An Entrepreneur Class 11 Notes Entrepreneurship Chapter 2 - CBSE

Chapter : 2

What Are An Entrepreneur ?

Entrepreneur

An entrepreneur is a person responsible for setting up a business. He has the initiative, skill for innovation and who looks for higher achievements. He is a catalystic agent of change and works for the good of people.

Types Of Entrepreneurs

According To C. Danhof

  • Innovative Entrepreneur
  • Imitative Entrepreneur
  • Fabian Entrepreneur
  • Drone Entrepreneur

On The Basis Of Type Of Business

  • Business Entrepreneur
  • Trading Entrepreneur
  • Industrial Entrepreneur
  • Corporate Entrepreneur
  • Agricultural Entrepreneur

On The Basis Of Use Of Technology

  • Technical Entrepreneur
  • Non-Technical Entrepreneur

Professional Entrepreneurs

  • They have profession to establish a business entreprises to sell it.
  • Look forward to develop alternative project by selling a running business.
  • Not interested to manage business of established enterprises.

On The Basis Of Motivation

  • Spontaneous Entrepreneur
  • Induced Entrepreneur
  • Motivated Entrepreneur

On the basis of Generation

  • First Generation Entrepreneurs
  • Second Generation Entrepreneur or Inherited Entrepreneurs
  • Third Generation Entrepreneurs

Entrepreneurial Competencies

Competency is a set of defined behaviours that provide a structured guide enabling the identification, evaluation and development of behaviours in individual.

  • Entrepreneurial
  • Enterprise Launching
  • Enterprise Managing

Entrepreneurial Values

These are the beliefs that guide actions and a judgement across a variety of situations.

Core Values

  • Innovation and Creativity
  • Independence or self-reliance
  • Respect for work
  • Quest for outstanding performance or achievement orientation

Attitude

It is something we individually feel about some person, work, place etc.

Essential Attitudes Of An Entrepreneur

  • Have Passion for the business
  • Set example of trustworthiness
  • Be flexible except with core values
  • Don’t let fear of failure hold one back
  • Make timely decisions
  • The major company asset is oneself
  • Keep one’s ego under control
  • Believe in oneself
  • Maintain a strong work ethic
  • Rebound quickly from setbacks
  • Periodically getting out of one’s comfort zone to pursue something important
  • Encourage and accept criticism graciously

Motivation

Entrepreneurial motivation may be defined as the process that activates the entrepreneurs to exert a high level of efforts for achievement of his or her goals.

Process of Motivation

  1. Unsatisfied needs
  2. Tension
  3. Drives
  4. Search Behaviour
  5. Satisfaction of Need
  6. Reduction of Tension

Theories Of Motivation

Abraham Maslow
  • Self actualisation
  • Esteem needs
  • Social needs
  • Safety needs
  • Physiological needs
David Mcclelland
  • Need for achievement
  • Need for affiliation
  • Need for Power

Intrapreneur

He is some one who has an entrepreneurial streak but choose to align his or her talents with a large organisation in place of creating his or her own.