Entrepreneurship Overview reference to India By NP Gandhi
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FOSTERING ENTRE..: AN OWERVIEW TOWARDS ECO.. DEV
FOSTERING ENTREPRENEURSHIP: AN OWERVIEW TOWARDS ECONOMIC DEVELOPMENT
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OBJECTIVE OF STUDYOBJECTIVE OF STUDY
FOSTERING ENTRE..: AN OWERVIEW TOWARDS ECO.. DEV
It is remarkably noted that India has been successful inIt is remarkably noted that India has been successful increating employable manpower. However, the Indiancreating employable manpower. However, the Indianentrepreneurs have been largely benefited with a slew of entrepreneurs have been largely benefited with a slew of opportunities, which came their way as part of economic surge.opportunities, which came their way as part of economic surge.
But, we need to create a breed of entrepreneurs who lookBut, we need to create a breed of entrepreneurs who lookforward to a strenuous path of research and development inforward to a strenuous path of research and development innew areas. Although it was pretty much easy creating or new areas. Although it was pretty much easy creating or utilizing an opportunity in IT industry, but the growth cycles areutilizing an opportunity in IT industry, but the growth cycles aremuch varied and slow in other sectors and hence this ecomuch varied and slow in other sectors and hence this ecosystem needs to be nourished, incentivized and recognizedsystem needs to be nourished, incentivized and recognizedsocially, economically and nationally . so this research findingsocially, economically and nationally . so this research findingexplore the brief and concise overview of entrepreneurshipexplore the brief and concise overview of entrepreneurshipneed, demand, importance and its interrelation withneed, demand, importance and its interrelation withmanagement level and also shows important recommendationsmanagement level and also shows important recommendationsBy which we can explore implementation the entrepreneurshipBy which we can explore implementation the entrepreneurship
with fast speed inwith fast speed in favour favour of India`s Economic developmentof India`s Economic development
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EntrepreneurshipEntrepreneurship
IsIs thethe processprocess of of creatingcreating somethingsomethingdifferentdifferent withwith valuevalue byby devotingdevoting thethe
necessarynecessary timetime andand effort,effort, assumingassuming thetheaccompanyingaccompanying financial,financial, psychic,psychic, socialsocialrisksrisks andand receivingreceiving thethe resultingresulting
rewardsrewards of of monetarymonetary andand personalpersonalsatisfactionsatisfaction andand independenceindependence
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The Nature and Development of The Nature and Development of
EntrepreneurshipEntrepreneurshipEntrepreneur stems fromEntrepreneur stems fromFrench Verb EntreprendreFrench Verb Entreprendre
means betweenmeans between taker or go betweentaker or go between
N ew Definition involves four aspects:N ew Definition involves four aspects:The creation processThe creation process
The devotion of time and effortsThe devotion of time and effortsThe assumption of risksThe assumption of risksRewards of independence, satisfaction, money.Rewards of independence, satisfaction, money.
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To an IndividualTo an Individual
Self EmploymentSelf EmploymentEmployment for near & dear Employment for near & dear
Prolonged career for next generationsProlonged career for next generationsFreedom to use own ideasFreedom to use own ideas - - InnovationInnovationand creativityand creativityUnlimited income / higher retained incomeUnlimited income / higher retained incomeIndependenceIndependenceSatisfactionSatisfaction
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To The NationTo The Nation
Provides larger employmentProvides larger employmentResults in wider distribution of wealthResults in wider distribution of wealth
Mobilizes local resources, skills andMobilizes local resources, skills andsavingssavings
Accelerates the pace of economic Accelerates the pace of economic
developmentdevelopmentStimulates innovation & efficiencyStimulates innovation & efficiency
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W hat makes a SuccessfulW hat makes a Successful
Entrepreneur?Entrepreneur?The urge for achievementThe urge for achievementDetermination to winDetermination to win
WinWin--Win PersonalityWin PersonalityWillingness to take moderate risksWillingness to take moderate risksAbility to identify & exploreAbility to identify & explore
opportunitiesopportunitiesAnalytical ability to take strategicAnalytical ability to take strategicdecisionsdecisions
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CONT.CONT.
PerseverancePerseveranceFlexibilityFlexibility
Capacity to plan and organizeCapacity to plan and organizePreparedness to undergo physical andPreparedness to undergo physical andemotional stressemotional stressPositive self conceptPositive self conceptFuture orientation:Future orientation: VisionVisionE thics and Values :E thics and Values : Mission Mission
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W ho can be an Entrepreneur?W ho can be an Entrepreneur?
W ho can take moderate risksW ho can take moderate risksW ho has ability to work hardW ho has ability to work hardW ho can capitalize on opportunitiesW ho can capitalize on opportunities
W ho has some financial strengthW ho has some financial strengthW ho feels the need for achievementW ho feels the need for achievementW ho has desire for responsibilityW ho has desire for responsibilityW ho has perception of probability of successW ho has perception of probability of successW ho gets stimulation by feedbackW ho gets stimulation by feedbackW ho possess skills in organizingW ho possess skills in organizingW ho can be male or femaleW ho can be male or femaleW ho may not have previous experienceW ho may not have previous experience
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Characteristics of anCharacteristics of an
Entrepreneur Entrepreneur Mental abilityMental abilityClear objectivesClear objectivesBusiness secrecyBusiness secrecyH.R. abilityH.R. abilityCommunication abilityCommunication abilityTechnical knowledgeTechnical knowledge
Achievement Achievement- -orientedorientedPerseverancePerseveranceEthicalEthical
Motivator Motivator Self Self--confidentconfidentLong termLong terminvolvementinvolvementHigh energy levelHigh energy levelProblem solver Problem solver Initiator Initiator Goal setter Goal setter Risk taker Risk taker
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K ey elements of entrepreneur K ey elements of entrepreneur
InnovationInnovationVisionVision
Ethics & ValuesEthics & ValuesOrganizing SkillsOrganizing SkillsRisk takingRisk taking
Need for AchievementNeed for Achievement
Study the Profile of a Successful Entrepreneur and identify six key elements in order of priority
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PRESENDED BY: NAYAN PRA K ASH GANDHIPRESENDED BY: NAYAN PRA K ASH GANDHI55 1414
Sources of Help for Sources of Help for
EntrepreneursEntrepreneurs
Source: Siropolis, Nicholas C., Small Business Management , Fifth Edition. Copyright 1994 by Houghton Mifflin Company. Used withpermission.
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PRESENDED BY: NAYAN PRA K ASH GANDHIPRESENDED BY: NAYAN PRA K ASH GANDHI
Sources of Management AdviceSources of Management Advice
Advisory BoardsAdvisory Boards
ManagementManagementConsultantsConsultants
The Small BusinessThe Small BusinessAdministrationAdministration
NetworkingNetworking
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EnvironmentEnvironmentP olitical:P olitical: System, Stability, LeadershipSystem, Stability, LeadershipSocioSocio--cultural:cultural: Culture, Community, Values,Culture, Community, Values,Ethics, AttitudeEthics, Attitude
Technological:Technological: Education, Absorption,Education, Absorption,Competition, InnovationCompetition, InnovationLegal:Legal: Regulatory framework, Consumer Regulatory framework, Consumer protection, Concern for environment, Labor lawsprotection, Concern for environment, Labor laws
E conomic:E conomic: GDP, GNP, Resources, Fiscal, NonGDP, GNP, Resources, Fiscal, Non- -fiscal policies, Incentives and Subsidiesfiscal policies, Incentives and Subsidies
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Political & GovernmentalPolitical & Governmental
EnvironmentEnvironmentGlobalTrade BarriersTrade AgreementsTariffs & DutiesPolitical Risks
National
TaxationRegulationsProtections (Patents)Govt. spending
State Govt.
TaxationState LawsLicensing /ApprovalsIncentives
Local Issues
TaxationsZoningCost of LivingLifestyle
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E ntrepreneurship
Elements
Promoters /shareholders values
Mission / objectives
Management Structure
Internal Power relationship
Physical assets &facilities
Co. image/ brand equity
Human resources
Financial capabilities
Technologicalcapabilities
Marketing capabilities
General Aspect
Political
Socio-cultural
TechnologicalLegal
Economic
CompetitiveAspect
Potential NewEntrant
Buyers BargainingPower
SuppliersBargaining Power
SubstituteProducts
Business Environment&
Entrepreneurship
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Environmental AnalysisEnvironmental Analysis
ScanningScanning toto detectdetect changechange (identify(identify keykeyelementselements andand their their characteristics)characteristics)MonitoringMonitoring toto tracktrack developmentdevelopment (that(that affectaffect thethesurvivalsurvival andand profitabilityprofitability of of thethe newnew business)business)ForecastingForecasting to to projectproject thethe futurefuture (such(such asas levellevel of of prices,prices, inflation,inflation, interestinterest rates,rates, availabilityavailability of of funds,funds, marketmarket share,share, marketmarket growth,growth, etcetc..
Assessing Assessing to to interpretinterpret datadata (what(what doesdoes itit allallmeanmean toto thethe entrepreneur?)entrepreneur?)
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Factors InfluencingFactors Influencing
EntrepreneurshipEntrepreneurshipIndividualEconomic
EnvironmentSocio-cultural
factors
SupportSystems
PoliticalEnvironment
LegalEnvironment
TechnologicalEnvironment
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The Invention ProcessThe Invention ProcessMarket Need
Technologyobservation
Need Analysis
Parameter Identification
CreativeSynthesis
Realization
Invention,whichmeets the
need
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Product Evolution ProcessProduct Evolution ProcessFundamentals
of Science
Recognized
Social Need
Beginning of Technological
Innovation
Invention / Innovation
Planning
Financing
Manufacturing
Marketing
Concept Testing
DevelopmentPhase
CommercialPhase
Technology
Modeling
Product Testing
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PRESENDED BY: NAYAN PRA K ASH GANDHIPRESENDED BY: NAYAN PRA K ASH GANDHI55 2323
Structure of EntrepreneurialStructure of Entrepreneurial
Organizations (contd)Organizations (contd)Identifying a Genuine BusinessIdentifying a Genuine BusinessOpportunityOpportunityW ho are myW ho are mycustomers?customers?
W here are they?W here are they?
At what price At what pricewill they buy mywill they buy my
product?product?In whatIn whatquantities willquantities will
they buy?they buy?
W ho are myW ho are mycompetitors?competitors?
How will myHow will myproduct vary fromproduct vary from
those of mythose of mycompetitors?competitors?
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PRESENDED BY: NAYAN PRA K ASH GANDHIPRESENDED BY: NAYAN PRA K ASH GANDHI55 2424
The Performance of The Performance of Entrepreneurial OrganizationsEntrepreneurial OrganizationsReasons for FailureReasons for Failure ManagerialManagerial
incompetence/inexperiencincompetence/inexperience of the entrepreneur.e of the entrepreneur.
Neglect in not devotingNeglect in not devotingsufficient time and effort tosufficient time and effort tothe business.the business.
W eak control systems thatW eak control systems thatdo not warn of impendingdo not warn of impending
problems.problems. Insufficient capital toInsufficient capital to
sustain the business until itsustain the business until itstarts to turn a profit.starts to turn a profit.
Reasons for SuccessReasons for Success Hard work, drive, andHard work, drive, and
dedication by thededication by theentrepreneur.entrepreneur.
Careful analysis of marketCareful analysis of marketconditions providesconditions providesinsights about businessinsights about businessconditions.conditions.
Managerial competenceManagerial competence
through training andthrough training andexperience contributes toexperience contributes tosuccess.success.
Luck sometimes plays aLuck sometimes plays arole.role.
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The Evolution ProcessThe Evolution Process
Intersection of K nowledge and aIntersection of K nowledge and arecognized social needrecognized social need
Initiation of technological innovationInitiation of technological innovationIterative SynthesisIterative SynthesisDevelopment PhaseDevelopment Phase
Industrial PhaseIndustrial Phase
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The Product Planning andThe Product Planning and
Development ProcessDevelopment ProcessIdea StageIdea Stage IdeaIdea EvaluateEvaluateConcept StageConcept Stage Lab DevelopmentLab Development EvaluateEvaluateP roduct Development StageP roduct Development Stage -- Pilot ProductionPilot Production
EvaluationEvaluationTest Marketing StageTest Marketing Stage- - Semi CommercialSemi CommercialProduction EvaluationProduction EvaluationCommercial StageCommercial Stage IntroductionIntroduction
GrowthGrowthMaturityMaturityDeclineDecline
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CommercializationCommercialization
Role of GovernmentRole of GovernmentRole of CorporateRole of Corporate IntrapreneurshipIntrapreneurship
Role of IndividualsRole of Individuals EntrepreneurshipEntrepreneurship
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ENTREPRENEURSHIP IN SERVICE SEGMENTATIONENTREPRENEURSHIP IN SERVICE SEGMENTATION
ENTREPRENEUR SHI P I N VAR IOU S S ER VIC E
S EG M ENT
BANK INGSERVICES INSURANCE
SERVICES
TRANSPORTSERVICES
HOTELSERVICES
TOURISMSERVICES
CONSULTANCYSERVICES
HOSPITALSERVICES
EDUCATIONSERVICES
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Development of TechnologyDevelopment of Technology Utilization of materialsUtilization of materials Exploitation & transformation of energyExploitation & transformation of energy Understanding and application of ScientificUnderstanding and application of Scientific
PrinciplesPrinciplesThe Role of GovernmentThe Role of Government PromotionalPromotional
NeutralNeutral RegulatoryRegulatory
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Entrepreneurial Decision ProcessEntrepreneurial Decision Process
Pull FactorsPull Factors Perception of Perception of
Advantages Advantages
Spotting an OpportunitySpotting an Opportunity Government PoliciesGovernment Policies Motivation fromMotivation from
Biographies or SuccessBiographies or SuccessStoriesStories
Influenced by Culture,Influenced by Culture,Community, FamilyCommunity, FamilyBackground, Teachers,Background, Teachers,Peers, etc.Peers, etc.
Push FactorsPush Factors JobJob
DissatisfactionDissatisfaction
RelocationRelocation LayLay--off off RetirementRetirement BoredomBoredom
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Entrepreneurship and EconomicEntrepreneurship and Economic
DevelopmentDevelopmentEntrepreneurs set up EnterprisesEntrepreneurs set up EnterprisesEntrepreneurs combines resources, put their time andEntrepreneurs combines resources, put their time andefforts and produce goods or servicesefforts and produce goods or servicesW hat they contributeW hat they contribute productivity, output, valueproductivity, output, valueaddition, income and employmentaddition, income and employmentEntrepreneurship is a Low Cost Strategy.Entrepreneurship is a Low Cost Strategy.Entrepreneurs perform the crucial role themselvesEntrepreneurs perform the crucial role themselvesThe spirit of EntrepreneurshipThe spirit of Entrepreneurship Drive, achieving higher Drive, achieving higher
goals, creativity, innovative attitude.goals, creativity, innovative attitude. A dynamic society emerges and the spirit spreads like a A dynamic society emerges and the spirit spreads like achain reaction.chain reaction.
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Comparison of Entrepreneurs,Comparison of Entrepreneurs,Intrapreneurs and Traditional ManagersIntrapreneurs and Traditional Managers
TraditionalTraditionalManagersManagers
EntrepreneursEntrepreneurs IntrapreneursIntrapreneurs
Primary motivesPrimary motives Perks andPerks andpromotionpromotion
Self Self--employment,employment,satisfaction andsatisfaction andmoneymoney
Creative freedomCreative freedomand recognitionand recognition
Time OrientationTime Orientation ShortShort--termterm meeting quotas andmeeting quotas andbudgets; weekly,budgets; weekly,monthly, quarterlymonthly, quarterlyand the annualand the annual
planning horizonplanning horizon
ShortShort--termterm businessbusinessestablishment;establishment;LongLong--termterm growth of growth of
businessbusiness
Tend to follow theTend to follow themiddle pathmiddle path
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TraditionalTraditionalManagersManagers
EntrepreneursEntrepreneurs IntrapreneursIntrapreneurs
Activity Activity Delegates andDelegates andsupervisessupervises
Direct involvementDirect involvement DirectDirectinvolvement , notinvolvement , notmerely delegationmerely delegation
RiskRisk CarefulCareful Moderate riskModerate risktaker taker
Moderate riskModerate risktaker taker
Monetary RiskMonetary Risk NilNil HighHigh NilNil
StatusStatus Concerned aboutConcerned aboutstatusstatus
unconcern aboutunconcern aboutstatusstatus
unconcernedunconcernedabout traditionalabout traditionalstatusstatus
Failure andFailure andmistakesmistakes Tries to avoidTries to avoidmistakes andmistakes andsurprisessurprises
Deals withDeals withmistakes andmistakes andfailuresfailures
Attempts to hide Attempts to hiderisky projectsrisky projectsfrom view untilfrom view untilreadyready
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TraditionalTraditionalManagersManagers
EntrepreneursEntrepreneurs IntrapreneursIntrapreneurs
DecisionsDecisions Like to take their Like to take their own but unable toown but unable todisagree with topdisagree with top
Follows dreamFollows dreamwith decisionswith decisions
Able to get others Able to get othersto agree to helpto agree to helpachieve their achieve their dreamsdreams
W ho servesW ho serves OthersOthers Self andSelf andcustomerscustomers
Self, customers,Self, customers,and sponsorsand sponsors
Family historyFamily history Family membersFamily membersworked for largeworked for largeorganizationsorganizations
EntrepreneurialEntrepreneurialsmallsmall--business,business,professionalprofessional
EntrepreneurialEntrepreneurialsmallsmall--business,business,professionalprofessional
RelationshipRelationshipwith otherswith others Hierarchy as basicHierarchy as basicrelationshiprelationship Transactions andTransactions anddealdeal--making asmaking asbasic relationshipbasic relationship
TransactionsTransactionswithin hierarchywithin hierarchy
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EMERGING ENTREPRENEURIAL MANAGEMENT PROMINENT SECTIONS
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REAL ESTATEMGMT
AGRI-BUSINESS
MGMT
TELECOMMGMT
RURALMGMT
FINANCEMGMT
E-BUSINESMGMT
MK TingMGMT
H RMGMT
EVENTMGMT
HOSPITALITY
RETAILMGMT
OPERATIONMANAGEMENT
PROMINENTSECTOR
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PRESENDED BY: NAYAN PRA K ASH GANDHIPRESENDED BY: NAYAN PRA K ASH GANDHI55 3838
The Performance of The Performance of
Entrepreneurial OrganizationsEntrepreneurial OrganizationsReasons for FailureReasons for Failure ManagerialManagerial
incompetence/inexperiencincompetence/inexperience of the entrepreneur.e of the entrepreneur.
Neglect in not devotingNeglect in not devotingsufficient time and effort tosufficient time and effort tothe business.the business.
W eak control systems thatW eak control systems thatdo not warn of impendingdo not warn of impending
problems.problems. Insufficient capital toInsufficient capital to
sustain the business until itsustain the business until itstarts to turn a profit.starts to turn a profit.
Reasons for SuccessReasons for Success Hard work, drive, andHard work, drive, and
dedication by thededication by theentrepreneur.entrepreneur.
Careful analysis of marketCareful analysis of marketconditions providesconditions providesinsights about businessinsights about businessconditions.conditions.
Managerial competenceManagerial competence
through training andthrough training andexperience contributes toexperience contributes tosuccess.success.
Luck sometimes plays aLuck sometimes plays arole.role.
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RECOMMENDATION [FOSTRING CLIMATE FOR ENTREPRENEURSHIP]
K ey Government Leader Like the PM,CM and District Magistrate Should be
Get updated about Entrepreneurship education and Climate ChangeProvide The Infrastructure, education legislative Support, policy framework and
financial incentives to encourage potential EntrepreneursInclude this education in School & junior college levelAppointing New Young Dynamic man and women in Political level and
Management Education should be necessary from Low to High Political levelInformation, Education and Communication (IEC) should be use for spreading
awareness about basic instrument related to Entrepreneurship in Rural Areas.Initiated Monthly Magazine with past leader`s writing & Interviews Script In
Hindi And English Both Language and it should be free of cost which should beavailable in each and every public prominent place
NGO should be encourage for awarenessMedia should be come for this important workYoung Entrepreneurship Award should be start from PANCHAYAT LEVEL TO
NATIONAL LEVEL which should be initiated by prominent Media Company,Research org, and Government and Non Government Organization and fromsome prominent Personalities also.
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CONCLUSION .So in short today India has regained its recognition
amongst world nations. There is no surprise thatIndia is progressing in many spheres. It is anemerging power not because of its size or wealth,but by the capability it holds in the form of its
people. The history of India in its 21St
Century is notbeing written by politicians or sociologist, but isbeing crafted by millions of Indians who are daringto be different. So we can say that entrepreneurship
is the golden demand for developed to India`sEconomy with fast speed by which it should be. So itis a need of the hour for becoming world power ineach segment of the Development in such a manner
for the whole nation.
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