ENTREPRENEURSHIP

QUESTIONS ON ENTREPRENEURSHIP
1} Syllabus of entrepreneurship in detail and a reliable reference book?
2} Highlighting schemes for entrepreneurs?
3} Explanation of important concepts?
4} How to approach the question paper?
5} Tips on solving the case study?
6} As a potential Entrepreneur how would you construct a business plan to satisfy
your banker?
7} Is ancillarisation only hope for small businesses in India after Globalisation?
8}”Reverse Migration of labour can be achieved through entrepreneurship”. How?
9} What are current trends in entrepreneurship?
10} How to manage time while writing the question paper?
11} What is the weightage per chapter?
12} Important topics for entrepreneurship?
 Characteristics of
Entrepreneurs
• Desire for responsibility
• Preference for moderate risk
• Confidence in their ability to succeed
• Desire for immediate feedback
• High level of energy
• Future orientation
• Skilled at organizing
• Value achievement over money
 What is an Entrepreneur?
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.
 Common Themes in Definitions
of Entrepreneurship
Process
The
Uniqueness Entrepreneur

Defining
Growth Innovation
Entrepreneurship

Profit or Organization
Nonprofit Creation
Creating
Value
 Characteristics of
Entrepreneurs
• Desire for responsibility
• Preference for moderate risk
• Confidence in their ability to succeed
• Desire for immediate feedback
• High level of energy
• Future orientation
• Skilled at organizing
• Value achievement over money
 Rewards of Being an
Entrepreneur

❏ High degree of independence— freedom

from constraints
❏ Get to use a variety of skills and talents
❏ Freedom to make decisions
❏ Accountable to only yourself
❏ Opportunity to tackle challenges
❏ Feeling of achievement and pride
❏ Potential for greater financial rewards
 Feeding the
Entrepreneurial Fire
• Entrepreneurs as heroes
• Entrepreneurial education
• Demographic and economic factors
• Shift to a service economy
• Technological advancements
• Independent lifestyles
• E-Commerce and the World Wide
Web
• International opportunities
 Challenges of
Being an Entrepreneur
❏ Must be comfortable with change and
uncertainty
❏ Must make a bewildering number of
decisions
❏ May face tough economic choices
❏ Must be comfortable with taking risks
❏ Need many different skills and talents
❏ Must be comfortable with the potential for
failure
 The Cultural Diversity of
Entrepreneurship
• Young entrepreneurs
• Women
• Minority-owned enterprises
• Immigrant entrepreneurs
• Part-time entrepreneurs
• Home-based businesses
• Family businesses
• Corpreneurs
• Corporate castoffs
• Corporate dropouts
 Mistakes of Entrepreneurship
Management incompetence
Lack of experience
Poor financial control
Failure to develop a strategic plan
Uncontrolled growth
Poor location
Improper inventory control
Incorrect pricing
Inability to make the “entrepreneurial transition”
 BUSINESS PLAN

• EXECUTIVE SUMMARY
• GENERAL INFORMATION OF BUSINESS
• PROJECT DESCRIPTION
• THE MARKET AND COMPETITORS
• THE MERKET PLAN
• CAPITAL COST AND SOURCES OF FINANCE
• THE OPERATION PLAN
• BUSINESS BENEFITS TO THE COMMUNITY
 GLOBAL ENTREPRENEUR
• POLITICAL ANALYSIS • TECHNOLOGICAL
• POLITICAL STABILITY ANALYSIS
• MILITARY INVATION • RECENT
• LEGAL FRAMEWORK TECHNOLOGICAL
• IPR
DEVELOPMENTS
• TRADE REGULATIONS & • IMPACT ON COST
TARRIFS STRUCTURE
• TAXATION • IMPACT ON VALUE
• INDUSTRIAL SAFETY CHAIN STRUCTURE
• WAGE LEGISLATION • RATE OF
• PRICING REGULATIONS TECHNOLOGICAL
DIFFUSION
 GLOBAL ENTREPRENEUR
• SOCIAL ANALYSIS • ECONOMIC ANALYSIS
• DEMOGRAPHICS • ECONOMIC SYSTEM
• CLASS STRUCTURE • GOVERNMENT
• EDUCATION INTERVENTION
• • EXCHANGE RATES
CULTURE
• • FINANCIAL MARKETS
ENTREPRENEURIAL
SPIRIT • INFLATION RATE
• ATTITUDES • INFRASTRUCTURE
• LEISURE INTEREST • UNEMPLOYMENT RATE
 PROJECTS CLASSIFICATIONS
• QUANTIFIABLE & NON-QUANTIFIABLE
PROJECTS
• SECTORIAL PROJECTS
• TECHNO-ECONOMIC PROJECTS
• FINANCIAL INSTITUTIONS
• SERVICE PROJECTS
 ASPECTS OF PROJECTS
• PRODUCT/SERVICES
• MARKETING
• TECHNICAL
• FINANCIAL VIABILITY
• ECONOMIC
• PROFITABILITY
• SOCIO-ECONOMIC DESIRABILITY
PROJECT FORMULATION

PROJECT FEASIBILITY

PRE-INVESTMENT TECHNOECONOMIC

COST-BENEFIT DESIGN

SOCIAL NETWORK

FINANCE INPUT
 PROJECT APPRAISAL
PROJECT
APPRAISAL

FINANCIAL &
TECNICAL ECONOMIC MANAGERIAL
COMMERCIAL

LEGAL SOCIAL ECOLOGICAL ORGANISATIONAL