Entrepreneurship and Business Management New
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Transcript of Entrepreneurship and Business Management New
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Maheep Kumar Yadav
2011MB44
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Entrepreneurship
Entrepreneur
Role of Entrepreneur Marketing Management
Operation management
Financial management
Product Development
Conclusions
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Capacityto take risks
Abilityto own and organize Desire and capabilityto innovate and diversify
(Stepanek, 1962)
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Personconducting own business (Webster)
Person who sets up business deals in order to
make profits (Collins Cobuild) Organizer of an economic venture, one who
owns, organizes, manages, and assumes therisks of the business (Chandrashekhar)
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Process of creating something different, withvalue, by devotingnecessarytime and effort,by assumingthe accompanying financial,psychological, and social risks, and receivingthe resultingrewards of monetary andpersonal satisfaction (Bowen and Hisrich, 1986).
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An innovator who combines technicalinnovations and financial finesses.
Important role in producingcompetitiveproducts, processes, and services.
Generation of new employment
Local and regional economic development Improved allocation of resources and transfer
of technologies
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Introduction of new goods and products
Introduction of new processes and methods ofproduction
Opening up of new markets
Opening up of new sources of supply
Industrial re-organization
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Demand variables:
Demographic, social, economic, political, andcompetitive factors in market environment
Psychological, social, and economic patterns incustomer motivations
All autonomous factors
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Semi-demand variables:
Market segmentation
Customer behavior
Only partially under the control of theentrepreneur
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Decision Variables:
Productcharacteristics and pricing
Distribution and personal selling
Advertising policies
Mostly under the control of the entrepreneur
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Marketing success depends on design of adistinctive marketing plan
A small entrepreneur should nottrytocompete on a product-to-product basis withlarge firms (same goods to same customers
through same channels at same prices !!) Instead, tryto do something different.
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Process of designing and utilizingthe physicalresources of the firm to maximize the
operational capabilities of the company Product/ service design
Process design
Job design
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Effective utilization of the assets-current(short-term) and capital (long-term)
Provision of funds to supportthose assets
Difficult for smaller companies to compete, infinance, with larger firms, simply because theylack money.
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Finances needed for:
1. New investments in product development
2. Expansion of markets
3. Process improvements, etc.
Conserve available funds by preparing detailed
financial plans, e.g. cash budgets, capitalinvestment analysis, short-term plans
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Finding additional funds from sources as
1. Current liabilities
2. Bank loans
3. Equity investments
4. Retained earnings
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Improvements in design of existing product
Inventions of new products
Lack resources for full R&D facility
Must use available capabilities efficiently
Technical feasibility, market feasibility,
developmenttime and cost, manufacturingcapability, and strategic fit
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Entrepreneurship is a challenging andrewarding profession
Need to concentrate on market analysis,financial resources, and technologymanagement
Cannotcompete directly with the bigguys,so need to be ingenious and innovative in allentrepreneurial functions
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