other people see things and say ‘why?’ …. but i dream things that never were and say ‘why...
TRANSCRIPT
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 -
Today…
Introduction to Entrepreneurship
Economist's view
Calculated Risk
Entrepreneurial Competencies
Classification of Entrepreneur
Economic Development
Entrepreneurial Spirit: Converting Idea into Success
Being Different
Having Fun
Vision creates Opportunities, Execution Creates Magic
Being Different Can We change the status quo ?
Can We take the Initiative ?
Can We leverage on our strengths ?
Some Examples
Having Fun Can We be creative ?
Can We do the same thing in better manner ?
Can We enjoy the process ?
HR & Strategic Implications
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!!!
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
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
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 IVth class) Individual Assignment Make a folder/file of Learning Journal and Assignments
1) 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 & Mission statement of your life ( Both professional and personal) & Short term professional goals. ( In A4 sheet)
Bold : Show it in the IInd Class to have feedback
Refer : www.finishingschool.pbworks.com, [email protected], 9811228852
Readings for the Next class
Business Plan
Business News
Viva in 5th Class.
Thank You!