ENTREPRENEURSHIP

The words Entrepreneur, intrapreneur and entrepreneurship - Have acquired special significance in the context of economic growth both in developed and developing countries - Entrepreneur, is important segments of economic growth

Who is ENTREPRENEUR?
An entrepreneur is considered as a person whose main purpose is to set up his own business or industry An entrepreneur is a person who always wants his own business instead of working in other business. He takes initiative to open his own business, always looks for an opportunity, tries to come up with the new idea that is unique to the society and benefits to the society His focus is to transform the opportunity into economic gain.

WHO IS Entrepreneur

An entrepreneur is a person who has possession of a new enterprise,venture or idea, and assumes significant accountability for the inherent risks and the outcome. He or she is an ambitious leader who combines land, labor, and capital to often create and market new goods or services. ..

"one who undertakes an enterprise, especially a

contractor, acting as intermediatory between capital and labour.

 DEFINATION OF ENTREPRENEUR

Is an individual who introduces something new in the economy a method of production not yet tested by experience in the branch of manufacture concerned, a product with which the consumers are not familiar a new sorce of raw material/new market

 Peter drucker defines an ENTREPRENEUR

as one who always searches for changes, responds to it and exploits it as an opportunity. Innovation is the basic tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or service

 ENTREPRENEUR can be defined using four key elements Innovation Risk taking Vision Organizing skill ( all four key elements are interrelated)

CHARACTERISTICS OF AN ENTREPRENEUR IF YU THINK YOU WANT TO BE YOUR OWN BOSS , but are not sure you have the right qualifications to be the entre..? Then learn

1. What are the CHARACTERISTICS OF AN ENTREPRENEUR? 2. How does an Entrepr..think? 3. Is ur personal profile similar to that of a successful entrepreneur?

CHARACTERISTICS OF AN ENTREPRENEUR
Although no one has found the perfect entrepre.profile but there are many characteristics that show up repeatedly

Let us see some of the important one

CHARACTERISTICS OF AN ENTREPRENEUR

Mental Ability intelligence and creative thinking analysis of problems situations anticipate changes Clear Objectives - exact nature of goods to be produced activities to be undertaken Business Secrecy guard business secrets

 Human ralations ability emotional stability personal relations Communication ability Technical knowledge Motivator Self confidence

 Long term involvement High energy level Persistent problem solver- ability to complete a task Initiative

Goal setter
Moderate risk taker should learn from failures

 Self control Self confidence Sense of urgency Comprehensive awareness

Realism reality
Emotional stability

 Determination to succeed Common sense Hard working Decision makers

KEY STEPS TO BECOMING SUCESSFUL IN TODAYS SOCIETY 1. Passion to do something in life

2. Enthusiasm in the line of work

3. Goal oriented in their quest to reach their desired outcome 4. Creative imagination when it comes to your ideas 5. Positive attitude when it comes to building the business 6. Quick decision makers in the business

STEPS TO BECOME SUCESSFUL ENTREPRENEURS 1. Prepare yourself to new entrepreneurial mindset - Create a mindset to achieve the things you wnt in your life Examine your current mindset, know your physical mental level of becoming entrepreneur Be honest with yourself when looking ur current results Read successful stories of difeerent entre..

Increase ur warenesss

STEPS TO BECOME SUCESSFUL ENTREPRENEURS 2. Clearly write down what exactly you want What is ur business purpose What u want from ur business As an entrepre what you want to achieve How are you going to achieve those

3. Write down all of ur new ideas in detail - Describe in detail

4. Write ur short, middle,long term goals What u want to achieve in one day, one week, one month..

STEPS TO BECOME SUCESSFUL ENTREPRENEURS 5. Improve ur personality every day: - Logic ,intelligence to solve the problems - personality develop.. - Read books on personal growth, listen to meditation music , Have conversation to positive people 6. Keep ur new mindset possitive - Think that u r gonna become suceessful entrep.. 7. Visualize the end results of ur goals in ur mind

8. Never give up ur new ideas until u see them manifest in ur life

9. Take action on ur new ideasas an entrepre

ARE ENTREPRENEUR BORN OR MADE? THE DEBATE STILL RAGES but the current consensus is that successful entrepreneurs share a constellation of personality traits.. In other words, some people are naturally more entrepreneurial than others

But remember u dont need to have all the traits associated with etrepreneurship to be a sucessful entrep. The main quality you need is a determination to make your business venture successful . The rest of the qualities you can LEARN.

 New Concept of ENTREPRENEUR - As one detects and evaluates a new situation in the environment and directs the making of such adjustments in the economic systems Some observations
ENTREPRENEUR has now been attibuted to all small industrialists, small business, traders,and industrialist All persons engaged in work manufacturing disribution are called entrepreneur entrepreneur

- Even the founder creator and risk taker are called

ENTREPRENEUR

(they have some attribute but they are not ENTREPRENEURS in strict sense)

WHAT IS

Entrepreneurship

Entrepreneurship is the act of being an entrepreneur, which is a French word meaning "one who undertakes an endeavor". It the prospensity of mind to take calculated risks with confidence to achieve a predertermined business or industrial objective It is the risk taking ability of the individual coupled with correct decision making

 Is a process undertaken by an entrepreneur to augment his business interests It is an exercise involving and creativity that will go towards establishing his/her enterprise
ENTREPRENEUR ENTREPRENEURSHIP ENTERPRISE

PERSON

PROCESS OF ACTION

OBJECT

ENTREPRENEURIAL PROCESS (STAGES)

SIX STAGES 1. 2. 3. 4. 5. 6. Idea Certainty Business Idea Business Concept Venture Business Sustainable Business

ENTREPRENEURIAL PROCESS (STAGES)

1. Idea Certainty

- Every entrepreneur must address certainty to be an entre..

- Confident to become entrepre. - Confident that he will be able to face the issues of the entrepreneuship n should not fear

ENTREPRENEURIAL PROCESS (STAGES)

Entrepreneurs must ask questions to themselves. 1. Am I ready to open a business 2. Am I ready to become an entrepreneur 3. Am I willing to lose the money of investors who may be my friends and family 4. Am I ready to face failure 5. Am I ready to spend my 24 hours

ENTREPRENEURIAL PROCESS (STAGES)

2. Business Idea - This is the stage where you think what exactly you want to do.

- The idea stage is the basis for every other stage so it should be taken seriously.
Entrepreneurs must trust in their business Be committed to n believe ur idea Make efforts to make ur idea productive Evaluate your idea from every corner. Evaluate before implementing Evaluate with respect to finance n ur capability Evaluate whether u will b able to execute

ENTREPRENEURIAL PROCESS (STAGES)

3. Business Concept - It is the structure that you are going to develop for business - It includes Doing market research and survey Applying successful business model The team of expertise technicain req for execution Appointment of the advisors scholors

Entrepreneurial Structure
- Represents a formal, officail task relationships of people in entrepreneurial activities activities - It is the logical culmination of authority and responsibility At different levels. - It implies a system

Entrepreneurial Structure

Structure

values

People

skills

external environment

technology

Entrepreneurial Structure
In entrepreneurial activity policies progammes practices and measurement make possible for innovation and growth. The main requirements of such a structure are as follows 1. The new enterprise should be organised separetely from the existing 2. There should be separate law for the new venture 3. The new enterprise should be the specific responsibility of entrepre. 4. The new innovative project requires different policies ,rules and evaluation criteria

Qualities of Entrepreneur
Motivation towards acheivement Creativity Clarity Vision Innovation Pride Risk taking Dynamism Aptitude Adaptability

Flexibity Determination Will power Tactfulness Self-confidence Intelligence Knowledge Inbuilt values Dreamer

Relationship between entrepreneur and entrepreneurship

Entrepreneur Person Organizer Innovator Risk bearer Motivator Creator Visualiser Leader imitator Entrepreneurship Process Organization Innovation Risk bearing Motivation Creation Vision Leadership imitation

Difference between Entrepreneur and Manager

1. 2. 3.

Entrepreneur Motive-to start a venture

Status- owner Risk bearing- assumes all risk

Manager to render services enterprises servant

does not

4.

Rewards - profit

salary

5. innovation- thinks himself execute 6.Qualification-high achivements management theory

WOMEN ENTREPRENEURS

The process of entrepreneurial development

INTRODUCTION - The entrepreneurial development is a key to achieve overall economic development thru higher level of industrial activity - Entrepreneurial development is a process in which persons are injected with motivational drives of achievement and in sight to tackle uncertain and risky situations in business undertakings

- It focuses on training education reorientation and creation of conducive and healthy environment for the growth of enterprise.

Meaning of EDP ( Entrepreneurial Development Programme

- Designed to help a person in strengthening and fulfilling his entrepreneurial motive and in acquiring skills and capabilities necessary for paying his entrepreneurial role

MISCONCEPTION ABOUT EDP Join an EDP all ur problems are solved - Equips and makes them competent to anticipate and deal problems EDP means only training - Training is only one segment in the process of EDP

 Higher the number better the EDP - The quality and impact matters more

EDP success is the sole responsibility of trainer motivator

- Banks SFCs are also involved

OBJECTIVES OF EDP 1. 2. To promote the development of small and medium enterprises To provide in the rural areas special programme designed to stimulate new ventures To generate employment To develop entrepreurial oppurtunities for potential entrepreneurs and upgrade managerial skills

3. 2.

For sound training programme for Entrepreneurial Development in india the expert accepted that it must be able to help entrepreneurs to Develop their Entrepreneurial quality/motivation

1.

2. Analyze environment related to small industry

3. Select project/product

Formulate projects

5.Understand the process and procedure of setting small enterprise 6.Acquire the basic management skills

7. Knows the pros and cons of being an entrepreneur

 OBJECTIVES OF Entrepreneurial training To let him set or reset the objectives of his business To prepare him for accepting totally unforeseen risks To enable him to take strategic decision To enable him to build an integrated team To communicate fast To develop a broad vision To enable him to relate his product and industry to the environment To enable him to cope With all work To enable him to accept industrial democracy

Entrepreneurial Discipline
Certain discipline is essential for Entrepreneurial career: - Repayment behavior

- Response to tax and statutory requirement

- Progressive outlook towards labour - Care for ecology and environment

Issues of EDPs
Some important issues needs immediate attention: Structure and composition of EDPs

Areas of operation
Fixing priorities Lack of specialists support

 Structure and composition of EDPs - The ED programme should have a practical content with interinstitutional organisational arrangement to make it a success - Should have financial agency stronly backing up efforts for Entrepreneurial development

- Who should conduct an EDP is an important issue

 Areas of operation - Programmes have to be linked with other support activities other than financial institutions

 Fixing priorities - A proper course content has to be developed to meet the specific requirements of each strata of entrepreneurs in proper balance ( business experience, education and skills) - Depending upon their background

 Lack of specialists support - no specialist to train - The operational problems of EDP are Inherent ability Diverse opinions No proper strategy Low institutional commitment No local support

Non availability of inputs Poor follow-up No adequate research facilities III planned training methodology Inconsistent programme design No clear objectives Lack of clarity in approach Lack of creativity

Starategy for entrepreneurial development

Existing public entreshould be improved thru better management More emphasis on research n develop Need to stremline the R&D wing of public sector enter Efforts should be made for the develop. Of an industrial culture

It should be realise that the central core of entre. Is the motive force

 Develop management education industrial training industrial training programmes should be frequently organised

New industrial training centres well equipped should be established The development of backward regions/areas
Adequate measures for fostering entrep. Talent in the country

 Economic administration by the stagte should be improved Greater emphasis should be put on research to processes and enhancement of the value of indigenous techniques Financial institutions should provide adequate and timely credit and technical assistance especially to small n medium industries

Entrepreneurial Development TRAINING

INTRODUCTION: - All individuals needs training

IMPORTANCE OF TRAINING: - It makes sure the availability of skilled workers - It increases the potential abilities of workers - Improves performance - Enable them to perform their work better

Minimizes excessive scraps defective outputs wastage Minimizes accidents Reduces fatigue Enables to work speedily Reduces labour turnover New techniques can be easily adopted Team spirit can be promoted Enables to occupy higher positions

METHODS OF TRAINING
Individual instruction Group instruction Lecture method Demonstration method Written instructional method Conference Meetings

Training programmes: course content and curriculum

1. Six modules Introduction of entrepreneurship Covers general knowlegde on factors affecting small scale industries The role of enttrepre in economic development Motivation training: Three day live in module Developing the right attitude and behavior towards business

2. -

3. -

Essentials of management: This module is aimed at providing participants with basic management and technical knowhow Following subjects: General mangement Marketing management Production management Financial management

4. Fundamantal of project feasibility study:Provides guidelines on the effective analysis of feasibility of the project in view of financial marketing organising aspects 5. Organising the business: - This enables them to know the environment in which they will operate 6. Plant visit: - With real life situations trips to small industries

ENTREPRENEURIAL DEVELOPMENT PROGRAMME ORGANISATIONS

- The lead by SID organization thru its service centres - In Gujarat has also conducted

- SBI - IDB - ENTREPRE MOTIVATION TRAINING CENTRE IN NORTHERN EASTERN REGION - XAVIER INSTITUTE OF SOCIAL STUDIES - ETC

INSTITUTIONS IN AID OF ENTREPRENEURS

Management development institute - Prime goal to improve managerial effectiveness in the industry/government/banking sectors of the economy - MDI conducts management deve Program in various discipline e.g for officers of the Indian economic services, Indian administrative service for PSUs etc - Also conducted programme in Karnataka on Identification Promotion and Implementation of Industrial projects - As many as 23 workshops are conducted

 The National Institute for entrepreneurship and Small Business Development (NIESBUD) - Its Delhi based established by Government of India - Is an apex body for coordinating and overseeing the activities of various other institutions and agencies in entrepreneurship development OBJECTIVES: - To accelerate the process of entrepreneurship development

- To support institution/agencies to carry activities relating to entrepreneurship development - To evolve standardized process of selection training support - To provide vital information support to trainers - To provide functional forum for interaction

ACTIVITIES: involves - training strategies

- Methodology standardising model syllabi for training

- Formulating scientefic procedures - Developing training aids manuals tools etc

 Entrepreneurship Development Institute of India - is a non-profit organisation dedicated to promote entrepreneurship that is based in Ahmedabad, Gujarat, India. It was founded in 1983 with the sponsorship of the Industrial Development Bank of India (IDBI), the (IFCI), the Industrial Credit and Investment Corporation of India (ICICI) and State Bank of India (SBI). EDI runs a range of educational programs in the field of entrepreneurship including 1-year Diploma program for first generation entrepreneurs, family business inheritors, agri-business, and non-governmental organization management.

 Institute for Entrepreneurship Development - As a part of strategy of giving special attention to Entrepreneurship Development IDBI had announced the proposal to set up institute for Entrepreneurship Development (IEDs) - IEDs set up in u.p bihar orissa - IEDs in UP had conducted 16 EDPS covering 664 trainees - -also conducted program,,,, on industrial extension motivation business oppurtunity guidance project concelling for wqomen entre.workshop

 The centre for Entrepreneurship Development - CED was sponsored by the state government in the state - This centres conducts entrepreneurship development program.. - Features - Before conducting the programme a survey of investment poourtunity is made for indentifying the industrties with good scope

Linkgage was developed with other agencies Entrepreneur are selected thru behaviorral test Programmes of training included theoretical and practical Follow up action was taken

 The entreprenerrial motivation centre - Was set in Assam - Conducts entreprene delelopm. - In earlier stage officers were drawn from various department of the state government and were given training in entrep motivation economic investigation and survey management of small enterprise

 Role of development banks - Introduced special capital and seed capital schemes to provide equity assistance to new and technically skilled entrepreneurs who lack financial resources

 Role of commercial banks - SBI - Came out with a comprehensive programme for entrepre. Development - Finance small scale industries - Schemes and program was formulated - Like 75% cost of the project is met by the bank - Interest free loan schemes

 Role of NAYE( National Alliance of Young Entreprenures) developm of women entre. Has set up a women wing in 1975 women wing of NAYE assist women entre in Getting better access to capital infrastructure and markets Develo of management and produc capabilities Identifying investment opportunity Attending to problems

 Sponsering delegations participation in trade fairs exibition Organing seminars