ENTREPRENEURSHIP. unit-1

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ENTREPRENEURSHIP:

ENTREPRENEURSHIP VANDANA INDORIA

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MEANING :- The word entrepreneur originates from french word enterprendre, which means “to initiate or undertake.” Entrepreneur is one who always searches for change, responds to it & exploit it as an opportunity – Peter Drucker. Entrepreneur is an innovator, who introduce something new in the economy – Schumpeter. VANDANA INDORIA

Check Your Progress :

Check Your Progress Match the entrepreneur and his enterprise from the following words, which are all jumbled up Wipro, Ambani, Patel, Azimji Premji, credit card, Reliance, Nirma, HDFC. VANDANA INDORIA

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ENTREPRENEUR ENTREPRENEURSHIP ENTERPRISE The Outcome The Process The Person VANDANA INDORIA

EMERGENCE OF ENTREPRENEURSHIP:

EMERGENCE OF ENTREPRENEURSHIP Entrepreneurial growth- after launch of economic planning in 1952. Since then no. of Entrepreneurs have increased manifold. Entrepreneurs like Tata, Birla, Ambani, Dalmia etc. grew beyond the expected size & also established new frontiers in business in India & Abroad. VANDANA INDORIA

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Up to 19 th century, entrepreneurs included those persons who earned profits from taking risks of forming a new venture & the class was differentiated from those people who earned profits by supplying capital . During 20 th century, they not only risk of creating a new venture but also innovate new useful products, technologies, markets, etc. Another class of entrepreneurs is emerging since 1980’s which is called “intrapreneurs” or “corporate entrepreneurs”. VANDANA INDORIA

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VANDANA INDORIA

CHARACTERISTICS:

CHARACTERISTICS VANDANA INDORIA

CHARACTERISTICS:

CHARACTERISTICS Vision Knowledge Desire to succeed Independence Optimism Value addition Innovation Risk-Taking Decision-Making Leadership Business Planning Organization Building Self confidence Hard working VANDANA INDORIA

eBay Case:

eBay Case Omidayar, the founder of eBay saw an opportunity to create a marketplace where people could find each other online, he risked his career by quitting his job to work on eBay full time, and he worked hard to build a profitable company that delivers a creative and useful service to its customers. VANDANA INDORIA

Why Become an Entrepreneur?:

Why Become an Entrepreneur? The three primary reasons that people become entrepreneurs and start their own firms Desire to be their own boss Desire to pursue their own ideas Financial rewards VANDANA INDORIA

Knowledge & Skills Requirement:

Knowledge & Skills Requirement Technical skills Writing Oral Listening Coaching Ability to organize Interpersonal Being a team player Business Management Skills Planning & Goal setting Decision - Making H.R. Marketing Finance Accounting Management Personal Entrepreneur -ial Skills Inner control / Disciplined Risk-Taker Innovative Change- Oriented Ability to Manage Change VANDANA INDORIA

“Intrapreneurship” is entrepreneurship within an existing business structure.:

“Intrapreneurship” is entrepreneurship within an existing business structure. The process begins by establishing an an intrapreneurial culture. This refers to instilling the entrepreneurial spirit in an existing organization in order to innovate and grow. VANDANA INDORIA

Characteristics of an Intrapreneur:

Characteristics of an Intrapreneur Often operates on the frontiers of technology so understands multiple aspects of the environment. Has a vision. Possesses flexibility, problem solving skills and uses a multi-disciplinary approach. Encourages open discussion and teamwork. Builds a coalition of supporters . VANDANA INDORIA

To establish intrapreneurship in an organization::

To establish intrapreneurship in an organization: Secure commitment by top, upper and middle management. Identify ideas and general interest areas. Use technology for greater flexibility. Use a group of interested managers. Get close to the customers. VANDANA INDORIA

Role of Entrepreneurship in Economic Development:

Role of Entrepreneurship in Economic Development Optimum utilization of resources. Employment opportunities. Std. of living. Increase in GDP. Generates Foreign Exchange. Economy-strong & stable. Adequate distribution of wealth. Upliftment of region. FDI’s Govt. benefited (taxes) Tourism industry develops. SSI’s VANDANA INDORIA

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VANDANA INDORIA

DIFFERENCE BETWEEN MANAGERS & ENTREPRENEUR:

DIFFERENCE BETWEEN MANAGERS & ENTREPRENEUR FEATURES ENTREPRENEUR MANAGER Decisions Strategic Day to day Org. Flat Hierarchical Time span Long-term Short or medium Imp. Role Start-up Implementation Failures & mistakes Deals with them as learning exp. Strives to avoid them Risk Like moderate risk Careful / avoid VANDANA INDORIA

ENTREPRENEURIAL PROCESS:

ENTREPRENEURIAL PROCESS IDENTIFY AN OPPORTUNITY ESTABLISH VISION PERSUADE OTHERS GATHER RESOURCES CREATE NEW VENTURE,PRODUCT OR MARKET CHANGE/ADAPT WITH TIME VANDANA INDORIA

Types of Entrepreneur:

Types of Entrepreneur Innovating Entrepreneurs Adoptive or Imitative Entrepreneurs Fabian Entrepreneurs Drone Entrepreneurs VANDANA INDORIA

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VANDANA INDORIA

FACTORS RESPONSIBLE FOR EMERGENCE OF ENTREPRENEURSHIP:

FACTORS RESPONSIBLE FOR EMERGENCE OF ENTREPRENEURSHIP 1. Background factors 2. Rewards Social status Recognition Education, training & exp . Family & other support Financial condition VANDANA INDORIA

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Personal Business Need for achievement 3. MOTIVATIONAL FACTORS VANDANA INDORIA

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4. Economic factors Govt. policies Financial assistance Factors of prod Ancillary support VANDANA INDORIA

Key Elements in Entrepreneur’s Background:

Key Elements in Entrepreneur’s Background Supportive childhood family environment. Having a father who is self-employed helps. Education is important. Aged 22-45 when starting venture. Work history: dissatisfied with company job but has technical knowledge. VANDANA INDORIA

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VANDANA INDORIA

BARRIERS TO ENTREPRENEURSHIP:

BARRIERS TO ENTREPRENEURSHIP SOCIETAL BARRIER PERSONAL BARRIER ENVIRONMENTAL BARRIERS BARRIERS TO ENTREPRENEURSHIP VANDANA INDORIA

ENVIRONMENTAL BARRIERS:

ENVIRONMENTAL BARRIERS Raw-Material Labour Machinery Land & Building Financial Barriers Other Infrastructure Requirements VANDANA INDORIA

PERSONAL BARRIER :

PERSONAL BARRIER Lack of Confidence Lack of Motivation Lack of Patience Inability to Dream Lack of Dependability on Others VANDANA INDORIA

SOCIETAL BARRIER:

SOCIETAL BARRIER External pressures need to be overcome. Graduates prefer to “get a real job” Need to raise awareness of the option of starting a business. Peer group case studies can be particularly effective. VANDANA INDORIA

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VANDANA INDORIA

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