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3) Opportunity Identification And Trend Identificatio; Factors affecting entrepreneurship.pptx
1. New Venture Planning and Management
MEE1017
Dr. Atul Kumar
Assistant Professor (Sr)
School of Mechanical Engineering
2. Module: 1
Entrepreneurship; Definition and Types
Entrepreneurship as a career
Competencies and qualities of an entrepreneur
Opportunity Identification and Trend Identification
Factors affecting entrepreneurship
Forms of business organization- Advantages and disadvantages
Factors to be considered in plant location
Steps involved in business establishment
4. Political Factors
4
Political factors measure the degree of political stability and
government intervention in economy
How stable is the political environment?
What is the governments position on marketing ethics?
In Sweden and Norway, all advertising aimed at children is
prohibited
In Greece, no toy advertisements between 7 a.m. and 10 p.m.
In Holland, ads for sweets must include a toothbrush at the
bottom of the ad
What is the governments policy on the economy?
Does the Govt. have a view on culture & religion?
Is the Govt. involved in trading agreements ?
7. Through this factor, businesses examine the economic
issues that are bound to have an impact on the
company. This would include factors like
• Inflation
• Interest rates,
• Skill level of workforce
• Infrastructure quality
• Economic growth,
• The unemployment rate and policies,
• The business cycle followed in the country. 7
Economical Factors
8. Social factors have a great impact on the buying
behaviours of a nation which is an important determinant
for businesses
Social factors include
• Level of education
• Access to education (free, paid)
• Wealth of people,
• Culture
• Conflicts within society,
• Entrepreneurial spirit
• Attitudes (health, environmental consciousness, etc.)
• Leisure interests 8
Social Factors
9. • Recent technological developments
• Rate of technology transfer
• Rate of technological diffusion
• Level of R&D, automation, innovation and other
related factors.
Bhutan:
• One of the least developed
• Landlocked country
• No railways
• Limited industrial growth
• Also least corrupt country in 2016
9
Probably the reason for lack
of advanced technology and
industrialization is the aim
to conserve nature and
maintain zero greenhouse
gas emissions
Technological Factors
10. • Legal factors include
• discrimination law,
• consumer law,
• employment law and
• health and safety law
• Environmental factors include
ecological and environmental aspects such as
• weather,
• climate, and
• climate change
• Soil, Rain etc.
10
11. Demographic factors include
• gender,
• age,
• knowledge of languages,
• disabilities,
• mobility,
• home ownership,
• employment status,
• religious belief or practice,
• culture and tradition,
• living standards and income level.
11
12. Sole Proprietorship
•A single individual
•Takes the initiative
•Supplies his own capital
•Uses his own skills
•Manages the affairs
•Solely responsible for the results
12
Forms of business organization
13. Merits
•Easy to set-up
•Easy to dissolution
•Personal decision making
•Promptness in taking
decisions
•Business affairs are kept
very private.
Sole Proprietorship
Forms of business organization
Demerits
•Limited finance
•Limited growth
•Secrecy
•Uncertainty of duration
•Limited skills
•Unlimited liability
14. Partnership
It is defined as “the relation between two or more
persons who have agreed to share profits of a
business carried on by all or any of them acting for
all”
Features of Partnership
• Has two or more members.
• Agreement (Partnership Deed)
• Risk-bearing and Sharing of Profits
• Restriction on transfer of Share
14
Forms of business organization
15. Merits
•Easy to set-up
•Larger resources
•Unlimited liability
•Flexibility
•Balanced judgement
•Reduced risk
Partnership
Forms of business organization
Demerits
•Lack of harmony
•Instability
•Risk of implied authority
•Decision making is divided
•Joint and several liability
