entrepreneurship overview reference to india by np gandhi

8/9/2019 Entrepreneurship Overview reference to India By NP Gandhi

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FOSTERING ENTRE..: AN OWERVIEW TOWARDS ECO.. DEV

FOSTERING ENTREPRENEURSHIP: AN OWERVIEW TOWARDS ECONOMIC DEVELOPMENT


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OBJECTIVE OF STUDYOBJECTIVE OF STUDY


It is remarkably noted that India has been successful inIt is remarkably noted that India has been successful increating employable manpower. However, the Indiancreating employable manpower. However, the Indianentrepreneurs have been largely benefited with a slew of entrepreneurs have been largely benefited with a slew of opportunities, which came their way as part of economic surge.opportunities, which came their way as part of economic surge.

But, we need to create a breed of entrepreneurs who lookBut, we need to create a breed of entrepreneurs who lookforward to a strenuous path of research and development inforward to a strenuous path of research and development innew areas. Although it was pretty much easy creating or new areas. Although it was pretty much easy creating or utilizing an opportunity in IT industry, but the growth cycles areutilizing an opportunity in IT industry, but the growth cycles aremuch varied and slow in other sectors and hence this ecomuch varied and slow in other sectors and hence this ecosystem needs to be nourished, incentivized and recognizedsystem needs to be nourished, incentivized and recognizedsocially, economically and nationally . so this research findingsocially, economically and nationally . so this research findingexplore the brief and concise overview of entrepreneurshipexplore the brief and concise overview of entrepreneurshipneed, demand, importance and its interrelation withneed, demand, importance and its interrelation withmanagement level and also shows important recommendationsmanagement level and also shows important recommendationsBy which we can explore implementation the entrepreneurshipBy which we can explore implementation the entrepreneurship

with fast speed inwith fast speed in favour favour of India`s Economic developmentof India`s Economic development


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EntrepreneurshipEntrepreneurship

IsIs thethe processprocess of of creatingcreating somethingsomethingdifferentdifferent withwith valuevalue byby devotingdevoting thethe

necessarynecessary timetime andand effort,effort, assumingassuming thetheaccompanyingaccompanying financial,financial, psychic,psychic, socialsocialrisksrisks andand receivingreceiving thethe resultingresulting

rewardsrewards of of monetarymonetary andand personalpersonalsatisfactionsatisfaction andand independenceindependence



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The Nature and Development of The Nature and Development of

EntrepreneurshipEntrepreneurshipEntrepreneur stems fromEntrepreneur stems fromFrench Verb EntreprendreFrench Verb Entreprendre

means betweenmeans between taker or go betweentaker or go between

N ew Definition involves four aspects:N ew Definition involves four aspects:The creation processThe creation process

The devotion of time and effortsThe devotion of time and effortsThe assumption of risksThe assumption of risksRewards of independence, satisfaction, money.Rewards of independence, satisfaction, money.



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To an IndividualTo an Individual

Self EmploymentSelf EmploymentEmployment for near & dear Employment for near & dear

Prolonged career for next generationsProlonged career for next generationsFreedom to use own ideasFreedom to use own ideas - - InnovationInnovationand creativityand creativityUnlimited income / higher retained incomeUnlimited income / higher retained incomeIndependenceIndependenceSatisfactionSatisfaction



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To The NationTo The Nation

Provides larger employmentProvides larger employmentResults in wider distribution of wealthResults in wider distribution of wealth

Mobilizes local resources, skills andMobilizes local resources, skills andsavingssavings

Accelerates the pace of economic Accelerates the pace of economic

developmentdevelopmentStimulates innovation & efficiencyStimulates innovation & efficiency



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W hat makes a SuccessfulW hat makes a Successful

Entrepreneur?Entrepreneur?The urge for achievementThe urge for achievementDetermination to winDetermination to win

WinWin--Win PersonalityWin PersonalityWillingness to take moderate risksWillingness to take moderate risksAbility to identify & exploreAbility to identify & explore

opportunitiesopportunitiesAnalytical ability to take strategicAnalytical ability to take strategicdecisionsdecisions



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CONT.CONT.

PerseverancePerseveranceFlexibilityFlexibility

Capacity to plan and organizeCapacity to plan and organizePreparedness to undergo physical andPreparedness to undergo physical andemotional stressemotional stressPositive self conceptPositive self conceptFuture orientation:Future orientation: VisionVisionE thics and Values :E thics and Values : Mission Mission



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W ho can be an Entrepreneur?W ho can be an Entrepreneur?

W ho can take moderate risksW ho can take moderate risksW ho has ability to work hardW ho has ability to work hardW ho can capitalize on opportunitiesW ho can capitalize on opportunities

W ho has some financial strengthW ho has some financial strengthW ho feels the need for achievementW ho feels the need for achievementW ho has desire for responsibilityW ho has desire for responsibilityW ho has perception of probability of successW ho has perception of probability of successW ho gets stimulation by feedbackW ho gets stimulation by feedbackW ho possess skills in organizingW ho possess skills in organizingW ho can be male or femaleW ho can be male or femaleW ho may not have previous experienceW ho may not have previous experience



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Characteristics of anCharacteristics of an

Entrepreneur Entrepreneur Mental abilityMental abilityClear objectivesClear objectivesBusiness secrecyBusiness secrecyH.R. abilityH.R. abilityCommunication abilityCommunication abilityTechnical knowledgeTechnical knowledge

Achievement Achievement- -orientedorientedPerseverancePerseveranceEthicalEthical

Motivator Motivator Self Self--confidentconfidentLong termLong terminvolvementinvolvementHigh energy levelHigh energy levelProblem solver Problem solver Initiator Initiator Goal setter Goal setter Risk taker Risk taker



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K ey elements of entrepreneur K ey elements of entrepreneur

InnovationInnovationVisionVision

Ethics & ValuesEthics & ValuesOrganizing SkillsOrganizing SkillsRisk takingRisk taking

Need for AchievementNeed for Achievement

Study the Profile of a Successful Entrepreneur and identify six key elements in order of priority



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PRESENDED BY: NAYAN PRA K ASH GANDHIPRESENDED BY: NAYAN PRA K ASH GANDHI55 1414

Sources of Help for Sources of Help for

EntrepreneursEntrepreneurs

Source: Siropolis, Nicholas C., Small Business Management , Fifth Edition. Copyright 1994 by Houghton Mifflin Company. Used withpermission.


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PRESENDED BY: NAYAN PRA K ASH GANDHIPRESENDED BY: NAYAN PRA K ASH GANDHI

Sources of Management AdviceSources of Management Advice

Advisory BoardsAdvisory Boards

ManagementManagementConsultantsConsultants

The Small BusinessThe Small BusinessAdministrationAdministration

NetworkingNetworking


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EnvironmentEnvironmentP olitical:P olitical: System, Stability, LeadershipSystem, Stability, LeadershipSocioSocio--cultural:cultural: Culture, Community, Values,Culture, Community, Values,Ethics, AttitudeEthics, Attitude

Technological:Technological: Education, Absorption,Education, Absorption,Competition, InnovationCompetition, InnovationLegal:Legal: Regulatory framework, Consumer Regulatory framework, Consumer protection, Concern for environment, Labor lawsprotection, Concern for environment, Labor laws

E conomic:E conomic: GDP, GNP, Resources, Fiscal, NonGDP, GNP, Resources, Fiscal, Non- -fiscal policies, Incentives and Subsidiesfiscal policies, Incentives and Subsidies



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Political & GovernmentalPolitical & Governmental

EnvironmentEnvironmentGlobalTrade BarriersTrade AgreementsTariffs & DutiesPolitical Risks

National

TaxationRegulationsProtections (Patents)Govt. spending

State Govt.

TaxationState LawsLicensing /ApprovalsIncentives

Local Issues

TaxationsZoningCost of LivingLifestyle



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E ntrepreneurship

Elements

Promoters /shareholders values

Mission / objectives

Management Structure

Internal Power relationship

Physical assets &facilities

Co. image/ brand equity

Human resources

Financial capabilities

Technologicalcapabilities

Marketing capabilities

General Aspect

Political

Socio-cultural

TechnologicalLegal

Economic

CompetitiveAspect

Potential NewEntrant

Buyers BargainingPower

SuppliersBargaining Power

SubstituteProducts

Business Environment&

Entrepreneurship



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Environmental AnalysisEnvironmental Analysis

ScanningScanning toto detectdetect changechange (identify(identify keykeyelementselements andand their their characteristics)characteristics)MonitoringMonitoring toto tracktrack developmentdevelopment (that(that affectaffect thethesurvivalsurvival andand profitabilityprofitability of of thethe newnew business)business)ForecastingForecasting to to projectproject thethe futurefuture (such(such asas levellevel of of prices,prices, inflation,inflation, interestinterest rates,rates, availabilityavailability of of funds,funds, marketmarket share,share, marketmarket growth,growth, etcetc..

Assessing Assessing to to interpretinterpret datadata (what(what doesdoes itit allallmeanmean toto thethe entrepreneur?)entrepreneur?)



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Factors InfluencingFactors Influencing

EntrepreneurshipEntrepreneurshipIndividualEconomic

EnvironmentSocio-cultural

factors

SupportSystems

PoliticalEnvironment

LegalEnvironment

TechnologicalEnvironment



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The Invention ProcessThe Invention ProcessMarket Need

Technologyobservation

Need Analysis

Parameter Identification

CreativeSynthesis

Realization

Invention,whichmeets the

need



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Product Evolution ProcessProduct Evolution ProcessFundamentals

of Science

Recognized

Social Need

Beginning of Technological

Innovation

Invention / Innovation

Planning

Financing

Manufacturing

Marketing

Concept Testing

DevelopmentPhase

CommercialPhase

Technology

Modeling

Product Testing



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Structure of EntrepreneurialStructure of Entrepreneurial

Organizations (contd)Organizations (contd)Identifying a Genuine BusinessIdentifying a Genuine BusinessOpportunityOpportunityW ho are myW ho are mycustomers?customers?

W here are they?W here are they?

At what price At what pricewill they buy mywill they buy my

product?product?In whatIn whatquantities willquantities will

they buy?they buy?

W ho are myW ho are mycompetitors?competitors?

How will myHow will myproduct vary fromproduct vary from

those of mythose of mycompetitors?competitors?


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The Performance of The Performance of Entrepreneurial OrganizationsEntrepreneurial OrganizationsReasons for FailureReasons for Failure ManagerialManagerial

incompetence/inexperiencincompetence/inexperience of the entrepreneur.e of the entrepreneur.

Neglect in not devotingNeglect in not devotingsufficient time and effort tosufficient time and effort tothe business.the business.

W eak control systems thatW eak control systems thatdo not warn of impendingdo not warn of impending

problems.problems. Insufficient capital toInsufficient capital to

sustain the business until itsustain the business until itstarts to turn a profit.starts to turn a profit.

Reasons for SuccessReasons for Success Hard work, drive, andHard work, drive, and

dedication by thededication by theentrepreneur.entrepreneur.

Careful analysis of marketCareful analysis of marketconditions providesconditions providesinsights about businessinsights about businessconditions.conditions.

Managerial competenceManagerial competence

through training andthrough training andexperience contributes toexperience contributes tosuccess.success.

Luck sometimes plays aLuck sometimes plays arole.role.


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The Evolution ProcessThe Evolution Process

Intersection of K nowledge and aIntersection of K nowledge and arecognized social needrecognized social need

Initiation of technological innovationInitiation of technological innovationIterative SynthesisIterative SynthesisDevelopment PhaseDevelopment Phase

Industrial PhaseIndustrial Phase



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The Product Planning andThe Product Planning and

Development ProcessDevelopment ProcessIdea StageIdea Stage IdeaIdea EvaluateEvaluateConcept StageConcept Stage Lab DevelopmentLab Development EvaluateEvaluateP roduct Development StageP roduct Development Stage -- Pilot ProductionPilot Production

EvaluationEvaluationTest Marketing StageTest Marketing Stage- - Semi CommercialSemi CommercialProduction EvaluationProduction EvaluationCommercial StageCommercial Stage IntroductionIntroduction

GrowthGrowthMaturityMaturityDeclineDecline



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CommercializationCommercialization

Role of GovernmentRole of GovernmentRole of CorporateRole of Corporate IntrapreneurshipIntrapreneurship

Role of IndividualsRole of Individuals EntrepreneurshipEntrepreneurship



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ENTREPRENEURSHIP IN SERVICE SEGMENTATIONENTREPRENEURSHIP IN SERVICE SEGMENTATION

ENTREPRENEUR SHI P I N VAR IOU S S ER VIC E

S EG M ENT

BANK INGSERVICES INSURANCE

SERVICES

TRANSPORTSERVICES

HOTELSERVICES

TOURISMSERVICES

CONSULTANCYSERVICES

HOSPITALSERVICES

EDUCATIONSERVICES


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Development of TechnologyDevelopment of Technology Utilization of materialsUtilization of materials Exploitation & transformation of energyExploitation & transformation of energy Understanding and application of ScientificUnderstanding and application of Scientific

PrinciplesPrinciplesThe Role of GovernmentThe Role of Government PromotionalPromotional

NeutralNeutral RegulatoryRegulatory



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Entrepreneurial Decision ProcessEntrepreneurial Decision Process

Pull FactorsPull Factors Perception of Perception of

Advantages Advantages

Spotting an OpportunitySpotting an Opportunity Government PoliciesGovernment Policies Motivation fromMotivation from

Biographies or SuccessBiographies or SuccessStoriesStories

Influenced by Culture,Influenced by Culture,Community, FamilyCommunity, FamilyBackground, Teachers,Background, Teachers,Peers, etc.Peers, etc.

Push FactorsPush Factors JobJob

DissatisfactionDissatisfaction

RelocationRelocation LayLay--off off RetirementRetirement BoredomBoredom



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Entrepreneurship and EconomicEntrepreneurship and Economic

DevelopmentDevelopmentEntrepreneurs set up EnterprisesEntrepreneurs set up EnterprisesEntrepreneurs combines resources, put their time andEntrepreneurs combines resources, put their time andefforts and produce goods or servicesefforts and produce goods or servicesW hat they contributeW hat they contribute productivity, output, valueproductivity, output, valueaddition, income and employmentaddition, income and employmentEntrepreneurship is a Low Cost Strategy.Entrepreneurship is a Low Cost Strategy.Entrepreneurs perform the crucial role themselvesEntrepreneurs perform the crucial role themselvesThe spirit of EntrepreneurshipThe spirit of Entrepreneurship Drive, achieving higher Drive, achieving higher

goals, creativity, innovative attitude.goals, creativity, innovative attitude. A dynamic society emerges and the spirit spreads like a A dynamic society emerges and the spirit spreads like achain reaction.chain reaction.



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Comparison of Entrepreneurs,Comparison of Entrepreneurs,Intrapreneurs and Traditional ManagersIntrapreneurs and Traditional Managers

TraditionalTraditionalManagersManagers

EntrepreneursEntrepreneurs IntrapreneursIntrapreneurs

Primary motivesPrimary motives Perks andPerks andpromotionpromotion

Self Self--employment,employment,satisfaction andsatisfaction andmoneymoney

Creative freedomCreative freedomand recognitionand recognition

Time OrientationTime Orientation ShortShort--termterm meeting quotas andmeeting quotas andbudgets; weekly,budgets; weekly,monthly, quarterlymonthly, quarterlyand the annualand the annual

planning horizonplanning horizon

ShortShort--termterm businessbusinessestablishment;establishment;LongLong--termterm growth of growth of

businessbusiness

Tend to follow theTend to follow themiddle pathmiddle path



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Activity Activity Delegates andDelegates andsupervisessupervises

Direct involvementDirect involvement DirectDirectinvolvement , notinvolvement , notmerely delegationmerely delegation

RiskRisk CarefulCareful Moderate riskModerate risktaker taker

Moderate riskModerate risktaker taker

Monetary RiskMonetary Risk NilNil HighHigh NilNil

StatusStatus Concerned aboutConcerned aboutstatusstatus

unconcern aboutunconcern aboutstatusstatus

unconcernedunconcernedabout traditionalabout traditionalstatusstatus

Failure andFailure andmistakesmistakes Tries to avoidTries to avoidmistakes andmistakes andsurprisessurprises

Deals withDeals withmistakes andmistakes andfailuresfailures

Attempts to hide Attempts to hiderisky projectsrisky projectsfrom view untilfrom view untilreadyready



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DecisionsDecisions Like to take their Like to take their own but unable toown but unable todisagree with topdisagree with top

Follows dreamFollows dreamwith decisionswith decisions

Able to get others Able to get othersto agree to helpto agree to helpachieve their achieve their dreamsdreams

W ho servesW ho serves OthersOthers Self andSelf andcustomerscustomers

Self, customers,Self, customers,and sponsorsand sponsors

Family historyFamily history Family membersFamily membersworked for largeworked for largeorganizationsorganizations

EntrepreneurialEntrepreneurialsmallsmall--business,business,professionalprofessional

EntrepreneurialEntrepreneurialsmallsmall--business,business,professionalprofessional

RelationshipRelationshipwith otherswith others Hierarchy as basicHierarchy as basicrelationshiprelationship Transactions andTransactions anddealdeal--making asmaking asbasic relationshipbasic relationship

TransactionsTransactionswithin hierarchywithin hierarchy



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EMERGING ENTREPRENEURIAL MANAGEMENT PROMINENT SECTIONS


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REAL ESTATEMGMT

AGRI-BUSINESS

MGMT

TELECOMMGMT

RURALMGMT

FINANCEMGMT

E-BUSINESMGMT

MK TingMGMT

H RMGMT

EVENTMGMT

HOSPITALITY

RETAILMGMT

OPERATIONMANAGEMENT

PROMINENTSECTOR


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The Performance of The Performance of

Entrepreneurial OrganizationsEntrepreneurial OrganizationsReasons for FailureReasons for Failure ManagerialManagerial

incompetence/inexperiencincompetence/inexperience of the entrepreneur.e of the entrepreneur.

Neglect in not devotingNeglect in not devotingsufficient time and effort tosufficient time and effort tothe business.the business.

W eak control systems thatW eak control systems thatdo not warn of impendingdo not warn of impending

problems.problems. Insufficient capital toInsufficient capital to

sustain the business until itsustain the business until itstarts to turn a profit.starts to turn a profit.

Reasons for SuccessReasons for Success Hard work, drive, andHard work, drive, and

dedication by thededication by theentrepreneur.entrepreneur.

Careful analysis of marketCareful analysis of marketconditions providesconditions providesinsights about businessinsights about businessconditions.conditions.

Managerial competenceManagerial competence

through training andthrough training andexperience contributes toexperience contributes tosuccess.success.

Luck sometimes plays aLuck sometimes plays arole.role.


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RECOMMENDATION [FOSTRING CLIMATE FOR ENTREPRENEURSHIP]

K ey Government Leader Like the PM,CM and District Magistrate Should be

Get updated about Entrepreneurship education and Climate ChangeProvide The Infrastructure, education legislative Support, policy framework and

financial incentives to encourage potential EntrepreneursInclude this education in School & junior college levelAppointing New Young Dynamic man and women in Political level and

Management Education should be necessary from Low to High Political levelInformation, Education and Communication (IEC) should be use for spreading

awareness about basic instrument related to Entrepreneurship in Rural Areas.Initiated Monthly Magazine with past leader`s writing & Interviews Script In

Hindi And English Both Language and it should be free of cost which should beavailable in each and every public prominent place

NGO should be encourage for awarenessMedia should be come for this important workYoung Entrepreneurship Award should be start from PANCHAYAT LEVEL TO

NATIONAL LEVEL which should be initiated by prominent Media Company,Research org, and Government and Non Government Organization and fromsome prominent Personalities also.


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CONCLUSION .So in short today India has regained its recognition

amongst world nations. There is no surprise thatIndia is progressing in many spheres. It is anemerging power not because of its size or wealth,but by the capability it holds in the form of its

people. The history of India in its 21St

Century is notbeing written by politicians or sociologist, but isbeing crafted by millions of Indians who are daringto be different. So we can say that entrepreneurship

is the golden demand for developed to India`sEconomy with fast speed by which it should be. So itis a need of the hour for becoming world power ineach segment of the Development in such a manner

for the whole nation.


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FOSTERING ENTRE : AN OWERVIEW TOWARDS ECO DEV

entrepreneurship overview reference to india by np gandhi

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