ELECTIVE (ED), Need and Scope of Entrepreneurship, Unit 1...

* Need of Entrepreneurship:

1. Entrepreneurs produce New Businesses.

2. Entrepreneurs boost value

3. Entrepreneurs additionally produce Social modification, they're Trend Setters.

4. facilitate In Community Development.

* Scope of Entrepreneurship:

The scope of entrepreneurship is tremendous during a developing country like India. The state within the country is rising day by day. the matter of under-employment is additionally superimposed thereto. As per the report of Labour Bureau, the use rate is five-hitter in 2015-2016, highest in last 5 years. the proportion is higher within the case of ladies at eight.7% than men at four.3%. As per the fifth all -India annual employment-unemployment survey below Usual Principal standing (UPS), the calculable pct was five-hitter. The solace is to push the entrepreneurial activities within the country.

There area unit after all sturdy reasons behind selecting this career path by the young generation:

1. individuals area unit bold and want to manage the longer term.

2. there's the scope of additional profits.

3. The country is laid low with state drawback and chance for different career choices area unit lacking.

4. is committed to promoting entrepreneurship at a bigger level.

To the direction of generating employment chance for 10crore individuals, the design Commission have additionally powerfully suggested the self-employment to channelize the dismissed youth in its report. The Govt. of India, State Govt. and varied country and state level organizations also are giving support to nurture entrepreneurship through completely different schemes and programs

* Characteristics of Entrepreneurship:

Characteristics of Entrepreneurship

Entrepreneurship has the subsequent characteristics:

Creating New Venture

Entrepreneurship cares with creation of latest venture with new concepts. Such ventures starts as alittle business to satisfy the unrealized wants within the market. These new ventures turn out one thing new valuable, produce new market and new customers.

Strong networking talents

A key a part of being Associate in Nursing enterpriser is developing a network. whereas colleges Associate in Nursingd events will give an introduction, prosperous entrepreneurs should savvy to maximise these opportunities to develop connections with skilled individuals in their field, investors, or advisors through sturdy networking skills.


One of the foremost necessary traits of entrepreneurs is self-motivation. after you wish to succeed, you would like to be ready to push yourself. You aren’t Associate in Nursingswerable to anyone else as an enterpriser, which typically means it’s exhausting to urge moving while not anyone to form you. you would like to be dedicated to your arrange and keep moving forward — notwithstanding you aren’t receiving a right away payroll check.

Hard Work and Commitment

Entrepreneurship needs toil and commitment through devotion of your time and efforts. toil with enthusiasm is required to form new concepts, developing arrange, determination of needed resources. Entrepreneurs have deep sense of non-public responsibility and high level of energy.

Profit potential

“Profit potential is that the probably level of come back or compensation to the enterpriser for absorbing the danger of developing a plan into Associate in Nursing actual business venture.” while not profit potential, the efforts of entrepreneurs would stay solely Associate in Nursing abstract and a theoretical leisure activity.

Risk Assumption

Entrepreneurship involves assumption of risks which means risk of loss. likelihood estimates of the result of risk things area unit created to calculate risk. Generally, new ventures tend to own high risk and high failure rate. monetary risk, career risk, social risk and psychic risk area unit concerned in entrepreneurship.

Reaping Of Rewards

Entrepreneurship ends up in reaping of rewards. Rewards are often financial edges in terms of profit or non-monetary edges in terms of non-public satisfaction, self development, fame, name and independence in work. financial rewards function image of accomplishment and non-monetary rewards give opportunities to form contribution toward social well-being and find social recognition.


Finally, prosperous entrepreneurs area unit overzealous. They feel deeply regarding their product or service or mission. Passion is what is going to assist you realize motivation after you area unit discouraged and it'll drive your forward. Passion is fuel for prosperous entrepreneurship. If you discover yourself losing your passion, which may be the clue that it’s time to maneuver on to one thing else (that stokes your passion). There area unit several serial entrepreneurs that make prosperous businesses, sell them, then produce one thing else.

* styles of Entrepreneurs:

Depending upon the extent of disposition to make innovative concepts, there are often the subsequent styles of entrepreneurs:

1. Innovative entrepreneurs:

These entrepreneurs have the power to suppose newer, higher and additional economical concepts of business and management. they're the business leaders and contributors to the economic development of a rustic.

Inventions just like the introduction of alittle automotive ‘Nano’ by rattan Tata, unionized marketing by Kishore Biyani, creating mobile phones obtainable to the common might by Anil Ambani area unit the works of innovative entrepreneurs.

2. Imitating entrepreneurs:

These entrepreneurs area unit those who follow the trail shown by innovative entrepreneurs. They imitate innovative entrepreneurs as a result of the setting during which they operate is specified it doesn't allow them to own inventive and innovative concepts on their own.

In our country additionally, an oversized variety of such entrepreneurs area unit found in each field of endeavor and that they fulfill their would like for accomplishment by imitating the concepts introduced by innovative entrepreneurs.

Development of little searching complexes is that the work of imitating entrepreneurs. All the little automotive makers currently area unit the imitating entrepreneurs.

3. Fabian entrepreneurs:

The lexicon that means of the term ‘fabian’ is ‘a person seeking conclusion by delay instead of by a decisive battle’. Fabian entrepreneurs area unit those people UN agency don't show initiative in visualising Associate in Nursingd implementing new concepts and innovations anticipate some development which might inspire them to initiate unless there's an close threat to their terribly existence.

4. Drone entrepreneurs:

The lexicon that means of the term ‘drone’ is ‘a one that lives on the labor of others’. Drone entrepreneurs area unit those people UN agency area unit glad with the prevailing mode and speed of endeavor and show no inclination in gaining market leadership. In alternative words, drone entrepreneurs area unit inflexible conservatives and even able to suffer the loss of business.

* Special Schemes for Entrepreneurship:

1. Modified Special Incentive Package Scheme (M-SIPS)

The M-SIPS theme provides capital grant of 2 hundredth in SEZ and twenty fifth grant in non-SEZ for business units engaged in producing of physics within the fields of the net of Things, aeronautics/aerospace & defence, automotive, renewable energy, non-renewable energy, technology, inexperienced technology and technology.

2. Dairy Entrepreneurship Development Scheme

It aims at serving to entrepreneurs within the field of Agriculture, pets & animals, and social impact to line up little farm farms and incentives are provided to hide the value of the desired instrumentation or institution of the ability.

3. Single purpose Registration Scheme (SPRS)

A great theme for small and tiny Enterprises, that gives Associate in Nursing exemption from payment of earnest Deposit (EMD). underneath this theme, the tenders ar issued freed from value.

4. Atal Incubation Centres (AIC)

AIC could be a theme for entities like higher academic establishments, R&D institutes, company sector, different assets registered with SEBI, business accelerators, cluster of people, Associate in Nursingd people UN agency will apply to ascertain an AIC and find grant-in-aid of ₹10 metal for a most of 5 years.

* Various Market Survey Techniques:

Focus teams

Focus teams ar a qualitative market-survey technique. an organization could interview customers from numerous demographic teams supported age, financial gain or sex. the target of attention cluster is to urge a general plan on however these folks buy bound merchandise, and that merchandise they like best. the corporate could then introduce many new ideas, like food, and survey people's likes and dislikes concerning the merchandise.

One-on-One Surveys

One-on-one market surveys, another qualitative market-survey technique, ar generally used for introducing new merchandise. as an example, an organization could observe a client operative a brand new kind of package. The enquirer would then raise the client et al. however they just like the new package and whether or not or not they might purchase it. One-on-one surveys ar usually used for beta tests to iron out issues before the merchandise goes national.

Customer-Satisfaction Phone Surveys

Many surveys ar conducted over the phone, like customer-satisfaction surveys. Customer-satisfaction surveys live satisfaction levels of shoppers with relation to the company's merchandise, service, costs and alternative key attributes. These surveys ar additional quantitative in nature in this firms conduct many surveys so they will confirm wherever they need vital benefits or issues. Changes will then be created to correct these problems.

Mail-In Surveys

A company could use a mail-in survey to see why some customers have stopped getting their merchandise. package firms generally use this quantitative market-survey technique. a little incentive like $1 or $2 could also be provided to respondents to fill out the knowledge. Mail-in surveys are usually terribly informative as a result of an individual will write in further comments.

Online Surveys

Online surveys usually seem on company websites within the type of a pop-up. These market-survey techniques are often activated at any time to start out assembling demographic data or just about any data that an organization is looking out. The survey will then be terminated once enough questionnaires ar completed. on-line surveys are often unpredictable from time to time as a result of there's no management over the kind of one that responds.

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