Entrepreneurship (Food Business)


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A presentation given to students Home Science department of RTM Nagpur University, Amravati road. The purpose of the presentation was to explain the concept of Entrepreneurship, Skills of entrepreneurs and ideas for food business.

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Entrepreneurship (Food Business)

  1. 1. Entrepreneurship Mrs.Muktai Chavan Deb Assistant Professor Dr.Panjabrao Deshmukh Institute of Management Technology & Research
  2. 2. Entrepreneur & Entrepreneurship  After finishing your graduation you will be at the crossroads of life.  You will face the dilemma of choosing what you have to do in life.  You can choose your career from two broad categories of options – Wage Employment or Entrepreneurship.  The term ‘career’ signifies a continuous, ever evolving, ever expanding opportunity for personal as well as business growth and development.  We may define entrepreneurship as a career in your own business [YOB] rather than wage employment [JOB].  If you opt for a job then you will work for others. In case you opt for entrepreneurship you will be your own boss.
  3. 3. Definition of an Entrepreneur “An entrepreneur is a person who undertakes to do a job”. The term entrepreneur originated from a French word “entreprendre” was first coined by Richard Cantillon (1755). In Malaysia, the term “usahawan” is used to mean entrepreneur.
  4. 4. Some Modern Definitions Howard Stevenson (Harvard) – “.. The pursuit of opportunity without regard to resources currently controlled.” W. Gibb Dyer, Jr. (BYU) – “The founding of new businesses is the essence of entrepreneurial activity.”
  5. 5. Development of Entrepreneurship Theories Adam Smith (1776) – An entrepreneur is a person who acts as agent in transforming demand into supply. Jean Baptiste Say (1803) – An entrepreneur is a person who shifts resources from an area of low productivity to higher productivity. John Stuart Mill (1848) – An entrepreneur is a prime mover in the private enterprise. The entrepreneur is the fourth factor of production.
  6. 6. Development of Entrepreneurship Theories Carl Menger (1871) – The entrepreneur acts as an economic agent who transforms resources into products and services. These transformation process gives added value to the output. Joseph Aloysius Schumpeter (1934) – The entrepreneur is an innovator. The economy moves through leaps and bounds because of the innovations. This process is known as “creative destruction” Alfred Marshall (1936) – The process of entrepreneurship development is evolutionary. The entrepreneur is responsible for the evolution of sole proprietorships into a public company.
  7. 7. Development of Entrepreneurship Theories Ibnu Khaldun (Abdul Rahman Mohamed Khaldun) – The entrepreneur is seen as a knowledgeable individual and is instrumental in the development of a city-state where enterprises emerge. David C. McLelland (1951) – The entrepreneur is a person with a high need for achievement. This need for achievement is the foundation of the entrepreneurship process.
  8. 8. Why People Become Entrepreneurs?
  9. 9. Why Entrepreneurship? Being your Own Boss Self-management is the motivation that drives many entrepreneurs. Financial Success Entrepreneurs are wealth creators. Job Security Over the past ten years, large companies have eliminated more jobs than they have created. Quality of Life Starting a business gives the founder some choice over when, where, and how to work.
  10. 10. Characteristics of Entrepreneurs
  11. 11. Entrepreneurial Characteristics  Vision - entrepreneurs begin with an overall idea for how to make their business idea a success  High Energy Level - a willingness to work hard  Need to Achieve - entrepreneurs work hard because they want to excel  Self-Confidence - fearlessness in the face of difficult odds  Tolerance for Failure - entrepreneurs are not easily discouraged  Creativity - entrepreneurs devise innovative ways to overcome difficult problems and situations  Tolerance for Ambiguity - entrepreneurs take in stride uncertainties.  Internal Locus of Control - entrepreneurs believe they can control their own fate
  12. 12. Starting A New Venture  Selecting a Business Idea  Find something you love to do and are good at doing  Can your idea satisfy a need in the marketplace?  Entrepreneurs must be sure that the idea they choose has interest in the marketplace Business Plan
  13. 13. Approaches to Entrepreneurship Development  a. The selective method/ approach  b. The shotgun Approach Marketing strategy whereby (in contrast to rifle approach) the aim is to cover as wide an area or population as possible.  c. The multiplier method  d. Intervention as an approach
  14. 14. Food Industry If there is an industry that is unlikely to go down, it is probably the food industry. Regardless of the economic situation, weather or whatsoever, people must eat. People might stop buying clothes and jewelries but they will never stop eating. Also, this is a business you can start in any locality or region; whether Nigeria, Canada, USA, U.K, Ghana, India, Singapore, etc. So if you are interested in starting a food business, below are some food business ideas to help you start or expand your existing food business
  15. 15. Ideas! Food Producer Restaurant Food Processing Frozen Foods Organic Foods Food on wheels Weight Loss or Dietary Foods Baking or Cooking Lessons Food Blogging
  16. 16. Ten ways to find and test your food business idea Here are ten places to start finding and testing your ideas for a food business. 1. Ask your local deli or farm shop what they would like to see on their shelves. 2. Social media – get on Twitter, Facebook and YouTube and ask people what they’re interested in. Upload photos and videos of different food ideas you’ve had and see which get the warmest response. 3. The media: TV, magazines and newspapers are a good indication of current food trends. Listen to The Food Programme on BBC Radio Q, and check out great food bloggers. 4. How can you improve upon existing products? Think in terms of flavour and nutrition. Both are big selling points. 5. Attend food networking events, go to food shows, festivals, farmers’ markets. Get to know local producers and feed off their enthusiasm. 6. Discover new ingredients in speciality shops and delis. 7. Make a list of everyday food and drink and think about how you could improve on it. Do the same for your favourite meals – both homecooked and from restaurants. 8. Explore the science of nutrition in a short course. 9. Sign up for advanced-level cookery lessons. 10. Ask family and friends. (And experiment on family and friends!)
  17. 17. Making “Roti” your “Rozi Roti”
  18. 18. QUIZ
  19. 19. References Smallfoodbiz.com Technorati.com www.purdue.edu
  20. 20. Thank you for your patient listening Queries are welcome.
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