Entrepreneurial Pursuits and Human Activities

Important Note :The latest notes is available at class 11 Entrepreneurship

1. Entrepreneurial opportunity lies in meeting human needs. Discuss.

Human needs represent a wide range.

  1. Economical
  2. Physical
  3. Political
  4. Psychological
  5. Spiritual
  6. Social

To satisfy these needs, every human being is continuously engaged in a variety of activities. For performing these activities, people need

  1. Certain tools and techniques
  2. Means and methods
  3. Products and services
  4. Facilities and environment.

This creates perpetual entrepreneurial opportunity in the society for

  1. continuous innovation
  2. Production
  3. Distribution
  4. Maintenance
  5. Modification
  6. Improvement

in such and services to enable people to perform the required human activities. Thus the entrepreneurial opportunities and human activities are positively associated in terms of nature, growth and continuity. In other words, entrepreneurial opportunity lies in meeting human needs.

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2. Entrepreneurial opportunities are positively correlated to human activities. Justify the correlation.

Entrepreneurial opportunities are positively correlated to human activities.

  1. Essentially the purpose of human activities is to satisfy human needs. These needs are not common for each human and they vary. accordingly the human activities are also varied. As the human activities directly affect the entrepreneurial opportunities, even the entrepreneurial opportunities also vary and are very huge in number. As the nature of human activity is to face continuous change and therefore dependent on new goods and services to adjust with the changing environment.
  2. At the beginning of the civilization, the human activity was primarily to move in-groups and focused on animal hunting and food gathering to satisfy elementary needs.
  3. As the development started, people started to settle in villages and the human activities were centralized around
    1. agricultural and animal husbandry practices
    2. supply of tools and implements
    3. innovative ways and means to process agricultural and natural products.
  4. During the ‘mercantile era’, all innovations, goods or services found their use outside the local boundaries. To attract and disperse these products and services, from far and wide, fairs and festivals were frequently held in town.
  5. During the industrial revolution, the invention of machine, scientific and technological advancement in the last quarter of 18th century induced drastic changes in the area of manufacturing, farming and transport. Production of huge quantity of goods in comparatively very short time in a factory by a large number of persons working under one roof has been its main feature.
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3. Explain how the village economy in early days provided opportunities for entrepreneurial activities.

Developments witnessed the emergence of villages as more permanent human settlements and cultivation as major occupation. During these days human activity is spread enormously in generating surplus through

  1. Selected agricultural and animal husbandry practices
  2. Supply of tools and implements
  3. innovative ways and means to process agricultural and natural products.

More organized forms emerged for exchange of surpluses and services. Certain commodities like

  1. Shells
  2. Salt
  3. or specific volume of grains

were used as medium of exchange at common places which later on developed as market places.
This stage, which is often described as an era of village economy, focused on a high percentage of human activities which were devoted to

  1. innovation
  2. production
  3. and distribution

for the following.

  1. processed goods
  2. tools
  3. implements
  4. and other articles of domestic use

All of these activities were done with private initiatives.

Thus the village economy in early days provided opportunities for entrepreneurial activities.

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4. Why do first generation entrepreneurs favour micro-enterprises or small-scale industries?

First generation entrepreneurs favour micro-enterprises or small-scale industries because

  1. the investment
  2. operation
  3. scale of product
  4. and operation

for these is comparatively low. Thus they suit best for them in terms of availability of the resources at their hand. Even the risk involved in these is also less. For the experience of the first generation entrepreneurs, they suit best. Over a period of time these small-scale industries or micro-enterprises have the capability to grow vertically and mature as medium and large enterprises.

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5. How can the entrepreneurs be classified based on the type of enterprise?

Based on the type of enterprise, the entrepreneurs can be classified as follows:

  1. Innovating entrepreneurs: They are generally aggressive in experimentation and put attractive possibilities into practice. They quickly introduce
    1. new products
    2. process of production
    3. new technology
    4. explore new market

    etc. Their number grows with the development of respective countries.

  2. Adaptive or imitative entrepreneurs: They are ready to adopt successful innovations created by innovative entrepreneurs. They just imitate the technology and practices.
  3. Fabian entrepreneurs: They are very cautious and skeptical while practicing any change. Their dealings are determined by customs, religion, tradition and past practices.
  4. Drone entrepreneurs: They are characterized by refusal to adopt any change in production, technology or market. They seldom survive long.
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6. Why are innovative entrepreneurs generally aggressive?

Innovating entrepreneurs are generally aggressive. This is evident from the fact that they are more inclined towards experimentation and put attractive possibilities into practice. They quickly introduce

  1. new products
  2. process of production
  3. new technology
  4. explore new market

etc. Their number grows with the development of respective countries.

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7. Who are Fabian entrepreneurs?

Fabian entrepreneurs are entrepreneurs who are very cautious and skeptical while practicing any change. Their dealings are determined by customs, religion, tradition and past practices.

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8. How are drone entrepreneurs different from Fabian entrepreneurs?

Fabian Entrepreneurs Drone Entrepreneurs
They are very cautious and skeptical while practicing any change. They are characterized by refusal to adopt any change in production, technology or market.
Their dealings are determined by customs, religion, tradition and past practices. Their dealings are determined by fear or lack of futuristic vision
Survival is assured. They seldom survive long.
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9. What are the features of adaptive entrepreneurs?

Adaptive or imitative entrepreneurs are ready to adopt successful innovations created by innovative entrepreneurs.
However they not aggressive to experiment with the new possibilities. They just imitate the technology and practices after it has been successfully practiced by the innovative entrepreneurs.

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Other useful resource for your reference
Books & Other Material

  1. Entrepreneurship: Concept and Functions
  2. An Entrepreneur
  3. Entrepreneurial Journey
  4. Entrepreneurship as Innovation and Problem Solving
  5. Concept of Market
  6. Business Finance and Arithmetic
  7. Resource Mobilization

1 Comment (+add yours?)

  1. diya chatterjee
    Aug 03, 2013 @ 11:00:34

    thanx 4 ur valuable suggestion, it really helped me a lot

    Reply

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