Entrepreneurship AwarenessSession

Vishal Garg(Assistant Professor GIMT

Research Scholar Thapar University)

Sponsored ByDepartment Of Science & Technology

Government Of India Initiative

Shri Mahila Griha UdyogLijjat Papad

Shri Mahila Griha Udyog Lijjat Papad, popularly known as Lijjat, is an Indian women's organization involved in manufacturing of various spicy Papads.

The organization's main objective is empowerment of women by providing them employment opportunities. Started in the year 1959 with a seed capital of Rs. 80, Lijjat today has an annual turnover of around Rs. 500 crore, with Rs. 250 crore in exports and provides employment to around 42,000 employees.

It is considered as one of the most remarkable entrepreneurial initiatives by women that is identified with female empowerment in India

Who is an Entrepreneur ? An entrepreneur is a person who has possession of a new

enterprise, venture or idea and assumes significant accountability for the inherent risks and the outcome.

An entrepreneur is an individual who accepts financial risks and undertakes new financial ventures.

An entrepreneur is a person who is responsible for setting up a business.

An Entrepreneur is a person who organizes and manages a business undertaking, assuming the risk for the sake of profit. Any person (any age) who starts and operates a business is an entrepreneur.

Who is an Entrepreneur ? (1) E: xamine needs, wants, and problems to see how

they can improve the way needs and wants are met and problems overcome.

N: arrow the possible opportunities to one specific "best" opportunity.

T: hink of innovative ideas and narrow them to the "best" idea.

R: esearch the opportunity and idea thoroughly. E: nlist the best sources of advice and assistance that

they can find. P: lan their ventures (Project) and look for possible

problems that might arise.

Who is an Entrepreneur ? (2)

R: ank the risks and the possible rewards. E: valuate the risks and possible rewards and make their

decision to act or not to act. N: ever hang on to an idea, no matter how much they may

love it, if research shows it won't work. E: mploy the resources necessary for the venture to

succeed. U: nderstand that they will have to work long and hard to

make their venture succeed. R: ealize a sense of accomplishment from their successful

ventures and learn from their failures

Must haves for Any Entrepreneur:

Great idea Leadership skills Strong Vision Good team spirit Determination to succeed A good mentor (Teacher) Accept failure as the stepping stone to success Belief in oneself Passion and commitment Self-confident and self-reliant Goal-oriented Hardworking and energetic

Basic Types of Entrepreneur

3 Confusing Terms ???????

Entrepreneur

Entrepreneurship

Enterprise

• A Person

• Process of Action

• Business Object

Entrepreneur Process Diagram

Motivation to make a difference

Spotting & Exploiting

Opportunities

Finding the required

resources

Using networks

extensively

Overcoming Obstacles

Controlling the

Business

Start Getting Good return

Showing determination in the face of

adversity

Managing Risk

Entrepreneurship Defined.

Entrepreneurship is the act of being an entrepreneur.

Capacity and willingness to undertake conception, organization, and management of a productive venture with all attendant risks, while seeking profit as a reward.

In economics, entrepreneurship is regarded as a factor of production together with land, labor, natural resources, and capital.

The definition of entrepreneurship is a process through which individuals identify opportunities, allocate resources, and create value.

Process of Entrepreneurship

Entrepreneur

Resources

Opportunity

Organisation

1. Identify and evaluate the opportunity

3. Determine andattract resourcesrequired

4. Lead and manage resulting enterprise

2. Develop Business Plan

Challenges for Entrepreneur (1)

Lack of adequate credit Unreliable supply of raw materials,

inputs, power, finance, labour, etc. High cost of raw materials and other

inputs Assembling a Team Unfavorable market fluctuations Complex rules, regulations and

procedures framed by the some Government

Challenges for Entrepreneur (2)

Global competition Changes around the globe Unforeseen Challenges and Expenses Keeping Up With Industrial Changes

and Trends Balance between projects and

personnel Delayed payments Time Management

Advantages of being Entrepreneur Bridges gap between Knowledge & application Converting idea into money. Be your own Boss. Better utilization of resources and skills. Bake the business opportunities. Respected by society Salary Potential Flexibility & Dynamic Job security (You create your own employment.) Self-satisfaction, personal achievement, and

recognition No Set Schedules Independence

Disadvantages of being Entrepreneur (1)

No Regular Salary Work Schedule (can work more hours) Administration Chance of business failure Pressure to succeed Stress

Disadvantages of being Entrepreneur (2)

Financial risk Sacrifices (family time, financial

sacrifices) Different Responsibility Incompetent staff Time management High competition

Factors Influencing Entrepreneurship

Individual

Economic

EnvironmentSocio-cultural

factors

Support Systems

Political Environmen

t

LegalEnvironmen

t

TechnologicalEnvironment

Factors Affecting Entrepreneurs

Entrepreneurship and Economic Development (1)

Employment Generation National Income Balanced Regional Development Dispersal of economic power Better standards of living Creating innovation

Entrepreneurship and Economic Development (2)

Raises productivity Play a strategic role in commercializing

new inventions and products Improve the social welfare of a country Create new markets International competition An overall desire to improve efficiency

and productivity

Idea generation• Screen ideas against new business strategy

Concept development and evaluation• Test concept with customers & employees

Business analysis• Test for profitability and feasibility

Product development and testing• Conduct product prototype test

Market testing• Test product & other marketing mix element

Commercialization

Post introduction evaluation

Front end Planning

Implementation

New Business development Process

Factors favoring Entrepreneurship in India

Growth of education- science, technology & management

Developed infrastructure facilities Financial assistance Training facilities Protective and promotional policies Globalization Manpower Resources Economic and Political stability

Checklist for Aspiring Entrepreneurs

Do it for passion not money Do something you know about Don’t give up too early Have a mentor Have appropriate funding Be a good cash manager Build sales first Don’t try to rush Be wary of bad advice or suppliers

Why to promote Entrepreneurship? In India, where over 30 crores people are

living below the poverty line, it is simply impossible for any government to provide means of livelihood to everyone.

Such situations surely demand for a continuous effort from the society, where the people are encouraged to come up with their entrepreneurial initiative.

Dhirubhai Ambani

Dhirubhai Ambani alias Dhirajlal Hirachand Ambani.

His father was a school teacher. Dhirubhai Ambani started his entrepreneurial career by selling "bhajias" to pilgrims in Mount Girnar over the weekends.

After doing his matriculation at the age of 16, Dhirubhai moved to Yemen. He worked there as a gas-station attendant, and as a clerk in an oil company. He returned to India in 1958 with Rs 50,000 and set up a textile company.

Narayan Murthy

Born in 1946, Murthy's father was a school teacher in Kolar district, Karnataka, India. A bright student, Murthy went on to acquire a degree in Electrical Engineering from Mysore University and later studied Computer Science at the IIT, K

The Infosys legend began in 1981 when Narayana Murthy dreamt of forming his own company, along with six friends.

There was a minor hitch, though-he didn't have any seed money.

Luckly, like many Indian women who save secretly without their husband's knowledge, his wife Sudha-then an engineer with Tatas-had saved Rs 10,000.

Sarathbabu founder of FOOD KING

When 27-year old Sarathbabu graduated from the Indian Institute of Management, Ahmedabad, he created quite a stir by refusing a job that offered him a huge salary. He preferred to start his own enterprise -- Foodking Catering Service -- in Ahmedabad, now widely famous in Gujarat

Kiran Mazumdar-Shaw

She was born in Bangalore, and educated at the Bishop Cotton Girls School and Mount Carmel College at Bangalore.

Collaborating with the Irish firm, she founded Biocon India with a capital of Rs. 10,000/- in 1978.

The initial operation was to extract an enzyme from papaya.

Her application for loans was turned down by banks on two counts – biotechnology was then a new word and the company lacked assets

Ekta Kapoor

Ekta Jeetendra Kapoor is an Indian TV and film producer. She is the Creative Director and Joint Managing Director of Balaji Telefilms, her production company, she is most famous for having created and supervised some of the most popular serials in Indian television history, serials that kept the audiences rooted to their television sets and also influenced the psyche of the people

Shahnaz Husain

Shahnaz Husain (Shahnaz) was another successful woman entrepreneur of India.

She popularized herbal treatments for beauty and health problems. Her company, Shahnaz Husain Herbals, is the largest of its kind in the world and had a strong presence in over 100 countries, from the US to Asia.

The Shahnaz Husain Group had over 650 salons around the world, employing about 4200 people. The net worth of the Group is $100 million.

Sulajja Motwani Joint Managing Director of

Kinetic Engineering Ltd., is in-charge of the company's overall business developmental activities. She is also the Director of Kinetic Motor Company Limited and Kinetic Marketing Services Limited.

She was ranked among the top 25 business entrepreneurs of the country

Ratan Tata

Ratan Naval Tata is the present Chairman of Tata Sons and therefore, Tata Group, India's largest conglomerate founded by Jamsedji Tata and consolidated and expanded by later generations of his family. He is also the chairman of major Tata companies such as Tata Steel, Tata Motors, Tata Power, Tata Consultancy Services, Tata Tea, Tata Chemicals, The Indian Hotels Company and Tata Teleservices.

Challenges Before Women Entrepreneurs

Lack of confidence Socio-cultural barriers Market-oriented risk Less Motivated Less Knowledge in Business Administration No Awareness about the financial assistance Exposed to the training programs Family concern Identifying the available resources (Travelling)

Areas Of Interest for Women Entrepreneurs • Eco-friendly technology

• Bio-technology

• IT enabled enterprises

• Event Management

• Tourism industry

• Telecommunication

Mineral water

Sericulture

Floriculture

Herbal & health care

Food, fruits & vegetable processing

Plastic materials

Association promoting Entrepreneurs

Self help groups (SHG) Federation of Indian Women Entrepreneurs (FIWE) Women’s India Trust (WTI) Small Industries Development Bank of India

(SIDBI) Small industrial Development Organization (SIDO) Consortium of Women Entrepreneurs of India

(CWEI) Self Employed Women's Association (SEWA) NABARD Various Central And State Government Schemes

10 Practical Steps to Encourage Entrepreneurship (1)

Step 1: Build Affordable Incubation (Breeding Centres)Facilities in Every City

Step 2: Enable Business Registration (in less than a week, and with no minimum

capital) Step 3: Enable Cross-border Work Visas

(between human resources rich countries, and their neighbors with large markets)

Step 4: Provide Equity Funding (Venture Capital)

Step 5: Relax Financing (provide loan guarantee programs to SMEs with no collaterals)

10 Practical Steps to Encourage Entrepreneurship (2)

Step 6: Plug-In Academia (Help fromuniversities & incubators centers)

Step 7: Ease Customs and Taxes (5 year tax breaks for knowledge-based businesses)

Step 8: Enable Technology Transfer (provide free technical assistance to incorporate technology in every business)

Step 9: Provide Mentorship (a qualified mentor is the right for every entrepreneur)

Step 10: Celebrate Success (embrace and promote success and create more role models)

Education & Entrepreneur Relationship

Contribution of SSIs

As per 2008-08, the number of SSI is 123.42 lakhs which employs nearly 295 lakhs.

The export from SSI is more than 1,24,000 crores in 2008-09.

SSI contributes 45% of manufacturing exports and 34% of total

Growth rate of SSI is 10% in terms of production.

Suggestions Government support and Policies Reforming the Educational Infrastructure Promoting equal opportunities Encouraging and facilitating the

international exchange of ‘good practice’ Creating awareness about Self employment Availability of Financial instruments Creation of National Commission Encouraging young entrepreneurs to

enhance networking Establishment of Independent bodies

“A leader is one who knows the way, goes the way, and shows the

way.”

Thanks to Management Of Maharishi Ved Vyas Vollege for allowing me to share the thoughts regarding Entrepreneur

HelpLine (Govt Of India)

Vishal Garg 9068546833 contactvishalgarg@gmail.com

Mr SriKant Kaushik 9996116100 kaushiksrikant@gmail.com