By Dilip Dharurkar MANAGING DIRECTOR NAC Group of Industries, Aurangabad

1. ENTREPRENEURSHIP DEVELOPMENT By Dilip Dharurkar MANAGING DIRECTOR NAC Group of Industries, Aurangabad

2. WHAT IS ENTREPRENURESHIP?

3. Derived from French word Entreprendremeans “to undertake”.

4. Entrepreneurs convert an opportunity through creativity and innovation into a profitable venture by efficiently utilizing existing or new resources.

5. Entrepreneurship is a combination of various qualities like organisation skills, innovativeness, risk-bearing, managing uncertainty, ability to bring together & use factor of production, analysing market opportunities, observing the change taking place in the market, methods & technologies & studying the tastes & preferences of consumers.

6. Classification of Entrepreneurs

7. Entrepreneurs based on expertise • Technical entrepreneurs: Develop improved quality of goods because of • craftsmanship. The greatest strength of technical entrepreneur is skill in • production technique. Improve goods/services by using innovative technology • and concentrate more on production than marketing. • Non-technical entrepreneurs: Not concerned with the technical aspects of • the product produced. Focus more on marketing and distribution strategies • and less on production. • Professional entrepreneurs: Focus more on establishing a business but not • in managing or operating it. Sell out the running business and start another • venture with the sales proceeds. Conceive new ideas to develop alternative • projects.

8. Entrepreneurs based on motivation levels • Pure entrepreneurs: Motivated by psychological and economic rewards. • Undertake an entrepreneurial activity for his personal satisfaction in work, • ego or status. • Induced entrepreneurs: Induced to take up an entrepreneurial task due to the • policy measures of the government like assistance, concessions and necessary • overhead facilities to start a venture. • Motivated entrepreneurs: Influenced by the desire for self fulfillment. They • come into being because of the possibility of making and marketing of some • new product for the consumer. • Spontaneous entrepreneurs: Start the business by natural talents. Self • motivation makes them to undertake entrepreneurial activity.

9. Entrepreneurship Vs Management • Entrepreneurship • Creating something new • New product, new method of production, new markets, new source of raw material • Challenges the ‘norm’ • Management • Protects • Stewardship of existing resources

10. QUALITIES OF ENTREPRENUERS • Mental ability: intelligent person. • Organising ability: good organisation. • Hard work: ready to work for long hours. • Discipline: highly disciplined- everything to be in order for them. • Clear objectives: regarding nature of business & products to be produced.

11. Need for high achievement- they have a strong desire for achieving something great. • Optimistic: highly optimistic- not disturbed by present problems-hope favourable future. • Risk taking: they like challenges. • H.R. ability: maintain good relations with other people (employee, vendors, customers, bankers). • Emotional stability: have considerable amount of self-control- business pressure can be handled.

12. Basic Requirements for Enterpreneual Development Communication ability: good communication. • Self-confidence: tackle problems immediately with self-confidence. • Adaptability: highly flexible- adapt themselves for any conditions. • Positive attitude: always think positively, they do not leave hopes even under difficult conditions. • They are also good managers, pro-active, realistic, have comprehensive awareness & conceptual ability.

13. ASSESS Yourself

14. 1. Do you know your strengths and weaknesses? Success is achieved by developing our strengths, not by eliminating our weaknesses -Marilyn vos Savant

15. Personal Exercise What are your strengths?  What are you good at?  What areas do you feel strong and confident about? • _____________________________________________________________________ • _____________________________________________________________________ • _____________________________________________________________________ What are your weaknesses? What areas or tasks do you find frustrating?  What do you struggle with? • _____________________________________________________________________ • _____________________________________________________________________ • _____________________________________________________________________

16. 2. Do you have passion for your business? Loving what you do, or doing what you love, is the only real way to ensure success in business.  If you have a real passion for what you are doing you won’t mind putting in those extra hours, you will positively enjoy it.

17. Personal Exercise Start thinking about what you’re passionate about and write them down. Think about the things that excite you in life. Don’t worry about whether there is a business in it; just think about what makes you happy.  What makes you jump out of bed in the morning with a smile on your face?

18. 3. Do you plan? • Visualize, plan, take action.  That is the process to success. • It is great to be able to visualize what you want to achieve with your business, you also have to be able to identify the individual steps you are going to take to get there. • Being able to set yourself realistic, achievable goals that build a tangible pathway to your dreams is a sure characteristic of a successful entrepreneur.

19. 4. Are you prepared to work hard? • Very few successful entrepreneurs will tell you that they achieved success without having to work hard.  • Success does not come simply from a good idea or a love of what you do. • To begin with you will undoubtedly be putting in long hours at unsociable times.  This can be hard if you have family commitments, such as young children that require your time and attention. • Be realistic about how much time you can dedicate to your business.  Can you rearrange other commitments so that you can work while your children are at school and still have time for them at weekend?

20. 5. Are you able to visualize success? • Entrepreneurs have a clear vision of what they want to achieve and they can vividly imagine what it will be like when they have reached their goals. • Having faith that you can accomplish your dreams and feeling that success is within reach is a major step towards attaining a profitable business.

21. 6. Have you considered the possibility of failure? Acknowledging that your business might fail is a bit like giving up before you even start.  Very often you hear people who are starting their own business saying, “well it probably won’t come to anything but I’ll give it a go.”

22. Seven Important Skills for Tomorrows Entrepreneurial Leaders • Creativity and Opportunity Evaluation • Real-time Strategy and Decision Making • Comfort with Change and Chaos • Teamwork • Evangelism, Selling, Negotiation, and Motivation through Influence and Persuasion • Oral and Written Communication • Basics of Start-Up Finance and Accounting

23. WOMEN ENTREPRENEURS • They are a woman or group of women who initiate, organize & operate a business enterprise. • According to Marshal, any woman or group of woman who innovates, initiates, or adopts an economic activity may be called a woman entrepreneur. • According to Government of India, it is an enterprise owned & controlled by woman or a woman having a minimum financial interest of 51% of the capital in the enterprise.

24. Problems faced by woman entrepreneur • Economic independence & autonomy are absent. • Less risk bearing capacity (because of more dependency). • Family involvement.

25. CLASSIFICATION OF WOMEN ENTREPRENEURS • Natural entrepreneur • Motivated entrepreneur • Created entrepreneur • Forced entrepreneur.

26. Thank you