1. Unit-V
Enterprise Promotion
Creating Entrepreneurial Venture:
An entrepreneurial venture is simply referred to the establishment of a new
commercial business, social business or other such form of businesses. These
ventures can also be termed as a 'new venture' or 'new enterprise'.
Entrepreneurs play a big role in the creation of a new venture due to their
personal goals and ambitions. In business life cycle, establishment of a new
venture is the first stage where a new business is first assessed and then
established. Entrepreneurial ventures are not the same as small business
enterprises, though they share many common characteristics. Both of them
have economic relevance but they provide benefits and outcomes distinct from
each other.
2. Unit-V
Enterprise Promotion
Creating Entrepreneurial Venture:
For example, with the advent of internet marketing and selling, e-commerce of
hotel rooms for of bills, companies like Flipkart, E-bay (for online purchase of
products), and other entrepreneurial businesses (online booking of stay), Paytm
(making online payment of recharge, etc.), etc.,have emerged. Value e creation
is done by entrepreneurial ventures in many ways. They can create new
employment opportunities which are not based on some existing business unit.
They focus on niche marketing and identifying the potential customers whose
current demands are unfulfilled and catering the same. Entrepreneurs can also
be characterized by having a clear cut vision of where they need to take their
business. This may cover vision to grow on regional, national and even
international basis.
3.
4. Entrepreneurship Development Cycle
• The entrepreneurial development cycle is the combination of all
support activities and assistance that are conducted and
provided continuously for the development of entrepreneurship.
It generates entrepreneurial awareness in the community through
well-planned publicity. It is a process of evolving one’s skills in a
systematic manner.
5.
6. Business Planning Process
The business planning process needs a thorough and deep
understanding of the market and customers to make appropriate
predictions that can be applied in the planning process. When
developing a business plan, organizations identify their goals. A
business planning strategy involves establishing a method and
sequence to achieve these goals for the business to arrive at its
intended vision.
7. Business Planning Process
Steps of Business Planning Process
1. Carry out your Research.
The first step to creating a business plan is to do thorough research about the business
and industry you are trying to get into.
2. Make a Framework .
3. Formulate your Financial Forecasts .
4. Draft a Plan .
5. Recheck and Improvise .
8. Business Plan as an Entrepreneurial Tool
• It puts a plan in place when starting a new business A lot goes into
starting a new business.
• To conduct the necessary research.
• To evaluate competitors and find your audience.
• Sets objectives for employees and managers.
• Sets goals for you as an entrepreneur.
14. Business Plan Process
• The business plan as an entrepreneurial tool,
• Elements of Business Plan,
15. Embryonic Companies
• Embryonic Companies –firm focused on supporting budding
entrepreneurs on their quest to establish their business operations.
• Spin off’s-Spin-offs are divisions of companies or organizations that
then become independent businesses with assets, employees,
intellectual property, technology, or existing products that are taken
from the parent company.
19. ‘ Bottom of the Pyramid’ (BOP)
• The ‘Bottom of the Pyramid’ (BOP) is a concept popularized by C. K.
Prahalad. It is an action oriented model that helps companies to
operate successfully in currently underdeveloped and underserved
markets at the BOP. This also opens opportunities for reduction of
poverty-
• Hoteling –OYO-(On your Own)-Ritesh Agerwal
• Mobile-Micro, Chian Made
• Housing-Mhada, Hudco
• FMCG-Parashoot, DALDA Ghee
• Transportation-Local Trains, Public Transport, -State Travel-Shiveneri
21. Bottom of the Pyramid
• Organization & Management, Ownership - Franchising, networking
and alliances,
• Buying an existing business,
• Critical risk contingencies of the proposal,
• Scheduling and milestones
22. key takeaways
• Quitting your day job
• Seeing your product in action
• Turning a profit
• Building a culture you can be proud of.
• Growing your team
• Completing a successful first year
• Overcoming failures
• Creating something from nothing
