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LECTURE NOTES

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XI ENTREPRENEURSHIP

TOPIC-ENTREPRENEURSHIP AS INNOVATION AND

PROBLEM SOLVING

SUB TOPIC- ENTREPRENEURS AS PROBLEM SOLVERS AND INNOVATORS AND SOCIAL
ENTREPRENEURSHIP

1. Entrepreneurs as Problem Solvers
 An entrepreneur is known to be a person, who habitually creates and innovates to
build something of value around perceived opportunities. It has been observed
that ideas usually evolve through a creative process, whereby, imaginative people
like the entrepreneurs innovate the ideas so created.
 An entrepreneur is a person who undertakes risk and tries to resolve the problems
faced by the society and earn profit in this process. Entrepreneurial actions are
efforts to solve problems of others. When one solves a problem, a new value is
created which leads to the creation of a new profitable enterprise.
 It can be represented as:

Needs and Creative solutions
problems

Entrepreneurial

opportunity

2. Entrepreneurs as Innovators
 Creativity and innovation are the 'distinguishing marks of an entrepreneur.
Creativity is a continuous activity for the entrepreneur, who always sees new
ways of doing things. Innovation means implement the creative ideas in practice.

(i) Pencillin - Sir Alexander Fleming, a scientist
 What he was trying to make. Ironically, Fleming was searching for a 'wonder
drug' that could cure diseases. However, it wasn't until Fleming threw away his
experiments that he found what he was looking for.
 How is created. Fleming noticed that a contaminated petri dish, he had
discarded, contained a mould that was dissolving all the bacteria around it.