2. Entrepreneurship
A process of identifying and starting a business venture, sourcing and
organizing the required resources and taking both the risks and rewards
associated with the venture on Internet.
Examples
Mark Zuckerberg –Facebook
Brian Action – Whatsapp
Bhavish Agarwal –Ola cabs
Sachin Bansal- Flipkart
Kunal Bahl –Snapdeal
3. Innovation
Innovation is the implementation of new ideas at the individual, group or
organizational level.
A process of intentional change made to create value by meeting opportunity
and seeking advantage.
• Process: Innovation is a process (implying, among other things, that it can be
learned and managed).
• Intentional: That process is carried out on purpose. • Change: It results in some
kind of change.
• Value: The whole point of the change is to create value in our economy, society
and/or individual lives.
• Opportunity: Entrepreneurial individuals enable tomorrow's value creation by
exploring for it today: having ideas, turning ideas into marketable insights and
seeking ways to meet opportunities.
• Advantage: At the same time, they also create value by exploiting the
opportunities they have at hand.
4. Types of innovation
There are four distinct types of innovation, these are as follows:
Invention - Described as the creation of a new product, service or process.
Something that has not been tried before.
Extension - The expansion of an existing product, service or process. This
would mean that the entrepreneur takes an existing idea and applies it
differently.
Duplication - Copying (replicating) an existing product or service and then
adding the entrepreneurs own creative touch. In order to improve it.
Synthesis - A combination of more than one existing products or services in to
a new product. or service. This means that several different ideas are
combined in to one new product or service.
5. The Innovation Process
1. Analytical planning – Carefully identifying the product or service features,
design as well as the resources that will be needed.
2. Resource organization – Obtaining the required resources, materials,
technology, human or capital resources.
3. Implementation – Applying the resources in order to accomplish the plans
4. Commercial application – The provision of value to customers, reward
employees, and satisfy the stake holders.
6. Creativity, Innovation & Entrepreneurs
Creativity is thinking new things, and innovation is doing new things.
Creativity is the ability to develop new ideas and to discover new ways of
looking at problems and opportunities.
Innovation is the ability to apply creative solutions to those problems and
opportunities in order to enhance people’s lives or to enrich society.
Entrepreneurship = creativity + innovation
7. Creativity, Innovation & Entrepreneurs
Creativity is the ability to develop new ideas and to discover new ways of
looking at problems and opportunities.
Innovation is the ability to apply creative solutions to those problems and
opportunities in order to enhance people’s lives or to enrich society.
Entrepreneurship is the result of a disciplined, systematic process of
applying creativity and innovation to needs and opportunities in the
marketplace.
Entrepreneurs are those who collaborate their creative ideas with the
purposeful action and structure of a business.
Researchers believe that entrepreneurs succeed by thinking and doing new
things or old things in new ways.
8. Summary
The change that entrepreneurs bring about is through creativity and
innovation. Therefore, it is not surprising to see that entrepreneurs are
among the more creative and innovative players of organizational change.
Creativity requires someone (like an entrepreneur) to add value in the
marketplace through the innovation process.
From the idea generation to the successful product development and launch,
innovation is the seed-bed for change. Charged with the coordination of the
innovation process are the entrepreneurs.
It is the job of the entrepreneurs to be creative in identifying the gap in the
market and innovate a product to fill this gap.
10. Entrepreneurship Development
Entrepreneurship development is the process of
enhancing the entrepreneurial knowledge and skills via
structured training programmes. It deals with the study
of entrepreneurial behaviour, dynamics of business, and
its development and expansion. The objectives of
entrepreneurship development programmes are to
increase the knowledge and skill of existing
entrepreneurs and encourage others to become one.
Ultimately, it helps in increasing the number of such
individuals in an economy.
11. Entrepreneurship Development
Entrepreneur development focuses on training
individuals who are interested in commencing their
venture or expanding their existing one. Furthermore,
it concentrates more on encouraging innovation and
evaluating the growth potential of an enterprise. This
development process helps new firms to perform better
and achieve their goals and expand their businesses. As
a result, the economy of a nation also improves.
Moreover, it enables entrepreneurs to develop and
manage their business better along with the financial
insecurities associated with it.
12. Objectives of Entrepreneurship
Development Programme
To Develop Entrepreneurial qualities and habits among the
upcoming youth via the help of proper training and expert
counselling.
To search and identify the best existing and upcoming
business ideas and opportunities.
Motivating and guiding various individuals for launching
their own new businesses and startups. Thus, becoming a
contributor to the economy.
To reach risk mitigation to the youth of the nation.
13. Objectives of Entrepreneurship
Development Programme
Provide and conduct various programmes to spread the
idea of Entrepreneurship in rural areas and villages.
To generate employment and self-employment with the
help of Entrepreneurship and the growth of small scale
businesses.
To inform about various schemes launched by various
Government. (central, state or regional governmental
bodies)
14. Entrepreneurship Development
Process
In order to achieve success in entrepreneurship ventures, entrepreneurs
need to follow the following steps to get control over the development
process.
Learn about the Business Idea - It is the starting process of
entrepreneurship. Once an individual has generated the idea for a
business, he/she will subsequently need to evaluate and identify its
business opportunities. Hence, he/she has to learn more about the
business and its consumers.
Thorough Evaluation - Before moving forward, entrepreneurs
need to evaluate a business idea or opportunity thoroughly. It is
considered one of the most crucial parts of the Entrepreneurship
Development Process.
15. Entrepreneurship Development
Process
Business Plan - The entrepreneur must take enough care in
creating the business plan because it is the document that will be
shown to potential investors and financial partners as well as the
potential partners of the firm. Time and effort are required to create
a business plan and therefore, the entrepreneurs must be prepared to
spend time on it. The business plan should contain all major elements
of the business, i.e. vision, goals, financial aspects, etc.
Finding Resources - Here entrepreneurs find investors for his/her
venture. Moreover, recruits individuals as per their skill and abilities
to carry out different business activities.
16. Entrepreneurship Development
Process
Framing out the Management Structure - It is a crucial
concept of entrepreneurship development. After raising funds and
hiring the required employees, this is the next process on the list. An
entrepreneur must frame out the hierarchy in the organisation. Thus,
it becomes easier to resolve any problem through this chain of
command.
Plan the Future - When all of the above-mentioned steps are
followed and the business runs smoothly on track, the entrepreneur
must get ready for the expansion and enhancement of the business. In
this step, the entrepreneur must look for credible sources to avail
loans to expand the business lines and implement new structures
along with the growth of the company.
