The document discusses the characteristics of successful entrepreneurs including being self-confident, optimistic, risk-taking, and goal-oriented. It also discusses entrepreneurial ethics and social responsibility. Finally, it discusses the importance of entrepreneurial teams in matching human resources and skills to successfully manage new ventures.
The document discusses the characteristics of successful entrepreneurs including being self-confident, optimistic, risk-taking, and goal-oriented. It also discusses entrepreneurial ethics and social responsibility. Finally, it discusses the importance of entrepreneurial teams in matching human resources and skills to successfully manage new ventures.
The document discusses the characteristics of successful entrepreneurs including being self-confident, optimistic, risk-taking, and goal-oriented. It also discusses entrepreneurial ethics and social responsibility. Finally, it discusses the importance of entrepreneurial teams in matching human resources and skills to successfully manage new ventures.
Characteristics of successful Entrepreneur, attitudes – motivation . Small business and corporate entrepreneurship –culture and competence- Building entrepreneurial organization. Entrepreneurial team – matching human resources needs and skills.
SSIPMT/ SAPNA SHARMA/ED
Characteristics and attributes of a Successful Entrepreneur Self Confident Optimistic Able to take calculated risks Respond positively to challenges Flexible & able to adapt Knowledge of markets Able to get along well with others Independent minded Versatile knowledge Energetic Creative Dynamic Leader Responsive to suggestions Takes initiative Resourceful & perceiving Perceptive with foresight Responsive to criticism Risk taking Future Orientation Value of achievement Desire for responsibility Goal Orientation Problem Solving Team building
SSIPMT/ SAPNA SHARMA/ED
Entrepreneurial Ethics The ethics of the organization are frequently ambiguous & shifting. Stereotypically the entrepreneurs are seen having low ethical standards. Entrepreneurs repeatedly face ethical dilemmas. As per Koontz, Social responsibility is the personal obligation of everyone as he acts in his own interest to assure that the rights & legal interest of all others are not infringed.
SSIPMT/ SAPNA SHARMA/ED
Need Changed public expectation of business Society created better environment for business Availability of resources Accountability to the corporate internally
SSIPMT/ SAPNA SHARMA/ED
Business Ethics To charge fair pricing In the times of scarcity Lower standard goods Not to adulterate goods Misleading advertisements To invoice imported or exported goods at the correct prices Not to deal knowing smuggled goods Not Providing after sales services
SSIPMT/ SAPNA SHARMA/ED
Ethical Issues/ dilemmas Promoter dilemma( the early stages of promoting the business to financial supporters, customers, potential partners, certain euphoria is associated with the effort) Innovator Dilemma (new business, new technologies) Relational Dilemma( entrepreneur Becomes a member of a number of different networks, firms etc) SSIPMT/ SAPNA SHARMA/ED Resolving Ethical Dilemma Utilarian rule (which choice produces the most good for most people) Absolute Rule ( appealing to a moral or religious code) Relativist approach (goes along with crowd)
SSIPMT/ SAPNA SHARMA/ED
Entrepreneurial Attitude Attitude are the evaluative statement concerning object, people or events. It reflects one’s opinion about something. Positive Attitude Determinant Comfortable with unpredictable working hours Strong belief in themselves
Process Need Tension Action Positive (fulfillment of needs) Negative (aggressive action)
SSIPMT/ SAPNA SHARMA/ED
Motivating factors (by R. A. Sharma) Internal Factors External Factors Desire to do Government support something new Availability of labour Educational & RM background Encouragement from Experience big business houses Promising demand for the product
SSIPMT/ SAPNA SHARMA/ED
Factors responsible for the emergence of entrepreneurship Background Factors Education, Training Experience Family, Role models & association with similar type of individuals Financial condition • Motivational Factors Need for achievement Personal motives/ expectations Business environment
SSIPMT/ SAPNA SHARMA/ED
Economic Factors Supportive government Availability of financial assistance from various funding bodies Ancillary support Availability of technical factors like premises, electricity, labour • Reward Recognition Social status
Development of competency Competence recognition, self assessment, competency application, feedback
SSIPMT/ SAPNA SHARMA/ED
Small Scale Industries Credit for the development of SSIs goes to the vision PM Shri J.L. Nehru who sought to develop core industry & put in supporting sectors in the form of SSI Role of SSIs in developing economy 1. Dynamic & vibrant sector of economy 2. Prominent role in socio economic transformation of the country 3. Accounts for 35% of industrial production, 40% of exports, 60% of employment opportunities.
SSIPMT/ SAPNA SHARMA/ED
Characteristics One man show The owner himself is the manager Scope is localized Smaller capital investment It is dispersed to rural market They are more inclined towards change
SSIPMT/ SAPNA SHARMA/ED
Objective Generate immediate employment Encouraged the dispersal of industries all over the country Bring background area under main stream development Effective mobilization of countries untapped resources
SSIPMT/ SAPNA SHARMA/ED
Importance Provide the increased employment Require lower gestation periods East to set up in rural & background areas Need small/ local market Encourage growth of local entrepreneurship Create a decentralised pattern of ownership Foster diversification Introduce new products to cater local needs Influence the standard of living
SSIPMT/ SAPNA SHARMA/ED
Strength & weaknesses of SSIs Strengths Weaknesses Innovative & techno No proper planning can managerial skills lead to failure The enterprising spirit Initiators with small Employment generation financial background likely to fail Distribution of economic power All responsibilities on one shoulder Experts potentiality No experience Adjustability & adaptability Less knowledge of market Decentralization of industry Variety in the product offered Dependence of Big industries on SSIs SSIPMT/ SAPNA SHARMA/ED Types of SSIs Ancillary industrial undertakings Tiny enterprises Women entrepreneurs Village industries- handloom, handicrafts, etc
SSIPMT/ SAPNA SHARMA/ED
Problems Problem of raw material Problem of finance Problem of marketing Problem of underutilization of capacity Other problems like technology obsolescence, imperfect knowledge of market.
SSIPMT/ SAPNA SHARMA/ED
Impact of Globalization & WTO on SSI Tighter patent laws through regulations of intellectual property of rights under TRIPS agreement Worldwide market & opportunity to export Intensified competition towards market Import of high quality of goods
SSIPMT/ SAPNA SHARMA/ED
Promotional measures taken by Central Govt. Industrial extension services Institutional support in respect of credit facilities Provision of developed sites for construction of sheds Provision of training facilities Supply of machinery on hire / purchase terms Assistance for domestic marketing & exports Special incentives for setting up in backward areas Technical consultancy
SSIPMT/ SAPNA SHARMA/ED
Prospects of SSI They will have to take effective measures in the following areas: Quality control Marketing arrangements Advertisement Recovery of receivables Professionalism in management Inventory control Opportunities
SSIPMT/ SAPNA SHARMA/ED
CORPORATE ENTREPRENEURSHIP Or INTRAPRENEURSHIP
SSIPMT/ SAPNA SHARMA/ED
Entrepreneurial process Identify & evaluate the opportunity An opportunity assessment plan includes- a description of the product or services, an assessment of opportunity as well as of entrepreneur, specifications of all the activities & resources needed to translate the opportunity into a viable business venture & the sources of capital to finance the initial venture as well as its growth.
SSIPMT/ SAPNA SHARMA/ED
Develop a business plan Developed in order to exploit the defined opportunity, it’s a time consuming phase. Determining the resources required & obtaining those resources Successfully managing the resulting venture.
SSIPMT/ SAPNA SHARMA/ED
The Entrepreneurial team – matching HR needs & skills The success of an enterprise is more determined by the individual who lead it forward than by its products/ services. The entrepreneurial team transforms creative ideas into commercial realities through their hard work & determination.
SSIPMT/ SAPNA SHARMA/ED
Role For the independent small business, the owner must wear several hats at once- leading, managing & administering the new enterprise For Corporate venture, a company “Champion” must assemble a team of like minded people capable of breathing into an innovation For high growth new venture, an entrepreneur must have the foresight to find partners or hire people with complementary skills needed to guide the enterprise towards success.
SSIPMT/ SAPNA SHARMA/ED
Need of managing people Management functions Objectives for which the company is established to attain economically Manage others 4 M’s An individual knowledge, skill, creativity, talent can be extracted & utilised properly Objective of society can be served Human relation & industrial relation Labour turnover can be reduced Job satisfaction Helps to coordinate individual & companies goal It helps in identifying adequate wages, incentive, security etc SSIPMT/ SAPNA SHARMA/ED Matching the needs & skills New ventures succeed or fail on the performance of founding entrepreneurs. An exceptional new product positioned in the best possible market has no life of its own without a skilled founder. It is the capability of a determined entrepreneur team that breathes life into an enterprise. Consequently investors evaluate the chances of success. SSIPMT/ SAPNA SHARMA/ED Criteria for establishing a successful entrepreneurial team The founder must have the personal skill & commitment to head the venture. The founder must either have a team or able to identify who is needed on a team to launch the venture. The team must be able to shall in the success of the new venture