MAHARSHI ARVIND INSTITUTES OF ENGINEERING AND TECHNOLOGY

By :- AMBUJ TAK MANISH PRAJAPAT

BALVINDER SINGH ANKUR NAGWAN

TITLE :- INTRODUCTION ON ENTREPRENEURSHIP

What Is ENTREPRENEURSHIP ??

ENTREPRENEURSHIP

Entrepreneurship is the “process of the entrepreneur”. It is an attempt to create value through recognition of business opportunity. It is basically communicative and management functions to mobilize financial and material resources.

The entrepreneurial activity is governed by varying combination of socio-economic, psychological, cultural and other factors: Caste/religion, Family background, Level of education, Level of perception, Occupational background, Migratory character, Entry into entrepreneurship, Nature of enterprise, Investment capacity and Ambition/moderation.

Entrepreneurship is the act of being an entrepreneur, who starts any economic activity for being self-employed.

ENTREPRENEURSHIP

The pursuit of opportunity through innovation, creativity and hard work without regard for the resources currently controlled.

Entrepreneurship: a way of thinking, reasoning, and acting that is:

opportunity obsessedholistic in approachleadership balanced

CONCEPT OF ENTREPRENEURSHIP

CONCEPT OF ENTREPRENEURSHIP

ENTREPRENEUR is a person who: Develops and owns his own enterprise.

Is a moderate risk taker and works under uncertainty for achieving the goal.

Is innovative.

CONCEPT OF ENTREPRENEURSHIP

ENTREPRENEUR is a person who:Is a persuader of deviant pursuits.

Reflects a strong urge to be independent.

Persistently tries to do something better.

CONCEPT OF ENTREPRENEURSHIP

ENTREPRENEUR is a person who:Is dissatisfied with routine activities.

Is prepared to withstand the hard life.

Is determined, but patient.

Is oriented towards the future.

CONCEPT OF ENTREPRENEURSHIP

ENTREPRENEUR is a person who:Exhibits a sense of leadership.

Exhibits a sense of competitiveness.

Takes personal responsibility.

Tends to persist in the face of adversity

CONCEPT OF ENTREPRENEURSHIP

ENTREPRENEURRichard Cantillon: As a person, who pays a certain price to a product to resell it at an uncertain price, thereby making decisions about obtaining and using the resources while consequently admitting the risk of enterprise.

Adam Smith: An individual, who undertakes the formation of an organization for commercial purposes by recognizing the potential demand for goods and services, and there by acts as an economic agent and transforms demand into supply.

CONCEPT OF ENTREPRENEURSHIPEnterpriseAn entrepreneur is a person who starts an enterprise. The process of creation is called entrepreneurship. The entrepreneur is the actor and entrepreneurship is the act.

The outcome of the actor and the act, is called the enterprise. An enterprise is the business organization that is formed and which provides goods and services, creates jobs, contributes to national income, exports and contributes to the overall economic development.

CONCEPT OF ENTREPRENEURSHIP

Entrepreneur versus EntrepreneurshipThe term “entrepreneur‟ is often used interchangeably with “entrepreneurship‟ but, conceptually, they are different, yet they are just like the two sides of a coin. Both the terms are co-related.

An entrepreneur is a person who bears the risks, unites various factors of production and carries out creative innovations. He/she is an individual or one of a group of individuals who try to create something new. He/she always attempting to bring about change in terms of factor proportions, which is known as innovation.

On the contrary, entrepreneurship is the set of activities performed by an entrepreneur. It is process of identifying opportunities in the market place and marshalling the resources required to pursue these opportunities for long term gains. It is the attempt to create value.

WHY WE NEED ENTREPRENEURSHIP

We need money to survive in this world and for money we WORK

WHY WE NEED ENTREPRENEURSHIP

Life-line of a nation: No country can progress without the development of entrepreneurship. Every country is trying to promote its trade so that it is able to share the benefits of development. Therefore, entrepreneurship is the yardstick to measure the level of development of a country.

Provides innovation: Entrepreneurship provides new ideas, imagination and vision to the enterprise. An entrepreneur is an innovator as he tries to find new technology, products and markets. He increases the productivity of various resources. The entrepreneur stands at the center of the whole process of economic development. He conceives business ideas and puts them into effect, to enhance the process of economic development.

Change of growth/Inclusive growth: An enterprise operates in a changing environment. The entrepreneur moulds the enterprise in such a changing environment. The latter moulds not only the enterprise, but also alters the environment itself, to ensure the success of the enterprise. In order to meet the challenge of automation and the complexities of advanced technology, there is a need for the development of entrepreneurship.

Increased profits: Profits can be increased in any enterprise, either by increasing the sales revenue or reducing cost. To increase the sales revenue is beyond the control of an enterprise. Entrepreneurship, by reducing costs, increases its profits and provides opportunities for future growth and development.

Employment opportunities: Entrepreneurship and its activities provide the maximum employment potential. Large numbers of persons are employed in entrepreneurial activities in the country. The growths in these activities bring more and more employment opportunities.

Social Benefits: It is not only beneficial to the business enterprise, but to the society at large. It raises the standard of living by providing good quality products and services at the lowest possible cost. It also makes the optimum use of scarce resources and promotes peace and prosperity in the society.

WHY WE NEED ENTREPRENEURSHIP Increases national production

Balanced area development

Dispersal of economic power

Reinvestment of profit for the welfare of the area of profit generation

Development is a function of motivation and human resource

Entrepreneurial awareness

Myths of EntrepreneurshipStarting a business is easyActually it is not. Most people, who begin the process of starting a company, fail to get one up and running. Seven years after beginning the process of starting a business, only one third of entrepreneurs have a new company with positive cash flow greater than the salary and expenses of the owner for more than three consecutive months. But small entrepreneurships are comparatively easier to start.

It takes a lot of money to finance a new businessThe typical start-up only requires about Rs.1,50,000/- to get going. The successful entrepreneurs, who don‟t believe the myth, design their businesses to work with little cash. They rent instead of buying. And they turn fixed costs into variable costs by, say, paying people commissions instead of salaries for example; Infosys was started with only Rs. 10,000/-.

Start-ups can’t be financed with debtActually, debt is more common than equity. A lot of entrepreneurs use debt rather than equity to fund their companies. However, the composition of debt and equity will have to be worked upon.

Banks don’t lend money to start-upsThis is another myth. Banks and various government schemes have been implemented with the idea of providing finance to budding entrepreneurs.

Myths of EntrepreneurshipMost entrepreneurs start businesses in attractive industriesMost entrepreneurs head right for different industries for start-ups. The correlation between the number of entrepreneurs starting businesses in an industry and the number of companies failing in the industry is 0.77. That means that most entrepreneurs are picking industries in which they are most likely to fail. Mahima Mehra started Hathi Chaap. It was totally a new venture where different raw materials were tried out to make handmade paper. After researching a lot, they found that elephant dung had more fibre content which made it easy to make handmade paper.

The growth of a start-up depends more on an entrepreneur’s talent than on the business he choosesThis is not true as the industry that an entrepreneur chooses to work has a huge effect on the odds that it will grow. For instance, various dotcom companies mushroomed all over the world during the Y2K problem in the year 2000.

Most enterprises are successful financiallyThis is also another myth. Entrepreneurship creates a lot of wealth, but it is very unevenly distributed. The typical profit of an owner-managed business is Rs.2, 40,000 per year. Only the top ten percent of entrepreneurs earn more money than employees. And, the typicalentrepreneur earns less money than he/she otherwise would have earned, working for someone else.

Entrepreneurship INNOVATION

Humble beginning of KFCIn 1930, the then 40 year old Sanders was operating a service station in Corby, Kentucky, USA and he encountered a lot of hungry travellers who stopped for gas. He saw that the travellers wanted to eat something as there was nothing available in that area. He saw and understood the problem. As a child, he used to cook for his siblings and so he knew how to cook, which instigated him to cook for the travellers. He did not even have a restaurant to serve food but his secret blend of 11 herbs and spices made his chicken recipe such a super hit among travellers that he started getting regular customers for his food, which prompted him to start a restaurant. This is the humble beginning of the world famous fast food chain

“KFC- Kentucky Fried Chicken”.

Entrepreneurship INNOVATIONPotato ChipsInventor: George Crum, a chef at the Carey Moon Lake House in Saratoga SpringsWhat they were trying to make: A plate of fried potato.How it was created: One day, a customer sent back his plate of potatoes many times and kept asking for them to be more fried and thinner.Crum lost his temper, sliced the potatoes insanely thin and fried them until they were hard as a rock. To the chef's surprise, the customer loved them and wanted more! And this is how potato chips came into existence.

The PacemakerInventor: John Hopps, an electrical engineerWhat he was trying to make: Hopps was conducting research on hypothermia and was trying to use radio frequency heating to restore body temperature.How it was created: During his experiment, he realized that if a heartstopped beating due to cooling, it could be started again by artificialstimulation. This realization led to the pacemaker.

Microwave OvensInventor: Percy Spencer, an engineer (with the Raytheon Corporation)What he was trying to make: The engineer was conducting a radar-related research project with a new vacuum tube.How it was created: Spencer realized that the candy bar in his pocket began to melt during hisexperiments. He then put popcorn into the machine, and when it started to pop, he knew he had a revolutionary device on his hands.

Ink-Jet Printers Inventor: A Canon engineer.How it was created: After resting his hot iron on his pen by accident, ink was ejected from the pens point a few moments later. This principle led to the creation of the inkjet printer.

It is clear from these examples, that the various inventions people all over the world have tried, failed and succeeded in sometimes by mistake. Utility for the invention will be developed later in life, so immediate results for all one‘s actions should not be expected, but keep experimenting.

INNOVATION & ECONOMIC GROWTH

INNOVATION & ECONOMIC GROWTH

After a start to explore our business we can do :-

CREATING WEBSITE

CREATE MOBILE APPLICATION

CREATE ACCOUNT ON SOCIAL NETWORKING SITES

OFFLINE PROMOTION

TRY NEW THINGS TOO

GIVE BETTER MAINTINESS

OPEN NEW BRANCHES

BENEFITS of Entrepreneurship• independence and opportunity to achieve the desired objectives, it offers theadvantage of not depending on others to implement its wishes;

• chance to notice a difference in a field they are interested in combining the wishes their social insurance with a win for a better life;

• opportunity to use its full potential for entrepreneurs because there is much difference between the work of business and recreation, making them find their place of business to obtain satisfaction, for their use which have better qualities;

• opportunities to earn substantial profits, although the reason to start a business, an entrepreneur may not be primarily profit;

• recognition efforts and contribution to the achievement of social objectives, entrepreneurs become very respected person in the community in which it operates;

• opportunity to do what you love, because most entrepreneurs develop business in areas

SUMMARY

Entrepreneurship is the act of being an entrepreneur, who starts any economic activity for being self-employed.

Entrepreneurship is lifeline of nation: No country can progress without the development of entrepreneurship. Every country is trying to promote its trade so that it is able to share the benefits of development. Therefore, entrepreneurship is the yardstick to measure the level of development of a country.

Provides innovation: Entrepreneurship provides new ideas, imagination and vision to the enterprise. An entrepreneur is an innovator as he tries to find new technology, products and markets. He increases the productivity of various resources. The entrepreneur stands at the center of the whole process of economic development. He conceives business ideas and puts them into effect, to enhance the process of economic development.

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