unit 4

• Entrepreneurship


  The art of starting a business, basically a startup company offering creative product, process or service
• Entrepreneur


  • Perceives everything as a chance and displays bias in taking decision to exploit the chance
  • Creator or a designer who designs new ideas and business processes according to the market requirements and his/her own passion
  • Needs managerial skill and strong team building abilities
• Successful entrepreneurs


  • Have leadership attributes
  • Have management ability
  • Have team building skills
• Entrepreneur


  An innovator or a creator who introduces something new to the firm or economy
• Entrepreneurship


  The ownership of a business by a single person
• Importance of entrepreneurship


  • Creates job opportunities
  • Creates new businesses
  • Leads to innovation
  • Leads to better standards of living
  • Supports research and development
  • Promotes community development
  • Leads to increased productivity
  • Contributes to national wealth
  • Contributes to social welfare
• Types of entrepreneurs


  • The inventor
  • The small business owner
  • The online entrepreneur
  • The home business owner
• Qualities of a successful entrepreneur

  • Discipline
  • Curiosity
  • Creativity
  • Willingness to try things
  • Honesty
  • Always have a plan
• Common entrepreneurship myths


  • Entrepreneurs are born that way
  • The only requirement is a good idea
  • Starting a new business guarantees freedom
  • Launching a company quickly leads to wealth
  • Only money motivates employees
  • Businesses either flourish or fail
  • All responsibility falls on the entrepreneur
  • There's a secret, "silver bullet" key to success
  • Businesses need someone with an MBA at the helm
  • Quitting is for losers
• Entrepreneurial development models


  • Large business entrepreneurship
  • Small business entrepreneurship
  • Social entrepreneurship
  • Scalable startup entrepreneurship
• Types of entrepreneurship


  • Entrepreneurship
  • Social entrepreneurship
  • Scalable startup entrepreneurship
  • Innovation entrepreneurship
• Entrepreneurship


  Often starts with a single person, a basic idea, and a lot of passion and determination. 75% of businesses are part of this small entrepreneurship model, with capital raised via friends and family. They hire local manpower and family members, and thrive on high profit. Examples include local coffee shops, hair salons, grocery stores, consultants, etc.
• Social entrepreneurship


  For people who genuinely think they can bring about a change in the world with their innovations and have the potential to do so. The focus is more on a social cause rather than just profits. Non-profit organizations are also part of this business model. Examples include microfinance institutions, co-operatives, educational programs, and welfare services.
• Scalable startup entrepreneurship


  These business models get funding from venture capitalists for further growth after initial success. Entrepreneurs who pick this model are confident of their vision and believe it can change the world. One famous example is Facebook.
• Innovation entrepreneurship


  A business model based on finding gaps in the market. These entrepreneurs use innovative thinking and technology to develop products and services that can make life easier for people and are something no one else has done yet. Examples include iPhones and Tesla.
• Problems faced by entrepreneurs

  • Access to capital
  • Market competition
  • Regulatory barriers
  • Lack of mentorship
  • Risk management
  • Market research
• Capacity building for entrepreneurship

  • Education and training
  • Access to finance
  • Mentorship programs
  • Networking opportunities
  • Incubators and accelerators
  • Government policies
  • Technology adoption
• Women entrepreneurship in Asia has seen significant growth and transformation in recent years, with an increasing number of women taking on leadership roles and venturing into diverse business sectors
• Factors contributing to growth of women entrepreneurship in Asia

  • Economic development
  • Education and skill development
  • Technology and digital platforms
  • Supportive policies
  • Changing societal norms
• Challenges for women entrepreneurs in Asia persist, including gender bias, limited access to finance, and societal expectations
• Entrepreneurship is about changing the world
• Skills and abilities of entrepreneurs

  • Perseverance and passion for long-term goals
  • Courage
  • Risk taking
  • Shaping the future while encouraging diversity
• The entrepreneur's passion is the engine pushing them through challenges, setbacks and struggles to achieve their purpose and change the world
• Factors contributing to growth of women entrepreneurship in India

  • Educational empowerment
  • Government initiatives
  • Access to finance
  • Technology and e-commerce
  • Changing social attitudes
  • Networking and support groups
• Key aspects of entrepreneurship in the new age

  • Technology integration
  • E-commerce and digital presence
  • Remote work and collaboration
  • Sustainability and social impact
  • Agile business models
  • Access to global markets
  • Innovation and disruption
  • Emphasis on customer experience
  • Diversity and inclusion
• Navigating the new age of entrepreneurship requires a combination of adaptability, technological proficiency, and a keen understanding of the evolving needs of the market and society
• Entrepreneurs who embrace these shifts can capitalize on the opportunities presented by the changing landscape, driving innovation and contributing to economic growth
• Examples of entrepreneurs who brought change and shaped the world

  • Alexander Graham Bell
  • Steve Jobs
  • Walt Disney
  • Bill Gates
  • Jeff Bezos
• Laissez-Faire


  Leadership style involving giving a lot of freedom to team members in terms of how they do their work and set their deadlines. Feedback and advice is given only when needed.
• Autocratic


  Leadership style where the leader makes decisions without consulting their teams. The leader has complete power to decide and impose decisions on the rest of the team.
• Transactional


  Leadership style that relies on setting tasks by the management and the team together. The management rewards those who complete the tasks and 'punishes' those who fall short.
• Democratic/Participative


  Leadership style where the leader values inputs from the team members and involves them in the decision making process. The final decision is made by the leader.
• Pacesetting


  Leadership style where the leader sets a high standard of performance, both for themselves and the team. The leader leads by example and expects the same from the team members.
• Transformational


  Considered one of the best leadership styles. The leader has a shared vision of the future and uses effective communication to inspire the team. The leader expects the best from everyone while showing accountability.
• Entrepreneurship in the new age is characterized by dynamic shifts influenced by technological advancements, changing consumer behaviors, and evolving global landscapes.
• Key aspects defining entrepreneurship in the new age

  • Technology Integration
  • E-commerce and Digital Presence
  • Remote Work and Collaboration
  • Sustainability and Social Impact
  • Agile Business Models
  • Access to Global Markets
  • Innovation and Disruption
  • Emphasis on Customer Experience
  • Diversity and Inclusion
• Getting to know your Business

  • Mission and Vision
  • Products and Services
  • Target Market
  • Competitive Landscape
  • Business Model
  • Financial Performance
  • Operational Processes
  • Organizational Structure
• Monitor competitor activities and market trends

  • Stay ahead of the curve
• Business Model


  Includes revenue streams, cost structure, and distribution channels
• Evaluate your business model

  1. Assess the scalability and sustainability of your business model over time

  2. Explore alternative business models or revenue streams to diversify and mitigate risk