Entrepreneurship PPT

Entrepreneurship Presentation by Susheel Tiwari (IndianSKT)

1. SUBMITTED TO :- Dr. E. Binodini Faculty, Dept. of Business Management SUBMITTED BY :- Susheel Kumar Tiwari MBA IIIrd Semester Entrepreneurship

2. Introduction of Entrepreneurship Entrepreneurship  is the process of designing, launching and running a new business, which is often initially a small business. It is also defined as  "capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a  profit”. The people who create these businesses are called Entrepreneurs. Entrepreneur: An entrepreneur is someone who develops a business model, acquires the necessary physical and human capital to start a new venture, and operationalizes it and is responsible for its success or failure.

3. Role of an Entrepreneur I nitiator : Key man who envisages new opportunities, new lines of production, new products & co-ordinates all other activities . Innovator : Brings in overall change through innovation for maximum social good. Human values remain scared & inspire him to serve society. He is headed with innovation & creativity. Coordinator : He has firm belief in social betterment & carries out this responsibility with conviction. In this process, he accelerates personal, economic as well as human development. Leader : He is a visionary & an integrated man with outstanding leadership qualities. With a desire to excel, he gives top priority to research and Development .   Development Agent: He contributes in development of country by way of providing employment & building up nation’s economy. Results in raising standard of living of people . Social Worker: He always works for the well-being of the society.

4. 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.

5. Classification

6. Social E ntrepreneurs: Social entrepreneurs are individuals with innovative solutions to society’s most pressing social problems. They are persistent and ambitious, tackle major social issues and offer new ideas for a wide-scale change . Solopreneurs: Solopreneurs are individuals who start up their own enterprise alone , take care of the daily activities, and are known to manage the tasks related to the entire business themselves. This type is possible due to the advent of Internet, email , etc. They have the ability to perform several tasks with ease, they also have the option of outsourcing any particular department in their business to freelancers . Serial E ntrepreneur: A serial entrepreneur is an individual that starts many new businesses in a short period of time. It is a business person that tends to pursue new ideas constantly and work on them simultaneously.

7. Home-based Entrepreneur: They are usually self-employed, either they are working alone, or it's a group of few employees working together. So it's a close sort of entrepreneurship, they don't require a separate office. They operate via their home or maybe a home office. For ex. Photographers, Graphic designer.

8. Entrepreneurial Process The Entrepreneurship Process can be expressed as a set of procedures and methodologies that are followed by entrepreneurs for establishing a new business or venture. All the phases in the entrepreneurship process have certain meaning and functionality; which one has to trail and pursue for setting up a venture.

9. Entrepreneurial Process Contd. Discovery:  An entrepreneurial process begins with the idea generation, wherein the entrepreneur identifies and evaluates the business opportunities. Developing a Business Plan:  This step involves developing a successful business plan to exploit the identified opportunity. Developing a business plan involves setting goals, standards, methods, and techniques of achieving those set goals. A well drafted business plan serves as a road map to the entrepreneur to guide and monitor his/her activities towards the set goals. Resourcing:  In this step, the entrepreneur identifies the sources from where the finance and the human resource can be arranged. The entrepreneur also finds the investors for its new venture and the personnel to carry out the business activities.

10. Entrepreneurial Process Contd. Managing the company: After resourcing the funds and employees, an entrepreneur must decide the management structure or the hierarchy that is required to solve the operational problems when they arise. Harvesting:  The final step in the entrepreneurial process is harvesting wherein, an entrepreneur decides on the future prospects of the business, i.e. its growth and development. Here, the actual growth is compared against the planned growth and then the decision regarding the stability or the expansion of business operations is undertaken accordingly, by an entrepreneur.

11. Differences between Entrepreneur & Entrepreneurship Entrepreneur   Entrepreneur is a person. Entrepreneur is an organizer. Entrepreneur is an innovator. Entrepreneur is a risk bearer. Entrepreneur is a motivator.  Entrepreneur is a creator. Entrepreneurship Entrepreneurship is a process. Entrepreneurship is an organization. Entrepreneurship is an innovation. Entrepreneur is a risk bearing. Entrepreneur is a motivation. Entrepreneur is a creation.

12. Thank You