FET Presentation Entreprenuership - 26-10-2012

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This presentation is an orientation towards Entreprenuership

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Orientation To ENTREPRENEURSHIP Yogesh Misra, Faculty of Engineering & Technology Mody Institute of Technology & Science (Deemed University) Laxmangarh [Raj.] Presentation At: FET, MITS Laxmangarh on 26/10/2012

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Contents Occupation (2) Businessman / Business vs Entrepreneur / Entrepreneurship (3) Characteristics of entrepreneur (4) How to start a business? (5) Steps in writing a business plan (6) Do,s and Don’t do’s (7) Facts based on A Study by National Knowledge Commission (8) Some success stories (9) Some exiting careers (10) Role of government (11) Role of academic institutions

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Occupation (An activity through which we get income to run our family) Entrepreneur A professional is person who is paid to undertake a highly skilled task. Examples : medicine, nursing, law and engineering Professional Employee A person in the service of another under any contract Business A businessperson is someone involved in a activity for the purpose of generating revenue An entrepreneur is an owner manager of a business enterprise who makes money through innovation

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ENTREPRENEURSHIP

Characteristics of entrepreneur: 

Characteristics of entrepreneur Information seeking Learning nature Goal setting Commitment to work Systematic planning and monitoring Moderate risk takers Most important : INNOVATIVE IN NATURE

Some advantages Some disadvantages: 

Some advantages Some disadvantages You are your own boss. Enjoy the profits from your efforts Sense of pride in your business. Flexibility in your work schedule. Will need to put in long hours. Need money to start. Have to keep up with government rules and regulations. May lose money.

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Businessman / Business Entrepreneur / Entrepreneurship 1 Own an enterprise or venture Own an enterprise or venture 2 Usually a profit oriented Usually a customer oriented 3 Usually plays safe Bold and ambitious 4 May be purchased, donated or inherited Creates his own idea and realize it as a business 5 Generally traditional Generally innovator 6 Usually don’t have time for their families and love ones Shares enough time with their families and love ones 7 Usually distressed and experiences sleepless nights Always a happy and enthusiastic businessman 8 Works for the Company Company works for him

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ENTREPRENEURSHIP IN INDIA Rapid growth in past 20 years Entrepreneurship Environment - Economic libralization , end of license raj and easily accessible of finance. Survey by the Deloitte group - India ranks 2 nd globally India - Leading economies by 2050. A democratic open society, a strong technology base, an increasingly youthful population (50% of India is 25 years and younger), a sizeable market of a large number of customers. In this situation, India enjoys enormous potential for the creation of wealth through knowledge.

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Building a successful venture

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How to Start a Business Step 1: Get Inspired Step 2: Do Your Research Answer these questions in your market research : Is there a need for your products/services? Who needs it? Are there other companies offering similar products/services now? What is the competition like? How will your business fit into the market? Step 3: Make a Plan “who fails to plan, plans to fail“ It gives clarity about what we want to achieve and how. It helps in seeking financial support from an investor or financial institution Step 4: Plan Your Finances

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Step 5: Choose a Business Structure Step 6: Pick and Register Your Business Name Step 7: Get Licenses and Permits Step 8: Set Up Your Business Location Step 9: Choose Your Accounting System Step 10: Promote Your Small Business How to Start a Business

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(1) EXECUTIVE SUMMARY (2) COMPANY DESCRIPTION (3) PRODUCTS / SERVICES (4) MARKET ANALYSIS (5) MARKET STRATEGY (6) MANAGEMENT SUMMARY (7) FINANCIAL ANALYSIS STEPS IN WRITING A BUSINESS PLAN

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(2) COMPANY DESCRIPTION (The company description outlines vital details about your company, such as where you are located, how large the company is, what you do and what you hope to accomplish) Company name (use Ministry of Corporate Affairs www.mca.gov.in) Ownership/management team Location Company history Mission statement Products/services and target market Objectives Vision statement

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MISSION A clear statement that represents the purpose of your company. Why are you starting this business? VISION What are you creating? What will your business look like in one year, three years, and five years? OBJECTIVES ( Set goals for the business) Goal should be: Specific & Measurable With in reach Time-based

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(3) PRODUCTS / SERVICES (The products or services section of your business plan should clearly describe what products and/or services you're selling with emphasis on the value you're providing to your customers or clients) This section can be broken down into following parts: Brief comparison to similar products or services in the market ii. List of your price points

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(4) MARKET ANALYSIS This section should include following parts: Industry Description : Detailed statistics that define the industry size, growth rate and trends. Target Market : Who is your ideal customer? Age, gender, income level and lifestyle of target customers. How you intend to reach the market. Competitive Analysis : Who is in your competition? What are the strengths and weaknesses of the competition? What are the potential roadblocks preventing you from entering the market?

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(5) MARKET STRATEGY : ( This section can be used as a blueprint for all of your marketing activities) (I) Product: (i) Brand name (ii) Packaging (iii) Quality and Warranty (II) Promotion: (i) Advertising and Marketing budget (ii) Promotional strategy, Publicity and public relations (iii) Sales force and Sales promotion (III) Price: (i) Pricing flexibility Pricing strategy (ii) Retail price, Seasonal Price and Wholesale (volume) price (IV) Place: (i) Distribution centers and Distribution channels (ii) Order processing and Transportation

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(6) MANAGEMENT SUMMARY (This section demonstrates expertise of the team and resources behind your company) This section should include following parts: (I) Business Structure (II) Management Team (III) Other Personnel (IV) Personnel Growth Plan : What are the salaries of each person to be involved with the company for the next three years?

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(7) FINANCIAL ANALYSIS (This section should contain the data for financing your business now, what will be needed for future growth, and an estimation of your operating expenses) This section should include following parts: Balance Sheet : (II) Profit and Loss Analysis (III) Personnel Expense Forecast

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(1) EXECUTIVE SUMMARY (The executive summary is the first section of your small business plan that is typically written last. It provides an overview of all of the other sections in the business plan) Executive summary should highlight at least one important statement from each of the other sections in your business plan. II. If the reader only reads the executive summary, he or she should have a very clear idea about your business, your goals and your strategic plan for accomplishing your goals. III. The executive summary should also include basic information about your business such as your business name and location, description of your business and its products and/or services, your management team and mission statement.

“Enthusiasm without knowledge is not good; a person who moves too quickly may go the wrong way.” Do’s DON'TS: 

“ Enthusiasm without knowledge is not good; a person who moves too quickly may go the wrong way. ” Do’s DON'TS Start saving money for operating your business. Learn your business by working for someone else in the same business first. Consider the advantages of operating a family business. measure your skills and training against potential competition. Test market your product or service before starting or expanding. Make "for" and "against" list describing the business you are in or considering. Talk to lots of people for advice. Make a comparative analysis of all opportunities you are considering. Quit your job before you have completed start-up plans. Consider operating a business in a field you do not enjoy. Risk all the family assets. Limit your liabilities to a predetermined amount. Be in a hurry to select a business. Select a business that is too high a risk Neglect to learn the negative aspects of an intended business.

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QUESTIONS (Q) What motivates a person to become an entreprenuer? (Q) Does motivation to become an entreprenuer is different in male and female? (Q) Does motivation to become an entreprenuer vary with the age? (Q) Does motivation to become an entreprenuer vary with the experience? (Q) Which one is most suited finance option for entreprenuers? (Q) What is the importance of education for an an entreprenuer?

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Some Facts Based on a Study by National Knowledge Commission (2008)

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Level 1: Agriculture and other activities: Crop production, Plantation, Forestry, Fishing, Mining, etc. Level 2: Trading services: Wholesale and retail trade. Level 3: Old economy or traditional sectors: Manufacturing. Level 4: Emerging sectors :IT, Finance, Insurance and Business services, Construction, Transport-Storage-Communications etc. Entrepreneurship Pyramid in India (in terms of sectors and numbers of people engaged)

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Registration of new companies according to nature of economic activity

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Motivation to become an entrepreneur

Motivation – Variations according to gender: 

Motivation – Variations according to gender For female entrepreneurs the most important motivating triggers are: Independence = 25% & Identification of a marketable idea = 25% For male entrepreneurs the most important motivating triggers are: family background = 24% & Independence = 21%

Motivation – Variations according to age: 

Motivation – Variations according to age For entrepreneurs less than 35 years age the most important motivating triggers are: Market opportunity = 27% & Independence & Family background = 22% For entrepreneurs greater than 35 years age the most important motivating triggers are: Independence & Family background = 23% & Idea driven = 22%

Motivation – Variations according to work experience: 

Motivation – Variations according to work experience Among those who had work experience, 53% started enterprises in fields related to those in which they had previously worked.

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Start-Up Phase Finance Sources of self-finance An angel investor is an rich individual who provides capital for a business start-up, usually in exchange of ownership equity.

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Bank Finance at different stages of business

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Importance of Education for Entrepreneurship

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Importance of Education for Entrepreneurship

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Importance of Education for Entrepreneurship

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Some Innovations

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Bhagwan Singh Dangi (Reaper windrower machine) Madhya Pradesh

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N Sakthimainthan (Hand operated water lifting pump) Tamil Nadu

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Radhey Shyam Sharma (Bullock operated sprayer) Madhya Pradesh

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M. Nagarajan (Lemon cutter) Tamil Nadu

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Swayambhoo Sharma, Madanlal Kumawat, Chandan Agarwal ( Modified hand pump with tap and attachment for filling animal trough) Rajasthan/Delhi

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CA Vincent (Floating soap) Kerala

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Brahmam, Ajmeri (gas-operated iron)

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Remya Jose (Washing-cum-exercise machine) Kerala

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Abhishek Bhagat (Automatic Food Making Machine) Bihar

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Some Success Stories

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Infosys (1) Started in 1981 by seven people (2) Start-up investment US$ 250 (3) 65 offices and 59 development centers in India, China, Australia, , Poland, UK, Canada and Japan (5) Total employees 127,779 employees as on December 31, 2010. Mr. Narayan Murthy

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Lizat Papad (1) The organisation started of with a sum of Rs.80. (2) Founded by 7 sisters in Mumbai. (3) Now 73 Branches and 27 Divisions in different states all over India. (4) Sales of over Rs.650 crores with exports itself exceeding Rs. 29 crores. (5) Over 42,000 sisters working in organisation .

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Dabbabala Originated by Mr. Mahadeo Havaji Bachche with about 100 men. Started in 1890 Total area coverage: 60 Kms to 70 Kms Employee Strength: 5000 Number of Tiffin's: 2,00,000 Tiffin Boxes i.e 4,00,000 transactions every day. Time taken: 3 hrs

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Bansal Classes Pvt. Ltd. Started by Mr. V K Bansal in 1981 with one enrolled student 2. Bansal Classes has produced more than 12000 IITians

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Finished his B.Sc. in Chemistry at age 21 and worked as a lab technician. (2) In 1969 set up Nirma . (3) Total employee 14,000 (in 2004). (4) Turn-over Rs. 2500 crore . Founded By: Mr.Karsanbhai Patel

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Started on 18 August, 1973 Mansukhbhai conceived an idea of presenting a substitute of “Pan”

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Shahnaz Husain (1) Started in1977 from her house. (2) Start-up investment of Rs 35000. (3) Presence in over 100 countries 650 salons around the world (in 2002). (4) Employing about 4200 people. (5) The net worth of the Group was $100 million.

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Kiran Mazumdar-Shaw Started M/s Biocon Ltd. in1978 from her garage. (2) Start-up investment of Rs 10,000. (3) 7th largest biotech employer in the world

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Subroto Roy (1) Founded SAHARA group 1978 started with three workers (2) Small deposit para-banking business. (3) Today having presence in housing, entertainment, media and aviation.

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Ekta Kapoor Started her television software business at the age of 19.

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Sunil Mittal In 1970s, he set up a small bicycle business in Ludhiana. (2) In 1986, incorporated Bharti Telecom Limited ( AirTEl )

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Sabeer Bhatia (1) July 4, 1996, first email service by HOTMAIL. (2) In 1997 Microsoft purchased HOTMAIL in $400million.

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Some Exiting Opportunities

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Copywriters (1) Prepare text for advertisements, marketing brochures, press releases, TV and radio commercials, catalogs and packaging labels, etc. (2) Writing talent. (3) High demand, as most business owners do not possess the skills and time to prepare highly effective copy. (4) Alliances with advertising agencies, graphic artists and public relations firms.

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Alcohol Free Club The benefits include: • Less investment capital required to start and operate the business. • Fewer government regulations, and substantially lower liability insurance premiums. • Less competition within the industry, and a clear definition of the target market. • Increased choices in terms of operating location.

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Health Taxi (1) Purchase, lease or rent a suitable mode of transportation. (2) Contact local doctors.

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Self Defence Potential customers: Kids, students, single mothers, housewives, executives traveling overseas, government employees, celebrities, sports figures, politicians, school teachers , security guards, etc. (2) Training can be conducted in a group format or on a one-on-one basis at your school location or the clients locations, including their homes, businesses, or offices.

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Stress Management (1) Target customers are individuals seeking to reduce or eliminate stress from their daily lives. (2) Corporate clients. (3) Business place – Home, rental office or client's business or home location.

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Role of Government (1) Information source for start-up entrepreneurs. (2) World-class infrastructure. (3) Public Fund for new entrepreneurs. (4) Polices to encourage innovation among smaller institutions and companies. (5) Recognition and reward for Entrepreneurship.

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Role of Educational Institutions (Entrepreneurship is treated as an extra-curricular activity, resulting in a narrow impact on limited numbers of students) (1) Integration of subjects on entrepreneurship in the formal education systems (2) Case studies of real life situations in the curriculum. (3) Linking vocational education with mainstream education. (4) Student-led activities related to entrepreneurship in campus. (5) Business plan contests. (6) Industry-Institute interaction.

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Name of Institute Place Activities National Institute of Small Industry Extension and Training (NISIET) Hyderabad Training, research and consultancy services Indian Institute of Entrepreneurship Guwahati Training, research and consultancy services National Institute of Entrepreneurship and Small Business Development (NIESBUD) New Delhi Coordinating and overseeing activities of various institutes /agencies engaged in entrepreneurship development Integrated Training Centre (Industries) Nilokheri Conducts EDP course Institute for Design of Electrical Measuring Instruments (IDEMI) Mumbai Render services to the instrumentation industry Central Institute of Hand Tools Jalandhar Aims at rapid growth of the hand tool sector Hand Tool Design Development and Training Centre Nagaur Assistance for improvement in productivity, betterment in quality, high value addition Central Tool Room Ludhiana Provides services in the area of consultancy, tool design and manufacture and technical training Central Tool Room and Training Centre Kolkata Training, design and manufacture of complicated precision tools for the telecom industry and other common facility services Central Institute of Tool Design (CITD) Hyderabad Training, CAD/CAM centre to train post-graduate trainees, automatic process control unit, and so on Product-cum-Process Development Centre for Sports Goods Meerut Training, process and product development of sports goods, R & D Product-cum-Process Development Centre for Essential Oils Kannauj Modernise and upgrade technology status for the essential oils and perfumery industry Product-cum-Process Development Centre Agra Provide better technology to small-scale foundry and forging units, process and product development, and provision of design for melting equipment, testing facilities Electronic Service and Training Centre Ramnagar Training, technical and consultancy services Centre for the improvement of Glass industry Firozabad Development and adoption of new technologies and products National Small Industries Corporation New Delhi Supply of machinery, marketing assistance, training

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Thanks