ENTREPRENEURSHIP

HKIMSR | MMS | PGDM – Sem. II | January 02, 2018

OUT-OF-BOX THINKING:

Story of Konoshuke Matsushita

founder of Matsushita Electric in
1917
OUT-OF-BOX THINKING:

Akshay Mehra’s Village Laundry

Services takes on the dhobi
Who is an Entrepreneur?

Risk-taking ability

Ready to work in Non-comfort zone

Road less travelled

3R Syndrome
Defining an Entrepreneur

Initiative-taking

Ability to organise and re-organise social and
economic mechanisms to turn resources and situations to
practical account

Ability to accept risk or failure

Behavioural Perspective
Defining an Entrepreneur

One who brings resources, labour, materials and other

assets in combinations and create greater value than
before

One who introduces changes and innovations

One who brings a new order to the society

Economics Perspective
Defining an Entrepreneur

A person driven by certain forces

need to obtain or attain something

to experiment and/or to accomplish

simply to escape the authority of others

Psychological Perspective
Defining an Entrepreneur

A threat to existing business

Aggressive competitor

An ally, a source of supply or a customer

Creates wealth & produces jobs for others

Finds better ways to utilize resources and reduce waste

Business Perspective
 Defining an Entrepreneur

Wealth created by individuals who assume the major risks

in terms of

Equity

Time

Career Commitment

providing value for some product or service.

(Product or Service could be NEW or EXISTING)

Wealth Creation Perspective

Common Characteristics in an Entrepreneur

Newness (Innovation)

Organizing Skills

Wealth Creation

Risk Taking
What is Entrepreneurship?

The process of creating something new with value by

devoting the necessary time and effort, assuming the
accompanying financial, psychic, and social risks, and
receiving the resulting rewards of monetary and
personal satisfaction and independence.
Decisions for a Potential Entrepreneur

Form New Enterprise

Change from present lifestyle DESIRABLE
Work Environment Cultural
Disruption Sub-cultural
Family
Teachers
Peers

POSSIBLE
Government
Background
Marketing
Financing
Role Models
Change from Present Lifestyle

Positive Force – WORK ENVIRONMENT

New products ideas or processes

Unfulfilled wants and needs in the market - identified

Change from Present Lifestyle

Negative Force - DISRUPTION

Retirement

Relocation

Fired
 Role of Entrepreneurship in Economic Development

Product Evolution – developing and commercializing an

innovation

Iterative Synthesis – intersection of knowledge and
social need that starts the product development process

Technology Transfer – commercializing the technology in
the labs into new products

Technological Innovation – New products with significant
technological advancement

Government as an Innovator – inspiring entrepreneurship
Comparison:

Entrepreneurship

Intrapreneurship
Difference:

Entrepreneurship

Inheritance
 Skills Required in Entrepreneurship

TECHNICAL SKILLS

Writing

Oral Communication

Monitoring Environment

Technical Business Management

Technology

Interpersonal

Listening

Ability to organize

Network Building
 Skills Required in Entrepreneurship

TECHNICAL SKILLS

Management Style

Coaching

Being a Team Player

 Skills Required in Entrepreneurship

BUSINESS MANAGEMENT SKILLS

Planning and Goal Setting

Decision Making

Human Relations

Marketing

Finance

Management Control

Negotiation

Venture Launch

Managing Growth
 Skills Required in Entrepreneurship

PERSONAL ENTREPRENEURIAL SKILLS

Inner control/disciplined

Risk taker

Innovative

Change oriented

Persistent

Visionary Leader

Ability to manage change

ENTREPRENEURSHIP

THANK YOU!