Business Planning and

Entrepreneurial
Management
By
Sonia Pereira
 CONCEPTS

• Entrepreneur:  A person who sets up a business or businesses,

taking on financial risks in the hope of profit.
• Entrepreneurship: The activity of setting up a business or
businesses, taking on financial risks in the hope of profit. It’s a
process, a journey, not the destination, a means, not an end.
 Characteristics of Entrepreneurship
• Economic Activity: Entrepreneurship is an economic activity, as it involves designing,
launching and running a new business enterprises in order to earn the profit, by ensuring
best possible use of resources.
• Creativity and innovation: It involves discovering new ideas and implementing it in
business. The entrepreneur continuously evaluates current modes of running a business
and identifies new methods and techniques for operating the business more efficiently and
effectively.
• Profit: The activity of entrepreneurship is undertaken with the sole objective of making
the profit. It is also the reward of the efforts made and risk taken by the entrepreneur.
• Risk Bearing: “Willingness to assume the risk” is the essence of entrepreneurship
without which he/she cannot succeed. It occurs due to the creation and implementation of
new ideas. Such ideas are often uncertain, and so the result may or may not be positive
and instant.
 Skills Required in Entrepreneurship
1.Technical Skills: Oral Communication, ability to organise, productive
ability, technical business management, coaching, network building,
monitoring environment, ability to spot new trends, active listening,
writing and interpersonal skills.
2.Business Management Skills: Forecasting, planning, budgeting, decision
making, negotiation, goal setting, human relations, marketing, finance, etc.
3.Personal Skills: Ability to manage change, leadership, persistence, self-
reliance, foresightedness, innovativeness, risk taking, self-reflection,
discipline, self-confidence, honesty, patience, intelligence, tactfulness,
emotional stability, etc.
Qualities Of Entrepreneur
Entrepreneurial Process
Entrepreneurial Process
PESTEL
SWOT Analysis
Innovation Theory by Schumpeter &
Imitating
Theory of High Achievement by
McClelland
X-Efficiency Theory by Leibenstein
Theory of Profit by Knight
Theory of Social change by Everett Hagen