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Module i.pptx Business planning and Entrepreneurial Management
- 1. Business Planning & Entrepreneurial Management SYBMS – Semester III
- 2. What Is an Entrepreneur? An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. The word "entrepreneur" comes from the French verb entreprendre, meaning "to undertake")
- 3. What is Entrepreneurship? The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.
- 4. Concepts Entrepreneur Entrepreneurship Enterprise An Individual A group of activities An object
- 5. What is Entrepreneurship Development Entrepreneurship development is the process of improving the skills and knowledge of entrepreneurs through various training and classroom programs. The whole point of entrepreneurship development is to increase the number of entrepreneurs.
- 6. Need of Entrepreneurship Development Establishing business units Generation of Employment Economic Development Self Reliance Social Development Standard of Living Regional Development Revenue to the Government
- 7. Features or Characteristics or qualities of an Entrepreneur Innovator Decision making skills Risk Bearing Open mindedness- Explore opportunities Human Relations Communication Skills Leadership
- 8. Locus Of Control Organizer Technical Knowledge Flexibility Personality Patience
- 9. Functions of Entrepreneur Planning for business activities Organising Resources Decision making Motivating Employees Innovation Risk bearing Research & Development Market Development Financial Management
- 10. Characteristics of Entrepreneurship Process Purposeful activity Individual or Group activity Future –oriented activity Innovation and Creativity Proactiveness Exploits Change into opportunity Risks and Rewards Organizing abilities Social and Economic Development
- 11. Importance of Entrepreneurship Economic Development Social Development Regional Development Capital formation Employment Foreign exchange
- 12. Reduction in income inequalities Revenue to the Government Facilitates Competition Consumer Welfare Infrastructure Development Standard of Living
- 13. External Influences Socio-Cultural Factors Political Factors Economic Factors Personal
- 14. Socio-Cultural Influences Community Attitude towards Risks Caste System Family Background Education Attitude of the Society Role Models
- 15. Political Influences Political Conditions Government Support Tax Infrastructure Economic Freedom Laws
- 16. Economic Influences Capital Labour Raw Materials Market Infrastructure Economic Conditions
- 17. Theories of Entrepreneurship GO TO NEXT SLIDE 》》》
- 18. Innovation Theory by Schumpeter - 1934 - Innovation means: 1.Introduction of new product 2. New Method of Production 3. New Technology 4. New Market 5. New Source of Supply 6. New form of Organization GO TO NEXT SLIDE 》》》
- 19. Theory of Achievement Motivation by David McClelland - Three major needs for personal motivation a.- Need for Achievement- (nAch) b.- Need for Affiliation – ( nAff) c.- Need for Power- (nPow) Need for affiliation and power and high level of achievement makes an individual an Entrepreneur.
- 20. X – Efficiency Theory by Leibenstein -X-Efficiency refers to the degree of inefficiency in the use of resources in an organization. - It means if company is not competitive then the employees will not work hard as they know that being more efficient will not make any difference. -Leibenstein states 2 roles of Entrepreneur a.- Input Provider b.- Gap Filler- buys from one market at lower price and sells at another market at higher price.
- 21. Theory of Profit by Frank H.Knight - According Knight, Profit is the reward for risk and uncertainty which an entrepreneur bears.
- 22. Difference between Risk and Uncertainty Risk Uncertainty Outcomes that can be insured against Outcomes that can not be insured against Includes situation / Conditions in which profit can not exist Includes situation / Conditions in which profit may exist Future is subject to risk Future is uncertain Risk is insurable Uncertainty is uninsurable
- 23. Theory of Social Change by Everett Hagen - Hagen says, “Entrepreneurship is a function of status withdrawal.” -“Creativeness of disadvantaged minority group is the main source of entrepreneurship.” -Hagen considers “withdrawal of status respect as the trigger mechanism of change in personality formation” as entrepreneurship status withdrawal is the act of seeing on the part of some social group. GO TO NEXT SLIDE 》》》
- 24. Withdrawal of Status & Personality Types (1) One who combines to work in the society but remains indifferent to work and position is called Retreatist. (2) One who adopts a kind of defensive behavior and acts in the ways accepted and approved in his society but with hopes on of improving his position is called Ritualist. (3) One who forms a rebellion and attempts to establish a new society is called Reformist. (4) A creative individual who is likely to be an entrepreneur is called Innovator.
- 25. Role of Entrepreneurship Culture In Entreprenurship • Ethical Behaviour • Productivity Culture • Communication Culture • Recognition and Reward Culture • Quality Culture • Corporate citizenship culture • Concern for environment • Concern for Social Development
- 26. End of Module I Thank You