ITFT - Introduction to Entrepreneurship

Entrepreneurship
ITFT College, Chandigarh 1
4/26/2014
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Entrepreneurship
"one who undertakes innovations, finance
and business acumen in an effort to transform
innovations into economic goods".
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The Entrepreneurial Process
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Identification and Evaluation of the
Opportunity
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Develop a Business Plan
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Determine the Resources Required
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Manage the Enterprise
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Entrepreneurship and
Economic Development
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Promotes Capital Formation
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Promotes Capital Formation
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Creates Large-Scale Employment
Opportunities
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Promotes Balanced Regional
Development
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Reduces Concentration
of Economic Power
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Wealth Creation and Distribution
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Increasing Gross National Product and Per
Capita Income
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Improvement in
the Standard of
Living
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Promotes
Country's Export
Trade

Characteristics of an
Entrepreneur
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Initiative
Risk taking
attitude
Desire to Achieve
Knowledge Seeker

Independent
Problem
solving skill
Time Management skills
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Time Management skills

Planning
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Entrepreneurial Competencies
Initiative
Sees and Acts
on
Opportunities
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Persistence Knowing
Concern for
High Quality of
Work
Commitment to
Work Contract

Entrepreneurial Competencies
Efficiency
Orientation
Systematic
Planning
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Problem solving Self-confidence
Use of
Influence
Strategies
Concern for
Employee
Welfare

Thinking Like an Entrepreneur
On a trip down south, at Nagpur you marvel at the
size of the oranges and the price at which they are
available. You buy in dozens and consume these
merrily en route. This is consumer’s mindset.
On the contrary, an entrepreneurially thinking
individual, he may buy and enjoy the oranges as
well, would also start thinking what if I arrange for
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well, would also start thinking what if I arrange for
their transportation and sale at my place… if volume-
weight factor and perishability is the constraint how
about packaged orange juice… where would the
technology come from, Italy? Would Indians like to
consume packaged juices when by the roadside
they can get fresh juice? … Exports? Which are the
countries that could serve as the potential market?
What would be their quality expectations? …

Managerial
Functions forFunctions for
Enterprise
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Planning
Setting
objectives
Analysis of
situation
Preparing the
plan of action
Collecting and
linking details
and information
Searching for
alternatives
Evaluating and
comparing the
alternatives
Choice of
alternatives
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Organizing
• Determining the main functions for achieving the
objectives of the firm.
• Various sub-functions in each major function.
• Amount of work in each major function and its sub-
function.
• The position required to perform the activities.
Activities
Analysis
• Choosing the basis of departmentalization so that• Choosing the basis of departmentalization so that
functions could be grouped into specialized units.
Generally, functional departmentation is appropriate for
small-scale units. Customers, Products and territories
are other important base of departmentalization.
• Choosing the type of organization structure so that
departments are incorporated into a formal structure.
Decisions
Analysis
• The authority, responsibility and accountability of every
position and its relationship with other positions are
clearly defined. Various positions are manned with
persons having the necessary education, training,
experience and other qualifications.
Relations
Analysis
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Directing
Issuing orders and instructions
Supervising workers
Motivating i.e. inspiring to work efficiently forMotivating i.e. inspiring to work efficiently for
set objectives
Communicating with employees regarding
plans and their implementation.
Leadership or influencing the actions or
employees
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Controlling
Setting of standards
Measurement of actual performanceMeasurement of actual performance
Analysis of variances
Taking corrective action
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Questions
Q 1 What is Entrepreneurship? What are the
characteristics of a good entrepreneur?
Q 2 Explain in detail the entrepreneurial
process.process.
Q 3 What is the role of entrepreneurship in the
economic development?
Q 4 What are the managerial functions of an
enterprise?
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Attempt any 5 question. Each question carry 2 marks.
1. What is entrepreneurship and what are the characteristics
of an entrepreneur.
2. What is the role of entrepreneurship in economic
development.
3. What are the various analysis done for checking the
feasibility and viability of a project.feasibility and viability of a project.
4. What are the various environmental factors that affect
business. Enlist the points only.
5. Give brief profile of ant entrepreneur that inspires you.
6. What is the process of business opportunity identification
and evaluation.
31

ITFT - Introduction to Entrepreneurship

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