Other people see things and say ‘Why?’ …. But I dream things that never were and say ‘Why not?’

George Bernard Shaw

WELCOME TO ALL OF YOU-

Entrepreneurship (EDP)

RAHUL JAIN(Striving for excellence)

BCOM (H), MBA, FCS

Aim of the Module To train and develop students to become

effective Entrepreneurs. To understand the planning process

required for setting up a small business.

COURSE GUIDELINES Meaning of Entrepreneurship Various types of industries Steps to set up an Enterprise Banking and finance Industrial / commercial laws Project identification and compilation of

project reports

Learning Outcomes Understand what it takes to be an

entrepreneur Understand how to raise funds Have an idea of regulatory requirements

of staring and running a business Be able to create a rudimentary business

plan

Focus Points Entrepreneurship – the motivations, the risks, rewards, impact Seeing opportunities, identifying profitable opportunities Creating a business plan- its content and importance as a tool Starting a company and the regulatory requirements Raising money to start the business-bootstrapping, enrolling

investors to your plan Getting loans- what do banks need Selling and getting the first clients What makes my business different than competition? Building a team- getting people to believe in the venture Making mistakes, changing plans, mutilating, adapting to what

customers want Cash flows – the oxygen of any business Project- creating a business plan and presenting to potential

investors/stakeholders

Our Strategy for achieving these Objectives? Concepts, Cases and Class Discussion Punctuality, Participation and Preparation(Its compulsory to bring your own calculators,

Pen, Stationary, Registers, Prescribed Book, Printouts of the Emailed documents- Otherwise necessary disciplinary action will be taken)

Judgment challenge Learning to communicate ideas Learning from each other Learning through discovery

Some Important rules Switch off your Mobiles Attendance rules will be strictly applied Non completion of Assignment will lead to strict

disciplinary measures Students can gather additional bonus points by

being a “Star Performer” in the whole course. Students falling in the “Improvement category”

would be penalized. If Attendance is less than 75% then one grade will

be reduced in respective Viva/Exam/Log Process.

“I don’t design clothes, I design dreams.”

- Ralph Lauren

- 11 -

Brooklyn Bridge in the New York city stands in all its glory as a tribute to the triumph of one man's indomitable spirit and his determination not to be defeated by circumstances. It’s a tribute to the engineers and their team work, and to their faith in a man who was considered mad by half the world.

BROOKLYN BRIDGE THE VISION OF JOHN ROEBLING

Case of IPL Out of Box “Thinking”

Able to raise around $2 billion for BCCI

One of the Most successful Cricket tournament

Satisfied all the stakeholders of the Cricket

Entrepreneurship Development

By- Rahul Jain

Today…

Introduction to Entrepreneurship

Economist's view

Calculated Risk

Entrepreneurial Competencies

Classification of Entrepreneur

Economic Development

What is Entrepreneurship? Organizing a business venture and assuming the risk for it.

“An entrepreneur is a person who is willing and able to

convert a new idea into a successful venture.”

Entrepreneurship is a process of converting a new idea into

a successful venture

Entrepreneurship Founding entrepreneur who identifies the

opportunity and moves to exploit it commercially. Often it is the founder (or founding team) who

possesses much of the technical and managerial knowledge that make-up the tangible and intangible assets of the firm. In sum, an entrepreneur’s expanding knowledge base and absorptive capacity becomes an entrepreneurial firm’s competitive advantage” (Alvarez and

Busenitz 2001, p.766).

What is Entrepreneurship? Practice of starting new organizations or revitalizing mature

organizations

Particularly new businesses in response to identified opportunities.

Entrepreneurial activities has a vast range

It ranges in scale from solo projects to major undertakings

creating many job opportunities.

Entrepreneur is one who organizes, manages and assumes the

risk of a business enterprise.

Who is an entrepreneur ?

He who has a vision

Has the hunger to make something from nothing

Is Never Finished

The Risk Factor

He is having fun!!!

Calculated Risk

We must estimate the cost and consequences

Must weigh the cost against benefits

Must analyze our resources thoroughly and maneuver them

Time is of prime importance

We must estimate & ensure protection against all odds

The Art of Entrepreneurship Most Crucial Resource PEOPLE

Leadership

The Military Concept

Sun Tzu's The Art of War, Chang Yu says:

"Benevolence and righteousness may be used to govern a state but

cannot be used to administer an army. Expediency and flexibility are used

in administration an army, but cannot be used in governing a state."

Entrepreneurial Venture – Neither an army nor a state

Middle of Leadership extremes

Motivation

Entrepreneurship vs. Wage Employment

Wage Employment

Work for Others

Follow instructions

Routine job

Earning is fixed, never negative

Can choose from: Government Service

Public sector

Private sector

Entrepreneurship

Own boss

Make own plans

Creative activity

Can be negative sometimes

Can choose from: Trade

Product or

Service Enterprise

Entrepreneur vs. ManagerEntrepreneur Involved with the

start-up process Assumes financial,

material and psychological risks

Driven by perception of opportunity

Initiates change Own boss Gets uncertain

rewards

Manager Involved with running

the business Does not have to bear

risks Driven by the

resources he currently possesses

Follows rules & procedures

Hired employee Gets fixed rewards

and salary

Entrepreneurial Competencies Initiative Sees and Acts on

Opportunities Persistence Knowing/Information Concern for High

Quality of Work Commitment to Work

Contract Efficiency Orientation

Systematic Planning Problem solving Self-confidence Assertiveness Persuasion Use of Influence

Strategies Monitoring Concern for Employee

Welfare

Classification of Entrepreneurs

Trading Entrepreneur Industrial Entrepreneur Agricultural Entrepreneur

Economic Development Wealth creation

Creation of jobs

New technologies

Improved products & services

Improved standard of living

Development of new markets

Better/Optimal utilization of resources

Famous Fashion Entrepreneurs Ralph Lauren – the designer who

provided luxury at all price points. He sold the clothes, but he also sold the

fantastic, romanticized lives of the people who wear the clothes—the look of success.

Ralph Lauren said “People ask how can a Jewish kid from the Bronx do preppy clothes? Does it have to do with class and money? It has to do with dreams.”

Famous Fashion Entrepreneurs Rene Lacoste was the one who bridged the

gap between fashion and sports.

Rohit Bal is known for his sophisticated cuts and breathing fabrics. He weaves in the best for both men and women. However, there is no one-signature style that the designer sticks to.

Fashion Entrepreneurship

Fashion entrepreneurship is aboutcombining design, business, andmanufacturing knowledge Some things can be outsourced or bought

in…but some things are critical for the fashion entrepreneur or the management team.

Ritu Kumar

Ritu Kumar …………….Ritu began her venture with four hand-block

printers and two tablets; in a small village near Kolkata in the late 60s was incidentally the first woman to introduce the boutique culture in India under the brand name ‘Ritu’.

Today she has thirty four outlets in all major cities in India and one outlet in America

Critical CapabilitiesCapability 1: Ability to develop a newsymbolic language - a style - that isexperienced as distinctive, consistent, andnew.Capability 2: Ability to manage the process

of communication on which fashion depends.

Capabilities Ability to understand and manage

strategic, marketing, financial and branding issues for the fledgling firm.

An Economist’s View Economists places emphasis on innovation, such as:

New products

New production methods

New markets

New forms of organization

An entrepreneur forces "creative destruction" across markets and

industries.

Simultaneously creating new products and business models.

Individual Assignment: – I (To be shown in IInd class) Individual Assignment Make a folder/file of Learning Journal and Assignments1) Individual Assignment- Writing of Key learnings of Videos,

Readings & Class 1 in Learning Journal file (One page)2) Individual Assignment:  One page on start up lessons from: 

http://www.entrepreneurswebsite.com/2010/12/27/10-startup-lessons-from-the-bollywood-movie-band-baaja-baraat/

3) Individual Personality exercise- Write the Vision statement of your life ( Both professional and personal) & Short term professional goals. ( In A4 sheet)

Refer : www.finishingschool.pbworks.com, rahuljain16@hotmail.com, 9811228852

 

Readings for the Next class

Idea and Opportunity (PPT Document)

Business News

Class Assignment II- Email Submission on IIIrd Week: Group Submission- 29th October Select a well-known fashion entrepreneur. Examine and

research the factors, such as personal qualities, professional skills, and situational characteristics, which made the entrepreneur successful.

You have to dress as per the look/style of fashion Entrepreneur

5 Minute PPT Provide References and Intext citationsEmail submission and upload on the internet: 2 days

before the next class rahuljain@globalexperts4u.com, 9811228852

VIVA 1st November ( First three class topics &

Assignments)

Thank You!