Role of entrepreneur in economic

growth as an innovator

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 • What is entrepreneur ??
• The term entrepreneur is a loanword from French, and is
commonly used to describe an individual who organizes and
operates a business or businesses, taking on financial risk to do so.

• The term was first defined by the Irish-French economist Richard

Cantillon as the person who pays a certain price for 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. The term first appeared in the French Dictionary
"Dictionary Universal de Commerce" of Jacques des Brunson's
published in 1723.
• 1985: W.B. Gartner: Entrepreneur is a person who started a new
business where there was none before.

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 Economic growth
Economic growth is a process in which all efforts are made to increase national
income, national output , per capita income , per capita output and standard of living
of people by exploiting all the available resources of country.

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 Role of entrepreneur in economic growth
Entrepreneur serves as a catalyst in the process of
industrialization and economic growth.

Entrepreneur initiate and sustain the process of economic

development in the following ways : -

1. Capital Formation :- Eg. Generating income through

economic activity and reinvesting the money into the business.

2. Improvement in per capita income: Providing employment

opportunities to a no. of people.

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 3. Increase in Production :- adding to the total domestic
product of the economy.

4. Reduce Imports and promote Exports :- Producing

good through research and developments to meet needs
of the society, thereby contributing to increase in exports
and decrease in the value of imports

5. Efficient Utilizations of Resources :- making efficient

utilization of resources as pert of his social responsibility
towards the society
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 6. Technological Development :- Entrepreneurs
introduce new methods of production and new
techniques to increase output and decrease wastage.

7. Creating Employment Opportunities :- He creates

employment opportunity and lends a supports in the
development of nation.

8. Raise the Standard of living :- Entrepreneurs raise the

standard of living of people by providing them new ,
better and improved products.
9. Balanced Regional Development :- Entrepreneurs in
the public and private sectors helps to remove
disparities in economic development.
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10.Backward and Forward Linkages :- An entrepreneur initiates change
which has backward as well as forward linkage. The practice of
entrepreneurship is an important to established firms as to new and
prospective firms.

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 Innovation
• Innovation is the development of new values through
solutions that meet new requirements or old customer and
market needs in value adding new ways.
• This is accomplished through more
effective products, processes, services, technologies,
or ideas that are readily available to markets, governments, and
society.

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 Innovation process

Analytical Organizing Commercial

implementation
planning resources planning

To identify: To obtain: To accomplish: To provide:

Product design Material technology Organization product Value to customers
market strategy Human resources Design manufacturing Rewards for
Financial need capital services Employees revenue
For investors
satisfaction
For founders
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 7 sources for innovative opportunity
• The unexpected
• Incongruity
• Innovation based on process need
• Changes in industry or market structure
• Demographics
• Changes in perception, mood and meaning
• New knowledge
The first 4 exist with in the industry itself and the
last 3 in the social environment
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 Who are the Innovator??
An innovator is someone who pushes the boundaries of the known world--a change
agent who is relentless in making things happen and bringing ideas to execution.
In many ways, innovation is key to your success--no matter what your business is. The
minute you stop innovating is the minute you become mediocre.
In this special report, we celebrate and encourage innovation--and those who
innovate.

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Sir Richard Charles Nicholas Branson (born
18 July 1950) is an English business magnate,
best known as the founder and chairman of
Virgin Group of more than 400 companies.
His first business venture was a magazine
called Student at the age of 16. In 1970, he set
up an audio-record mail-order business. In 1972,
he opened a chain of record stores, Virgin
Records, later known as Virgin Megastores.
Branson's Virgin brand grew rapidly during the
1980s, as he set up Virgin Atlantic Airways and
expanded the Virgin Records music label.
Branson is the 4th richest citizen of the United
Kingdom, according to the Forbes 2012 list of
billionaires, with an estimated net worth of
US$4.2 billion.

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Mark Elliot Zuckerberg (born May 14, 1984) is an American computer
programmer and Internet entrepreneur. He is best known as one of five co-founders of the social
networking site Facebook. Zuckerberg is the chairman and chief executive of Facebook,
Inc. Zuckerberg's personal wealth is estimated to be $9.4 billion as of 2012.Zuckerberg began
writing software as a hobby in middle school, with help from his father and a tutor (who called
him a prodigy). In high school, he excelled in classic literature and fencing while studying
at Phillips Exeter Academy.

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Steven Paul "Steve" Jobs ( February 24, 1955 – October
5, 2011) was an American entrepreneur and inventor, best
known as the co-founder, chairman, and CEO of Apple
Inc.
Through Apple, he was widely recognized as a
charismatic pioneer of the personal computer
revolution and for his influential career in the computer
and consumer electronics fields, 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; he became a member of the
board of directors of The Walt Disney Company in 2006,
when Disney acquired Pixar.
Jobs was among the first to see the commercial potential
of Xerox PARC's mouse-driven graphical user interface,
which led to the creation of the Apple Lisa and, one year
later, the Macintosh. He also played a role in introducing
the LaserWriter, one of the first widely available laser
printers, to the market.
As the new CEO of the company, Jobs oversaw the
development of the iMac, iTunes, iPod, iPhone, and iPad,
and on the services side, the company's Apple Retail
Stores, iTunes Store and the App Store.

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(born as Ramkrishna Yadav in Haryana) is a
spiritual leader known for his contributions
in yoga, ayurved, politics and agriculture. Baba
Ramdev is best known for popularizing yoga
among health conscious Indians through his
mass yoga camps and TV shows. He has been
the inspiration and guide for the Patanjali group
of institutions (including some firms). Ramdev
has more recently become a vocal advocate
on Indian political issues.

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 Thank You…

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