“if you are not making the progress you would like TO MAKE and are capable of it is merely because your personal goals are not clearly defined!” -PAUL j mEYER
WELCOME TO ALL OF YOU- Creative Entrepreneurship RAHUL JAIN (Striving for excellence) BCOM (H), MBA, FCS Module Title- Design and Business Management
CE- Content • Introduction to Fashion entrepreneurship • Characteristics of successful entrepreneurship • Business plan / proposal • Core business practices • Raising finances • Small business management skills • Identifying market opportunities • Identifying USP
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.
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
Fashion Entrepreneurship Fashion entrepreneurship is about combining design, business, and manufacturing knowledge Some things can be outsourced or bought in…but some things are critical for the fashion entrepreneur or the management team.
Today… • Introduction to Entrepreneurship • Entrepreneurial Competencies • Economic Development
PASSION COLLAGE • List 10 possible passions; put a star next to the five that seem to resonate most powerfully with you:
PASSION • American designer Tom Ford graduated from Parsons The New School for Design with a degree in architecture, but soon realized his love for fashion while interning at Chloe's press office. He has gone on to work for Perry Ellis, completely transform the Gucci brand, and become Creative Director for Yves Saint Laurent. • In 2005 he announced the creation of the TOM FORD brand and its first flagship store opened two years later on Madison Avenue in NYC.
Entrepreneurial Spirit: Converting Idea into Success • Being Different • Having Fun • Vision creates Opportunities, Execution Creates Magic
“In order to be irreplaceable , One must always be different.” - Coco Chanel
Being Different • Can We change the status quo ? • Can We take the Initiative ? • Can We leverage on our strengths ?
Having Fun • Can We be creative ? • Can We do the same thing in better manner ? • Can We enjoy the process ?
COCO CHANEL’S CASE • “Success is often achieved by those who don’t know that failure is inevitable.”— Gabrielle “Coco” Chanel • Coco Chanel's status as a successful entrepreneur began well before the launch of her signature fragrance on May 5, 1921.
COCO CHANEL’S CASE • Coco Chanel always dreamt of becoming a famous fashion designer. • She opened her first millinery store in 1909 in Paris. With Chanel's obsessive dedication the store would become a success
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
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 Entrepreneurship vs. Wage Employment
Entrepreneur 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 Entrepreneur vs. Manager
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
Individual Assignment: – I (To be shown in VI th class) Individual Assignment Make a folder/file of Learning Journal and Assignments • Individual Assignment- Writing of Key learnings of Videos, Readings & Class 1 in Learning Journal file (One page) 2) Individual Assignment: Passion Collage • Individual Personality exercise- Write the Vision & Mission statement of your life ( Both professional and personal) & Short term professional goals. ( In A4 sheet) & SWOT analysis of oneself. Refer : www.finishingschool.pbworks.com, firstname.lastname@example.org, 9811228852
Please note Each Assessment will have : • 50% Process Marks which will be given as follows: • Professional conduct (Attendance, Class discussion): 20% • Process Assignments: 30% • Interim Viva/Reflection (4th/8th Class) : 50% • Performer will get bonus marks • Final Output ( 50% Marks)
Assignment • Prepare an individual file having : a) Key learnings of Class-1 b) Passion Collage
Individual Assignment: – I Individual Assignment Make a folder/file of Learning Journal and Assignments • Each class you have to prepare the key learnings Refer : www.finishingschool.pbworks.com, email@example.com, 9811228852