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Entrepreneurship and Business Management

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  • The slide share that i have created deals a lot with business entrepreneurship and how to start and manage your own business establishment. My own definition of business start ups is entrepreneurship is the process of identifying and starting a new business venture, sourcing and organizing the required resources, while taking both the risks and rewards associated with the venture.
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  1. 1. SLIDES CREATED BY: LETHANDO NTELEKI 201012066 Entrepreneurship
  2. 2. Entrepreneurship BY MIKE NOLEN
  3. 3. The business environment
  4. 4. contents  Introduction  Meaning of entrepreneurship
  5. 5. INTRODUCTION INDIA is a young Nation of 60years of Independence setting out on a path of sustained economic growth Current years the ongoing interest in entrepreneurship has increased For growth of new businesses as well as economic development
  6. 6. MEANING OF ENTREPRENEURSHIP  Entrepreneurship is a process undertaken by an entrepreneur to establish and to develop a new enterprise.  It is a process of converting the idea of establishing an enterprise into its implementation.
  7. 7. What is an Entrepreneur?  An Entrepreneur (ahn’tra pra nur) is a person who organizes and manages a business undertaking, assuming the risk for the sake of profit. Any person (any age) who starts and operates a business is an entrepreneur.
  8. 8. NEW SOURCES OF INCOME FOR GOVT  govt. gets income of various taxes by medium of venture of new entrepreneurs.  Some export oriented industrial units help govt. in earning foreign exchange.
  9. 9. FOR RAPID ECONOMIC DEVELOPMENT    Entrepreneurs and entrepreneurship are base for economic development. Entrepreneurship Development Programme (EDP) makes entrepreneurs for creation of entrepreneurship environment. In India, in every five year plan more and more amount is allotted for entrepreneurship development.
  10. 10. CREATION OF SUITABLE INDUSTRIAL ENVIRONMENT FOR RAPID ECONOMIC DEVELOPMENT. For creation of industrial and entrepreneurship environment, various institutions – CED, EDI, IDBI, Exim bank, IFCI, State Finance Corporation, DIC etc have given their active contribution.
  11. 11.  Entrepreneurship is a challenging and rewarding profession.  Entrepreneurship is required for the growth of NATIONAL ECONOMY.
  13. 13. Entrepreneurship Agricultural students have been entrepreneurs since the beginning of agricultural education.
  14. 14. Entrepreneurship  The Smith-Hughes Act of 1917 (which provided federal funding for agricultural programs) required all students to have an entrepreneurship program – but they weren’t called entrepreneurs back then.
  15. 15. Early Entrepreneurship  These early entrepreneurship programs were called different names: Farming Program Productive or Production Enterprises Ownership
  16. 16. Early Entrepreneurship The early SAE Entrepreneurship program primarily involved: Raising Livestock Growing Crops
  17. 17. Entrepreneurship Today  Today, agricultural students are involved in many different types of entrepreneurial activities.  Entrepreneurship in agriculture can still be raising livestock and growing crops, but it can be much, much more than that.
  18. 18. Different type of Entrepreneurship  Entrepreneurship: The student plans, implements, operates and assumes financial risks in a farming activity or agricultural business. In entrepreneurship programs, the student owns the materials and other required inputs and keeps financial records to determine return to investments.
  19. 19. Agri-Entrepreneurs Example  Lawn Maintenance Service
  20. 20. Agri-Entrepreneurs Example  Raise and Sell Fishing Bait
  21. 21. Farming Entrepreneurs Example  Custom Crop Harvesting
  22. 22. Vet Entrepreneurs Example  Pet Sitting Service
  23. 23. Fishing Entrepreneurs Example  Fishing Guide
  24. 24. Fruit and veg Entrepreneurs Example  Operating a Roadside Marketing Selling Produce
  25. 25. Sesonal -Entrepreneurs Example  Making and Selling Christmas Wreathes
  26. 26. DIY Entrepreneurs Example  Operating a Small Engine Repair Service
  27. 27. Three Aspects of Entrepreneurship  1. The identification/recognition of market opportunity and the generation of a business idea (product or service) to address the opportunity
  28. 28. Three Aspects of Entrepreneurship  2. The marshalling and commitment of resources in the face of risk to pursue the opportunity
  29. 29. Three Aspects of Entrepreneurship  3. The creation of an operating business organization to implement the opportunity-motivated business idea
  30. 30. Successful Entrepreneurs  According to the Small Business Administration, successful entrepreneurs have five characteristics:  Drive, which is defined as the most important attribute. Entrepreneurs can expect long hours, high stress and endless problems, as they launch a new business.
  31. 31. Successful Entrepreneurs  According to the Small Business Administration, successful entrepreneurs have five characteristics:  Thinking Ability, or the characteristic that encompasses creativity, critical thinking, analytical abilities and originality.
  32. 32. Successful Entrepreneurs  According to the Small Business Administration, successful entrepreneurs have five characteristics:  Aptitude for Human Relations. This characteristic recognizes the importance of the ability to motivate employees, sell customers, negotiate with suppliers and convince lenders. Personality plays a big part in success in this area..
  33. 33. Successful Entrepreneurs  According to the Small Business Administration, successful entrepreneurs have five characteristics:  Communication Skills, or the ability to make yourself understood.
  34. 34. Successful Entrepreneurs  According to the Small Business Administration, successful entrepreneurs have five characteristics:  Technical Ability speaks to the need of the entrepreneur to know their product and their market. They must consider the long- and short-term implications of their decisions, their strengths and weaknesses, and their competition. In short, they need strategic management skills.
  35. 35. Entrepreneurship  Some  You advantages are your own boss  Enjoy the profits from you efforts  Sense of pride in your business  Flexibility in your work schedule
  36. 36. Entrepreneurship  Some disadvantages  Will need to put in long hours  Need money to start  Have to keep up with government rules and regulations  May have to mark hard decisions (hiring, firing, etc.)  May lose money
  37. 37. FFA and Entrepreneurship  During the past decade the Kauffman Foundation has supported a new FFA initiative to support entrepreneurship activities  Awards program (and money)  Video “You’re the Boss”  Materials
  38. 38. FFA AgriEntrepreneurship Program  Each state recognizes the agricultural student who has the best entrepreneurship program.  There is cash award of $100 at the state level.  All entries at the state level go on for national competition.
  39. 39. FFA AgriEntrepreneurship Program  At the national level, 10 outstanding entrepreneurship students are recognized.  There is cash award of $1000 for each national winner  The FFA chapters of the national award winners each receive $500.
  40. 40. Definition of an Entrepreneur  The actual definition of an entrepreneur is a person who organizes and operates a business or businesses, taking on financial risk to do so  Basically working for yourself
  41. 41. Characteristics of an Entrepreneur  Inner drive to succeed  Competitive  Passion for what your doing  Highly motivated  Not afraid to take risks or fail
  42. 42. Skills  Communication  Organization  Leadership All these are necessary to be an entrepreneur, but they are also beneficial in life in general
  43. 43. Skills Communication  Having the ability to communicate face to face and also through technology in today’s high tech world effectively  Email , Text messaging, Skype (Video Conference), Social Media, etc..
  44. 44. Skills Communication  Written communication skills are vital so there is no confusion in what is really meant with what’s said
  45. 45. Skills Organization  Simply being organized  Being prepared and ready  Know where “tools” are so effective procedures can be carried out
  46. 46. Skills Leadership  Earned not given  Ability to lead others by example and influence  Having the respect of those around you  Learns from mistakes and keeps moving forward  Decisiveness
  47. 47. Leadership  Though you don’t have to join the military to develop leadership skills, the video on the next slide shows how the Marine Corps is all about leadership. Leadership is the same set of skills no matter what profession your involved with.
  48. 48. Conclusion  A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers.[1] Businesses are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers for profit. Businesses may also be not-for-profit or state-owned. A business owned by multiple individuals may be referred to as a company, although that term also has a more precise meaning[clarification needed].
  49. 49. Marketing  Once your business is up and running to keep it afloat you need customers.  Advertisements are everywhere so take advantage of all the different ways to advertise whether it be online, in a newspaper, or on a billboard.
  50. 50. Marketing  Word of mouth is the best form of advertising so you have to set a fair price and provide great customer service.  Without the customers, you have no business.
  51. 51. Conclusion  Once an established business is up and running its up to the entrepreneur to utilize the skills needed to continue to be successful.
  52. 52. Reference • Business Process Management Systems. 1. Dimka Karastoyanova1, Tammo van Lessen1, Frank Leymann1 • A guid to business research and managing business resources and services. By Alt Johnsons F.G