Entrepreneurship Session-4
Innovation :Engine of growth <ul><li>Innovation=Conception +Tech invention+commercial exploration. </li></ul>
Other Traits: <ul><li>Self –confidence: Ability in themselves. </li></ul><ul><li>Long term involvement: Long term commitme...
Entrepreneurial Leadership: <ul><li>Give positive feedback for good job. </li></ul><ul><li>Initiate confidence in employee...
Entrepreneurial Leadership: <ul><li>Down to earth, person to person approach. </li></ul><ul><li>Be compassionate and under...
Administrative competence: <ul><li>The leader should understand his /her job. </li></ul><ul><li>Understand employees job. ...
Entrepreneurship <ul><li>It’s the process of wealth creation not wealth accumulation. </li></ul><ul><li>Pure entrepreneurs...
Entrepreneurial Attitude: <ul><li>Tendency to take moderate risk: </li></ul><ul><li>An eye for economic opportunity: </li>...
Entrepreneurial Attitude: <ul><li>Analyzing situation and planning action. </li></ul><ul><li>Find satisfaction from succes...
Commitment to Excellence <ul><li>Understand the customer. </li></ul><ul><li>Provide quality products and services. </li></...
Innovation Management: <ul><li>To recognize the importance of innovation. </li></ul><ul><li>Role of key individuals. </li>...
Importance of Innovation: <ul><li>To survive innovation is must in this complex world. </li></ul><ul><li>The ability to ch...
Study of innovation: <ul><li>The engine of growth. </li></ul><ul><li>The view of Schumpeter. </li></ul><ul><li>General ove...
Interactive model of innovation:
Barriers to Entrepreneurship: <ul><li>Economic Barriers: </li></ul><ul><li>Capital </li></ul><ul><li>Labour </li></ul><ul>...
Non Economic Barriers: <ul><li>Cultural Blocks: </li></ul><ul><li>Importance of Logic: </li></ul><ul><li>Respect for Entre...
Personal Barriers to Entrepreneurship: <ul><li>Lack of sustained motivation: </li></ul><ul><li>Difficulty with ambiguity: ...
Corporate Entrepreneurship <ul><li>Concerned with innovation that leads to new corporate divisions or subsidiary ventures....
Corporate Entrepreneurship:   <ul><li>New and different forces shaping the global competitive landscape are:  </li></ul><u...
Corporate Entrepreneurship: <ul><li>Corporate entrepreneurship refers to “the process of creating new business within esta...
Extrinsic Environment:   <ul><li>The industry scenario </li></ul><ul><li>competition,  </li></ul><ul><li>technological dev...
Intrinsic Environment  : <ul><li>internal affairs; namely  </li></ul><ul><li>the management,  </li></ul><ul><li>culture,  ...
 
Corporate Entrepreneurship: <ul><li>The Corporate entrepreneurship venture of any corporate is dependent on active element...
National success in entrepreneurship depends on interaction of local cultures with national policies  :
Entrepreneurial Characteristics: <ul><li>Need to achieve-Desire to be a winner: </li></ul><ul><li>Competition by itself ca...
Perseverance Quality to Stick to it: <ul><li>Intense level of determination. </li></ul><ul><li>Desire to overcome hurdles....
Moderate risk takes-Prefer middle of the road: <ul><li>They are not high risk takers,not gamblers. </li></ul><ul><li>Moder...
Use of feedback-Knowing how to perform: <ul><li>Concerned about their performance-doing well? </li></ul><ul><li>How well o...
Facing uncertainty-Tolerance for ambiguity and unfamiliar situation: <ul><li>Make decisions under uncertainty. </li></ul><...
Stress takers-Possess drive and energy: <ul><li>They have tremendous amount of personal energy and drive. </li></ul><ul><l...
Self confidence-Faith in their abilities: <ul><li>High level of self confidence. </li></ul><ul><li>They strongly believe i...
Initiator :Seeking Responsibility <ul><li>Independent, </li></ul><ul><li>Highly self reliant innovator, </li></ul><ul><li>...
Positive self concept-Aware of oneself internal locus of control: <ul><li>Awareness of own strength and weakness. </li></u...
Flexibility-Flexible in Decisions: <ul><li>Weighs equally the pros and cons of a decision. </li></ul><ul><li>Tend to chang...
Analytical ability: Unaffected by personal likes and dislikes. <ul><li>They are realistic. </li></ul><ul><li>Specific appr...
Ability to find and explore: <ul><li>Quick to see opportunity. </li></ul><ul><li>They anticipate plan and fulfill their go...
Entrepreneurial Network Relationships <ul><li>Business Relationships: </li></ul><ul><li>Formal and informal liaisons with ...
Business Relationships: <ul><li>Potential contacts with clients or customers through networks established in prior employm...
Professional Relationships: <ul><li>Formal or informal relationships with bankers,security analysts,savings and loan manag...
Organizational relationships: <ul><li>Relationships with previous employers and universities. </li></ul><ul><li>Formal tie...
Social Relationships: <ul><li>Membership in local,state,or national professional associations. </li></ul><ul><li>Membershi...
Other relationships: <ul><li>Family relationships and friendship networks through family ties. </li></ul><ul><li>Ethnic, c...
From Idea To Business: <ul><li>Building a business takes four things:  </li></ul><ul><li>a product or service, a business ...
A product or service <ul><li>Make sure that your idea fills a real market need.  </li></ul><ul><li>You don’t always need a...
Business Idea : <ul><li>The business idea to be selected so as to: </li></ul><ul><li>1.Enable entrepreneur to utilize the ...
Business Idea : <ul><li>4.Enable the entrepreneur to solve a current problem existing in the market. </li></ul>
There are three initial factors that entrepreneurs must consider when judging their ideas.   <ul><li>Size of opportunity: ...
There are three initial factors that entrepreneurs must consider when judging their ideas. <ul><li>2. Complexity of opport...
There are three initial factors that entrepreneurs must consider when judging their ideas. <ul><li>3. Amount of funding an...
Sources of Business Idea: <ul><li>Discussion with people. </li></ul><ul><li>Looking through books. </li></ul><ul><li>Visit...
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Entp 04ppt

  1. 1. Entrepreneurship Session-4
  2. 2. Innovation :Engine of growth <ul><li>Innovation=Conception +Tech invention+commercial exploration. </li></ul>
  3. 3. Other Traits: <ul><li>Self –confidence: Ability in themselves. </li></ul><ul><li>Long term involvement: Long term commitment to the projects </li></ul><ul><li>High Level Energy: Ability to work long </li></ul>
  4. 4. Entrepreneurial Leadership: <ul><li>Give positive feedback for good job. </li></ul><ul><li>Initiate confidence in employees. </li></ul><ul><li>Be fair and objective, not vindictive. </li></ul><ul><li>Practice what is preached,donot ask for something that employees are not willing to do. </li></ul>
  5. 5. Entrepreneurial Leadership: <ul><li>Down to earth, person to person approach. </li></ul><ul><li>Be compassionate and understanding. </li></ul><ul><li>Create an atmosphere of acceptance and trust. </li></ul><ul><li>Classification of priorities. </li></ul><ul><li>Be available for discussion. </li></ul><ul><li>Talk openly and give straight answers. </li></ul>
  6. 6. Administrative competence: <ul><li>The leader should understand his /her job. </li></ul><ul><li>Understand employees job. </li></ul><ul><li>Utilizing peoples skill effectively. </li></ul><ul><li>Be concerned with employees and work flow. </li></ul><ul><li>Get tough when necessary. </li></ul><ul><li>Provide proper human resource for all levels. </li></ul>
  7. 7. Entrepreneurship <ul><li>It’s the process of wealth creation not wealth accumulation. </li></ul><ul><li>Pure entrepreneurs depend upon innovation </li></ul><ul><li>to set up new ventures. </li></ul><ul><li>Follow up on promises. </li></ul>
  8. 8. Entrepreneurial Attitude: <ul><li>Tendency to take moderate risk: </li></ul><ul><li>An eye for economic opportunity: </li></ul><ul><li>Imaginative: </li></ul><ul><li>Initiative: </li></ul><ul><li>Believe,to change environment: </li></ul><ul><li>Enjoy freedom of expression </li></ul>
  9. 9. Entrepreneurial Attitude: <ul><li>Analyzing situation and planning action. </li></ul><ul><li>Find satisfaction from successful completion of task: </li></ul>
  10. 10. Commitment to Excellence <ul><li>Understand the customer. </li></ul><ul><li>Provide quality products and services. </li></ul><ul><li>Knowledge and expertise, esp. business. </li></ul><ul><li>Details. </li></ul><ul><li>Continuous learning. </li></ul><ul><li>Commit time and effort. </li></ul>
  11. 11. Innovation Management: <ul><li>To recognize the importance of innovation. </li></ul><ul><li>Role of key individuals. </li></ul><ul><li>Need to view innovation as a management process. </li></ul>
  12. 12. Importance of Innovation: <ul><li>To survive innovation is must in this complex world. </li></ul><ul><li>The ability to change and adapt is essential to survive. </li></ul><ul><li>Its applicable in virtually all the industries. </li></ul>
  13. 13. Study of innovation: <ul><li>The engine of growth. </li></ul><ul><li>The view of Schumpeter. </li></ul><ul><li>General overview of innovation process. </li></ul>
  14. 14. Interactive model of innovation:
  15. 15. Barriers to Entrepreneurship: <ul><li>Economic Barriers: </li></ul><ul><li>Capital </li></ul><ul><li>Labour </li></ul><ul><li>Raw Materials </li></ul>
  16. 16. Non Economic Barriers: <ul><li>Cultural Blocks: </li></ul><ul><li>Importance of Logic: </li></ul><ul><li>Respect for Entrepreneurship: </li></ul><ul><li>Tradition Binding: </li></ul><ul><li>Emotional Block: </li></ul>
  17. 17. Personal Barriers to Entrepreneurship: <ul><li>Lack of sustained motivation: </li></ul><ul><li>Difficulty with ambiguity: </li></ul><ul><li>Inability to dream and use subconscious: </li></ul><ul><li>Impatience in society problem: </li></ul><ul><li>Impatience in solving problem: </li></ul><ul><li>Lack of clear perception: </li></ul>
  18. 18. Corporate Entrepreneurship <ul><li>Concerned with innovation that leads to new corporate divisions or subsidiary ventures. </li></ul>
  19. 19. Corporate Entrepreneurship: <ul><li>New and different forces shaping the global competitive landscape are: </li></ul><ul><li>Rapid advancements and changes in technology </li></ul><ul><li>The changed business paradigm bought by World Wide Web </li></ul><ul><li>Opening of global markets </li></ul><ul><li>And importantly, increased success of entrepreneur ventures through out the world </li></ul>
  20. 20. Corporate Entrepreneurship: <ul><li>Corporate entrepreneurship refers to “the process of creating new business within established firms to improve organizational profitability and enhance a firm's competitive position or the strategic renewal of existing business”, </li></ul>
  21. 21. Extrinsic Environment: <ul><li>The industry scenario </li></ul><ul><li>competition, </li></ul><ul><li>technological development, customers and legal/regulatory framework </li></ul>
  22. 22. Intrinsic Environment : <ul><li>internal affairs; namely </li></ul><ul><li>the management, </li></ul><ul><li>culture, </li></ul><ul><li>encouragement to creativity and </li></ul><ul><li>co-sharing of profits </li></ul>
  23. 24. Corporate Entrepreneurship: <ul><li>The Corporate entrepreneurship venture of any corporate is dependent on active elements of it extrinsic/intrinsic environment. </li></ul>
  24. 25. National success in entrepreneurship depends on interaction of local cultures with national policies :
  25. 26. Entrepreneurial Characteristics: <ul><li>Need to achieve-Desire to be a winner: </li></ul><ul><li>Competition by itself can be misleading. </li></ul><ul><li>Competition directed to beat others-seed for destruction. </li></ul><ul><li>Competition with self-imposed standards-Internalized kind of competition. </li></ul>
  26. 27. Perseverance Quality to Stick to it: <ul><li>Intense level of determination. </li></ul><ul><li>Desire to overcome hurdles. </li></ul><ul><li>Solve problem and complete a job. </li></ul><ul><li>Not obstructed by difficult situations. </li></ul>
  27. 28. Moderate risk takes-Prefer middle of the road: <ul><li>They are not high risk takers,not gamblers. </li></ul><ul><li>Moderate and calculated risk. </li></ul>
  28. 29. Use of feedback-Knowing how to perform: <ul><li>Concerned about their performance-doing well? </li></ul><ul><li>How well or poor working? </li></ul><ul><li>Feedback helps for the corrective action to improve. </li></ul>
  29. 30. Facing uncertainty-Tolerance for ambiguity and unfamiliar situation: <ul><li>Make decisions under uncertainty. </li></ul><ul><li>Achievement oriented people tend to optimize even under unfamiliar situation. </li></ul><ul><li>They see no reason why they cannot win through their abilities. </li></ul><ul><li>They present a picture of boldness. </li></ul>
  30. 31. Stress takers-Possess drive and energy: <ul><li>They have tremendous amount of personal energy and drive. </li></ul><ul><li>To cope up with situations and make right decisions. </li></ul>
  31. 32. Self confidence-Faith in their abilities: <ul><li>High level of self confidence. </li></ul><ul><li>They strongly believe in their capabilities. </li></ul><ul><li>They are against people who are overconfident and arrogant. </li></ul>
  32. 33. Initiator :Seeking Responsibility <ul><li>Independent, </li></ul><ul><li>Highly self reliant innovator, </li></ul><ul><li>The champion of free enterprise economy. </li></ul><ul><li>They believe in their personal effort. </li></ul><ul><li>Takes initiative to solve problem and fill vacuum. </li></ul>
  33. 34. Positive self concept-Aware of oneself internal locus of control: <ul><li>Awareness of own strength and weakness. </li></ul><ul><li>Uses positive knowledge to support his thinking. </li></ul><ul><li>He is rarely negative. </li></ul><ul><li>Maintains a positive correlation between belief and hardwork. </li></ul>
  34. 35. Flexibility-Flexible in Decisions: <ul><li>Weighs equally the pros and cons of a decision. </li></ul><ul><li>Tend to change if situation demands. </li></ul><ul><li>People with open mind and not rigid. </li></ul>
  35. 36. Analytical ability: Unaffected by personal likes and dislikes. <ul><li>They are realistic. </li></ul><ul><li>Specific approach for business undertakings. </li></ul>
  36. 37. Ability to find and explore: <ul><li>Quick to see opportunity. </li></ul><ul><li>They anticipate plan and fulfill their goals. </li></ul>
  37. 38. Entrepreneurial Network Relationships <ul><li>Business Relationships: </li></ul><ul><li>Formal and informal liaisons with suppliers and wholesalers. </li></ul><ul><li>Contracts or informal relationships with subcontractors. </li></ul><ul><li>Existing contacts with potential customers or clients. </li></ul>
  38. 39. Business Relationships: <ul><li>Potential contacts with clients or customers through networks established in prior employment. </li></ul>
  39. 40. Professional Relationships: <ul><li>Formal or informal relationships with bankers,security analysts,savings and loan managers,investment managers. </li></ul><ul><li>Formal and informal laisons with insurance companies,venture capitalists,or private investors. </li></ul><ul><li>Contacts with attorneys,consulting organizations,import/export bankers. </li></ul>
  40. 41. Organizational relationships: <ul><li>Relationships with previous employers and universities. </li></ul><ul><li>Formal ties with corporations through new venture units. </li></ul><ul><li>Formal or informal ties with government agencies,state agencies,local political organizations. </li></ul>
  41. 42. Social Relationships: <ul><li>Membership in local,state,or national professional associations. </li></ul><ul><li>Membership in or attendance at trade and professional conferences. </li></ul><ul><li>Relationship established through local or regional social clubs,athletic clubs and social events. </li></ul>
  42. 43. Other relationships: <ul><li>Family relationships and friendship networks through family ties. </li></ul><ul><li>Ethnic, cultural and religious affiliations. </li></ul><ul><li>Trade groups and union membership. </li></ul>
  43. 44. From Idea To Business: <ul><li>Building a business takes four things: </li></ul><ul><li>a product or service, a business model, a team, and money. </li></ul>
  44. 45. A product or service <ul><li>Make sure that your idea fills a real market need. </li></ul><ul><li>You don’t always need a new product category. Microsoft was a late entrant in window systems, spreadsheets, word processors, and presentation software. Yet they virtually own those product categories. </li></ul>
  45. 46. Business Idea : <ul><li>The business idea to be selected so as to: </li></ul><ul><li>1.Enable entrepreneur to utilize the skills+tech+market knowledge. </li></ul><ul><li>2.Enable to use of locally available raw materials for product or services. </li></ul><ul><li>3.They make products that have demand in market. </li></ul>
  46. 47. Business Idea : <ul><li>4.Enable the entrepreneur to solve a current problem existing in the market. </li></ul>
  47. 48. There are three initial factors that entrepreneurs must consider when judging their ideas. <ul><li>Size of opportunity: </li></ul><ul><li>whether the opportunity is big enough for them to get an appropriate return on their investment of time, energy, money, etc. </li></ul><ul><li>If the opportunity is too small, it’s probably not worth pursuing. </li></ul>
  48. 49. There are three initial factors that entrepreneurs must consider when judging their ideas. <ul><li>2. Complexity of opportunity: </li></ul><ul><li>A second question to ask is how complex the opportunity is. </li></ul><ul><li>How difficult will it to be to execute on the opportunity? </li></ul>
  49. 50. There are three initial factors that entrepreneurs must consider when judging their ideas. <ul><li>3. Amount of funding and resources required: </li></ul><ul><li>An opportunity must be judged with regards to how many resources are required to execute it. </li></ul><ul><li>If the amount of resources is too much, the entrepreneur may not be able to accumulate the resources and/or the return on investment will be reduced. </li></ul>
  50. 51. Sources of Business Idea: <ul><li>Discussion with people. </li></ul><ul><li>Looking through books. </li></ul><ul><li>Visiting shops and attending trade shows. </li></ul><ul><li>Information from research institutes. </li></ul><ul><li>Brainstorming </li></ul>
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