Entrepreneurship Economics Module-2 Launcing Entrepreneural Ventures

Entrepreneurship is the process of identifying an opportunity and using one's initiative, skills, and resources to create, develop, and manage a business venture, often involving innovation and taking calculated risks to achieve profit or other goals.

1. MODULE -2 Launching Entrepreneurial Ventures

2. Generation of ideas 1.Generate some ideas 2.Select the best idea 3.Research your idea 4.Refine your idea 5.Test your idea 6.Identify your market

3. sources of ideas 1. Idea generation 2.Information search 3.Evaluation of alternative 4.Pre purchase decision 5.Purchase 6.Post purchase

4. The Screening Process 1. Selecting a service or product 2. Developing a sales strategy 3. Establishing starting funds 4. Maintaining a budget 5. Staffing the organization 6. Expanding the business

5. Pitfalls and critical factors of new venture 1.Lack of venture uniqueness 2. Inadequate understanding of technical requirements 3. Product availability 4.Customer availability 5.Ignorance of legal issue

6. Assessing Opportunities-Challenges 1. Self-analysis 2. Financial components 3. Market research 4. Risk assessment 5. Support

7. BUSINESS PLAN A business plan is a document that outlines your business's financial goals and explains how you'll achieve them. A strong, detailed plan will provide a road map for the business's next three to five years, and you can share it with potential investors, lenders or other important partners.

8. METHOD &PROCESS OF LAUNCHING VENTURES 1.Reverse brainstorming. 2.Brainwriting. 3.Brain netting. 4.Forced relationships. 5.Role-storming. 6.Storyboarding.

9. Market Survey It is an organized effort to gather information about target markets and customers: know about them, starting with who they are. It is an important component of business strategy and a major factor in maintaining competitiveness.

10. Techno-economic assessment It is a method of analyzing the economic performance of an industrial process, product, or service. It typically uses software modeling to estimate capital cost, operating cost, and revenue based on technical and financial input parameters.

11. INNOVATION The purpose of innovation is to come up with new ideas and technologies that increase productivity and generate greater output and value with the same input. According to the stanford study, innovation has been responsible for up to 85% of all economic growth. Importance of innovation 1. Solves complex business problems. 2. Increases productivity 3. Brings uniqueness and novelty to business process 4. Gives a competitive advantage 5. Reduces cost and increases revenue

12. Conditions for effective innovation at Organization level 1. Give your workers A sense of freedom 2. Provide your team with the resources to implement innovative ideas 3. Invest your time in the creative nourishment of your workers 4. Don’t focus only on research and development 5. Allow your employees A chance to fail 6. Acknowledge the contribution of your employees

13. Creativity It is the phenomenon of thinking beyond the set boundaries and attempting to resolve issues by original and unconventional ways. It is one’s ability to make new things, generate new ideas or unusual ways of doing things.   

14. Mental blocks to creativity A mental block prevents you from accessing your natural creative abilities. You’ll feel like you’ll never accomplish the task at hand. Instead of feeling inspired and energized about your  article ideas , you feel drained.

15. Methods of protecting innovation and creativity 1. Patents 2. Trademarks 3. Copyrights 4. Design 5. Trade secrets

16. IMPORTANCE OF CREATIVITY 1. Creating new ideas for competitive advantage 2. Developing new products and improving the business 3. Finding similar patterns in different areas 4. Thinking the unthinkable 5. Developing new niches through creativity and entrepreneurship 6. It helps in taking decisive actions

17. Process of creativity 1. Intention. 2.Incubation. 3.Investigation. 4.Composition. 5.Clarification. 6.Changes. 7.Completion.

18. Identifying, selecting a Good Business opportunity 1. Environment scanning 2.SWOT analysis 3.Market research 4.Social listening & monitoring 5.Internal demand analysis 6.Market size 7.Access to the customers