Introduction to Entrepreneurship PDF

INTRODUCTION TO ENTREPRENEURSHIP THCC 10 BIANKA ARA SUNGA CHAPTER 1 - INTRODUCTION TO ENTREPRENEURSHIP Concept of Entrepreneurship Motivation - An Important Factor The 6Cs that motivate entrepreneurs Entrepreneurial Process Types of Entrepreneurs  WHAT IS ENTREPRENEURSHIP? ...

INTRODUCTION TO ENTREPRENEURSHIP THCC 10 BIANKA ARA SUNGA CHAPTER 1 - INTRODUCTION TO ENTREPRENEURSHIP Concept of Entrepreneurship Motivation - An Important Factor The 6Cs that motivate entrepreneurs Entrepreneurial Process Types of Entrepreneurs  WHAT IS ENTREPRENEURSHIP?  WHAT IS ENTREPRENEURSHIP? Entrepreneurship is the art of starting a business, basically a start-up company offering a creative product, process or service.  WHAT IS AN ENTREPRENEUR? An entrepreneur is a creator or a designer who design new ideas and business processes according to the market requirements and his own passion. To be a successful entrepreneur, it is very important to have managerial skills and strong team building abilities. Leadership attributes are a sign of successful entrepreneurs. An entrepreneur is an innovator or creator who introduces something new to the firm or the economy. CONCEPT OF entrepreneurship  CONCEPT OF ENTREPRENEURSHIP The word "entrepreneur" was derived from the French verb "enterprende" which means "to undertake" This refers to those who "undertake" the risks of new enterprises. An enterprise is created by an entrepreneur and the process of its creation is called entrepreneurship.  CONCEPT OF ENTREPRENEURSHIP An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. Entrepreneur play a key role in the economy, using the skills and initiative necessary to anticipate needs and bring good new ideas to the market. MOTIVATION WHY IS MOTIVATION AN IMPORTANT FACTOR IN ENTREPRENEURSHIP? MOTIVATION - AN IMPORTANT FACTOR The performance of an entrepreneur is dependent on his ability and willingness to perform. Ability - function of education, experience and skill Willingness - perform depending upon the level of motivation Motivation is one of the fundamental factors required for an entrepreneur to promote his ideas. WHY IS MOTIVATION REQUIRED? The term "motivation" has been derived from the word "motive" which prompts any person to act in a particular manner. Motives are the definition of a person's goals, dreams and needs. They direct human behavior towards achieving their goals. WHY MOTIVATION IS AN IMPORTANT FACTOR FOR AN ENTREPRENEUR? Tough Unfavourable To create To enhance To increase Competition Environment public creativity productivity demand WHY MOTIVATION IS AN IMPORTANT FACTOR FOR AN ENTREPRENEUR? Tough Competition An entrepreneur needs to face touch competition, to sustain and make a mark in this global market. To cope up with this competition, motivation is required at each stage of the firm. Unfavourable Environment Nobody knows what the future holds. One has to take care of the current economy and should be prepared for the worst situations of deteriorating economic conditions. For this, motivation and optimism is essential. WHY MOTIVATION IS AN IMPORTANT FACTOR FOR AN ENTREPRENEUR? To create public demand Market runs by the people and for the people. To run a business profitably, it is required to create a public demand for your product and service in the market and attract as many customers as possible. To enhance creativity The market always wants something new and different. If every firm offers the same product without variation then there is no point of preferring one brand in particular. To sustain one has to be innovative. WHY MOTIVATION IS AN IMPORTANT FACTOR FOR AN ENTREPRENEUR? To increase productivity It is very important to take care of the quality of the product as well as the profit. People will always prefer a product which is cost-efficient and of good quality.  WHAT MOTIVATES AN ENTREPRENEUR? THE 6 C'S THAT MOTIVATES AN ENTREPRENEUR: CHANGE CHALLENGE CREATIVITY CONTROL CURIOSITY CASH RESULTS OF MOTIVATION: Heavy Industrialization - Tremendous growth can be seen in industrialization Self-employment - A common man gets a chance to make a difference, set a new standard of industrial growth, Economic growth - Results in the growth of the company and economy of a country Creating new jobs - More entrepreneurship leads to more jobs openings. Proper social benefit - When a country's economy grows or increases, there will also be an advanced and proper social benefits provided to th public  KEY HURDLES THAT ENTREPRENEURS FACE WHEN STARTING A NEW BUSINESS:  Key hurdles that entrepreneurs face when starting a new business: 1. Developing the idea and business concept 2. Raising principal for start up business 3. Gathering a business team 4. Identifying the right business site. noble employees, and loyal customers 5. Competing with competitors  Key hurdles that entrepreneurs face when starting a new business: 6. Unanticipated business trials and expenditures 7. Keeping up with the industry changes and development 8. Withdarwing the business 9. Down in stagnations 10. Overrating, concentartion, passion and resolution  TYPES OF ENTREPRENEURS  TYPES OF ENTREPRENEURS INNOVATIVE ENTREPRENEUR a person who creates and implements new ideas, products, or services in order to bring about positive change in the market and society. They are constantly seeking new opportunities and are willing to take risks in order to bring their innovative ideas to life IMITATING ENTREPRENEUR creates a business by copying or adapting an existing concept or business model. These entrepreneurs take an existing business idea, product, or service and replicate it. FABIAN ENTREPRENEUR the one who has “ a little to no interest in bringing innovation in the already existing business model. He is the one who always prefers to play safe and stay in the same position wherever he is DRONE ENTREPRENEUR These are entrepreneurs who do not like a change. They are considered as 'old school'. They want to do business in their own traditional or orthodox methods of production and systems. Such people attach pride and tradition to even outdated methods of doing business. ENTREPRENEURAL PROCESS ENTREPRENEURAL PROCESS: Discovery - An entrepreneural process begins with the idea generation, wherein the entrepreneur identifies and evaluates business opportunities. Developing a business plan - Once the opportunitu is identified, an entrepreneur needs to a create a comprehensive business plan. - A business plan in critical to the success of any new venuture since it acts as a benchmark and evaluation criteria to see if the organization is moving towards its goals. Resourcing - This is when the entrepreneur identifies the sources from where the finance and human resource can be arranged. ENTREPRENEURAL PROCESS: Managing the company - Once the funds are raised and the employees are hired, the nest step is to initiate the business operations to achieve the set goals. Harvesting - This is the final step wherein the entrepreneur decides on the future prospects of the business. This is where the actual growth is compared against the plan growth and the decision regarding the stability or expansion is undertaken accordingly by the entrepreneur.  THANK YOU FOR LISTENING! Don't hesitate to ask any questions!