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ENTREPRENEURSHIP How and what expand start
- 2. An Entrepreneur is one who ventures out by utilizing locally available resources, who prefer changes as a means of growth and in the process is prepared to take calculative risks. The activities/activity by which a person ventures out of the system to become an entrepreneur should be such activities which posseses/have all posibilities of growth and development.
- 3. Personality (Proprietorship/Ownership) Economic (Profit based) Society (Prosocietical & positive impact) Status (Sustainable/long term growth) Family
- 4. Skills Required to Succeed as An Entrepreneur ◦ Ambition ◦ Willingness to Learn. ... ◦ Ability to Listen. ... ◦ Creativity. ... ◦ Assertiveness and Confidence. ... ◦ Perseverance. ... ◦ Courage and Risk Taking.
- 7. JOBS PROS CONS FLEXIBILITY TIME BARRIER ADDITIONAL BENFITS GETTING TIME OFF TEAM WORK RECOGNITION ZERO INVESTMENT CONFINED IN A BOX ENTREPRENEURSHIP PROS CONS BE YOUR OWN BOSS RESPONSIBILITY ADAPTABILITY INVESTMENT NO RETIREMENT ISSUE LIVE A SIMPLE LIFE SATISFACTION MORE STRESS AND RISK
- 8. •HIS IDEA CAME AFTER HIS SON SUFFERED FROM JAUNDICE •IN THE YEAR 1998 HE ESTABLISHED KENT RO SYSTEM •STARTED WITH RS.1,00,000/- AND A FOUR MEMBER TEAM •CURRENTLY 40% MARKET SHARE & ANNUAL TURNOVER OF 580 CRORE AND MORE THAN 2500 EMPLOYEES
- 9. • A BARBER OF BENGALURU •LOST FATHER AT THE AGE OF 7 •STARTED WITH RENTING OUT HIS CARS TO INTEL AND TO OTHER SMALL CLIENTS LOCALLY WITH ONE MARUTI VAN BOUGHT FROM HIS SAVINGS •OWNER OF 200 CAR WHICH INCLUDES ROLLS ROYCE, BMW ETC •EVEN TODAY, BEING SUCH A RICH MAN HE DID NOT FORGET HIS ROOTS. HE CUTS THE HAIR OF HIS REGULAR CUSTOMERS FOR JUST RS 65. RAMESH BABU- BARBER WITH ROLLS ROYCE
- 10. It is that kind of activity where both possibilities of success and failure exists.
- 11. Degree to which a set of inherent characteristics (distinguishing features) of an object (anything perceivable or conceivable) fulfils the requirements.
- 12. Conformance to specification Fitness for use Customer satisfaction Delighting the customer Enchanting the customer
- 14. BETTER QUALITY REDUCED WASTAGE HIGHER PRODUCTIVITY LOWER COST LOWER PRICE MORE MARKET SHARE MORE PROFIT BUSINESS GROWTH GROWTH IN SOCIETY
- 15. It is an important part of the entrepreneur’s journey It is very important to know how entrepreneurs identify and decide a new business opportunity with the best chance to succeed The most important part of all business attempts common to most successful startups is answering an unmeet need in the market
- 16. Recognized opportunity In this type of opportunity, proper reasoning is used to get new ideas. This type opportunity has to do with the exploitation of the existing markets where both sources of supply and demand that exist are recognized and brought together. Discovered opportunity In this type when only the demand exists, but supply does not and vice versa, then the non-existent side has to be discovered. This type of opportunity has to be discovered and has to do with the exploration of existing and latent markets. Created/enacted opportunity This is based on the principle of enactment where the entrepreneur creates new means and new ends by using effectual reasoning. In this type the supply and demand will not apparently exist; one or both of them have to be created.
- 17. One’s Education Experience Economic background Investment capacity Family background Managerial capabilities Marketing capabilities Size of market Location Availabilities of technology and process
- 18. Product or service is still not in existence Product or service is already in the market but failed to satisfy the customers, so need to be improved Durability of the product Profitability of the product Degree of risk Gestation period Government policy