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entrepreneurship

entrepreneurship

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WELCOME TO

FOURTH TERM

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JUST REWIND«...
‡ Successful completion of 3 semesters- Congrats ‡ Final semester ±Very good ‡ Through with Several ups & downs ±Part of University life ‡ How many companies visited for CAMPUS -? ‡ How many interviews you faced -? ‡ How many got decent Job -? ‡ Where your expectation will land-up? ‡ What is your Gut-Feeling ±Worth or not? ‡ What is your expectation from this University? ‡ What is your expectation from the faculties? ‡ What is your expectation from ME? ‡ One bad thing from Last Semester ± ‡ One good thing from Last Semester ±

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Entrepreneurship
Subject Introduction Dr. Junaid
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Module Title Program Term Credits Instructor Resource Persons

: : : : : :

Entrepreneurship MBA (2009-11) IV 3 Dr. Md. Junaid Alam Prof. Prem S. Vasistha & Prof. Milindo

Learning Mode Contact Guided Study Assessment Total

Hours 32 33 10 75
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Module Aim The purpose of this module is to prepare a ground where the students view entrepreneurship as a desirable and feasible career option. In particular the module seeks to build the necessary competencies and motivation for a career in entrepreneurship Module Objectives/ Learning Outcomes After completing this course, the students would be able to: ‡ Build on personal as well as external resources with a view to successfully launching and subsequently managing their enterprises. ‡ They would have not only a definite idea as to which support/developmental agency to look up to and for what purpose, but also the necessary know-how and ‡ For accessing their help. They would have basic skills in operations, finance, marketing and HRM 5

UNIT-I
Topic Entrepreneuria l Development Perspective Covers: No. of Lectures

Concept & Evolution of Entrepreneurial Development Role of entrepreneur in economy especially in India and developing nations Entrepreneurial culture: Environment Entrepreneur vs intrapreneur; entrepreneur vs Entrepreneureship & Entrepreneur Vs Manager Attributes & characteristics of a successful entrepreneur Corporate Entrepreneur Entrepreneurial Ethics

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UNIT-II
Topic
Creating Entrepreneurial Venture

Covers:

No. of Lectures

y Effective business planStrategic planning y Environmental scan y Assessment of entrepreneurial opportunities. y Creativity and innovation y Marketing research for Entrepreneurial venture

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UNIT-III
Topic Covers: No. of Lectures

Project Management

y Technical, financial, marketing , Personnel and Managerial preparations for entrepreneurship. y Estimating and financing funds requirement y Schemes offered commercial banks by various

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y Venture capital funding y Managing Growth
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UNIT-IV
Topic Covers: No. of Lectures

Government & Entrepreneurship Development

Role of State and Central Government in promoting entrepreneurshipintroduction to various incentives, subsidies and grants-EOU- Fiscal and tax concessions Role of the various agencies like SISI,DICs,EDII<NIESBUD<NEBD

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UNIT-V
Topic Covers:
y y y y

No. of Lectures

Small Entrepreneurship

Role and definition of small business in Indian context Issues in small business marketing. The contemporary perspectives Infrastructure Development Product Procurement Assistance Reservation, on

and Marketing Fiscal &

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y y

Subsidies and other Monetary Incentives.

National, state level and grass-root level financial and nonfinancial institutions in support of small business development

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Recommended Text:
1. Bhatnagar & Budhiraja; Entrepreneurship development and small business

management; published by: Vayu Education of India 2. Bridge O¶Neilt¶ & Cromie; Understand Enterprises, Entrepreneurship & Small Business; published by: 3. Zimmerer Scarborough; Essentials of Entrepreneurship & Small Business Management; published by: PEARSON 4. Kuratko & Hodgets: Entrepreneurship in the New Millennium: published by: CENGAGE Learning 5. Morse Mitchell; Cases in Entrepreneurship; published by: SAGE 6. P. Narayana Reddy; Entrepreneurship ±Text and Cases; published by CENGAGE Learning. 7. Madurimma Lal & Shikha Sahai; Entrepreneurship; published by: CENGAGE Learning.
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8. Hisrich, Peter & Shephered; Entrepreneurship; TATA McGraw Hill.

³ The only place success comes before work is in a dictionary´
ANON

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Entrepreneurship
Introduction to Entrepreneurship

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Why Study Entrepreneurship?
‡ Knowledge of process of starting a business ‡ Basic principles applicable to any business environment ‡ Entrepreneurs drive the economy, contributing significantly to the well-being of society in general ‡ The entrepreneurial process and entrepreneurial management is becoming increasingly relevant to the way business is done today 14 ‡ Entrepreneurs shape society

What is an Entrepreneur?
‡ An Entrepreneur uses innovation to exploit or create change or opportunity for the purpose of making a profit ‡ They do this by shifting economic resources from an area of lower productivity to an area of higher productivity and greater yield, accepting a high degree of risk and uncertainty in doing so

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Are Entrepreneurs Born or Made?

Personal Character Traits Culture of Society Influences on Owner-Managers and Entrepreneurs Situational Factors
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Antecedent Influences

CASES ± Under 20 Entrepreneurs Farhad Acidwala

Arjun Rai

King Sidharth

Ankur Jain

1. Farrhad Acidwalla
16 years old Farrhad Acidwalla from Mumbai started his entrepreneurial journey with an investment of just $10. When he was in the eighth grade, he borrowed $10 from his parents and bought his first domain name. Farrhad began building a web community devoted to aviation and aero-modeling. Within a short period of time, his website took off and Farrhad decided to sell the site for far more than his initial $10 investment. Today Farrhad is the CEO and founder of Rockstah Media, a cutting-edge company devoted to web development, marketing, advertisement, and branding. Although the company is just over a year old, it has own developers, designers and market strategists spread across the globe. Being the CEO, Farrhad takes care of the clients and guids the creative team. Currently, Farrhad is studying finance at H.R. College of Commerce & Economics.

4. King Sidharth
Belonged to a backward sector in Northern India, 18 years old King Sidharth and a few friends began organizing events and competitions for other children. They used to make tickets and charge an entry fee, then award little prizes to the winners. Today, Sidharth is organizing a conference for teenagers called Createens that will give young people an opportunity to learn about entrepreneurship, blogging, and more from world-wide experts. King Sidharth has just graduated from high school and he has already made a name for himself as one of India's top young entrepreneurs. Apart from that King is a speaker, author and a magazine publisher. He speaks on topics of entrepreneurship and spirituality and is currently writing an e-magazine for teens (Friendz) and a book about the intersection of spirituality and science (Bhagvad Gita & the Law of Attraction).

3. Arjun Rai
It was at the age of seven when Arjun Rai showed his entrepreneurial spirit, selling knickknacks that he found around the house. He also set up shop to sell leftover wildflower necklaces after a wedding. This youngster became the COO of a quickly growing online advertising company, but his entrepreneurial mind drove him to form a brand-new venture called odysseyAds, an online advertising network with a focus on catering to 21st century marketer needs. 18 years old Arjun, who has just completed his junior year of high school, was inspired by TV shows like "The Oprah Show" and "The Big Idea with Donny Deutsch".

4. Ankur Jain
Having seen his father Naveen Jain (the serial entrepreneur who built Infospace and Intellius) build companies, Ankur started his own venture called Starnium at the age of 12. Now a sophomore at the Wharton School, Ankur along with some of the ingenious students there, have conspired to establish a society of collegiate entrepreneurs, called the Kairos Society and, in less than a year, the group has gone from nationwide to global. The purpose of Kairos is to bring together the brightest college students from different economic backgrounds from all over the country, which have passion for entrepreneurship. With a motto of inspiration, experience and innovation, the Kairos Society aims to foster the entrepreneurial spirit among students by connecting them with one another, forging relationships with emerging start-up companies around the word

Influences on Entrepreneurs
‡ Entrepreneurs do have certain personal character traits that they are born with, they are also shaped by their history and experience of life
± Antecedent influences - the social environment they find themselves in ± The culture of the society«« some encourage entrepreneurial activity, others discourage it ± The situations they find themselves in such as employment 22

Character Traits of an Entrepreneur
‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ Risk Taker Opportunist Inventor Commercialiser Trader Innovator Flexible Need for Achievement Internal Locus of Control Opportunistic Self Confident Pragmatic -Practical ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ Proactive Visionary Ambiguity Tolerance Desire for Independence High Energy Ability to bounce back Results Oriented All Rounder Decisive Self Motivated Flair
23

Success and Failure Factors: Which do You Have?

‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡

Hard Work Perseverance Motivation Social Skills Leadership Good Management Integrity Guts

‡ ‡ ‡ ‡ ‡ ‡ ‡

Good Health Common Sense Luck Support of Family Clear Initial Goals Creativity Ability to Accept Uncertainty
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‡ Well-educated

Antecedent Influences on the Entrepreneur

‡ Starts business because of positive motivations ‡ Leaves managerial job to start business ‡ Middle Aged (or very young?) ‡ Willing to share ownership of business
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Manager vs. Entrepreneur
Entrepreneur Growth Firm Pursuit of growth and personal wealth important Lifestyle Firm Often trade or craft based. Will not grow to any size Manages a business belonging to someone else Will build an organisation putting in appropriate controls similar to a large firm Owner Manager

Manager

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Classical Viewpoint of the Entrepreneur
Risk-taker New Product Combinations Entrepreneur Manager

Uncertainty

Decision-maker

Market Opportunities

Capitalist

Organises Production
27

Austrian School of Thought
‡ Kirzner ± Alert to profitable opportunities of exchange ± Act as the intermediary ± Opportunities exist due to imperfect knowledge« the entrepreneur knows something that others do not ‡ Schumpeter ± Innovator ± Change through the introduction of new technological processes ± Only certain extraordinary people can be entrepreneurs
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Austrian School of Thought«ctd.

‡ Knight ± Calculated risk-taker ± Profit is the reward for bearing risk ‡ Shackle ± Creative and imaginative ± Imagines opportunities ± Original ‡ Casson ± Co-ordinates scarce resources ± Judgemental decisions which re-allocate resources ± Must have power over resources in order to reallocate««« personal wealth / access to capital is important

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Entrepreneurial Culture: The American Dream ‡ Americans think big ‡ Nothing is impossible ‡ They prefer the new or at least the improved ‡ They worship innovation ‡ They are tolerant of those who make mistakes ‡ Things need to get done quickly rather than always get done perfectly
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Benefits of Being an Entrepreneur
‡ ‡ ‡ ‡ Do what you enjoy Control your own destiny Contribute to society Potentially huge financial rewards

31

Some Statistics
‡ The average working week for a self employed person is 64 hours ‡ Most people do not increase their income by becoming self employed ‡ 1 in 5 Entrepreneurs do not earn anything within the first 12 months ‡ Support of the spouse or partner is critical

32

Entrepreneurship is risky because«..?
‡ Few entrepreneurs actually know what they are doing ‡ They lack the methodology ‡ Management incompetence ‡ Poor financial control ‡ Failure to develop a plan ‡ Uncontrolled growth ‡ Improper inventory control
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Entrepreneurship is risky because«..?
‡ ³ Entrepreneurs who start out with the idea that they will make it big - and in a hurry can be guaranteed failure ³
Drucker pg31

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Entrepreneurship
‡ Entrepreneurship is behaviour rather than personality trait (Drucker pg23) ‡ Entrepreneurs see change as the norm and as healthy ‡ The entrepreneur always searches for change and responds to it ‡ Entrepreneurship does not have to be high risk!!
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Entrepreneurship
‡ Entrepreneurship is not the sole reserve of small or new businesses ‡ Entrepreneurship is practiced by companies and organizations of all sizes, ages, market segment or discipline

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Assignment
‡ Do your SWOT analysis in context to Match your traits with the traits needed to become a successful entrepreneur. Word Limit : Not less than 1000 words Format : Printed / Typed (Hardcopy) Last Date : Monday / 10th January Max. Marks : 05

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THANKS
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