ENTREPRENEURSHIP Entrepreneurship is the act of being an entrepreneur or "one who undertakesinnovations, finance and business intelligence in an effort to transform innovations into economic goods"
ENTREPRENEURIAL PROCESS1. Idea Generation: every new venturebegins with an idea.2. Opportunity Evaluation: this is thestep where you ask the question ofwhether there is an opportunity worthinvesting in.
3. Planning: Once you havedecided that an opportunity, youneed a plan for how to capitalizeon that opportunity.4. Company formation/launch:Once there is a sufficientlycompelling opportunity and aplan
• 5. Growth: After launch, the company works toward creating its product or service, generating revenue and moving toward sustainable performance.
ENTREPRENEURIAL DECISION PROCESS The Entrepreneur decisionmaking process is based onthe experience he has from his life. So many factors contribute in taking any decision such as experience, market situation, profit margins,market expansion, good will and many more things.
• The entrepreneur who is a business leader looks for ideas and puts them into effect in fostering economic growth and development.• (1) Promotes Capital Formation• (2) Creates Large-Scale Employment Opportunities
• (3) Promotes Balanced Regional Development• (4) Reduces Concentration of Economic Power• (5) Improvement in the Standard of Living
CHARACTERSTICS OF ENTREPRENEUR• 1. Disciplined• 2. Confidence• 3. Open Minded• 4. Self Starter• 5. Competitive• 6. Creativity
Networking - the entrepreneur understands that networking is a key business activity Strategic Thinking - the entrepreneur understands and values the planning processCustomer Sensitivity - the entrepreneurbuilds trust and long term relationships with customers
People Focus - the entrepreneur createscommon purpose with colleagues through shared vision and values; walks Persistence - taking repeated actions to overcome the obstacles.
Process of business opportunity identification and evaluation• (1) identification and evaluation of the opportunity,• (2) development of the business plan,• (3) determination of the required resources, and• (4) management of the resulting enterprise.
Market survey and market assessmentThe information sought in a market survey may relate toone or more of the following:•Total demand and rate of growth of demand•Demand in different segments of the market•Income and price elasticitys of demand
• Motives for buying Purchasing plans and intentions• Attitudes toward various products