ENTREPRENEURSHIP

QUESTIONS ON ENTREPRENEURSHIP1} Syllabus of entrepreneurship in detail and a reliable reference book?2} Highlighting schemes for entrepreneurs?3} Explanation of important concepts?4} How to approach the question paper?5} Tips on solving the case study?6} As a potential Entrepreneur how would you construct a business plan to satisfy your banker?7} Is ancillarisation only hope for small businesses in India after Globalisation?8}”Reverse Migration of labour can be achieved through entrepreneurship”. How?9} What are current trends in entrepreneurship?10} How to manage time while writing the question paper?11} What is the weightage per chapter?12} Important topics for entrepreneurship?

Characteristics of Entrepreneurs

• Desire for responsibility• Preference for moderate risk• Confidence in their ability to succeed• Desire for immediate feedback• High level of energy• Future orientation• Skilled at organizing• Value achievement over money

What is an Entrepreneur?

One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them.

Common Themes in Definitions Common Themes in Definitions of Entrepreneurshipof Entrepreneurship

DefiningEntrepreneurship

TheEntrepreneur

Innovation

Organization Creation

CreatingValue

Profit orNonprofit

Growth

Uniqueness

Process

Characteristics of Entrepreneurs

• Desire for responsibility• Preference for moderate risk• Confidence in their ability to succeed• Desire for immediate feedback• High level of energy• Future orientation• Skilled at organizing• Value achievement over money

Rewards of Being an Rewards of Being an EntrepreneurEntrepreneur

High degree of independence—freedom from constraints

Get to use a variety of skills and talents

Freedom to make decisions

Accountable to only yourself

Opportunity to tackle challenges

Feeling of achievement and pride

Potential for greater financial rewards

Feeding the Entrepreneurial Fire

• Entrepreneurs as heroes• Entrepreneurial education• Demographic and economic factors• Shift to a service economy• Technological advancements• Independent lifestyles• E-Commerce and the World Wide

Web• International opportunities

Challenges of Challenges of Being an EntrepreneurBeing an Entrepreneur

Must be comfortable with change and uncertainty

Must make a bewildering number of decisions

May face tough economic choices

Must be comfortable with taking risks

Need many different skills and talents

Must be comfortable with the potential for failure

The Cultural Diversity of Entrepreneurship

• Young entrepreneurs• Women• Minority-owned enterprises• Immigrant entrepreneurs• Part-time entrepreneurs• Home-based businesses• Family businesses• Corpreneurs• Corporate castoffs• Corporate dropouts

Mistakes of Entrepreneurship

Management incompetenceLack of experiencePoor financial controlFailure to develop a strategic planUncontrolled growthPoor locationImproper inventory controlIncorrect pricingInability to make the “entrepreneurial transition”

BUSINESS PLAN

• EXECUTIVE SUMMARY• GENERAL INFORMATION OF BUSINESS• PROJECT DESCRIPTION• THE MARKET AND COMPETITORS• THE MERKET PLAN• CAPITAL COST AND SOURCES OF FINANCE• THE OPERATION PLAN• BUSINESS BENEFITS TO THE COMMUNITY

GLOBAL ENTREPRENEUR

• POLITICAL ANALYSIS

• POLITICAL STABILITY• MILITARY INVATION• LEGAL FRAMEWORK• IPR• TRADE REGULATIONS &

TARRIFS• TAXATION• INDUSTRIAL SAFETY• WAGE LEGISLATION• PRICING REGULATIONS

• TECHNOLOGICAL ANALYSIS

• RECENT TECHNOLOGICAL DEVELOPMENTS

• IMPACT ON COST STRUCTURE

• IMPACT ON VALUE CHAIN STRUCTURE

• RATE OF TECHNOLOGICAL DIFFUSION

GLOBAL ENTREPRENEUR

• SOCIAL ANALYSIS• DEMOGRAPHICS• CLASS STRUCTURE• EDUCATION• CULTURE• ENTREPRENEURIAL

SPIRIT• ATTITUDES• LEISURE INTEREST

• ECONOMIC ANALYSIS• ECONOMIC SYSTEM• GOVERNMENT

INTERVENTION• EXCHANGE RATES• FINANCIAL MARKETS• INFLATION RATE• INFRASTRUCTURE• UNEMPLOYMENT RATE

PROJECTS CLASSIFICATIONS

• QUANTIFIABLE & NON-QUANTIFIABLE PROJECTS

• SECTORIAL PROJECTS

• TECHNO-ECONOMIC PROJECTS

• FINANCIAL INSTITUTIONS

• SERVICE PROJECTS

ASPECTS OF PROJECTS

• PRODUCT/SERVICES

• MARKETING

• TECHNICAL

• FINANCIAL VIABILITY

• ECONOMIC

• PROFITABILITY

• SOCIO-ECONOMIC DESIRABILITY

PROJECT FORMULATION

FEASIBILITY

PRE-INVESTMENT

PROJECT

TECHNOECONOMIC

DESIGN

NETWORK

INPUTFINANCE

SOCIAL

COST-BENEFIT

PROJECT APPRAISAL

PROJECT APPRAISAL

TECNICALFINANCIAL & COMMERCIAL

ECONOMIC MANAGERIAL

LEGAL SOCIAL ECOLOGICAL ORGANISATIONAL