Entrepreneurship: Meaning, Barriers, Types, Characteristics | Management

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Meaning
According to Peter Drucker, “Entrepreneurship occurs when resources are redirected to progressive opportunities not used to ensure administrative efficiency”.

It is basically a process of identifying the various opportunities available In the market and then targeting a segment which is feasible or simply creating innovative products to fulfill their needs.
CHARACTERISTICS
Purposeful Activity: It is an activity through which an organization wants to achieve an objective. It can be either be to serve the society or to earn the profits also.

Innovative activity: The aim of the entrepreneur to develop such products which are unique and at the same the very helpful for the customer to achieve their tasks. Example Flipkart launched in 2007.


Economic Activity: Every activity which contributes in the country’s GDP is the economic activity. So since it is a part of either of manufacturing or service activity sector, it is a contributor to national income.

Dynamic Activity: It is flexible in the sense that the entity has to keep on adapting to the internal as well as external change which leads to augmentation in creativity.

BARRIERS IN ENREPRENEURSHIP
Social Barriers: The skeptical nature of family, the societal pressure, the friends circle etc influence our behavior for becoming an entrepreneur a lot.

Environmental Barriers: The availability of raw materials, the market size, the government’s support, the factors of production etc are very important to be in adequate ratio in order to help in becoming an entrepreneur.
TYPES OF ENTERPRENEURS
On the basis of Business:

Trading: These are those entrepreneurs who are involved in trading activities like imports and exports.

Industrial : They have their presence in certain industry like automobile, electronic, FMCG goods etc..
On the basis of motivation:

Pure: Their motive is to just earn profit. They have no other objective.

Induced: They just want to avail the benefits which are given by the government to the entrepreneurs.

Spontaneous: They are naturally motivated i.e. they have a penchant for the business
On the basis of Nature:

Innovative: Their aim is to develop innovative products. The unique products and processes give them satisfaction.

Fabian: They are skeptical to adopt the change in the beginning but later accept understanding the emergency of adopting the change
Drone: These are the one who refuse to accept the change and thereby suffer loss. Who can forget the example of Nokia refusing to accept android Operating system software's.

Imitative: These are the ones who copy the competitor. They wait for competitor to bring in the change and then adopt the same change.
Lets practice
Which type of entrepreneur refuses to accept a change and thereby suffers loss?

Fabian
Drone
Pure
Trading
Who coined the word entrepreneur?

Adam Smith
Jean Baptize
Richard Cantillon
None of the above
CHAPTER
00:00 Entrepreneurship : Meaning And Types
00:12 Meaning
01:51 Characteristics
04:21 Barriers In Entrepreneurship
06:49 Types Of Entrepreneurs
11:09 Lets Practice #ugcnet #doorsteptutor #examrace