Professional Documents
Culture Documents
Economic Socio-cultural
Environment factors
Support
Systems
• Taxation • Taxations
• State Laws • Zoning
• Licensing /Approvals • Cost of Living
• Incentives • Lifestyle
Environmental Analysis
Scanning to detect change (identify key
elements and their characteristics)
Monitoring to track development (that affect the
survival and profitability of the new business)
Forecasting to project the future (such as level of
prices, inflation, interest rates, availability of
funds, market share, market growth, etc.
Assessing to interpret data (what does it all
mean to the entrepreneur?)
Entrepreneurship and Economic
Development
Entrepreneur’s set up Enterprises
Entrepreneurs combines resources, put their time and
efforts and produce goods or services
What they contribute – productivity, output, value
addition, income and employment
Entrepreneurship is a “Low Cost Strategy”.
Entrepreneurs perform the crucial role themselves
The spirit of Entrepreneurship – Drive, achieving higher
goals, creativity, innovative attitude.
A dynamic society emerges and the spirit spreads like a
chain reaction.
The Invention Process
Market Need
Invention,
which
meets the
need
Product Evolution Process
Fundamentals
of Science
Invention / Innovation
The Evolution Process
Intersection of Knowledge and a
recognized social need
Initiation of technological innovation
Iterative Synthesis
Development Phase
Industrial Phase
The Product Planning and
Development Process
Idea Stage – Idea – Evaluate
Concept Stage – Lab Development – Evaluate
Product Development Stage - Pilot Production
– Evaluation
Test Marketing Stage- Semi Commercial
Production Evaluation
Commercial Stage – Introduction
Growth
Maturity
Decline
Commercialization
Role of Government
Role of Corporate – Intrapreneurship
Role of Individuals – Entrepreneurship
Development of Technology
– Utilization of materials
– Exploitation & transformation of energy
– Understanding and application of Scientific
Principles
The Role of Government
– Promotional
– Neutral
– Regulatory
The Role of Smaller firm
T- High, M-High – Large skilled resources,
financial backing. Act as a Supplier or Sub –Contractor
T- High, M-Low - Specialist firm, access to low cost
research
T-Low, M-High – Linkage with well-established
channels
T-Low, M- Low – Well Suited to small firm
Low Tech – High Volume Financial Ability
High Tech – Low Volume Strategic Ability
Emerging Options – Franchisee; Sub-contractor
Entrepreneurship and Management Students
Enterprises in protected economy can be mismanaged.
Enterprises in competitive environment are essentially
to be managed.
A Management Graduate is a person trained to
manage an enterprise. Naturally, he will deliver the best
results.
A Management Graduate should not be just a Job
Seeker. He can and should take the role of Job
Provider.
Experience even from HBS confirm that more
Management Graduates take Entrepreneurial Role
(after some experience) and their income is higher than
their colleagues who are in job.
“An Entrepreneur has to be a Manager.
But a Manager need not be an Entrepreneur”
Entrepreneurial Decision Process