Is a person who brings in change by innovation and for profit

Peter Drucker defines entrepreneur as Innovators.

Innovation is the tool of the entrepreneur by which they exploit opportunities

Entrepreneur Person Organizer Visualiser Leader

Entrepreneurship

Process Organization Vision Leadership

Commitment Determination Leadership Opportunity Tolerance of risk Creativity Ability to adapt Motivation

Increased demand for variety Easier access to resources Easier access to information Rising dissatisfaction at Job Government Incentives and subsidies Profit Entrepreneur as a Hero Entrepreneurial Education

Lack of experienced management Poor financial management Rapid growth Lack of business linkages Weak marketing Lack of information Incorrect Pricing Improper Inventory control Short term outlook

Q1. List the qualities you have as an entrepreneur ? Rate the qualities?

Q2. “Are entrepreneurs born or they are made”. Discuss.

1. Need basedE.g : vendors in train

2. Opportunity based

3. First generationE.g Dhirubhai Ambani

4. Second generationE.g Anil Ambani.

1. INDUSTRIAL ENTREPRENEURS• A manufacturer• Identifies needs of the customer and

tailors a product• Profitable ventures• E.g. - Electronic industry

2. AGRICULTURE ENTREPRENEUR• Agricultural activities• E.g. – Marketing of crops

3. TRADING ENTREPRENEURS• Not concerned with manufacturing• Concentrates only on trading activities• Identifies market and stimulates

demnad for the products among buyers.

4. BUSINESS ENTREPRENEURS• Conceive an idea• Create a busz• Taps production and marketing• Big or small busz• E.g - Printing press,Boutique

1. PURE ENTREPRENEURS• Motivated• Takes activity for personal satisfaction,

ego, status

2. INDUCED ENTREPRENEURS• Induced• Assistance by Concession• E.g – Women Entrepreneurs

3. SPONTANEOUS ENTREPRENEURS• Natural Talents• Personal qualities

Q1. Differentiate between first and second generation entrepreneur with respect to their qualities with examples. Also discuss merits and demerits for 1st and 2nd generation entrepreneur?

Approach helpful in generating ideas-1.Understanding changing needs of the

customers2.Visualizing emerging trends

Observation

Reading

Visit

Interaction

Groups of individualsproviding information in a structural format

Open, in-depth discussion

Generate new ideas + screening ideas

It is an approach towards generating ideas about creating solution of a problem which involves multiple experts in a session.

Osborn proposed that groups could double their creative output with brainstorming .

Introducing the session.

Presenting the problem to the experts.

Prompting the experts to generate ideas.

Looking for signs of possible convergence.

Focus on quantity Unusual ideas should be welcomed. No criticism Total participation Ideas should be recorded Ideas should be combined and improved

Decision making involves making a choice from the available alternatives

It means sharing of differences, listening to each other, accepting the final choice inspite of differences

Domination by few Withdrawal Avoiding confrontation Compromising

FACTORS FACILITATING CONSENSUS

Concern for others Listening Discussion underlying assumptions

1. Problem solving Deciding priorities Analysing problems at several levels Generating alternatives Discussing consequences of each alternatives Developing criteria for decision making

2. Task facilitating skills Initiative Information seeking

Giving information Expressing opinions Focusing on strategies Time keeping

3. Group building skills Listening Expressing and responding to feelings Supporting Encouraging silent members

Explanation of alternatives

Voting round 1- choosing three options

Voting round 2- merger or deletion of options

Final round – selection of final option

Problem solving skills can be developed by-

1. Using a systematic approach to problem solving

Step 1(Tuning): Involves assessing, understanding and categorizing the problem.

Step 2(Objectives):An objective is a statement of what an individual or group intends to achieve. The objectives should be understood and accepted by all members. It should be stated very clearly and specifically.

Step 3(Success criteria): Involves setting criteria for measuring the success of the problem solving steps.

Step 4( Information): Involves understanding the problem in depth. Alternatives should be stated so as to assess their strength and weaknesses.

Step 5(Planning): Decisions are made about what is to be done.

Step 6(Action):The decision tasks are implemented.

Step 7(Review): Causes of success or failure are determined.

Unskillful Problem-solving Unskillful Problem-solving

Allows problem unsolved. Inappropriate techniques. Uses unsystematic approach. Vague criteria for

achievement. Assembles information

poorly. Ineffective planning. Co-ordinate groups poorly.

Skillful Problem-solvingSkillful Problem-solving

Solves problems regularly

Appropriate techniques. Systematic approach. Sets clear criteria for

achievements. Handles information

skillfully. Plans effectively. Co-ordinates groups

effectively.

Assessment in new busz

SWOT for buying a busz

Finance

Entrepreneur

Potential investors

Any1 joining the venture

1. Executive summary• Current position of the busz• Customers and the market• Short and long term objectives• Summary of financial forecast• Amount of capital reqd

2. General info• Busz name, address, ph no• Details of the staff• How objectives would be achievedIndustry reference –• Trends in the industry• Past production trends• Future demands

3. Project description• Mentioning the site, industrial estate• Land owned or leaseLocation depends on the type of

industry –• Demand based • Resource based• Skill based

4. Market and competitors

5. Marketing plan• Market research• Target market• Competition• Marketing methods

6.Capital cost and utilization of finances

7. Operation plan- steps and action to run the busz successfully

8. Benefits to the society

Lateral Thinking is a systematic creative-thinking process that looks at challenges from completely different angles

Lateral thinking enables thinkers to find novel solutions that would otherwise remain uncovered

Recognize the dominant ideas

Search for different ways of looking at things.

Relax rigid control of thinking.

Use chance to encourage other ideas

The Lateral Thinking techniques are useful in a variety of applications -

Find and build on the concept behind an idea to create more ideas

Solve problems in ways that don’t initially come to mind

Turn problems into opportunities Select the best alternate ideas and

implement them 

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©Philip L. Winters & Edward de Bono Creative Team 1999©Philip L. Winters & Edward de Bono Creative Team 1999

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