CHALLENGES & OPPORTUNITIES FOR ENTREPRENEURS & SMALL BUSINESS OWNERS

By : Mr. Prabhat Ranjan Choudhury, Sr. Lecturer, Dept. of I-MBA, BJB (A) College, BBSR.

Introduction..
The term entrepreneurship comes from the French verb entreprendre and the German word unternehmen, both means to undertake Entrepreneur is 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. Entrepreneurship is the act of being an entrepreneur.
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WHY ENTREPRENEURSHIP
Economic Gain To create self-employment Generation of employment opportunity Proper utilization of human potentiality Economic development of backward regions Overcoming regional imbalances

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The road less travelled CHALLENGES

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Working Capital

Domestic Competition Global Competition HUMAN RESOURCE MANAGEMENT

Seed Capital CAPITAL FINANCIAL MANAGEMENT MARKETING DYNAMICS Product Promotion Distribution

COMPETITION
BUSINESS OPPORTUNITIES NATURAL RESOURCES

CHALLENGES

POLICY MAKERS AND STAKE HOLDERS

LACK OF KNOWLEDGE
SOCIAL Technologies

Pricing

COMMUNICATION & NEGOTIATION SKILL 4/11/2013

Procedures and Documentations Incentives and Schemes 5

JUGAAD

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Opportunities
Large domestic market More disposable income Robust Economic growth Opening of Global market Lower Cost Manpower Faster Technology Govt. initiatives to enhance entrepreneurship

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Financing Helps in participating in trade fairs Helps in Marketing activities Helps in export promotion
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OPPORTUNITIES

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Advantages of Small Business Ownership

The opportunity to: Create your own destiny Make a difference Utilisation of creativity Reaching fullest potential Contribute to society Recognition for your efforts Do what you enjoy and have fun at it
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Drawbacks of Small Business Ownership

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Uncertainty of income Risk of losing your entire investment Long hours and hard work High levels of stress Complete responsibility Discouragement Lower social status
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Conclusion
Entrepreneurship is essential for rapid and sustained economic growth and development. It creates the required Man power and skills necessary for accelerated growth, reduce unemployment and poverty. The government needs to create an investor-friendly environment encompassing stable macro-economic policies. Government need to address infrastructural facilities in the country, starting with the power sector, roads and railways, provide adequate security develop the plot for entrepreneurship. There is need to change the mind set of young people to embrace self employment. Innovative ideas are provided with the financial support to translate such ideas into reality.
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THANK YOU

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Questions???

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