CHAPTER 1

PRESENTED BY: ROLL NOS 102 106 107 112 115 NAME RAVI KARWA GHANSHYAM AHIRE SAGAR AHIRRAO ANJANEYA MOHANTY ANSHUL PATEL

Its not the critic who counts, nor the observer who watches from safe distance. Wealth is created only by doers in the arena who are marred with dust, dirt, blood and sweat. These are producers who strike out on their own, who know high highs and low lows. Without exception, they fail more than they succeed and appreciate this reality before venturing out on their own. But when these producers of wealth fail, they atleast fail with style and grace, and their gut soon recognizes that failure is only a resting place, not a place in which to spend a lifetime. These doers are producers and no matter what their lot is at a given moment, they will never take place besides the takers, for theirs a unique place, alone under the sun. THEY ARE ENTREPRENEURS!!!! - Joseph R. Mancuso Center for Entrepreneurial Management

The word entrepreneur is derived from the French verb enterprendre. It means to undertake The Frenchmen who organized and led military expeditions were referred to as entrepreneurs. Around 1700 A.D. the term was used for architects and contractor of public works.

Applying division of labour principles to entrepreneurship Re-integrating functions Thinking out of the box Taking a problem and changing it into a business opportunity

For greater things (Enlightment) Financial Freedom (Measurement) Time for other things (Freedom) Create opportunities (Expressions)

In many countries, the entrepreneur is often associated with a person who starts his own new business. Business encompasses manufacturing, transport, trade and all other self employed vocation in the service sector.

Entrepreneurship=Economic and social development

Entrepreneurship creates opportunities

An age of omnipresent entrepreneurship creates 1. choices, 2. innovation, 3. technological advances, 4. change, 5. opportunity, 6. possibilities

USA

ISRAEL

95% of the wealth in America today has been created by this E-generation during the Erevolution since 1980. 1 in every 10 Americans ages 18-64 is attempting to start a new business Small firms create 75% of new net jobs (since 1980 America has created 34 million new jobs while the Fortune 500 companies lost over 5 million)

MicrosoftBill Gates and Paul Allen

Dell ComputersMichael Dell

Apple ComputersSteve Jobs and Steve Wozniak Federal ExpressFred Smith PolaroidEdward Land NikePhil Knight

1950s. The seeds of Israels entrepreneurial revolution were sown in the late 1940s and 1950s. Israels first (Weizmann) and fourth (Katzir) presidents were scientists.

1960s. R&D got a huge boost in the 1960s, in part from the sudden 1967 French weapons embargo

1980s. By the early 1980s there were numerous top-tier VC investments, and by 1984 the NASDAQ value

Need pure entrepreneurs

There is scope and need of non pure entrepreneurs

Generate Employment.
Contributes towards GDP. 95% of the registered firms in India are family businesses.

Sector development needs

Youth unemployment

Renewable Energy: 2 billion people lack access to energy/ electricity Water and sanitation: 2.5 billion people lack access to clean water and sanitation Rural areas: 60% of the population of developing economies still live in rural areas Information & Communication Technologies: Barely 4% of the world population has internet access

Currently 1 billion young people in the world. (850 million live in developing economies) Over the next 30 years, this no. will increase by another1.2 billion, mostly in developing countries Young people are cognizant of the inequities of the global system, and are susceptible to association with the negative forces in their communities

Developing countries Me- too business Lack of technical skills Legacy businesses Legal constraintsgovt. regulation, red tapism

Developed countries Marketing concept Competent New businesses Helping hands

Culture represents the manner in which members of a group (whether in society or a business group) regulate their behavior in order to be in harmony with each other and with other groups in that society.

Culture consist of tangible man-made objects clothing, building, eating habit and intangible concept such as laws, morals and knowledge. In addition, culture includes the values, character, skills acceptable within the particular society Culture in a society is learned and passed on from one generation to next

TRADITIONAL FOCUS Focus on work, husband as provider Care of family as major responsibility Respect for authority (No expectations of government assistance, increase self reliance) SURVIVAL FOCUS Dis-satisfaction with income Security, good income a major priority Working hard, more important than leisure

Culture of business:- It is sum total of the norms, beliefs and values that regulate the behavior of individuals and groups within any given corporation, how they work together and pursue the goals many organizations not aware of their culture

Business ethics:- ethics is that branch of philosophy which is concerned with rightness or wrongness, goodness or badness of human conduct

Ethics are supposed to provide the basis for deciding whether a particular course of action is morally correct or wrong.

Productivity culture:- All productivity improvements stems from people productivity as people constitute the motive power for all resources A key to productivity is the attitude of employees who work together

Total quality culture:- TQC is way of marking an integration of all efforts in the organization in achieving total quality and customer care TQC helps in improvement of quality of work life, employees satisfaction and customer satisfaction.

In an entrepreneurial culture, work is more than a job, it's a lifestyle. Employees are more like a team in most companies, and in some cases, they are even like a family.