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