business fundamentals for technopreneurs [ent 207/ent605
TRANSCRIPT
Business Fundamentals
for Technopreneurs
[ENT 207/ENT605]
Desai Sethi Centre for Entrepreneurship
BFfT
Businesses?
The Nature of BusinessWhat is a business?
Individuals or organizations providing products that satisfy people's needs thereby trying to earn a profit .
What is a product?
A good or service with tangible and intangible characteristics that provide satisfaction and benefits
1-3
Tangible Goods
Automobile
Computer
Loaf of bread
Television
Services
Dry cleaning
Photo processing
Checkup at doctor’s
Movie star performance
Video
A Compelling Vision That Scales
How Does a Business Survive?Earn a Profit
The difference between what it costs to make and sell a product and what a customer pays for it.
Profit
The reward for the risks that businesses take in providing products.
1-4
Not all organizations are businesses.Nonprofit organizations provide goods and services but do not have the fundamental purpose of earning profits.
Those that have a stake in the success and outcomes of a business are considered stakeholders.Customers, employees, investors, government regulators, community and society.
Business reputation depends on profit AND ethical conduct and responsibility
Maintaining Profitability
Quality Products
Efficient Operations
Social Responsibility
Business Ethics
Profitability
Management skills
Planning
Organizing
Controlling
Leading
Marketing Expertise
Products
Price
Promotion
Distribution1-5
The People & Activities of Business
1-6
Management –Focus on employees
Coordinating employee’s actionsOrganizing people for efficiencyMotivating employees toward business goals.
Management –Production and Manufacturing
Plan activitiesOrganize staffControl tasks
Marketing – Focus on satisfying customers
Determine what products customers wantPlan and develop productsDetermine distributionDetermine placeDetermine promotion
Finance – Primary responsibility of owners
Obtaining moneyUsing money effectivelyAccountants, stockbrokers, bankers
Business Fundamentals for Technopreneurs
Business: A Changing World, 7e, Ferrel, Hirt, McGraw-Hill, 2011. MGMT Williams, Tripathy, Cengage India, 2015 BCOM Lehman, Dufrene, Sinha, Cengage India, 2012
Basic understanding of setting up and managing a business is a pre-requisite for launching a technology based new venture. This course is designed to help students understand the key elements
of business in the current environment.
Professor Anand Kusre and Professor Devdip Purkayastha
Semester 1: 3 0 0 3 1. Business and business environment 2. Organizing a business 3. Managing service and manufacturing operations 4. Developing a team for a new venture 5. Elements of Marketing 6. Basics of Finance 7. Setting up a technology based venture 8. Business, Government and Society 9. Strategy and Leadership 10. Communication in business
Skills and Capacity BuildingWhy Study Business
Understand business activities
Importance of profitabilityIndividual businessesLocal and regional economic impact Global economic impact
Business impactCreate productsHire employeesAttract capitalFuel the economyContribute to society
Session-by-Session Course Programme
Session # 1Business and Business Environment
Economic SystemsComponents of an EconomyPESTELEase of Doing BusinessInnovation
Basic Types of Business OrganizationsAdvantages and DisadvantagesEntrepreneurship and Small Businesses
Sheryl Sandberg
Right People, Right
Time, Right Behaviour
Lynn Reedy (eBay)
Session 2Organizing a Business
Types of Companies
Shareholders and Stakeholders
Management & its Role
Organization Structure
Planning & Executing
Types of Companies Tata Group Companies
Session # 3Managing Service and
Manufacturing Operations
What is a Manufacturing CompanyWhat is a Service CompanyOperations ManagementSupply Chain ManagementQuality Management
Trends in Customer Service
Operations Management at General electric
Session # 4Developing a Team for the New
VentureGroup of founders, key employees, and advisors 50% to 70% of all new ventures are started by more than one individual
Heterogeneous rather than homogenous teams tend to be more effective
Higher EducationPrior Entrepreneurial Experience
Relevant Industry ExperienceBroad Social and Professional Network
Board of Directors
Session # 5Elements of Marketing
What is Marketing
What are the ‘4 Ps of Marketing’
What is Branding Selling & Distributing
Digital Marketing
Importance of Marketing Management
Brand Management at Procter & Gamble
Session # 6Basics of Finance
Accounting and Uses for Accounting Information
Accounting Cycle
Financial Statements
Key Parameters
Money and Its Functions
Time Value of Money
Indian Financial System
Financing a Start-up
Session # 7Setting Up a Technology-based
VentureWhat is a MSMEWhat is a ‘Startup’ Who are Founders & StakeholdersWhat is a ‘Customer Problem’What is ‘Solution Designing’
What is a Startup ?
Flipkart Startup Story
Session # 8Business, Government and Society
Business Beliefs
Maximizes concession to self-interest
Minimizes the load of obligations society imposes on the individual (personal freedom)
Emphasizes inequalities of individuals
Reasons for Regulation
Controls natural monopolies
Controls negative externalities
Achieves social goals
Other reasons
Controls excess profits
Controls excessive competition
Government BeliefsSubordinated individual goals and self-interest to group goals and group interestsMaximized obligations assumed by the individual and discouraging self-interest
Emphasized equality of individuals
Relationship between business and government and in particular the government’s role in influencing business decision making
Session # 9Strategy and Leadership
Nature of Management and Leadership
Decision-making
Styles of Leadership
Vision, Mission and Strategy
Types of Strategy
Formulation and Execution of Strategy
Session # 10Communications in Business
The communication Process
Experience, Language and Meaning
Developing Rapport
Reading Non-verbal Messages
Belief and Value Systems
Desai Sethi Centre for EntrepreneurshipEstablished in June 2014 as an Inter-Disciplinary Program Centre
New Program: B. Tech. (Minor) in Entrepreneurship
Autumn SemesterENT 201/603: Introduction to EntrepreneurshipENT 207/605: Business Fundamentals for Technopreneurs ENT 209/607: Managing Technological InnovationENT 204/606: Developing a Proof of Concept-Basic
Spring SemesterENT 208/602: Technology Venture Creation ENT 210/604: Marketing for EntrepreneursENT 205/601: Intellectual Property Management for EntrepreneursENT 206/608: Developing Proof of Concept-Advanced
500+ students have joined these coursesExtensive networking with alumni entrepreneurs and Venture
Capitalists for courses and mentoring
JanYu TechnologiesSpearheading the robotic revolution towards a mine-free world
Tactical Remotely
Operated Vehicle(ROV)
EasyVoiceEnabling Digital Technology solutions
Felicitated by State Bank of India for timely delivery of a project
SOUNDREX – Immersive Music experience
Top 20 in the K Star Global Challenge
Technologies for better healthcare delivery
Proximal SoilSenS Technologies Pvt. Ltd.Optimizing Water Usage Through Soil Moisture Detection
Opportunity to Work on Live IoT Project in Campus
Approved Projects of Ex-Students of the Course1. Smart Electricity Mngt.
(Ushvatech)2. Smart Irrigation Mngt.
(SoilSense)3. Smart Water Mngt.
(Faclon)
New Project Ideas Also Welcome
What you are expected to do?1. Participate in a detailed Customer
Discovery/Customer Validation process inside the campus in which you are expected to meet the different stakeholders in a given problem area and understand their pain points
2. Collate disparate baseline data existing at different locations and in different formats to come up with insight
3. Design a proof-of-concept PoC with clear success criteria
4. Help execute the PoC in a quick and structured manner
5. Finally assist the startups in delivering an impressive presentation in the third week of September.
$10 Billion – Size of Smart City Opportunity in India in the next 5 years, McKinsey.
$ 267 Billion – Size of global IoT Tech., App. and Solutions market by 2020, Forbes.
Current Projects
Major Assignment
Product/ Service Concept
Developed During the Course
Welcome!
Think Different!!
Bring On Your Idea!!!
Thank You
ENT 207 Session#1 Introduction
Name any two businesses:
1.
2.
ENT 207 Session#1 Introduction
Name any two businesses:
1.
2.
Reliance Industries Limited
What does it make and sell?
To whom it sells?
What do they do with it?
Tata Consultancy Services
What does it make and sell?
To whom it sells?
What do they do with it?
Flipkart
What does it make and sell?
To whom it sells?
What do they do with it?
VLCC
What does it make and sell?
To whom it sells?
What do they do with it?
IRCTC
What does it make and sell?
To whom it sells?
What do they do with it?
Ola Cabs
What does it make and sell?
To whom it sells?
What do they do with it?
