ENTREPRENEURSHIP

ENTREPRENEURSHIP

Entrepreneurship is the act of being an entrepreneur or "one who undertakes

innovations, finance and business intelligence in an effort to transform innovations into economic

goods"

ENTREPRENEURIAL PROCESS

1. Idea Generation: every new venture begins with an idea.2. Opportunity Evaluation: this is the step where you ask the question of whether there is an opportunity worth investing in.

3. Planning: Once you have decided that an opportunity, you need a plan for how to capitalize on that opportunity.4. Company formation/launch: Once there is a sufficiently compelling opportunity and a plan

• 5. Growth: After launch, the company works toward creating its product or service, generating revenue and moving toward sustainable performance.

ENTREPRENEURIAL DECISION PROCESSThe Entrepreneur decision

making process is based on the experience he has from

his life. So many factors contribute in taking any

decision such as experience, market

situation, profit margins, market expansion, good will

and many more things.

• The entrepreneur who is a business leader looks for ideas and puts them into effect in fostering economic growth and development.

• (1) Promotes Capital Formation

• (2) Creates Large-Scale Employment Opportunities

• (3) Promotes Balanced Regional Development

• (4) Reduces Concentration of Economic Power

• (5) Improvement in the Standard of Living

• (6) Promotes Country's Export Trade

• (7) Facilitates Overall Development

CHARACTERSTICS OF ENTREPRENEUR

• 1. Disciplined

• 2. Confidence

• 3. Open Minded

• 4. Self Starter

• 5. Competitive

• 6. Creativity

Networking - the entrepreneur understands that networking is a key

business activity Strategic Thinking - the entrepreneur understands and values the planning

processCustomer Sensitivity - the entrepreneur builds trust and long term relationships

with customers

People Focus - the entrepreneur creates common purpose with colleagues through

shared vision and values; walks Persistence - taking repeated actions to

overcome the obstacles.

Process of business opportunity identification and evaluation

• (1) identification and evaluation of the

opportunity,

• (2) development of the business plan,

• (3) determination of the required resources, and

• (4) management of the resulting enterprise.

Market survey and market assessment

The information sought in a market survey may relate to one or more of the following:•Total demand and rate of growth of demand•Demand in different segments of the market•Income and price elasticity's of demand

• Motives for buying Purchasing plans and intentions• Attitudes toward various products