Entrepreneurship is doing something new for the purpose of creating wealth and adding value to the society The capacity and willingness to undertake conception, organization and management of a productive venture with all attendant risks, while seeking profits as a reward is known as entrepreneurship.

1. EXPERT LECTURE SERIES
DATE: 13-01-2023
ENTREPRENEURSHIP
BY
DR AMIT SAHAY
DEPARTMENT OF MECHANICAL ENGINEERING

2. EXPECTATIONS FROM THIS EXPERT LECTURE
• TO PROMOTE AWARENESS ABOUT
ENTREPRENEURIAL CULTURE
• TO INITIATE POSITIVE CHANGE
• TO MAKE US AWARE ABOUT THE EFFORTS
BEING DONE BY RGPV
• TO MAKE US AWARE ABOUT THE EFFORTS
BEING DONE BY US

3. ENTREPRENEUR ?
An entrepreneur is an enterprising individual
who
• starts an enterprise
• builds capital through risk
• Searches for change and responds to it

4. ENTREPRENEURSHIP ?
• Entrepreneurship is doing something new for
the purpose of creating wealth and adding
value to the society
• The capacity and willingness to undertake
conception, organization and management of
a productive venture with all attendant risks,
while seeking profits as a reward is known as
entrepreneurship.

5. Adding value
to society
Creating
wealth
Entrepreneurship
OUTCOME OF ENTREPRENEURSHIP

6. ENTERPRISE ?
• An enterprise is the business organization
that is formed and which provides goods and
services, creates jobs, contributes to national
income, exports and over all economic
development

7. Person
Entrepreneurship Enterprise
Process of action Entity
Entrepreneur
KEY ELEMENTS

8. IMPORTANCE AND ROLE OF
ENTREPRENEURSHIP IN
• Economic Development
• Employment generation
• Social Stability

9. Role in Economic Development
• National Income
• Balanced Regional Development
• Better Standards of Living
• Creating Innovation

10. Role in Employment Generation
• Entrepreneurial development is looked at as
a vehicle for employment generation through
promotion of small business.

11. ROLE IN SOCIAL STABILITY
• Inclusive Growth is a concept which advances
equitable opportunities for economic
participation during the process of economic
development with benefits incurred by every
section of society
• Dispersal of Economic Power
• Empowerment is the process of obtaining
basic opportunities for marginalized people

12. ROLE IN SOCIAL STABILITY (CONTINUED)
• Social Entrepreneurship is the process of
pursuing innovative solutions to social
problems. Business entrepreneurs typically
measure performance in profit and return,
but Social Entrepreneurs also take into
account a positive return to society
• Rural Entrepreneurship

13. THEORIES OF ENTREPRENEURSHIP
• Theories of entrepreneurship deals with the
reasons, ways and means for the propagation of
entrepreneurial thought in society.
• Entrepreneurship is an evolved thing. With the
advancement of science and technology it has
undergone alterations and emerged as a critical
input for socio-economic development
• These theories have their roots in economics,
psychology, sociology, anthropology, and
management

14. THEORIES OF ENTREPRENEURSHIP
• Various authors have developed various
theories on entrepreneurship, popularized the
concept.
• The theories propounded by them can be
categorized under as follows
(i) Sociological theories
(ii) Economic theories
(iii)Cultural theories
(iv) Psychological theories

15. THEORIES OF ENTREPRENEURSHIP
(CONTD.)
• Theory is not merely bookish.
• Theory helps us to comprehend phenomena
better
• Understanding theory one can apply the same in
practice more effectively
• However we need not become the hostage of
the theories we develop !!!!!

16. ENTREPRENEURSHIP AS ACTION
• Today it is believed that entrepreneurship is a
process, not an attribute of a person
• Necessity vs. opportunity entrepreneurship
• Focus on “what the entrepreneur does”, not
“who the entrepreneur is”
• This view leaves open the possibility of
developing entrepreneurship in individuals
• Entrepreneurs are “made” not “born”

17. THE ENTREPRENEURIAL PROCESS:
9 KEY ACTIVITIES
1. Motivation to make a difference
2. Spotting opportunities
3. Finding the resource required
4. Dealing with obstacles
5. Showing determination in the face of adversity
6. Managing risk
7. Using networks extensively
8. Controlling the business
9. Financial & Social capital

18. Entrepreneurship Development Program
(EDP)
• EDP is a program designed to help an individual in
strengthening his/her entrepreneurial motive and in
acquiring skills and capabilities necessary for playing
entrepreneurial role effectively
• EDP helps in inculcating entrepreneurial traits into a
person
• It is primarily for developing the first-generation
entrepreneurs who on their own cannot become
successful entrepreneurs

19. NIESBUD
• The National Institute for Entrepreneurship
and Small Business Development (NIESBUD)
is a premier organization of Ministry of
Micro, Small and Medium Enterprises, Govt.
of India
• It is engaged in training, consultancy,
research etc in order to promote
entrepreneurship

20. FUNDING
• INDUSTRIAL LOANS
• GOVERNMENT SCHEMES
• VENTURE CAPITALIST
• ANGEL FUND
• BOOTSTRAP BUSINESS MODEL

21. Questions To Keep In Mind
• What are my motivations for owning a business?
• Should I start or buy a business?
• What and where is the market for what I want to
sell?
• How much will all this cost me?
• Should my company be domestic or global?

22. Motivations
• Deciding what your motivations are will
direct you toward what type of business fits
you best.
• Types:
1. Lifestyle Venture
2. Smaller Profit Venture
3. High Growth Venture

23. 1. Lifestyle Venture
• Small company that provides its owner
independence, autonomy, and control.
• Is often run out of household
• Provides flexibility (hours, meeting places,
attire)
• Aligns your personal interests and hobbies
with your desire to make a profit.

24. 2. Smaller Profit Venture
• Small company not concentrated on pushing
the envelope and growing inordinately large.
• Making millions of dollars not important.
• Content with making a decent living.
• Ex. Mom and Pop Stores

25. 3. High Growth Ventures
• Goal is maximum profit and growth.
• Concentrated on pushing envelope and
growing as large as possible.
• Focus on innovation

26. JAI HIND
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