Nirma Etp Ent. Awareness

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Nirma Etp Ent. Awareness

  1. 1. Entrepreneurship Awareness and Assessment Introduction: Although the knowledge and research available in this area are in an emerging stage, it is still possible to piece together and describe current school of thought in the field. Number of theories are used to understand the growth and development of entrepreneurship. Process Approaches: Three popular process approaches are discussed to examine the activities involved in the entrepreneurship. An “Integrative” Approach: It is developed by Morris et al. which is presented in the following figure. The input component focuses on entrepreneurial process itself and identifies five key elements that contribute to the process. The entrepreneur develops some type of business concept to capitalize on the opportunity ( e. g. a creative approach to solving a particular customer need). Implementing this business
  2. 2. <ul><li>concept typically requires some type of organizational </li></ul><ul><li>context, which could range from a sole proprietorship run </li></ul><ul><li>out of the entrepreneur’s home or a franchise of some </li></ul><ul><li>national chain to an autonomous business unit within a </li></ul><ul><li>large organization. </li></ul><ul><li>INPUTS OUTPUTS </li></ul><ul><li>Environment * A going </li></ul><ul><li>Opportunities venture </li></ul><ul><li>Entrepreneurial Entrepreneurial * Value </li></ul><ul><li>Process Intensity(EI) creation </li></ul><ul><ul><ul><ul><ul><li>Identify Opportunity Number of events * New </li></ul></ul></ul></ul></ul><ul><li>Individuals (and) products, </li></ul><ul><li> degree of services </li></ul><ul><ul><ul><ul><ul><li>Assess and acquire entrepreneurship * Processes </li></ul></ul></ul></ul></ul><ul><li>Organizational necessary resources * Technology </li></ul><ul><li>context *Profits and/ </li></ul><ul><li>Innovation, Risk or personal </li></ul><ul><ul><ul><ul><ul><li>Implementation Taking, Proactiveness benefits </li></ul></ul></ul></ul></ul><ul><li>Unique business *Employment, </li></ul><ul><li>concepts asset, and </li></ul><ul><li>Resources revenue growth </li></ul>
  3. 3. Finally, a wide variety of financial and non-financial resources are required on an ongoing basis. These key elements are then combined throughout the stages of the entrepreneurial process. Stated differently, the process provides a logical framework for organizing entrepreneurial inputs. The output component includes the level of entrepreneurial intensity. The process can result in any number of events and can produce events that vary considerably in terms of how entrepreneurial they are. Final outcomes can include one or more going ventures, value creation, new products and/or services, processes, new technologies, profit, jobs, and economic growth. The outcome can certainly be failure and thereby bring about the economic, psychic, and social costs associated with failure. The model not only provides a fairly comprehensive picture regarding the nature of entrepreneurship, but can also be applied at different levels.
  4. 4. <ul><li>Entrepreneurial Assessment Approach </li></ul><ul><li>Another model developed by Robert C. Ronstadt, stresses </li></ul><ul><li>making assessments </li></ul><ul><ul><ul><li>qualitatively, </li></ul></ul></ul><ul><ul><ul><li>quantitatively, </li></ul></ul></ul><ul><ul><ul><li>strategically, and </li></ul></ul></ul><ul><ul><ul><li>ethically </li></ul></ul></ul><ul><ul><ul><li>in regard to </li></ul></ul></ul><ul><ul><ul><li>the entrepreneur, </li></ul></ul></ul><ul><ul><ul><li>the venture, and </li></ul></ul></ul><ul><ul><ul><li>the environment. </li></ul></ul></ul><ul><ul><ul><li>To examine entrepreneurship, the results of these </li></ul></ul></ul><ul><ul><ul><li>assessments must be compared to the stage of </li></ul></ul></ul><ul><ul><ul><li>entrepreneurial career </li></ul></ul></ul><ul><ul><ul><li>early, </li></ul></ul></ul><ul><ul><ul><li>mid-career, </li></ul></ul></ul><ul><ul><ul><li>or late. </li></ul></ul></ul><ul><ul><ul><li>It is termed as “the entrepreneurial perspective”. </li></ul></ul></ul>
  5. 5. Entrepreneurial Assessment Approach Model Type of Venture Qualitative, Type Quantitative, Type of Strategic, of Entrepreneur and Environment Ethical ASSESSMENTS Do the results of Assessments Make sense Given Stage of Entrepreneurial Career Prior Experience Early Mid-career Late and Education Career Career Career
  6. 6. <ul><li>Multidimensional Approach </li></ul><ul><li>A more detailed approach to entrepreneurship is the </li></ul><ul><li> multidimensional approach. In this view entrepreneurship </li></ul><ul><li>is complex, multidimensional framework that emphasizes </li></ul><ul><li>the individual, the environment, the organization, and the </li></ul><ul><li>venture process. Specific factors that relate to each of these </li></ul><ul><li>dimensions follow: </li></ul><ul><li>1. The Individual </li></ul><ul><ul><ul><ul><li>Need for achievement </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Locus of control </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Risk-taking propensity </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Job satisfaction </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Previous work experience </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Entrepreneurial parents </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Age </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Education </li></ul></ul></ul></ul>
  7. 7. <ul><li>2. The Environment </li></ul><ul><ul><ul><ul><li>Venture capital availability </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Presence of experienced entrepreneurs </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Technically skilled labor force </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Accessibility of suppliers </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Accessibility of customers or new markets </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Government influences </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Proximity of universities / research institutes </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Availability of land and facilities </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Accessibility of transportation </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Attitude of area population </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Availability of supporting services </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Living conditions </li></ul></ul></ul></ul><ul><li>3. Organization </li></ul><ul><ul><ul><ul><li>Type of firm and entrepreneurial environment </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Partners </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Strategic variables a) Cost b) Differentiation c) Focus </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Competitive entry wedges </li></ul></ul></ul></ul>
  8. 8. <ul><li>4. The Process </li></ul><ul><ul><ul><ul><li>Locating a business opportunity </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Accumulating resources </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Marketing products and services </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Producing the product </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Building an organization </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Responding to government and society </li></ul></ul></ul></ul><ul><li>The interaction of the four major dimensions of this </li></ul><ul><li>entrepreneurial, or new venture, process, and other </li></ul><ul><li>variables moves entrepreneurship from a segmented school </li></ul><ul><li> of thought to a dynamic, interactive process approach. </li></ul>

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