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Transcript of Esbm Unit 1 Wp
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Course: Entrepreneurship & Small Business Mgmt.
Semester: MBA III
Course Code: MS 207
Batch: 2010-2012
Instructor: Ms Shivani Puneet Raheja
E-Mail: [email protected]
mailto:[email protected]:[email protected] -
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1. Foundation Concepts
2. Entrepreneurship: Concept & Definitions
3. Entrepreneurship & Economic Development
4. Classification & Types of Entrepreneurs;
5.Entrepreneurial Competencies
6. Factor Affecting Entrepreneurial Growth- Economic, Non- Economic Factors
First Online Test
7. EDP Programs.
8. Entrepreneurial Training
9. Traits/Qualities of an Entrepreneurs, and
10. Entrepreneur; Manager Vs. Entrepreneur.
Second Online Test
Unit I (14 Hours)
Introduction to Entrepreneur & Entrepreneurship
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ENTREPRENEURIAL COMPETENCIES
(i)Initiative
(ii)Sees and Acts on Opportunities-
(iii) Persistence-
(iv) Knowing-
(v) Concern for High Quality of (vi) Commitment to Work
(vii) Efficiency
(viii) Systematic
(ix) Problem
(x) Self-confidence-
(xi) Assertiveness-
(xii) Persuasion-
(xiii) Concern for Employee Welfare etc
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FACTORS AFFECTING ENTREPRENEURIAL GROWTH
1. ECONOMIC FACTORS
a) Lack of adequate overhead facilities:
Profitable innovations require basic facilities like transportation,communication power supply etc. They reduce cost of production and
increase profit.
b) Non availability of capital
Inventions are capital oriented. In less developed countries most
capital
equipmenthave to be imported which involves foreign exchange which acts as a
difficult problem.
c) Great risk
Risk is high in case of less developed countries as there is lack of
reliable
information, markets for good and services is small etc.
d) Non availability of labor and skills
Though there is abundant labor supply there is generally scarcity of
skills at
all levels.
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2. SOCIAL FACTORS
A society that is rational in decision making would be favorable for decision
making. Education, research and training is given less importance in less
developed countries therefore there is very little vertical mobility of labor.
3. CULTURAL FACTORS
Religious, social and cultural factors also influence the individual taking
upan entrepreneurial career, in some countries there is religious and
culturalbelief that high profit is unethical. This type of belief inhibits growth
ofentrepreneurship.
4. PERSONALITY FACTORS In less developed countries the entrepreneur is
looked upon with suspicion.
Public
opinion in the less developed nations sees in the entrepreneur only a profit
maker and exploited.
5.MOTIVAT ION
Motivation is the act of stimulating someone or oneself to get a desired
course of action, to push the right button to get the desired results.
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EDP Programs.
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Phases of EDP
Select area from existing government policy
guidelines/socio-economic reports
Techno-economic survey of the selected area; feasibilitystudy
Identify potential and existing entrepreneurs interested in
starting new business/expansion/diversification
Training
Follow up and consultancy services
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Importance of Training
Ensures availability of skilled manpower at all managementLevels
Enhancing abilities, potential among entrepreneurs
Increase efficiency
Maintain and enhance product quality
Minimise wastages in production process
Minimise accidents on thejob
Reduce fatigue and increase speed ofwork
Standardisation in industry and internal processes
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Entrepreneur Versus Manager
The terms Entrepreneur and Manager are considered one and the same. But the twoterms have different meanings. The following are some of the differences between a
manager and an entrepreneur.
The main reason for an entrepreneur to start a business enterprise is because he
comprehends the venture for his individual satisfaction and has personal stake in it
where as a manager provides his services in an enterprise established by someone.
An entrepreneur and a manager differ in their standing, an entrepreneur is the
owner of the organization and he bears all the risk and uncertainties involved in
running an organization where as a manager is an employee and does not accept
any risk.
An entrepreneur and a manager differ in their objectives. Entrepreneurs objective
is to innovate and create and he acts as a change agent where as a managers
objective is to supervise and create routines. He implements the entrepreneurs
plans and ideas.
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An entrepreneur is faced with more income uncertainties as his income is contingent on
the performance of the firm where as a managers compensation is less dependent on the
performance of the organization.
An entrepreneur is not induced to involve in fraudulent behavior where as a manger
does. A manager may cheat by not working hard because his income is not tied up to the
performance of the organization.
Entrepreneur is required to have certain qualifications and qualities like high
accomplishment motive, innovative thinking, forethought, risk-bearing ability etc.
Conversely its mandatory for a manager to be educated in the fields of management
theories and practices.
An entrepreneur deals with faults and failures as a part of learning experience where asa manager make every effort to avoid mistakes and he postpones failure. etc
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