If there will be no protection from the side of the government, Indian industries cannot prosper.
2.Dependence on Foreign Business Creates Difficulties in Times of Need: In the past, India had to face great trouble and difficulty in getting ordinary and simple articles like medicine and tools during need or during the war.
3.The Extreme Specialization which makes a Country Dependon One or Two Industries is Bad: Because if at any time the industry suffers the economic life of the people would be endangered.
4. Countries which Sell Raw Materials and Buy Manufactured Goods in Return are always Loser and cannot Improve the Country Economy: The standard of living of the people cannot improve. International business under such conditions leads more to discontent and unrest than to peace and goodwill.
5. International Business may Completely Exhaust a Country's Natural Resources like Coal and Oil which are Irreplaceable: These goods are exported just for the sake of earning money and profit. But the country will have to suffer in the long run when their source will be dried up completely.
6. Imports of Harmful Drugs and Luxuries Goods ruin the Health of the Nation : For this people blame international business which is not correct.
15. Explain the Essential Characteristics of Social Entrepreneurs?
Ans: 1. Curiosity: Social entrepreneurs must nurture a sense of curiosity about people and the problems they face. The best social entrepreneurs seek to truly understand the needs and desires of the people they serve. Great social ventures often start through immersive market research, an empathy-centric process through which social entrepreneurs gain knowledge in the field.
2. Inspiration : In order to design effective solutions, social entrepreneurs must be inspired by the people and problems they encounter. Inspiration motivates action and helps social entrepreneurs tackle challenges that others shy away from addressing.
3. Resourcefulness: In the world of social entrepreneurship, key resources, such as human and financial capital, can often be scarce. Successful social entrepreneurs know how to leverage the resources at their disposal and develop innovative methods to overcome obstacles.
4. Pragmatism: Changing the world takes time, effort, and experimentation. While visions for massive social change may provide their inspiration, experienced social entrepreneurs know that they need to take small steps in pursuit of their goals. Great social ventures are not born overnight!
5. Adaptability: Social entrepreneurs must remain open to solutions. This includes knowing when to pivot and change their strategies if their initial methods do not succeed. Adaptability and flexibility are integral in the development of early-stage social enterprises.
6. Openness to Collaboration: While embarking on a quest to change the world may feel lonely, it is important to remember that social entrepreneurship is a team sport, and other people are willing to help. Social entrepreneurs need to stay open and attentive to potential partnership and collaboration opportunities. In many cases, collaborative initiatives and joint-ventures can achieve social/business goals much more effectively than solo endeavors.
VERY LONG QUESTION ANSWER
10 MARKS
1. Define Entrepreneurship? Explain the Elements of entrepreneurship?
Ans: An entrepreneur is the sole owner and manager of his business. Actually, the word translates to "the one who undertakes" in French.From an economics point of view, an entrepreneur is the one who bears all the risk of a business. And in return, he gets to enjoy all of the profits from the business as well. While understanding the concept of entrepreneurship we will also learn about the importance of entrepreneurs in the economy. They bring in new goods, services, technologies, etc. to the market.
Following are the elements of entrepreneurship--
1. Innovation : An entrepreneur is the key source of innovation and variation in an economy. It is actually one of the most important tools of an entrepreneurs success. They use innovation to exploit opportunities available in the market and overcome any threats.So this innovation can be a new product, service, technology, production technique, marketing strategy, etc. Or innovation can involve doing something better and more economically. Either way in the concept of entrepreneurship, it is a key factor.
2. Risk-Taking: Entrepreneurship and risk-taking go hand in hand. One of the most important features of entrepreneurship is that the whole business is run and managed by one person. So there is no one to share the risks with.
Not taking any risks can stagnate a business and excessive impulsive risk-taking can cause losses. So a good entrepreneur knows how to take and manage the risks of his business. But the willingness of an entrepreneur to take risks gives them a competitive edge in the economy. It helps them exploit the opportunities the economy provides.
3. Vision:- Vision or foresight is one of the main driving forces behind any entrepreneur. It is the energy that drives the business forward by using the foresight of the entrepreneur. It is what gives the business an outline for the future - the tasks to complete, the risks to take, the culture to establish, etc.
All great entrepreneurs of the world that started with an entrepreneurship business are known to have great vision. This helps them set out short term and long term goals for their business and also plan ways to achieve these objectives.
4. Organization: In entrepreneurship, it is essentially a one-man show. The entrepreneur bears all the risks and enjoys all the rewards. And sure he has the help of employees and middle-level management, yet he must be the one in ultimate control. This requires a lot of organization and impeccable organizational skills.
An entrepreneur must be able to manage and organize his finances, his employees, his resources, etc. So his organizational abilities are one of the most important elements of entrepreneurship.
5. Market: Understanding your market
a vital element to becoming an entrepreneur because it's the basis on which you'll determine your idea's feasibility. You need to know who your target customers are and how and why they buy. You also need to know who you competition is in order to assess whether there's room in the market for your business idea.
6. Funding: Even a shoestring operation has some costs. You're likely to be your own--and your only--investor, so you must be able to understand and track your personal finances. Know how much you need to get off the ground and how much you'll need to stay afloat until your business turns a profit. This is the first step to attracting outside funding.
7. Legalities : Entrepreneurship requires attention to legal details. The first is structure--the type of ownership you'll maintain. Sole proprietorships, partnerships, limited liability companies, corporations and nonprofits all have benefits and risks you'll need to consider in making your decision. You'll also need to register your business with your state, and perhaps local, government. In addition, you must apply for a tax ID number and any permits and licenses your state and municipality require for your type of business. Finally, The Entrepreneur Institute recommends protecting your investment with errors and omissions insurance.
8. Advertising and Marketing: Marketing and advertising get word out to your target market that you're here and you're open for business. Spread the word by employing the appropriate tools to communicate your product or service's value. Marketing tools include new technologies, such as social media and the Internet, as well as the traditional channels of word-of-mouth, print and broadcast media, direct mail and the telephone.
9. Business Plan : A business plan commits to paper all of your ideas for your business. The Small Business Institute calls a plan a living document, as it evolves and changes over time, in step with your business. Your comprehensive business plan is the element that ties all the other elements together and establishes your road map to success.
2. What are crucial business elements with business potential energy?
Ans: 1. Business Idea: Everything in business starts with a business idea. It is the first potential energy of your new business. Onething that you must remember is that next business element- the business plan can convert this potential stored inside business ideas into the successful business.
2.Business Plan :- I choose a business plan as a second crucial business element with business potential energy because in the same time it is converter of business potential energy of the business ideas into successful business. Also business plan has its own potential energy that can bring business development for your business. With a good business plan and accomplishment of everything that is planning you will increase your overall business potential energy.
3. Your entrepreneurial knowledge:-You entrepreneurial knowledge is something that always can bring fresh business potential energy into your business. However, the knowledge as a source of potential energy can be exhausted. You must continually bring into yourself new nowledge in order to be able to respond to the new business environment.
4. Products and Services:-Every business sells some types of products or services. If you sell something that can satisfy portation cost for production businesses will have some effect on the whole business potential energy.
3. Explain the importance of Entrepreneurship?
Ans: 1.Growth of Entrepreneurship: Entrepreneurship the advent of new venture particularly small ventures to materialize the innovative ideas of the entrepreneurs. Thus, the growth or establishment of small enterprises ii the specific contribution of entrepreneurship in every economy of the world. The statistics reveal that in USA economy nearly half a million small enterprise is established every year. Our country is not an exception in this regard.
2. Creation of job opportunities : Entrepreneurship firms contributed a large share of new jobs. It provides entry-level jobs so necessary fur training or gaining experience for unskilled workers. The small enterprises are the only sector that generates a large portion of total employment every year. Moreover, entrepreneurial and supply experienced labor to large industries. prepare
3.Innovation : Entrepreneurship is the incubator of innovation. Innovation creates disequilibria in the present state of order. It goes beyond discovery and does implementation and commercialization, of innovations. "Leapfrog" innovation, research, and development are being contributed by entrepreneurship. Thus, entrepreneurship nurses. innovation that provides new ventures, products, technology, market, quality of good, etc. to the economy that increases Gross Domestic Products and standard of living of the people.
4. Impact on community development: A community is better off if its employment base is diversified among many small entrepreneurial firms. It promotes abundant retail facilities, a higher level of homeownership, fewer slums, better, sanitation standards and higher expenditure on education, recreation, and religious activities. Thus, entrepreneurship leads to more stability and a higher quality of community life.
5. The consequence of business failure: The collapse of the large industry almost has irresistible damage to the development of the state and the state of the economy and the financial condition of the relevant persons. The incumbents lost their jobs: suppliers and financial institutions face a crisis of recovery. Customers are deprived of goods, services, and government losses taxes. This could not happen in the case of failure of entrepreneurship. There shall be no measurable effect upon the economy and no political repercussions too.
6. Political and economic integration of outsiders : Entrepreneurship is the most effective way of integrating those who feel disposed of and alienated into the economy. Minorities, migrants, and women are safely integrated into entrepreneurship that will help to develop a well-composed plural society.
7. Spawns entrepreneurship: Entrepreneurship is the nursing ground for new inexperienced adventurists. It is the field where a person can start his/her idea of the venture, which may be ended up in a giant enterprise. All the large industrial ventures started as a small entrepreneurial enterprise. Therefore, entrepreneurship provides a wide spectrum of ventures and entrepreneurs in every economy. The vast open arena of entrepreneurship thus acts as an incubator to entrepreneurs.
8. Enhances the standard of living: The standard of living is a concept built on an increase in the amount of consumption of a variety of goods and services over a particular period by a household. So it depends on the availability of diversified products in the market. Entrepreneurship provides enormous kinds of a product of various natures by their innovation. Besides, it increases the income of the people who are employed in entrepreneurial enterprises. That also capable employed persons to consume more goods and services. In effect, entrepreneurship enhances the standard of living of the people of a country.
9. Promotes research and development: Entrepreneurship is innovation and hence the innovated ideas of goods and services have to be tested by experimentation. Therefore, entrepreneurship provides funds for research and development with universities and research institutions. This promotes the general development, research, and development in the economy. Entrepreneurship is the pioneering zeal that provides events in our civilization. We are indebted to it for having prosperity in every arena of human life- economic, technological and cultural.
4.Explain the Importance of Creativity in Entrepreneurship?
Ans: 1. To Face Cut-Throat Competition: Entrepreneurs accept new methods, techniques and new ideas through creativity. As a result, on the one side, maximum production at minimum costs becomes possible and on another side, the sale of commodities also gets increased. Not only that, none serious competitors remove from the market because creative persons bring several new products. In the market at low prices and also makes people aware of its use.
2. Clubbing of Goals Becomes Possible: Creativity is of two types: individual and organizational and both are essential for entrepreneurship. Individual creativity includes discovery, thoughts, imaginations, and novelty of the individual, which helps in the smooth operation of the organization. By creativity, individual and organizational goals may be clubbed together. This is called creativity and entrepreneurship theory.
3. Entry of New Products in Market: An important problem of the organizational problems is to introduce the new products in the market. But, it may be made possible by creativity, since these are based on new thoughts and perceptions, recognition and likings. As a result, consumer reality accepts them.
4. Best Communication: Through Creativity, the employees are encouraged for constructive suggestions and creative ideas, so that they may also present the weakness and strengths of their organization. By that, the managers get knowledge about the ideas of the employees about their organization. Not only that, by the use of group creativity techniques, communication between the members substantially increases, social barriers get removed and cooperation also increased.
5. Forecast of Changes :Creativity is also helpful in the forecasting of internal and external changes taking place in the organization, the reason being that in today's complex environment, the business conditions of the markets are also fast-changing, in several ways. As a result, old products, techniques, old production methods become useless. So, in this emerging dynamic, aggressive and complicated environment, the forecast of the changes may e possible only by creativity, which is essential to minimize the risks.
6. Integration with Firm: Acquaintance with the firm and creativity move together. When the employee develops new ideas, he automatically associates himself with the reputation, problems, and goals of the firm. He gets integrated with the firm. It develops feelings of joint sharing and collective excess in him.
7. Establishment of Cordial Relations: Cordial relations are developed in the organization through creativity because on the one side, it nicely affects their feelings by the combination of new ideas and on the other side, fresh results of activities start becoming visible. Thus, the success of an organization also becomes visible. This creativity applies to entrepreneurship.
8. Building up Feelings of Continuity in the Group: Creativity creates a feeling of continuity in the group or Organization. The Creativity is that ideas which builds continuously emerging feelings of the group. 9. Abundance of Resources in Place of Scarcity: The resources of production are Limited, which are sure to exhaust some days. In such conditions, which source and from where should be made available,makes the question mark. In response, creativity is the only alternative, which facilitates searching of some source, by studies and thinking.Thus, abundance may be made possible in place of scarcities.
10.Success in Reducing Cost of Labour and Production : Presently, the cost of labour and production has gone high in all spheres. Its ill effect is that the profits of the producers get reduced and the purchasing power of the consumers also goes down. But, my creativity, both types of costs may be lowered down, since creativity gives new ideas, combines them and also brings out new discoveries and concepts.
11.Increasing Power to Make Organisation Capable : -Establishment of an organization is for certain objectives and goals.However, it is possible only when new commodities are produced, problems of workers are solved and new principles and methods and techniques are used in the organized and also when all these are well coordinated. All these may be made possible through creativity, which increases the power to make the organization more capable and strong.
12. Search of New Opportunities Becomes Possible: An entrepreneur has to take various steps to make the decisions, like knowledge of opportunities, familiarity with the problem, development of alternatives, follow up, etc. In all these steps, creativity has an important role, because these steps may be used first, with the help of Ideas, concepts, and imaginations emerging, on the basis of creativity. Thus, the search for new opportunities becomes possible through creativity.
13. Success of Employees: We know that creativity is a distinctly human capacity and pre-conscious system which creates new and unique ideas, concepts and imaginations when the persons work in the conditions of consciousness. As a result, the employees use their knowledge, works on the basis of experience and also get an honorarium. Besides, their new and useful ideas are also incorporated in the work, and hence they put their heart into the work. Thus, employees of the organization get success.
14. Settlement of Disputes: In every organization, there are mutual disputes. A conflict exists between the persons because some persons have belief in the traditions and some belief in modern thoughts. In such a situation, disputes may be easily settled through creativity. New and unique ideas, concepts and imaginations are created and attention is paid to studies and thinking. Thus, creativity is helpful in solving the organizational problems by the settlement of mutual disputes.
15. Solution of Problems: In business and non-business organizations, creativity has an important role in solving problems, the reason is that on the basis of creativity, the entrepreneur will not only be able to solve the problems in all spheres, through unique as well as traditional ideas, concepts, and imaginations, but taking of practical decisions will also be made easy. So, "To develop various alternatives to solve the problem depends upon the creativity of the decision taker." So, Common barriers to creativity in entrepreneurship.
5. Entrepreneurship can solve the world's problems? Explain?
Ans: 1. Helping people create their own wealth: One of the biggest problems that we have in the world is that society believes we can solve poverty by donating money to those who need it. While I am not against donating money to people that need it, what's a thousand times more powerful, is to help people suffering from poverty to be able to build their own wealth. There are a lot of ways to do that, but one simple way is what entrepreneurs are doing in the online education space.Entrepreneurs are helping create low-cost resources and business basics that anyone can pick up and apply. If we can educate people on entrepreneurship (the art of creating your own wealth) we can help society develop the mindset and the desire to go out there and have a go, rather than stay in a state of helplessness. It's this state of mind and beliefs thatneed to change and at its core, entrepreneurship teaches this.
2. Making the world more efficient : Entrepreneurship by itsnature is about solving problems. Once you have solved the problem that you set out to fix, it's then about scale. To scale, you need to make your operation leaner and more efficient. You need to reshuffle your resources in a different way. You need to find ways to source more capital so you can scale even faster.
This entire process that we call entrepreneurship is really just about focusing energy in one area, continuing to pivot in different directions and then just making the process as efficient as possible. Don't you think this process is a bit of an art and that we could learn something from entrepreneurs and their focus on efficiency, which could solve many problems around the world that need require this very thing?
3. Increasing the number of optimists: The great thing about all entrepreneurs is that they are by the very nature, optimists. The power of optimism is very important in solving the world's problems and if we don't believe we can then we never will. Every day entrepreneurs are using their sense of optimism to come up with solutions that normal people believe are impossible.Could having a world full of optimists help us solve more of the world's problems? I believe it can, and that's why I want to encourage everyone to consider some form of entrepreneurship.
4. Reducing the need for handouts : When people create their own wealth, they don't require handouts anymore because they become self-sufficient. Entrepreneurs never sit around and hope that someone is going to gift them an amazing business with lots of money to run it. They realise that they have to go out and create their vision even if no one believes in what they are doing. If we reduce the need for handouts through entrepreneurship, then we free up those funds for other uses and compound the effect that mankind can have on this earth.
5. Giving people their own sense of self-worth: By creating and inspiring more people to become entrepreneurs we change people's perception of their own self-worth. Self-worth by definition is about someone's sense of value or worth as a person. When you create a business that allows you to be self-sufficient and care for your family, it gives you a great sense of accomplishment and worth.Living a life of relying on others to give you money is not fulfilling and has very negative effects. I think it would be cool if we could have more people feeling they are valuable and contributing to society. Do you think we would see a decrease in depression because people actually feel like they mean something to the world and are creating value?
6. Accelerating the speed of innovation: One of my favourite things about entrepreneurship is that it encourages and increases the speed of innovation. If we combine this with the power of the Internet, we have a recipe for success that can never be outdone. Thanks to people like Travis Kalanick (Founder of Uber) and Elon Musk we now have innovative solutions like Uber, Paypal and Space X that we never had before. The level at which these companies are accelerating innovation is crazy and the problems they are solving are even more crazy. Curing cancer and providing fresh water to the world requires innovation and entrepreneurship is the way to get this innovation as quickly as possible.
7.Spreading contagious idea's: All entrepreneurship starts from a small seed of an idea. If the idea is any good then its success will be measured by how contagious it is-ie how many users adopt the product and at what scale. If entrepreneurs didn't have ideas, then society would stop growing and the world's problems would continue to stay the same. For us to solve the world's problems we need individuals who are committed to solving problems and have good ideas to help us do that.
8. Creating more competition: To disrupt the traditional businesses that won't innovate, we need more competition. Competition is created through entrepreneurship. By having entrepreneurs out in society disrupting business, we spread more ideas that challenge traditional thinking. If we don't challenge our current thinking, we will never solve any of the world's major problems. When a competitor enters a marketplace and begins to affect the profits of the companies that chose to maintain the status quo, a form of innovation is forced upon them.
For the old slow-moving companies, they must do something or end up like Kodak, out of business. This may seem harsh, but innovation is a big part of the solution needed to move mankind forward, and entrepreneurship delivers this in so many different ways.
9.Changing belief systems: A lot of what is required to change the world is the belief that we can actually change it. We know from hundreds of articles on Addicted2Success and the teachings from thought leaders like Tony Robbins that beliefs form the foundations of everything that we do in the world. Entrepreneurs are solving this problem by challenging belief systems, coming up with entirely new systems and most importantly, believing in themselves.By demonstrating to the world through their own actions and the power of beliefs, they are forming the first step to changing the world, believing that we can. When we hear someone, communicate an idea we sit passively and listen to it and possibly never take action. When we see someone present a compelling story on how they took and idea and turned it into action, we now have a reference to mirror, a system to follow and a much higher chance of taking action. It's this process and the beliefs that are required, that will help us change the world.
10. Generating more philanthropy: My absolute favourite thing that entrepreneurship does to solve the world's problems is to create more philanthropy. This is achieved when an entrepreneur creates what they deem to be wealth, or more resources than they need to live their life. Upon achieving success, human nature begins to kick in, and the entrepreneur wonders how they can give back through the money they have made. If you look at almost successful entrepreneurs, you will see
this happen at some stage or another in their life.
11.Bringing on the rise of intrapreneurship: Don't forget that if you're working in a large organisation you can still be an intrepreneur (an entrepreneur working in a large organisation) and have the same positive effect on the world. We need these intrepreneurs because we can't just replace every slow moving company in the world, we also need to rebuild them and innovate them from the inside out.Not everyone in society can be an entrepreneur, but entrepreneurs can teach regular people who have a job, the philosophies needed to solve the problems the world is facing. If you look back around ten years ago, the word intrepreneur was virtually non-existent, now it's being used a lot more and there are more and more showing up in organisation's all over the world. Part of the reason for the rise is the attention that entrepreneurship has been getting.
12. Cultivating a more responsible society: A major challenge that the world has is that some parts of society believe that everything is someone else's problem. Part of being an entrepreneur is to be responsible and take ownership. Entrepreneurship demonstrates the power of responsibility in today's society and encourages everyone to do something with their life and not just sit back and watch it pass them by.
It teaches you not to wait for a solution but to come up with your own. When you do come up with your own solution, entrepreneurship teaches you to share it with the world in as many ways as you can and be proud of what you're doing.
6. Explain the Dimensions of Entrepreneurship?
Ans: 1. Strategic orientation : Strategic orientation describes the factors that drive the formulation of a company's strategy. A promoter is truly opportunity driven. I am going to be driven only by my perception of the opportunities that exist in my environment and I will not be constrained by the resources at hand. A trustee, on the other hand, tends to say: How do I use the resources that I control? Within these two poles the administrators approach recognises the need to look for opportunities but is still constrained by a trustee-like focus on resources.
An entrepreneurial orientation emphasises opportunity. This has led to one of the traditional definitions of the entrepreneur as opportunistic or more favourably creative and innovative. But the entrepreneur is not necessarily concerned with breaking new ground.
Opportunity can also be found in a new mix of old ideas or in the creative application of traditional approaches. Administrators tend to look for opportunities using existing resources. The pressures that pull a company towards the entrepreneurial behaviour include:Diminishing opportunity streams. Old opportunity streams have been largely played out. It is no longer possible to succeed merely by adding new options to old products.Rapid changes in: technology creates new opportunities while making old ones obsolete; consumer economics changes ability and willingness to pay for new products and services; social values define new styles and standards; political roles affect competition through deregulation, product safety and new standards.Pressures that make an organisation more administrative include: The social contract. The responsibility to use and employ people, plant, technology and financial resources once they have been acquired. Performance criteria. How many executives are fired for not pursuing an opportunity, compared with the number that are punished for not meeting return on investment targets or not maximising the use of in place resources?
Planning systems and cycles. Opportunities do not arrive at the start of a planning cycle and last for the duration of a three or five-year plan.
2.Commitment to opportunity: As we move on to the second dimension it becomes clear that the definition of the entrepreneur as creative or innovative is not sufficient. There are innovative thinkers who never get anything done. It is, therefore, necessary to move beyond the identification of opportunity to its pursuit.
The promoter is willing to act in a very short time-frame and to chase an opportunity quickly. The duration of the commitment, not the -ability to act, is all that is in doubt. Commitment for the trustee is time consuming and, once made, of long duration. Trustees move so slowly that it sometimes appears they are stationary once there, they seem frozen. It is the willingness to get in and out quickly that has led to the entrepreneurs reputation as a gambler.
However, the simple act of taking a risk does not lead to success. More critical is knowledge of the territory they operate in. Because of familiarity with their chosen field they are able to recognise patterns as they develop and have the confidence to assume that missing elements will take shape as they foresee. This early recognition enables them to get ahead of others.
Pressures that pull a business towards this entrepreneurial end of the spectrum include: Action orientation. Gives an organisation first claim to customers, employees and financial resources.Short decision windows. Due to the high costs of late entry, including lack of competitive costs and technology. Risk management. Involves managing the organisations revenues so that they can be rapidly committed to or withdrawn from new
projects. Limited decision constituencies. Requires a smaller number of responsibilities and permits greater flexibility.
3.Commitment of resources: Another characteristic of good entrepreneurs is a multi-staged commitment of resources with a minimum commitment at each stage or decision point.The issue for the entrepreneur is this: what resources are necessary to pursue a given opportunity? There is a constant tension between the amount of resources committed and the potential return. The entrepreneur attempts to maximise value creation by minimising the resource set and must, of course, accept more risk in the process.
On the other hand, the trustee side deals with this challenge by careful analysis and large-scale commitment of resources following the decision to act. Entrepreneurial management requires that you learn to
do a little more with a little less. We thus have the traditional stereotype of the entrepreneur as tentative, uncommitted or temporarily dedicated an image of unreliability. In times of rapid change, however, this stepped, multi-staged commitment of resources is a definite advantage in responding to changes in competition, the market and technology. The process of committing resources is pushed towards the entrepreneurial domain by several factors: Lack of predictable resource needs. Forces the entrepreneur to commit less up front so that he or she can take action later when needs are better defined.
Lack of long-term control. Requires that commitment matches exposure. If control over resources can be removed by environmental, political or technological forces, resource exposure should also be reduced. Social needs. Multi-staged commitment of resources brings us closer to small is beautiful by allowing appropriate levels of resource intensity. Need for proof. Until one step has shown to be successful, resources will not be forthcoming. The pressures within large corporations, however, are in the other direction towards resource intensity: Personal risk reduction. Any individuals risk is reduced by having excess resources available. Incentive compensation. Excess resources increase short-term returns and minimise the period of cash and profit drains. Managerial turnover. Creates pressures for steady cash and profits gains, which encourage short-term, visible success. Capital allocation systems. Generally designed for one-time decision making, these techniques assume that a single decision point is appropriate. Formal planning systems. A projects request for additional resources means that managers have to return to the morass of analysis and bureaucratic delays. Managers are inclined to avoid this by committing the maximum amount of resources up front.
4. Control of resources:- Entrepreneurs learn to use other peoples resources well and to decide what resources are needed in-house. Good managers also learn that there are certain resources you should never own or employ. Very few real estate companies employ an architect.
The stereotype of the entrepreneur as exploitative derives from this dimension. The entrepreneur is adept at using the skills, talents and ideas of others. Viewed positively, this ability has become increasingly valuable in the changed business environment. And it need not be parasitic in the context of a mutually satisfying relationship. Pressures towards this entrepreneurial side come from: Increased resource specialisation. An organisation may need a specialised resource, such as a hi-tech patent attorney or state-of-the-art circuit test equipment, but only for a short time. By using rather than owning, a company reduces its risk and fixed costs. Risk of obsolescence Reduced by using rather than owning an expensive resource. Increased flexibility. The cost of exercising the option to quit is reduced. Administrative practices are the product of pressures in the other direction:Power, status and financial rewards. Determined by the extent of resource ownership and control in many corporations. Co-ordination. The speed of execution is increased because an executive has the right to request certain action without negotiation. Efficiency. Enables an organisation to capture, at least in the short run, all the profits associated with an operation. Inertia and cost of change. It is commonly believed that it is good management to isolate the technical core of production from external shocks. This requires buffer inventories and control of raw materials and distribution channels. Ownership also creates familiarity and an identifiable chain of command which becomes stabilised with time. Industry structures. Encourage ownership to prevent being pre empted by the competition.
5. Management structure: The promoter wants knowledge of his or her progress via direct contact with all the principal actors. The trustee wants more formal relations, with specific rights and responsibilities assigned through the delegation of authority.
The decision to use and rent resources and not to own or employ them requires an informal information network. Only in systems where the relationship with resources is based on ownership or employment can resources be organised in a hierarchy. Informal networks arise when the critical success elements cannot be contained within the formal organisation.
Many people have attempted to distinguish between the entrepreneur and the administrator by suggesting that being a good entrepreneur precludes being a good manager. The entrepreneur is stereotyped as egocentric and idiosyncratic and thus unable to manage.
However, although the managerial task is substantially different from that of the entrepreneur, management skill is nonetheless essential. The variation lies in the choice of appropriate tools. Most entrepreneurial management is a function of several pressures:Need to co-ordinate key non-controlled resources. Results in need to communicate with, motivate, control and plan for resources outside the organisation. Flexibility. Maximised with a flat and informal organisation. Challenge to owners control. Classic questions about the rights of ownership as well as governmental, environmental, health and safety restrictions undermine the legitimacy of control.
6. Reward philosophy: Finally, entrepreneurial companies differ from administratively managed ones in their philosophy regarding reward and compensation. Entrepreneurial organisations are more explicitly focused on the creation and harvesting of value. In start-ups the financial backers of the organisation as well as the founders themselves have invested cash and want cash out.As a corollary of this value-driven philosophy, entrepreneurial companies tend to base compensation on performance (where performance is closely related to value creation). Entrepreneurial companies are also more comfortable rewarding teams. The more administratively managed companies are less often focused on maximising and distributing value. They are more often guided by the desire to protect their own positions and security. Compensation is often based on individual responsibility (assets or resources under control) and on performance relative to short-term profit targets. Reward in such organisations is often heavily oriented towards promotion to increased levels of responsibility.
Individual expectations. Increasingly, individuals expect to be compensated in proportion to their contribution rather than merely as a function of their performance relative to an arbitrary peer group. In addition, individuals seemingly have higher levels of aspiration for personal wealth.
7.Explain the Advantages of Entrepreneurship?
Ans: 1. Being an entrepreneur means you get to be your own boss: When you decide to follow the life of an entrepreneur, then you are giving yourself permission to pursue what you are passionate about in life. You get to be the person who is making every decision, pulling all of the strings as you push forward with this opportunity. You get to use your strengths and skills to make a real difference in your life and those in your community.
Some people stay in a bad job because they need to "pay their bills." Some might "work for the weekend" as a way to justify their decision to stay in a place where they are miserable. It isn't always easy to be an entrepreneur, and you might not ever get rich, but there is a better chance that you will be happy.
2. Entrepreneurs get to discover who they really are: Most entrepreneurs break out of the 9-5 daily grind because they become dissatisfied with office politics, the barriers to promotion, or an uninspiring workplace environment. You might be encountering all three of those issues right now. When you decide to follow a path toward your own business, then the only obstacles that get in the way are the ones that you allow to remain."Don't assume that borrowing lots of money can make your startup fly," advises Barnaby Lashbrooke, founder of Time Etc. "There are many things to the business other than investors, and it's possible to succeed with your startup without breaking the bank.
3. Entrepreneurs get to dictate their own schedule (to a certain extent): If you like the idea of putting in 40 hours per week and then coming home to relax nights, weekends, and holidays, then being an entrepreneur is probably not the best choice to make. You are going to be working 20-40 extra hours each week if your goal is to be successful with your startup venture. "If you're starting something on your own," said Sallie Krawcheck, co-founder of Ellevest, "you better have a passion for it, because this is hard work."Where you gain an advantage is in the flexibility of your time commitments. You are not stuck trying to manage a 9-5 schedule. If you need to take a day off, then you get to do so. Want to take a vacation? Then make the time to go. You don't report through a chain of command any more nom
4. Every day is different when you're working as an entrepreneur : Embracing entrepreneurship means that you are going to have a schedule that is different every day. There are no consistent routines in this world. Some experts would even say that if you experience two similar days in a row, then you should re-evaluate your business model. You have to stay hungry for every opportunity that comes your way. If you become complacent for any reason, then someone will take your place. This advantage can ensure your creativity.
"Do not focus on the numbers," advises Cassey Ho, who is the founder of Blogilates. "Focus on doing what you do best. It's about building a community who wants to visit your site every day because you create value and offer expertise."
5.There are fewer restrictions to worry about in the world of entrepreneurship: When you begin to work for yourself instead of for someone else, then the independence that this experience creates is something that cannot be duplicated by any other professional opportunity. You are in total control of your destiny. You might earn more than some entrepreneurs, but less than others. Some people might work more than you, but others could be working less. There are numerous structural options to consider too. You might choose to work from a home office. A shared office space might be a better solution for you to use. Entrepreneurs can work from a coffee shop, at the beach, or while taking a road trip with their family. "If we tried to think of a good idea, we wouldn't have been able to think of a good idea," said Brian Chesky, co-founder of Airbnb. "You just have to find the solution for a problem in your own life."
6.You can still earn what you are worth as an entrepreneur in your early days: Many entrepreneurs like to bootstrap their ideas to help get them off of the ground. You might struggle to find investors for your idea, so any profits you earn go back into the company instead of your checking account. The reality of entrepreneurship is that a rational salary is always possible if you are willing to structure your finances around your basic needs. Your discipline in selling will lead you closer to the Promised Land.
"Selling is not a pushy, winner-takes all, macho act," advises Subroto Bagchi, co-founder of Mindtree. "It is an empathy-led, process-driven, knowledge-intensive discipline. Because, in the end, people buy from people."
7.Entrepreneurs can choose to pursue any idea they want:The only thing that limits your pursuit of a dream as an entrepreneur is your imagination. If you think there is an idea that you can follow, then go after it with everything that you have. Build that app which you believe could change the world. Tell your story by writing an autobiography. Sell your artwork online, even if everyone tells you that artists don't succeed. Follow your instincts, and there is an excellent chance that a good idea will seem like a great one to all of your future customers.
"In the age of transparency, honesty, and generosity, even in the form of an apology, generate goodwill," advises Alexander Asseily, founder of Jawbone. It's okay to be embarrassed by the first iteration of your product. Entrepreneurship succeeds more often if you're willing to launch early instead of waiting until it is too late.
8. You get to be more involved with your community as an entrepreneur: The flexibility in your schedule that you can have as an entrepreneur is an excellent way to become more involved in your community in a variety of ways. You can serve at your local food back, coach youth sports, or find other ways to tie your volunteer work to your efforts with a new business. These opportunities will help you to network with others, promote your personality and brand, and build your business while you are helping others at the same time.
"My advice is to focus on the importance of forging a long-term relationship, whether with colleagues, partners, or customers," said Sheila Lirio Marcelo, founder of Care.com. "It is often easy to get caught up in short-term decisions."
9. Entrepreneurs get to be the innovators of their industry: Entrepreneurship succeeds when you get to put an idea out to your targeted demographics before anyone else. Bringing something first to the market is an exciting adventure. It may not always be a story that ends in wealth, but it is one of the absolute joys of this process. You get to be on the forefront of problem solving for your community. You're turning your passions into revenues. It doesn't take a lot of money to get started either. As long as you have the drive to be an entrepreneur, then you can innovate."If you tune it so that you have zero chance of failure, then you usually have zero chance of success," advises Reid Hoffman, co-founder of LinkedIn. "The key is to look at ways for when you get to your
failure checkpoint, you know to stop."
10. Every day is exciting in the world of entrepreneurship : No one can say it enough times. You are going to be working your butt off when you decide to become an entrepreneur. There will be 18 hour days that you'll need to endure. The work will be harder and longer than anything you can remember doing in your life. Holidays are just another working day. Want to have a weekend free? Then you'll be working from 3am to 11am so that you can spend the afternoon with your family.
The amount of excitement that you will experience during these long days is fuel that keeps you going. You never really know what to expect when you wake up in the morning. There are new problems to solve, customers to meet, and ideas to pursue.
8.Explain the Disadvantages of Entrepreneurship?
Ans:1.The world of entrepreneurship is going to dominate your life : Your productivity as an entrepreneurs is what will direct you toward success or guarantee your failure. There are no off days when you embrace this journey. You might have had fun playing Farm Town or Mafia Wars back in the day on Facebook, but that option disappears here. If you're not working, then you're not earning. There are no paid lunches, no weekends off, no holiday pay, and no benefits. It is you vs. the rest of the world.
You don't need to be engaged 24/7 to have a chance at success in the world of entrepreneurship, but you will be working a lot more often. "My day starts with a yoga class, then I typically work from 8am to 5pm," said Antonia Townsend, founder of Enclosed. "Then I take a break to play with my pup outdoors. Somewhere between 6-10pm, I usually put in another hour or two."
2. Entrepreneurs do not have a guaranteed paycheck waiting for them: If you want to earn money as an entrepreneur, then it is up to you to make that happen. You don't have a guaranteed paycheck waiting for you after every pay period like you would with a traditional employer. It is up to you to chase your money. That means you need to send out the invoices, find the people who don't want to pay, and avoid the clients who think you should work for free because they can give you "exposure."Don't fall for the trap of "free marketing." Exposure doesn't pay for your groceries. It won't make your car payment. If you went to your mortgage company or landlord and said, "I have exposure to pay you this month," what do you think would happen? Find your perfect client, then find more of them to start bringing in some profits.
3.The world of entrepreneurship requires leaders if you want to be successful: There are entire books written by industry experts on this specific disadvantage of entrepreneurship. You can boil down all of their advice to one basic observation: if you don't have an internal drive that can push you forward every day and inspire others to follow your lead, then this isn't the project for you to pursue. Procrastination cannot live in this world. You must staple your pants to the chair, knuckle down on your work, and stay there until it gets done. "Some days you're smiling and thinking you're going to make this thing rock," advises Hamdi Ulukaya, founder and Chief Executive Officer of Chobani. "Then the next day, a pipe breaks, and your costs look too high. You have to learn to keep your eyes on an ultimate goal. If you lose sight of it, then you need to get out."
4. You must be patient with the process when you become an entrepreneur : People can claim anything on the Internet and pretend that it is true. It won't take you long to find bloggers claiming to make millions of dollars each year.
Most entrepreneurs fail to earn $10,000 in their first year of operations. Earning nothing is more common than earning more than $50,000 in your first twelve months. If you can stay in business for five years, then an average salary is in the $75,000 range if you're working at things full time.
5. Stress levels are high in the world of entrepreneurship : Meditation is the most common habit that people have when they pursue an idea as an entrepreneur. They make time for it because the stress levels are so high when you are scratching and clawing for a successful opportunity with everything that you've got. I in 3 people say that they worry all of the time about something when they're working for themselves instead of someone else. Loneliness is a problem for a similar number of people in this field.
Exercise is another great option to consider if you need to limit this disadvantage. If you burn calories every day with a workout routine, then you are less likely to take out your irritation on others or yourself. Then try to greet each new day with an extra helping of gratitude.
6. There are taxation consequences to consider as an entrepreneur : If you decide to become an entrepreneur in the United States, then there is a good chance that you'll start as a sole proprietor. It's the cheapest and easiest way to begin a business when you're bootstrapping. That means you'll be paying the employer share of Medicaid and Social Security withholdings out of your earnings because you serve as both. Although there are new pass-through rules for the 2019 tax season that can lower your income tax responsibilities, most entrepreneurs find a higher tax bill waiting for them if their idea is profitable.
"Most first-time business owners forget to make quarterly estimated tax payments the first time they have self-employment income," says Mike Piper, a CPA who writes about investing on sites like Oblivious Investor. "They're used to have taxes withheld from their paychecks."
7. Funding can be a significant problem for entrepreneurs : There are investors who might be willing to take a chance on your idea, but that is not a guarantee. You might find angels or venture capitalists who want to take a risk, although the odds of that are usually slim-to none. You might attempt to do some crowdfunding, even though you might not get any money from this work.
8. Entrepreneurs still have a boss that they must manage : You might be free of the 9-5 grind and the workplace politics when you start working as an entrepreneur, but that doesn't mean you get rid of theb boss. Your investors are going to expect regular reports about your progress - especially if you have angels or VCs in the picture. Your customers will give your consistent feedback about the quality of your goods and services that you will need to hear. If there are returns, service issues, or problems with your supply chain, then you get to manage those issues too. You still have more freedom than the traditional employment relationship, but you must continue operating within a specific set of guidelines.
9.Explain the types of Entrepreneurship.
Ans: 1. Intrapreneurship: The term "intra-corporate entrepreneur" was introduced by Gifford Pinchot in 1973. It was later revised as "intrapreneur". The term "intrapreneur" was officially recognized in 1992 with the definition given in the American Heritage Dictionary. Accordingly, intrapreneur is "a person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation."
Employees of an organization who are motivated to use their entrepreneurial talents and initiative to do something on their own, but who may not want to start their own business are known as intrapreneurs. Intrapreneurship, thus, means the establishment and fostering of entrepreneurial activity in large organizations either by improving the existing product or by branding new products. Intrapreneurs with their innovations and dedicated efforts are considered valuable asset by the organization.
2. Technopreneurship: "Technopreneurship' is a combination of two words 'technology' and 'entrepreneurship'. Technopreneurship is entrepreneurship in a technology intensive context. It is a process of merging technological and entrepreneurial talents and skills. In the transformation of goods and services, technology is used as an integral part in technopreneurship.
Technopreneurship is a new breed of entrepreneurship. It involves coming together of people who are intelligent, creative, technology savvy and passionate and have an appetite for calculated risk. Unlike entrepreneurship, the success of technopreneurship depends on teamwork. Technopreneurship is not a product but a process of synthesis in engineering the future of a person, an organization, a nation and the world. In a digital, knowledge based society, decision-making processes require professional development programmes and training. They will produce strategic thinkers who have the skills to succeed in a dynamically changing global environment. "A technopreneur is an entrepreneur who is technology savvy, creative, innovative and dynamic, dares to be different and takes the unexplored path, and very passionate about his work". He takes challenges and strives to lead his life successfully. He has no fear of failure and hence takes failure as a learning experience, a stimulator to see things differently.
A Technopreneur undergoes an organic process of continual improvement and tries to redefine the dynamic digital economy. Technopreneurs make use of technology to come out with innovative products through a process of commercialization. Potential technopreneurs are equipped with both technical and business skills.
3. Cultural Entrepreneurship: "Cultural entrepreneurs are cultural change agents and visionaries who organize cultural, financial, social and human capital, to generate revenue from a cultural activity". Cultural entrepreneurs create, produce and market cultural goods and services, generating economic, cultural and social opportunities for creators while adding cultural value for consumers. Cultural enterprises are diverse in nature and size. They range from micro, small and medium enterprises to large firms.
Cultural enterprises operate in traditional professions of artists, writers, musicians, actors, dancers, advertisers, architects as well as the newer professions of game developers, TV/music producers, bloggers and graphic designers.
Cultural entrepreneurs have the goal of leveraging business for the betterment of society. They create and share cultural products like visual art, music and film, stories, and games that present new ways of understanding social problems. Cultural entrepreneurs who often rely on new media tools like twitter and kickstarter make use of persuasive communications and peer influence to change ideas, attitudes, beliefs and behaviour. Thereby they try to change the world for the better.
Cultural entrepreneurship is an economic as well as socio-cultural activity based on innovation, exploitation of opportunities and risk-taking behaviour. It is an innovative, strategic and visionary social activity. Cultural entrepreneurs cause social development through community engagement and positioning arts as a gateway to transformation.
4. International Entrepreneurship: International entrepreneurship is the process of an entrepreneur conducting business activities across the national boundaries. It includes exporting, licensing or opening sales office in another country. The main purpose of international entrepreneurship is to satisfy the needs and wants of target markets.
International entrepreneurship is defined as "development of international new ventures or startups that from their inception engage in international business, thus viewing their operation domain as international from the initial stages of international operations".
International entrepreneurship is beneficial when the sales of products of a company in the domestic market, is declining and the demand arises for the products from international market. Entrepreneur can sell his products it have reached the maturity stage of their life cycle in domestic markets, in foreign market and earn profit by their sales.
Entrepreneur in the process of satisfying foreign customers have to produce products as per their quality expectation. He will not only produce quality product in international market, but also in national market. Thus, he can improve his entrepreneurial competitiveness and enhance reputation.
5. Ecopreneurship: Ecopreneurship also known as 'Green Entrepreneurship' is most simply referred to as the development of enterprise through entrepreneurship, while incorporating an environmentally responsible perspective into the operations and goals of the entrepreneur.
The term 'ecopreneurship' began to be widely used in the 1990s. It is otherwise referred to as "environmental entrepreneurship". Ecopreneurship is a term coined to represent the process of principles of entrepreneurship being applied to create businesses that solve environmental problems or operate sustainably.
6. Social Entrepreneurship : Prof. Muhammed Yunus - "Social entrepreneurship is any creative and innovative solution applied to solve social problems". Social entrepreneurship stands for recognizing a social problem and using entrepreneurial principles, processes and operations for effecting a social change. Social entrepreneurs have innovative solutions to the most pressing social problems. Creativity and innovation are their most important tools. Social entrepreneurship mobilizes the ideas, capacities, resources and social arrangements required for long term sustainable social transformation.
Social entrepreneurship is a catalyst for social change. Social entrepreneurs are pioneers of innovations that benefit humanity at large. They are ambitious and persistent, and experts in tackling major social issues and offering new ideas for large scale change. The Grameen Bank of Prof. Muhammed Yunus of Bangladesh, Land Gift movement of Vinoba Bhave, Drishtee of Satyan Mishra, SEWA of Ela Bhatt of India are the prominent examples of social entrepreneurship practices.
7. Transpreneurship: The road to entrepreneurship, for some people, is not the same as it is for urban entrepreneurs. To change the perception that the third gender com-munity' are only beggars or sex workers, a volunteer group has found a new way to bolster them as entrepreneurs, 'Anam Prem', a Mumbai based volunteer group organized a two day 'Tran and Hijra' Entrepreneurship mela in Mumbai with 35 stalls. People from the said community, from over 12 States, set up different stalls.
Despite the fact that, most of the members from Transgender and Hijra community did not have even bank accounts, they are entering into small scale business activities such as food, artificial flowers, artificial jewellery etc.Urmi Jadhav, a performing artist from the community, invested rupees one lac, out of her own savings for her designer sari business. Madhuri Sarode, another member started a jewellery business the same way, without much funds and support. With the help of NGOs, this entrepreneurship is also catching up in a big way and soon the members of this community would emerge as entrepreneurs.
8. Netpreneurship: The virtual world of internet has opened sea of opportunities for scores of individuals, organizations, society and nations. Through a personal computer, now even through a mobile phone one can buy/sell/use or reuse a product or service available online. Now businesses in particular startups have also noted the influence and the outreach of internet and have moved from brick and mortar to online business to witness as well as gain the rewards of technology.Netrpreneurship is the process of identifying and pooling bunch of resources to convert a promising opportunity in to a viable business venture online. It is the internet based entrepreneurship that works through online domain only. When a person matches his 'intellectual capital' with' 'connectivity' to offer goods and services online, he is referred as a Entrepreneur These kinds of entrepreneurs are also known as Self Employed Entrepreneurs (SENS), employing other employees for carrying online services. A etpreneur can be a self-employed individual or one who predominantly employs several virtual employees.
10.Explain the Importance of International Entrepreneurship?
Ans: (i). Lower Manufacturing Cost: International entrepreneurship can help to bring out products at lower cost. If the manufacturing cost of a product is high in home country, the same product can be produced in another country at a lower cost. Thus, the product can be made available at a lower price in the international market. ii. (ii)Increased Sales and Profit: International entrepreneurship helps to increase sales and profit. When demand for the product of an entrepreneur decreases in local market, he can sell his product in international market where life cycle of the product is in favourable condition. Thus, he can earn more profit.
(iii)Cultivating the Habit of Customer Relation Management (CRM): Internationalisation of business will teach entrepreneurs how to cultivate habit of customer relation management. In the process of satisfying foreign customers, an entrepreneur has to produce products as per their quality expectations in national and international markets.
(iv)Utilisation of Talent and Managerial Competence: When businesses are not able to get required talented workforce in country, they can get the activity outsourced to a foreign country, or can hire employees and make use of managerial competence from there.
(v) Opportunity for Growth: International business is one of the primary platforms for expansion and diversification of any business. Successful entrepreneurs are always interested in expansion and diversification of their business activity. They get ample opportunities for growth in international business.
(vi)Advantages of Cheap Labour : For every business, quantity and quality of labour is a major challenge. If the labour is cheap in foreign countries, the company can outsource its activity to those countries, where cost of labour is cheap.
(vii)Expansion of Domestic Market: International business causes
domestic market to expand beyond national boundaries and market their products in international market. By using new technology and marketing efforts, entrepreneurs can have a brighter growth potential for the future.
(viii) Globalization of Customers: When customers in a country prefer purchasing foreign brand products than domestic products, companies have to go in for internationalisation of business. It will help the companies to keep in pace with competition to attract customers.
(ix)Globalisation of Competitors: International business increases the opportunity for the survival and growth of entrepreneurs. It also motivates companies to face competition from global entrants in
market, which leads to growth of market, pursuing global standards.
(x)Improves the Image of the Company: International business improves the image of the company in domestic market and attracts more customers in domestic market and keeps them loyal to the company.
11. Explain the Importance of Intrapreneurship?
Ans: 1. Identification of opportunity - The first task of an intrapreneur is to identify the lucrative idea. He needs to test whether idea is user friendly, market adaptable and in consonance with the specified goals and strategies of the organization.
2. Idea presentation - The intrapreneur clearly presents the idea to other members of organization and takes their feedback and suggestions for improvement.
3.Ideas implementation - To implement the discussed proposals, the intrapreneur forms a team which puts the idea in action and converts the idea into an enterprise.
4. Strategy and Planning - Effective intrapreneurial strategies always help the entrepreneur/organization to win over their competitors and grab every lucrative opportunity.
5.Expansion of the enterprise - The ultimate goal of Intrapreneurship is to create that kind of entrepreneurial mindset and infrastructure which are needed to support growth in an organization.
6.Fostering Innovation in the organization - Intrapreneurship fosters organizational growth while strengthening employee morale and productivity. Intrapreneurship primarily thrives on the innovation and creativity of employees. Intrapreneurship and innovation are so closely intertwined that often it is difficult to imagine intrapreneurship without innovation.
7.Leadership - Last but the utmost task of an intrapreneur is to be the leader and drive other employees within his team and then the organization towards sustainability and realization of innate talent of staff.
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