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Dr.T.J.Kamalanabhan
MODULE 7
Entrepreneurship
JOSEPH SCHUMPETER on Entrepreneurship
A process where established ways of doing things are destroyed by
the creation of new and better ways of getting things done.
New Products
New Production methods
New Markets
New Resources
Entrepreneurship Process
NEW
PRODUCTS
NEW
PRODUCTION
METHODS
NEW
MARKETS
1
Indian Institute of Technology Madras
NEW
RESOURSES
Management Science II
Dr.T.J.Kamalanabhan
By creating utility
By pricing
Entrepreneurship Innovation
UTILITY
PRICING
ENTREPRENEURSHI
CUSTOMERS
INNOVATION
SOCIAL &
ECONOMIC
IMPACT
VALUE
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Indian Institute of Technology Madras
Management Science II
Dr.T.J.Kamalanabhan
Demand Side
Supply Side
Changing
The
Yield of
Resources
Innovation
Changing the
Value and
Satisfaction
From
Resources
Wealth creation
Innovation
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Indian Institute of Technology Madras
Management Science II
Dr.T.J.Kamalanabhan
Responsibility
Risk
Design
Organize
Create a
Business
Enterprise
Arun Jain, Chairman & CEO of Polaris Software Lab Limited, emphasizes
that it is quality consciousness which has made him one of the most highly
successful first generation entrepreneurs.
Madhuri Mathur, made the life of ladies in kitchen easier by bringing out
the idea of a kitchen machine that would blend, chop, mince and grind that
culminated into sumeet mixer.
Management Science II
Dr.T.J.Kamalanabhan
While it was developed with sugarcane in mind, the Raingun can also be
used to a number of other crops such as groundnut, tapioca, onion, and
potato.
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Indian Institute of Technology Madras
Management Science II
Dr.T.J.Kamalanabhan
Fertilizer when used with the rain gun irrigation system reduces the
consumption of fertilizers
Helps in converting sugarcane trash into nutrients for the next crop.
Management Science II
Dr.T.J.Kamalanabhan
Raingun has an edge - a different rain gun in the same field has proved
completely unsuitable for irrigation.
He installed the system with Anna Sahebs assistance and initially used
the Chandraprabhu Raingun for conserving water. This alone gave him a benefit
of 80 per cent of his investment in one year. Later he also used the Raingun for
other benefits. He asserts that the Chandraprabhu Raingun is the best, because
it applies only the required amount of water, and thus prevents damage to soil
resulting from application of excessive water.
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Indian Institute of Technology Madras
Management Science II
Dr.T.J.Kamalanabhan
Entrepreneur
Adam Smith On Entrepreneurs
An individual who undertakes the formation of an organization for
commercial purposes.
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Indian Institute of Technology Madras
Management Science II
Dr.T.J.Kamalanabhan
ENTREPRENEUR
ORGANIZATION
Entrepreneurship Highlights
Diversity -
Great potential
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Indian Institute of Technology Madras
Management Science II
Dr.T.J.Kamalanabhan
Myths Of Entrepreneurship
Entrepreneurs Are Born, Not Made.
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Indian Institute of Technology Madras
Management Science II
Dr.T.J.Kamalanabhan
Entrepreneurship
Myths Of Entrepreneurship
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Indian Institute of Technology Madras
Management Science II
Dr.T.J.Kamalanabhan
Myths of Entrepreneurship
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Indian Institute of Technology Madras
Management Science II
Dr.T.J.Kamalanabhan
Myths of Entrepreneurship
Entrepreneurs can not hold on to their business in the long run
Entrepreneurial Strengths
RISK
ENTREPRENEURIAL
STRENGTH
CONFIDENCE
MENTAL
FRAMEWORK
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Indian Institute of Technology Madras
Management Science II
Dr.T.J.Kamalanabhan
Economic Relevance
ECONOMIC
STRENGTH
PERSONAL
REWARD
Entrepreneurial Environment
Resource availability
Sociodemographics
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Indian Institute of Technology Madras
SOCIAL
WELFARE
Management Science II
Dr.T.J.Kamalanabhan
Sources Of Innovation
The unexpected
The incongruity
Demographics
New knowledge
Founders - First generation entrepreneurs are risk takers, and often the
most creative.
Small Business
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Indian Institute of Technology Madras
Management Science II
Dr.T.J.Kamalanabhan
Profit is a strong motivator, but its a mistake to assume that it is the only
motivator.
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Indian Institute of Technology Madras
Management Science II
Dr.T.J.Kamalanabhan
Corporate Employment
Vs.
Entrepreneurship
Entrepreneurial Freedom / Corporate Rigidity
Inflexible schedule
No Supervisory evaluation
Flexible business policy
Flexible business solutions
Feminist refugee
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Indian Institute of Technology Madras
Management Science II
Dr.T.J.Kamalanabhan
CORPORATE
PARENTAL
FEMINIS
HOUSEWIFE
REFUGEES
SOCIETY
EDUCATIONAL
SELF
ESTEEM
PERSONAL
FULFILLMENT
COMMUNITY
SERVICE
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Indian Institute of Technology Madras
Management Science II
Dr.T.J.Kamalanabhan
Competitive Advantages
Customer Focus
Customer
Satisfaction
Customer Loyalty
Quality
Few Managerial
tasks
Focus on
productivity
Innovation
Innovative Operation
Innovative Business
tools
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Indian Institute of Technology Madras
Integrity &
Responsibility
Honesty
Reliability
Low-Cost Production
Cost efficient
Few Operations
Management Science II
Dr.T.J.Kamalanabhan
Successful Entrepreneurs
Bill Gates, Narayan Murthy, Azim Premji and Henry Ford, Dhirubhai
Ambani etc.
The business idea guides even after it has achieved success. It is like the
light that shows the future plan and direction of the business.
Hard word is much more pertinent than dreams to turn an innovative idea
into a successful business enterprise.
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Indian Institute of Technology Madras
Management Science II
Dr.T.J.Kamalanabhan
Self assessment helps in identifying the business idea that can help
entrepreneurs achieve their desired result.
Entrepreneurship Highlights
Entrepreneurial business success rate may not be more than 10 per cent.
Summary
Visualizing a business proposition also includes looking at its
practicability and conducting a preliminary investigation. If the results are
satisfactory, an investigation has to be conducted and the objectives of the
business are decided.
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Indian Institute of Technology Madras
Management Science II
Dr.T.J.Kamalanabhan
BUSINESS
IDEA
PRELIMINARY INVESTIGATION
Entrepreneurial Nature
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Indian Institute of Technology Madras
Management Science II
Dr.T.J.Kamalanabhan
ENTREPRENEURIAL
NATURE
IDENTIFY
OPPURTUNITY
FASTER PRODUCTIVITY
UTILIZE
RESOURCE
Summary
Entrepreneurship
Is An Approach To Management That Encourages Continuous
Identification And Pursuit Of Oppprtunity, The Organization Of Resources To
Achieve Productive Excellence
Reference
Hisrich Peters
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Indian Institute of Technology Madras