Professional Documents
Culture Documents
economic realities.
Develop a comprehensive business plan.
Ever changing
Everyday brings new obstacles/rewards
Understanding Entrepreneurship
Owning a business
Knowing how the business works
small is beautiful.
What is E-commerce? What are virtual companies? Small companies are tapping into global markets According to research small companies
small is beautiful.
Economic future rests largely on growth of small businesses. How much employment do they provide?
Fashion Entrepreneurship
In fashion retail, change is a constant
Fashion Entrepreneurship
What is the future of the fashion industry? What trends and issues are having an impact on the direction of entrepreneurial business in apparel & accessories?
Fashion Entrepreneurship
In todays competitive market place, only those will survive who Reinvent themselves enough times and with enough flexibility and resources to anticipate, not manipulate, the 21st century customer.
Fashion Entrepreneurship
Not just recognise.anticipate consumer needs & wants..if you want to reap rewards Consumer trend watching has become as
What is Entrepreneur?
Is it someone One who creates a product on his own account?
What is Entrepreneur?
The International Society of Entrepreneur defines
an Entrepreneur as :
A person who organises and manages a business undertaking, assuming all risk for the sake of profit Definition by Oxford English dictionary Entrepreneur is one who undertakes an enterprise..especially a contractor acting as an
What is Entrepreneur?
Entrepreneur is the agent who buys means of production at certain prices in order to combine them into a product that he is going to sell at prices that are uncertain at the moment at which he commits himself to his costs (FARMER)
What is Entrepreneur?
An Entrepreneur recognises opportunity Gauges its value and the resources required to convert the opportunity into success Has the vision of how the business will grow Has the drive to make it happen
What is Entrepreneur?
An Entrepreneur always looks for better and innovative ways to find new markets, to add to an existing product line They move with the times.better still, they move before the times
What is Entrepreneur?
you are futurist you anticipate & embrace change
you see outside the box you persevere and are not easily defeated You thrive in a challenging environment You have a tremendous need to be in control
What is Entrepreneur?
you take calculated risks & welcome responsibility You are absolutely passionate about what you do Is there anyone in this class who qualifies for the position of an entrepreneur?
service oriented
Are you ready to juggle satisfied as well as
unsatisfied customers?
What is Entrepreneurship?
Entrepreneurship involves combining factors of production to initiate changes and it is
discontinuous phenomenon
Entrepreneurship
Economic factors: Non-Economic factors:
Market incentives
Availability of capital
Political ideology
Legal structure Social mobility Psychological factors (need achievement) Cultural factors
REPUTATION
energy
Health affects ones ability to think clearly and to handle situations in a controlled manner Customers & employees need to know that you have the stamina & skills to handle any situation
Functions of an Entrepreneur
1. Perceiving market opportunities 2. Gaining command over scarce resources
3. Purchasing inputs
4. Marketing of products & responding to
competition
5. Dealing with concessions / licences / taxes
Functions of an Entrepreneur
6. HRM
7. CRM
8. Vendor development/management 9. Managing finance 10. Managing production
Functions of an Entrepreneur
11. Acquiring & overseeing assembly of factory 12. Industrial engineering
Types of Entrepreneurs
1. Innovating entrepreneurs 2. Adoptive or imitating entrepreneurs
3. Reward
4. Skills (intuition, creative, innovative,
Barriers to Entrepreneurship
1. Lack of a viable concept
Barriers to Entrepreneurship
7. Social stigma 8. Time pressures & distractions 9. Legal constraints & regulations 10. Monopoly & protectionism 11. Inhibitions due to patents
Quick
banks
those starting need to approach banks in
qualifications of an entrepreneur
An entrepreneur has to look further than his talent to survive
the blood
Some people succeed their parents'
IMPORTANCE OF ENTREPRENEUR
They increase per capita output and income They initiate and constitute change in the structure of business & society Entrepreneur innovates, develops new products/services for the market Stimulate investment interest in new ventures
Eship is associated with change, creativity, knowledge, innovation and flexibility - factors that are increasingly important sources of competitiveness in an increasingly globalized world economy
For many developing countries, private sector development has been a powerful engine of economic growth and wealth creation, and crucial for improving the quality, number and variety of employment
markets.
economy
Socially, entrepreneurship empowers citizens, generates innovation and changes mindsets
1. Consumers Informal monitoring of potential ideas and needs Formal arrange for consumers to express
their opinions
*Idea should represent large enough market
2. Existing products & services Analysis of existing products uncovers ways to improve and thereby create better/new product or service
3. Distribution channels Members of supply chain source for new ideas familiarity with needs of the market They have suggestions for completely new
product
They also help in marketing of new products
sale
Also lists government owned patents
garage
discussion
For new products may have directive or
market need.
E.g. Lined wind cheater, driving gloves for
ladies
idea better!
c. Quantity of ideas is desired more the better!
Opportunity Recognition
Ability to recognise biz. opportunity is
fundamental to entrepreneurial process as well as growing biz. Significant research has been done on the opportunity recognition process
Opportunity Recognition
Entrepreneur should have relevant knowledge and desire to understand and make use of it Other important factor entrepreneurial alertness and entrepreneurial networks There is an interaction effect between
Opportunity Recognition
Entrepreneur who can recognise opportunity
Business Plan
A format which helps the Entrepreneur in launching a product/service. It comprise of all the elements for successful launching , monitoring the performance of business . It specifies how the companies objectives will be achieved through strategies . The business plans are made in coordination to the plans and capacity of other departments. It broadly comprises of five components- Background , Situation Analysis , Marketing plan , Financial plan and organisational . Marketing Research is the most important tool for creating a business Plan. It also highlights the role of internal and external relationships
Production plans
Addresses long term/short term decision
making
Where am I going?
How will I get there?
3. Investors
perspective
sound
financial
External resources/sources
Sources of information which support an Entrepreneur in planning the new venture Department of Commerce Government information centers Bureau of Census State and Municipal governments Banks
External resources/sources
Sources of information which support an Entrepreneur in planning the new venture
Chambers of commerce
Trade associations
Trade journals
Libraries Universities and community colleges
Product Description
Consumer / Business Convenience / Shopping / Specialty / Unsought Relevance Differentiation
Industry Description
History and Evolution of the Industry Size of the Industry
Major Players
Supply chain Major Growth centers
Customer Identification
Who is our customer (Demographic Gender, Age /Stage of life, Education , Occupation , Income , Social class ) Where is he located (Geographic Rural , Urban , Tier ) Number of potential customers
Understanding Customer
Behavioral What do they buy How much they buy Where do they buy from When do they buy Who influences their buying
Situation Analysis
Demographic
Vendor/Suppliers /Manufacturer
Economic
Competitors
Retailer Customers
Political
Company resources
Technological
INTRODUCTION
An operational plan in a Business plan is a description of how the work will be done, the flow of work from input to end results, and the machines which will be used. It explains the daily operation of the business, its location, equipment, people, processes, and surrounding environment.
An operational plan draws organization strategic plans to describe organization missions and goals, program objectives, and activities. Like a strategic plan, an operational plan addresses four questions: Where are we now? Where do we want to be? How do we get there? How do we measure our progress?
Operational plans should contain: Clear objectives, Activities to be delivered, Quality standards, Desired outcomes, Staffing and resource requirements, Implementation timetables, a process for monitoring progress.
The Operational Plan is the third part of the completed Strategic Plan. It defines how to implement the action and monitor the plans what are the capacity needs, how resources will engage, how to deal with risks, and how to ensure sustainability of the projects achievements.
WHY IS AN OPERATIONAL PLAN IMPORTANT? An Operational Plan ensures to successfully implement the Action and Monitor the plans by getting the team to:
Prepare the project to raise funds, being clear about how to get the resources and prepare a convincing plan to review with existing and potential donors.
Use resources efficiently, to help allocate scarce resources to the most critical gaps and needs.
Reduce risks where possible, and prepare contingency plans where necessary. Think about the long term future of the project, including how to ensure sustainability of your projects targets and impacts.