entrepreunership

• entrepreneurship is the process of designing, launching, and running a new business
• Entrepreneurship exam
• Evolution of entrepreneurship in India
• Theories of entrepreneurship
• Entrepreneurial skills
• Entrepreneurship Development Programme (EDP)
• Entrepreneurship development unit-1
• Unit 1 - Entrepreneurial Opportunity:

  • Concept
  • Exploring opportunities
  • Environment scanning (SWOT)
  • Factors affecting Business Environment
  • Idea Fields & its Sources
  • Ideas → Opportunities
  • Trend Spotting
  • Creativity and Innovation
• Definition of an Entrepreneur:

  • Peter Drucker defines entrepreneur as one who always searches for an opportunity
• Business Opportunity:

  • An economic activity (leads to business / trade)
  • Earn profits
  • There is a good market
  • Return on investment
• Elements of Business Opportunity:

  • Assured market scope
  • Attractive and acceptable rate of return
  • Practicability of the idea
  • Competence of entrepreneur
  • Potential of future growth
• Business opportunities during lockdown:

  • Yoga training
  • Handwriting Classes
  • Work from home data packs (Jio, Vodafone)
  • Net Banking
  • News apps (Inshorts)
  • Video Meeting Apps
  • TikTok
  • Social Media (FB, Instagram, Whatsapp, etc.)
• Case Study Highlights:

  • The La Opala story of Sushil Jhunjhunwala
  • Timing was perfect
  • Used for gifting
  • Affordable, attractive and elegant
  • Oven-proof
  • Better compared to Chinese Bone China and Porcelain
  • Annual sales of 18 crore, 150 employees
  • In 2007, a new plant in Delhi, 8,000 tpa
• Exploring opportunities in environment / Enterprise Process:

  • Analysing needs and problems
  • Evaluating ideas (Creativity)
  • Identifying a product / service (Innovation)
  • Setting up a project
• Perceiving and Sensing Opportunities:

  • Needs & Problems
  • Creative Solutions
  • Entrepreneurial Opportunities
• Factors involved in sensing opportunities:

  • Ability to perceive and preserve basic ideas which could be used commercially
  • Ability to harness different sources of information
  • Vision and creativity
• Environment Scanning:

  • Careful monitoring of an organization’s internal and external environment for detecting early signs of opportunities and threats that may influence its current and future plans
• Importance of Environment:

  • Identification of opportunities to get first mover advantage
  • Formulation of strategies and policies
  • Tapping useful resources
  • Better performance
  • Sensitisation of entrepreneurs to cope up with rapid changes
  • Image building
• Identification of opportunities to get first mover advantage
• Formulation of strategies and policies
• Tapping useful resources
• Better performance
• Sensitisation of entrepreneurs to cope with rapid changes
• Image building
• An entrepreneur is a person who:

  • Earns income for himself
  • Conceives an idea to start a business
• A business firm can enjoy _____ through environment scanning:

  • First mover advantage
• Vision and Creativity is one of the factors for sensing entrepreneurial opportunities
• In the PESTEL model, factors include:

  • Political
  • Economic
  • Social
  • Technological
  • Ecological
  • Legal
• Political Environment includes:

  • Government affairs
  • Attitude of government towards various groups of society
  • Policies, implementation and changes
  • Type of government in power
  • Taxation policy related to businesses
  • Political stability – investment decisions
  • Values and ideologies of political parties
• Economical Environment includes:

  • Purchasing power
  • Interest rates
  • Inflation
  • Business cycles
  • Unemployment
  • Disposable income
• Social Environment includes:

  • Demographics
  • Social mobility
  • Income distribution
  • Lifestyle changes
  • Attitudes to work and leisure
  • Levels of education and consumerism
• Technological Environment includes:

  • Research & Development
  • Entry of innovative products from foreign countries
  • Rate of obsolescence
• Ecological Environment includes:

  • Sustainable development
  • Go Green approach
  • Reduce, Reuse, Recycle
• Legal Environment includes:

  • Law of land
  • Rules and regulations
  • Administrative orders issued by government
  • Central, State & Local laws
  • FEMA Act, Factories Act, Industrial Disputes Act, etc.
  • Taxation
  • Employment laws
  • Monopolistic laws (patents, copyrights)
  • Legislations
  • Statutory warning
• Factors affecting micro environment:

  • Political
  • Economical
  • Competitors
  • Legal
• Factors of PESTEL model from the case study:

  • Ecological, Technological
• Idea Fields for generating ideas:

  • Natural resources
  • Existing products
  • Market driven or demand driven ideas
  • Trading related ideas
  • Service Sector ideas
  • Creative Efforts
• Product Identification includes:

  • Processing
  • Knowledge Opportunity
  • Creative thinking
  • Skills
  • Idea Competencies
• Idea and Opportunity Assessment factors:

  • Product Identification
  • Application and use
  • Level of operation
  • Cost
  • Competition
  • Technical complexity
  • Annual turnover and profit margin
• Market Assessment factors:

  • Demand
  • Supply and nature of competition
  • Cost and price of product
  • Project innovation and change