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Enterpreneurship. 01


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Enterpreneurship. 01

  1. 1. ENTREPRENEURSHIP<br />CHAPTER NO- 01.<br />Presented by:-<br />Vikash kumar<br />Abhishek Niranjan<br />Swapnil Kumari<br />Sonali<br />Jitendra Gupta<br />Sarita Tripathi<br />Pankaj Kumar Verma<br />Abhishek Pratap Singh<br />Pooja Gupta<br />Krishan Kumar<br />
  3. 3. Entrepreneur<br /> An entrepreneur is a person who has possession of a new enterprise,<br /> venture or idea and is accountable for the inherent risks and the outcome.<br />According to:<br />Peter drucker : “Entrepreneur is one who always searches for change, response to it and exploit it as an opportunity”.<br />Richard Schumpeter : Entrepreneur is one who innovator, raise money, collects inputs,<br />Organises talent, provided leadership and set the organisation in proper order.<br />International Labour Organisation, I. L.O(1982) : “ Entrepreneur are people who the <br />ability to see and evaluate business opportunity; to gather necessary resources, to take advantage of them and to initiate appropriate action to ensure success”.<br />
  4. 4. Various views of the term “Entrepreneur”<br />1. Entrepreneur as a Innovator : <br /><ul><li>The introduction of a new product in to the market.
  5. 5. The discovery of a new source of supply of a raw material.
  6. 6. The opening of a new market into which the specific product has not previously entered.</li></li></ul><li>2. Entrepreneur as an organiser :<br /><ul><li>Uncertainty of profits.
  7. 7. Command over sufficient capital and
  8. 8. Moral qualities for work judgement , perseverance and a </li></ul> knowledge about the business world.<br />Entrepreneur as a Risk taker :<br /> Entrepreneur as an agent who buys factors of production at a certain prices in order to combine them into a product with a view to selling it at uncertain prices in future.<br />
  9. 9. Who is an Entreprenuer<br />• He is a person who develops and owns his own enterprise <br />• He is a moderate risk taker and works under uncertainty <br /> for achieving the goal. <br />• He is innovative <br />• He peruses the deviant pursuits <br />• Reflects strong urge to be independent. <br />• Persistently tries to do something better. <br />• Dissatisfied with routine activities. <br />• Prepared to withstand the hard life. <br />• Determined but patient <br />• Exhibits sense of leadership <br />• Also exhibits sense of competitiveness <br />• Takes personals responsibility <br />• Oriented towards the future. <br />• Tends to persist in the face to adversity <br />• Convert a situation into opportunity. <br />
  10. 10. The characteristics of an unique entrepreneur are : <br /><ul><li>- Need for achievement
  11. 11. - High need for power
  12. 12. - Independence
  13. 13. - Propensity to take risk
  14. 14. - Personal modernity
  15. 15. - Support
  16. 16. - Business enterprise
  17. 17. - Leadership </li></li></ul><li>Entrepreneurship<br />Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". <br /><ul><li>A theory of evolution of economic activities. </li></ul>• A continuous process of economic development. <br />• An ingredient to economic development. <br />• Essentially a creative activity or an innovative function. <br />• A risk taking factor which is responsible for an end result. <br />• Usually understood with reference to individual business. <br />• The name given to the factor of production, which performs the <br /> functions of enterprise. <br />• Creates awareness among people about economic activity. <br />• Generates Self-employment and additional employment <br />
  18. 18. Why Entrepreneurship<br />• To improve backwardness of the people. <br />• Economic development of the region. <br />• To analyze resource utilization. <br />• Proper utilization of human potentiality. <br />• Special attention to take up new activities. <br />• To create self-employment and generation of <br /> employment opportunity. <br />• Eradication of regional imbalances. <br />• Better economic gain. <br />
  19. 19. Create new jobs.<br />Productivity through new technology<br />Opportunity for positive and significant effect.<br />Self employment<br />GDP growth<br />Globalization <br /> Sustain economic growth<br /> ECONOMIC DEVELOPMENT<br />
  20. 20. CLASSIFICATION OF ENTREPRENEURS<br />According to the types of business.<br />According to the use of technology.<br />According to the motivation.<br />According to the growth.<br />According to stage of development.<br />
  21. 21. A. According to the types of business<br />Agriculture entrepreneur<br /> a. Horticulture<br /> b. Dairy <br /> c. Forestry <br />2. Corporate entrepreneur<br />3. Industrial entrepreneur<br /> a. Large<br /> b. Medium<br /> c. Small<br />
  22. 22. Contd.<br />4. Trading entrepreneur <br />5. Business entrepreneur<br />
  23. 23. B. According to the use of technology<br />Professional entrepreneur.<br />2. Non-technical entrepreneur<br />3. Technical entrepreneur<br />
  24. 24. C. According to the motivation<br />1. Spontaneous Entrepreneur<br />2. Motivated Entrepreneur<br />3. Induced Entrepreneur<br />4. Pure Entrepreneur<br />
  25. 25. D. According to growth<br />1. Growth Entrepreneur<br />2. Super growth Entrepreneur <br />
  26. 26. E. According to the stage of development<br />1. First generation Entrepreneur<br />2. Modern Entrepreneur<br />3. Classical Entrepreneur<br />
  27. 27. Personal Entrepreneurial Competencies<br />These competencies can be grouped into 3 main clusters and the EMPRETEC model has merged some of these competencies to derive 10 PECs. <br />Achievement Cluster<br />Opportunity Seeking and Initiative<br /> Risk Taking<br /> Demand for Efficiency and Quality<br /> Persistence<br /> Commitment to the Work Contract<br />
  28. 28. Planning Cluster<br />Information Seeking<br /> Goal setting<br /> Systematic Planning and Monitoring<br />Power Cluster<br />Persuasion and Networking<br /> Independence and self-confidence <br />
  29. 29. FACTOR THAT AFFECT ENTERPRENEURSHIP GROWTH<br />Economic Factor <br />Capital<br />Labour <br />Raw material<br />Market<br />Infrastructure <br />Social Factor<br />Caste favour<br />Family background<br />
  30. 30. Continue…<br />Education<br />Attitude of the society<br />Cultural value <br />Political Factor<br />The Govt has to ensure the availability of required resources for the Entrepreneurship .<br />Policies related to various economic aspect like Price , availability of capital , Labour and other input taxation affect the growth of Entrepreneurship.<br />Promotive Govt activities like Incentives & subsidies.<br />Govt policies like licenses, regulation, favoritism .<br />
  31. 31. ENTREPRENEURSHIP DEVELOPMENT PROGRAMMES<br />EDP means programmes designed to help a person in strengthening his entrepreneurial motive and in acquiring skills and capabilities necessary for playing his entrepreneurial role effectively.<br />A programme not touching entrepreneurial motivation and behaviour cannot be called as an EDP.<br />
  32. 32. Continue…..<br />EDP primarily focuses on developing those first-generation entrepreneurs who on their own cannot become successful entrepreneur.<br />
  33. 33. NEED OF AN EDP<br />Higher rate of economic growth.<br />Development of backward and tribal areas.<br />Creation of employment opportunities.<br />Improvement in the standard of living.<br />Promoting small-scale industries.<br />To promote women entrepreneurship.<br />
  34. 34. NEED (Continue..)<br />It covers three major variables:-<br /> Location<br />Target group and<br />Enterprise <br />Any of these can become the starting point for initiating and implementing an EDP.<br />
  35. 35. OBJECTIVES OF EDP<br />EDP helps entrepreneur to:-<br />Develop and strengthen entrepreneurial quality and motivation.<br />Analyze small industry and small business environment.<br />Select project/product.<br />Formulate projects.<br />Understand the process and procedure of setting up of small enterprise.<br />Acquire the basic management skills.<br />
  36. 36. Continue…<br />6. Know the pros and cons of being a entrepreneur.<br />7. Acquaint and appreciate the needed social responsibility/ entrepreneurial disciplines.<br />8. Develop entrepreneurial culture.<br />9. Accelerate the process of industrial and economic development.<br />10. Transform the Indian economy.<br />
  37. 37. ENTREPRENEURIAL BEHAVIOURS<br />Grasping opportunities.<br />Taking initiative.<br />Solving problems creatively.<br />Managing autonomously.<br />Taking responsibility for, and ownership of things.<br />Seeing things through.<br />Networking effectively to manage interdependence.<br />Using judgment to take calculated risk.<br />
  38. 38. ENTREPRENEURIAL ATTRIBUTES<br />Achievement orientation and ambition.<br />Self confidence and self esteem.<br />Perseverance.<br />High internal locus of control.<br />Action orientation.<br />Preference for learning by doing.<br />Hardworking.<br />Creativity.<br />
  39. 39. ENTREPRENEURIAL SKILLS<br />Creative problem solving.<br />Persuading.<br />Negotiating.<br />Selling.<br />Proposing.<br />Managing business/projects/situations.<br />Strategic thinking.<br />Intuitive decision making under uncertainty.<br />
  40. 40. TYPES OF EDP IN INDIA<br />Industrial Motivating Programme.<br />Entrepreneurship Development Programme.<br />Skill Development Programme.<br />Management Development Programme.<br />Entrepreneurship Awareness Training Programme.<br />Product-oriented Entrepreneurship Development Training Programme.<br />Target group-oriented Entrepreneurship Development Training Programme.<br />
  41. 41. STRUCTURING EDP<br />Identification and careful selection of entrepreneurs.<br />Developing and motivating entrepreneurial capabilities of the trainee.<br />Equipping the trainee to identify viable industrial project/prepare project profiles or brief project reports.<br />Equipping the trainees with basic enterprise-building skills.<br />Imparting basic managerial skills.<br />Helping the trainees to secure the necessary financial, infrastructural and related business assistance during the implementation of the project.<br />
  42. 42. THE OPERATIONAL PROBLEMS OF EDP<br />No proper strategy.<br />No local support.<br />Non-availability of inputs.<br />No adequate research facilities.<br />Inconsistent programme design.<br />No clear-cut objective.<br />Lack of clarity in approach and<br />Lack of creativity and commitment.<br />
  43. 43. ENTREPRENEURIAL TRAINING<br />Training is the systematic instruction of staff at all levels in new attitudes or new skills. <br />
  44. 44. IMPORTANCE OF TRAINING<br />The availability of skilled workers at all levels of management.<br />Enables the workers to perform the work more efficiently and precisely.<br />Minimises excessive scraps, defects and wastage.<br />Minimises the number of accidents, as unskilled or semi skilled workers.<br />
  45. 45. IMPORTANCE OF TRAINING(cont…)<br />Training reduces fatigue.<br />Training enables the worker to work speedily.<br />Training improves the good relation between employees and management.<br />New techniques can be easily adopted by through trained employees.<br />Standardization can be adopted.<br />
  46. 46. IMPORTANCE OF TRAINING(cont…)<br />Training enable employees to occupy higher position of authority.<br />The supervision cost can be minimised.<br />
  47. 47. OBJECTIVES OF TRAINING<br />To impart basic knowledge about the industry, production and production methods.<br />To build the necessary skills of new entrepreneurs<br />To assist the entrepreneur to function more effectively by exposing him to the latest concept, techniques and information.<br />To impart customer education and<br />To impart knowledge of marketing goods<br />
  48. 48. METHODS OF TRAINING<br />Individual instruction<br />Group instruction<br />Lecture method<br />Demonstration method<br />Written instructional method<br />Conference<br />Meeting<br />
  49. 49. DESIGNING AN ENTREPRENEURIAL TRAINING PROGRAMME<br />Setting training objectives<br />Training objectives<br />Developing course content<br />Choosing appropriate training methods<br />
  50. 50. MODULES OF TRAINING PROGRAMME<br />Introduction of entrepreneurship<br />Motivation training<br />Essentials of management<br /> - general management<br /> - marketing management<br /> - production management<br /> - financial management <br />
  51. 51. MODULES OF TRAINING PROGRAMME(cont.)<br />Fundamentals of feasibility study<br />Organizing the business<br />Plant visit<br />
  52. 52. QUALITIES OF AN ENTREPRENEUR<br />Motivation towards achievement<br />Creativity<br />Clarity<br />Innovative<br />Risk-taking<br />Flexibility<br />Adaptability <br />
  53. 53. QUALITIES OF AN ENTREPRENEUR(cont..)<br />Determination<br />Will power<br />Tactfulness<br />Self-confidence<br />Intelligent<br />instinct<br />
  54. 54. TRAITS OF AN ENTREPRENEUR<br />Decision making<br />Setting standards<br />Multi tasking<br />Building relationship<br />Dedication<br />Resolving conflict<br />Team player<br />Honesty <br />
  55. 55. TRAITS OF AN ENTREPRENEUR(cont…)<br />Approachable<br />Appreciating skills<br />Integrity<br />Trust<br />Passion <br />Patience <br />Capability<br />Involvement <br />
  56. 56. ENTREPRENEUR vs PROFESSIONAL MANAGER<br />Features of a professional manager<br />Specialist<br />Skilled, knowledgeable<br />Strategic planning<br />Formal communication<br />Organizing<br />Controlling<br />Motivating.<br />
  57. 57. DISTINGUISHING FEATURES OF A MANAGER AND AN ENTREPRENEUR<br />MANAGER<br />Primary motive-want promotion, reward& power.<br />Managers are employees(specific role)<br />Limited scope of innovation and creativity<br />Managerial jobs are transferable<br />Manager do not bear risk<br />Managers need team building and leadership role.<br />Manager need knowledge and expertise. <br />
  58. 58. ENTREPRENEUR<br />Primary motives-want freedom, goal oriented & self motivated <br />Entrepreneurial function is organsing production.<br />Decision making and calculated risk bearing.<br />Has all round responsibility.<br />Public relation and team building.<br />High level of achievement and motivation.<br />Innovative, imaginative soul. <br />