UNIT -4
BUSINESS PROMOTION
4.2 AN ENTREPRENEUR :-
→ An entrepreneur innovates and combines resources in the form of men, materials and money and brigs them togther to make the busiess profitable.
→ An entrepreneur creates something new, something different.
• Entrepreneurship :-
→ Entrepreneurship is the act of beign an entrepreneur.
→ Innovatin and risk bearing ar the two bais elements of entrepreneurship.
(1) Innovation :
→ In a competitive market, an entrepreneur can successed in his business only throgh innovation.
→ A simple adjustment to something old, or giving a serice without extra charge while selling a product, or a coloruful packaging, or selling a prodcut in pakcets of different weights, and scuh type of steps mmay be profitable innvations.
(2) Risk Bearing :-
→ One who is entrepreneur must be a risk taker, not a risk avoider.
→ Startign a new business always involves risk because money is invested for profits in future.
→ To try anything is also risky
• Characteristics of an Enterpreneur :-
(1) Independence
(2) Hard work
(3) Desire to Achieve Goal
(4) Foresight and Dynamic outlook
(5) Open-mindedness
(6) Optimistic outlook
(7) Working Relationship
(8) Good Organisers
(9) Innovative Aptitude.
• Fuctions of an Entrepreneur :-
(1) Develop an idea and explores apportunities
(2) Product analysis and market survey
(3) Decides form of organisation
(4) Decide location
(5) Collect necessay capital
(6) Place orders for machinery
(7) Recuritment of labour
(8) Designs internal organisation structure
(9) Fulfils formalities and launches enterprise.
4.3 PROMOTION :-
• Types of Promoters :-
(1) Professional Promoters :-
→ These are specialists in forming a new busiess enterprise
(2) Financail Promoters :-
→ These people have financaial stability and are looking forward to new apportunities for investment.
(3) Entrepreneurial Promoters :-
→ These promoters conceive the idea of a new business unit, do the necessary preliminary work in setting up the business unit and ultimately control and manage the some.
(4) Institutional Promoters :-
→ There are soem specialised institutions like indurstrail Development Bank of India, National Industrial Development Corporation, etc.
→ These insitutions collaborate with other entrepreneur to launch the enterprise.
