EXTN-355 Lecture 2.pptx EXTN-355 Lecture 2.pptx EXTN-355 Lecture 2.pptx

EXTN-355 Lecture 2.pptx

1. Presentation on Development of Entrepreneurial skills PRESENTED BY : Mr.R.A.Shelke (Assistant Professor) MGM NKCA Aurangabad.

2. Entrepreneur.. “ An entrepreneur is the person who takes risks and start something new.” Entrepreneurship entrepreneurship is the process of identifying and starting a new business venture, sourcing and organizing the required resources, while taking both the risks and rewards associated with the venture.

3. What are the Entrepreneurial Characteristics, skills…

4. Characteristics of an Entrepreneur… Confidence • Risk taker • Self confident • Positive • Persuasive Flexibility • Flexible • Adaptive • Change is an opportunity • Tolerates ambiguity Competition • Competitive • Takes initiative • Goal-driven Core values • Trustworthy • Honest Drive • Highly m o ti v ated • High energy • Determined • Persevering Problem-solving • Problem solver • Creative • Innovative • Imaginative • Learns from failure The farmer ent r epreneur

5. Entrepreneurial skills  Ability to plan  Marketing  Interpersonal skills  Personal effectiveness  Team building skills  Leadership skills  Communication skills  Self confidence, etc.

6. 6 Personal Qualities of Successful Entrepreneurs P ersona l ity 10.4 % Creativity 6.2 % Need for Achievement 10.4 % Leadership 12.5 % Risk Taking 16.7 % Energy 43.8 %

7. STAGES OF EFFECTIVE ENTREPRENURIAL DEVELOPMENT Empowerment Learn from direct experience Business planning Vision building Acceptance Awareness

8. STAGES OF EFFECTIVE ENTREPRENURIAL DEVELOPMENT Stage of development In this stage, the farmer Awareness Examines who he is, clarifies his values, personality, motivations, capabilities and personal resources. He becomes consciously aware of who he is and what he has. Acceptance Identifies, recognizes and accepts his strengths and weaknesses Vision building Sets long-term goals for himself and his farm business Business planning Develops a business plan and action plan to achieve his vision Learn from direct experience Implements the plan, reflects on the results to learn from the direct experience Empowerment Becomes empowered; the competencies acquired match his personal strengths and weaknesses and his goals

9. ENTREPRENEURIAL SKILLS DEVELOPMENT PROGRAMMES  Personal Development  Goal Setting  Time Management  Team Building Goal Setting : Goal setting is a powerful process for thinking about your ideal future, and for motivating yourself to turn your vision of this future into reality . Time Management: Time management is the act or process of planning and exercising conscious control over the amount of time spent on specific activities, especially to increase effectiveness, efficiency or productivity

10. Team Building: Ability to identify and motivate individual employees to form a team that stays together, works together, and achieves together.  Business Development  Setting out the Critical Path  Managing the Process and Reducing Risk  Business Planning Setting out the Critical Path: Longest sequence of activities in a project plan Managing the Process and Reducing Risk: Managing the whole process & taking precautionary measures to reduce the likelihood of a loss , or to reduce the severity of a possible loss, for example, installing a security system .

11. Testing the viability of a project or organization by predicting income and expenditure over a period of time. Business Planning  Marketing Principles  Market Research  Market Segmentation  Product, Price, Place & Packaging Market Research: The process of assessing the viability of a new product or service through techniques such as surveys, product testing and focus groups. Market Segmentation : Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and priorities, and then designing and implementing strategies to target them.

12. Product, Price, Place & Packaging:[ 4P ] Four major controllable factors of any marketing mix.  Finance  Calculating Start-Up Needs  Need of Capital  Cash flow & Profitability Issues Calculating Start-Up Needs: This calculator will tabulate your business startup costs including legal fees, office supplies and equipment, marketing costs. Need of Capital: Factors of production that are used to create goods or services and are not themselves in the process.

13. Cash flow & Profitability Issues:  Technology & Quality  Introduction to E-Business  IT for Start-Ups  Quality Standards Introduction to E-Business : e-Business is the term used to describe the information systems and applications that support and drive business processes, most often using web technologies. IT for Start-Ups: Quality Standards : Quality control, or QC for short, is a process by which entities review the quality of all factors involved in production . The ability to pursue rapid, profitable growth is essential to start-up or spin-off businesses . Incomings and outgoings of cash, representing the operating activities of an organization. And Profitability is the primary goal of all business ventures. Without profitability the business will not survive in the long run.

14.  Compliance with Legislation  Business Structures  Taxation & Returns Business Structures: A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers or to other businesses. Taxation & Returns: a declaration of personal income made annually to the tax authorities and used as a basis for assessing an individual's liability for taxation.

15. Lack of training facilities Lack of financial support Lack of support services & trained extension staff Marketing c ons t r a in ts Social barriers Poor or absent infrastructure Unsupportive legal & regulatory framework Barriers to Entrepreneurship

16. THANK YOU…