SLIDES CREATED BY: LETHANDO NTELEKI 201012066

Entrepreneurship

Entrepreneurship BY MIKE NOLEN

The business environment

contents

IntroductionMeaning of

entrepreneurship

INTRODUCTION

INDIA is a young Nation of 60years of Independence setting out on a path of sustained economic growth

Current years the ongoing interest in entrepreneurship has increased

For growth of new businesses as well as economic development

MEANING OF ENTREPRENEURSHIP

Entrepreneurship is a process undertaken by an entrepreneur to establish and to develop a new enterprise.

It is a process of converting the idea of establishing an enterprise into its implementation.

What is an Entrepreneur?

An Entrepreneur (ahn’tra pra nur) 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.

NEW SOURCES OF INCOME FOR GOVT

govt. gets income of various taxes by medium of venture of new entrepreneurs.

Some export oriented industrial units help govt. in earning foreign exchange.

FOR RAPID ECONOMIC DEVELOPMENT

Entrepreneurs and entrepreneurship are base for economic development.

Entrepreneurship Development Programme (EDP) makes entrepreneurs for creation of entrepreneurship environment.

In India, in every five year plan more and more amount is allotted for entrepreneurship development.

CREATION OF SUITABLE INDUSTRIAL ENVIRONMENT FOR RAPID ECONOMIC DEVELOPMENT.

For creation of industrial and entrepreneurship environment, various institutions – CED, EDI, IDBI, Exim bank, IFCI, State Finance Corporation, DIC etc have given their active contribution.

Entrepreneurship is a challenging and rewarding profession.

Entrepreneurship is required for the growth of NATIONAL ECONOMY.

ENTREPRENEURSHIP & ECONOMIC DEVELOPMENT

DEVELOPMENT OF ECONOMY

LEV

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EPR

EN

EU

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HIP

AGRARIAN INDUSTRIALIZATION SERVICE & HI TECH

SMALL BUSINESSFORMATION

LATE IMITATION

EARLY IMITATION

EARLYIMITATIONAND INNOVATION

Entrepreneurship

Agricultural students have been entrepreneurs since the beginning of agricultural education.

Entrepreneurship

The Smith-Hughes Act of 1917 (which provided federal funding for agricultural programs) required all students to have an entrepreneurship program – but they weren’t called entrepreneurs back then.

Early Entrepreneurship

These early entrepreneurship programs were called different names:Farming ProgramProductive or Production

EnterprisesOwnership

Early Entrepreneurship

The early SAE Entrepreneurship program primarily involved:Raising LivestockGrowing Crops

Entrepreneurship Today

Today, agricultural students are involved in many different types of entrepreneurial activities.

Entrepreneurship in agriculture can still be raising livestock and growing crops, but it can be much, much more than that.

Different type of Entrepreneurship

Entrepreneurship: The student plans, implements, operates and assumes financial risks in a farming activity or agricultural business. In entrepreneurship programs, the student owns the materials and other required inputs and keeps financial records to determine return to investments.

Agri-Entrepreneurs Example

Lawn Maintenance Service

Agri-Entrepreneurs Example

Raise and Sell Fishing Bait

Farming Entrepreneurs Example

Custom Crop Harvesting

Vet Entrepreneurs Example

Pet Sitting Service

Fishing Entrepreneurs Example

Fishing Guide

Fruit and veg Entrepreneurs Example

Operating a Roadside Marketing Selling Produce

Sesonal -Entrepreneurs Example

Making and Selling Christmas Wreathes

DIY Entrepreneurs Example

Operating a Small Engine Repair Service

Three Aspects of Entrepreneurship

1. The identification/recognition of market opportunity and the generation of a business idea (product or service) to address the opportunity

Three Aspects of Entrepreneurship

2. The marshalling and commitment of resources in the face of risk to pursue the opportunity

Three Aspects of Entrepreneurship

3. The creation of an operating business organization to implement the opportunity-motivated business idea

Successful Entrepreneurs

According to the Small Business Administration, successful entrepreneurs have five characteristics: Drive, which is defined as the most important

attribute. Entrepreneurs can expect long hours, high stress and endless problems, as they launch a new business.

Successful Entrepreneurs

According to the Small Business Administration, successful entrepreneurs have five characteristics: Thinking Ability, or the characteristic that

encompasses creativity, critical thinking, analytical abilities and originality.

Successful Entrepreneurs

According to the Small Business Administration, successful entrepreneurs have five characteristics: Aptitude for Human Relations. This

characteristic recognizes the importance of the ability to motivate employees, sell customers, negotiate with suppliers and convince lenders. Personality plays a big part in success in this area..

Successful Entrepreneurs

According to the Small Business Administration, successful entrepreneurs have five characteristics: Communication Skills, or the ability to make

yourself understood.

Successful Entrepreneurs

According to the Small Business Administration, successful entrepreneurs have five characteristics: Technical Ability speaks to the need of the

entrepreneur to know their product and their market. They must consider the long- and short-term implications of their decisions, their strengths and weaknesses, and their competition. In short, they need strategic management skills.

Entrepreneurship

Some advantagesYou are your own bossEnjoy the profits from you

effortsSense of pride in your businessFlexibility in your work

schedule

Entrepreneurship

Some disadvantages Will need to put in long hours

Need money to start

Have to keep up with government rules and regulations

May have to mark hard decisions (hiring, firing, etc.)

May lose money

FFA and Entrepreneurship

During the past decade the Kauffman Foundation has supported a new FFA initiative to support entrepreneurship activities

Awards program (and money)

Video “You’re the Boss”

Materials

FFA Agri-Entrepreneurship Program Each state recognizes the agricultural

student who has the best entrepreneurship program.

There is cash award of $100 at the state level.

All entries at the state level go on for national competition.

FFA Agri-Entrepreneurship Program At the national level, 10 outstanding

entrepreneurship students are recognized.

There is cash award of $1000 for each national winner

The FFA chapters of the national award winners each receive $500.

Definition of an Entrepreneur

The actual definition of an entrepreneur is a person who organizes and operates a business or businesses, taking on financial risk to do so

Basically working for yourself

Characteristics of an Entrepreneur

Inner drive to succeed

Competitive

Passion for what your doing

Highly motivated

Not afraid to take risks or fail

Skills

Communication

Organization

Leadership

All these are necessary to be an entrepreneur, but they are also beneficial in life in general

Skills Communication

Having the ability to communicate face to face and also through technology in today’s high tech world effectively

Email , Text messaging, Skype (Video Conference), Social Media, etc..

Skills

Communication

Written communication skills are vital so there is no confusion in what is really meant with what’s said

Skills

Organization

Simply being organized

Being prepared and ready

Know where “tools” are so effective procedures can be carried out

Skills

Leadership

Earned not given

Ability to lead others by example and influence

Having the respect of those around you

Learns from mistakes and keeps moving forward

Decisiveness

Leadership

Though you don’t have to join the military to develop leadership skills, the video on the next slide shows how the Marine Corps is all about leadership. Leadership is the same set of skills no matter what profession your involved with.

Conclusion

A business, also known as an enterprise or a firm, is an organization involved in the trade of goods, services, or both to consumers.[1] Businesses are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers for profit. Businesses may also be not-for-profit or state-owned. A business owned by multiple individuals may be referred to as a company, although that term also has a more precise meaning[clarification needed].

Marketing

Once your business is up and running to keep it afloat you need customers.

Advertisements are everywhere so take advantage of all the different ways to advertise whether it be online, in a newspaper, or on a billboard.

Marketing

Word of mouth is the best form of advertising so you have to set a fair price and provide great customer service.

Without the customers, you have no business.

Conclusion

Once an established business is up and running its up to the entrepreneur to utilize the skills needed to continue to be successful.

Reference

• Business Process Management Systems. 1. Dimka Karastoyanova1, Tammo van Lessen1, Frank Leymann1

• A guid to business research and managing business resources and services. By Alt Johnsons F.G