Professional Documents
Culture Documents
Reference Text
1. Beyond Entrepreneurship - By James C. Collins, William
C. Lazier 2. Entrepreneurship Management - By P. N. Singh, By J. C. Saboo 3. Dynamics of Entrepreneurial - By Vasant Desai 4. Entrepreneurship Development in India - By Bishwanath Ghosh 5. Literature Published by Support Institutions, viz i) SIICOM, ii)SIDBI, iii)MSSIDC iv)NSIC
Concept : Entrepreneur
Entrepreneur creates new business in face of risk & uncertainty purpose: to achieve profit & growth by identifying opportunities & assembling the necessary resources to capitalize on them.
Prof Purshottam Patil 4
has nothing to do with genes. Its a discipline and, like any discipline, it can be learned.
..Peter F. Drucker
Good Entrepreneur: Capable to inspire confidence in people & able to motivate them to work with him in fulfilling the economic goals set by him
Concept : Entrepreneur
A small body of determined spirits fixed by an
unquenchable faith in their mission can alter the course of history ..Mahatma Gandhi
Entrepreneur : Person who brings in overall change through
innovation for maximum social good. Entrepreneurs have: Quest quotient > Intelligent Quotient They have always something to learn.
Concept : Entrepreneur
An innovator who carries out new
combination to initiate the process of economic development through introduction of new products, new markets, conquests of new source of raw materials & establishment of new organization of industry. ..J. A. Schumpter
Concept : Entrepreneur
Myth: Entrepreneurs mostly are school dropouts,
who strive for fame & fortune. Fact: Such entrepreneurs do exist, but they are in minority. Global Entrepreneurship Monitor report 2005: People with post-secondary or graduate are more than twice likely to be involved in a entrepreneurial firm as those with lesser education level. 67% CEOs of the Fortune 500 companies held university degree.
Advantages : Entrepreneur
High degree of independencefreedom from constraints Potential for greater financial rewards Get to use a variety of skills and talents
Challenges: Entrepreneur
Must be comfortable with change and uncertainty Must make a number of decisions May face tough economic choices Must be comfortable with taking risks Need many different skills & talents
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Women enterprise..
An enterprise owned & controlled by women having a minimum financial interest of 51% of capital & giving at least 51% of the employment generated by the enterprise to women. ..Government of India
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However, their contribution is much greater then shown in stats because much of it is in informal sector & household.
Familial & social conditioning reduces confidence, independence & mobility of women
Insensitivity to gender issues that result into problems in way of Women Entrepreneurs.
Shri Mahila Griha Udyog Lijjat Papad; www.lijjat.com Mahila Sahakari Samiti
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Small start-ups turn into large industries. The SSI Sector provides opportunity to hone their skills & talents, to experiment, to innovate & transform their ideas into goods & services needed by society. SSI Sector exhibited +ve growth trends even when other sectors of economy experienced either -ve or nominal growth. Some statistics about SSI in India?
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An industrial undertaking in which the investment in plant & machinery, whether held on ownership terms or on lease/hirepurchase basis, does not exceed Rs. 10 million (Rs. 1 crore) is regarded as a small-scale undertaking. These include manufacturing & service units Small Scale Industry evokes different meanings for different agencies and the financial institutions.
E.g. for the purpose of Excise and Sales Tax Exemption, the turnover alone is the determining criterion.
TINY ENTERPRISE
A unit where the investment in plant and machinery does not exceed Rs. 2.5 million (Rs. 25 Lakhs) irrespective of the location of the unit.
Many shops, schools, parlors, Photostat and STD booths in your vicinity are all examples of tiny units.
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What is an EOU?
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2. Poor availability of power and other infrastructure: Though infrastructural bottlenecks are problems for big businesses too, yet they can overcome these problems to some extent because of their financial strength e.g. generating their own power, or even influencing the government in framing its policies sometimes. The small entrepreneur on the other hand has to battle with them.
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Marketing Problems: small entrepreneur cannot supply standardized goods of high quality and as a result cannot compete with products of large companies or MNCs.
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Risk situation occurs when an entrepreneur is required to make a choice between two or more alternatives whose potential outcomes are not known and must be evaluated in advance, with limited information. A risk situation involves potential gain and potential loss. As the size of the business expands the problems and opportunities become more numerous and complex. Business growth and development require an entrepreneur not to be afraid of taking decisions and certain risks.
Work Ethic?
Work ethic yields only positive results.. Work ethic encourages co-operation from different layers within organization.
Work ethic implies continuously taking up work worth doing. Work ethic requires to do work with a sense of integrity, but with a lack of attachment
One key factor to achieve entrepreneurial success is the chemistry between the CEO & the promoters of Organization. This is established when CEO pursues & acts based on work ethic. Vasant Desai
Knowing the present and the past the entrepreneur is able to predict the future events the business more accurately than others. It is because of their visionary nature and power of imagination that helps them in anticipating problems and evolving actions strategies for such problems.
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Entrepreneur Personality:
Emotional stability
- The most important personality factors contributing to the success of an entrepreneur are emotional stability, personal relations, consideration and tactfulness. An entrepreneur must maintain good relations with the customers if he wishes to enjoy their continued patronage. He must also maintain good relation with his employees, whom he shall motivate to perform their jobs at a high level of efficiency. An entrepreneur who maintains good human relations with customers, employees, suppliers and the community has a better chance to succeed in his/ her business.
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He knows the art of getting things done by other people without hurting their feelings of self- respect.
He has strong motivation towards the achievement of a task and puts in necessary efforts in getting things done by others.
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Innovation: utilization of better or more effective products, processes, services, technologies, or ideas that are accepted by markets, governments & society.
Innovation vs. invention: Innovation refers to use of a new idea or method, whereas invention refers more directly to the creation of the idea or method itself.
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Innovation
The ability to apply creative solutions to problems or opportunities to enhance or to enrich peoples lives; doing new things.
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