Is

a person who brings in change by innovation and for profit

Peter

Drucker defines entrepreneur as Innovators. Innovation is the tool of the entrepreneur by which they exploit opportunities

Entrepreneur Person Organizer Visualiser Leader

Entrepreneurship Process Organization Vision Leadership

 Commitment Determination Leadership Opportunity Tolerance Creativity Ability

of risk

to adapt Motivation

 Increased

demand for variety Easier access to resources Easier access to information Rising dissatisfaction at Job Government Incentives and subsidies Profit Entrepreneur as a Hero Entrepreneurial Education

 Lack

of experienced management Poor financial management Rapid growth Lack of business linkages Weak marketing Lack of information Incorrect Pricing Improper Inventory control Short term outlook

Q1. List the qualities you have as an entrepreneur ? Rate the qualities? Q2. Are entrepreneurs born or they are made. Discuss.

1. Need based E.g : vendors in train 2. Opportunity based 3. First generation E.g Dhirubhai Ambani 4. Second generation E.g Anil Ambani.

1. INDUSTRIAL ENTREPRENEURS A manufacturer Identifies needs of the customer and tailors a product Profitable ventures E.g. - Electronic industry
2. AGRICULTURE ENTREPRENEUR Agricultural activities E.g. Marketing of crops

3. TRADING ENTREPRENEURS Not concerned with manufacturing Concentrates only on trading activities Identifies market and stimulates demnad for the products among buyers. 4. BUSINESS ENTREPRENEURS

Conceive an idea Create a busz Taps production and marketing Big or small busz E.g - Printing press,Boutique

1. PURE ENTREPRENEURS Motivated Takes activity for personal satisfaction, ego, status 2. INDUCED ENTREPRENEURS Induced Assistance by Concession E.g Women Entrepreneurs

3. SPONTANEOUS ENTREPRENEURS

Natural Talents Personal qualities

Q1. Differentiate between first and second generation entrepreneur with respect to their qualities with examples. Also discuss merits and demerits for 1st and 2nd generation entrepreneur?

 Approach

helpful in generating ideas1. Understanding changing needs of the customers 2. Visualizing emerging trends

 Observation Reading Visit Interaction

 Groups

of individuals providing information in a structural format in-depth discussion new ideas + screening ideas

Open,

Generate

It

is an approach towards generating ideas about creating solution of a problem which involves multiple experts in a session.

Osborn

proposed that groups could double their creative output with brainstorming .

Introducing Presenting Prompting Looking

the session.

the problem to the experts. the experts to generate ideas.

for signs of possible convergence.

Focus

on quantity Unusual ideas should be welcomed. No criticism Total participation Ideas should be recorded Ideas should be combined and improved

Decision

making involves making a choice from the available alternatives means sharing of differences, listening to each other, accepting the final choice inspite of differences

It

Domination Withdrawal Avoiding

by few

confrontation Compromising

FACTORS FACILITATING CONSENSUS

Concern

for others Listening Discussion underlying assumptions

1.

Problem solving Deciding priorities Analysing problems at several levels Generating alternatives Discussing consequences of each alternatives Developing criteria for decision making Task facilitating skills Initiative Information seeking

2.

Giving

information Expressing opinions Focusing on strategies Time keeping

3. Group

building skills Listening Expressing and responding to feelings Supporting Encouraging silent members

Explanation Voting Voting Final

of alternatives

round 1- choosing three options round 2- merger or deletion of options

round selection of final option

Problem solving skills can be developed by1. Using a systematic approach to problem solving

Step

1(Tuning): Involves assessing, understanding and categorizing the problem. 2(Objectives):An objective is a statement of what an individual or group intends to achieve. The objectives should be understood and accepted by all members. It should be stated very clearly and specifically.

Step

Step

3(Success criteria): Involves setting criteria for measuring the success of the problem solving steps. 4( Information): Involves understanding the problem in depth. Alternatives should be stated so as to assess their strength and weaknesses.

Step

Step

5(Planning): Decisions are made about what is to be done. 6(Action):The decision tasks are implemented. 7(Review): Causes of success or failure are determined.

Step

Step

 Allows

problem unsolved. Inappropriate techniques. Uses unsystematic approach. Vague criteria for achievement. Assembles information poorly. Ineffective planning. Co-ordinate groups poorly.

Solves

problems regularly Appropriate techniques. Systematic approach. Sets clear criteria for achievements. Handles information skillfully. Plans effectively. Co-ordinates groups effectively. Skillful Problem-solving

Unskillful Problem-solving

 Assessment SWOT

in new busz

for buying a busz

Finance

 Entrepreneur Potential Any1

investors

joining the venture

1.

Executive summary Current position of the busz Customers and the market Short and long term objectives Summary of financial forecast Amount of capital reqd

2. General info Busz name, address, ph no Details of the staff How objectives would be achieved Industry reference Trends in the industry Past production trends Future demands

3. Project description Mentioning the site, industrial estate Land owned or lease Location depends on the type of industry Demand based Resource based Skill based

4. Market and competitors 5. Marketing plan Market research Target market Competition Marketing methods

6.Capital cost and utilization of finances 7. Operation plan- steps and action to run the busz successfully 8. Benefits to the society

 Lateral

Thinking is a systematic creativethinking process that looks at challenges from completely different angles Lateral thinking enables thinkers to find novel solutions that would otherwise remain uncovered

 Recognize Search

the dominant ideas

for different ways of looking at

things.
Relax Use

rigid control of thinking.

chance to encourage other ideas

The Lateral Thinking techniquesare useful in a variety of applications Find and build on the concept behind an idea to create more ideas Solve problems in ways that dont initially come to mind Turn problems into opportunities Select the best alternate ideas and implement them

Lateral thinking - Exercise

IX
Add a single line to turn this into a six

Solutions

SIX

I IN GIN GAIN GRAIN RATING TRACING CREATING REDACTING DEFRACTING

Philip L. Winters & Edward de Bono Creative Team 1999

O ON TON TONS STONE STONER SENATOR RESONATE RESONATED DETONATERS

 Entrepreneurship Entrepreneurship

Management by Rajeev Roy Management By Cynthia

Greene
Entrepreneurship

Management By Saboo

Singh