CHALLENGES &PROSPECTS OF AN ENTREPRENEURWELCOME TO THE WORLD OF “ENTREPRENEURSHIP”

What Is Entrepreneurship

&who are they?Entrepreneurship

Strategic Thinking And Risk-taking Behavior That Results In The Creation Of New Opportunities For Individuals And/Or Organizations.

EntrepreneursRisk-taking Individuals Who Take Actions To Pursue Opportunities And Situations Others May Fail To Recognize Or May View As Problems Or Threats.

“THE GREATEST GLORY IS NOT IN NEVER FAILING BUT IN RISING UP EVERY TIME WE FALL”

Entrepreneurs are …Founders of businesses that become large-scale enterprises.People who:

-Buy a local franchise outlet-Open a small retail shop-Operate a self-employed service business

People who introduce a new product or operational change in an existing organization.

The Market Builders……..

TYPICAL CHARACTERISTICS OF ENTREPRENEURS:-COMMITMENT, DETERMINATION, AND PERSEVERANCE-DRIVE TO ACHIEVE-OPPORTUNITY ORIENTATION-INITIATIVE AND RESPONSIBILITY-PERSISTENT PROBLEM SOLVING-SEEKING FEEDBACK-INTERNAL LOCUS OF CONTROL-TOLERANCE FOR AMBIGUITY

WANT TO BE A SUCCESSFUL ENTREPRENEUR!!....do...YOU HAVE THESE?

IF YOU DARE 2 WIN ……THEN ITS ALL URS!!Family Challenges

Social Challenges

Technological ChallengesFinancial Challenges: (Difficulty in borrowing

fund)Policy Challenges

Problems of raising equity capital Problems of availing raw-materials.Problems of obsolescence of indigenous

technology Increased pollutions Ecological imbalanced.

CHALLENGES

IF U DARE 2 WIN ….DEN ITS ALL URS!!

LETS ENTER INTO THE

WORLD OF

“ENTREPRENEURSHIP”

&

Establish our kingdom!!

1.Developing the Vision and Business Idea ->Identifying a problem > seeing an opportunity in the problem > Coming up with a solution > Forging the opportunity into a business idea > Integrating the

solution into a business plan.In the late 70s and early 80s, while IBM saw increase in demand for their

mainframe computers, Steve Jobs envisioned a personal computer in every home and Bill Gates envisioned the need for easy to use software for personal computers. That single vision made Bill Gates the richest man in the world and Steve Jobs the

most famous business person of the 21st century. 2. Raising Capital for Startup An Entrepreneur Is The Only One That Knows Business Idea To The Core. Trying To Convince Investors About Something That Doesnt Exist Is Definitely A Challenge.

To overcome the challenge of raising capital, an entrepreneur must develop the ability to sell their idea and vision to potential investors.. In the game of raising

capital, an entrepreneur must have a good story to tell; backed by a strong business plan and good persuasion skills.

3. Assembling a Business Team As an entrepreneur bound to have strengths and weaknesses. That is the more reason an entrepreneur needs a business team to cover up or compliment their weaknesses.

An efficient strategic business team should comprise as banker, financial adviser, accountant, attorney or legal adviser and any other specialist that will be of

tremendous impact to the business.

STEPS 2 ESTABLISH UR OWN BUSINESS IDENTITY

4. Finding the Right Business Location Finding a good business location at the right place is definitely not easy.An efficient location that has a rapidly growing population, good road network and

other amenities at a good place5. Finding Good Employees Business owners know how difficult it is to find a hardworking, trustworthy employee. Most employees want to work less and get paid more.Employees are the representatives to business customers and the outside world. They are a reflection of the business culture and ethics. If an employee is bad or rude to customers, it is going to portray a bad image for the company. So it must

be careful when hiring employees. 6. Finding Good Customers Good customers are really hard to find. A good customer will be loyal to the company and will be willing to forgive if the business make a mistake and apologize. . Bad customers are responsible for bad debts.

Good customers build business and bad customers will always try to liquidate business.

7. Unforeseen Business Challenges and Expenses • Just as a sailor prepares for unexpected storm, just as a pilot is always on

the watch for unpredictable bad weather and thunderstorms, so must an entrepreneur prepared for whatever comes.

1. Unexpected law suits 4. Unexpected resignation of staff from sensitive office

2. Inconsistent government policy 5. Bad debts from customers3. Not being able to make payroll 6. Bad debts from customers8. Keeping Up With Industrial Changes and Trends 9. Exiting the Business

THE INNOVATION PROCESS• Types of Innovation

• Invention• Extension• Duplication• Synthesis

• Sources of Innovation• Unexpected occurrences• Incongruities• Process needs• Industry and market

changes• Demographic changes• Perceptual changes• Knowledge-based

concepts

Innovation and the EntrepreneurInnovation:

I. Is the process by which entrepreneurs convert opportunities into marketable ideas.

II. Is a combination of the vision to create a good idea and the perseverance and dedication to remain with the concept through implementation.

III. Is a key function in the entrepreneurial process.IV. Is the specific function of entrepreneurship.

Types of Innovation

Invention Extension Duplication Synthesis

Sources of Innovation Unexpected occurrences Incongruities Process needs Industry and market

changes Demographic changes Perceptual changes Knowledge-based

concepts

SAGA OF INNOVATION

Type Description Examples

Invention Totally new product, service, or process Wright brothers—airplaneThomas Edison—light bulbAlexander Graham Bell—telephone

Extension New use or different application of an already existing product, service, or process

Ray Kroc—McDonald’s Mark Zuckerberg—FacebookBarry Sternlicht—Starwood Hotels & Resorts

Duplication Creative replication of an existing concept

Wal-Mart—department storesGateway—personal computersPizza Hut—pizza parlor

Synthesis Combination of existing concepts and factors into a new formulation or use

Fred Smith—Fed ExHoward Schultz—Starbucks

ENTREPRENUERS AT A GLANCE

LETS HAVE A QUICK GLACE-According to report of world bank-• IN EASE OF DOING BUSINESS INDIA RANKS 133• Private sector creates 9 out of 10 jobs in the global

economy.• • Employing of more than 50% of the nation’s private

sector workforce • — almost 90% of all businesses employ fewer than 20

workers. • • Creating 66% of all new jobs since the early 1970s. • • Producing 48% of the nation’s GDP and account for

53% of all sales. • • Growing by 800,000 to 900,000 new ventures each

year.

STEPS TAKEN BY “GOVERNMENT OF INDIA”TO ENCOURAGE “ENTREPRENEURSHIP”:1) Market Access Initiative (MAI) Provides financial support for

opening showroom & warehouses, display in international departmental stores, publicity campain and branch promotion etc.

2) Agricultural and Processed Food Products Export Development Authority (APEDA) To promote exports. APEDA provides financial support for packaging development, export promotion and market development etc.

3) Scheme for ' Enabling manufacturing sector to be competitive through Quality Management Standards and Quality technology tools'- an NMCP Scheme.

4) Scheme for 'Trade Related Entrepreneurship Assistance and Development (TREAD) Scheme to Women'

FURTHER STEPS OF IMPROVEMENT-A. Create the Right Environment for

SuccessB. Ensure that Entrepreneurs have

access to the Right Skill C. Ensure that Entrepreneurs have

access to „Smart Capital‟ D. Enable Networking and ExchangeE. Government Support: Both the

Central and State Governments should take more interest in promoting the growth of entrepreneurship.

IGNORE THESE MYTHS….ITS MAKES US WEAK!!PLEASE

IGNORE….. Entrepreneurs Are Born Entrepreneurs Are Mainly Motivated to Get

Rich Entrepreneurs Give Little Attention to Their

Personal Life Entrepreneurs Are Often High-Tech Wizard  Entrepreneurs Are Loners and Introverts Entrepreneurs Are Job Hoppers  Entrepreneurs Have Limited Dedication

THANK YOU ALL

KRIPESH KUMAR SWAINXII-COMMERCE8256