This topic is related to Business, which is Entrepreneurship development. It can refer by any technical & Management students. It is useful for B.Tech and MBA students under BPUT Syllabus 2014

3. Why to start Business
Starting a small business can be both challenging and rewarding – find out the reasons
why so many people start new businesses each year, what the advantages of starting a
business? These questions need a deeper insight. Practically some of them become
entrepreneurs even by choice, by chance, by compulsion or by tradition.
The person going to start a business must be determined to do so. This
determination usually comes due to various reasons, some of which may be listed
below,
 Financial scarcity
 Failure to get job employment
 Pain of unemployment or
underemployment
 Self-employment
 Family problems
 Desire to be successful
 To utilize idle time and resources
 To meet challenges
 To earn money
 To take advantage of business situation
 To utilize local resources
 To earn name and fame
 To utilize talent
 To prove to be competent
 Enviousness at other’s success

4.  DETERMINE IDEA
 SET EXIT EXPECTATIONS
 RESEARCH YOUR MARKET
 BUSINESS PLANNING
 BUSINESS FORMATION
 PRODUCT DEVELOPMENT
 STAFFING
 FUND RAISING

6.  Entrepreneurship promotes capital formation by mobilizing the idle savings
of the public.
 It provides immediate large scale employment. Thus it helps reduce the
Unemployment Problem in the country ,i.e., the root of all socio-economic
problems.
 It promotes balanced regional development.
 It stimulates the equitable redistribution of wealth, income and even political
power in the interest of the country.
 It encourages effective resource mobilization of capital and skill which might
other wise remain unutilized and idle.
 It also induces backward and forward linkages which stimulate the process
of Economic development in the country.
 It also promotes country’s export trade, i.e., an important ingredient to
economic development.

7. Motivation For
Entrepreneurial Achievement
Motivation has been Derived from word – ‘Motive’ – to move. Motive may be
defined as an inner state of our mind that moves or activates or energizes and
directs our behavior towards our goals.
Motives are expressions of a person’s goals or needs. They give direction to human
behavior to achieve goals or fulfill needs
Need or Importance of Entrepreneurial Motivation
 Motivated Entrepreneur make optimum use of available resources for
achieving objectives.
 Motivation is directly related to the level of efficiency or Entrepreneur.
 Motivated Entrepreneur make goal-directed efforts.
 Motivation also helps in improving the image of an organization.

8. Entrepreneurial Achievement
Motivation

9. Entrepreneurial Achievement
Motivation

12. McClelland identified three types of manifest needs
(1) Need for Power : “concern for influencing people”. politicians, social-religious
leaders Chief Executive Officers, (CEOs), Government Bureaucrats/Civil
Servants. based on the belief that the source of power lies in the “position” a
person occupies in organizational/societal context.
(2) Need for Affiliation : “readily thinks about interpersonal relationships”. “a tendency
of the people to conform to the wishes and norms of those whom they value.” Social
activists, environmentalists, teachers, and doctors and nurses.
(3) Need for Achievement : Need for Achievement Concerns issues of excellence,
competition, challenging goals and overcoming difficulties. want to take
personal responsibility for solving problem. Goal oriented, sets moderate,
realistic, attainable goals. One also seeks challenge, excellence, and individuality.
Takes calculated risk and willing to work hard

13. Entrepreneurial Ambition:
1. to make money
2. to gain social prestige
3. to secure self employment
Compelling Reasons
1. Unemployment
2. Dissatisfaction with existing job or occupation
3. to use technical or professional knowledge
Facilitating Factors
1. Previous Knowledge, experience
2. Encouragement from family members, friends
3. Imitation of successful entrepreneurs Factors for Entrepreneurial
Motivation