An Entrepreneur – CBSE Notes for Class 11 Entrepreneurship
FACTS THAT MATTER
1. Steven Paul “Steve” Jobs (February 24, 1955 – October 5, 2011) was an American entrepreneur, marketer, and inventor, who was the co-founder, chairman, and CEO of Apple Inc. He is widely recognized as a charismatic pioneer of the personal computer revolution and transforming “one industry after another, from computers and smartphones to music and movies”. Jobs also co-founded and served as chief executive of Pixar Animation Studios.
2. Maslow’s Theory of Motivation: When motivation theory is being considered the first theory that is being recalled is Maslow’s hierarchy of needs which he has introduced in his 1943 article named as “A Theory of Human Motivation”. According to this theory, individual strives to seek a higher need when lower needs are fulfilled. Once a lower-level need is satisfied, it no longer serves as a source of motivation. Needs are motivators only when they are unsatisfied.
3. The Enron Scandal revealed in October 2001, eventually led to the bankruptcy of the Enron Corporation, an American energy company based in Houston, Texas, and the dissolution of Arthur Andersen, which was one of the five largest audit and accountancy partnerships in the world. In addition to being the largest bankruptcy reorganization in American history at that time, Enron undoubtedly is the biggest audit failure. It is ever the most famous company in the world, but it also is one of companies which fell down too fast.
4. Formerly known as WorldCom, now known as MCI, this U.S.-based telecommunications company was at one time the second-largest long-distance phone company in the U.S. Today WorldCom’s bankruptcy filing in 2002 was the largest such filing in U.S. history. The WorldCom scandal is regarded as one of the worst corporate crimes in history, and several former executives involved in the fraud faced criminal charges for their involvement.
5. Gifford Pinchot, has coined Intrapreneurship/Corporate Entrepreneurship in the 1980. It refers that entrepreneurs are used by companies that are in great need of new, innovative ideas.
6. The founders of Adobe, John Warnock and Charles Geschke were employees of Xerox. (Intrapreneurship).
7. Types of Entrepreneurs
According to Danh, there can be four types of entrepreneurs:
1. Innovative 2. Imitative 3. Fabian 4. Drone
On the basis of:
1. Business 2. Trading 3. Industry 4. Corporate 5. Agriculture
1. Technical 2. Non-technical 3. Professional
1. Spontaneous 2. Induced 3. Motivated
1. First generation 2. Second generation 3. Third generation
8. Entrepreneurial competencies can be broadly classified as:
(a) Entrepreneurial (b) Enterprise launching (c) Enterprise managing
Core values among entrepreneurs:
(i) Innovation and creativity
(ii) Independence or self-reliance
(iii) Respect for work
(iv) Quest for outstanding performance or achievement
9. Attitude is something we individually feel about some person, work, place, etc., Features:
(i) Affects behaviour
10. Motivation Theories:
WORDS THAT MATTER
1. Competency is a set of defined behaviours that provide a structured guide enabling the identification, evaluation and development of the behaviours in individual.
2. Intrapreneur is someone who has an entrepreneurial streak but chooses to align his or her talents with a large organisation in place of creating his or her own.
3. Values are “beliefs that guide actions and judgement across a variety of situations.”
4. Initiative refers to the ability to make decisions and take action without asking for the help or advice for others.
5. Creativity is the ability to see new ways of doing things.
6. Innovation: It is doing something new or something different.
7. Persistence: A ‘never say die’ attitude, not giving up easily, striving.
8. Ethics: It is a determination of what is right and proper and the principles which governs business activities.
9. Business Ethics: It comprises of the study of proper business policies and practices regarding potential controversial issues, such as corporate governance, insider trading and social responsibility.
10. Social responsibility: Understanding the aspiration of society determination to contribute to its objectives.
11. Self-reliance: Reliance on one’s own capabilities and resources rather than those of others.
12. Attitude: It is the way a person feels about something – a person, a place, a commodity a situation or an idea.
13. Motivation: It is the process that initiates, guides and maintains the goal-oriented behaviour.
14. Entrepreneur: He/she is one who undertakes risks and is a problem solver.
15. Employee: He is one who renders his services for others and gets some remuneration in the form of salary/wages.
16. Business Risk: It means the possibility of some unfavourable occurrence in the business.
17. Risk: It is the chance of loss.
18. Entrepreneurial Motivation: It may be defined as the process that activates the entrepreneurs to exert high level of efforts for the achievement of his/her goals.