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  • Entrepreneurship

    1. 1. ENTREPRENEURSHIP By RAKHI GUPTA M.Com,M.B.A,L.L.B Assistant Prof (Dept of Business Admin) PSIT –Kanpur(UP) INDIA
    2. 2. Meaning <ul><li>Entrepreneurship is the process of creating or seizing an opportunity, and pursuing it regardless of the resources currently controlled. An entrepreneur to be &quot;a person who organizes, operates, and assumes the risk for business ventures.&quot; </li></ul>
    3. 3. Objectives of entrepreneurship <ul><li>Formulating effective marketing plan </li></ul><ul><li>Formulating effective production strategies </li></ul><ul><li>Formulating effective organisational plans/strategies </li></ul><ul><li>Formulating effective financial plans </li></ul>
    4. 4. Entrepreneur Miles stones of their skills <ul><li>Make it create---CREATIVITY </li></ul><ul><li>Do it a new way—INNOVATE </li></ul><ul><li>Want to do it-----MOTIVATE </li></ul><ul><li>Switch it on ------ACTIVATE </li></ul>
    5. 5. Secrets to be a successful entrepreneur <ul><li>Build parallel interest </li></ul><ul><li>Be an architect of the future </li></ul><ul><li>Be decisive, multifaceted and ethical to a fault. </li></ul><ul><li>Know the risk, measure the reward </li></ul><ul><li>Communication –be a shower not a teller </li></ul><ul><li>Give power to the people. </li></ul><ul><li>Become a trust builder </li></ul><ul><li>Sharing wealth increases wealth. </li></ul><ul><li>Be constant, consistent and concise </li></ul><ul><li>Treat important people like important people. </li></ul><ul><li>Do simple things—simply do them. </li></ul>
    6. 6. Entrepreneur Motivation <ul><li>How the entrepreneur can be motivated? </li></ul><ul><li>“ It’s supposed to be hard. </li></ul><ul><li>If it was easy everyone would do it. </li></ul><ul><li>It’s the hard that makes it great.” Fair Pay </li></ul><ul><li>Congenial Associates </li></ul><ul><li>Credit for Excelling </li></ul><ul><li>Opportunity to Advance </li></ul><ul><li>Competent Leadership </li></ul>
    7. 7. Linkage of Background factors with Motivation and Rewards
    8. 8. Background Factors Successful entrepreneur Community Family Occupational Academic Economic Sex
    9. 9. Motivation Desire Efficacy Motivation Personal Motives, Expectations Contingency Factors Business Environment Decision
    10. 10. Rewards Decision Entrepreneur Entrepreneurial Performance Behavioral Orientations
    11. 11. Types of entrepreneurs True Entrepreneurs The Disenchanted The Traditionalists Positivist Innovation Have few doubts about their experts They enjoy their work Have Negative perspective They are concerned about their ability to manage Optimists They are not concerned about their ability to manage Do not perceive a substantive changes in their role.
    12. 12. Advantages of entrepreneurship <ul><li>Enormous personal financial gain </li></ul><ul><li>Self-employment, offering more job satisfaction and flexibility of the work force </li></ul><ul><li>Employment for others, often in better jobs </li></ul><ul><li>Development of more industries, especially in rural areas or regions disadvantaged by economic changes, for example due to globalization effects </li></ul><ul><li>Encouragement of the processing of local materials into finished goods for domestic consumption as well as for export </li></ul><ul><li>Income generation and increased economic growth </li></ul><ul><li>Healthy competition thus encourages higher quality products </li></ul><ul><li>More goods and services available </li></ul><ul><li>Development of new markets </li></ul><ul><li>Promotion of the use of modern technology in small-scale manufacturing to enhance higher productivity </li></ul><ul><li>Encouragement of more researches/ studies and development of modern machines and equipment for domestic consumption </li></ul><ul><li>Development of entrepreneurial qualities and attitudes among potential entrepreneurs to bring about significant changes in the rural areas </li></ul><ul><li>Freedom from the dependency on the jobs offered by others </li></ul><ul><li>The ability to have great accomplishments </li></ul><ul><li>Reduction of the informal economy </li></ul><ul><li>Emigration of talent may be stopped by a better domestic entrepreneurship climate </li></ul>
    13. 13. How to behave like an entrepreneur <ul><li>Focus on increasing efficiency </li></ul><ul><li>Exploiting new market opportunities and improving value for money. </li></ul><ul><li>Genuine Innovations </li></ul><ul><li>Relation between motives, incentives, beliefs and behaviour. </li></ul><ul><li>Inner Drive to succeed </li></ul><ul><li>Openness to change </li></ul><ul><li>Accepting of Constructive Criticism and Rejection </li></ul>
    14. 14. Entrepreneur’s competencies <ul><li>Risk bearing </li></ul><ul><li>Creativity with constraints </li></ul><ul><li>Competent leadership </li></ul><ul><li>Energy </li></ul><ul><li>Passion </li></ul><ul><li>Assertiveness </li></ul><ul><li>Novelty </li></ul><ul><li>Initiative </li></ul><ul><li>Creativity </li></ul><ul><li>Imagination </li></ul><ul><li>Be a self starter </li></ul><ul><li>Time Management </li></ul><ul><li>Follow-through </li></ul><ul><li>Be ready for anything </li></ul><ul><li>Think positively </li></ul><ul><li>Believe in yourself </li></ul><ul><li>Ability to make decisions </li></ul>
    15. 15. <ul><li>THANK YOU </li></ul>