Rahul Pratap Singh Kaurav
Prestige Institute of Management, Gwalior
2. Entrepreneurship and the
• The process of
4. Entrepreneur – Origin of the term
(19TH C. FRENCH WORD):
means ‗somebody who undertakes‘.
• An entrepreneur is an individual who
undertakes the risk associated with
creating, organizing, and owning a
6. Steps in the Entrepreneurial
7. Steps in the Entrepreneurial
1. Discovery: The stage in which the
entrepreneur generates ideas,
recognizes opportunities, and studies
hobbies or skills
Conduct Surveys and
questionnaires – test the
needs and wants
9. Steps in the Entrepreneurial
2. Concept Development:
– Develop a business plan: a
detailed proposal describing
the business idea
Code of ethics
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10. Concept Development
– Choose business location
– Will a patent or trademark be required?
11. Steps in the Entrepreneurial
3. Resourcing: The stage in which the
entrepreneur identifies and acquires
the financial, human, and capital
resources needed for the venture
Apply for loans,
13. Steps in the Entrepreneurial
4. Actualization: The stage in which
the entrepreneur operates the
business and utilizes resources to
achieve its goals/objectives.
@# Grand Opening #@
14. Steps in the Entrepreneurial
5. Harvesting: The stage in which the
entrepreneur decides on venture’s
future growth, development, or
What is your 5-year or 10-year plan?
Consider adding locations or providing different
Will you go public?
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,
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
• Human capital, the value of talent will be the
most valuable resource in the 21st century.
18. Growing and Managing
a Small Business
An Entrepreneurial Perspective
19. THE NEW VENTURE
• 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. 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
• 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
• 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
22. The Five Stages of a Business’s
Rebirth or Decline
23. Figure 3.1 The Life Cycle of the
24. LAUNCHING A NEW
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:
Building a structure
Generating positive cash flows
25. Opportunity Creation
Developing a product, service, process, or niche that has
not existed before. Opportunity recognition requires high
levels of creativity.
26. Opportunity Creation
• Typically, opportunity creation involves an
invention process that is characterized by four
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
• 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. 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.
29. How to recognize a business
• 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. 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
• 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. 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. Five Forces Analysis
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
• What are the customers‘ needs and how can the new
venture meet those needs?
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
• 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
equipment, money, and
must possess a double dose
of ingenuity and supreme
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
37. Government Support to
BPO in India
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
39. Business process outsourcing
– Processes, framework
inherited from client
– One time fixed cost
reduction for client
– Set up to cater specific
– Fixed price model
– Targeted at CIO
40. Benefits of BPO
Focus on key functions
Reduction in Cost
Freedom of choice
41. Out sourcing different type of
Customer support services
42. Why to Out source?
It is good to out source because it will cost
organization to do following and increase
43. • Setting ready to start, software IT parks for running BPO by
• Providing Income tax exemptions to
Back office operations
Insurance Claim processing
Web site services
support to BPO
• Import duty free hardware under Export promotion of capital
goods scheme (EPCG scheme)
government/reduction of red-tapism by creating single window
• FDI upto 100% allowed