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Recommended Book

Entrepreneurship
By
Robert D Hisrich
Michael P. Peters
Dean A. Shepherd

Case Study

THINK!!!

It is a kind of behavior that includes:


Initiative taking
The organizing and reorganizing of social and
economic mechanism to turn resources and
situation to practical account
The acceptance of risk and failure

4-Basic Aspects of being an


entrepreneur
1. Entrepreneurship involves the creation

2.
3.
4.

***
***

process of value to entrepreneur and the


audience
Requires the devotion of necessary time and
effort
Assuming the necessary risk
The reward of being an entrepreneur
(EURIKA)
Nearly one million new companies are
formed only in US in a year.
How Japan shrugged off the losses of second
world war?

The Entrepreneurial
Identification and Evaluation of Opportunities:
Process
Opportunity assessment
Creation and length of opportunity
Real and perceived value of opportunity
Risk and return of opportunity
Opportunity versus personal goals and skills
Competitive environment wrt Pakistan
(Porters Diamond)

The
Entrepreneurial
Develop Business Plan
Title page
Process

Table of content

Executive summary
Major section

Description of business
Description of industry
Technology plan
Marketing plan
Financial plan
Production plan
Organization plan
Operational plan
Summary
bibliography

The Entrepreneurial
Process
Resources Required
Determine resources required
Determine existing resources
Identify resource gaps and available

suppliers
Develop access to needed resources

The Entrepreneurial
Process
Manage the Enterprise
Develop management style
Understand key variables for success
Identify problems and potential problems
Implement control system
Develop growth strategy

What steps are necessary for growth strategy?

Desirability of new venture


formation?
Culture, subculture, family, teachers, peers
1. Culture: Can you change culture overnight?

2.
3.
4.
5.

Being ones own boss, having individual


opportunities, being a success & making
money. Do you see any significant change in
culture during last ten years?
Subculture: Pockets of entrepreneurial
subcultures
Family: Uplifting
Teachers: Encouragement, creativity, support
Peers: Can discuss ideas, problems and
solutions

Possibility of new Venture


Formation?
Government,
background, marketing, role
1.
2.
3.
4.

5.

models and finance


Government: Infrastructure
Background: Formal education, Previous
business experience
Marketing: Size, know-how, price,
distribution, promotion, Launching (push/pull)
Role Models: To see someone else succeed
makes it easier to picture yourself engaged in
a similar activity
Financial Resources: Must be readily
available.
1.

Own and financial companies

Types of Start-ups
Lifestyle firm: A small venture that supports

the owner and does not grow. (S. A. Latif &


Sons)
Foundation Company: Company formed for
R&D that does not go public
High-potential Ventures: High growth potential
and receives great investor interest
Gazelles: Very high growth ventures

Role of Entrepreneurship in
Economic Development
Product evaluation process
Process of developing & commercializing an innovation)

Iterative Synthesis:
Interaction of knowledge and social needs that start Product

development process

Ordinary Innovations:
New product with little technological change (M Bulb / Tube

light)

Technological Innovations
New product with significant technological advancement (ES)

Breakthrough
New product with some technological change (VCR/DVD)

Government as an innovator (Maquiladora)


Technology Transfer