Entrepreneurship

Dr. Sheenu Jain

01
Why Entrepreneurship?
The Entrepreneur
entreprende, which means – ‘to undertake’

Webster dictionary – one who organizes, manages

and assumes the risks of a business or enterprise

Richard Cantillion – an entrepreneur is someone

who takes the risk of running an enterprise by
paying a certain price for securing and using
resources to make a product and reselling the
product for an uncertain price.
Joseph Schumpeter - an innovator playing the
role of a dynamic businessman adding
material growth to economic development

Timmons - Entrepreneurship is the process of

creating or seizing an opportunity and
pursuing it regardless of the resources
currently controlled
 What is Entrepreneurship?
"Entrepreneurship is the pursuit of opportunity without
regard to resources currently controlled.”

Entrepreneurship is the willingness to take risks and

develop, organize, and manage a business venture in a
competitive market.

Entrepreneurial spirit is a mindset. It is an attitude and

approach to thinking that actively seeks out change, rather
than waiting to adapt to change. It is a mindset that
embraces critical questioning, innovation, service, and
continuous improvement.
Reasons for Growth of Entrepreneurship

• Industry Structure
• New technologies
• Deregulation and privatization
• Formation of new business communities
• Increasing demand for variety
• Government incentives and subsidies
• Increasing flow of information
• Easier access to resources
• Entrepreneurial education
• Return on innovation
• Entrepreneur as a Hero
• Self-employment is highly valued
• Rising dissatisfaction at job
• Acceptance of ex-entrepreneurs in the job
market
Impact of Entrepreneurial Firms
• Job Creation
• Economic growth
• New Technology
• Serving small markets
Why Start a Business?
• Control
• The idea
• Flexibility
• Money
 Pros
• You are the boss
• All profits are yours
• There will be great variety in
roles and tasks
• Increases self confidence
• Work can be very satisfying
• Success will give you immense
satisfaction
& Cons
• You are alone
• All decisions are yours
• All losses are yours
• Work may not be satisfying
• You will need to put in long hours
• Lack of success will effect self
esteem
• Exiting the business is difficult
• Pressures will affect social and
family life
Entrepreneurial Characteristics
Timmons:
1. commitment and determination;
2. leadership;
3. opportunity obsession;
4. tolerance of risk, ambiguity and uncertainty;
5. creativity, self-reliance and ability to adapt; and

6. motivation to excel.
Entrepreneurial Skills
• Creativity and Opportunity Evaluation
• Real-time Strategy and Decision Making
• Comfort with Change and Chaos
• Teamwork
• Evangelism, Selling, Negotiation, and Motivation
through Influence and Persuasion
• Oral and Written Communication
• Basics of Start-Up Finance, Accounting and Law
Entrepreneurial Attitudes
• Comfortable with lifestyle changes
• Willingness to break / bend / stretch
laws
• Patience to start small
• Prepared to make enemies
• Comfort with confrontations
• Dealing with failure
• Willingness to learn
Reasons for Entrepreneurial Failure
• Lack of experienced management
• Few trained or experienced human resource
• Poor financial management
• Rapid growth
• Lack of business linkages
• Weak marketing efforts
• Lack of information
• Incorrect pricing
• Improper inventory control
• Short term outlook
Entrepreneurship Quiz
 WALL STREET

GUESS WHEN WERE THEY

ACTIVE ?
ABRAHAM LINCOLN
CHARLES DARWIN

HENRY BESSEMER FLORENCE NIGHTINGALE KARL MARX

MANGAL PANDEY SEPOY MUTINY

GUESS WHEN ?
All of them were between 1810 -
1860
How is current day to day existence
different from 1860 ?
None of these existed

How did this happen?

How did this happen?

THOMAS A. JAMESETJI TATA ESTEE LAUDER HENRY FORD WALT DISNEY

EDISON
▪ Wanted a better quality of life
▪ Had a vision of the future
▪ Experimented & Constantly Improved their offer
▪ Sought help from others
▪ Ignored negative views
▪ Not deterred by setbacks
 SHAHNAZ HUSSAIN KISHORE BIYANI

SABEER BHATIA TULSI TANTI

KIRAN MAZUMDAR SHAW

▪ What is Common among these
people?

➢ Background?

➢ Their approach?
BACKGROUND

MONEY?
LAKSHMI MITTAL VIJAY MALLYA

AGE?
SUHAS GOPINATH RAY KROC
BACKGROUND

EDUCATION?

DHIRUBHAI AMBANI NARAYAN MURTHY

WORK EXPERIENCE?

BILL GATES SUBRATO BAGCHI

 HOW HAVE THEY BUILT SUCH
GREAT BUSINESS EMPIRES?

IS THERE A METHOD IN THEIR

MADNESS?
THE ENTREPRENEURSHIP PROCESS
(Capturing opportunity without owning resources)

SPOTTING ACQUIRING
OPPORTUNITY RESOURCES

IDENTIFYING MANAGING
RESOURCES VENTURE
Entrepreneurship:
A Perspective

▪ Entrepreneurship is more than a mere

creation of VENTURE. It’s a Mindset……
▪ Seeking opportunities, taking risks
beyond security, and having the tenacity
to push an idea through reality are typical
characteristics of entrepreneurs
Entrepreneurship Challenge as a
Career
Myths of Entrepreneurship
 Indian Startup Ecosystem

02
 Women Representation in Indian Startup
Ecosystem

03
 Challenges, Strength &
Opportunities

04
 WHAT IS A STARTUP?

05
 What is the right time to do
a Startup?

06
 Essential Skill s Fo r Founders
and Entrepreneurs

07
GENERAL
EXPECTATIONS

D R IV E G R O W TH

M E E T TA R G E TS

M A N A G E E X P E C TAT I O N S
1 Creative Thinking 2 Critical Thinking 3 Decision Making 4 Leadership

5 Business S torytelling 6 Risk Taking 7 Business S trategy 8 Work Ethics

9 Flexibility 10 Interpersonal 11 Logical Thinking 12 Motivation

Communication

13 Planning 14 Problem S olving 15 Relationship 16 S ocial Media

Building

17 Positivity 18 Time Management 19 Vision 20 Passion

 Tangible Skill s

52
 De v eloping
Pr od u ct /Serv ice
(Tech/Domain Skill)

53
 Sales, Ma r ke t ing , Team,
Pi t ching
(Communication & Networking)

54
 Sales Fig ur e s , P r ojec t ion s ,
Acco u n ts , Tax, etc.
(Finance Skills)

55
 A rt of Delega t ion

56
 C r ea t ing
S yst em & Processes

57
 In t angible Skill s

58
 Abili ty t o C r ea t e a Vi s ion

59
 Have Patience,
No Ma tt e r Wha t

60
 Abili ty t o Foc us y e t
Multitask

61
 Abili ty t o Lead & In s pi r e

62
 Ho w can y o u lea r n t he s e
SKILLS

63
 Who i s a CEO ?

64
 CEO = Na tur al Leader

65
 S t a rtu p Mi st ake s To
A v oid

66
 " The onl y r eal mi st ake i s t he one
f r om w hich we lea r n no t hing "
- Henry Ford

67
 #1
S t a rt ing u p w i t ho ut r e s ea r ch ,
stu d y and v alida t ion

68
 #2
Thinking t ha t t he y are t he onl y
one s doing i t

69
 #3
A ssu ming t ha t y o u kno w i t all and
no t ca r ing fo r c ust ome r feedback

70
 #4
Falling in lo v e w i t h p r od u c t and
b us ine ss idea

71
 #5
C r ea t ing a pe r fec t p r od u c t and
t he r efo r e t aking t oo m u ch t ime in
la u nching

72
 #6
Thinking t ha t y o u can ' t st a rtu p
w i t ho ut mone y

73
 #7
Going s olo o r no t delega t ing
eno u gh

74
 #8
No t ha v ing a plan , a deadline and
tr acking ma tr i x

75
 #9

Spending t oo m u ch o r t oo le ss

76
STARTUP ECOSYSTEM FROM
ENTREPRENEUR'
S POINT OF
VIEW
Sensitizing Bodies/Awareness Bodies/Communities
Support Organizations (Incubators/Accelerators)

Service Providers

Mentors/Advisors/Mentor Networks

Funding Agencies

Corporates for Pilot Opportunities and Business Development

Facilitation Bodies and Policies by the Govt.

T H A N K YOU!