This document discusses entrepreneurship and the entrepreneurial process. It defines entrepreneurship as pursuing opportunities without regard to resources currently controlled. It describes common entrepreneur characteristics like achievement motivation and tolerance for ambiguity. It outlines the entrepreneurial process of identifying opportunities, developing concepts, determining required resources, acquiring resources, and implementing and managing the venture. Key steps include performing feasibility analyses, obtaining financing, balancing cash flows, and pursuing rounds of funding over 3 years. The overall summary provides a high-level overview of the entrepreneurship topics and process covered in the document.

1. ENTREPRENEURSHIP
NAME –ADITYA KUMAR
CLASS –X
TOPIC: Entrepreneurship
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2. LEARNINGOBJECTIVES
1. Define entrepreneurship.
2. Discuss characteristics and types of
entrepreneurs.
3. Discuss the applicability of entrepreneurship
principles in the profession of pharmacy.
4. Given an “opportunity concept,” apply the
process of entrepreneurship to evaluate, pursue,
execute, and harvest the venture

3. WHATISENTREPRENEURSHIP
“The process by which individuals pursue
opportunities without regard to resources they
currently control.

4. WHOISANENTREPRENEUR?
 Someofthecommoncharacteristicsofentrepreneurs
include:
1. A high level of achievement motivation
2. An internal locus of control
3. A tolerance for ambiguity.
4. They are not necessarily experts in all areas of
business
5. They are very good at establishing networks of
people who can help them in areas that are not
their strengths

5. TypesofEntrepreneurs
Personal Achievers
1. Need for feedback
2. Need for achievement
3. Strong commitment
4. Internal locus of control
Expert Idea Generators
1. Build venture around new products
2. Involved with high-tech companies
3. Desire to innovate
4. Intelligence as source of competitive advantage

6. Super Sales People
1. Capacity to understand others, empathize
2. Belief that social processes are important
3. Good at external relationship building
4. Belief in sales force
Real Managers
1. Desire to take charge, compete, be decisive,
stand out
2. Desire to be corporate leader, desire for power
3. Positive attitude towards authority

7. THEENTREPRENEURIALPROCESS
 Learning entrepreneurship is important
because it provides a structured approach that
can be repeated, analyzed, and improved on.

8. IdentifyinganOpportunity
 Ideas can come in many different forms and from
many different places
 Entrepreneurs often generate and maintain an
opportunity register
 The entrepreneur must be disciplined in the
selection of opportunities to pursue because
resources likely will be limited and pursuit of an
opportunity requires focus, perseverance, and
dedication.

9.  Identifyanopportunity
1. Changing demographics
2. Emergence of new market segments
3. Process needs New technologies
4. Incongruities Regulatory change
5. Social change

10. DevelopingtheConcept
 Determining which idea to pursue and how to
execute the opportunity are key decisions for
the entrepreneur to make. To guide these
decisions, the entrepreneur often will perform
a feasibility analysis
 Extensive research is performed on the
product/service, industry, market,
organizational feasibility, and financial
feasibility of the opportunity.

11.  DeveloptheConcept
1. New products
2. New services
3. New processes
4. New markets
5. New organizational structure/forms
6. New technologies
7. New sales / distribution channels

12. DeterminingtheRequiredResources
 Entrepreneurs typically will not have all the
resources needed to pursue the identified opportunity
 This step in the process, which can be a part of the
feasibility analysis, will help to identify what
resources are needed and help to determine if the
entrepreneur can obtain those needed resources
 Identify the extent to which financial resources need
to be acquired and at what stage in the business-
development timeline they are needed
 In entrepreneurship compares equity to manure The
more manure is piled up, the more it smells, but the
more it is spread around (on a field), the more it
helps things to grow.

13.  Determinetherequiredresources
1. Skilled employees
2. General management expertise
3. Marketing and sales expertise
4. Technical expertise
5. Financing
6. Distribution channels
7. Sources of supply
8. Production facilities
9. Licenses, patents, and legal protection

14. AcquiringtheNecessaryResources
 Once the entrepreneurial idea and venture have been
well defined and researched through the feasibility
analysis, resources are acquired to pursue the idea
 To help get others to invest, the entrepreneur will
have to put some of his or her own money into the
development
 Grants and small-business loans are used often, but
grants can take longer to acquire than other methods.
 “sweat equity” (time put into developing the business
without receiving payment for the time put in)
required

15.  Acquirethenecessaryresources
1. Debt
2. Equity
3. Leveraging
4. Outsourcing
5. Leasing
6. Contract labor
7. Temporary staff
8. Supplier financing
9. Joint ventures
10. Partnerships
11. Barter
12. Gifts

16. ImplementandManage
 Decision-making abilities and experience are two
of the most important attributes for success in this
process.
 Degrees , training and during work experience
are ways of gaining of these skills
 Training for entrepreneurship the BEL( Bernelli
Entrepreneurial Learning) Method identifies five
stages of development and provides initially for
exposure and hands-on experience.

17.  The key to implementing and managing the
opportunity will center on cash flow.
 First, acquiring capital to get the business started
and then, once the business is started, balancing
the expenditure of money with the need to obtain
more to keep the business going.
 Businesses often fail because they do not have
enough cash when they start.
 It is recommended that a business have enough
cash to support it for 3 years when it is started.
However, this is often difficult to obtain.
Additionally it is typical for the business to
pursue rounds of funding.