1st chapter Entrepreneur
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Transcript of 1st chapter Entrepreneur
1
Manesh Kumar Ahuja
Course Instructor: Rahim Bux SoomroAssistant Professor
Sindh University Larkana Campus
Shah Abdul Latif University, Khairpur.
Entrepreneurship
Chapter 01
The Foundations of
Entrepreneurship
The World of the Entrepreneur
R B Soomro, LecturerDepartment of Business Administration, Shah Abdul Latif University, Khairpur 3
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•Every year in the U.S., entrepreneurs launch 850,000 new businesses.
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•Entrepreneurial spirit - the most significant economic development in recent history.
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•GEM (Global Entrepreneurship Monitor ) study: 11.3 percent of adult population in the U.S. is actively involved in trying to start a new business.
The World of the Entrepreneur
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur4
What Is an Entrepreneur?
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur5
What Is an Entrepreneur?
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur6
One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities
and assembling the necessary resources to capitalize on them.
What Is an Entrepreneur?
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur7
Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence
Characteristics of Entrepreneurs
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Characteristics of Entrepreneurs
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Diversity!
One characteristic of entrepreneurs stands out:
Anyone regardless of age, race, gender, color, national
origin, or any other characteristic – can
become an entrepreneur (although not everyone
should).
Benefits of Entrepreneurship
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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1• Do what you enjoy and to
have fun at it
2 • Create your own destiny
3 • Make a difference
4 • Reach your full potential
5• Contribute to society and
to be recognized for your efforts
6 • Reap impressive profits
Drawbacks of Entrepreneurship
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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1 •Uncertainty of income
2 •Risk of losing your entire investment
3 •Long hours and hard work
Marketing Research for New Venture
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Marketing Research for New Venture
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Understanding the Marketing Plan Your Go-to-Market Strategy
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Understanding the Marketing Plan
• Where have we been?
• Where we want to go (Short-term)?
• How do we get there?
1. Discuss the specific marketing strategy.
2. When it will occur?
3. Who will be the responsible for monitoring activities?
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Understanding the Marketing Plan
Outline for Marketing Plan
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Understanding the Marketing Plan
Defining Marketing Plan
• Written statement of marketing objective , strategies and activities to be followed in business plan.
• Central instrument for directing and coordinating the marketing effort
• A marketing plan outlines the specific actions you intend to carry out to interest potential customers and clients in your product and/or service and persuade them to buy the product and/or services you offer.
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Understanding the Marketing Plan
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Marketing Mix
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Preparing the Marketing Plan
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Steps in Preparing the Marketing Plan
• Business situation Describes past and present business achievements of new venture.
Whe
re h
ave
we
been
?
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Steps in Preparing the Marketing Plan
• Target Markets Specific group of potential customers toward which venture aims its market plan.
• Market Segmentation
Process of dividing a market into definable and measureable groups for purpose of targeting marketing strategy.
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Steps in Preparing the Marketing Plan
Henry Ford’s Model T
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Steps in Preparing the Marketing Plan
Henry Ford’s Model T
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Steps in Preparing the Marketing Plan
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Steps in Preparing the Marketing Plan
Strengths and Weaknesses
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Steps in Preparing the Marketing Plan
Establishing Goals and Objectives
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Steps in Preparing the Marketing Plan
Establishing Goals and Objectives
• Goals are broad objectives are narrow.• Goals are general intentions; objectives are
precise.• Goals are intangible; objectives are
tangible. • Goals are abstract; objectives are concrete.
Examples:Goals: knows about the human body.Objectives: LWBAT name all of the bones in the human body as stated in the medical textbook "The Human Body".
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Defining Marketing Strategy and Action Programs
Defining Marketing Strategy and Action Programs• Specific activities outlined to meet the
venture’s business plan goals and objectives.
How do we get there?
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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1. Product: Does the organization creates what its intended customers want?
•Functionality
•Quality
•Appearance
•Packaging
•Brand
•Service
•Support
•Warranty
•Website
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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2. Price: How much are the intended customers willing to pay?
• List Price• Discounts• Markups• Allowances
Related Issues
• Costs• Markups or Margins• Competition
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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3. Place: Available at the right place, at the right time, in the right quantities.
• Locations
• Logistics
• Number of
Intermediaries
• Market
Coverage
• Web
Marketing
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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4. Promotion: (How) are the chosen target groups informed or educated about the organization and its products?
• Advertising
• Public
Relations
• Message
• Direct sales
• Sales
• Media
• Budget
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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Reasons of failure of Marketing Plan
R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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R B Soomro, Lecturer Department of Business Administration, Shah Abdul Latif
University, Khairpur
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