SlideShare a Scribd company logo
&PROSPECTS
OF AN
ENTREPRENEU
R
WELCOME
TO THE WORLD OF “ENTREPRENEURSHIP”
What Is Entrepreneurship
&who are they?
Entrepreneurship
Strategic Thinking And Risk-taking Behavior That Results In The Creation Of New
Opportunities For Individuals And/Or Organizations.
Entrepreneurs
Risk-taking Individuals Who Take Actions To Pursue Opportunities And Situations Others
May Fail To Recognize Or May View As Problems Or Threats.
“THE GREATEST GLORY IS NOT IN NEVER FAILING BUT IN RISING UP EVERY TIME WE FALL”
Entrepreneurs are …
Founders of businesses that become large-scale
enterprises.
People who:
-Buy a local franchise outlet
-Open a small retail shop
-Operate a self-employed service business
People who introduce a new product or operational
change in an existing organization.
The Market Builders……..
TYPICAL CHARACTERISTICS OF ENTREPRENEURS:
-COMMITMENT, DETERMINATION, AND PERSEVERANCE
-DRIVE TO ACHIEVE
-OPPORTUNITY ORIENTATION
-INITIATIVE AND RESPONSIBILITY
-PERSISTENT PROBLEM SOLVING
-SEEKING FEEDBACK
-INTERNAL LOCUS OF CONTROL
-TOLERANCE FOR AMBIGUITY
WANT TO BE A SUCCESSFULENTREPRENEUR!!....
do...YOUHAVE THESE?
IF YOU DARE 2 WIN ……THEN ITS ALL URS!!
CHALLENGES
IF U DARE 2 WIN ….DEN ITS ALL URS!!
CHALLENGES &PROSPECTS OF AN ENTREPRENEUR
1. Developingthe Vision and Business Idea
->Identifying a problem > seeing an opportunity in the problem > Coming up with a solution > Forging
the opportunity into a business idea > Integrating the solution into a business plan.
In the late 70s and early 80s, while IBM saw increase in demand for their mainframe computers, Steve Jobs
envisioned a personal computer in every home and Bill Gates envisioned the need for easy to use software for
personal computers. That single vision made Bill Gates the richest man in the world and Steve Jobs the most
famous business person of the 21st century.
2. Raising Capital for Startup
An Entrepreneur Is The Only One That Knows Business Idea To The Core. Trying To Convince Investors About
Something That Doesnt Exist Is Definitely A Challenge.
To overcome the challenge of raising capital, an entrepreneur must develop the ability to sell their idea and
vision to potential investors.. In the game of raising capital, an entrepreneur must have a good story to tell;
backed by a strong business plan and good persuasion skills.
3. Assembling a BusinessTeam
As an entrepreneur bound to have strengths and weaknesses. That is the more reason an entrepreneur needs
a business team to cover up or compliment their weaknesses.
An efficient strategic business team should comprise as banker, financial adviser, accountant, attorney or legal
adviser and any other specialist that will be of tremendous impact to the business.
STEPS 2 ESTABLISH UR OWN BUSINESS IDENTITY
4. Findingthe Right BusinessLocation
Finding a good business location at the right place is definitely not easy.
An efficient location that has a rapidly growing population, good road network and other amenities at a
good place
5. Finding Good Employees
Business owners know how difficult it is to find a hardworking, trustworthy employee. Most employees want
to work less and get paid more.
Employees are the representatives to business customers and the outside world. They are a reflection of the
business culture and ethics. If an employee is bad or rude to customers, it is going to portray a bad image for
the company. So it must be careful when hiring employees.
6. Finding Good Customers
Good customers are really hard to find. A good customer will be loyal to the company and will be willing to
forgive if the business make a mistake and apologize. . Bad customers are responsible for bad debts.
Good customers build business and bad customers will always try to liquidate business.
7. Unforeseen BusinessChallenges and Expenses
• Just as a sailor prepares for unexpected storm, just as a pilot is always on the watch for
unpredictable bad weather and thunderstorms, so must an entrepreneur prepared for whatever
comes.
1. Unexpected law suits 4. Unexpected resignation of staff from sensitive office
2. Inconsistent government policy 5. Bad debts from customers
3. Not being able to make payroll 6. Bad debts from customers
8. Keeping Up With Industrial Changesand Trends
9. Exitingthe Business
THE INNOVATION PROCESS
• Types of Innovation
• Invention
• Extension
• Duplication
• Synthesis
• Sources of Innovation
• Unexpected occurrences
• Incongruities
• Process needs
• Industry and market changes
• Demographic changes
• Perceptual changes
• Knowledge-based concepts
Innovation and the Entrepreneur
Innovation:
I. Is the process by which entrepreneurs convert opportunities into
marketable ideas.
II. Is a combination of the vision to create a good idea and the
perseverance and dedication to remain with the concept through
implementation.
III. Is a key function in the entrepreneurial process.
IV. Is the specific function of entrepreneurship.
Types of Innovation
 Invention
 Extension
 Duplication
 Synthesis
Sources of Innovation
 Unexpected occurrences
 Incongruities
 Process needs
 Industry and market
changes
 Demographic changes
 Perceptual changes
 Knowledge-based concepts
SAGA OF INNOVATION
Type Description Examples
Invention Totally new product, service, or process Wright brothers—airplane
Thomas Edison—light bulb
Alexander Graham Bell—telephone
Extension New use or different application of an
already existing product, service,
or process
Ray Kroc—McDonald’s
Mark Zuckerberg—Facebook
Barry Sternlicht—Starwood Hotels & Resorts
Duplication Creative replication of an existing
concept
Wal-Mart—department stores
Gateway—personal computers
Pizza Hut—pizza parlor
Synthesis Combination of existing concepts and
factors into a new formulation or use
Fred Smith—Fed Ex
Howard Schultz—Starbucks
ENTREPRENUERS AT A GLANCE
LETS HAVE A QUICK GLACE-
According to report of world bank-
• IN EASE OF DOING BUSINESS INDIA RANKS 133
• Private sector creates 9 out of 10 jobs in the global economy.
• • Employing of more than 50% of the nation’s private sector workforce
• — almost 90% of all businesses employ fewer than 20 workers.
• • Creating 66% of all new jobs since the early 1970s.
• • Producing 48% of the nation’s GDP and account for 53% of all sales.
• • Growing by 800,000 to 900,000 new ventures each year.
STEPS TAKEN BY “GOVERNMENT OF INDIA”TO ENCOURAGE “ENTREPRENEURSHIP”:
1) Market Access Initiative (MAI) Provides financial support for opening
showroom & warehouses, display in international departmental stores,
publicity campain and branch promotion etc.
2) Agricultural and Processed Food Products Export Development Authority
(APEDA) To promote exports. APEDA provides financial support for
packaging development, export promotion and market development etc.
3) Scheme for ' Enabling manufacturing sector to be competitive through
Quality Management Standards and Quality technology tools'- an NMCP
Scheme.
4) Scheme for 'Trade Related Entrepreneurship Assistance and Development
(TREAD) Scheme to Women'
FURTHER STEPS OF IMPROVEMENT-
A. Create the Right Environment for Success
B. Ensure that Entrepreneurs have access to the
Right Skill
C. Ensure that Entrepreneurs have access to „Smart
Capital‟
D. Enable Networking and Exchange
E. Government Support: Both the Central and State
Governments should take more interest in
promoting the growth of entrepreneurship.
IGNORE THESE MYTHS….ITS MAKES US
WEAK!!PLEASE IGNORE…..
 Entrepreneurs Are Born
 Entrepreneurs Are Mainly Motivated to Get Rich
 Entrepreneurs Give Little Attention to Their
Personal Life
 Entrepreneurs Are Often High-Tech Wizard
 Entrepreneurs Are Loners and Introverts
 Entrepreneurs Are Job Hoppers
 Entrepreneurs Have Limited Dedication
KRIPESH KUMAR SWAIN
XII-COMMERCE
8256

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CHALLENGES &PROSPECTS OF AN ENTREPRENEUR

  • 1. &PROSPECTS OF AN ENTREPRENEU R WELCOME TO THE WORLD OF “ENTREPRENEURSHIP”
  • 2. What Is Entrepreneurship &who are they? Entrepreneurship Strategic Thinking And Risk-taking Behavior That Results In The Creation Of New Opportunities For Individuals And/Or Organizations. Entrepreneurs Risk-taking Individuals Who Take Actions To Pursue Opportunities And Situations Others May Fail To Recognize Or May View As Problems Or Threats. “THE GREATEST GLORY IS NOT IN NEVER FAILING BUT IN RISING UP EVERY TIME WE FALL”
  • 3. Entrepreneurs are … Founders of businesses that become large-scale enterprises. People who: -Buy a local franchise outlet -Open a small retail shop -Operate a self-employed service business People who introduce a new product or operational change in an existing organization. The Market Builders……..
  • 4. TYPICAL CHARACTERISTICS OF ENTREPRENEURS: -COMMITMENT, DETERMINATION, AND PERSEVERANCE -DRIVE TO ACHIEVE -OPPORTUNITY ORIENTATION -INITIATIVE AND RESPONSIBILITY -PERSISTENT PROBLEM SOLVING -SEEKING FEEDBACK -INTERNAL LOCUS OF CONTROL -TOLERANCE FOR AMBIGUITY WANT TO BE A SUCCESSFULENTREPRENEUR!!.... do...YOUHAVE THESE?
  • 5. IF YOU DARE 2 WIN ……THEN ITS ALL URS!! CHALLENGES IF U DARE 2 WIN ….DEN ITS ALL URS!!
  • 7. 1. Developingthe Vision and Business Idea ->Identifying a problem > seeing an opportunity in the problem > Coming up with a solution > Forging the opportunity into a business idea > Integrating the solution into a business plan. In the late 70s and early 80s, while IBM saw increase in demand for their mainframe computers, Steve Jobs envisioned a personal computer in every home and Bill Gates envisioned the need for easy to use software for personal computers. That single vision made Bill Gates the richest man in the world and Steve Jobs the most famous business person of the 21st century. 2. Raising Capital for Startup An Entrepreneur Is The Only One That Knows Business Idea To The Core. Trying To Convince Investors About Something That Doesnt Exist Is Definitely A Challenge. To overcome the challenge of raising capital, an entrepreneur must develop the ability to sell their idea and vision to potential investors.. In the game of raising capital, an entrepreneur must have a good story to tell; backed by a strong business plan and good persuasion skills. 3. Assembling a BusinessTeam As an entrepreneur bound to have strengths and weaknesses. That is the more reason an entrepreneur needs a business team to cover up or compliment their weaknesses. An efficient strategic business team should comprise as banker, financial adviser, accountant, attorney or legal adviser and any other specialist that will be of tremendous impact to the business. STEPS 2 ESTABLISH UR OWN BUSINESS IDENTITY
  • 8. 4. Findingthe Right BusinessLocation Finding a good business location at the right place is definitely not easy. An efficient location that has a rapidly growing population, good road network and other amenities at a good place 5. Finding Good Employees Business owners know how difficult it is to find a hardworking, trustworthy employee. Most employees want to work less and get paid more. Employees are the representatives to business customers and the outside world. They are a reflection of the business culture and ethics. If an employee is bad or rude to customers, it is going to portray a bad image for the company. So it must be careful when hiring employees. 6. Finding Good Customers Good customers are really hard to find. A good customer will be loyal to the company and will be willing to forgive if the business make a mistake and apologize. . Bad customers are responsible for bad debts. Good customers build business and bad customers will always try to liquidate business.
  • 9. 7. Unforeseen BusinessChallenges and Expenses • Just as a sailor prepares for unexpected storm, just as a pilot is always on the watch for unpredictable bad weather and thunderstorms, so must an entrepreneur prepared for whatever comes. 1. Unexpected law suits 4. Unexpected resignation of staff from sensitive office 2. Inconsistent government policy 5. Bad debts from customers 3. Not being able to make payroll 6. Bad debts from customers 8. Keeping Up With Industrial Changesand Trends 9. Exitingthe Business
  • 10. THE INNOVATION PROCESS • Types of Innovation • Invention • Extension • Duplication • Synthesis • Sources of Innovation • Unexpected occurrences • Incongruities • Process needs • Industry and market changes • Demographic changes • Perceptual changes • Knowledge-based concepts Innovation and the Entrepreneur Innovation: I. Is the process by which entrepreneurs convert opportunities into marketable ideas. II. Is a combination of the vision to create a good idea and the perseverance and dedication to remain with the concept through implementation. III. Is a key function in the entrepreneurial process. IV. Is the specific function of entrepreneurship.
  • 11. Types of Innovation  Invention  Extension  Duplication  Synthesis Sources of Innovation  Unexpected occurrences  Incongruities  Process needs  Industry and market changes  Demographic changes  Perceptual changes  Knowledge-based concepts SAGA OF INNOVATION
  • 12. Type Description Examples Invention Totally new product, service, or process Wright brothers—airplane Thomas Edison—light bulb Alexander Graham Bell—telephone Extension New use or different application of an already existing product, service, or process Ray Kroc—McDonald’s Mark Zuckerberg—Facebook Barry Sternlicht—Starwood Hotels & Resorts Duplication Creative replication of an existing concept Wal-Mart—department stores Gateway—personal computers Pizza Hut—pizza parlor Synthesis Combination of existing concepts and factors into a new formulation or use Fred Smith—Fed Ex Howard Schultz—Starbucks ENTREPRENUERS AT A GLANCE
  • 13. LETS HAVE A QUICK GLACE- According to report of world bank- • IN EASE OF DOING BUSINESS INDIA RANKS 133 • Private sector creates 9 out of 10 jobs in the global economy. • • Employing of more than 50% of the nation’s private sector workforce • — almost 90% of all businesses employ fewer than 20 workers. • • Creating 66% of all new jobs since the early 1970s. • • Producing 48% of the nation’s GDP and account for 53% of all sales. • • Growing by 800,000 to 900,000 new ventures each year.
  • 14. STEPS TAKEN BY “GOVERNMENT OF INDIA”TO ENCOURAGE “ENTREPRENEURSHIP”: 1) Market Access Initiative (MAI) Provides financial support for opening showroom & warehouses, display in international departmental stores, publicity campain and branch promotion etc. 2) Agricultural and Processed Food Products Export Development Authority (APEDA) To promote exports. APEDA provides financial support for packaging development, export promotion and market development etc. 3) Scheme for ' Enabling manufacturing sector to be competitive through Quality Management Standards and Quality technology tools'- an NMCP Scheme. 4) Scheme for 'Trade Related Entrepreneurship Assistance and Development (TREAD) Scheme to Women'
  • 15. FURTHER STEPS OF IMPROVEMENT- A. Create the Right Environment for Success B. Ensure that Entrepreneurs have access to the Right Skill C. Ensure that Entrepreneurs have access to „Smart Capital‟ D. Enable Networking and Exchange E. Government Support: Both the Central and State Governments should take more interest in promoting the growth of entrepreneurship.
  • 16. IGNORE THESE MYTHS….ITS MAKES US WEAK!!PLEASE IGNORE…..  Entrepreneurs Are Born  Entrepreneurs Are Mainly Motivated to Get Rich  Entrepreneurs Give Little Attention to Their Personal Life  Entrepreneurs Are Often High-Tech Wizard  Entrepreneurs Are Loners and Introverts  Entrepreneurs Are Job Hoppers  Entrepreneurs Have Limited Dedication