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Enterpreneurship
1. Prof. Hemant Bhagwat
Principal
Shraddha Education Foundation
Institute of Technology & Management
2. What is Entrepreneurship?
The Process of
Bearing Risk of
Running a
Business
Entrepreneurship can
be described as a
process of action an
entrepreneur
undertakes to
establish his
enterprise and, is
hence , a creative
activity.
3. Need Of Entrepreneurship
‘The nation that fosters an infrastructure of
linkages among and between firms, universities
and government gains competitive advantage
through quicker information diffusion and
product deployment’..US Council on Competitiveness 1998
‘Leading knowledge based economy in the
World’ (Lisbon Council) and key issue for the EU
is to build a ‘climate in which entrepreneurial
initiative and business activity can thrive’.. green
paper on entrepreneurship- EC Commission-2003
4. Need Of Entrepreneurship
Centre to the development of economy
The micro and small enterprises (MSEs)
constitute over 90% of total enterprises in most
of the economies.
Employment generation
MSE sector accounts for about 39% of the
manufacturing output and around 33% of the
total export of the India (in term of value).
Ministry of MSME-GOI
5.
6. Opportunity to Start a Business
The ability to identify business
opportunities is an essential
characteristic of an entrepreneur
Opportunity- favourable position or
a range for advancement
7. Steps in Arriving at
Business Opportunity
Generating Ideas
Screening Process
Formulating the Concept of the
Business
8. Generating Ideas
Source: Environment
Scan & Understand the needs & wants of
people
Abraham Maslow
-psychologist
People generally have
different kinds of basic
needs such as food,
clothing, shelter, safety,
socialization, recognition for
self-esteem & self-fulfillment
9. Generating Ideas
Source: Environment
Taking macro-perspective or viewing larger
environment where business will be situated
(looking at the Social, Technological, Economic,
Environmental, & Political)
10. Ways of Scanning the Environment
1. Looking Closely at the market
Demand & Supply Gap Analysis
Import-Export Movement
Product Substitution
Forward-Backward Industry Linkages
11. Ways of Scanning the Environment
2. Looking at People’s skills
Observe your Community
3. Looking at Available Business Assistance
Program
Visit DIC Office
Government & Private Institutions
Non-Government Organizations
12. Collecting Information
Method:
Ad Hoc Scanning
-short-term, infrequent & initiated by crisis
Regular Scanning
-involve studies done on a more or less regular
basis
Continuous Scanning
-entails regular collection or processing of data
on a wide range of factors from business
environment
13. Means of Collecting Information
Accessing Networks
Public Meetings, Trade Fairs
Focused-Group Discussion
Key People Surveys
Publications
In-Depth Interviews
Usage & Awareness Studies
15. Screening Process
• Personal Preference
(committed)
• Educational & Training
Background
• Work experience (degree of
expertise & knowledge)
•Business Network &
Contacts (buyers, suppliers or
creditors)
• family Support
Personal-Level
Screening
16. Screening Process
Firm-Level
Screening
•Market
• Technology
• Availability of Skills
•Availability of Raw Materials
• Financial/Capital
Requirement
• Profitability
• Government Support
17. Formulating the Concept of the
Business
1. Resource Analysis
Resources Strengths Weakness
Money
Materials
Machines
Methods
Manpower
Management
Moment (time)
18. The Resource Analysis where strengths
and weaknesses are identified, indicates
what the firm is capable of doing at the start
of the business.
The strengths identify distinctive
competencies of the company which can
work to its advantage.
19. Formulating the Concept of the
Business
2. Environmental Analysis
The Environmental Analysis gives an
indication whether the business can survive
or not.
20. Identifying Opportunities & Threats
in the Environment
Socio-Cultural
Technological & Technical
Economic
Natural
Political
Peace & Order
Population Trends
Government Program
Global Environment
21. Socio-Cultural
Opportunity Threats
People have
develop the habit
of eating in fast-food
restaurants.
Many of these
establishments
serve ham &
bacon and other
processed meat.
People have
develop the habit
of eating in fast-food
restaurants.
Many of these
establishments
serve ham &
bacon and other
processed meat.
23. Economic
Opportunity Threats
The purchasing power
of population has
lowered because of
the peso devaluation
and high cost of oil,
thus reducing the
number of people who
buy ham and bacon.
28. Government Program
Opportunity Threats
The government is
providing assistance to
MSMEs. The company
may be able to avail of
this assistance in the
form of financing,
technical & marketing.
29. Global Environment
Opportunity Threats
If there is a shortage
of local pork, it is
possible to import
raw materials from
other countries.
30. Formulating the Concept of the
Business
3. Personal Values Analysis
-represent your philosophy, guiding
principles, outlook and aspirations for your
business (non-monetary values)
31. Questions for Discussions
1. What business idea do you have in mind? Which of the
various sources of ideas could have influenced the
business you want to put up in the future?
2. What information will you seek from the business
environment to start your business?
3. There are three methods of scanning the environment.
Which of them will you apply in the case of he business
you have in mind? Explain.
4. Is there one which is most effective to you? All of them?
5. Do you of someone who went into business because of
his or her friend’s advice? How did the business fare
afterwards?
32. Trends
The start of a trend that lasts for a
considerable period of time provides
one of the greatest opportunities for
starting a new venture.
Trends that will provide opportunities
include: green trend, clean-energy
trend, organic-orientation trend,
economic trend, social trend, health
trend, and Web trend.
33. Sources of New Ideas
Consumers
Informally monitor potential ideas and needs.
Formally arrange for consumers to express
their opinions.
Existing Products and Services
Analysis uncovers ways to improve offerings
that may result in a new product or service.
Distribution Channels
Channel members can help suggest and
market new products.
34. Sources of New Ideas (cont.)
Government Offtces
Files of the Patent Office can suggest new
product possibilities.
New product ideas can come in response to
government regulations.
Research and Development
A formal endeavor connected with one’s
current employment.
An informal lab in a basement or garage.
35. Methods of Generating
New Ideas
Focus Groups
A moderator leads a group of 8 to 14
participants through an open, in-depth
discussion in a directive or nondirective
manner.
An excellent method for generating and
screening ideas and concepts.
36. Methods of Generating New Ideas
Brainstorming
Allows people to be stimulated to greater
creativity.
Good ideas emerge when the
brainstorming effort focuses on a specific
product or market area.
Rules of brainstorming:
No criticism. Freewheeling is encouraged.
Quantity of ideas is desired.
Combinations and improvements of ideas are
encouraged.
37. Methods of Generating New Ideas
(cont.)
Brainwriting
A form of written brainstorming.
Participants write their ideas on special forms
or cards that circulate within the group.
Problem Inventory Analysis
Consumers are provided with a list of problems
and are asked to identify products that have
those problems.
Results must be carefully evaluated as they
may not actually reflect a new business
opportunity.
38. Creative Problem Solving
Creativity tends to decline with age,
education, lack of use, and bureaucracy.
Latent creative potential can be stifled by
perceptual, cultural, emotional, and
organizational factors.
Creativity can be unlocked by using any of
the creative problem-solving techniques.
39. Creative Problem Solving (cont.)
Brainstorming
Session starts with a problem statement.
No group member should be an expert in the
field of the problem.
All ideas must be recorded.
Reverse Brainstorming
A group method that focuses on the negative
aspects of a product, service, or idea as well as
ways to overcome these problems.
Care must be taken to maintain group morale.
40. Creative Problem Solving (cont.)
Gordon Method
Method for developing new ideas when the
individuals are unaware of the problem.
Solutions are not clouded by preconceived
ideas and behavioral patterns.
Checklist Method
Developing a new idea through a list of related
issues.
Free Association
Developing a new idea through a chain of word
associations.
41. Creative Problem Solving (cont.)
Forced Relationships
Developing a new idea by looking at
product combinations.
A five step process which focuses on
generating ideas from relationship patterns
between elements of a problem.
Collective Notebook Method
Developing a new idea by group members
regularly recording ideas.
42. Creative Problem Solving (cont.)
Attribute Listing
Developing a new idea by looking at the
positives and negatives.
Big-Dream Approach
Developing a new idea by thinking without
constraints.
Parameter Analysis
Developing a new idea by focusing on
parameter identification and creative synthesis.
43. Why Write A Business
Plan?
1. It will require you to practice
entrepreneurial thinking and
entrepreneurial habits
44. A Business Plan?
You will need to consider the realities that
your administrators and community must
consider as you plan:
-financial feasibility
-local opportunities
-how to sell your plan
to students, parents,
community members
and your faculty.
46. Project Name – DAL MILL
Demand – 10,00,000 Kg/Year
Supply – 440,000 Kg/Year
Difference in Demand & Supply –5 60,000 Kg/Year
Rate – 70 to 80 Rs/Kg
Capacity
8Hr/day - 100Kg
Yearly Production - 100 *300 = 30,000Kg/year
Annual Sale - 30,000*80 = 24,00,000 Rs/year
Required Area
60*60 Sqft
Rent – 10,000 Rs/month = 10,000 * 12 = 1,20,000 Rs/year
46
47. Project Name – DAL MILL
Machine
Rs 5,00,000/-
Raw Material – 30,000 Kg * 40Rs = 14,00,000 Rs
Consumable – 10 Unit/day = 10*300 = 3000Units
Electricity 3000* 5 = 15000 Yearly
Water 250 *12 = 3000 yearly
Required Man Power
Skilled – 1*15000 = 15000
Unskilled – 2 *10000 = 20000
Total = Rs 35000
Yearly Wages = 35,000 * 12 = Rs 4,20,000/-
47
48. Project Cost ( One Time Investment)
Sr. No Description Cost in Rupees
1 Machine Cost Rs 5,00,000/-
2 Installation & Sundry Cost Rs 50,000/-
3 Building Deposit Rs 50,000/-
Total RS 6,00,000/-
49. Running Cost
Sr. No Description Cost in Rupees
1 Building Rent (Rs 10,000*12) 1,20,000
2 Raw Material (Rs 1,00,000*12) 12,00,000
3 Electricity & Water (Rs 1500*12) 1,80,000
4 Wages 4,20,000
5 Admin & Sailing Cost 90,000
6
Repairing & Interest on investment on
project
1,50,000
Total Rs 21,60,000
50. Total Sale
30,000Kg * 80Rs = Rs 24,00,000 per year
Total Running Cost = RS 21,60,000 per year
Yearly income –
24,00,000 – 21,60,000 = Rs 2,40,000
Monthly Income
2,40,000 / 12 = Rs 20,000 per month
71. Dhirubhai Ambani – Reliance
Industries
His methods may have been
questionable but there is no doubt in
anyone’s mind that Dhirubhai Ambani
was one of India’s top entrepreneurs.
His sons Mukesh and Anil have
followed his dreams and have made
their companies one of the most
valuable in India.
71
153. Shetty has started another
entertainment project under the name
of Adlabs Imagica. Adlabs Imagica, is
a theme park built with the cost of
1600Cr INR, on a 300 acre site, located
between Mumbai and Pune on
the Mumbai-Pune Expressway. The
park has around 500 employees and
can accommodate as many as 20,000
visitors at any given point in time. Shetty
is targeting to host over above 3 million
visitors in the first year of operations.
153
172. BYST is keen on working with young people in the
age group of 18 - 35, who are either unemployed or
underemployed.
We take on applicants without asking for 'Financial
Down Payments or Collaterals‘. BYST supports
ventures both in the manufacturing and servicing
sector, turning job seekers into job creators. we provide
a whole range of Business Development Services
along with a Mentor, who gives guidance until the
venture takes off.
172
BYST
BHARATIYA YUVA SHAKTI TRUST
173. NABARD is an apex development
bank in India having headquarters
based in Mumbai (Maharashtra) and
other branches are all over the
country. Serves as an apex financing
agency for the institutions providing
investment and production credit for
promoting the various developmental
activities in rural areas.
173
NABARD
National Bank for Agriculture and Rural Development
174. 174
SIDBI
Small scale industries development of India
The SIDBI was established in 1990 as
the apex refinance bank. The SIDBI is
operating different programmes and
schemes through 5 Regional Offices
and 33 Branch Offices. The financial
assistance of SIDBI to the small scale
sector is channelized through the two
routes – direct and indirect.
175. 175
DIC
District Industries Centers
DIC program was initiated in May, 1978, as a
centrally sponsored scheme. DIC was
established with the aim of generating greater
employment opportunities especially in rural
and backward areas in the country.
Supply of machinery and equipment,
Provision of raw materials, Arrangement of
credit facilities, Marketing, Quality inputs,
Consultancy.
176. 176
IDBI
Industrial development bank of India
IDBI is an Indian financial
service company headquartered
Mumbai, India. IDBI was established
in 1964 by an Act of Parliament to
provide credit and other facilities for
the development & support of New
start-ups Entrepreneurs.