1 unit entre process ppt

Ravindra_pujari@yahoo.com
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The Entrepreneurial Process into five phases:
Idea generation,
Opportunity evaluation,
Planning,
Company formation/launch
Growth.
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Entrepreneurs are people who have a passion for creating
change in the world.
They need a certain set of skills to be effective leaders
and innovators.
Since there are so many types of businesses, there are
also many kinds of entrepreneurship.
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By nature, we individuals have innovative and creative ideas
popping up in the mind, consciously or sub-consciously.
Some of them recognize these innovative/creative ideas,
as an opportunity to bring their ideas into reality and start a
new venture.
Starting a venture needs a lot of courage. To become
successful and be in business, the combination of three
skills i.e. hard work, risk and perseverance is required.
In a nutshell, entreprenuerialship is
OPPORTUNITY recognition
to
opportunity EXPLOITATION.
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When entrepreneur identify the opportunity, he decides
whether to start new ventures. The entry decision to become
an entrepreneur is by leaving present activity.
Reasons may vary, and are formed through personal human
process
1) Challenge, & Learning. Independence & Autonomy.
2) Income Security and Financial Success.
3) Achievement, Recognition, Status. Family.
4) Dissatisfaction with Current Work Arrangements etc.
The entrepreneurial decision process is a movement from a
present lifestyle to forming a new enterprise. Change from
present lifestyle, switching from present work environment to
start a new venture is not an easy task. It requires a lot of
courage, risk and high energy level. The persons who are
interested to start a new venture, try to start business in their
familiar area. This definitely helps them.
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Young individuals plan enthusiastically, because they
have lot of fire in them, while some oldies jump into the
fray because they have been fired. ie Age is NO barrier.
Choice of product or service or Gender is NO criteria for
success or failure of entrepreneurs, as long as they can
bear the risk and harvest the profits.
A business plan is a very important strategic tool for
entrepreneurs. A good business plan, not only helps
entrepreneurs to focus on the specific steps necessary
for the of business ideas succeed, but it also helps them
to achieve both their short-term and long-term
objectives.
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While a business plan is absolutely essential in
entrepreneurship, not every entrepreneur sees the need
for it. Many are reluctant to have their plan written down.
A large number of business funding experts, agree that
having a good business idea is not enough. Even
excellent business ideas can be totally useless if you
cannot formulate, execute and implement a strategic
plan to make your business idea work.
If you're looking to raise funds from angle investors
institutional investors and lenders, keep in mind that
having a good business plan is extremely valuable.
You should aim to have a well documented business
plan that speaks for itself. It needs to be clear and easy
to read and understand.
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Nine different types of entrepreneurship
Here are the different types of entrepreneurship:
Small business entrepreneurship
Large company entrepreneurship
Scalable startup entrepreneurship
Social entrepreneurship
Innovative entrepreneurship
Hustler entrepreneurship
Imitator entrepreneurship
Researcher entrepreneurship
Buyer entrepreneurship
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Small Business Entrepreneurship
A majority of businesses are small businesses. People
interested in small business entrepreneurship are most
likely to make a profit that supports their family and a
modest lifestyle. They aren't seeking large-scale profits
or venture capital funding.
Small business entrepreneurship is often when a person
owns and runs their own business. They typically hire
local employees and family members.
Local grocery stores, hairdressers, small boutiques,
consultants and service providers are a part of this
category of entrepreneurship.
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Large Company Entrepreneurship
Large company entrepreneurship is when a company has
a finite amount of life cycles.
This type of entrepreneurship is for an advanced
professional who knows how to sustain innovation.
Large companies often create new services and products
based on consumer preferences to meet market demand.
Small business entrepreneurship can turn into large
company entrepreneurship when the company rapidly
grows. This can also happen when a large company
acquires them. Companies such as Microsoft, Google and
Disney are examples of this kind of entrepreneurship.
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Scalable Startup Entrepreneurship
This kind of entrepreneurship is when entrepreneurs
believe that their company can change the world.
They often receive funding from venture capitalists
and hire specialized employees.
Scalable startups look for things that are missing in
the market and create solutions for them. Many of
these types of businesses start in Silicon Valley and
are technology-focused. They seek rapid expansion
and big profit returns. Examples of scalable startups
are Facebook, Instagram and Uber/Ola.
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Social Entrepreneurship
An entrepreneur who wants to solve social problems
with their products and services is in this category of
entrepreneurship.
Their main goal is to make the world a better place.
They don't work to make big profits or wealth.
Instead, these kinds of entrepreneurs tend to start
nonprofits or companies that dedicate themselves to
working toward social good.
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Innovative Entrepreneurship
Innovative entrepreneurs are people who are constantly
coming up with new ideas and inventions. They take these
ideas and turn them into business ventures.
They often aim to change the way people live for the
better. Innovators tend to be very motivated and
passionate people.
They look for ways to make their products and services
stand out from other things on the market. People like
Steve Jobs and Bill Gates are examples of innovative
entrepreneurs.
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Hustler Entrepreneurship
People who are willing to work hard and put in constant
effort are considered hustler entrepreneurs.
They often start small and work toward growing a bigger
business with hard work rather than capital.
Their aspirations are what motivates them, and they are
willing to do what it takes to achieve their goals.
They do not give up easily and are willing to experience
challenges to get what they want.
For example, someone who is a hustler is willing to cold
call many people in order to make one sale.
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Imitator Entrepreneurship
Imitators are entrepreneurs who use others' business
ideas as inspiration but work to improve them.
They look to make certain products and services better
and more profitable. An imitator is a combination between
an innovator and a hustler.
They are willing to think of new ideas and work hard, yet
they start by copying others. People who are imitators
have a lot of self-confidence and determination. They can
learn from others' mistakes when making their own
business.
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Researcher Entrepreneurship
Researchers take their time when starting their own
business. They want to do as much research as possible
before offering a product or service.
They believe that with the right preparation and information,
they have a higher chance of being successful.
A researcher makes sure they understand every aspect of
their business and have an in-depth understanding of what
they are doing. They tend to rely on facts, data and logic
rather than their intuition. Detailed business plans are
important to them and minimize their chances of failure.
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Buyer Entrepreneurship
A buyer is a type of entrepreneur who uses their wealth to
fuel their business ventures.
Their specialty is to use their fortunes to buy businesses
that they think will be successful. They identify promising
businesses and look to acquire them.
Then, they make any management or structural changes
they feel are necessary. Their goal is to grow the
businesses they acquire and expand their profits. This kind
of entrepreneurship is less risky because they are
purchasing already well-established companies.
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MARSHALLING THE RESOURCES
Possible entrepreneurial resources include venture capital
funding, the money offered by angel investors, equipment,
merchandise and the knowledge and experience of
principles of the company.
An entrepreneurial resource is an asset used in the launch
of a new business.
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Tangible entrepreneurial resources are physical assets
used by the business. These could include money,
equipment or property. In order for them to qualify as
entrepreneurial resources, they must be instrumental in
the development of the venture.
Intangible entrepreneurial resources are not easily
quantified, but they are often just as beneficial as the
tangible resources. If a business owner possesses a
large public platform, such as a blog, or if he has an
extensive network of contacts in the industry, these could
be considered significant entrepreneurial resources.
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Sources of start-up financing
Putting all your eggs in one basket is never a good
business strategy. This is especially true when it comes to
financing your new business.
Keep in mind that bankers don't see themselves as your
sole source of funds. And showing that you've sought or
used various financing alternatives demonstrates to
lenders that you're a proactive entrepreneur.
Whether you opt for a bank loan, an angel investor, a
government grant or a business incubator, each of these
sources of financing has specific advantages and
disadvantages as well as criteria they will use to evaluate
your business.
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Personal investment
When starting a business, your first investor should be
yourself—either with your own cash, FD’s, NSC’s, Post
Office Savings, PF, Financial instruments or with collateral
on your assets.
This proves to investors and bankers that you have a
long-term commitment to your project and that you are
ready to take risks.
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3 F’s
This is money loaned family (by a spouse, parents),
friends or fools.
Investors and bankers considers this as "patient capital",
which is money that will be repaid later as your business
profits increase.
When borrowing love money, you should be aware that:
Family and friends rarely have much capital
They may want to have equity in your business
A business relationship with family or friends should
never be taken lightly
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Venture capital
The first thing to keep in mind is that venture capital is not
necessarily for all entrepreneurs. Right from the start, you
should be aware that venture capitalists are looking for
technology-driven businesses and companies with high-
growth potential in sectors such as information technology,
communications and biotechnology.
Venture capitalists take an equity position in the company
to help it carry out a promising but higher risk project. This
involves giving up some ownership or equity in your
business to an external party. Venture capitalists also
expect a healthy return on their investment, often
generated when the business starts selling shares to the
public. Be sure to look for investors who bring relevant
experience and knowledge to your business.
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Angels
Angels are generally wealthy individuals or retired
company executives who invest directly in small firms
owned by others. They are often leaders in their own
field who not only contribute their experience and
network of contacts but also their technical and/or
management knowledge. Angels tend to finance the
early stages of the business .
In exchange for risking their money, they reserve the
right to supervise the company's management practices.
In concrete terms, this often involves a seat on the
board of directors and an assurance of transparency.
Angels tend to keep a low profile.
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Business incubators
Business incubators (or "accelerators") generally focus on
the high-tech sector by providing support for new
businesses in various stages of development. However,
there are also local economic development incubators,
which are focused on areas such as job creation,
revitalization and hosting and sharing services.
Commonly, incubators will invite future businesses and
other fledgling companies to share their premises, as well
as their administrative, logistical and technical resources.
For example, an incubator might share the use of its
laboratories so that a new business can develop and test
its products more cheaply before beginning production.
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Generally, the incubation phase can last up to two
years. Once the product is ready, the business usually
leaves the incubator's premises to enter its industrial
production phase and is on its own.
Businesses that receive this kind of support often
operate within state-of-the-art sectors such as
biotechnology, information technology, multimedia, or
industrial technology.
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Bank loans
Bank loans are the most commonly used source of funding
for small and medium-sized businesses. Consider the fact
that all banks offer different advantages, whether it's
personalized service or customized repayment.
In general, you should know bankers are looking for
companies with a sound track record and that have excellent
credit. A good idea is not enough; it has to be backed up
with a solid business plan. Start-up loans will also typically
require a personal guarantee from the entrepreneurs.
Start-up financing to entrepreneurs in the start-up phase or
first 12 months of sales. You may also be able to postpone
the principal payments for up to 12 months.
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Government grants and subsidies
Government agencies provide financing such as grants and
subsidies that may be available to your business. The
Canada Business Network website provides a
comprehensive listing of various government programs at
the federal and provincial level.
Criteria
Getting grants can be tough. There may be strong
competition and the criteria for awards are often stringent.
Generally, most grants require you to match the funds you
are being given and this amount varies greatly, depending
on the granter. For example, a research grant may require
you to find only 40% of the total cost.
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Generally, you will need to provide a detailed project
description
An explanation of the benefits of your project work plan
with full costs, relevant experience and background on
key managers.
Most reviewers will assess your proposal based on the
following criteria:
Significance
Approach
Innovation
Assessment of expertise
Need for the grant
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Having a great unique idea, team, and funds are not enough
to grow your startup
Same old traditional marketing strategies don’t work well
every time.
Startup marketing is a completely different ball game
altogether, with neo art and science & we have to choose
and combine the right marketing channels and come up with
an unbeatable strategy.
Marketing has also changed over the times.
Many businesses (corporates to startups) are focusing on
Digital Marketing and are growing their businesses and
customer base.
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There are a lot of strategies and channels through which
you can promote your startup. But you need to
understand your audience, their behavior, and the nature
of your business.
Startup marketing is not impossible but you need to be
sure before every step because of the limited resources.
Think differently than others and be creative to get
success.
You can also hire a company for your startup marketing.
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Social Media Marketing
Social Media Marketing is one of the best ways to get
exposure and customers for your startup.
It is one of the best low-cost marketing techniques to use
for your business.
Social Media Marketing has the power to turn your startup
into a profitable brand but you must know how & which
media to use it for your business.
There are many social media platforms but you need to
choose the right platforms for your startup marketing.
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Facebook – Facebook is the most popular social media
platform with more than 5 billion users. You can use
Facebook for almost any niche or to promote any type of
product. It is the cheapest social media platform to promote
your business.
Instagram – Instagram is the best platform if you have
fashion, health, beauty, fitness, modelling, and photography,
art etc related business. It can work for any other niche
business too but Instagram can be the best choice for those
niches.
LinkedIn: LinkedIn is a platform for professionals. That’s
why it is best for b2b businesses. If you have launched a
b2b startup business then you should try LinkedIn.
Snapchat: Snapchat is the best platform if you want to
target youth or are working in fashion, beauty, or health
related niche.
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Search Engine Marketing
SEM (Search Engine Marketing) is one of the best digital
marketing strategies to get instant results for your startup.
You can advertise on search engines for your startup and
can get more exposure and sales.
Major benefits of using Search Engine Marketing:
You can get instant results.
You can easily reach to your target audience.
High ROI; if someone clicks on your ad only then you will
have to pay.
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You will have complete data and insights to improve your
SEM campaigns and other marketing strategies.
Best Practices To Get Success With SEM
Create a high-quality landing page with clear call-to-actions
Choose the right keywords to target
Set a bid cap and budget limit to avoid overcharging.
Use Google Pixel for re-targeting
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Search Engine Optimization
SEO (Search Engine Optimization) is one of the most
cost-effective channels that deliver higher ROI than
other marketing methods.
Every startup should focus on SEO. It is the process of
getting organic traffic from search engines without any
added cost. So with SEO, you can continually acquire
new customers for your startup, without any cost.
You can start a blog, optimise your services pages,
homepage, and landing pages to get organic traffic from
search engines.
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Benefits Of Using SEO For Your Startup
Cost effective with higher ROI
Long lasting results
Increase your reach organically
Get trust and authority automatically
Become a reputable brand
SEO is a challenging game. It requires skills and
experience to get results. For this, you can hire an
expert SEO Company to help you.
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Influencer Marketing
Influencer Marketing is one of the trendiest marketing
techniques these days. It is a highly effective and
inexpensive technique to grow your startup.
Benefits of using Influencer Marketing:
You can get huge exposure for your startup.
Helps you gain trust and customers for your startup
Low-cost marketing strategy
Easy to use
You can hire popular influencers or some micro-influencers
(less-popular) to promote your brand.
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Content Marketing
Content Marketing is a highly effective strategy to grow
your startup. According to a recent report by the
Content Marketing Institute, 90% of organizations are
actively using Content Marketing for their businesses.
Content marketing generates three times more leads
than paid search, according to some researches. It a
cheaper and effective strategy for your business.
It is also helpful for SMO and SEO. Content marketing
gives long-lasting results but it can take some time to
see results.
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Content marketing is a device used by companies to
educate, inform or entertain customers or prospects by
creating attention or causing behavior that results in
leads, sales or advocacy.
A type of marketing that involves the creation and
sharing of online material (such as videos, blogs, and
social media posts) that does not explicitly promote a
brand but is intended to stimulate interest in its products
or services.
Social media is used by customers and prospects to
communicate among themselves, and occasionally with
companies.
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YouTube Marketing
YouTube marketing is another popular search engine in
the world. There are more than 500 million active users on
YouTube in India. That’s why many brands are using
YouTube to reach out to their target audience.
But startups are not considering YouTube as a part of their
startup marketing due to high payment. However, you can
get amazing results in startup marketing. Flipkart, Hyundai,
Asian Paints, Pepsi, and Coupon Dunia have grown their
businesses with YouTube Marketing.
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Viral Marketing
If you want to generate massive traffic, sales, and
create online buzz for your startup then nothing is
better than viral marketing.
You can get overnight success with viral marketing,
if you are able to create content that can go viral.
You need to create content (articles, explainer videos
etc.) from a unique angle and should have a strong
marketing plan to promote it.
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Referral / Endorse Marketing
If you want to develop a huge customer base or fan-
following then nothing can be as good as referral marketing.
In referral marketing, your customers become your sellers.
They refer your products to other people. According to a
study, 92% of people trust personal recommendations.
That’s why referral marketing can grow your business on
automation.
Facebook is a great example of this. Facebook encourages
their users to “Invite Friends” to join Facebook. As a result,
today they have more than five billion active users on
Facebook.
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