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Orientation To ENTREPRENEURSHIP

Orientation To ENTREPRENEURSHIP. Yogesh Misra, Faculty of Engineering & Technology Mody Institute of Technology & Science (Deemed University) Laxmangarh [Raj.]. Contents Occupation (2) Businessman / Business vs Entrepreneur / Entrepreneurship (3) Characteristics of entrepreneur

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Orientation To ENTREPRENEURSHIP

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  1. Orientation To ENTREPRENEURSHIP Yogesh Misra, Faculty of Engineering & Technology Mody Institute of Technology & Science (Deemed University) Laxmangarh [Raj.] WWW.PPTMART.COM

  2. Contents • Occupation • (2) Businessman / Business vs Entrepreneur / Entrepreneurship • (3) Characteristics of entrepreneur • (4) How to start a business? • (5) Steps in writing a business plan • (6) Do,s and Don’t do’s • (7) Facts based on A Study by National Knowledge Commission • (8) Some success stories • (9) Some exiting careers • (10) Role of government • (11) Role of academic institutions WWW.PPTMART.COM

  3. A professional is person who is paid to undertake a highly skilled task. Examples : medicine, nursing, law and  engineering  Professional A person in the service of another under any contract Employee Occupation (An activity through which we get income to run our family) A businessperson is someone involved in a activity for the purpose of generating revenue Business An entrepreneur is an owner manager of a business enterprise who makes money through innovation Entrepreneur WWW.PPTMART.COM

  4. ENTREPRENEURSHIP WWW.PPTMART.COM

  5. Characteristics of entrepreneur • Information seeking • Learning nature • Goal setting • Commitment to work • Systematic planning and monitoring • Moderate risk takers Most important : INNOVATIVE IN NATURE WWW.PPTMART.COM

  6. Some advantagesSome disadvantages • You are your own boss. • Enjoy the profits from your efforts • Sense of pride in your business. • Flexibility in your work schedule. • Will need to put in long hours. • Need money to start. • Have to keep up with government rules and regulations. • May lose money. WWW.PPTMART.COM

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  8. ENTREPRENEURSHIP IN INDIA • Rapid growth in past 20 years • Entrepreneurship Environment - Economic libralization, end of license raj and easily accessible of finance. • Survey by the Deloitte group - India ranks 2nd globally • India - Leading economies by 2050. • A democratic open society, a strong technology base, an increasingly youthful population (50% of India is 25 years and younger), a sizeable market of a large number of customers. • In this situation, India enjoys enormous potential for the creation of wealth through knowledge. WWW.PPTMART.COM

  9. Building a successful venture WWW.PPTMART.COM

  10. How to Start aBusiness Step 1: Get Inspired Step 2: Do Your Research Answer these questions in your market research : Is there a need for your products/services? Who needs it? Are there other companies offering similar products/services now? What is the competition like? How will your business fit into the market? Step 3: Make a Plan “who fails to plan, plans to fail“ It gives clarity about what we want to achieve and how. It helps in seeking financial support from an investor or financial institution Step 4: Plan Your Finances WWW.PPTMART.COM

  11. How to Start aBusiness Step 5: Choose a Business Structure Step 6: Pick and Register Your Business Name Step 7: Get Licenses and Permits Step 8: Set Up Your Business Location Step 9: Choose Your Accounting System Step 10: Promote Your Small Business WWW.PPTMART.COM

  12. STEPS IN WRITING A BUSINESS PLAN (1) EXECUTIVE SUMMARY (2) COMPANY DESCRIPTION (3) PRODUCTS / SERVICES (4) MARKET ANALYSIS (5) MARKET STRATEGY (6) MANAGEMENT SUMMARY (7) FINANCIAL ANALYSIS WWW.PPTMART.COM

  13. (2) COMPANY DESCRIPTION (The company description outlines vital details about your company, such as where you are located, how large the company is, what you do and what you hope to accomplish) Company name (use Ministry of Corporate Affairs www.mca.gov.in) Ownership/management team Location Company history Mission statement Products/services and target market Objectives Vision statement WWW.PPTMART.COM

  14. MISSION A clear statement that represents the purpose of your company. Why are you starting this business? VISION What are you creating? What will your business look like in one year, three years, and five years? OBJECTIVES (Set goals for the business) Goal should be: Specific & Measurable With in reach Time-based WWW.PPTMART.COM

  15. (3) PRODUCTS / SERVICES (The products or services section of your business plan should clearly describe what products and/or services you're selling with emphasis on the value you're providing to your customers or clients) This section can be broken down into following parts: Brief comparison to similar products or services in the market ii. List of your price points WWW.PPTMART.COM

  16. (4) MARKET ANALYSIS This section should include following parts: Industry Description : Detailed statistics that define the industry size, growth rate and trends. Target Market: Who is your ideal customer? Age, gender, income level and lifestyle of target customers. How you intend to reach the market. Competitive Analysis: Who is in your competition? What are the strengths and weaknesses of the competition? What are the potential roadblocks preventing you from entering the market? WWW.PPTMART.COM

  17. (5) MARKET STRATEGY : (This section can be used as a blueprint for all of your marketing activities) (I) Product: (i) Brand name (ii) Packaging (iii) Quality and Warranty (II) Promotion: (i) Advertising and Marketing budget (ii) Promotional strategy, Publicity and public relations (iii) Sales force and Sales promotion (III) Price: (i) Pricing flexibility Pricing strategy (ii) Retail price, Seasonal Price and Wholesale (volume) price (IV) Place: (i) Distribution centers and Distribution channels (ii) Order processing and Transportation WWW.PPTMART.COM

  18. (6) MANAGEMENT SUMMARY (This section demonstrates expertise of the team and resources behind your company) This section should include following parts: (I) Business Structure (II) Management Team (III) Other Personnel (IV) Personnel Growth Plan  : What are the salaries of each person to be involved with the company for the next three years? WWW.PPTMART.COM

  19. (7) FINANCIAL ANALYSIS • (This section should contain the data for financing your business now, what will be needed for future growth, and an estimation of your operating expenses) • This section should include following parts: • Balance Sheet:  • (II) Profit and Loss Analysis • (III) Personnel Expense Forecast WWW.PPTMART.COM

  20. (1) EXECUTIVE SUMMARY (The executive summary is the first section of your small business plan that is typically written last. It provides an overview of all of the other sections in the business plan) Executive summary should highlight at least one important statement from each of the other sections in your business plan. II. If the reader only reads the executive summary, he or she should have a very clear idea about your business, your goals and your strategic plan for accomplishing your goals. III. The executive summary should also include basic information about your business such as your business name and location, description of your business and its products and/or services, your management team and mission statement. WWW.PPTMART.COM

  21. “Enthusiasm without knowledge is not good; a person who moves too quickly may go the wrong way.”Do’s DON'TS • Start saving money for operating your business. • Learn your business by working for someone else in the same business first. • Consider the advantages of operating a family business. • measure your skills and training against potential competition. • Test market your product or service before starting or expanding. • Make "for" and "against" list describing the business you are in or considering. • Talk to lots of people for advice. • Make a comparative analysis of all opportunities you are considering. • Quit your job before you have completed start-up plans. • Consider operating a business in a field you do not enjoy. • Risk all the family assets. Limit your liabilities to a predetermined amount. • Be in a hurry to select a business. • Select a business that is too high a risk • Neglect to learn the negative aspects of an intended business. WWW.PPTMART.COM

  22. QUESTIONS (Q) What motivates a person to become an entreprenuer? (Q) Does motivation to become an entreprenuer is different in male and female? (Q) Does motivation to become an entreprenuer vary with the age? (Q) Does motivation to become an entreprenuer vary with the experience? (Q) Which one is most suited finance option for entreprenuers? (Q) What is the importance of education for an an entreprenuer? WWW.PPTMART.COM

  23. Some Facts Based on a Study by National Knowledge Commission (2008) WWW.PPTMART.COM

  24. Entrepreneurship Pyramid in India (in terms of sectors and numbers of people engaged) Level 1:Agriculture and other activities: Crop production, Plantation, Forestry, Fishing, Mining, etc. Level 2:Trading services: Wholesale and retail trade. Level 3:Old economy or traditional sectors: Manufacturing. Level 4:Emerging sectors :IT, Finance, Insurance and Business services, Construction, Transport-Storage-Communications etc. WWW.PPTMART.COM

  25. Registration of new companies according to nature of economic activity WWW.PPTMART.COM

  26. Motivation to become an entrepreneur WWW.PPTMART.COM

  27. Motivation – Variations according to gender For female entrepreneurs the most important motivating triggers are: Independence = 25% & Identification of a marketable idea = 25% For male entrepreneurs the most important motivating triggers are: family background = 24% & Independence = 21% WWW.PPTMART.COM

  28. Motivation – Variations according to age For entrepreneurs less than 35 years age the most important motivating triggers are: Market opportunity = 27% & Independence & Family background = 22% For entrepreneurs greater than 35 years age the most important motivating triggers are: Independence & Family background = 23% & Idea driven = 22% WWW.PPTMART.COM

  29. Motivation – Variations according to work experience • Among those who had work experience, 53% started enterprises in fields related to those in which they had previously worked. WWW.PPTMART.COM

  30. Start-Up Phase Finance An angel investor is an rich individual who provides capital for a business start-up, usually in exchange of ownership equity. Sources of self-finance WWW.PPTMART.COM

  31. Bank Finance at different stages of business WWW.PPTMART.COM

  32. Importance of Education for Entrepreneurship WWW.PPTMART.COM

  33. Importance of Education for Entrepreneurship WWW.PPTMART.COM

  34. Importance of Education for Entrepreneurship WWW.PPTMART.COM

  35. Some Innovations WWW.PPTMART.COM

  36. Bhagwan Singh Dangi (Reaper windrower machine) Madhya Pradesh WWW.PPTMART.COM

  37. N Sakthimainthan (Hand operated water lifting pump) Tamil Nadu WWW.PPTMART.COM

  38. Radhey Shyam Sharma (Bullock operated sprayer) Madhya Pradesh WWW.PPTMART.COM

  39. M. Nagarajan (Lemon cutter) Tamil Nadu WWW.PPTMART.COM

  40. Swayambhoo Sharma, Madanlal Kumawat, Chandan Agarwal(Modified hand pump with tap and attachment for filling animal trough) Rajasthan/Delhi WWW.PPTMART.COM

  41. CA Vincent (Floating soap) Kerala WWW.PPTMART.COM

  42. Brahmam, Ajmeri (gas-operated iron) WWW.PPTMART.COM

  43. Remya Jose (Washing-cum-exercise machine) Kerala WWW.PPTMART.COM

  44. Abhishek Bhagat (Automatic Food Making Machine) Bihar WWW.PPTMART.COM

  45. Some Success Stories WWW.PPTMART.COM

  46. Infosys Mr. Narayan Murthy (1) Started in 1981 by seven people (2) Start-up investment US$ 250 (3) 65 offices and 59 development centers in India, China, Australia, , Poland, UK, Canada and Japan (5) Total employees 127,779 employees as on December 31, 2010. WWW.PPTMART.COM

  47. Lizat Papad (1) The organisation started of with a sum of Rs.80. (2) Founded by 7 sisters in Mumbai. (3) Now 73 Branches and 27 Divisions in different states all over India. (4) Sales of over Rs.650 crores with exports itself exceeding Rs. 29 crores. (5) Over 42,000 sisters working in organisation . WWW.PPTMART.COM

  48. Dabbabala • Originated by Mr. Mahadeo Havaji Bachche with about 100 men. • Started in 1890 • Total area coverage: 60 Kms to 70 Kms • Employee Strength: 5000 • Number of Tiffin's: 2,00,000 Tiffin Boxes i.e 4,00,000 transactions every day. • Time taken: 3 hrs WWW.PPTMART.COM

  49. Bansal Classes Pvt. Ltd. • Started by Mr. V K Bansal in 1981 with one enrolled student • 2. Bansal Classes has produced more than 12000 IITians WWW.PPTMART.COM

  50. Founded By: Mr.Karsanbhai Patel • Finished his B.Sc. in Chemistry at age 21 and worked • as a lab technician. • (2) In 1969 set up Nirma . • (3) Total employee 14,000 (in 2004). • (4) Turn-over Rs. 2500 crore. WWW.PPTMART.COM

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