Introduction to Entrepreneurship

Session 1

Meaning of Entrepreneur

E = Extra effortN = New ways of doing businessT = TacticsR = Revolutionary OutlookE = EmpowermentP = People-orientationR = RationalE = e-solution for CustomersN = Next best Alternative / Next Opportunities (NO)E = EquityU = You-first ApproachR = Reassessment of Decisions

FORMAL DEFINITIONa person who sets up a business or businesses, taking on financial risks in the hope of profit

What is Entrepreneurship

Entrepreneurship is a rare attribute

of having the ability to look at the future and

grab opportunities when there exist none for common

people and implement new

ideas and innovations.

Entrepreneur’s Life Cycle

Characteristics of an Entrepreneur

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Deciding to be Entrepreneur

Making a decision is one of the most powerful acts for inspiring confidence in entrepreneurs. Starting a business is like giving birth to a child. The women’s love of child overcomes the risk of life. The entrepreneurs passion overcomes the risk of loss.

Deciding to be Entrepreneur (Cont.) What’s the number

one reason that I want to start a business?

 How well do I organize and plan?

Do I like to challenge myself?

Do I have the stamina and energy to run a business long term?

My key business objectives for the next three to five Years

how I will achieve these objectives

How I am expecting to run day-to-day operations, and make business decisions.

Do I have features in Business idea which would get investors

How much of my own money are you willing or able to invest?

What is your business track record and will this help or hinder your chances of getting financial help?

Choosing a Business MentorA business mentor is an experienced business professional who provides you with advice, guidance and support as you launch and maintain your business venture. Having a mentor will boost your business’ performance, and increase your chance of success. A mentor will: help you to analyze connect you up with business

people and customers provide a fresh perspective

on how to grow your business

give you courage in difficult situation

challenge you to set goals for your business that may achieve better results.

Steps to Finding Your Mentor

Look at the people you know

Consider people you’ve never met

Select a mentor who is a good role model

Select a mentor who is a good listener

Look for someone who is unlike you in some important way

Steps to Finding Your Mentor (Cont.) Be open to finding a

mentor in unlikely places

If the person doesn’t know you, approach that person with a brief letter of introduction

Make personal contact

Remember, you are never too old to be mentored

Basic process of an entrepreneurship

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