The document discusses various topics related to entrepreneurship including: 1) Key traits of successful entrepreneurs such as passion, innovativeness, and risk-taking abilities. 2) The differences between managers and entrepreneurs and how entrepreneurs try to create new products/services through improvisation. 3) Factors that motivate entrepreneurs both internally, such as their desires, and externally like financial assistance and government policies.

1. Entrepreneurship Session-3 16/02/07

2. Lawrence Joseph Ellison The founder of Oracle is one of the most flamboyant and outspoken businessmen of the century, not to mention one of the richest, with a net worth somewhere north of $50 billion.

3. Lawrence Joseph Ellison Ellison's leadership qualities had more to do with his ability to conceive a strategy for his company to survive and grow in the long term and his displaying unshakable determination to make it happen in an increasingly competitive marketplace.

4. Definition of an entrepreneur Entrepreneur is someone, who has the ability and willingness to introduce new products or services, that sell, to a market where those products or services were previously either unavailable or not desired.

5. Difference between managers and entrepreneurs “ Managers manipulate things and information to produce a result that is clearly specifiable in advance. Entrepreneurs try to create what isn’t by a lot of guesswork, improvisation and learning from mistakes.”

6. Key Entrepreneurial Capabilities Passionate with a big idea Innovativeness Managing risk Resource building Creative Observing & identifying changing customer needs Relevant technical & managerial skills & knowledge

7. National Income and Entrepreneurship:

8. Entrepreneurial life cycle Attitude Opportunity Idea Planning Start - up Growth Diversify Time

9. Leadership Skills Management Skills Finance Strategy Planning Marketing Sales Operations Motivation Negotiation Setting Examples Value Systems Vision Inspiration

10. Entrepreneurs who have inspired me Henry Ford Bill Gates Jamshedji Tata Dhirubhai Ambani Steve Jobs

11. The business of motivation Factors of motivation: Educational background. Occupational experience. Desire to work independently. Desire to branch out manufacturing. Family background. Assistance from financial institutions

12. The business of motivation Availability of technology Other factors-demand of particular product etc.

13. Factors: Internal External

14. Factors Internal to Entrepreneurs Strong desire to do something in life. Technical knowledge/manufacturing experience. Business experience in the same or related line.

15. Factors external to entrepreneurs: Financial assistance from institutional sources. Machinery on hire/purchase. Attitude of the Govt. Encourage from big business. Heavy Demand. Profit Margin.

16. Seven keys to motivation that may prove helpful Inspiration: Setting goals: Networking: Reward Yourself:

17. Other Traits: Self –confidence: Ability in themselves. Long term involvement: Long term commitment to the projects High Level Energy: Ability to work long

18. Entrepreneurial Leadership: Give positive feedback for good job. Initiate confidence in employees. Be fair and objective, not vindictive. Practice what is preached,donot ask for something that employees are not willing to do.

19. Entrepreneurial Leadership: Down to earth, person to person approach. Be compassionate and understanding. Create an atmosphere of acceptance and trust. Classification of priorities. Be available for discussion. Talk openly and give straight answers.

20. Administrative competence: The leader should understand his /her job. Understand employees job. Utilizing peoples skill effectively. Be concerned with employees and work flow. Get tough when necessary. Provide proper human resource for all levels.

21. Entrepreneurship It’s the process of wealth creation not wealth accumulation. Pure entrepreneurs depend upon innovation to set up new ventures. Follow up on promises.

22. Introduction to Creativity EMPOWER ? CREATIVITY

23. Convergent vs. Divergent Thinking EMPOWER ? 1 2 types of Thinking Convergent Thinking Divergent Thinking

24. Convergent Thinking ? 1 2x- 148 = 0, so x is = ? City 500 km south-west of Ahmedabad Founder of IIPM Captain of Indian Cricket Team Shahrukh’s Last Movie Released

25. What would happen if animals would be crossed with plants? What poem could be written with the title Future of the Past? How many uses are there of a teaspoon? What would have happened if Vasco da Gama had not discovered the sea route to India? Divergent Thinking 1

26. Divergent or Convergent ? Which one more important? ? 1

27. Entrepreneurship and Creativity: The person: Task: Organizational Context: Environment:

28. Creativity Ability to work hard and long. It gets developed in individual. Ability to bring some things new into existence. A new thing that can be useful for the society.

29. Creativity Discovery of something that is novel, but also useful, or relevant, or economical or elegant or valuable .

30. Innovation :Engine of growth Innovation=Conception +Tech invention+commercial exploration.

31. Innovation Process of doing new things. Innovation transforms creative ideas into applications. Creativity is prerequisite to innovation.

32. Importance of Innovation: Aerospace: Boeing. Motor cars: Mercedes,BMW. Computer : IBM,Microsoft.

33. Innovation: Steam Engine:? Electric Bulb : ? Electromagnetic Dynamo : ?

34. Types of Innovation: Product Innovation: Process Innovation: Organizational Innovation: Management Innovation: Production Innovation: Marketing Innovation: Service Innovation:

35. Characteristics of Creative People: Conceptual Fluency-Openness. Originality. Less Authoritarian-Independent. Committed and Highly focused.

36. Types of Entrepreneurs: Spontaneous Entrepreneurs (pure entrepreneurs): Motivated by their desire. Natural ,and no external motivation required. Strength in creative abilities.

37. Types of Entrepreneurs: Motivated Entrepreneurs: Motivated by their desire to make use of tech/professional expertise. They possess-confidence,initiative ,boldness. Provides new products/service to consumers.

38. Types of Entrepreneurs: Innovative business ventures.

39. Types of Entrepreneurs: Induced Entrepreneurs: Induced by policy of government.

40. Some study details: Managing entrepreneurs :chief motive is security. Innovative entrepreneurs: primarily looks for excitement. Controlling entrepreneurs who become entrepreneurs to fulfill their desire for power. The Opportunistic type, who was driven by expectations of financial gain,

41. Some study details: The “Push” type, driven by “push” reasons for starting a business,

42. Basically four strategies: Customer partnership strategy :concentrating on few large customers. Niche strategy : with highly focused product and market scope. Cost leader: with high emphasis on cost control. Investment promotion strategy :which invest heavily in promotion and brand building, as well as product development.

43. Entrepreneurial Attitude: Tendency to take moderate risk: An eye for economic opportunity: Imaginative: Initiative: Believe,to change environment: Enjoy freedom of expression

44. Entrepreneurial Attitude: Analyzing situation and planning action. Find satisfaction from successful completion of task:

45. Innovation, Entrepreneurship & Intrapreneurship

46. Corporate Entrepreneurship Concerned with innovation that leads to new corporate divisions or subsidiary ventures.

47. Entrepreneural Businesses Family businesses Franchises Home based businesses

48. Commitment to Excellence Understand the customer. Provide quality products and services. Knowledge and expertise, esp. business. Details. Continuous learning. Commit time and effort.