An

e

ntrepreneurial

Process
Rahul Pratap Singh Kaurav
Asst. Professor,
Prestige Institute of Management, Gwalior
Entrepreneurship and the
Entrepreneurial Process
Entrepreneurship
• The process of
starting and
running one’s
own business
Entrepreneur – Origin of the term
ENTREPRENDRE
(19TH C. FRENCH WORD):
means ‗somebody who undertakes‘.
Entrepreneur
• An entrepreneur is an individual who
undertakes the risk associated with
creating, organizing, and owning a...
Steps in the Entrepreneurial
Process
1. Discovery
2. Concept
Development
3. Resourcing
4. Actualization
5. Harvesting
Steps in the Entrepreneurial
Process
1. Discovery: The stage in which the
entrepreneur generates ideas,
recognizes opportu...
Discovery

Consider your
hobbies or skills

Conduct Surveys and
questionnaires – test the
market

Consider consumer
needs ...
Steps in the Entrepreneurial
Process
2. Concept Development:
– Develop a business plan: a
detailed proposal describing
the...
Concept Development
– Choose business location
– Will a patent or trademark be required?
Steps in the Entrepreneurial
Process
3. Resourcing: The stage in which the
entrepreneur identifies and acquires
the financ...
Resourcing
Apply for loans,
grants and
assistance
Identify potential
investors

Hire
employees
Steps in the Entrepreneurial
Process
4. Actualization: The stage in which
the entrepreneur operates the
business and utili...
Steps in the Entrepreneurial
Process
5. Harvesting: The stage in which the
entrepreneur decides on venture’s
future growth...
EMERGING

TRENDS IN
BUSINESS
Emerging Trends in Business
• Business and technology have fused into one
system, one conversation, and one strategy,
for ...
Emerging Trends in Business
• The integration of customer touch points
across all channels is essential to future success....
Growing and Managing
a Small Business
An Entrepreneurial Perspective
THE NEW VENTURE
CREATION PROCESS
• The environment is the most comprehensive
component in the venture creation process.
• ...
Feasibility Analysis
• The entrepreneur develops an idea into a business opportunity or
business concept that is then test...
Viability
• Testing the business concept in the real world is what actually
determines if the business has viability. Thus...
The Five Stages of a Business’s
Life Cycle
•
•
•
•
•

Pre Start-up
Start-up
Growth
Maturity
Rebirth or Decline
Getty Image...
Figure 3.1 The Life Cycle of the
Company
LAUNCHING A NEW
BUSINESS
Three key issues in the pre-start-up phase:

1) Testing concept feasibility
2) Developing a busin...
Opportunity Creation

x

Developing a product, service, process, or niche that has
not existed before. Opportunity recogni...
Opportunity Creation
• Typically, opportunity creation involves an
invention process that is characterized by four
activit...
Opportunity Creation
• Connection occurs when two ideas are brought together
that normally are not juxtaposed, such as nat...
Opportunity Recognition
The process of using creative skills
to identify a new innovation --- (a
product, service, process...
How to recognize a business
opportunity
• List all the ideas in no particular order.
• Eliminate those ideas that can‘t ge...
The Initial Business Concept:
There are four essential elements required to test whether or
not a potential business idea ...
Feasibility Analysis
The business concept (which is essentially a specific product or service) is
tested through a process...
Five Forces Analysis
Goals of Market Research
To find out:

• Who is most likely to purchase the product or
service at market introduction?
• W...
The Best Founders
Founders of successful companies have many things in
common. They are:
–
–
–
–
–
–

A common vision
Pass...
Bootstrappers
• Bootstrappers are start-up
entrepreneurs who have no
financial resources beyond
their own savings.
• They ...
START-UP RESOURCES
Putting together sufficient resources to start a
business requires enormous creativity and
persistence,...
Government Support to
BPO in India
What is BPO?
―the contracting out of companies in house
functions to a preferred vendor with high quality
level in particu...
Business process outsourcing
• BPO
– Processes, framework
inherited from client
– One time fixed cost
reduction for client...
Benefits of BPO
•
•
•
•
•
•
•

Focus on key functions
Reduction in Cost
Less investment
Specialization
Convenience
Freedom...
Out sourcing different type of
services
•
•
•
•

Financial services
Advertising services
Courier services
Customer support...
Why to Out source?
It is good to out source because it will cost
organization to do following and increase
expenses.
• Exp...
• Setting ready to start, software IT parks for running BPO by
government.
• Providing Income tax exemptions to
–
–
–
–
–
...
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Entrepreneurial Skills and BPOs

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Entrepreneurship activities, Idea formulation and screening, BPOs and Govt. Support to BPO.

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Entrepreneurial Skills and BPOs

  1. 1. An e ntrepreneurial Process Rahul Pratap Singh Kaurav Asst. Professor, Prestige Institute of Management, Gwalior
  2. 2. Entrepreneurship and the Entrepreneurial Process
  3. 3. Entrepreneurship • The process of starting and running one’s own business
  4. 4. Entrepreneur – Origin of the term ENTREPRENDRE (19TH C. FRENCH WORD): means ‗somebody who undertakes‘.
  5. 5. Entrepreneur • An entrepreneur is an individual who undertakes the risk associated with creating, organizing, and owning a business
  6. 6. Steps in the Entrepreneurial Process 1. Discovery 2. Concept Development 3. Resourcing 4. Actualization 5. Harvesting
  7. 7. Steps in the Entrepreneurial Process 1. Discovery: The stage in which the entrepreneur generates ideas, recognizes opportunities, and studies the market Innovation Opportunity
  8. 8. Discovery Consider your hobbies or skills Conduct Surveys and questionnaires – test the market Consider consumer needs and wants Study demographics
  9. 9. Steps in the Entrepreneurial Process 2. Concept Development: – Develop a business plan: a detailed proposal describing the business idea Code of ethics Executive summary Mission Statement We thrive in an environment of academic excellence where students are prepared to meet and exceed their future challenges. We recognize each student's worth and develop lifelong learners who make positive contributions to our changing society.
  10. 10. Concept Development – Choose business location – Will a patent or trademark be required?
  11. 11. Steps in the Entrepreneurial Process 3. Resourcing: The stage in which the entrepreneur identifies and acquires the financial, human, and capital resources needed for the venture startup, etc Start-up resources
  12. 12. Resourcing Apply for loans, grants and assistance Identify potential investors Hire employees
  13. 13. Steps in the Entrepreneurial Process 4. Actualization: The stage in which the entrepreneur operates the business and utilizes resources to achieve its goals/objectives. @# Grand Opening #@ Day-to-Day Operations
  14. 14. Steps in the Entrepreneurial Process 5. Harvesting: The stage in which the entrepreneur decides on venture’s future growth, development, or demise What is your 5-year or 10-year plan? Consider adding locations or providing different products/services Will you go public?
  15. 15. EMERGING TRENDS IN BUSINESS
  16. 16. Emerging Trends in Business • Business and technology have fused into one system, one conversation, and one strategy, for one world. • The formation and networking of knowledge would be the true asset of the 21st century. • The analysis of customer information about product/service- needs, wants, desires, demand.
  17. 17. Emerging Trends in Business • The integration of customer touch points across all channels is essential to future success. • The capacity of an organization to understand the key trends that will shape the future of technology, customers, society and the marketplace will determine the survival of the enterprise. • Human capital, the value of talent will be the most valuable resource in the 21st century.
  18. 18. Growing and Managing a Small Business An Entrepreneurial Perspective
  19. 19. THE NEW VENTURE CREATION PROCESS • The environment is the most comprehensive component in the venture creation process. • It includes all the factors that affect the decision to start a business, for example, government regulation, competitiveness, and life cycle stage. • Within specific industries and in specific geographic regions, environmental variables and the degree of their impact will differ. • The new venture process begins with an idea for a product, service, or business.
  20. 20. Feasibility Analysis • The entrepreneur develops an idea into a business opportunity or business concept that is then tested in the market through a process of feasibility analysis. • Feasibility analysis is used to inform the entrepreneur about the conditions required to move forward and develop the business. This may involve market research. • Once the entrepreneur has determined that the concept is feasible, a business plan is developed to detail how the company will be structured and to describe its operation
  21. 21. Viability • Testing the business concept in the real world is what actually determines if the business has viability. Thus, the business must actually be launched and operated in the environment to determine viability. • In a business, the term viability is the point when the company is able to generate sufficient cash flows to allow the business to survive on its own without cash infusions from outside sources such as the entrepreneur's own resources, investors, or a bank loan.
  22. 22. The Five Stages of a Business’s Life Cycle • • • • • Pre Start-up Start-up Growth Maturity Rebirth or Decline Getty Images
  23. 23. Figure 3.1 The Life Cycle of the Company
  24. 24. LAUNCHING A NEW BUSINESS Three key issues in the pre-start-up phase: 1) Testing concept feasibility 2) Developing a business plan 3) Acquiring resources ($$$ and personnel) Three key issues in the start-up phase: 1) 2) 3) Finding customers Building a structure Generating positive cash flows Getty Images
  25. 25. Opportunity Creation x Developing a product, service, process, or niche that has not existed before. Opportunity recognition requires high levels of creativity. Getty Images
  26. 26. Opportunity Creation • Typically, opportunity creation involves an invention process that is characterized by four activities: • • • • connection, discovery, invention, and application Getty Images
  27. 27. Opportunity Creation • Connection occurs when two ideas are brought together that normally are not juxtaposed, such as nature and machines, which produced the field of nanotechnology or microscopic machines that copy nature in the way that they operate. • Discovery happens once a connection has been made. It is actually the result of the connection in the form of an idea. • Inventions are the product of turning an idea into a product or service. • Application comes about when the inventor is able to apply the invention to a number of different uses or applications in a variety of industries and situations.
  28. 28. Opportunity Recognition The process of using creative skills to identify a new innovation --- (a product, service, process, or marketing method) --which is often based on something already existing in the marketplace. Getty Images
  29. 29. How to recognize a business opportunity • List all the ideas in no particular order. • Eliminate those ideas that can‘t generate a profit and don‘t fit the business model very well. • Review the remaining ideas and choose the one that inspires the most passion and enthusiasm
  30. 30. The Initial Business Concept: There are four essential elements required to test whether or not a potential business idea is feasible: • What is the product and/or service that is the basis for the business? • Who is the customer likely to be? • What is the benefit of your product/service to the customer? • How will the benefit be delivered?
  31. 31. Feasibility Analysis The business concept (which is essentially a specific product or service) is tested through a process of feasibility analysis that answers three fundamental questions: 1. Are there customers and a market of sufficient size to make the concept feasible? 2. Do the capital requirements to start, based on estimates of sales and expenses, make sense? 3. Can an appropriate start-up team be put together to make it happen?
  32. 32. Five Forces Analysis
  33. 33. Goals of Market Research To find out: • Who is most likely to purchase the product or service at market introduction? • What do these customers typically buy, how do they buy it, and how do they hear about it? • What is their buying pattern? How often do they buy? • What are the customers‘ needs and how can the new venture meet those needs?
  34. 34. The Best Founders Founders of successful companies have many things in common. They are: – – – – – – A common vision Passion and a willingness to dedicate themselves Experience in the industry Contacts for capital Experience in basic business functions Excellent credit ratings
  35. 35. Bootstrappers • Bootstrappers are start-up entrepreneurs who have no financial resources beyond their own savings. • They realize that to get what they need to start their businesses—location, equipment, money, and perhaps employees—they must possess a double dose of ingenuity and supreme self-assuredness.
  36. 36. START-UP RESOURCES Putting together sufficient resources to start a business requires enormous creativity and persistence, with the ultimate reward being a company that is able to reach critical mass and take advantage of significantly more choices for growth capital.
  37. 37. Government Support to BPO in India
  38. 38. What is BPO? ―the contracting out of companies in house functions to a preferred vendor with high quality level in particular Task area‖ There are 2 parties involved: • Client company • Vendor
  39. 39. Business process outsourcing • BPO – Processes, framework inherited from client – One time fixed cost reduction for client – Set up to cater specific client – Fixed price model – Targeted at CIO
  40. 40. Benefits of BPO • • • • • • • Focus on key functions Reduction in Cost Less investment Specialization Convenience Freedom of choice Economic progress
  41. 41. Out sourcing different type of services • • • • Financial services Advertising services Courier services Customer support services
  42. 42. Why to Out source? It is good to out source because it will cost organization to do following and increase expenses. • Expertise • Costs • Services • Upgrades
  43. 43. • Setting ready to start, software IT parks for running BPO by government. • Providing Income tax exemptions to – – – – – – – Back office operations Call centres Medical transcription Insurance Claim processing Data processing Web site services Support centres Government support to BPO in India • Import duty free hardware under Export promotion of capital goods scheme (EPCG scheme) • reduction of procedural bottlenecks by the government/reduction of red-tapism by creating single window system • FDI upto 100% allowed
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