entrepreneurship module 1 entrepreneurship

Entrepreneurship

What is the estimatedpopulation of the world?

6.5 Billion65,000,000,000

I/3 Live in India and China

35% Youth join the workforce soon

JOBS?

ENTREPRENEURS

Who is an Entrepreneur ?

A person who takes the risk of converting a new idea into reality.

What is Entrepreneurship? The Process of Bearing Risk of

Running a Business

Importance of Entrepreneurship

• Industrial development

• Regional growth

• Employment generation

• Increase in per capita income

• Higher standard of living

• Revenue to the government

India needs Entrepreneurs• To capitalize new opportunities• Create wealth• Create jobs

Advantages of being an Entrepreneur

You are your own Boss

Try your ideas

Make money

Involve and Evolve

Personal satisfaction

Direct customer interaction

Work with passion

In India, where over 30 crores people are living below the poverty line, it is simply impossiblefor any government to providemeans of livelihood to everyone.

Such situations surely demandfor a continuous effort from the society, where the people are encouraged to come up with their entrepreneurial initiative.

Promoting Entrepreneurship

Lets watch a movie

Entrepreneurial Development Process

Stage 1 Perceiving , identifying and evaluating opportunity

Stage 2 Drawing up a business plan

Stage 3 Marshalling resources

Stage 4 Creating the enterprise

Stage 5 Consolidation and management

Characteristics of a successful entrepreneur

• Creativity

• Innovation

• Dynamism

• Leadership

• Teambuilding

• Achievement Motivation

• Problem solving

• Risk taking and decision making ability

• Commitment

• Goal orientation

Classification of Entrepreneurs

• Innovative Entrepreneur

• Imitative Entrepreneur

• Fabian Entrepreneur

• Drone Entrepreneur

• Based on functional characteristics

Classification of Entrepreneurs

• Based on the Developmental Angle

• Prime mover

•Manager•Minor Innovator

• Satellite

• Local Trading

Classification of Entrepreneurs

• Based on Types of Business

•Manufacturing

• Retailing

• Service

•Wholesaling

Lets watch a movie

Classification of Entrepreneurs

• Based on Personality Types

• The Improver

• The Advisor

• The Superstar

• The Artist

• The Visionary

• The Analyst

• The Fireball

• The Hero

• The Healer

• The ImproverMeans to improve the world

• The AdvisorCustomer focused

• The SuperstarPersonal brand

• The Artist

Unique talent & Creativity

• The Visionary

Future vision & thoughts

• The Analyst

Fixing problems

• The Fireball

Life , Energy , Optimism

• The Hero

Will and ability to lead

• The Healer

Nurture , Harmony

Problems faced by entrepreneurs

Internal problems External problems

• Planning• Technical feasibility• Economic feasibility

• Implementation

• Production• Production management• Labour management• Marketing management• Financial management• Administrative management

• Infrastructural

• Financial

Problems faced by entrepreneurs

Specific management problems

• Management deficiency

• Finance

• Manufacturing and technical problems

• Product planning

• Selection of equipment, plant and machinery

• Human resource development

• Technical know-how

• Preparation of project report

Myths of Entrepreneurship

• Entrepreneurs are born not made

• All you need is money to be a entrepreneur

• Having no boss is great fun

• I can make lots of money

• I will definitely become successful

Born in 1932 in Chorwad village , Gujarat

At 17, first job at Shell petrol pump with Rs.300 salary

At 26, began trading spices at Bombay.

At 27, started trading yarn

At 34, owner of a textile mill Naroda

At 45, his company went public

At 56, started Petrochemicals company

At 65, built the largest refinery worth Rs.25000 croreat Jamnagar

At 70, India’s only private sector Fortune 500 company

Rags to Riches – Reliance Industries

Dhirubhai Ambani

Lets watch a movie