ITFT - Introduction to Entrepreneurship

Entrepreneurship

ITFT College, Chandigarh 14/26/2014

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Entrepreneurship

"one who undertakes innovations, financeand business acumen in an effort to transforminnovations into economic goods".




The Entrepreneurial ProcessITFT College, Chandigarh 34/26/2014



Identification and Evaluation of the Opportunity




Develop a Business Plan




Determine the Resources Required




Manage the Enterprise




Entrepreneurship and Economic Development




Promotes Capital Formation

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Promotes Capital Formation




Creates Large-Scale Employment Opportunities




Promotes Balanced Regional Development




Reduces Concentration of Economic Power




Wealth Creation and Distribution




Increasing Gross National Product and Per Capita Income




Improvement in the Standard of

Living


Promotes Country's Export

Trade



Characteristics of an Entrepreneur




Initiative

Risk taking attitude

ITFT College, Chandigarh 18Desire to Achieve

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Independent

Problem solving skill

Time Management skills


Time Management skills



Planning

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Entrepreneurial Competencies

InitiativeSees and Acts

on Opportunities


Persistence Knowing

Concern for High Quality of

Work

Commitment to Work Contract



Entrepreneurial Competencies

Efficiency Orientation

Systematic Planning


Problem solving Self-confidence

Use of Influence Strategies

Concern for Employee Welfare



Thinking Like an Entrepreneur

On a trip down south, at Nagpur you marvel at thesize of the oranges and the price at which they areavailable. You buy in dozens and consume thesemerrily en route. This is consumer’s mindset.On the contrary, an entrepreneurially thinkingindividual, he may buy and enjoy the oranges aswell, would also start thinking what if I arrange for


well, would also start thinking what if I arrange fortheir transportation and sale at my place… if volume-weight factor and perishability is the constraint howabout packaged orange juice… where would thetechnology come from, Italy? Would Indians like toconsume packaged juices when by the roadsidethey can get fresh juice? … Exports? Which are thecountries that could serve as the potential market?What would be their quality expectations? …



Managerial Functions for Functions for

Enterprise




PlanningSetting

objectives

Analysis of situation

Preparing the plan of action

Collecting and linking details

and information

Searching for alternatives

Evaluating and comparing the

alternatives

Choice of alternatives




Organizing

• Determining the main functions for achieving theobjectives of the firm.

• Various sub-functions in each major function.• Amount of work in each major function and its sub-

function.• The position required to perform the activities.

Activities Analysis

• Choosing the basis of departmentalization so that• Choosing the basis of departmentalization so thatfunctions could be grouped into specialized units.Generally, functional departmentation is appropriate forsmall-scale units. Customers, Products and territoriesare other important base of departmentalization.

• Choosing the type of organization structure so thatdepartments are incorporated into a formal structure.

Decisions Analysis

• The authority, responsibility and accountability of everyposition and its relationship with other positions areclearly defined. Various positions are manned withpersons having the necessary education, training,experience and other qualifications.

Relations Analysis




Directing

Issuing orders and instructions

Supervising workers

Motivating i.e. inspiring to work efficiently for Motivating i.e. inspiring to work efficiently for set objectives

Communicating with employees regarding plans and their implementation.

Leadership or influencing the actions or employees




Controlling

Setting of standards

Measurement of actual performanceMeasurement of actual performance

Analysis of variances

Taking corrective action




Questions

Q 1 What is Entrepreneurship? What are the characteristics of a good entrepreneur?

Q 2 Explain in detail the entrepreneurial process.process.

Q 3 What is the role of entrepreneurship in the economic development?

Q 4 What are the managerial functions of an enterprise?




Attempt any 5 question. Each question carry 2 marks.

1. What is entrepreneurship and what are the characteristicsof an entrepreneur.

2. What is the role of entrepreneurship in economicdevelopment.

3. What are the various analysis done for checking thefeasibility and viability of a project.feasibility and viability of a project.

4. What are the various environmental factors that affectbusiness. Enlist the points only.

5. Give brief profile of ant entrepreneur that inspires you.6. What is the process of business opportunity identification

and evaluation.

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ITFT - Introduction to Entrepreneurship

Education

Transcript of ITFT - Introduction to Entrepreneurship