ENTREPRENEURSHIP

MANAGEMENT

Entrepreneurship Process

Prof Bharat Nadkarni

We have been programmed to follow the traditional form of life. We graduate from average colleges, settle for average jobs, come home every night to crash on our average beds, and then catch some rather average dreams.

But there are some of us, who break away from the conventional way of life to live their dreams.

Heading off on ones own is not a concept Indian techies or management students/ freshers are conditioned with. They prefer jumping on the shoulders of multinationals for securing their careers, thus conforming to societal pressures.

Entrepreneurship is about committing oneself 110 per cent to the business proposition that one is offering to the marketplace. The odds are heavily against an entrepreneur: he or she is often a novice, unconnected, with not much brand value, strapped on resources, etc. In this context, it is the commitment and burning desire to prevail and succeed that will carry him or her through in the initial years.Entrepreneurship is not taught but embedded, developed and nurtured. It is relatively easy to be creative (in terms of producing ideas) but it is infinitely more demanding for creative thinking to result in practical innovation (in terms of producing new goods and services).

Opportunity is a business concept, which if turned into a tangible product or service, by us, will result into profit and eventually a lifetime of commitment. It is all about creating a SUCCESS STORY.Parameters for assessment Market Potential Market Share Routes to Market Protection / Assessment of Risk Business ViabilityIs it worth?

Entrepreneurship Management

Entrepreneurship Management

The Entrepreneurship Process

Identify and Evaluate the Opportunity

Develop the Business Plan

Determine the Resources required

Manage the Resulting Enterprise

Entrepreneurship Management

Identify and Evaluate the OpportunityCreation and length of opportunity

Real and Perceived value of opportunity

Risk and Returns of opportunity

Opportunity Vs Personal Skills and Goals

Competitive Situations

Entrepreneurship Management

Develop the Business Plan

Marketing Plan

Financial Plan

Production Plan

Organisational Plan

Operational Plan

Entrepreneurship Management

Determine the Resources Required

Existing resources of Entrepreneur

Resource gap and available supplies

Access to needed resources

Entrepreneurship Management

Manage the Resulting Enterprise

Management Style

Key variables for success

Identification of threats

Implementation of control system

Entrepreneurship Management Economic Development & EntrepreneurshipFive human qualities which are conducive to economic development :

an interest in material well being

an interest in techniques and in innovation

an ability to look ahead, and in willingness to take risks

perseverance

an ability to collaborate with other people and to observe certain rules

Entrepreneurship Management

Presence of these qualities in individuals help a nation achieve faster economic development

Innovative entrepreneur puts the science and technology to economic use. They are the key to rapid industrialisation and thereby economic development.

Entrepreneur performs four major tasks

A. Exchange RelationshipB. Practical AdministrationC. Management ControlD. Technology

Entrepreneurship Management

A. Exchange Relationshipa. Perceiving opportunities in Marketb. Gaining command over scarce resourcesc. Purchasing inputsd. Marketing of products and responding to competition

B. Practical Administrationa. Dealing with public bureaucracyb. Management of human relations within the venturec. Management of customer and supplier relations

Entrepreneurship Management

C. Management Controla. Financial Managementb. Production ManagementD. Technologya. Acquiring and overseeing assembling of the factoryb. Industrial Engineeringc. Upgrading process and product qualityd. Introduction of new production techniques and productsAll above fields of activities involve entrepreneur in decision making under conditions of uncertainty.Balanced Regional Growth

Entrepreneurship Management Advantages of developing and encouraging entrepreneurship

Employment Generation

Distribution of economic power

Optimum utilisation of regional resources

Meeting the demand gap by seizing opportunity

Export potential

Regional development

Entrepreneurship Management

Thank You