PROJECT MANAGEMENT & ENTREPRENEURSHIP

Semester: VIII
KHU-802

Unit-1: Entrepreneurship

ROHIT
PROJECT MANAGEMENT & 1
ENTREPRENEURSHIP
 UNIT-1
Entrepreneurship
• Entrepreneurship: need and scope
• Entrepreneurial competencies & traits
• Factors affecting entrepreneurial development,
• Entrepreneurial motivation (Mc Clellend’s Achievement
motivation theory)
• Conceptual model of entrepreneurship
• Entrepreneur vs. intrapreneur
• Classification of entrepreneurs
• Entrepreneurial Development Programmes
ROHIT
PROJECT MANAGEMENT & 2
ENTREPRENEURSHIP
 ROHIT
PROJECT MANAGEMENT & 3
ENTREPRENEURSHIP
 Entrepreneurship
• Enterprise – Undertaking
• Entrepreneur – An individual who bears the risk of
operating business in the face of uncertainty about the
future conditions.
• Common Meaning – one who starts his own, new and
small business

• Entrepreneurship – It is a philosophy or process through

which an entrepreneur seeks innovation and
employment.
ROHIT
PROJECT MANAGEMENT & 4
ENTREPRENEURSHIP
 Entrepreneurship – Contd...

Entrepreneur Enterprise Entrepreneurship

• Person • Object • Process or

Philosophy

ROHIT
PROJECT MANAGEMENT & 5
ENTREPRENEURSHIP
 Entrepreneur
• The word “entrepreneur” originates from a thirteenth-
century French verb, entreprendre, meaning “to do
something” or “to undertake.”
• Entrepreneurs are people who create new business
activity in the economy and bear considerable business
risk in the process.

ROHIT
PROJECT MANAGEMENT & 6
ENTREPRENEURSHIP
 Entrepreneurship
• Entrepreneurship is defined as “The activity of setting
up a business or businesses”.
• Entrepreneurship defined as "a process used to develop
new businesses, products, services or processes inside
of an existing organization to create value and
generate new revenue growth through entrepreneurial
thought and action."

ROHIT
PROJECT MANAGEMENT & 7
ENTREPRENEURSHIP
Entrepreneurship – Contd...

ROHIT
PROJECT MANAGEMENT & 8
ENTREPRENEURSHIP
 Definition of Entrepreneur
• According to Contillon, “An entrepreneurs is an agent
who buys means of production at a certain prices in
order to combine them into a product that he is going
to sell at prices that are uncertain at the movement at
which he commits himself to his cost”.
• In this definition Cotillion emphasize the function of risk
taking and uncertainty bearing.

ROHIT
PROJECT MANAGEMENT & 9
ENTREPRENEURSHIP
 Definition of Entrepreneurship
• Entrepreneurship is the process of creating something
different with value by devoting the necessary time and
effort, assuming the accompanying financial, psychic,
social risks and receiving the resulting rewards of
monetary and personal satisfaction and independence.

• New Definition involves four aspects –

(a) The creation process
(b) Devotion of time and efforts
(c) Assumption of risks
(d) Rewards of independence, satisfaction, money.
ROHIT
PROJECT MANAGEMENT & 10
ENTREPRENEURSHIP
 Need for Entrepreneurship
1) Creation of Employment
2) Innovation
3) Impact on Society and Community Development
4) Increase Standard of Living
5) Supports research and development

ROHIT
PROJECT MANAGEMENT & 11
ENTREPRENEURSHIP
 Need for Entrepreneurship – Contd…
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 people.

ROHIT
PROJECT MANAGEMENT & 12
ENTREPRENEURSHIP
 Need for Entrepreneurship – Contd…
3) Impact on Society and Community Development
• A society becomes greater if the employment base is
large and diversified. It brings about changes in society
and promotes facilities like higher expenditure on
education, better sanitation, fewer slums, a higher level
of homeownership.
• Therefore, entrepreneurship assists the organization
towards a more stable and high quality of community
life.

ROHIT
PROJECT MANAGEMENT & 13
ENTREPRENEURSHIP
 Need for Entrepreneurship – Contd…
4) Increase Standard of Living
• Entrepreneurship helps to improve the standard of living
of a person by increasing the income.
• The standard of living means, increase in the
consumption of various goods and services by a
household for a particular period.

ROHIT
PROJECT MANAGEMENT & 14
ENTREPRENEURSHIP
 Need for Entrepreneurship – Contd…
5) Supports research and development
• New products and services need to be researched and tested
before launching in the market.
• Therefore, an entrepreneur also dispenses finance for
research and development with research institutions and
universities.
• This promotes research, general construction, and
development in the economy.

ROHIT
PROJECT MANAGEMENT & 15
ENTREPRENEURSHIP
 Scope of Entrepreneurship
• The scope of entrepreneurship is tremendous in a
developing country like India.
• The unemployment in the country is rising day by day.
• The problem of under-employment is also added to that.

ROHIT
PROJECT MANAGEMENT & 16
ENTREPRENEURSHIP
 Scope of Entrepreneurship – Contd..
• As per the report of Labour Bureau, the employment
rate is 5% in 2015-2016, highest in last five years.
• The percentage is higher in the case of women at 8.7%
than men at 4.3%.
• As per the 5th all -India annual employment-
unemployment survey under Usual Principal Status
(UPS), the estimated unemployment rate was 5%.
• The solace is to promote the entrepreneurial activities in
the country.

ROHIT
PROJECT MANAGEMENT & 17
ENTREPRENEURSHIP
 Scope of Entrepreneurship – Contd..
• There are of course strong reasons behind choosing this
career path by the young generation.
❖People are ambitious and wish to control the future.
❖There is the scope of more profits.
❖The country is suffering from unemployment problem
and opportunity for alternative career options are
lacking.
❖Country is committed to promoting entrepreneurship at
a larger level.

ROHIT
PROJECT MANAGEMENT & 18
ENTREPRENEURSHIP
 Scope of Entrepreneurship – Contd..
• To the direction of generating employment opportunity
for 10crore people, the Planning Commission have also
strongly recommended the self-employment to
channelize the unemployed youth in its report.
• The Govt. of India, State Govt. and various country and
state level organizations are also offering support to
nurture entrepreneurship through different schemes and
programs.

ROHIT
PROJECT MANAGEMENT & 19
ENTREPRENEURSHIP
 Scope of Entrepreneurship – Contd..
• Here, to mention Maharashtra Economic Development
Council (MEDC), that has focussed on the development
of entrepreneurship by research and training in this field.
It has also resulted into another dimension.
• The entrepreneurship has taken place in the curriculum
of the management colleges. The apex institutions have
started organizing workshops and seminars on
entrepreneurship.
• Thus, the overall movement of entrepreneurship
development has started in the country and is expected
to gain huge momentum in the near future.
ROHIT
PROJECT MANAGEMENT & 20
ENTREPRENEURSHIP
 Traits of Entrepreneur
• Not all entrepreneurs are successful; there are definite
characteristics that make entrepreneurship successful.
• A few of them are mentioned below:
1) Risk-Taking Ability
2) Creativity and Innovation
3) Visionary and Leadership quality
4) Open-Minded
5) Flexible
6) Know your Product
7) Profit Oriented
ROHIT
PROJECT MANAGEMENT & 21
ENTREPRENEURSHIP
 Traits of Entrepreneur – Contd…
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, which is an essential part
of being an entrepreneur.

ROHIT
PROJECT MANAGEMENT & 22
ENTREPRENEURSHIP
 Traits of Entrepreneur – Contd…
2) Creativity and Innovation
• Creativity and innovation are the special breeds of
planned change that organization actively seek to
promote in the system.
• Creativity is the process of developing a noble idea new
way of approaching and old idea is the spark of
innovation.
• The transformation of creative ideas into product or
services that fulfills customer needs.
• Creativity is the process of bringing something new into
being, creativity requires passion and commitment.
ROHIT
PROJECT MANAGEMENT & 23
ENTREPRENEURSHIP
 Traits of Entrepreneur – Contd…
2) Creativity and Innovation – Contd…
• 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 in a more efficient and economical way.

ROHIT
PROJECT MANAGEMENT & 24
ENTREPRENEURSHIP
 Traits of Entrepreneur – Contd…
3) Visionary and Leadership quality
• To be successful, the
entrepreneur should have a clear
vision of his new venture.
• However, to turn the idea into
reality, a lot of resources and
employees are required. Here,
leadership quality is paramount
because leaders impart and guide
their employees towards the
right path of success.
ROHIT
PROJECT MANAGEMENT & 25
ENTREPRENEURSHIP
 Traits of Entrepreneur – Contd…
4) Open-Minded
• In a business, every circumstance can be an opportunity
and used for the benefit of a company.
• For example, Paytm recognized the gravity of
demonetization and acknowledged the need for online
transactions would be more, so it utilized the situation
and expanded massively during this time.

ROHIT
PROJECT MANAGEMENT & 26
ENTREPRENEURSHIP
 Traits of Entrepreneur – Contd…
5) Flexible
• An entrepreneur should be flexible and open to change
according to the situation.
• To be on the top, a businessperson should be equipped
to embrace change in a product and service, as and
when needed.

ROHIT
PROJECT MANAGEMENT & 27
ENTREPRENEURSHIP
 Traits of Entrepreneur – Contd…
6) Know your Product
• A company owner should know the product offerings and
also be aware of the latest trend in the market.
• It is essential to know if the available product or service
meets the demands of the current market, or whether it is
time to tweak it a little.
• Being able to be accountable and then alter as needed is a
vital part of entrepreneurship.

ROHIT
PROJECT MANAGEMENT & 28
ENTREPRENEURSHIP
 Traits of Entrepreneur – Contd…
7) Profit-oriented
• A key goal of a majority of enterprises is to generate
profit.
• However, in order to drive profits and enhance business
growth, you need to pay attention to changing industry
and market trends.
• Being accountable and meeting the needs and
expectations of your customers and clients is a vital part
of entrepreneurship.

ROHIT
PROJECT MANAGEMENT & 29
ENTREPRENEURSHIP
 Entrepreneurship Competencies
• Entrepreneurship competencies combine creativity, a
sense of initiative, problem-solving, the ability to
marshal resources and financial and technological
knowledge.
• These competencies enable entrepreneurs and
entrepreneurial employees to provoke and adapt to
change.

ROHIT
PROJECT MANAGEMENT & 30
ENTREPRENEURSHIP
 Entrepreneurship Competencies – Contd…
• They identified Ten entrepreneurial competencies are
identified:
• Opportunity seeking, persistence, commitment to work
contract, risk-taking, demand for efficiency and quality,
goal seeking, information seeking, systematic planning
and monitoring, persuasion and networking, self-
confidence.

ROHIT
PROJECT MANAGEMENT & 31
ENTREPRENEURSHIP
 Factors affecting Entrepreneurship
• Entrepreneurship is a complex phenomenon influenced
by the interplay of a wide variety of factors. The
entrepreneurial activity at any time is dependent upon a
complex and varying combination of economic, social,
political, psychological and other factors.
• These factors may have been both positive and negative
effluences on the emergence of entrepreneurship.
• Positive influences constitute facilitative and conductive
conclusion for the emergence of entrepreneurship
whereas negative influences create hinder situation to
the emergence of entrepreneurship.
ROHIT
PROJECT MANAGEMENT & 32
ENTREPRENEURSHIP
 Factors affecting Entrepreneurship – Contd…
• Following factors contribute to the success of
entrepreneurship:
– Economic Factors
– Social Factors
– Psychological Factors

ROHIT
PROJECT MANAGEMENT & 33
ENTREPRENEURSHIP
 Factors affecting Entrepreneurship – Contd…
• Economic Factors
• Economic factors can play an interesting and formative
role in the development of future entrepreneurs.
• For those who are raised in a more desperate situation,
with less access to capital and fewer opportunities to
achieve financial success, their desperation could
actually urge them to pursue entrepreneurship to seek
out a more comfortable life and create their own
opportunities.

ROHIT
PROJECT MANAGEMENT & 34
ENTREPRENEURSHIP
 Factors affecting Entrepreneurship – Contd…
• Economic Factors – Contd…
• Economic factors includes:
1) Capital
2) Labour
3) Raw Materials
4) Market
5) Infrastructure

ROHIT
PROJECT MANAGEMENT & 35
ENTREPRENEURSHIP
 Factors affecting Entrepreneurship – Contd…
• Social Factors
• Social factors can have a significant impact on a person’s
likelihood to pursue entrepreneurship or to do so
successfully, but they aren’t guaranteed to steer a
person in one direction or another.
• That said, social factors in terms of the family
background of entrepreneurship or encouragement
from family towards an entrepreneurial path can play a
great role in guiding a teen towards an entrepreneurial
future.

ROHIT
PROJECT MANAGEMENT & 36
ENTREPRENEURSHIP
 Factors affecting Entrepreneurship – Contd…
• Social Factors – Contd…
• Social factors includes:
1) Education
2) Cultural Value
3) Attitude of Society
4) Family background
5) Government Policies, Facilities, and Incentives
6) Role of Banks and Financial Institutions

ROHIT
PROJECT MANAGEMENT & 37
ENTREPRENEURSHIP
 Factors affecting Entrepreneurship – Contd…
• Psychological Factors
• Perhaps the most direct factors impacting a person’s
likelihood to become an entrepreneur or at least a
successful one, are in fact psychological and may be
inherent or instinctual in certain people.
• While a person’s upbringing can influence their
psychological factors, these can also be personality traits
that are deeply rooted in who a person is, regardless of
outside factors.
• Many entrepreneurial theorists have propounded
theories of entrepreneurship that concentrate especially
upon psychological factors.ROHIT
PROJECT MANAGEMENT & 38
ENTREPRENEURSHIP
 Factors affecting Entrepreneurship – Contd…
• Psychological Factors – Contd…
• Psychological factors includes:
1) Aspirations and Attitude
2) Creativity and Ideas
3) Risk Tolerance
4) Leadership and Inspiring Others
5) Need achievement
6) Motives

ROHIT
PROJECT MANAGEMENT & 39
ENTREPRENEURSHIP
Entrepreneurship Motivation

ROHIT
PROJECT MANAGEMENT & 40
ENTREPRENEURSHIP
 Entrepreneurship Motivation – Contd…
• Introduction
• Entrepreneur is human being who has his dignity, self-
respect, values, sentiments, aspirations, dreams apart
from economic status. Indeed, economic betterment and
social upliftment motivates a person to distinguish from
others.
• Entrepreneurship is to a great extent the product of
motivation.

ROHIT
PROJECT MANAGEMENT & 41
ENTREPRENEURSHIP
 Entrepreneurship Motivation – Contd…
• Meaning
• The entrepreneurial motivation is the process that
activates and motivates the entrepreneur to exert higher
level of efforts for the achievement of his/her
entrepreneurial goals.

ROHIT
PROJECT MANAGEMENT & 42
ENTREPRENEURSHIP
 Entrepreneurship Motivation – Contd…
• Meaning – Contd…
• In other words, the entrepreneurial motivation refers to
the forces or drive within an entrepreneur that affect the
direction, intensity, and persistence of his/ her voluntary
behavior as entrepreneur.
• So to say, a motivational entrepreneur will be willing to
exert a particular level of effort (intensity), for a certain
period of time (persistence) toward a particular goal
(direction).

ROHIT
PROJECT MANAGEMENT & 43
ENTREPRENEURSHIP
 Entrepreneurship Motivation – Contd…
• Definition of Motivation
• Motivation is regarded as “the inner state that energizes
activities and directs or channels behavior towards the
goal”.
• Motivation is the process that arouses action, sustains
the activity in progress and that regulates the pattern of
activity.

ROHIT
PROJECT MANAGEMENT & 44
ENTREPRENEURSHIP
 Entrepreneurship Motivation – Contd…
• Entrepreneurial Motivating Factors
• Most of the researchers have classified all the factors
motivating entrepreneurs into internal and external
factors as follows:
• Internal Factors
• External Factors

ROHIT
PROJECT MANAGEMENT & 45
ENTREPRENEURSHIP
 Entrepreneurship Motivation – Contd…
• Entrepreneurial Motivating Factors – Contd…
• Internal Factors
• These include the following factors:
– Desire to do something new.
– Become independent.
– Achieve what one wants to have in life.
– Be recognized for one’s contribution.
– One’s educational background.
– One’s occupational background and experience in the
relevant field.
ROHIT
PROJECT MANAGEMENT & 46
ENTREPRENEURSHIP
 Entrepreneurship Motivation – Contd…
• Entrepreneurial Motivating Factors – Contd…
• External Factors
• These include:
– Government assistance and support.
– Availability of labour and raw material.
– Encouragement from big business houses.
– Promising demand for the product.

ROHIT
PROJECT MANAGEMENT & 47
ENTREPRENEURSHIP
 Entrepreneurship Motivation – Contd…
• Theories of Motivation
• The importance of motivation to human life and work
can be judged by the number of theories that have been
propounded to explain human’s behavior.
• They explain human motivation through human needs
and human nature.

ROHIT
PROJECT MANAGEMENT & 48
ENTREPRENEURSHIP
 ROHIT
PROJECT MANAGEMENT & 49
ENTREPRENEURSHIP
 ROHIT
PROJECT MANAGEMENT & 50
ENTREPRENEURSHIP
 Entrepreneurship Motivation – Contd…
• McClelland’s Acquired Needs Theory
• Each person tends to develop certain motivational drives
as a result of his cognitive pattern and the environment
in which he lives.
• David McClelland gave a model of motivation which is
based on three types of needs, namely, achievement,
power and affiliation.

ROHIT
PROJECT MANAGEMENT & 51
ENTREPRENEURSHIP
 Entrepreneurship Motivation – Contd…
• McClelland’s Acquired Needs Theory – Contd…
• They are as follows:
• (i) Need for achievement (n-Ach): a drive to excel,
advance and grow
• (ii) Need for power (n-Pow): A drive to influencing
others and situations;
• (iii) Need for affiliation (n-Aft): A drive for friendly and
close interpersonal relationships.

ROHIT
PROJECT MANAGEMENT & 52
ENTREPRENEURSHIP
 David C. McClelland’s
Achievement Motivation Theory

ROHIT
PROJECT MANAGEMENT & 53
ENTREPRENEURSHIP
 ROHIT
PROJECT MANAGEMENT & 54
ENTREPRENEURSHIP
 ROHIT
PROJECT MANAGEMENT & 55
ENTREPRENEURSHIP
 ROHIT
PROJECT MANAGEMENT & 56
ENTREPRENEURSHIP
Achievement Motivation Theory

ROHIT
PROJECT MANAGEMENT & 57
ENTREPRENEURSHIP
 Entrepreneurship Motivation – Contd…
• McClelland’s Acquired Needs Theory – Contd…
• McClelland also suggests that these three needs may
simultaneously be acting on an individual.
• But, in case of an entrepreneur, the high need for
achievement is found dominating one.

ROHIT
PROJECT MANAGEMENT & 58
ENTREPRENEURSHIP
 Entrepreneurship Motivation – Contd…
• McClelland’s Acquired Needs Theory – Contd…
• In his view, the people with high need for achievement are
characterized by the following :
• (i) They set moderate, realistic and attainable goals for
them.
• (ii) Prefer to situations in which they can find solutions for
solving personal responsibility.
• (iii) They need concrete feedback on how well they are
doing.
• (iv) They have need for achievement for attaining personal
accomplishment.
• (v) They look for challenging tasks.
ROHIT
PROJECT MANAGEMENT & 59
ENTREPRENEURSHIP
Conceptual model of
Entrepreneurship

ROHIT
PROJECT MANAGEMENT & 60
ENTREPRENEURSHIP
 Conceptual model of Entrepreneurship – Contd…

• Opportunist, enabler, advocate and producer are the

four models of corporate entrepreneurship that Robert
C. Wolcott and Michael J. Lippitz discuss in ‘Grow from
Within’.
• Mapping the models on two dimensions, viz.
organisational ownership and resource authority (ad hoc
to dedicated) all companies begin as opportunists.

ROHIT
PROJECT MANAGEMENT & 61
ENTREPRENEURSHIP
 Conceptual model of Entrepreneurship – Contd…

• The Opportunist Model

• This model thrives in a culture of risk taking, where
employees like to create innovative new business lines
and are motivated to work hard as their goal is to be
valued as an important asset to the company.
• However, the opportunist model works well only
in trusting corporate cultures that are open to
experimentation and that have diverse social networks
behind the official hierarchy.
• There need to be multiple executives who can say yes to
a new business concept.
ROHIT
PROJECT MANAGEMENT & 62
ENTREPRENEURSHIP
 Conceptual model of Entrepreneurship – Contd…
• The Enabler Model
• Enablers are able to create new concepts on their own,
but have to follow the guidelines of their organization.
• Early stages of new business conception are explicitly
supported, encouraged, and often strategically
channeled, with a promise of serious management
attention to those concepts that look promising.
• But the enabler model is not only about allocating
capital for corporate entrepreneurship.
• It is also about personal development and executive
engagement.
ROHIT
PROJECT MANAGEMENT & 63
ENTREPRENEURSHIP
 Conceptual model of Entrepreneurship – Contd…
• The Advocate Model
• In the third model, the advocate, a company assigns
organizational ownership for driving the creation of new
businesses to a designated corporate-level group.
• It’s main objective is to reinvigorate stale companies and
support corporate entrepreneur teams.
• The parent company gives the selected teams low-to-
modest budgets and coaches them to create systems
capable of supporting the company in a strategic and
cost-efficient way.

ROHIT
PROJECT MANAGEMENT & 64
ENTREPRENEURSHIP
 Conceptual model of Entrepreneurship – Contd…
• The Producer Model
• The fourth model, the producer, with focused ownership and
dedicated resources, aims to protect emerging projects from
turf battles, to build potentially disruptive businesses and to
create pathways for executives to pursue careers outside
their business units.
• The general objective is to encourage latent entrepreneurs to
come out of their shell, but this model also aims to
encourage cross unit collaboration and the potential to
create disruptive businesses creating jobs for new executives.
• These business units are usually helped by senior and veteran
leaders who give them advice on how to create innovative
and disruptive products.
ROHIT
PROJECT MANAGEMENT & 65
ENTREPRENEURSHIP
Intrapreneurship

ROHIT
PROJECT MANAGEMENT & 66
ENTREPRENEURSHIP
 Intrapreneurship
• Intrapreneurship is defined as entrepreneurship within
an existing business setup.
• Intrapreneurship is corporate entrepreneurship. When a
corporation indulges in entrepreneurial activities, like
diversification into new businesses, it is called
intrapreneurship.

ROHIT
PROJECT MANAGEMENT & 67
ENTREPRENEURSHIP
 Intrapreneurship – Contd…
• Intrapreneur is a manager who focuses on innovation
and creativity; who brainstorms, dreams and puts ideas
into profitable venture by operating within the
organizational environment.
• It is a tool for capitalizing the entrepreneurial spirit of
employees in the organization.
• It gives managers the freedom to try new ideas by
employing firm’s resources in a unique way.

ROHIT
PROJECT MANAGEMENT & 68
ENTREPRENEURSHIP
 Characteristics of an Intrapreneur
1) Vision
• It is the basis for successful venture. An Intrapreneur
has ability to visualise from idea to implementation.
2) Motivation
• Intrapreneur is generally self motivated, but expect
corporation reward and recognition.
3) Orientation
• Intrapreneur is achievement oriented.
4) Risk Appetite – Intrapreneurs are moderate risk takers
since risk acceptance depends on their skills. Wild risk
takers are not affordable to corporates.
ROHIT
PROJECT MANAGEMENT & 69
ENTREPRENEURSHIP
 Characteristics of an Intrapreneur – Contd…
5) Locus of status
• Intrapreneurs want to do the work on their own rather
than delegate like managers
6) Failure and Mistakes
• Intrapreneur hide risky projects and ideas to ensure
learning without political cost and public failure. They
develop multi disciplinary team in the organization and
may go beyond organization boundaries for results.
7) Goal set up
• Intrapreneur are determined to do things not even
asked for. They set goals and quality standards.
ROHIT
PROJECT MANAGEMENT & 70
ENTREPRENEURSHIP
 Difference between Entrepreneurship and
Intrapreneurship
• Entrepreneurs provide the spark. Intrapreneurs keep
the flame going.
• Entrepreneurs are found anywhere their vision takes
them. Intrapreneurs work within the confines of an
organization.
• Entrepreneurs know the business on a macro scale.
Intrapreneurs are highly skilled and specialized.
• What makes entrepreneurs and intrapreneur similar is
the passion to see things through to the end and the
courage to face failure.
ROHIT
PROJECT MANAGEMENT & 71
ENTREPRENEURSHIP
 Difference between Entrepreneurship and
Intrapreneurship – Contd…
S.No Basis of Entrepreneurship Intrapreneurship
Distinction
1 Meaning An entrepreneur is an An intrapreneur is an
individual who designs, individual who works on
launches, and manages a developing new ideas and
new business, which products within the
almost always starts out as confines of the business
a small business that they already work at.
2 Dependency Entrepreneur is An intrapreneur is
independent in his dependent on the
operations. He is fully entrepreneur, i.e., the
independent. He does not owner. He depends on
work for others and his corporate owner. He works
own boss. for corporation under
defined rules and
ROHIT regulations.
PROJECT MANAGEMENT & 72
ENTREPRENEURSHIP
 Difference between Entrepreneurship and
Intrapreneurship – Contd…
S.No Basis of Entrepreneurship Intrapreneurship
Distinction
3 Core To innovate something new To increase competitive
objective of socio economic value strength and market
sustainability of the
organization
4 Capital/ He manages required He does not need to
Investment capital himself. He raises manage required fund
fund for new business. because corporation raises
capital for the business.
5 Risk Bearing he bears the risk involved He does not fully bear the
in the business. He bears risk involved in the
100% business risk. He enterprise. He does not
risks own money. bear full risk of the
business, He risks others
ROHIT
PROJECT MANAGEMENT &
money. 73
ENTREPRENEURSHIP
 Difference between Entrepreneurship and
Intrapreneurship – Contd…
S.No Basis of Entrepreneurship Intrapreneurship
Distinction
6 Primary Primary motive of He has the motive of
Motive entrepreneur is to be advancement and
independent, self- promotion with fixed
satisfaction and earn salary.
monetary reward.
7 Time Bound He does not follow strict He does not follow strict
timetable. It may take timetable. It may take
several years for the several years for the
growth of the business. growth of the business.
8 Mind-set He is guided by the He thinks that the
principle of ‘ Problems problems are threats for
provide opportunities’. him and his corporation.

ROHIT
PROJECT MANAGEMENT & 74
ENTREPRENEURSHIP
 ROHIT
PROJECT MANAGEMENT & 75
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
• Entrepreneurs turn bold ideas into reality.
• They create jobs and contribute to the economy but
there are different types of entrepreneurs and each
type tends to choose their own path based on their
personality, abilities and surroundings.
• The types of entrepreneurs vary depending on
background, country and even sector but the 5 most
common types are:
• Innovators, Hustlers, Imitators, Researchers and Buyers

ROHIT
PROJECT MANAGEMENT & 76
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
1) Innovators
• Innovators are the types of entrepreneurs who come up
with completely new ideas and turn them into viable
businesses.
• In most cases, these entrepreneurs change the way
people think about and do things.
• Such entrepreneurs tend to be extremely passionate
and obsessive, deriving their motivation from the
unique nature of their business idea.

ROHIT
PROJECT MANAGEMENT & 77
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
1) Innovators

ROHIT
PROJECT MANAGEMENT & 78
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
1) Innovators – Contd…
• Innovative entrepreneurs also find new ways to market
their products by choosing product differentiation
strategies that make their company stand out from the
crowd.
• And sometimes it is not just standing out from the
crowd but actually creating a new crowd.
• To say that innovators like Steve Jobs, Larry Page of
Google and Microsoft founder Bill Gates were obsessed
with their business would be an understatement.

ROHIT
PROJECT MANAGEMENT & 79
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
1) Innovators – Contd…
• Advantages of Being An Innovate Entrepreneur:
• Get all the glory for the success of the business (and
take all the arrows)
• Create the rules
• Face minimal competition during the initial days
• Disadvantages of Being An Innovate Entrepreneur:
• You will need a lot of capital to bring a new idea to life
• Often face resistance from shareholders
• The timeframe for success is longer
ROHIT
PROJECT MANAGEMENT & 80
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
1) Innovators – Contd…
• The ability of an innovative entrepreneur to envision a
new way of thinking makes them stand out from the
crowd and wildly successful in many cases however it
takes significant capital, patience and commitment to
bring true innovation to life.

ROHIT
PROJECT MANAGEMENT & 81
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
2) The Hustler Entrepreneur

ROHIT
PROJECT MANAGEMENT & 82
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
2) The Hustler Entrepreneur
• Unlike innovators whose vision is the gas in their engine,
hustlers just work harder and are willing to get their
hands dirty.
• Hustlers often start small and think about effort – as
opposed to raising capital to grow their businesses.
• These types of entrepreneurs focus on starting small with
the goal of becoming bigger in the future.

ROHIT
PROJECT MANAGEMENT & 83
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
2) The Hustler Entrepreneur – Contd….
• Hustlers are motivated by their dreams and will work
extremely hard to achieve them.
• They tend to be very focused and will get rid of all forms
of distractions, favoring risks over short-term comfort.
• A perfect example of a hustler is Mark Cuban.
• He started in business very young selling trash bags,
newspapers and even postage stamps and this hustle
later created a goldmine which was acquired by internet
giant Yahoo!

ROHIT
PROJECT MANAGEMENT & 84
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
2) The Hustler Entrepreneur – Contd….
• Advantages of Being A Hustler
• They will outwork most
• Tend to have thick skin – they don’t give up easily
• See disappointment and rejection as just a step in the
process
• Disadvantages of Being A Hustler
• Usually prone to burn out
• Wear out their team members who don’t have the same
work ethic
• Often don’t see the value of raising capital as opposed to
just working harder. PROJECT MANAGEMENT
ROHIT
& 85
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
2) The Hustler Entrepreneur – Contd….
• Even though many hustlers never give up, a lot of them
are willing to try anything to succeed which
unfortunately means that they have a lot of hits and
misses. Achieving their dreams takes a lot longer than
most other types of entrepreneurs.

ROHIT
PROJECT MANAGEMENT & 86
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
3) Imitators

ROHIT
PROJECT MANAGEMENT & 87
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
3) Imitators
• Imitators are the types of entrepreneurs who copy
certain business ideas and improve upon them.
• They are always looking for ways to make a particular
product better so as to gain an upper hand in the market.
• Imitators are part innovators and part hustlers who don’t
stick to the terms set by other people and have a lot of
self-confidence.

ROHIT
PROJECT MANAGEMENT & 88
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
3) Imitators – Contd…
• Advantages of Imitators
• Refining a business idea is easier and less stressful
• You can easily benchmark your performance with the
original idea
• Can learn and avoid mistakes that were made by the
originator
• Disadvantages of Imitators
• Their ideas are always compared to the original idea
• Always have to play catch-up.
ROHIT
PROJECT MANAGEMENT & 89
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
3) Imitators – Contd…
• Taking an existing idea and refining and improving it can
be a great way to develop a business.
• It certainly does not have as much risk as the innovator
but it might just not be as sexy.

ROHIT
PROJECT MANAGEMENT & 90
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
4) Researcher
• Even after having an idea, researchers will take their time
to gather all the relevant information about it.
• To them, failure is not an option because they have
analyzed the idea from all angles.
• Researcher entrepreneurs usually believe in starting a
business that has high chances of succeeding because
they have put in detailed work to understand all aspects.

ROHIT
PROJECT MANAGEMENT & 91
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
4) Researcher

ROHIT
PROJECT MANAGEMENT & 92
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
4) Researcher – Contd…
• As a result, these types of entrepreneurs usually take a
lot of time to launch products to make decisions because
they need the foundation of deep understanding.
• These entrepreneurs rely much more on data and facts
than instincts and intuition.
• For a researcher, there should be no room for making
mistakes.

ROHIT
PROJECT MANAGEMENT & 93
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
4) Researcher – Contd…
• Advantages of Being a Researcher Entrepreneur
• Plan for as many contingencies as possible
• Write detailed, well-thought-out business and financial
plans
• Focus on data and information rather than gut feeling
• Won’t start unless they feel like they know the market
• Will minimize the chances of failing in the business

ROHIT
PROJECT MANAGEMENT & 94
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
4) Researcher – Contd…
• Disadvantages of Being a Researcher Entrepreneur
• Typically moves slow
• Doesn’t like risk and that can hamper progress in a new
venture

ROHIT
PROJECT MANAGEMENT & 95
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
4) Researcher – Contd…
• Even though these types of entrepreneurs spend a lot of
time researching and digging into the data to ensure the
success of their business, they can fall into the habit of
obsessing over the numbers and focusing less on the
running of the business.
• Jeff Bezos has spoken against this in a recent letter to
shareholders where he asserted that “Most decisions
should probably be made with somewhere around 70%
of the information you wish you had”.

ROHIT
PROJECT MANAGEMENT & 96
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
5) Buyers
• One thing that defines buyers is their wealth.
• These types of entrepreneurs have the money and
specialize in buying promising businesses.
• Buyer entrepreneurs will identify a business and assess
its viability, proceed to acquire it and find the most
suitable person to run and grow it.

ROHIT
PROJECT MANAGEMENT & 97
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
5) Buyers

ROHIT
PROJECT MANAGEMENT & 98
ENTREPRENEURSHIP
 Types of Entrepreneurs – Contd…
5) Buyers – Contd…
• Advantages of being a Buyer
• Buying an already established venture is less risky
• Doesn’t have to worry so much about innovation
• Can focus on building on something that has already
gone through building a foundation
• Already has a market for your products
• Disadvantages of being a Buyer
• Usually pays a high price for good businesses
• Will face the risk of buying businesses that have
problems that you think you
ROHIT
can turn around
PROJECT MANAGEMENT & 99
ENTREPRENEURSHIP
 Entrepreneurship Development
Programmes
5) Buyers – Contd…
https://www.eshipsimplified.com/entrepreneurship-
development-course

https://www.toppers4u.com/2021/04/entrepreneurial-
development-programme.html

https://www.slideshare.net/DakshGoyal3/entrepreneursh
ip-development-programmes

ROHIT
PROJECT MANAGEMENT & 100
ENTREPRENEURSHIP
Entrepreneurship Development
Programmes

ROHIT
PROJECT MANAGEMENT & 101
ENTREPRENEURSHIP
 Entrepreneurship Development
Programmes
• Entrepreneurship Development Programme (EDP) is a
programme which helps in developing entrepreneurial
abilities.
• The skills that are required to run a business successfully
is developed among the entrepreneurs through this
programme.
• This programme consists of a structured training process
to develop an individual as an entrepreneur.
• It helps the person to acquire skills and necessary
capabilities to play the role of an entrepreneur
effectively. ROHIT
PROJECT MANAGEMENT & 102
ENTREPRENEURSHIP
 Entrepreneurship Development Programmes –
Contd…

• According to N. P. Singh, "Entrepreneurship

Development Programme is designed to help an
individual in strengthening his entrepreneurial motive
and in acquiring skills and capabilities necessary for
playing his entrepreneurial role effectively. is necessary
to promote this understanding of motives and their
impact on entrepreneurial values and behavior for this
purpose”.

ROHIT
PROJECT MANAGEMENT & 103
ENTREPRENEURSHIP
 Entrepreneurship Development Programmes –
Contd…
• An entrepreneur is required to respond appropriately to the
market and he/she is also required to understand the
business needs. The skills needed are varied and they need to
be taken care in the best possible way.
• EDP is an effort of converting a person to an entrepreneur by
passing him through thoroughly structured training.
• EDP is not just a training programme but it is a complete
process to make the possible transformation of an individual
into an entrepreneur.
• This programme also guides the individuals on how to start
the business and effective ways to sustain it successfully.
ROHIT
PROJECT MANAGEMENT & 104
ENTREPRENEURSHIP
 Objectives of Entrepreneurship
Development Programmes
• The objective of this programme is to motivate an
individual to choose the entrepreneurship as a career
and to prepare the person to exploit the market
opportunities for own business successfully.
• These objectives can be set both in the short-term and
long-term basis.

ROHIT
PROJECT MANAGEMENT & 105
ENTREPRENEURSHIP
 Objectives of Entrepreneurship Development
Programmes – Contd…
• Short-term objectives
• These objectives can be achieved immediately. In the
short-term, the individuals are trained to be an
entrepreneur and made competent enough to scan the
existing market situation and environment.
• The person, who would be the future entrepreneur,
should first set the goal as an entrepreneur.
• The information related to the existing rules and
regulations is essential at this stage.

ROHIT
PROJECT MANAGEMENT & 106
ENTREPRENEURSHIP
 Objectives of Entrepreneurship Development
Programmes – Contd…
• Long-term objectives
• The ultimate objective is that the trained individuals
successfully establish their own business and they should
be equipped with all the required skills to run their
business smoothly.

• The overall objectives of EDP are mainly to help in the

rapid growth of the economy by supplying skilled
entrepreneurs.
• This programme primarily aims at providing self-
employment to the young ROHIT
generation.
PROJECT MANAGEMENT & 107
ENTREPRENEURSHIP
 Phases of Entrepreneurship
Development Programmes
• 1) Pre-Training Phase :
• This step can be considered as the introductory phase in
which the entrepreneurship development programmes
are launched.
• 2) Training Phase :
• The main function of any EDP is to impart training to
future entrepreneurs and guiding them for establishing
the enterprise. The normal duration of the
entrepreneurship development programme is 4-6 weeks
and it is usually a full time course. The objectives are
ROHIT
explained in the programme design.
PROJECT MANAGEMENT & 108
ENTREPRENEURSHIP
 Phases of Entrepreneurship Development
Programmes – Contd…
• 3) Post-Training Phase :
• This phase is also referred as the phase of follow-up
assistance. In this phase, the candidates who have
completed their programme successfully are provided
post-training assistance. This phase is very important as
after the completion of training programme, most of the
entrepreneurs face a lot of hardship in the business plan
implementation.

ROHIT
PROJECT MANAGEMENT & 109
ENTREPRENEURSHIP
 Importance of Entrepreneurship
Development Programmes
1) Formation of Employment Opportunities
2) Provides Adequate Capital
3) Proper Utilization of Local Resources
4) Increased Per Capital Income
5) Improved Standard of Living
6) Economic Independence
7) Preventing Industrial Slums
8) Reducing Social Tension
9) Facilitating Overall. Development
ROHIT
PROJECT MANAGEMENT & 110
ENTREPRENEURSHIP
 Schemes of Assistance by
Entrepreneurship Support Agencies
• A number of government and private institutions are providing
assistance in India to entrepreneurs. Some of them are listed
below :
• Small Industries Development Organisation (SIDO),
• Commercial Banks,
• National Alliance of Young Entrepreneurs (NAYE),
• National Institute for Entrepreneurship and small Business
Development (NIESBUD),
• Entrepreneurship Development Institute of India (EDI),
• India Investment Centre (LIC),
• Small-scale industrial Development Bank Of India (SIDBI), and
• Technical Consultancy OrganisationROHIT (TCO).
PROJECT MANAGEMENT & 111
ENTREPRENEURSHIP
• Highest body, established in 1983 by the Ministry of industry,
Government of India.
• Entrusted the task of coordinating the activities of different
agencies engaged in the task of entrepreneurship
development.
• Confines it’s training activities to such areas where no
organization is coming forward for organizing programmes
and which is totally new.
• Aims at creating conducive environment for emergence of
entrepreneurship. ROHIT
PROJECT MANAGEMENT & 112
ENTREPRENEURSHIP
 Functions of NATIONAL INSTITUTE FOR
ENTREPRENEURSHIP AND SMALL BUSINESS
DEVELOPMENT (NIESBUD)
• Evolving effective training strategies and methodology.
• Formulating scientific selection procedure.
• Developing training aids, manuals and other tools.
• Conducting such programmes which are not undertaken by
other agencies.
• Facilitating and supporting agencies engaged in
entrepreneurship development
• Maximizing their benefits and accelerating the process of
entrepreneurship development.
• Organizing all those activities that help develop
ROHIT
entrepreneurial culturePROJECT
in society.
MANAGEMENT & 113
ENTREPRENEURSHIP
• It is a national institute set up by Public Financial
Institutions and Government of Gujarat. It promotes
research , training and institution building activities by
encouraging active participation of backward areas and
special target groups in entrepreneurship.

ROHIT
PROJECT MANAGEMENT & 114
ENTREPRENEURSHIP
 ENTREPRENEURSHIP DEVELOPMENT
INSTITUTE OF INDIA – Contd…
• Its Entrepreneurship development programme consists of
1) Selecting potential entrepreneurs
2) Achievement motivation training
3) Product selection and project report preparation
4) Business management training
5) Practical training and work experience
6) Post training support and follow up

• The programme run by EDII is said to be the oldest, largest,

most comprehensive, best organized and the most successful
entrepreneurship development programme in the country.
ROHIT
PROJECT MANAGEMENT & 115
ENTREPRENEURSHIP
• Various state governments in association with all India
financial institutions have promoted various technical
consultancy organizations to provide technical
consultancy and training to prospective entrepreneurs.
• These organization provide a comprehensive package of
services to potential entrepreneurs.
ROHIT
PROJECT MANAGEMENT & 116
ENTREPRENEURSHIP
 TECHNICAL CONSULTANCY ORGANISATIONS
(TCOs)
• Functions
• Finding out industrial potential
• Undertaking feasibility studies and preparing project
profiles
• Conducting marketing research
• Imparting technical and managerial training.

• It aims to provide assistance to entrepreneurs right from

starting of their enterprise to successful management of
same.
ROHIT
PROJECT MANAGEMENT & 117
ENTREPRENEURSHIP
• It is a non profit centre promoted and supported by the
Government of India. It aims at promoting mutually
beneficial joint venture between Indian and Foreign
entrepreneurs.
• It provides relevant information to the foreign investors,
desirous of making investment in our country.
• It promotes collaborations between Indian and foreign
entrepreneurs.
ROHIT
PROJECT MANAGEMENT & 118
ENTREPRENEURSHIP
Thank You