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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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Orientation to entrepreneurship

Orientation

To

ENTREPRENEURSHIP

Yogesh Misra, Faculty of Engineering & Technology

Mody Institute of Technology & Science (Deemed University)

Laxmangarh [Raj.]

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Orientation to entrepreneurship

  • 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

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Orientation to entrepreneurship

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

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Orientation to entrepreneurship

ENTREPRENEURSHIP

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Characteristics of entrepreneur

Characteristics of entrepreneur

  • Information seeking

  • Learning nature

  • Goal setting

  • Commitment to work

  • Systematic planning and monitoring

  • Moderate risk takers

    Most important : INNOVATIVE IN NATURE

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Some advantages some disadvantages

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.

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Orientation to entrepreneurship

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Orientation to entrepreneurship

  • 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.

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Orientation to entrepreneurship

Building a successful venture

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Orientation to entrepreneurship

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

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Orientation to entrepreneurship

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

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Orientation to entrepreneurship

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

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Orientation to entrepreneurship

(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

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Orientation to entrepreneurship

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

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Orientation to entrepreneurship

(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

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Orientation to entrepreneurship

(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?

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Orientation to entrepreneurship

(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

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Orientation to entrepreneurship

(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?

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Orientation to entrepreneurship

  • (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

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Orientation to entrepreneurship

(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.

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Orientation to entrepreneurship

“Enthusiasm without knowledge is not good; a person who moves too quickly may go the wrong way.”Do’sDON'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.

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Orientation to entrepreneurship

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?

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Orientation to entrepreneurship

Some Facts Based on a Study

by

National Knowledge Commission

(2008)

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Orientation to entrepreneurship

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.

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Orientation to entrepreneurship

Registration of new companies according to nature of economic activity

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Orientation to entrepreneurship

Motivation to become an entrepreneur

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Motivation variations according to gender

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%

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Motivation variations according to age

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%

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Motivation variations according to work experience

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.

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Orientation to entrepreneurship

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

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Orientation to entrepreneurship

Bank Finance at different stages of business

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Orientation to entrepreneurship

Importance of Education for Entrepreneurship

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Orientation to entrepreneurship

Importance of Education for Entrepreneurship

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Orientation to entrepreneurship

Importance of Education for Entrepreneurship

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Orientation to entrepreneurship

Some

Innovations

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Orientation to entrepreneurship

Bhagwan Singh Dangi (Reaper windrower machine) Madhya Pradesh

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Orientation to entrepreneurship

N Sakthimainthan (Hand operated water lifting pump) Tamil Nadu

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Orientation to entrepreneurship

Radhey Shyam Sharma (Bullock operated sprayer) Madhya Pradesh

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Orientation to entrepreneurship

M. Nagarajan (Lemon cutter) Tamil Nadu

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Orientation to entrepreneurship

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

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Orientation to entrepreneurship

CA Vincent (Floating soap) Kerala

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Orientation to entrepreneurship

Brahmam, Ajmeri (gas-operated iron)

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Orientation to entrepreneurship

Remya Jose (Washing-cum-exercise machine) Kerala

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Orientation to entrepreneurship

Abhishek Bhagat (Automatic Food Making Machine) Bihar

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Orientation to entrepreneurship

Some

Success

Stories

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Orientation to entrepreneurship

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.

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Orientation to entrepreneurship

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 .

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Orientation to entrepreneurship

  • 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

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Orientation to entrepreneurship

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

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Orientation to entrepreneurship

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.

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Orientation to entrepreneurship

Started on 18 August, 1973

Mansukhbhai conceived an idea of presenting a substitute of “Pan”

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Orientation to entrepreneurship

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Orientation to entrepreneurship

Shahnaz Husain

(1) Started in1977 from her house.

(2) Start-up investment of Rs

35000.

(3) Presence in over 100 countries

650 salons around the world

(in 2002).

(4) Employing about 4200 people.

(5) The net worth of the Group

was $100 million.

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Orientation to entrepreneurship

Kiran Mazumdar-Shaw

  • Started M/s Biocon Ltd. in1978 from her garage.

  • (2) Start-up investment of Rs 10,000.

  • (3) 7th largest biotech employer in the world

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Orientation to entrepreneurship

Subroto Roy

(1) Founded SAHARA group 1978

started with three workers

(2) Small deposit para-banking business.

(3) Today having presence in housing,

entertainment, media and aviation.

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Orientation to entrepreneurship

Ekta Kapoor

Started her television software business at the age of 19.

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Orientation to entrepreneurship

Sunil Mittal

  • In 1970s, he set up a small bicycle

  • business in Ludhiana.

  • (2) In 1986, incorporated Bharti

  • Telecom Limited (AirTEl)

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Orientation to entrepreneurship

Sabeer Bhatia

(1) July 4, 1996, first email service by HOTMAIL.

(2) In 1997 Microsoft purchased HOTMAIL in $400million.

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Orientation to entrepreneurship

Some

Exiting

Opportunities

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Orientation to entrepreneurship

Copywriters

(1) Prepare text for advertisements, marketing brochures, press releases, TV and radio commercials, catalogs and packaging labels, etc.

(2) Writing talent.

(3) High demand, as most business owners do not possess the skills and time to prepare highly effective copy.

(4) Alliances with advertising agencies, graphic artists and public relations firms.

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Orientation to entrepreneurship

Alcohol Free Club

The benefits include:

• Less investment capital required to start and operate the business.

• Fewer government regulations, and substantially lower liability insurance premiums.

• Less competition within the industry, and a clear definition of the target market.

• Increased choices in terms of operating location.

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Orientation to entrepreneurship

Health Taxi

(1) Purchase, lease or rent a suitable mode of transportation.

(2) Contact local doctors.

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Orientation to entrepreneurship

Self Defence

  • Potential customers: Kids, students, single mothers, housewives, executives traveling overseas, government employees, celebrities, sports figures, politicians, school teachers , security guards, etc.

  • (2) Training can be conducted in a group format or on a one-on-one basis at your school location or the clients locations, including their homes, businesses, or offices.

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Orientation to entrepreneurship

Stress Management

(1) Target customers are individuals seeking to reduce or eliminate stress from their daily lives.

(2) Corporate clients.

(3) Business place – Home, rental office or client's business or home location.

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Orientation to entrepreneurship

Role of Government

(1) Information source for start-up entrepreneurs.

(2) World-class infrastructure.

(3) Public Fund for new entrepreneurs.

(4) Polices to encourage innovation among smaller

institutions and companies.

(5) Recognition and reward for Entrepreneurship.

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Orientation to entrepreneurship

Role of Educational Institutions

(Entrepreneurship is treated as an extra-curricular activity, resulting in a narrow impact on limited numbers of students)

(1) Integration of subjects on entrepreneurship in the formal education systems

(2) Case studies of real life situations in the curriculum.

(3) Linking vocational education with mainstream education.

(4) Student-led activities related to entrepreneurship in campus.

(5) Business plan contests.

(6) Industry-Institute interaction.

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Orientation to entrepreneurship

Name of Institute

Place

Activities

National Institute of Small Industry Extension and Training (NISIET)

Hyderabad

Training, research and consultancy services

Indian Institute of Entrepreneurship

Guwahati

Training, research and consultancy services

National Institute of Entrepreneurship and Small Business Development (NIESBUD)

New Delhi

Coordinating and overseeing activities of various institutes /agencies engaged in entrepreneurship development

Integrated Training Centre (Industries)

Nilokheri

Conducts EDP course

Institute for Design of Electrical Measuring Instruments (IDEMI)

Mumbai

Render services to the instrumentation industry

Central Institute of Hand Tools

Jalandhar

Aims at rapid growth of the hand tool sector

Hand Tool Design Development and Training Centre

Nagaur

Assistance for improvement in productivity, betterment in quality, high value addition

Central Tool Room

Ludhiana

Provides services in the area of consultancy, tool design and manufacture and technical training

Central Tool Room and Training Centre

Kolkata

Training, design and manufacture of complicated precision tools for the telecom industry and other common facility services

Central Institute of Tool Design (CITD)

Hyderabad

Training, CAD/CAM centre to train post-graduate trainees, automatic process control unit, and so on

Product-cum-Process Development Centre for Sports Goods

Meerut

Training, process and product development of sports goods, R & D

Product-cum-Process Development Centre for Essential Oils

Kannauj

Modernise and upgrade technology status for the essential oils and perfumery industry

Product-cum-Process Development Centre

Agra

Provide better technology to small-scale foundry and forging units, process and product development, and provision of design for melting equipment, testing facilities

Electronic Service and Training Centre

Ramnagar

Training, technical and consultancy services

Centre for the improvement of Glass industry

Firozabad

Development and adoption of new technologies and products

National Small Industries Corporation

New Delhi

Supply of machinery, marketing assistance, training

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Orientation to entrepreneurship

Thanks

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