ENTREPRENEURSHIP

1st lecture
Introduction
Entrepreneurship is a general, blanket term related to starting a business. The
meaning of entrepreneurship is rooted in developing and managing a new business
venture by taking risks in the corporate world. In other words, it refers to the
ability to develop, organize and run a business enterprise to make a profit. In terms
of economics, entrepreneurship utilizes land, labor, resources, and capital to
succeed in a competitive marketplace.
What Is Meant by Entrepreneurship?
The concept of entrepreneurship was first established in the 1700s, and the
meaning has evolved ever since. Many simply equate it with starting one’s own
business. Most economists believe it is more than that.
Howard Stevenson, known as "the godfather of entrepreneurship studies," at
Harvard Business School (HBS), has defined it as the "pursuit of opportunity
beyond resources controlled." (implies resource constraints). Entrepreneurship is
about creating or establishing a business.
In the 20th century, economist Joseph Schumpeter (1883-1950) focused on how
the entrepreneur’s drive for innovation and improvement creates upheaval and
change. Schumpeter viewed entrepreneurship as a force of “creative destruction.”
The entrepreneur carries out “new combinations,” thereby helping render old
industries obsolete. Established ways of doing business are destroyed by the
creation of new and better ways to do them.
Most economists today agree that entrepreneurship is a necessary ingredient for
stimulating economic growth and employment opportunities in all societies. In
the developing world, successful small businesses are the primary engines of
job creation, income growth, and poverty reduction. Therefore, government
support for entrepreneurship is a crucial strategy for economic development.
Entrepreneurship is defined as an activity that involves the discovery, evaluation,
and utilization of opportunities to introduce new goods and services, ways of
organizing, markets, processes, and raw materials through organizing efforts that
previously had not existed.
Entrepreneurship may be defined as a systematic innovation which consists of the
purposeful and organized search for changes, and a systematic analysis of the
opportunities that such change might offer for economic and social transformation.
All definitions of entrepreneurship subscribe to the notion of innovation as a key
attribute of entrepreneurship.
Entrepreneurship is the process of starting a new business. Building a company
from the ground up requires more than just capital investment. Successful
entrepreneurs have a clear vision, know the steps to reach their goals, and
understand how to compete within the market landscape. They can zero in on
customer needs to develop solutions that can be tested and then delivered on a
scale. And they have the financial literacy to understand whether different business
ventures will result in profit for both them and their investors. Being an
entrepreneur can be risky, but it can bring in big rewards.
Entrepreneurship is developing an idea or concept and building up a business or
enterprise around it. Moreover, it also involves investing the required funds and
bearing the associated risks.
It is true that entrepreneurship is both a science and an art. The science lies in the
proven process of planning and managing business. The art lies in the innovative
thought, implementation, and growth of a business. Entrepreneurship is a dynamic,
social process where individuals, alone or in collaboration, identify opportunities
for innovation and act upon them by transforming ideas into new enterprises.
We Can Define Entrepreneurship As:
The process of identifying business opportunities, allocating resources, and taking
risks to produce goods and services of value, through creative and innovative
processes, to satisfy consumer demands.
The entrepreneurship is thus the product of a combination of three elements, the
context in which the opportunity arises or is created, a set of personal abilities
necessary to identify and use that opportunity, and the capacity to materialize the
opportunity, by transforming it into results.
Key Characteristics of Entrepreneurship
Key characteristics of entrepreneurship include:
Risk-Taking
The willingness to take risks is the essence of entrepreneurship. Not every business
idea gets support, funding, or recognition. There is a considerable amount of
failure risk when it comes to building something from the ground up.
Entrepreneurship involves taking calculated risks, such as investing time, effort,
and financial resources into a new venture or pursuing opportunities with uncertain
outcomes. Entrepreneurs are willing to face and manage risks to achieve their
goals.
Innovation
Starting a new venture means coming up with a new business idea. For an
enterprise to be financially sound, you need the support of investors. Without
something unique, it’s highly difficult to get funding. Entrepreneurs are often
driven by a desire to introduce new ideas, technologies, or business models. They
identify gaps or unmet needs in the market and develop innovative solutions to
address them.
Vision
Converting a business idea into a product or service requires resources and effort.
There is a lot that goes into establishing an enterprise—funding, hiring, and
understanding the requirements of clients and customers. To drive your vision and
mission, leadership qualities become paramount. You need to be able to
communicate and guide your employees in the right direction.
Open-Mindedness
Open-mindedness and flexibility are the most important features of
entrepreneurship. An entrepreneur should be open to change and have the power to
adapt quickly. For example, if you launch a new product in the market and there
are several user complaints, you should keep an open mind and pay attention to the
feedback. Consider it when you update your product.
Profit-Oriented
A key goal of most enterprises is to generate profit. However, 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.
Systematic Activity:
Entrepreneurship is a systematic, step-by-step, and purposeful activity. It has skill
and other knowledge and competency requirements that can be acquired, learnt,
and developed, both by formal educational and vocational training as well as by
observation and work experience.
Resource Mobilization: It brings together various facilities (resources) of
production for an efficient and economical use.
Importance of Entrepreneurship
Entrepreneurship drives the growth and diversification of the economy and
contributes to the creation of wealth. Entrepreneurship’s importance lies in the
following:
 Drives economic growth and creates new jobs (decreased unemployment).
 Encourages innovation by bringing new ideas, products, and services to the
market which contribute to wealth Generation.
 Contributes to social change (lifestyle changes and improved economic
choices) by developing products or services that reduce people’s dependence
on outdated technologies.
 Addresses social and economic problems by creating solutions that meet the
needs of society.
 Enables competition which improves business efficiency and lowers prices
for consumers.

ENTREPRENEURSHIP
2nd lecture
THE ENTREPRENEURIAL PROCESS
The Entrepreneurial Process includes the systematic steps required to create and
implement a new business venture. This includes all the functions activities, and
actions associated with perceiving opportunities and creating organizations to
pursue them. The process has four distinct phases:
(1) Identification and evaluation of the opportunity,
(2) Development of the business plan,
(3) Determination of the required resources, and
(4) Management of the resulting enterprise.
Although the phases proceed progressively, no one stage is dealt with in isolation
or is totally completed before work on the other phases occurs. For example, to
successfully identify and evaluate an opportunity (phase 1), an entrepreneur must
have in mind the type of business desired (phase 4).
The Entrepreneurial Process
1. Identify and Evaluate the Opportunity:
The first step in the entrepreneurial process is the identification of opportunity.
This may be from his own idea or from external sources like consumers and
business associates, members of distribution system, independent technical
organizations, consultants, etc. Consumers are the best source of ideas for a new
venture who spells out the need of a product or service. The business associates
also can give ideas of a product or service.
Due to the close contact with the end user, member of distribution system also sees
product needs one can identify new business opportunities through a discussion
with a retailer, wholesalers, or a trade representative.
Some individuals are highly technical oriented and are not interested in any
entrepreneurship. Such people conceptualize new business opportunities that can
be given to the interested. Some government organizations and R & D centers also
provide new ideas.
Whether the opportunity is identified by using input from consumers, business
associates, channel members, or technical people, each opportunity must be
carefully screened and evaluated. This evaluation of the opportunity is perhaps the
most critical element of the entrepreneurial process, as it allows the entrepreneur to
assess whether the specific product or service has the returns needed compared to
the resources required. This evaluation process involves looking at the length of
the opportunity, its real and perceived value, its risks and returns, its fit with the
personal skills and goals of the entrepreneur, and its uniqueness or differential
advantage in its competitive environment.
Finally, the opportunity must fit the personal skills and goals of the entrepreneur. It
is particularly important that the entrepreneur be able to put forth the necessary
time and effort required to make the venture succeed. Although many
entrepreneurs feel that the desire can be developed along the venture, typically it
does not materialize. An entrepreneur must believe in the opportunity so much that
he or she will make the necessary sacrifices to develop the opportunity and manage
the resulting organization. Opportunity analysis, or what is frequently called an
opportunity assessment plan, is one method for evaluating an opportunity. It is not
a business plan. Compared to a business plan, it should be shorter; focus on the
opportunity, not the entire venture; and provide the basis for making the decision
of whether to act on the opportunity.
An opportunity assessment plan includes the following:
(a) Description of product or service
(b) An assessment of the opportunity
(c) Assessment of the entrepreneur and his team
(d) Resources needed
(e) Amount and source of capital needed
(f) Rewards and profit expected.
The assessment of the opportunity requires answering the following questions:
❑ What market need does it fill?
❑ What personal observations have you experienced or recorded with regard to
that market need?
❑ What market research data can be marshalled to describe this market need?
❑ What patents might be available to fulfill this need?
❑ What competition exists in this market?
❑ How would you describe the behavior of this competition? What does the
international market look like?
❑ What does the international competition look like?
❑ Where is the money to be made in this activity?
2. Developing A Business Plan
A good business plan must be to exploit the defined opportunity. This is a very
time‐consuming phase of the entrepreneurial process. An entrepreneur usually has
not prepared a business plan before and does not have the resources available to do
a good jo b. A good business plan is essential to developing the opportunity and
determining the resources required, obtaining those resources, and successfully
managing the resulting venture.
A typical business plan includes the following:
❑ Assessment of the business environment.
❑ A competitor's analysis.
❑ Description of the business strategic direction.
❑ A detailed description of the potential business (i.e. the products and services,
legal structure, governance of the business, etc.).
❑ The management and decision-making structure.
❑ The business organization and major appointments.
❑ Marketing and sales plan with multi‐year sales projections.
❑ A human resource management plan.
❑ A resource and infrastructure plan.
❑ A performance management plan.
❑ A detailed multi‐year financial plan.
❑ Timelines for implementation of the plan.
❑ Other issues important to business implementation and growth.
3. Determination and Organizing the Resources
This process begins with the assessment of present resources. Enough care must be
taken not to underestimate the amount and nature of resources required. The risk
involved with insufficient or incorrect resources should be calculated. Organizing
the required resources at the appropriate time is another important aspect of the
entrepreneurial process. Alternative sources of supply, process of manufacture etc.,
are to be planned.
4. Manage the Enterprise:
After resources are acquired, the entrepreneur must use them to implement the
business plan. The operational problems of the growing enterprise must also be
examined. This calls for management with all functions like planning, organizing,
directing, and controlling.
Role of Entrepreneurship in Economic Development
The role of entrepreneurship in economic development has nine salient takeaways:
entrepreneurship is an instrument of social change and economic growth.
1. Raises Standard of Living
A significant role of entrepreneurship in economic development is that it can
greatly enhance the standard of living for individuals and communities by setting
up industries and creating wealth and new positions. Entrepreneurship not only
provides large-scale employment and ways to generate income, but it also has the
potential to improve the quality of individual life by developing products and
services that are affordable, safe to use, and add value to their lives.
Entrepreneurship also introduces new products and services that remove the
scarcity of essential commodities.
2. Economic Independence Entrepreneurship
can be a path to economic independence for both the country and the entrepreneur.
It reduces the nation’s dependence on imported goods and services and promotes
self-reliance. Manufactured goods and services can also be exported to foreign
markets, leading to expansion, self-reliance, currency inflow, and economic
independence. Similarly, entrepreneurs get complete control over their financial
future. Through their hard work and innovation, they generate income and wealth,
allowing them to achieve economic independence and financial security.
3. Benefits of New Firms and Businesses
Entrepreneurs identify market needs and develop solutions through their products
and services to begin their business venture. By starting new firms and businesses,
entrepreneurs play a key role in shaping the economy and creating a more dynamic
and diverse business landscape. Entrepreneurship also promotes innovation and
competition, leading to new and improved products and services that contribute to
economic growth and development.
4. Creation of Jobs Entrepreneurship
is a pivotal driver of job creation. Running the operations of new businesses and
meeting the requirements of customers results in new work opportunities.
Entrepreneurship also drives innovation and competition that encourages other
entrepreneurs and investments, creating new jobs in a wide range of industries,
from manufacturing and construction to service and technology sectors.
5. Encourages Capital Formation
Capital formation is the process of accumulating resources, such as savings and
investments, to fund new business ventures and support economic growth.
Entrepreneurship can encourage capital formation by attracting investment. In
addition, the creation of new businesses and the growth of existing firms can also
contribute to the development of a more diverse and dynamic economy that
encourages capital formation and opens the door to a wide range of investment
opportunities.
6. Elimination of Poverty
Entrepreneurship has the potential to lift people out of poverty by generating
employment and stimulating economic activity. Entrepreneurship also contributes
to the development of local economies and helps improve the overall standard of
living.
7. Community Development
Entrepreneurship promotes economic growth, provides access to goods and
services, and improves the overall standard of living. Many entrepreneurs also
make a positive impact on their communities and improve their well-being by
catering to underserved areas and developing environment-friendly products. Their
work can help build stronger, more vibrant communities and promote social and
economic development.
8. Optimal Use of Resources
Entrepreneurship can help identify market opportunities and allocate resources in
the most effective way possible. Entrepreneurs also play a key role in developing
innovative products and services that meet the needs of customers while
optimizing the use of available resources.
9. Increases Gross Domestic Product (GDP):
Entrepreneurship can contribute to GDP by creating new businesses and industries,
which can lead to job creation.

ENTREPRENEURSHIP
3rd lecture
The concept of Entrepreneur
The word ‘entrepreneur’ has its roots in a French word—entreprenerd—which
means “to undertake”. ‟ i.e. individuals who undertake the risk of a new enterprise.
and was first defined by the Irish French economist Richard Cantillon. He defined
an entrepreneur as an agent who buys factors of production at certain prices to
combine them into a product with a view to selling it at certain prices in future.
An entrepreneur is a person who starts an enterprise and converts a situation into
opportunity. A few definitions have been given of an entrepreneur. The economists
view him/her as the fourth factor of production, along with land, labor and capital.
To some economists, the entrepreneur is one who is willing to bear the risk of a
new venture if there is a significant chance for profit. Others emphasize the
entrepreneur’s role as an innovator who markets his innovation. Still other
economists say that entrepreneurs develop new goods or processes that the market
demands and are not currently being supplied.
Richard Cantillon: As a person, who pays a certain price to a product to resell it
at an uncertain price, thereby making decisions about obtaining and using the
resources while consequently admitting the risk of enterprise.
Adam Smith: An individual, who undertakes the formation of an organization for
commercial purposes by recognizing the potential demand for goods and services,
and there by acts as an economic agent and transforms demand into supply.
Joseph Schumpter: Entrepreneurs are innovators, who use the process of
entrepreneurship to shatter the status quo of the existing products and services, to
set new products, new services. He describes entrepreneurs as innovators.
Peter F. Drucker: An entrepreneur is one who always searches for changes,
responds to it and exploits it as an opportunity. (For example, A quick look at
changes in communications—from typewriters to personal computers to the
Internet—illustrates these ideas).
An entrepreneur is a person responsible for setting up a business or an enterprise.
He has the initiative, skill for innovation and who looks for high achievements. He
puts up new green field projects that create wealth, opens up many employment
opportunities and leads to growth of other sectors.
Entrepreneur is a person who discovers new ideas and business opportunities,
bring together funds to establish a business, organizes and manages its operations
in order to provide economic goods and services, for the public.
We can define an entrepreneur as: A person who sees an opportunity in the market
gathers his/her resources and creates and grows a business venture to meet those
needs. This person will bear the risk and will be rewarded with profit if the venture
is successful.
In fact, according to reports by the Global Entrepreneurship Monitor, 74.1% of
entrepreneurs in the U.S. mentioned that building wealth was their motivation to
start a business. However, entrepreneurs also play a far more important and
fulfilling role in driving innovation and accelerating economic growth.
Entrepreneur is a person who:
❑ Discover a business opportunity.
❑ Develops and owns his own enterprise.
❑ Manage a business (This means that there must be planning, organization,
leadership and control of all the functions)
❑ Is a risk taker and works under uncertainty for achieving the goal.
❑ Is innovative.
❑ Is dissatisfied with routine activities.
❑ Exhibits a sense of leadership.
❑ Exhibits a sense of competitiveness.
❑ Is oriented towards the future.
❑ Invest the necessary funds.
❑ Decide what, how, and when to produce and sell.
❑ Push the company towards growth and greater profits.
❑ Has the ability to move quickly in response to changing market needs
(Flexibility)
❑ Self-confidence.
❑ Takes the initiative to combine land, capital and labor to produce goods and
services.
❑ Has the ability to organize multiple people and tasks and makes business policy
decisions to set the course of the business enterprise.
Examples
There is little dispute that people who have started and developed major companies
are entrepreneurs. Examples might include Bill Gates of Microsoft who became
arguably the world’s wealthiest person, Richard Branson founder of the Virgin
Group who started a series of businesses from record companies to airlines, Ted
Turner the founder of Turner Broadcasting System including the CNN News
company and Henry Ford, the founder of Ford Motors.
A successful entrepreneur needs to possess certain abilities and qualities.
These qualities include:
❑A clear vision of goals.
❑Motivated to achieve goals, coupled with having a high degree of self‐
confidence.
❑Prepared to take moderate risks.
❑Having initiative and independence.
❑Possessing leadership and organizational skills.
❑Seeking creative solutions to problems.
❑A positive outlook.
❑Taking responsibility for decisions.
❑A positive attitude to all tasks.
❑ Being enterprising (recognizing business opportunities).
❑Operates under uncertain circumstances.
❑Manage a business ‐ This means that there must be planning, organization,
leadership and control of all the functions.
SKILLS OF Entrepreneur

FUNCTIONS OF AN ENTREPRENEUR
1. Assumption of Risk The entrepreneur assumes all possible risks of business. A
business risk is also involving the risk due to the possibility of changes in the tastes
of consumers, techniques of production and new inventions.
2. Business Decision He must decide the nature and the type of goods to be
produced. He enters the industry which offers him the best prospects and produces
whatever commodities he thinks will pay him most and employs those methods of
production which seem to him the most profitable.
3. Managerial Functions He performs managerial functions through they are
different for entrepreneur. He formulates production and financial plans, purchases
raw materials, provides production facilities, organizes sales, and assumes the task
of personnel management. In a large establishment, these management functions
are delegated to the paid management personnel.
4. Function of Innovation: An important function of entrepreneur is ‘innovation’.
Innovation is an ongoing function.
5. Raising Necessary Funds an entrepreneur after having an explicit image of the
idea, he needs to put this innovated idea into practice for which he requires funds.
Entrepreneur versus Entrepreneurship
The term Entrepreneur is often used interchangeably with ‘entrepreneurship. but
conceptually, they are different, yet they are just like the two sides of a coin. Both
the terms are co-related.
An entrepreneur is a person who starts an enterprise (is the actor), while
entrepreneurship represents the dynamic process to set up and run a business. (is
the act).
An entrepreneur is a person who bears the risks, unites various factors of
production, and carries out creative innovations. He/she is an individual or one of a
group of individuals who try to create something new or unique.
On the contrary, entrepreneurship is the set of activities performed by an
entrepreneur. It is process of identifying opportunities in the marketplace and
marshalling the resources required to pursue these opportunities for long term
gains.
Entrepreneurship: Entrepreneurship is the process, or an action taken by the
entrepreneur. Entrepreneurship is also the process of creating something new and
assuming the risks and rewards.
Entrepreneurship is a process of starting a new business, generally there also
needs to be someone who undertakes such a process. That is the entrepreneur. The
output of the process, that is, the business unit is called an enterprise. An enterprise
is the business organization that is formed, and which provides goods and services,
creates jobs, contributes to national income, exports and contributes to the overall
economic development. Enterprise is the starting point of an entrepreneur.

DIFFERENCE BETWEEN AN ENTREPRENEUR AND A MANAGER

What Is Intrapreneurship?
Internal entrepreneurs, or “intrapreneurs,” apply the principles of entrepreneurship
to projects within an existing company or organization. One important distinction
between entrepreneurs and intrapreneurs is the latter’s lack of personal investment,
which reduces the impact of potential failure on any individual.
The term intrapreneurship refers to a system that allows an employee to act like an
entrepreneur within a company or other organization. typically, one they don't own,
to foster entrepreneurial ideas and innovation. Intrapreneurship can be another
source of economic growth.
An intrapreneur is someone an existing company hires to fulfill the role of an
entrepreneur within the organization’s boundaries. Intrapreneurs drive innovation
in products, services, processes, etc., to enhance the company’s future.
When companies give employees the freedom to experiment and grow within an
organization, they can benefit from the success of their employees’ internal
projects. However, firms that fail to personally recognize the work of intrapreneurs
risk seeing them leave to become true independent entrepreneurs.
Intrapreneurs are self-motivated, proactive, innovative, action-oriented (people
who have leadership skills), think outside the box, they discover a new business
opportunity and implement it for their companies.
An intrapreneurship creates an entrepreneurial environment by allowing employees
to use their entrepreneurial skills for the benefit of both the company and the
employee. It gives employees the freedom to experiment, as well as the potential
for growth within an organization.
It's important for employers to recognize these employees. By not promoting
intrapreneurship or recognizing employees who demonstrate an intrapreneurial
spirit can be detrimental to a brand or company. Employers who encourage
intrapreneurship stand to benefit because it leads to the success of the department
or the company. Keeping these employees can help lead to innovation and growth.
Identifying intrapreneurs can sometimes be difficult. These employees are
generally self-starters who are both ambitious and goal oriented. They are often
able to solve problems on their own and come up with ideas that lead to process
improvements.
Intrapreneurs can 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.
Example of Intrapreneurship
Ramzi Haidamus, the president of Nokia Technologies, is often considered an
intrapreneur because of his initiatives with the company. He decided to do away
with individual offices within three months of starting his job in 2014. He believed
an open office led to more sharing of ideas and added greater value to the
organization. Haidamus interviewed more than 100 engineers individually to
determine which technologies had the greatest chance of being successful in the
marketplace at the time.
Difference Between Entrepreneur and Intrapreneur
Although both entrepreneur and intrapreneur are correlated, they have several
differences. The main difference between an entrepreneur vs. intrapreneur is that
an entrepreneur starts their own company, whereas an intrapreneur works at a
company that someone else founded.
Intrapreneur VS Entrepreneur
Intrapreneur Entrepreneur
An employee working on an innovative An individual that builds a new
project or their own idea within a company.venture with limited resources
Aims to Increase organizational Aims to create something of
competitiveness. socio-economic value.
Operates internally in the organization. Operates externally, outside an
existing organization.
Motivated by freedom to innovate, company Motivated by passion,
backing &incentives. independence, and financial gains.
Get leadership support from their own Get support from several venture
company. capital firms.
Limited risk Vulnerable to all types of risk
Requires collaborative decision making. Can have independent decision-
making.
The serve their organization & themselves. The primarily serve customers.

ENTREPRENEURSHIP
4th lecture
Define Innovation:
Innovation refers to the process of creating and implementing new ideas, concepts,
products, processes, or services that result in significant improvements,
advancements, or changes. It involves transforming creative ideas into practical
and valuable solutions that address existing challenges, meet market needs, or
create new opportunities.
Key Elements of Innovation:
1. Novelty: Innovation involves the introduction of something new or original. It
can be a completely new concept, invention, or a novel application of existing
ideas or technologies.
2. Value Creation: Innovation aims to create value by improving upon existing
products, services, processes, or business models. It seeks to enhance efficiency,
effectiveness, user experience, or customer satisfaction.
3. Implementation: Innovation is not limited to ideation; it encompasses the
successful implementation and adoption of new ideas or solutions. It involves
turning ideas into tangible outcomes, such as new products in the market or
improved processes within an organization.
4. Problem Solving: Innovation often arises from identifying and addressing
challenges or unmet needs. It seeks to solve problems, overcome barriers, or seize
opportunities for improvement or differentiation.
5. Continuous Improvement: Innovation is an ongoing process that encourages
continuous learning and improvement. It is not limited to one-time breakthroughs
but also includes incremental innovations that make gradual enhancements over
time.
Types of Innovation:
1. Product Innovation: This involves the development of new or improved products
or services. It may include introducing new features, functionalities, designs, or
performance enhancements.
2. Process Innovation: Process innovation focuses on improving the efficiency,
effectiveness, or quality of existing processes. It may involve streamlining
operations, adopting new technologies, or implementing new methods to optimize
workflows.
3. Business Model Innovation: Business model innovation involves reimagining
and redesigning the way a business creates, delivers, and captures value. It may
entail new revenue models, distribution channels, partnerships, or changes in the
value proposition.
4. Social Innovation: Social innovation addresses social, environmental, or
community challenges. It seeks to create positive social impact by developing new
approaches, solutions, or initiatives that improve social well-being and
sustainability.
5. Technological Innovation: Technological innovation refers to the development
and application of new technologies or the use of existing technologies in novel
ways. It drives advancements in various fields, such as information technology,
biotechnology, robotics, and renewable energy.
Innovation plays a critical role in driving economic growth, competitiveness, and
societal progress. Organizations, entrepreneurs, and individuals strive to foster a
culture of innovation by promoting creativity, embracing risk-taking, investing in
research and development, and fostering collaboration and learning. Governments
and institutions often support innovation through policies, funding, and initiatives
that encourage and reward innovative activities.
Stages of Innovation
The process of innovation typically involves several stages that guide the
development and implementation of new ideas or solutions. While specific models
and frameworks can vary, here is a commonly used framework that outlines the
stages of innovation:
1. Idea Generation: This stage involves generating a pool of ideas through various
methods such as brainstorming, market research, customer feedback, or internal
suggestions. The goal is to explore a wide range of possibilities and identify
potential opportunities for innovation.
2. Idea Screening: In this stage, the generated ideas are evaluated and screened to
determine their feasibility, alignment with strategic goals, market potential, and
resource requirements. Ideas that do not meet the desired criteria are eliminated,
allowing a focus on the most promising concepts.
3. Concept Development: Promising ideas go through concept development,
where they are refined and shaped into more concrete concepts. This stage involves
conducting further research, creating prototypes or mock-ups, and assessing the
technical, financial, and operational aspects of the concept.
4. Feasibility Assessment: The feasibility assessment stage involves evaluating the
viability of the concept. It includes analyzing the technical feasibility, market
potential, financial viability, regulatory considerations, and potential risks and
challenges associated with implementing the concept.
5. Development: Once the concept is deemed feasible, the development stage
begins. This involves detailed planning, design, engineering, and production of the
innovation. It may also involve sourcing necessary resources, building
partnerships, and securing funding or investment.
Stages of Innovation
6. Testing and Validation: Before launching the innovation, it is essential to
conduct testing and validation to ensure its functionality, performance, and user
satisfaction. This stage may involve pilot tests, user feedback, or market testing to
gather insights and make necessary refinements.
7. Launch and Implementation: After successful testing and validation, the
innovation is ready for launch and implementation. This stage involves
commercializing the innovation, introducing it to the market or implementing it
within an organization. It includes activities such as marketing, distribution,
training, and monitoring the performance of the innovation.
8. Evaluation and Improvement: Once the innovation is implemented, it is
crucial to monitor and evaluate its impact and performance. This stage involves
collecting feedback, analyzing data, measuring key performance indicators, and
identifying areas for improvement. Continuous evaluation and improvement ensure
that the innovation remains relevant, effective, and aligned with evolving needs
and market conditions.
It's important to note that the stages of innovation are not always linear and may
involve iterations, feedback loops, and adjustments throughout the process.
Innovation is a dynamic and iterative process that requires flexibility, adaptability,
and a willingness to learn and iterate based on insights gained at each stage.

Invention VS Innovation
Invention involves creating something entirely new, for example the first light
bulbs or the telephone. Innovation, on the other hand, is the process of improving
the existing creations or finding new applications for them.
Invention refers to the creation of a new product, process, device, or concept that
has not existed before. It involves the discovery or development of something
entirely original, often resulting from a combination of creativity, knowledge, and
problem-solving.
What are the differences between innovation and invention?
Innovation and invention are related concepts but have distinct differences. Here
are the key differences between innovation and invention:
1. Definition: Invention refers to the creation of a new product, process, device, or
concept that has not existed before. It involves the discovery or development of
something entirely original. On the other hand, innovation refers to the process of
introducing new ideas, concepts, products, processes, or services that result in
significant improvements, advancements, or changes. Innovation can involve both
the creation of new inventions and the improvement or application of existing
ideas or inventions.
2.Focus: Invention is primarily focused on the creation of something new or the
discovery of a breakthrough. It emphasizes the novelty and uniqueness of the
creation. Innovation, on the other hand, is broader and focuses on the practical
application and implementation of ideas or inventions to create value, solve
problems, or meet market needs.
3. Scope: Invention is often associated with a single, specific creation or discovery.
It is typically a discrete event or outcome. Innovation, on the other hand, has a
broader scope and encompasses a range of activities and processes beyond
invention. It includes the development, adoption, and implementation of new ideas,
as well as improvements to existing products, processes, or business models.
4. Impact: Invention is often seen as a starting point or a foundational element of
innovation. Inventions can have a significant impact by introducing new
possibilities, technologies, or solutions. However, the impact of an invention may
be limited if it is not effectively implemented or commercialized. Innovation, on
the other hand, focuses on the broader impact of introducing and implementing
new ideas and inventions. It involves the successful application and adoption of
these innovations, leading to tangible benefits and improvements in various aspects
of society.
It's worth noting that while all inventions are innovations, not all innovations are
necessarily inventions. Innovation encompasses a broader range of activities,
including improvements to existing products or processes, business model
innovations, or social innovations. Inventions, however, are specifically focused on
the creation of something new and original.

ENTREPRENEURSHIP
5th lecture
Definition of risk
Risk is defined in terms of uncertain events which may have positive or negative
effect on the project objectives.
The risk is the possibility of loss.
Risk is an uncertain event or condition that, if it occurs, affects at least one project
objective Risk is the possibility of deviations from expectations that can cause
harm.
Risk is a possibility of an event that deviates from what is expected, but this
deviation is only seen when it has taken the form of a loss.
Risk is defined as the probability of an event and its consequences.
What is Risk Preference?
Risk Preference is one’s tendency to choose either a risky or less risky option.
Entrepreneurship generally entails a certain degree of risk-taking. As such,
entrepreneurs understand that they must be willing to take a risk in pursuit of
potential profits.
Risk-Seeking Preference: The risk-seeking preference applies to investors
who are willing to take increased risks to achieve higher-than-usual returns. It is
necessary to weigh all the factors associated with the risk and assess these risks
against the probabilities of occurring in this type of risk preference. Such actions
allow the decision-maker to check if the risk is worth the chance.
Risk-Averse Preference: Individuals who do not want to take any risk a
recalled to have risk-averse preferences. Such people always tend to makes afer
investments instead of taking an opportunity to invest in high-risk investment with
the probability of failure.
Risk-Neutral Preference: Investors with risk-neutral preference do not care
about the risks associated with the decision-making. They are only concerned
about the result. A risk-neutral individual chooses the projects that have the highest
possible gains or returns without considering possible outcomes.
Risk management.
Every business face risks that could present threats to its success. Starting your
own business is full of exciting opportunities, but it also brings a certain level of
risk. Entrepreneurship is a risky, and it's essential to manage those risks if you
want your business to succeed. Any organization must have effective risk
management.
Risk management focuses on identifying and evaluating risks for the project
and managing their chances to minimize the impact on the project. There are no
projects without risks because there is an infinite number of events that can have a
negative effect on the project. Risk management does not refer to the elimination
of risk, but the identification, evaluation, and management of risk.
Definitions of risk management
Risk management is a systematic method of identifying, analyzing, treating
and monitoring the risks that are all involved in any activity/ process.
 Risk Management is a means of dealing with uncertainty–identifying
sources of uncertainty and the risks associated with them, and then managing those
risks such that negative outcomes are minimized (or avoided altogether), and any
positive outcomes are capitalized upon.
Risk Management refers to the practice of identifying potential risks in
advance, analyzing them, and taking precautionary steps to reduce the risk.
Risk Management is “a systematic way of looking at areas of risk and
determining how each should be treated. It is a management tool that aims at
identifying sources of risk and uncertainty, determining their impact, and
developing appropriate management responses.”
Risk Management is the art and science of reasoning about what could go
wrong, and what should be done to reduce those risks in a profitable manner.
Risk management is the procedure of using activity methods and tools for
controlling these risks.
Risk management is the process of identifying, assessing, and controlling
threats to an organization's capital, earnings, and operations. These risks stem from
a variety of sources, including financial uncertainties, legal liabilities, technology
issues, strategic management errors, accidents, and natural disasters.
Types of Risks in Entrepreneurship
Most entrepreneurs are risk-takers by nature, and creators of unique product that
does not exist in the current market. On a personal level, many entrepreneurs take
big risks to leave stable jobs (and sometimes their own money) into launching a
business. For entrepreneurs, there is no guaranteed monthly income and no
guarantee of success.
Successful entrepreneurs tend to be willing to take chances, as pursuing a new
business venture often involves taking calculated risks based on extensive research.
Such research takes a great deal of time and energy but allows potential business
owners to better understand several types of entrepreneurial risks.
There are numerous types of risk in entrepreneurship, but the most common ones
include financial risk, legal and regulatory risk, market risk, competitive risk, and
operational risk. Understanding each of these types of risk is essential for
developing a successful business strategy and mitigating potential losses. Major
form of risk which an entrepreneur needs to take care of areas discussed below:
Types of Risks in Entrepreneurship
1. Economic Risk
Economic risk may resulting a in or loss because of changing economic conditions.
Economic risk: risk associated with the possibility of loss due to a change in the
economy.
Economic risk is the risk faced by a firm that has a foreign branch or investment in
a foreign country because of factors such as exchange government policies,
changing government, decrement in the credit valuation of foreign investment or
important development in the foreign exchange affecting the business of the
organization.
2. Legal Risk
This type of risk can arise from a lack of knowledge or understanding of relevant
laws, regulations, and industry standards. Entrepreneurs have to comply with a
significant number of legal requirements to start their businesses.
To mitigate legal and regulatory risk, entrepreneurs and business owners must have
an understanding of all relevant laws and regulations that apply to their business
operations as well as any potential changes that may come into effect in the future.
Types of Risks in Entrepreneurship
3.Financial Risk
Financial risk is the likelihood of losing money on an investing or business deal.
Furthermore common financial risks comprise credit risk, liquidity risk, and
functional risk. Financial risks can arise from a variety of sources, such as changes
in market conditions, economic down turns, and unexpected expenses. These risks
can have a significant impact on your business, affecting its cash flow and
profitability.
An entrepreneur will need funds to launch a business either in the form of loans
from investors, their own savings, or funds from family. Any new business should
have a financial plan within the overall business plan showing income projections,
how much cash will be required to break even, and the expected return for
investors. Failure to accurately plan could mean that the entrepreneur risks
bankruptcy, and investors get nothing.
To avoid the financial risks of a business, entrepreneurs must have a clear
understanding of your market and business before you start your entrepreneurial
journey. You must do deep market research and formulate a logical business plan
based on your industry. Your business plan must include all possible costs
associated with starting your business. It must also consider the funds required for
the survival of the business for the first few months. Alongside the costs, you must
set aside a contingency reserve for unforeseen situations such as market trends,
unexpected competition, development of new technology, etc. You must keep a
careful check on your finances and take control over are as that result in resource
wastage.
There are several strategies you can use to minimize financial risks, including
Building an emergency fund, diversifying your revenue streams, Monitoring
cashflow and Seeking advice from financial experts. By taking a proactive
approach to minimizing financial risks, you can ensure the long-term financial
stability of your business and increase the chances of success.
Types of Risks in Entrepreneurship
4. Technology Risk
Innovation and new technologies have the potential to disrupt the marketplace, and
entrepreneurs take on technological risks when launching a business.
Technological risks can include privacy and security concerns, such as the
potential for a data leak or IT breach, as well as technological risks related to
money if the company needs to invest heavily in technology to remain competitive
in the market.
5. Competitive Risk
An entrepreneur should always be aware of its competitors. No matter what
industry you’re in, there is always the risk of potential competition from other
businesses, as well as changes in the economy or shifts in consumer preferences
that could affect business operations.
To mitigate competitive risks, entrepreneurs must have a thorough understanding
of their target market and stay up-to-date on industry trends to ensure that they
remain competitive within the marketplace. By staying informed about changing
customer needs, and doing regular analysis of competition, entrepreneurs can
minimize their exposure to costly losses due to encroaching competition or
changing customer demands.
Types of Risks in Entrepreneurship
6. Market Risk
Market risks are an unavoidable part of entrepreneurship. These risks can arise
from external factors such as changes in the economy, shifts in consumer
preferences, or even competition from other businesses.
Many factors can affect the market for a product or service. The ups and downs of
the economy and new market trends pose a risk to new businesses.
It is essential for entrepreneurs to understand these potential market risks and
develop strategies for mitigating them.
Entrepreneurs should perform a market analysis that assesses market factors, the
demand for a product or service, and customer behavior. Entrepreneurs must be
well aware of industry and potential customers. His products must be designed as
per the requirements of your target market. And must know about the existing and
potential competitors in your industry and identify ways to set your business apart
from them. Innovation and hands-on approaches can help you stay quick on your
feet and capture the attention of your customers. Entrepreneurs must keep your
business plans flexible and adaptive to market changes.
Types of Risks in Entrepreneurship
7. Operational Risk
Apart from the external risks, entrepreneurs are also prone to the risks that lie
within the business. Operational risks occur when an entrepreneur follows a faulty
operational system for their business and arise from a variety of issues such as in
adequate processes, lack of resources or expertise, or inefficient management
practices.
Operational risks refer to the risks associated with the day-to-day running of your
business, such as supply chain disruptions, equipment failures, and cyber-attacks.
These risks can have a significant impact on your business operations and
profitability.
When operational risks are not managed properly, they can lead to costly mistakes
which could have serious consequences for the business. To mitigate operational
risk, entrepreneurs must understand all relevant laws and regulations that apply to
their operations and must have a good connection in the market with your suppliers
and vendors. You must choose your suppliers carefully and establish a personal
connection with them. It can help you manage your procurement and supply chain
issues efficiently. Your operations must be data backed and planned to keep a
contingency plan ath and for situations that may not work out asper your plans. As
well as develop strategies for monitoring compliance with these requirements.
They would also benefit from hiring a strong team of advisors and executives who
can help inform their decisions.
The Risk Management process
1.Risk identification: The aim of this step is to develop a comprehensive list of
future events which could be uncertain but are likely to have an impact (either
positively or negatively) on the achievement of the objectives-these are the risks.
Risk should be identified and addressed as early as possible in the project. The tool
for recording all the risks identified during the project is the risk register, which is
stored in the central server of the project.
There are several tools are used to identify risks are:
List of risks from history (reviewing historical data)
List of possible risks.
Expert judgment, using brainstorming
The status of the project, which includes progress reports.
Classifying risks by categories.
The Risk Management process
2.Risk analysis: Risk analysis involves developing an understanding of the risk
and provides an input to risk evaluation and to decide on whether risks need to be
treated.
Risk analysis involves examining how the project’s results and objectives may
change due to the impact of the risk event. Establishes the potential impact of each
risk and its likelihood of occurrence.
After identifying the risks, they are analyzed to identify the qualitative and
quantitative impact of the risk on the project, so that appropriate measures can be
taken to mitigate them. The following guidelines are used to analyze risks: the
likelihood of risk occurrence, the impact of the risk, the exposure to risk or risk
score and the period of occurrence of the risk.
The Risk Management process
3.Risk evaluation: Conducting a risk evaluation is a critical step in the risk
management process for entrepreneurs. It involves evaluating the likelihood and
impact of potential risks on your business. A risk evaluation helps you identify the
areas where your business is most vulnerable and prioritize your risk management
efforts. There are several methods for conducting a risk evaluation, including
brainstorming sessions, SWOT analysis, and decision trees.
The key is to use a systematic approach that covers all areas of your business and
considers both internal and external factors. During a risk assessment, you'll
consider the potential impact of each risk on your business, including financial,
operational, legal, market, and reputational impacts. By conducting a
comprehensive risk evaluation, you can identify the risks that pose the greatest
threat to your business and develop a plan to mitigate or manage them effectively.
The Risk Management process
4.Risk treatment: is the action taken in response to the risk evaluation, where it
has been agreed that additional mitigation activities are required.
Risk treatment is a cyclical process where individual risk treatment (or
combinations of treatments) are assessed to determine if they are adequate to bring
the residual risk levels to a tolerable or appropriate level. If not, then new risk
treatment are generated and assessed until a satisfactory level of residual risk is
achieved.
Controls and mitigating actions are required for all risks. Where risk treatment is
required, it involves selecting one or more options for modifying the risk and
implementing those options. Risk treatment is required when the residual risks
remain unacceptably high, or where there is a desire to bring this risk down, with
regard to the company risk appetite. Once implemented, treatments provide or
modify the controls by develop alternatives and respond to risks.
The benefits of risk management.
Risk management is a planned and a structured process aimed at helping the
project team make the right decision at the right time to identify, classify, quantify
the risks and then to manage and control them. The aim is to ensure the best value
for the project in terms of cost, time and quality by balancing the input to manage
the risks with the benefits from such act.
Risk management understanding allows management to engage effectively
in dealing with uncertainties (risks) and opportunities that relate to and enhance the
organization's ability to provide added value.
Risk management when applied systemically helps to control those critical
elements which can negatively impact project performance.
Increases the range of opportunities.
Recognize and manage the full range of risks it faces.
Decrease negative shocks and increase gains.
Better quality data for decision making (the management can ensure that
decisions are made in light of the most recent data).
The benefits or advantages of risk management
Advantages or Benefits of Risk Management Process
Benefits of risk identification
Benefits of risk assessment
Treatment of risks
Minimization of risks
Awareness about the risks
Successful business strategies
Saving cost and time
New opportunities
Protecting resources

ENTREPRENEURSHIP
6th lecture
Introduction
Entrepreneurship is all about finding new and innovative ways to create
value and grow a business. In recent years, however, a growing number of
entrepreneurs have realized that creating a sustainable future is just as important as
creating a profitable one. Sustainability has become a crucial aspect of modern
entrepreneurship, and it's more important than ever for business leaders to
understand its role and how they can make a positive impact.
Sustainable development is often defined “the development that meets the
needs of the present without compromising the ability of future generations to meet
their own needs.
The concept of sustainable entrepreneurship, based on traditional
entrepreneurship, is predicated on the notion that environmentally friendly
products will yield a competitive advantage or financial gains.
Sustainable entrepreneurship is a growing trend, and it is one of the best
ways to create a more sustainable future. By adopting green business practices,
entrepreneurs can reduce their businesses' environmental impact, save money, and
improve their reputation.
Sustainable entrepreneurship is not just an ethical choice; it's a smart
business strategy for the future. By integrating green practices into their ventures.
The development of sustainable entrepreneurship requires a sustainable
entrepreneurship orientation (SEO) based on its corporate social responsibility.
Introduction
Sustainable entrepreneurship (SE) is related to managerial sustainable
practices (MSP) which stimulate innovation and generate an added value.
 Sustainable entrepreneurship involves launching new sustainable firms ,
maintaining and modifying current ones to make them more sustainable.
Sustainable entrepreneurship is a business strategy focused on increasing
value efficiency and competitiveness for society, the environment and the company
or business.
Sustainable entrepreneurship is focused on the ‘preservation of nature, life
support, and community in the pursuit of perceived opportunities to bring into
existence future products, processes, and services for gain, where gain is broadly
construed to include economic and non-economic gains to individuals, the
economy, and society.
Sustainable Entrepreneurship definition
Sustainable entrepreneurship refers to the practice of creating and managing
business ventures that prioritize social and environmental goals alongside
economic profitability. It involves identifying and pursuing innovative
opportunities that address societal challenges, while also ensuring long term
ecological viability.
Sustainability in entrepreneurship refers to the integration of environmental and
social responsibility into the operations and goals of a business. It involves finding
ways to minimize the negative impact of business activities on the planet and its
communities, while also ensuring long-term viability and success.
At its core, sustainability in entrepreneurship is about creating value in a
responsible and ethical manner, taking into accountthe impactof business decisions
on people and the environment. This can mean implementing eco-friendly
practices, using sustainable materials, reducing waste, and supporting local
communities, among other things.
In today's business world, consumers are improvingly conscious of the impact their
purchases have on the environment, and many are willing to pay more for products
and services that are environmentally and socially responsible. For this reason,
sustainability has become a key consideration for entrepreneurs who want to build
successful and responsible companies that will thrive in the long term.
Sustainable Entrepreneurship definition
Sustainable entrepreneurship refers to the discovery, creation, and
exploitation of entrepreneurial opportunities that contribute to sustainability by
generating social and environmental gains for others in society.
 Sustainable entrepreneurship as the “discovery, creation, evaluation, and
exploitation of opportunities to create future goods and services consistent with the
sustainable development goals” . In our view, sustainable entrepreneurship strives
to create value that is beneficial for society through opportunity creation, and
development in an uncertain environment.
Sustainable entrepreneurship is the realization of sustainability innovations
aimed at the mass market and giving benefit to the larger part of society.
Sustainopreneurship, also known as Sustainable Entrepreneurship, is the
practice of running a firm that is concerned with social and environmental
sustainability.
We can define Sustainable Entrepreneurship as: Start-ups that introduce an
innovation, with the aim to solve a sustainability-related market failure, which
initiates the transformation of an industry towards sustainability
Sustainable Entrepreneurship definition

Sustainable Entrepreneurship definitions have developed overtime to

encompass four defining attributes of Sustainable Entrepreneurship
1)Balancing environmental and social concerns (Environmental Responsibility):
Green entrepreneurs recognize the importance of reducing resource consumption,
limiting emissions, and minimizing waste. They actively seek environmentally
friendly solutions at every stage of their business operations.
2)Transforming Sectors towards sustainability.
3)Profitability (Economic gains): Sustainable entrepreneurs aim to generate
profits while minimizing negative environmental and social impacts. They
understand that long-term financial success is closely tied to responsible business
practices.
4)Social Benefit: Sustainable entrepreneurs strive to benefit society by creating job
opportunities, supporting local communities, and contributing to the overall well-
being of their stakeholders.
Why is sustainable entrepreneurship important?
Sustainable entrepreneurship refers to the process of creating and managing
ventures that not only generate economic value but also contribute to social and
environmental well-being. By integrating economic, social, and environmental
considerations, sustainable entrepreneurship seeks to strike a balance between
profit-making and responsible resource utilization, ultimately promoting a
harmonious relationship between economic growth and environmental
preservation.
It is important for a number of reasons. First, it can help to reduce the negative
impact of businesses on the environment. Second, it can help to create a more
sustainable economy that is less reliant on fossil fuels and other finite resources.
Third, it can help to create jobs and promote social development.
Sustainable entrepreneurship Characteristics
sustainable entrepreneurship Brings Economic Benefits.
sustainable entrepreneurship Part of Every Business Sector
Helps to Achieve Sustainable Development
Path Way for Sustainable Innovations
Helps for Poverty Reduction
Sustainable entrepreneurship dimensions
Sustainable entrepreneurship refers to the process aiming at the achievement of
sustainable development, by discovering, evaluating and exploiting opportunities
and creating value that produces economic prosperity, social cohesion and
environmental protection. Thus, the three dimensions of the entrepreneurial
activity, the social, economic and environmental one, serve as interrelated subsets
of the broader concept of sustainable entrepreneurship. It emphasizes the need for
entrepreneurs to go beyond profit maximization and integrate sustainability
principles into their core business operations.
Sustainable entrepreneurship requires a holistic approach that considers the triple
bottom line: economic, social, and environmental factors. It emphasizes the need
for entrepreneurs to go beyond profit maximization and integrate sustainability
principles into their core business operations.
10

Sustainable entrepreneurship dimensions

Sustainable entrepreneurship has three dimensions. The first dimension is the
economic dimension, meaning having enough cash flow to meet the liquidity
requirement and satisfy the shareholders. The second dimension is the
environmental sustainability dimension meaning that the company must have a
positive impact on the ecosystem by trying to protect natural resources and the
environmental system. The third dimension is the Social dimension meaning that
the company must have a positive social impact for example by adding value to the
human capital
The three dimensions of the entrepreneurial activity, serve as interrelated subsets
of the broader concept of sustainable entrepreneurship. It emphasizes the need for
entrepreneurs to go beyond profit maximization and integrate sustainability
principles into their core business operations.
Economic Sustainability
Economic sustainability refers to practices that support long-term economic growth
without negatively impacting social, environmental, and cultural aspects of the
community.
Economic sustainability is a broad set of decision-making principles and business
practices aimed at achieving economic growth without engaging in the harmful
environmental trade-offs that historically accompany growth.
Environmental sustainability
Ecopreneurship – introducing business initiatives that are driven by the
action of popularising eco-friendly ideas and innovation with the objective to
change the world and improve the quality of the environment and life.
The concept of sustainable entrepreneurship, also known as green
entrepreneurship, has gained significant attention in recent years as society
becomes increasingly aware of the environmental challenges we face.
Green Entrepreneurship Definition – Protecting the environment and leaving
a clean environment for future generations are today’s most pressing problems. It
is crucial for the growth of green entrepreneurship that society’s perception of the
environment and green production is evolving daily and being promoted. This will
inevitably increase awareness of the significance of critical issues like energy
saving, environmental protection, the promotion of reusability, and economic
growth.
Social sustainability
Social Entrepreneurship is about introducing a novel, innovative technology
or approach aiming to create social impact.
We can defined that Social Entrepreneurs “play the role of change agents
in the social sector, by adopting a mission to create and sustain social value (not
just private value), recognizing and relentlessly pursuing new opportunities to
serve that mission, engaging in a process of continuous innovation, adaptation, and
learning, acting boldly without being limited by resources currently in hand, and
exhibiting heightened accountability to the constituencies served and for the
outcomes created”.
Social Entrepreneurs respond to complex societal needs and that this person
is not constrained to typically non-profit organizations.
Sustainable Entrepreneurs
Entrepreneurs are not only the drivers of economic growth but also play a crucial
role in shaping our future. By adopting green business practices, they can make a
substantial impact on the environment while building profitable ventures.
Sustainable Entrepreneurs create profitable enterprises, but also achieve
environmental and social objectives. Sustainable Entrepreneurs set the non-
economic goals (environment and social concerns) equally higher to their
economic goals.
Sustainable Entrepreneur as, “ person who seeks to transform a sector of the
economy towards sustainability by starting up a business in that sector with a green
design, with green processes and with a life-long commitment to sustainability.
We can define Sustainable Entrepreneur as “Entrepreneurs who found new
businesses based on the principle of sustainability - Ecopreneurs are those
entrepreneurs who start for-profit businesses with strong underlying green values
and who sell green products or services”.
Sustainable Entrepreneurs enact a holistic approach to a venture start-up that
embeds environmental, economic and social sustainability dimensions.
We can define sustainable entrepreneurs as “individuals who are creating and
building profitable companies that also pursue environmental or social causes”
The benefits of incorporating sustainability in business practices
Incorporating sustainability into your business practices is not only good for the
environment and society, it can also bring tangible benefits to your business and
help to position it for success in the long run.Here are some of the key advantages:
1. Increased efficiency and cost savings: By implementing sustainability
practices, such as reducing waste, conserving energy and resources, and using
more eco-friendly materials, companies can often improve their bottom line by
reducing costs and improving efficiency.
2. Improved reputation: Sustainable businesses are often seen as more reputable
and ethical by consumers and investors.
3. Attracting top talent: Sustainability is an important consideration for many
employees, and incorporating it into your business practices can help to attract top
talent and retain employees who are passionate about making a positive impact.
4. Increased sales: Sustainable products and services are often in high demand, so
sustainable businesses can often increase their sales.
5. Long-term viability: By taking into account the long-term impact of business
activities on the environment and communities, companies can ensure their own
viability and success over the long term.
6. Tax breaks and other incentives: Many governments offer tax breaks and
other incentives to sustainable businesses.
The benefits of incorporating sustainability in business practices
7. Improved relationships with stakeholders: Stakeholders, such as
customers,suppliers, and community members, are becoming improvingly aware of
the impact of business activities on the environment and communities.
Incorporating sustainability into business practices can improve relationships with
these stakeholders and demonstrate your commitment to their well-being.
Sustainable entrepreneurship has a significant impact on various stakeholders:
Businesses benefit from sustainable entrepreneurship through improved
brand reputation, increased customer loyalty, and long-term profitability. It enables
them to meet the evolving expectations of consumers who prioritize socially and
environmentally responsible products and services.
Society benefits from sustainable entrepreneurship as it creates positive
social impacts such as job creation, poverty reduction, and community
development. Additionally, sustainable entrepreneurs often contribute to social
causes through initiatives like philanthropy or social welfare programs.
The environment benefits from sustainable entrepreneurship as it promotes
the adoption of environmentally friendly practices, reduces pollution and resource
depletion, and fosters the conservation of natural resources.
Key factors and strategies that contribute to the success of sustainable
entrepreneursin balancing economic growth and environmental responsibility
include:
A strong commitment to sustainability: Successful sustainable
entrepreneurs demonstrate a genuine dedication to environmental and social
responsibility, which is reflected in their business practices.
Collaboration and partnerships: Collaboration with various stakeholders,
including government agencies, NGOs, and other businesses, is crucial for sharing
knowledge, resources, and expertise to implement sustainable practices effectively.

Innovation and creativity: Sustainable entrepreneurs actively seek

innovative solutions and practices that minimize environmental impact while
maximizing economic benefits. They often adopt alternative business models and
technologies to achieve this.
Adaptability and flexibility: Sustainable entrepreneurs are open to adapting
their strategies and practices in response to changing environmental and market
conditions. They embrace new opportunities and adjust their approaches
accordingly.
The impact of sustainability on customer behavior and purchasing decisions
Sustainability has become a key consideration for many consumers when making
purchasing decisions. Here are some of the ways it can impact customer behavior:
1. Increased awareness: As awareness of environmental and social issues grows,
more and more consumers are looking for products and services that align with
their values and beliefs.
2. Preference for sustainable products: Many consumers are willing to pay
more for products and services that are environmentally and socially
responsible. This has led to a growing demand for sustainable products and
services, which can benefit companies that have made a commitment to
sustainability.
3. Brandloyalty: A strong commitment to sustainability can help to build brand
reputation and increase loyalty. Customers are more likely to choose companies
that align with their values and beliefs and are perceived as responsible and
ethical.
4. Negative impact on companies that don't prioritize sustainability: On the
other hand, companies that don't prioritize sustainability can suffer from
negative consumer sentiment and potentially face consequences, such as
reduced sales and reputation damage.
The challenges of implementing sustainable practices in entrepreneurship
While the benefits of incorporating sustainability into business practices are clear,
there are also many challenges that entrepreneurs may face. Here are some of the
most common challenges:
1. Initial costs: Implementing sustainable practices, such as using eco-friendly
materials, reducing waste, and conservingenergy, often involves upfront costs
that can be a barrier for some entrepreneurs.
2. Resistance to change: Changing longstanding business practices and processes
can be difficult and met with resistance from employees and stakeholders.
3. Lack of knowledge: Many entrepreneurs may not have the knowledge or
expertise to implement sustainable practices in their companies, which can
make it difficult to get started.
4. Limited resources: Entrepreneurs with limited resources may struggle to invest
in the tools and equipment needed to implement sustainable practices, such as
energy-efficient lighting or renewable energy sources.
5. Competition: In some industries, incorporating sustainability into business
practices can put a business at a disadvantage compared to competitors who
have not made the same commitment.
Despite these challenges, many entrepreneurs have successfully incorporated
sustainability into their business practices and have seen the benefits as a result. By
addressing these challenges and developing a plan to overcome them,
entrepreneurs can ensure that their companies are sustainable and successful over
the long term.
The role of government and policy in promoting sustainability in
entrepreneurship
Governments play an important role in promoting sustainability in
entrepreneurship By creating an environment that supports and encourages
sustainable practices through policies and regulations, governments can help
entrepreneurs build successful and sustainable companies that make a positive
impact on the environment and communities. Here are some of the ways that
government and policy can impact sustainability in entrepreneurship:
1. Encouragement of sustainable practices: Governments can incentivize
companies to adopt sustainable practices through tax breaks, subsidies, and
other financial incentives.
2. Setting standards: Governments can set standards and regulations for
companies to follow in order to promote sustainability. For example, laws that
require companies to reduce their carbon footprint or use environmentally
friendly materials in their products.
3. Creating awareness: Governments can educate the public and raise awareness
about the importance of sustainability, which can increase demand for
sustainable products and services and encourage entrepreneurship in this area.
4. Supporting research and development: Governments can invest in research
and development to advance sustainable technologies and practices, which can
benefit companies and entrepreneurs who are committed to sustainability.
5. Providing access to resources: Governments can provide resources, such as
grants and loans, to help entrepreneurs implement sustainable practices in their
companies.
The future of sustainability in entrepreneurship and its potential impact on
society
The future of sustainability in entrepreneurship is promising, and it has the
potential to have a profound impact on society. Here are a few ways that
sustainability in entrepreneurship can shape the future:
1. A shift towards a more sustainable economy: As more companies adopt
sustainable practices, the economy as a whole will become more sustainable
and resilient, creating a better future for everyone.
2. Increased innovation: The demand for sustainable products and services will
drive innovation and creativity in the entrepreneurial community, leading to
new and innovative solutions to the world's environmental challenges.
3. Better quality of life: By reducing waste and pollution, promoting
conservation, and improving energy efficiency, sustainable entrepreneurship
can lead to a higher quality of life for people around the world.
4. Stronger communities: Sustainability in entrepreneurship can create strong
and resilient communities by promoting local economic development and
supporting community-based initiatives.
5. A more responsible business culture: As more companies adopt sustainable
practices, a culture of responsibility and sustainability will become more
prevalent, leading to a better future for people and the planet.
In conclusion, the future of sustainability in entrepreneurship is bright, and its
potential impact on society is significant. By embracing sustainability and making
it a core part of their operations, entrepreneurs can help build a better future for
everyone.
Best practices and tips for entrepreneurs looking to integrate sustainability
into their companies
For entrepreneurs who are looking to integrate sustainability into their companies,
there are several best practices and tips to follow. Here are a few:
1. Start small: Incorporating sustainability into a business can seem
overwhelming, but starting small and gradually incorporating more sustainable
practices over time can make the transition easier.
2. Conduct a sustainability assessment: Understanding the current state of
sustainability in your business is a crucial first step. Conduct a sustainability
assessment to identify areas for improvement and set goals for the future.
3. Engage employees: Sustainability is not a one-person effort. Engage
employees in the sustainability process and empower them to be part of the
solution.
4. Collaborate with other companies and organizations: Collaborating with
other companies and organizations can help you share resources, knowledge,
and best practices, and increase the overall impact of your sustainability efforts.
5. Communicate your commitment: Communicating your commitment to
sustainability to customers, employees, and stakeholders can help build trust
and increase support for your efforts.
6. Continuous Continuouslyly evaluate and improve: Incorporating
sustainability into a business is an ongoing process. evaluate your efforts and
make improvements as needed to ensure that your business remains sustainable
over the long term.
In conclusion, integrating sustainability into a business takes effort and
commitment, but the benefits are significant. By following these best practices and
tips, entrepreneurs can successfully incorporate sustainability into their companies
and help build a better future for everyone.
Examples of successful sustainable companies and their strategies
Tesla: A pioneer in electric cars Tesla helps reduce greenhouse gas
emissions with its battery-powered vehicles that produce no tailpipe emissions.
Tesla is revolutionizing the automotive industry with its electric vehicles, which
are designed to be environmentally friendly and sustainable. The company has also
invested in renewable energy and energy storage solutions, making it a leader in
sustainable energy.
The Honest Company: This consumer goods company is committed to
using environmentally friendly and non-toxic products in all of its offerings, from
baby products to cleaning supplies. The Honest Company has built a strong
reputation for its commitment to sustainability and has become a popular choice
for conscious consumers.
Warby Parker: This eyewear company is known for its stylish and
affordable products, as well as its commitment to sustainability. Warby Parker has
implemented a number of sustainability practices, such as using recycled materials
and reducing waste, and it has become a popular choice for conscious consumers
looking for stylish and sustainable products.
These companies have all found success by incorporating sustainability into their
business practices, and they serve as inspiring examples for entrepreneurs looking
to make a positive impact. By understanding the strategies and practices that have
made these companies successful, entrepreneurs can learn how to build sustainable
companies of their own.

ENTREPRENEURSHIP
 7th lecture

Introduction
Women all over the world play important roles in the social, economy and
political life of any nation. Women entrepreneurs in both developed and
developing nations of the world stimulates the economy and create new jobs.
Women and girls represent50.42% of the total population, but their
contribution to the world is often underestimated (they do not comprise half of the
world’s workforce) . and gender inequality exists in every nation on the planet.
Until women are given the same opportunities that men are, entire societies will be
destined to perform below their true potentials. The greatest need of the hour is
change of social attitude towards women. Did you know that a woman was the
mind behind theinventionof WiFi, GPS, and Bluetooth? Or that companies with
more women in top leadership and board positions enjoyhigher financial returns?
In Egypt, while a few women are venturing into entrepreneurship, they
struggle to overcome numerous challenges (which includes limited access to
training, finance, and social support). Among Egypt’s established companies,
women’s participation is meager, with only 14.3%, less than one-third of men’s.
This lack of female participation in Egypt’s economy is a missed
opportunity, as they bring unique perspectives and skills. Research indicates that
women-owned companies deliver more thantwice as much per dollar invested. In
fact, Kevin O’Leary from Shark Tank says 95% of his returns come from
companies led by women.

Entrepreneurship
In many countries, women continue to be under-represented in the
workforce. While entrepreneurship can be an effective way of helping women find
employment and gain financial independence, a lack of access to education,
training, finance, business support measures and mentors makes getting started a
challenge.
Entrepreneurship plays a crucial role in society, addressing people's needs
through the provision of goods and services while bearing the risks associated with
the economy and markets. Starting or managing one's own business involves more
than just creating jobs; it requires motivation, skills, and socioeconomic factors,
driving economic and societal transformation.
Entrepreneurship is necessary to initiate the process of economic
development of both developed and developing countries as it is the back bone of
economy of any country.Entrepreneurship is a process of owning and managing a
new venture or improving onan existingproducts or services that createvalue,
assuming the accompanied risks and receiving the resulting rewards and
independence.
Entrepreneurship is process that results in to new products, new methods,
new markets or form of organization.Entrepreneurship helps to create wealth by
creating demand in the market from a newly introduced innovation.
Entrepreneurship increases earnings and mobilizes savings for investment. Thus,
its enhances institutional capital formation, investments and improved standard of
living.

Entrepreneurship
Entrepreneurship is the act of starting or running a new business represents a
set of practices with the objective of generating wealth and promoting well-being
in society. Entrepreneurship involves identifying an investment opportunity and
creating a business to capitalize on it. There are several concepts about the
meaning of entrepreneurship, but the objective is to create new businesses that
generate profits and benefits for individuals.
It can be said that today we are in a better position wherein women
participation in the field of entrepreneurship is increasing at a considerable rate.
The Micro, Small and Medium Enterprises are considered as the backbone to the
economic growth. At this juncture, effective steps are needed to provide
entrepreneurial awareness, orientation and skill development programs to women.
The unexplored talents of young women can be identified, trained and used for
various types of industries to increase the productivity of the industrial sector.
Women Entrepreneurship
Women (Female) entrepreneurship has been getting growing recognition
over the past two decades across the world. Women entrepreneurship has been
recognized as an important factor of economic development and an important
source of economic growth.
 Women entrepreneurship refers to the process of creating, managing, and
developing a business enterprise by a woman or group of women. It involves the
identification of opportunities, developing and executing business strategies,
managing financial resources, and taking calculated risks to achieve business
objectives.
Women Entrepreneurship means the act of business ownership and business
creation that empowers women economically and increases their strength as well
as position.
Women entrepreneurship is based on women participation in equity and
employment of a business enterprise.”
It refers to the creation, development, and management of companies by
women, usually as founders or owners.

Female Entrepreneurship
Ever wonder about women-owned businesses? Consider these facts:
 42%of all U.S.-owned companies are owned by women;
 4 out of 10businesses are owned by women;
 Women-owned businesses generate$1.9 trillionannually.
They further note thatthe number of female business owners continues to increase
steadily worldwide and today women in advanced market economies own more
than 25% of all business.
Therefore, striving for parity —equal opportunities for men and women— in
the field of entrepreneurship is fundamental. To this end, efforts and progress
are constantly being made to address this inequality and promote businesses
led by women. After all, gender diversity in business leadership translates into
a boost for innovation, job creation, and economic growth.

Factors influencing Women Entrepreneurship

These factors can also be explained as:
• Push Factors: (i) Death of bread winner, (ii) Permanent inadequacy in income of
the family, and (iii) Sudden fall in family income
• Pull Factors: (i) Need and perception of Women’s Liberation, Equity, (ii) To gain
recognition, importance and social status, (iii) To get economic independence, (iv)
To utilize their free time or education, and (v) Women’s desire to evaluate their
talent.

Why women become entrepreneurs?

Women entrepreneurs tend to be highly motivated & self-directed, they also
exhibit a high internal locus of control & achievement. Researchers contend that
women business owners possess certain specific characteristics that promote their
creativity and generate new ideas and ways of doing things.
1. To become economically independent
2. To establish their own enterprise
3. To establish their identity in the society
4. To achieve Excellency in their work
5. To build confidence to themselves
6. To develop risk assuming ability
7. To claim equal status in the society
8. To secure greater freedom and mobility

Motivating Factors of Woman Entrepreneurs

There are four motivating factors which influence a woman entrepreneur:
Recognition: A woman entrepreneur is motivated by recognition in respect
of admiration, regard, esteem and celebrity. It is communication tools that
reinforces and rewards the most important outcomes entrepreneurs create for the
business.
Profit: It is not the true motivation which influences an entrepreneur.
Welfare of the employees, payment of tax to the government, is indirectly
improving the living conditions of the entrepreneur. Thus, the real motivation for
Apple to create and sell popular products like iPod, iPhone and iPad is probably
not money, but the interest.
Influence: It is the capacity or power of a person to be a compelling force on
or produce effects on the actions, behavior, opinions etc. of others.
Internal Motivation: It is the main factor which motivates businesswomen. It
is the internal factors which are very much important for the motivation. It includes
creativity, respect, and happiness of other people.

Women Empowerment
 The role of women in our society has changed drastically in the past few
decades and for the better. Women are now occupying the corporate positions
previously regarded as masculine and are outpacing their male counterparts in
some areas. The gender stereotypes which were more prevalent in the society
decades ago are breaking slowly.
Women’s empowerment is central to achieving gender equality. Without it,
women would lack the financial independence to make their own choice and be in
a position of power.
Empowering women is essential in entrepreneurship to promote gender
equality and economic progress. Women-owned enterprises not only create jobs
and contribute to economic growth, but they also have a significant influence on
local communities. Moreover, women may become potent change agents as they
contribute to a more inclusive and equitable society when given equal
opportunities and resources to establish and expand their companies.
Women empowerment is an urgent issue. When women are empowered,
they can become effective changemakers for a better future for all. Furthermore,
without women’s empowerment, there is no chance to achieve gender equality.

Women Empowerment
Empowerment is both a process and an outcome for women and refers to the
ability of women to make decisions and affect events around them, benefit from
resources and opportunities, exercise control over their own lives, have a voice in
public life and decision-making which results in increased autonomy and improved
well-being

It is a concept that is of equal importance to both men and women. The

empowerment of women is an active multi- dimensional process, which
enables women to realize their full identity and powers in all fields of life.

We can describe women empowerment as “a process whereby women

become able to organize themselves to increase their own self-reliance, to assert
their independent right to make choices and to control resources which will assist
in challenging and eliminating their own subordination.”
 Several factors can help the empowerment of women and girls. we believe
that there are three factors: education, leadership & political participation, and
entrepreneurship.

Women Entrepreneurs
In this golden age of globalization, digitalization and start-up booms.
Today’s women entrepreneurs do not come only from the established business
families or from the higher-income sections of the population, they come from all
walks of life and from all parts of the country.(Female entrepreneurs make up
43% of all global entrepreneurs. There are about 252 million female
entrepreneurs in the world. (In 1972, 402,000 women owned a business
compared to 12.3 million today).

Women entrepreneur is an essential part of key economic activities and for

nation development. Women entrepreneurs create new jobs for themselves and
others and by being different solutions to management. However, they still
represent a minority of all entrepreneurs.
Women entrepreneurs often face gender-based barriers to starting and
growing their businesses, like discriminatory property, matrimonial and inheritance
laws and cultural practices, lack of access to formal finance mechanisms; limited
mobility and access to information and networks, etc.
Women entrepreneur is a person who accepts various challenging roles to
meet the personal needs and become economically independent. A strong desire to
do something positive is an inbuilt talent of entrepreneurial women, who are
capable of contributing values in both family and social life. Women
entrepreneurs are having confidence to initiate, organize and operate a
business enterprise.

Women Entrepreneur: meaning

Women Entrepreneurs means the women or a group of women who initiate,
organize and operate a business enterprise.
A woman entrepreneur is therefore a confident, creative and innovative woman
desiring economic independence individually and simultaneously creating
employment opportunities for others
In the advanced countries of the world, there is a phenomenal increase in the
number of self-employed women. The term “women entrepreneur” deals with that
section of the female population who venture out into industrial activities i.e.
manufacturing, assembling, job works, repairs/servicing and other businesses.
Women entrepreneurs have taken initiative in promoting and running an enterprise
by having a controlling interest in that particular enterprise.
Women entrepreneur is an innovating individual who introduces something new
into the economy. Any woman (or a group of women), who innovates, initiates or
adapts an economic activity.
Women entrepreneurs are referred to as women or a team of women who establish
an enterprise or adopt one, take the risk, plan and combine the resources needed to
manage the businessA successful entrepreneur is a person who with his passion,
determination, persistence and right attitude takes the initiative, generates an idea
and develops a product or service which can be sold in the market. He can
transform his vision into reality and is focused on achieving his goals.

Features:
• Accept challenges • Ambitious • Hard work • Patience
• Motivator • Adventurous • Conscious • Educated • Intelligent
Another features :
1. They should be educated and skillful.
2. Must have professional education to become better entrepreneur.
3. She should be capable enough to do innovations and be able to bear risks and
uncertainties.
4. Able to make utilisation of various schemes, and aids given by government.
5. She should be capable enough to face male competitors and should possess guts
to move
ahead.
6. She should be capable enough to make autonomous investment.
7. She must possess some ethics and egoism and should be egotist as well.

Characteristics of women entrepreneurs

Every entrepreneur is unique, and so are their businesses. Nonetheless, there are a
few traits shared by women who decide to pursue self-employment:
1. Determination: Women entrepreneurs are usually characterized by their
determination, courage, resilience, and perseverance. They also stand out for
their ability to face challenges, adapt to change, learn from mistakes, and move
forward.
2. Passion: Usually, women entrepreneurs tend to focus on businesses that they're
passionate about or in which they can develop their strengths. They tend to have
a clear vision of what they want to achieve and remarkable enthusiasm for
sharing that vision with their peers, customers, and potential investors.
3. Creativity: A business is always based on an idea. The creativity of women
entrepreneurs is what enables them to come up with concepts that later become
companies.
4. Empathy: Being able to understand other people's needs and concerns is critical
to finding solutions that can then be turned into businesses.
5. Collaborative capacity: Collaboration among entrepreneurs and building
synergies are often key to business success. Moreover, listening to others' ideas
and opinions helps to identify areas for improvement and find solutions to any
difficulties that may come up.
6. Striking a balance between personal and professional life: Many women decide
to become entrepreneurs in pursuit of a solution that allows them to balance
their personal and family life with their professional career.

Functions of Women Entrepreneurs:

Being entrepreneurs, both males and females perform similar functions. Thus, the
core functions like Risk Bearing, Innovation and management remain the same.
The following is the function performed by women entrepreneurs:
Functions of Women Entrepreneurs:
1. Seeking Opportunities: They are always on the hunt for new opportunities. On
finding a good opportunity, they transform it into a form of business.
2. Risk Bearing: Any male or female entrepreneur has to bear the risks attached
to the business.
3. Innovation: Another essential function of women entrepreneurs is Innovation.
Women entrepreneurs also have immense creativity, which helps them initiate
innovation in various aspects of their enterprises.
4. Coordination and Control: The duty of a female entrepreneur is not limited to
just setting up the business enterprise. They need to arrange and combine
factors of production and ensure effective control in the enterprise.
5. Leadership: Besides being an entrepreneur, women must also be a leader. They
have a result-oriented approach to achieving their goals, vision and mission.

The role of women entrepreneurs :

The role of women entrepreneurs is explained in the following points:
i.Employment Generation: It implies that women entrepreneurs not only establish
their enterprise, but provide job to others. Women entrepreneurship is about
women’s position in the society and their role as entrepreneurs in the same society.
It can be understood in two ways, namely, at the individual level (number of self-
employed) and at the firm level (number of firms owned by women and their
economic impact). In this way, woman entrepreneurs have an important impact on
the economy in terms of their ability to create jobs for themselves as well as for
others.
ii.Economic Development: It signifies that women entrepreneurs contribute to the
gross domestic product of the country by establishing enterprises and producing
goods and services. Due to their entrepreneurial activity, women entrepreneurs
bring dynamism in market. In this way, they also help in increasing the national
income of the country.
iii.Better Utilization of Resources: It implies that the involvement of women in
industrial development ensure the effective utilization of all available resources
(labor, raw materials, capital). The issue of women in the industrialization process
has been emphasized only in the last decade when the ‘Declaration of Mexico in
July 1975’, the equality of womanhood and their contribution to individual
development became the center of attention.
iv.Improved Quality of Life: It implies that women entrepreneurs are now
economically independent and take decisions independently. They are now capable
of upbringing their children according to their wish. They are providing quality
education to their children and a better living standard to their family members.
They not only improve their living standards, but also the living standards of others
by providing them the means of earning.
The Impact of Women Entrepreneurship on the Economy
Women entrepreneurship has a profound impact on the economy, driving growth,
innovation, poverty reduction, create employment for the society through engaging
invarious activities and social progress. As more women venture into the business
world, they bring a unique set of skills, perspectives, and talents that contribute to
the overall development of a nation. Let's explore the various ways in which
women entrepreneurship positively influences the economy:
1. Job Creation: Women-led businesses create employment opportunities,
generating jobs not only for themselves but also for others in their communities.
By increasing workforce participation, women entrepreneurs play a vital role in
reducing unemployment rates and strengthening the labor market.
2. Innovation and Diversity: Diversity is a catalyst for innovation. Women
entrepreneurs often bring fresh ideas and approaches to problem-solving,
contributing to a more diverse and dynamic business landscape. Diverse teams,
including those led by women, are more likely to develop innovative solutions that
address a broader range of societal needs.
3. Poverty reduction: Women entrepreneurship has a positive effect on poverty
reduction. As women gain economic independence through their businesses, they
can lift themselves and their families out of poverty. When women have access to
resources and opportunities, they can create a positive ripple effect on the socio-
economic conditions of their communities.
4. Enhanced Productivity: Women entrepreneurs are known for their resilience
and multitasking abilities. They often manage both their businesses and households
efficiently. This enhanced productivity not only benefits their companies but also
contributes to the overall productivity of the nation's economy.
The Impact of Women Entrepreneurship on the Economy
5. Increased Tax Revenue: Thriving women-led businesses contribute
significantly to the national tax revenue. As these businesses grow, they generate
higher profits, leading to increased tax contributions to the government. This
additional revenue can be utilized for various development initiatives and public
welfare programs.
6. Market Expansion: Women entrepreneurs often identify niche markets and
untapped consumer segments. By catering to these specific needs, they expand the
market and contribute to the growth of the economy. Moreover, diverse businesses
are more capable of adapting to changing market trends and consumer preferences.
7. Global Competitiveness: Promoting and supporting women entrepreneurship
enhances a country's global competitiveness. It helps the nation tap into the full
potential of its human capital, fostering a skilled and capable workforce that can
compete at an international level.
8. Role Models and Inspiration: Successful women entrepreneurs serve as role
models and inspiration for aspiring women business owners. Their achievements
break stereotypes and encourage other women to pursue their entrepreneurial
dreams. This empowerment of women leads to a stronger and more inclusive
society.
9. Social Impact: Women-led businesses often prioritize social impact initiatives,
focusing on corporate social responsibility, sustainability, and community
development. Their commitment to social causes helps address various challenges
faced by society, contributing to its overall welfare.
10. Ecosystem Development: The rise of women entrepreneurs fosters the
development of a supportive ecosystem. This ecosystem includes access to
mentorship, networking opportunities, and financial assistance, creating an
environment where women can thrive in the business world.
Reasons for the Slow Growth of Women Entrepreneurship
In spite of the initiatives taken by the government, the growth of women
entrepreneurship is very slow. The reasons are outlined as below:
 Unfavorable family background
 Lack of business education
 Double role of women
 Lack of qualification and training
 Lack of freedom to choose a job according to ability.
 Inadequate infrastructure facilities
 Shortage of capital and technical knowhow
 Lack of adequate transport and communication facilities
 Shortage of power
 Lack of security
 Absence of ideal market conditions
Several factors responsible for increasing the level of female entrepreneurship
1. Nature of Entrepreneurship: Women enter into entrepreneurial activity
because regular employment does not provide them with the flexibility, control or
challenge offered by business ownership.
2. Empowerment: women are becoming more empowered now-a-days.
Legislations are being progressively drafted to offer them more opportunities at
various levels.
3.Change in Social Attitudes:Needless to say mere creation of jobs for women is
not sufficient to promote women entrepreneurship rather it requires the change in
the attitudes. Societal change is a gradual and slow process. Unless attitudes are
changed, credit allocation to women or subsidies will not bring much change.
Instead of focusing on incentives and exemptions to women entrepreneurs,
government should start the programs which actually change social outlook of the
women entrepreneurs.
4. Literacy and Education: Increased levels of education have played a crucial
role in initiating the process of entrepreneurship. It is not only the illiterate that are
starting the businesses but those with education and skills are also exploiting profit
opportunities.
5. Training and Development Facilities:Training and development is necessary
for the growth of women entrepreneurship. Training facilities help the women
entrepreneurs to improve their professional skills and undertake the projects which
are profitable for the business enterprise. Women entrepreneurship must be
moulded properly with entrepreneurial traits and skills to meet the challenges of
global markets.

6. Multitask Oriented: Women are known for juggling many tasks at the same
time and still producing excellent results. A woman can talk on the phone, open
and read her email and schedule what else she needs to finish for the rest of the day
all at the same time. Men have more trouble with this multitasking thing; therefore
sometimes they miss many opportunities.
7. Being Patient with the Process: This is an extremely important attribute for
entrepreneurs to have. Too often we hear of visionary entrepreneurs who tried to
start their businesses and after a few months gave up. Very often we find these
entrepreneurs gave up on their dreams too soon. They became impatient with the
process. Women know naturally that you must wait in order to receive positive
outcomes.
8. Branding and Marketing Themselves: Women are natural marketers. They are
so passionate and enthusiastic about what they choose to do that they just do not
stop talking about it. They don’t forget to emphasize the benefits of their services
to their potential customers. They understand how to emphasize the positive.
9.Setting up marketing cooperatives:Most of the women entrepreneurs face
problems in marketing their products or services. Due to lack of mobility and
heavy competition in the market they have to depend on middlemen. Middlemen
take a huge amount of money to market their products. Thus, proper
encouragement and assistance should be provided to women entrepreneurs for
setting up marketing cooperatives. These cooperatives shall help in getting the
inputs at reasonable rate and they are also helpful in selling their products at
profitable prices. Hence, middlemen can be avoided and women entrepreneurs can
derive the benefits of enterprise.
10. Structural Shift: One of the primary drivers is a structural shift. Women are
now a greater part of the economic make-up of society; there are more women in
the workforce. They are resourceful, leaving the workforce to stay home and raise
a family, re-entering when the kids are grown or working a flex schedule when
their kids go to school.
11. It’s the Blend: One of the biggest reasons women entrepreneurs are now in the
forefront is their desire to blend career and life ambitions. Their personal goals are
oftentimes meshed with career goals. They put their passions into practice and it
shines through entrepreneurial endeavors. For them it’s not just a job, it’s a
significant part of who they are.
12. Relating to Customers’ Needs: One of the biggest reasons women
entrepreneurs are so successful is they are more conscious of their customers’
needs. Men for the most part are not customers they’re consumers. It is the big
difference.
13.Proper Supply of Raw Material: Women entrepreneurs should be ensured of
proper supply of scarce raw material on priority basis. They should provide the raw
material at subsidised cost so that they can make the products cost competitive and
reasonable.
14. Self-Recognition and Decision-Making Authority: Women entrepreneurs
have to play dual roles as a family organizer as well as manager of the women
enterprise. Therefore, they must be empowered to take all major decisions of the
family and enterprise. The family members of the women entrepreneurs should
provide emotional support, help, sharing of domestic activities etc for the effective
functioning of their enterprise. Appropriate encouragement and need based
assistance should be provided by the family members.
15. Women are Social: Entrepreneurs now have to be engaged in social media to
be successful. By nature, women are social. They can leverage social media in
ways that can help jumpstart new businesses quickly and cheaply. Whether it is
engaging customers via Twitter, blog, forum or Facebook, they are good at
gathering people and starting conversations. The role of social media in the
empowerment of women is a little explored phenomenon. Studies to date suggest
that women are utilizing social media in a variety of ways and that entrepreneurs
are using social media to grow their businesses.
16.Easy Financing:The commercial banks and other financial institutions should
create special cell for providing easy finance to women entrepreneurs. They should
be provided finance at concessional rates of interest and at easy repayment basis
Women Entrepreneurship – Need and Factors
In modern days, there is a great need for women entrepreneurs. Several factors are
responsible for compelling the women members of the family to set up their own
ventures.
These factors suggesting their need can be broadly classified into two groups:
I) Motivational factors or needs and
II) Facilitating factors or needs.
Factor # (I) Motivational Needs:
The following are the motivational needs for which modern women are
motivated to become entrepreneurs:1) Economic Necessity:
In business, the entry of women is relatively a new phenomenon. Because of the
break-up of the joint family system and the need for additional income for
maintaining the living standards in the face of inflation or rising prices, women
have started entering the most competitive world of business. Thus, because of the
economic necessity, women have begun entering business field for earning some
income and increasing their family income in modern days of inflation.
2) Desire for High Achievement:
Another motive force compelling women to enter business world is their strong
desire for high achievement in their life. In modern days, though women are
educated, they are not able to find jobs in the market place or they may not be able
to go out of their homes for working somewhere else because of family problems.
Therefore, a woman is tempted strongly by a desire to achieve something high and
valuable and prove herself as an asset and not a liability to the family. This is the
strongest motivating force for a woman to become an entrepreneurs.
Factor # (I) Motivational Needs:
3) Independence: Another strong motive force compelling a woman to become an
entrepreneur is to lead an independent life with self-confidence and self-respect.
The ownership and control of a successful business provides a woman entrepreneur
a prestigious status, personal reputation and a sense of independence in the society.
4) Government Encouragement: The Government and non-government bodies
have started giving increasing attention and encouragement to women’s economic
conditions through self- employment and business ventures.
They have formulated various policies and programmes and introduced various
incentive schemes to promote women entrepreneurs in the country. Such
encouragement and incentive schemes have induced women to undertake business
mentors.
5) Education: Women have been taking up various kinds of technical, vocational,
industrial, commercial and specialised education so as to qualify themselves to be
self-employed in some kind of trade, occupation, vocation or business. Facilities
are also being provided to women in areas where they can grow and blossom as
persons in their own right. Women have proved in modern days that they are no
less than men in efficiency, hard work or intelligence or even they can surpass men
in several fields.
Factor # (I) Motivational Needs:
6) Model Role: Women, like men, are also desirous of contributing their might to
the economic development of their country. Similarly, women would like to play a
key role model. They have already entered other fields like politics, education,
social field, administration, etc. Now they have started entering the business field
where they can also show their importance as in other fields.
7) Family Occupation: Family occupation is an important factor motivating a
woman member to participate in the family business, along with her husband and
other members of the family. There is a great need for women to undertake
economic activity or business of the family and support their families in family
occupation or family business so as to reduce the expenses of the family business
and increase its income.
8) Employment Generation: Another influencing factor that motivates women to
become entrepreneurs is the creation of employment opportunities. Women
entrepreneurs generally take up labour intensive small scale and village industries
or handicrafts and they have high potential in employment generation. Therefore,
they serve as a solution to the widespread problem of women unemployment to
some extent.
9)Self Identity and Social Status: Women desire to enjoy some social status and
recognition in the society. Women entering business can achieve such a position of
self-identity and recognition of social status because they come in contact with
high level officers, ministers, authorities, and others holding high positions.
Factor # (I) Motivational Needs:
10)Growing Awareness:
With the spread of education and the growing awareness among women, the
women entrepreneurs have been increasing, not only in the kitchen extension
activities or the traditional cottage industries, such as toy-making, basket-making
etc. as they require less technical know-how, but they are entering also into
engineering, electronics and many other industries which require high level
technical skill. Thus, women entrepreneurs are found in such technical industries
as T.V. capacitor, electronic ancillaries, and small foundries.
Thus, in modern days, women do not want to stay within the four walls of a house
but they want to become, like their male, counterparts, achievement-oriented,
career-minded and economically independent so that they would be able to provide
costly high level medical and technical education to their children and, lead a high
standard of living in their life.
Factor # (II) Facilitating Needs:
Facilitating needs are the needs for providing various facilities for the successful
working of the women enterprises.
These are given below:
1)Adequate Financial Facilities:
Finance is the life-blood of any business, whether it is run by men entrepreneurs or
women entrepreneurs. The Government has set up industrial estates for women. It
should therefore provide the required financial facilities to the women
entrepreneurs so as to motivate them to start their business or industry in such
estates.
Several financial schemes like Mahila Udyam Nidhi, Marketing Development
Fund etc., have been set up only for women entrepreneurs. In addition, banks and
development finance institutions also provide financial assistance to women
entrepreneurs. Women will be tempted to start their own business ventures when
such facilities are easily available to them.
2)Innovative Thinking:Innovative thinking in women motivate them to become
entrepreneurs. Women who have entrepreneurial talent and who have innovative
thinking are naturally induced to take up small business or industry to convert their
innovating and talent into a position of entrepreneurship instead of employment.
Factor # (II) Facilitating Needs:
3) Support and Cooperation of the Family: Another important factor that
induces women to take up entrepreneurship is the full co-operation and
encouragement of the family members, particularly, husband, father-in-law and
mother-in-law, grown-up sons and daughters and other members, if any. In a
modern educated family, women members generally enjoy more liberty and
economic freedom. So naturally, they will be anxious to have their own source of
income from their business.
4) Availability of Experienced and Skilled Women: Women entrepreneurs
would be able to provide experienced and skilled people to family occupations.
Therefore, women will be motivated to become entrepreneurs.
5) Development Programmes: The Central and State Governments have started
several development and training programmes particularly for women so as to
enable them to become entrepreneurs. Such training and development programmes
provide all types of facilities to women to start their business independently.

Strategies for Empowering Women in Entrepreneurship

Encourage Women to Take The Risks and Start Businesses
Starting a business involves considerable risk, but it brings independence to an
individual like no other profession. In the UAE, 60% of employed women are
eager to leave their job and start something of their own. Encouraging such women
to take risks and start businesses can give them more control over their lives and
create more opportunities for others. This could be done by promoting the benefits
of entrepreneurship, highlighting the success stories of women entrepreneurs, and
providing support and resources to help such passionate women take the leap of
faith and become entrepreneurs.
Encouraging women to become community leaders and advocates for
change
Women may take on many roles in their communities, from leaders to activists.
One option is for women to speak out against issues like salary disparity. Women
may aid one another by educating them, guiding them through the legal system,
and encouraging local female businesses. By inspiring young people to advocate
for equal rights for women, women can also educate the next generation.Young
leaders may improve their advocacy skills by participating in programs and
seminars offered by groups like Women Lead Change and Women Deliver. These
initiatives link young activists with the work and support they need to make a
bigger impact. Mentoring, making stretch promotion recommendations, and
ensuring that women's opinions are heard in meetings are all ways women may
advocate for future female leaders.
Provide Budding Women Entrepreneurs With Required Education And
Training
One of the key strategies would be to provide these budding women entrepreneurs
access to business education and training opportunities. This would help women
entrepreneurs develop the skills needed to succeed in business. This could include
business planning, financial management, marketing, and leadership courses.
Eliminating Lack of Mentorship and Networking
By connecting women with experienced business leaders, women entrepreneurs
will receive guidance, advice, and support in navigating the challenges of starting
and growing a business. In addition, mentoring and networking opportunities will
benefit them by providing the knowledge, resources, and connections that can help
them grow their businesses, build their networks, develop their skills, and gain the
confidence needed to succeed.
Provide access to funding
One of the main barriers to women's participation in entrepreneurship is the lack of
access to capital. Providing funding options like grants, loans, and venture capital
can help women start and grow their businesses. Further, female entrepreneurs
should look for international funding.
Addressing gender biases
It is no secret that women entrepreneurs often face gender biases in accessing
funding, networking, and business opportunities. The gender pay gap remains a
significant issue in the workforce, with women earning less than men for the same
work. In 155 out of 173 economies, at least one general-based discrimination exists
in women's employment and entrepreneurship. Only 67 states have laws on gender
discrimination in hiring practices. In 18 countries, a husband can prevent his wife
from working outside.
To address this issue, organizations must also step up and ensure equity and equal
opportunities for women to advance and succeed, along with eliminating the
gender pay gap and providing equal positions. Teaching men about gender equality
and respecting women is essential to creating a more inclusive and equitable
society. Men also need to learn about the importance of diversity and inclusion and
how they benefit society.
Addressing these biases and promoting diversity and inclusivity in the business
world can help women to overcome these barriers.
Engage Women to Uplift Women
To uplift more women, it's essential to engage them actively. Women can support
each other by mentoring, networking, and collaborating. Building a community of
women entrepreneurs can create a positive impact and promote more opportunities
for women to succeed.
 Promote work-life balance
Balancing work and family responsibilities can be a challenge for women
entrepreneurs. Providing flexible work arrangements, childcare support, and other
resources can promote work-life balance and enable women to succeed in their
personal and professional lives.
Lead by example
Budding women entrepreneurs can learn a lot from current successful women
entrepreneurs as to how they started, how they tackled challenges in their business,
how they managed work-life balance.
Empowering women in small business and entrepreneurship can positively impact
communities. Women entrepreneurs can create jobs, drive innovation, and
contribute to economic growth. They can also help address societal challenges and
promote social change through their businesses.
Women Entrepreneurship: Problems and Challenges
Women have been historically underrepresented in entrepreneurship, but over the
years, the numbers have increased. According to the Global Entrepreneurship
Monitor, women entrepreneurs comprise approximately 42% of all entrepreneurs
worldwide. Women entrepreneurs have a crucial role in economic development,
contributing to job creation, innovation, and social change. However, despite the
progress made, Despite their advancements, women entrepreneurs face challenges,
including accessing finance, networking opportunities, and overcoming social
stereotypes, These problems and challenges are:
Lack of Financial Support: Women entrepreneurs always suffer from in
adequate financial resources and working They are not able to afford external
finance due to absence of tangible security and credit in the market. They even face
problems in getting the requisite working capital financing day-to-day business
activities. (Because lack of confidence in women’s ability, Bankers, creditors and
financial institutions are not coming forward to provide financial assistance to
women borrowers on the ground of less creditworthiness and more chances of
failure). Thus women entrepreneurs rely often on personal saving and loans from
family and friends.(Only 27% of women seek some sort of financing for their
business. Women-founded startups get less than half the funding as startups
founded by men, but they generate 10% more income in a five-year period).
Family obligations: A married woman entrepreneur has to make a perfect
balance between domestic activities and business activities. Their inability to
attend to domestic work, time for education of children, personal hobbies, and
entertainment adds to their
Lack of risk taking ability: Investing money, maintaining the operations
and ploughing back money from surplus generation requires high risk taking
attitude. They cannot bear risk which is essential for running the business due to
lack of education, training and financial support.

Women Entrepreneurship: Problems and Challenges

Marketing Problem: Marketing problem refers to the problems of women
entrepreneurs in marketing their products or services. Lack of mobility and heavy
competition in the market makes the women entrepreneurs dependent on
middlemen. Middlemen take a huge amount of money to market the products.
Women entrepreneurs lack information on changing market and find it difficult to
capture the market and make their products popular.
Lack of education: Knowledge of modern technological changes, know
how, and education level of the person are the major factors that affect business.
Stiff Competition: Women entrepreneurs have to face acute competition for
their goods from organized sector and from their male counterparts. Since they are
not able to spend liberally due to financial constraints, they are not able to compete
effectively and efficiently in the market in addition to lack of organizational skills
and freedom of mobility of women.
Shortage of Raw Material: Women entrepreneurs find it difficult to
procure material and other necessary inputs. The prices of many raw materials are
quite high.
High Cost of Production: High prices of material, low productivity. Under
utilisation of capacity etc. account for high cost of production. The government
assistance and subsidies would not be sufficient for the survival.
Social Attitudes: Women do not get equal treatment in a male-dominated
society. Wherever she goes, she faces discrimination. The male ego stands in the
way of success of women entrepreneurs. Thus, the rigid social attitudes prevent a
woman from becoming a successful entrepreneur.
Socio-Cultural Barriers: Socio-cultural barriers refer to the constraints and
barriers imposed on women entrepreneurs by the society. (a woman entrepreneur
has to bear double responsibilities; she has to manage her family as well as her
business)
 Low Mobility: One of the biggest handicaps for women entrepreneur is her
inability to travel from one place to another for business purposes. (This shows the
low level of freedom of expression and freedom of mobility of women).
Low Need for Achievement: Generally, a woman will not have strong need
for achievement. Every women suffers from the painful feeling that she is forced to
depend on others in her life. Her preconceived notions about her role in life inhibit
achievement and independence.
Lack of Training: A women entrepreneur from middle class starts her first
entrepreneurial venture in her late thirties or early forties due to her commitments
towards children. Her biggest problem is the lack of sufficient business training.
Lack of Information: Women entrepreneurs sometimes are not aware of
technological developments and other information on subsidies and concessions
available to them. They may not know how to get loans, industrial estates, raw
materials, etc.
Lack of Network Support: The successful operation of any venture
irrespective of the size depends upon the network of support extended by various
constituencies like family members, friends, relatives, acquaintances, neighbors,
institutions and so on. Women entrepreneurs need much needed psychological
support and wiser counselling especially during the time they actually encounter
challenges. But it is reported that women entrepreneurs get very limited support in
times of crisis from most of these constituencies.

Lack of Confidence: It refers to the personal problem of women

entrepreneurs. Women have been dependent on their family members for a long
time. They have been always protected and guided by the male members of their
family. Right from taking any decision to going anywhere they are accompanied
by male. This makes women feel less confident even about their own capabilities.

Limited Managerial Ability Women entrepreneurs are not efficient in

managerial functions like planning, organizing, controlling, motivating and
coordinating etc. therefore less and limited managerial ability of women has
become a problem for them to run the business successfully.

Legal Formalities Fulfilling the legal formalities required for running the
enterprise becomes an uphill task on the part of women entrepreneur because of
prevalence of corrupt practices in government offices and delay of various
licences. In such situations women entrepreneurs find it hardtop concentrate on
smooth working of the business.

How To Empower The Next Generation Of Women Entrepreneurs?

Make women realize their capabilities
Encouraging women to not only realize their full capabilities, but to act on them
and improve them is a necessary step forward. This will help women gain the skills
and knowledge required to pursue a business career if they choose to.
Facilitate an environment of belonging
Fostering an environment that can make women feel welcome can only help
develop their talents and guide them towards leadership roles. As of now, it is
estimated that nearly 60% of all startups offer programs that can help increase the
number of women in leadership positions. This is a good step in the right direction
and can help facilitate a positive environment for women.
Address the gender bias and provide diversity training in the workplace
We’ve talked about bias and challenges that women face in the workspace. Proper
policies and initiatives that can help promote gender equality in the workplace can
help reduce the bias against women. Regular diversity training can also help close
the gap and allow women to feel safe and welcome, which can help them reach
their true potentials far easily.

Mentorship programs and networking opportunities

Mentorship and networking are critical for the success of any business but
challenges faced by women entrepreneurs can prevent them from getting access to
them. Current generation women entrepreneurs can take on the roles of mentors to
provide the necessary guidance and advice that a new generation of women
entrepreneurs might need. Networking programs can also help women build
connections necessary for the growth and success of their companies. Accelerator
programs and incubators that focus on women who lack these opportunities are
some examples of mentorship and networking programs that can be beneficial for
women entrepreneurs.
Increasing visibility and recognition of successful women entrepreneurs
One of the ways to encourage more women to take up entrepreneurial roles is by
highlighting the roles of successful women entrepreneurs. From media coverage to
exclusive social media coverage, campaigns that specifically aim to highly the
achievements of women entrepreneurs can be highly encouraging to a new
generation of women entrepreneurs.
Easier access to education programs as adults
Easier access to education programs that can allow women to continue their
education and learn can be extremely beneficial to those who are generally unable
to access them. These programs can not only allow women to complete their
education, but also give access to higher education, business training, workshops,
seminars, etc, that can help motivate them and provide them the knowledge
necessary for starting their own businesses.

Qualities necessary for the Women Entrepreneurs for their successful career
Flexibility, good social behavior, open mind and desire to take personal
responsibilities will fit in the qualities of a true entrepreneur. Some of the
important qualities or characteristics that are necessary for a successful women
entrepreneur are discussed below
1. Desire to Excel: The first and foremost quality an entrepreneur should posses
refers to a burning desire to excel and to be a winner.
2.Hard work: Entrepreneurs who successfully build new enterprises possess an
intense level of strong determination and willingness to work hard. They possess a
capacity to work for long hours and in spurts of several days with less than normal
amount of sleep. Through their hard work and intense desire to complete a task or
solve a problem or overcome hurdles, they can be able to achieve the never-ending
goal of excellence.
3.Self confidence: Entrepreneurs must have confidence and belief to achieve their
desired objectives.
4.Initiative:An entrepreneur must have initiative seeking personal responsibility
for actions and use the available resources for optimization of objectives.
5.Moderate risk-taker: An entrepreneur must be a moderate risk taker and learn
from failures.
6.Innovative: An entrepreneur must be innovative and creative. Through his
innovative ideas and creative thinking an entrepreneur can be able to engage
himself in the analysis of various problems and situations in order to deal with
them. An innovative entrepreneur introduces new products, develops new method
of production, discovers new market and reorganizes the enterprise.
7. Motivation: An entrepreneur should have a strong motivation towards that
achievement of a task and must be able to exert considerable efforts in getting
things done by others. He should be a person who likes working with people and
has skills in dealing with them. He has to motivate people to act, through his
interpersonal skills.
8. Optimistic: Entrepreneurs are highly optimistic about the success of the
enterprise. They use positive knowledge to support their thinking. They always
look at the brighter side of the situation.
9. Analytical ability: Entrepreneur must be realistic in their approach. They
should not be affected by the personal likes and dislikes. At the time of crises, they
must select experts to solve the problems. They must analyze the problem in detail
before taking any decisions.
10. Mental ability: Mental ability refers to the inner strength of an entrepreneur,
which helps him to reach his goal. It is that ability which helps him to quickly
respond to difficult situation. It consists of intelligence and creative thinking of an
entrepreneur. Through this ability, entrepreneurs are able to adjust themselves with
the changing business environment.
11. Flexibility: Entrepreneurs should be flexible in their decisions in the sense that
they should not be very rigid in the decision making process. If the situation
demands a change in the decision that will be beneficial to the enterprise, then after
analysing the pros and cons of the decision, the entrepreneur should revise or
modify or change the decisions.
12. Independence: Successful entrepreneurs do not like to be guided by others.
They like to be independent in the matters of decision making of their own
business.

Egyptian entrepreneurs (Examples)

Today, many women and young girls break free of the status quo and prove
themselves as successful entrepreneurs. The number of Egyptian women that are
starting up their own businesses is increasing day after another. With their great
determination they have given us a reason to keep moving forward, especially
those who built their empire from scratch and managed to rise with it to
international fame.
Egypt needs entrepreneurs for two reasons:
 To capitalize on new opportunities
  To create wealth and new jobs

Egyptian Entrepreneurs Empowering Women Through their Startups

May Abdel Asim, founder of What Women Want… Magazine
Women empowerment starts at home, especially in the way women raise their
children, especially their sons. It really takes a courageous father not to be afraid of
his daughter and give her a voice, without having to fear what society has to say.
Girls are often raised to comply, while their sons are raised to do whatever they
want to,” says May Abdel Asim, bluntly. For the past 11 years, her company,
Media & More, has been breaking taboos and fighting paternalism through What
Women Want… Magazine. “When I started the magazine, the idea was to create a
woman’s catalogue; but when I looked at the market, I found we didn’t have
anything that stimulated my mind. I really wanted to read articles, and break the
idea that women are just interested in makeup and fashion,” she recalls. “Of
course, women want to look good, but they also want to talk about careers and
interest topics that affect them in society.”
Steering away from clichés or stereotypes, Asim’s photo shoots swap professional
models for regular women and rule Photoshop out. “
Azza Fahmy –Founder of Azza Fahmy
Egypt’s pioneer in culture jewelry, is the true definition of “every necklace
has a story”. Every piece of jewelry she crafts has a rich heritage behind it. The
brand is well established internationally and has garnered a massive amount of
popularity, especially among celebrities and public figures.
Hend Riad and Mariam Hazem – Founders of Reform Studio
An idea that started with one plastic bag in Cairo, turned into an award-winning
design studio that’s recognized internationally. Reform Studio produces furniture
out of its innovation, Plastex. It is basically plastic bags and cotton threads
recycled into handmade fabric. The eco-friendly innovation has won several
international awards, including Cartier’s Women’s Initiative Award in Paris and
the Silver A’ Design Award in Italy.
Mai Medhat – Co-founder of Eventtus
Along with her co-founder, Nihal Fares, they launched an online platform and
mobile app for event planning, networking and ticketing. It’s basically an
interactive medium connecting event organizers and attendees. We definitely
cannot forget when Medhat was invited with other international entrepreneurs, to
have a discussion with president Barack Obama and Facebook’s Mark Zuckerberg
at the Global Entrepreneurship Summit last year.

Rasha Abo Elsoud, founder of The Workshops and the Women

Entrepreneurs of Egypt network
A serial social entrepreneur pursuing her passion by helping other women become
entrepreneurs, Abo Elsoud abandoned the corporate world to juggle multiple
identities as a writer, an entrepreneur and a mother of two. The founder of The
Workshops and MAKTABY,the businesswoman stretched the limits in the female
startup world when she created the Women Entrepreneurs of Egypt network,
working as a coach to provide one-to-one business and soft skills to professionals
in and out of Egypt. A published author of five Arabic-language books and a
motivational public speaker, Rasha Abo Elsoud is known as a multi-tasking
woman with passion in social development, skill development, and culture.
Amira Azzouz, founder and Editor-in-Chief of Fustany.com
Having created on of the leading fashion and lifestyle portals for Arab women,
Azzouz launched her business in 2009, as she was attending her year in college as
a Telecommunication Engineering student. With a solid presence across the Arab
world and 1.5 million monthly visitors, Azzouz constantly works with worldwide
leading brands in providing content for a rapidly changing female online market.