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MU 0010 MAN POWER PLANNING AND RESOURCING – 4 CREDITS

Q.1Explain different types of scores used to interpret test results.Three of the fundamental purposes for testing are (1) to describe each student's

developmental levelwithin a test area, (2) to identify a student's areas of relative strengthand weakness in subject areas,and (3) to monitor year-to-year growth in the basic skills. Toaccomplish any one of these purposes, itis impo rt an t to se le ct th e type of sc or e fromamo ng thos e rep or te d t ha t wil l pe rmi t t he pro perinterpretation. Scores such aspercentile ranks, grade equivalents, and standard scores differ from oneanother in thepurposes they can serve, the precision with which they describe achievement, andthekind of information they provide. A closer look at these t ypes of scoreswill help differentiate thefunctions they can serve and the meanings they canconvey. Additional detail can be found in theInterpretive Guide for Teachers andCounselors.In Iowa, school districts can obtain scores that are reported using nationalnorms or Iowa norms. Onsome r eports, both kinds of scores are reported . The

difference is simply in the group with whichcomparisons are made to obtainscore meaning. A student's Iowa percentile rank (IPR) compares thestudent's scorewith those of others in his/her grade in Iowa. The student's national percentilerank(NPR) compares that same score with those of others in his/her grade in the nation. Forother types of scores described below, there are both Iowa and national scores available toIowa schools.Types of ScoresRaw Score (RS)The number of questions a student gets right on a test is the student 's rawsco re (as sum in g each question is worth one point). By itself, a raw score has littleor no meaning. The meaning depends onhow many questions are on the test and howhard or easy the questions are. For example, if Kati got10 right on both a math test anda science test, it would not be reasonable to conclude that her level of achievement in thetwo areas is the same. This illustrates why raw scores are usually converted toothertypes of scores for interpretation purposes.Percent Correct (PC)When the raw score is divided by the total number of questions and the result is multiplied by100, thepercent -correc t score is obt ained . Like raw scores, percent -correctsc ore s ha ve li tt le me an in g bythemselves. They tell what percent of the questions astudent got right on a test, but unless we knowsomething about the overall difficulty of the test, this information is not very helpful. Percent-correctscores are sometimesincorrectly interpreted as percentile ranks, which are described below. The two are

quite different.Grade Equivalent (GE)The grade equivalent is a number that describes a student 's location on anachievement continuum.The continuum is a number line that describes the lowest level of knowledge or skill on one end (lowestnum be rs ) and th e hi ghes t le ve l of develop ment on t he other end (hi ghest nu mbers). Th e GE is a decimal numberthat describes performance in terms of grade level and months. For example, if asixth-grade student obtains a GE of 8.4 on the Vocabulary test, his score islik e the one a typ ica l student finishing the fourth month of eighth grade would likely geton the Vocabulary test. GE of agiven raw score on any test indicates the grade level at whichthe typical student makes this raw score.The digits to the left of the decimal point

represent the grade and those to the right represent themonth within that grade.



Grade equivalents are particularly useful and convenient for measuring individual growthfrom one yearto the next and for estimating a student's developmental status in termsof grade level. But GEs havebeen criticized because they are sometimes misused orare thought to be easily misinterpreted. Onepoint of confusion involves the issue of whether the GE indicates the grade level in which a studentshould be placed. For

example, if a fourth-grade student earns a GE of 6.2 on a fourth-grade readingtest,should she be moved to the sixth grade? Obviously the student's developmental level inreading ishigh relative to her fourth-grade peers, but the test results supply no informationabout how she wouldhandle the material normally read by students in the early monthsof sixth grade. Thus, the GE onlyestimates a student's developmental level; it does notprovide a prescription for grade placement. A GEthat is much higher or lower than thestudent's grade level is mainly a sign of exceptional performance.In sum, all test scores,no matter which type they are or which test they are from, are subjecttomisinterpretation and misuse. All have limitations or weaknesses that areexagger ate d th roughimproper score use. The key is to choose the type of score thatwill most appropriately allow you toacc ompl ish your pur pos es f or t esti ng. Grad e

equ ivale nts ar e p art icularl y s uit ed to est imati ng a student's developmental status oryear-to-year growth. They are particularly ill-suited to identifying astudent's standing withina group or to diagnosing areas of relative strength and weakness.

Developmental Standard Score (SS)

Like the grade equivalent (GE), the developmental standard score is also a numberthat describes as tuden t ' s loca t ion on an achi eveme nt c ont i nuum . Th e s caleu s ed wi t h t h e IT B S a nd IT E D w as established by assigning a score of 200 to themedian performance of students in the spring of grade 4and 250 to the median performanceof students in the spring of grade 8.The main dr aw back to in te rp re ti ngdev elop ment al stan dard sco res is that the y h ave no bui lt -inmeaning. Unlike gradeequivalents, for example, which build grade level into the score, developmentalst andardscores are unfamiliar to most educators, parents, and students. To interpretthe SS, thevalues associated with typical performance in each grade must be used asreference points.The main advantage of the developmental standard score scale is that itmirrors reality better than thegrade-equivalent scale. That is , it shows that year -to-yeargrowth is usually not as great at the uppergrades as it is at the lower grades. (Recall thatthe grade-equivalent scale shows equal average annualgro wt h -- 10 month s -- bet we enany pair of grades.) Despite this advantage, the developmentalstandard scoresare much more difficult to interpret than grade equivalents. Conseq uently,

when teachers and counselors wish to estimate a student's annual growth or currentdevelopmental level,grade equivalents are the scores of choice.The potentials forconfusion and misinterpretation that were described in the previous subsection fortheGE are applicable to the SS as well. Relative to the GE, the SS is not as easy to usein describinggrowth, but it is equally inappropriate for identifying relative strengths andweaknesses of students orfor describing a student's standing in a group.

Percentile Rank (PR)

A student's percentile rank is a score that tells the percent of students in a particulargroup that gotlower raw scores on a test than the student did. It shows the student's

relative position or rank in agro up of stu den ts wh o ar e in the same grad e an dwho were test ed a t t he s ame time of year (fal l, midyear, or spring) as the student.



Thus, for example, if Toni earned a percentile rank of 72 on theLanguage test, it meansthat she scored higher than 72 percent of the students in the group with whichshe is beingcompared. Of course, it also means that 28 percent of the group scored higher thanToni.Percentile ranks range from 1 to 99.

Sikkim Manipal University - MBA - MU0010 – Manpower Planning and ResourcingSemester: 3 -Assignment Set: 2A student's percentile rank can vary depending on which group is used to determinethe ranking. Astudent is simul taneous ly a me mber of many d ifferen t group s:all stud ents in her clas sro om, her building, her school district, her state, and thenation. Different sets of percentile ranks are availablewith the Iowa Tests of BasicSkills to permit schools to make the most relevant comparisons involvingtheir students.Types of Score InterpretationAn achievement test is built to help determine how much skill or knowledge students have ina certainarea. We use such tests to find out whether students know as much as we

expect they should, orwh eth er t he y kn ow pa rt i cul ar thi ng s we re gar d a sim po rt an t. By it se lf , t he ra w s co re fr om an achievement test does not indicatehow much a student knows or how much skill she or he has. Morei nfo rma tion isneeded to decide "how much." The test score must be compared or referencedtosomething in order to bring meaning to it. That "something" typically is (a) thescores other studentshave obtained on the test or (b) a series of detailed descriptionsthat tell what students at each scorepoint know or which skills they have successfullydemonstrated. These two ways of referencing a scoreto obtain meaning are commonly callednorm-referenced and criterion-referenced score interpretations.Norm-Referenced InterpretationA norm-referenced interpretation involves comparing a student's score with the

scores other studentsobtained on the same test. How much a student knows is determinedby the student's standing or rankwithin the reference group. High standing is interpretedto mean the student knows a lot or is highlyskilled, and low standing means theopposite. Obviously, the overall competence of the norm groupaffects theinterpretation significantly. Ranking high in an unskilled group may represent lowerabsoluteachievement than ranking low in an exceptional high performing group.Criterion-Referenced InterpretationA criterion-referenced interpretation involves comparing a student's score with a subjectivestandard of perfor mance rather than with the perform ance of a n orm g roup.Deci din g whet her a stud ent has mastered a skill or demonstrated minimumacceptable performance involves a criterion-referencedinterpretation. Usuallypercent-correct scores are used and the teacher determines the score needed formastery or for passing.Interpreting Scores from Special Test AdministrationsA testing accommodation is a change in the procedures for administering the testthat is intended toneutralize, as much as possible, the effect of the student'sdisability on the assessment process. Theinte nt is to remo ve the eff ect of thedisabili ty(ies) , to the extent p ossible , so that t he stud ent is assessed on equalfooting with all other students. In other words, the score reflects what thestudentknows, not merely what the student's disabilities allow him/her to show.Theexpectation is that the accommodation will cancel the disadvantage associated with the

student'sdisabil ity. Thi s is th e basis for ch oosing t he ty pe and amount of accommodation to be given to astudent. Sometimes the accommodation won't help



quite enough, sometimes it might help a little toomuch, and sometimes it will be justright. We never can be sure, but we operate as though we have made a good judgmentabout how extensive a student's disability is and how much it will interfere withobtaining agood measure of what the student knows. Therefore, the use of an accommodationshouldhelp the student experience the same conditions as those in the norm group. Thus, the

norms still offera useful comparison; the scores can be interpreted in the same way asthe scores of a student whoneeds no accommodations.

A test modification involves changing the assessment itself so that the tasks or questionspresented aredifferent from those used in the regular assessment. A Braille version of a test modifies the questions just like a translation to another language might.Helping students with word meanings, translatingwords to a native language, oreliminating parts of a test from scoring are further examplesof modifications. In such cases, the published test norms are not appropriateto use. These are notaccommodations. With modifications, the percentilerank s or grad e equi va le nt s sh ou ld no t be interpreted in the same way as they would be

had no modifications been made.Certain other kinds of changes in the tests or theirpresentation may result in measuring a differenttrait than was originally intended. Forexample, when a reading test is read to the student, we obtain ameasure of how well thestudent listens rather than how well he/she reads. Or if the student is allowedto use acalculator on a math estimation test, you obtain a measure of computationabi li ty wit h acalculator rather than a measure of the student's ability to do mentalarithmetic. Obviously in thesesituations, there are no norms available and the scores arequite limited in value. Consequently, theseparticular changes should not be made.Q.2 Describe the different types of induction program.Build confidence about self and the organization with in the new employee is

one of the ma jorobjectives of the induction. This will makes the employee who recruited

recently is become a productiveone by reducing his/her anxiety that impedes ability to learn

to do the job.Create the feelin g o f b elongi ngs and loyalt y wit h in the new

employee is another objective of theinduction.Usually a new employee of the

organization has little fear about his/her strengths at the beginning,beca use of the

difference of the work culture and the environment. And if he/she signed a

longappointment letter which was has all the rules and regulations then

he/she might have some of frighten. That fear and the shy of new employee could

change by a good induction program. Thenhe/she may feel that place like his/her home

and will adapt to the organization in a short period.Familiarize the new employee with the

jobs and the job environment with in a short time is anotherobjective of theinduction. If the new employee takes much more time to u nderstand and adapt

toorganizational culture and environment, the organization will not have effective outcome

from the newempl oyee a t the begi nnin g as the y ex pect ing. To achi eve the

ex p e c t i n g l ev e l o f t h e o u t c ome, organization also need to support new employee

form some kind of contributions. Induction programsand proper training and development

programs could consider as that kind of cont ributions. Whenemployee starts to think

the organization as his own and he/she has a responsible to take care and contribution

to development of the organization- that is the beginning of the feel of belongingness

andloyalty. Loyal employee will give the maximum contribution of his/her to theprofit/achievements of theorganization.Generate favorable attitudes with in the new



employee about peers, superiors, subordinates and the organization in general is another

objective. Attitude is the basic thing that can be change the behaviorof a per son. If the

person developed with good attitudes, he/she will be a valuable person to

theorganization, and persons like that are thinking about the organization work with

same as owners. Asan example, if one person feels switch off the light, when it isnot needed (mean under the day light)he is a person who contributing to the

organization to reduce its power expenses. Assume the dailyexpenditure for the

particular bulb, which he was switched off is 1$ per day. Then he will save 5$ s perw e e k

( a s s u m i n g 5 w o r k i n g d a y s ) a n d s a v e a r o u n d 2 0 $ p e r m o n t h a n d 2 4 0 $

p e r ye a r . If t h e organization is large and if it has 100 employees same as the above

one, then the entire group will save 24,000$ per year, and it is same as a price of a

car. That’s why the attitude is important to anemployee. This favorable attitude will is a

great valuable thing of an employee. This attitude will help tomake a good team spirit to the

organization. Assume, if the organization needs to shutdown because of some problems with

investment, there may be have some employees who are like to work voluntary tostandup

the organization. Attitude, belongingness and the loyalty is not individual

factors at theorganization. They all are in terconnecting with each other. That

co uld ea rn by or ga ni za ti on fo rm employees by facilitate them when they need that. A

new employee may need much more caring andinstructions at the first month he/she start

employing, assuming that is a fresh employee, who nothave previous experience.

Fresh employees are easy to convert as employees mentioned in above,because they

know how they have started, and what the achievements that they have achieved

are.Induction is giving a chance to move all employees among themselves at the

beginning they have joined to the organization.Assist the new employee to contributeto organizational success more quickly is another objective of the induction

programs. New employee may not know the organizational objectives and the

annualtargets. At the induction program, an employee will get know about the things

mentioned in above.This will helps to change the private agendas of some employees to

organizational agendas. Trying toach ieve pe rsona l age ndas at the wor kin g place is

a bad pract ic e of so me emp lo yee s. Ine ffect ive induction programs are giving the

opportunity to the employee to practice his/her personal agenda atthe wo rk place . So

then how could organization having the effective outcome from that

particular person? It should change. The changing point is “induction program”.

New employee will understandthe social responsibility of his/her to the

orga niz atio n. Then it will be hel ps t o h ave effe cti ve and efficient works for the

both parties of employee and employer.Basically there are four types of inductions,

• Formal induction• Informal induction.• Collective induction

• Individual induction.



Formal induction is a planned attempt to introduce new employees to theorganization, job and theworking environment. This induction type may consume moretime of the superiors to learn and deliverthe new employees needs at the beginning. But thismay create new employees less number of errorsat th e wo rk in g pe ri od an d go odcoordination among all the parties. At this type of program, newemployee may

get know, who are the most experienced person to have the solution of theparticularproblem new employee might has. At the very beginning new employeesare having lots of questionsas same as kids at small ages. That is full normal thing andcommon thing, because the new employeeneeds to get know all the things, he may actuallyneeds or not. CEO, GM, Section/Department Heads,Seni or Ma na ge rs , an d LineManagers may involve in to the formal induction program. (Fromtopmanagement to bottom line). This will deliver fundamental things that newemployees need to know.Advantage of the formal induction program is organizationwill have the better chance to win the newemployees’ loyalty at the very beginning. And

also new employee will have the chance to carry his/herworks clearly, with less numbers of errors. Also, new employee will fit to the organizational culture and the work group easily,

and strongly.

Informal induction is not planned and is ad hock. New employees learn through trial anderror method.They get familiar with the work and work environment by them selves.This induction type will makethe stress on new employee at the very beginning,because of his/her not knowing things at theoperations. So in that case, newemployee may leave the organization at the beginning and then theorganization mayneed to follow all the process of recruiting and new employee to theorganization.Also this method will create a large number of errors making by new employeeand then it may createsbig los ses to the org ani zati on. Thos e are the disa dva nta ges

of informal induction program. The

advantage of informal induction is, if the new employee survived, then he/she mayknow the processby his/her experience, and the later on errors may minimize. But at thebeginning the vice verse thingof above advantage may creates loses, if the newemployee unable to survive at the organization. At the movements which employeescouldn’t survive, there could be see they are leaving organization atthe beginning they have

joined to it. So this will creates high labor turn over too.Q.3 What are the benefits of setting up an academy for the organizations?Benefits of setting up an academy for the organizations for the company, managers, and

employees are:-FOR THE COMPANY• Reinforce corporate strategy, culture, and vision.• Establish expectations for performance excellence, resulting in a systematicapproach toprofessional development, improved job satisfaction, and better employeeretention.• Increase the effectiveness of training and professional development programs by linking themtothe success criteria (i.e., behavioral standards of excellence).•

Provide a common framework and language for discussing how to implement andcommunicatekey strategies.



• Provide a common understanding of the scope and requirements of a specific role.• Provide common, organization-wide standards for career levels that enable employees tomoveacross business boundaries.FOR MANAGERS:

• Identify performance criteria to improve the accuracy and ease of the hiringand selectionprocess.• Provide more objective performance standards.• Clarify standards of excellence for easier communication of performanceexpectations to directreports.• Provide a clear foundation for dialogue to occur between the manager andem ploye e abou tperformance, development, and career-related issues.FOR EMPLOYEES:

• Identify the success criteria (i.e., behavioral standards of performance excellence)required tobe successful in their role.• Support a more specific and objective assessment of their strengths and specify targetedareasfor professional development.• Provide development tools and methods for enhancing their skills.• Provide the basis for a more objective dialogue with their manager or team aboutperformance,development, and career related issues.

Q.4 Discuss entrepreneurship in detail?

EntrepreneurshipAnentrepreneur, which can be defined as "one who undertakes innovations, financeand business acu men i n an e f for t to t ran sfo rm inn ova t ion s in t o eco nomi cg o o d s " . T h i s m a y r e s u l t i n n e w organizationso r m a y b e p a r t o f r e v i t a l i z i n gm a t u r eorganizationsin r es p on s e t o a p e r ce i v ed opportunity. The most obvious formof entrepreneurship is that of starting newbusinesses(referred asStartup Company); however,in recent years, the term has been extended to include social and politicalforms of entrepreneurial activity. When entrepreneurship is describing activities within a firmor largeorganization it is referred to as intra-preneurship and may include corporateventuring, when largeentities spin-off organizations.[1] According to Paul Reynolds, entrepreneurship scholar and creator of theGlo ba l E nt rep ren eur shi pMonitor, "by the time they reach their retirement years,half of all working men in the United Statesprobably have a period of self-employment of one or more years; one in four may have engaged inself -employmentfor six or more years. Participating in a new business creation is a commonactivityamong U.S. workers over the course of their careers."

[2]

http://en.wikipedia.org/wiki/Entrepreneur


http://en.wikipedia.org/wiki/Innovations


http://en.wikipedia.org/wiki/Organization



http://en.wikipedia.org/wiki/Business


http://en.wikipedia.org/wiki/Startup_Company



http://en.wikipedia.org/wiki/Entrepreneurship#cite_note-0














And in recent years has been documented byscholars such asDavid Audretschto be amajor driver of economic growth in both the United Statesand WesternEurope.Entrepreneurial activities are substantially different depending on thetype of organizat ion andcreat iv i ty involved. Ent repreneurship ranges insc al e fr om so lo pr oj ec ts (e ve n in vo lv in g th e entrepreneur only part-time) to

major undertakings creating many job opportunities. Many "high value"entrepreneurialventures seek venture capitalorangel funding(seed money) in order to raisecapitalto build thebusiness. Angel investors generally seek annualized returns of 20-30% and more, as wellasextensive involvement in the business.[3] Many kinds of organizations now exist to support would-beentrepreneurs includingspecialized government agencies,business incubators,science parks, a n d someNGOs. In more recent times, the term entrepreneurship has been extended to include elementsnotrelated necessarily to business formation activity such as conceptualizations of entrepreneurship asa specificmindset(see alsoentrepreneurial mindset) resulting inentrepreneurial initiatives e.g. in the f o r m o f social entrepreneurship,political

entrepreneurship, orknowledge entrepreneurshiphave emerged.Theentrepreneuris a factorinmicroeconomics, and the study of entrepreneurship reaches back to the work of RichardCantillonandAdam Smithin the late 17th and early 18th centuries, but was largelyignored theoretically until the late 19th and early 2 0th centuries andempi ri ca ll y un ti l a pro found resurgence in business and economics in the last 40years.In the 20th century, the understanding of entrepreneurship owes much tothe work of economistJoseph Schumpeterin the 1930s and otherAustrian economistssuchasCarl Menger,Ludwig von Mises andFriedrich von Hayek . In Schumpeter, an entrepreneuris a person who is willing and able to converta n e w i d ea o r inventioninto a successfulinnovation.[4] Entrepreneurship employs what Schumpetercalled "the gale of creativedestruction" to replace in whole or in part inferior innovations acrossmarketsand industries, simultaneously creating new products including newbusiness models. In thisway, creative destruction is largely responsible for the dynamism of industriesand long-runeconomic growth. The supposition that entrepreneurship leads toeconomic growth is an interpretation of theresidual in endogenous growth theorya n das su ch is ho tl y d eb at ed in ac ad em ic ec on om ic s. An alternate descriptionposited byIsrael Kirznersuggests that the majority of innovations may be muchmoreincremental improvements such as the replacement of paper with plastic in the constructionof a drinking straw.

For Schumpeter, entrepreneurship resulted in new industries but also in new combinations of currentlyexisting inputs . Schumpeter's initial example of this was the combination of a steam engine and then

Sikkim Manipal University - MBA - MU0010 – Manpower Planning and ResourcingSemester: 3 -Assignment Set: 2current wagon making technologies to produce the horseless carriage. In this case theinnovation, thecar, was transformational but did not require the development of a new technology, merely theapplication of existing technologies in a novelmanner. It did not immediately replace the horsedrawncarriage, but in time, incrementalimprovements which reduced the cost and improved the technologyled to the complete


http://en.wikipedia.org/wiki/David_Audretsch



http://en.wikipedia.org/wiki/Venture_capital

http://en.wikipedia.org/wiki/Angel_investors



http://en.wikipedia.org/wiki/Seed_money


http://en.wikipedia.org/wiki/Capital_(economics)





http://en.wikipedia.org/wiki/Business_incubator


http://en.wikipedia.org/wiki/Science_park



http://en.wikipedia.org/wiki/Non-governmental_organization



http://en.wikipedia.org/wiki/Mindset


http://en.wikipedia.org/wiki/Entrepreneurial_mindset


http://en.wikipedia.org/wiki/Social_entrepreneurship

http://en.wikipedia.org/wiki/Political_entrepreneur




http://en.wikipedia.org/wiki/Knowledge_entrepreneurship





http://en.wikipedia.org/wiki/Microeconomics


http://en.wikipedia.org/wiki/Richard_Cantillon



http://en.wikipedia.org/wiki/Adam_Smith



http://en.wikipedia.org/wiki/Joseph_Schumpeter


http://en.wikipedia.org/wiki/Austrian_school


http://en.wikipedia.org/wiki/Carl_Menger


http://en.wikipedia.org/wiki/Ludwig_von_Mises



http://en.wikipedia.org/wiki/Friedrich_von_Hayek


http://en.wikipedia.org/wiki/Invention




http://en.wikipedia.org/wiki/Creative_destruction




http://en.wikipedia.org/wiki/Business_model


http://en.wikipedia.org/wiki/Economic_growth




http://en.wikipedia.org/wiki/Endogenous_growth_theory

http://en.wikipedia.org/wiki/Israel_Kirzner



http://en.wikipedia.org/wiki/Endogenous_growth_theory





















http://en.wikipedia.org/wiki/Social_entrepreneurship










http://en.wikipedia.org/wiki/Venture_capital




practical replacement of beast drawn vehicles in modern transportation.DespiteSchumpeter's early 20th-century contributions,traditionalmicroeconomictheor y did not form all yconsider the entrepreneur in itstheoretical frameworks (instead assuming that resources would findeach other througha price system). In this treatment the entrepreneur was an implied but unspecifiedactor, but it

is consistent with the concept of the entrepreneur being the agent of x-efficiency.Differentscholars have described entrepreneurs as, among other things, bearing risk. ForSchumpeter,the entrepreneur did not bear risk: the capitalist did.Some notable persons and their works in entrepreneurship history.ForFrank H. Knight [5] (1921) andPeter Drucker(1970) entrepreneurship is about takingrisk . The behavior of the entrepreneur reflects a kind of person willing to put his or her career andfinancialsecurity on the line and take risks in the name of an idea, spending much time aswell ascapitalon anuncertain venture. Knight classified three types of uncertainty.•

Risk, which is measurable statistically (such as the probability of drawing a red color ballfrom a jar containing 5 red balls and 5 white balls).• Ambiguity, which is hard to measure statistically (such as the probability of drawinga red ballfrom a jar containing 5 red balls but with an unknown number of white balls).• True Uncertainty or Knightian Uncertainty, which is impossible to estimate or predictstatistically(such as the probability of drawing a red ball from a jar whose number of red balls is unknownas well as the number of other colored balls).The acts of entrepreneurship are often associated with true uncertainty, particularly when itinvolvesbringing something really novel to the world, whose market never exists.However, even if a marketalready exists, there is n o g uarante e t hat a ma rketexi sts for a pa rtic ula r ne w pla yer i n th e co la category.The place of thedisharmony-creating and idiosyncratic entrepreneur in traditionaleconomictheory ( w h i c h d e s c r i b e s m a n y e f f i c i e n c y - b a s e d r a t i o s a s s u m i n guniform outputs) presents theoret icquandaries.William Baumolhas addedgrea tly to thi s are a of econ omic theo ry and was rece ntl yhonored for it at the 2006annual meeting of theAmerican Economic Association. [6] The entrepreneur is widely regarded as an integral player in the business culture of Americanlife, andpar t icu lar l y as an e ngin e fo r jo b c rea t ion and econ omi c

g r o w t h .Robert Sobelp u bl i s h ed T h e Entrepreneurs: Explorations Within theAmerican Business Tradition in 1974.Zoltan AcsandDavid Audretschhave producedan edite d volume surve ying Entrep reneurs hip as a n academi c field of research,[7] and more than a hundred scholars around the world track entrepreneurial activity,policyand social influences as part of the Global Entrepreneurship Monitor (GEM)[8] and its associated reports.ThoughEntrepreneursare thought to have many of the samecharacter traits asleaders, [clarification needed] ,involve particular psychological dispositions, or operate in purely business

spheres of life, recentEuropean theorising on the subject has suggested that, come the eraof neo-liberalism and 'big society'politics that promote conceptualising humans as

http://en.wikipedia.org/wiki/Microeconomic



http://en.wikipedia.org/wiki/X-efficiency



http://en.wikipedia.org/wiki/Frank_H._Knight





http://en.wikipedia.org/wiki/Peter_Drucker


http://en.wikipedia.org/wiki/Risk




http://en.wikipedia.org/wiki/Theory


http://en.wikipedia.org/wiki/William_Baumol


http://en.wikipedia.org/wiki/American_Economic_Association


http://en.wikipedia.org/wiki/Entrepreneurship#cite_note-Econ-5


http://en.wikipedia.org/wiki/Robert_Sobel

http://en.wikipedia.org/wiki/Zoltan_Acs












http://en.wikipedia.org/wiki/Leadership


http://en.wikipedia.org/wiki/Wikipedia:Please_clarify











http://en.wikipedia.org/wiki/Robert_Sobel














economic agents per se, normal, everyday peopleusually marginalised from the term'entrepreneur' are too involved in the very same kind of processesthat 'big business', properentrepreneurs are involved with. Entrepreneurs, and entrepreneurship, as

Sikkim Manipal University - MBA - MU0010 – Manpower Planning and ResourcingSemester: 3 -Assignment Set: 2such, might be enacted by anybody, encountering as they do economic uncertaintyon an everydaybasis.Concept of EntrepreneurshipIt has assumed super importance for accelerating economic growth both in developedand developingcountri es. It pro motes ca pital fo rmation and creat es wealth i ncou ntr y. It is hop e and dre ams of millions of individuals around the world. Itreduces unemployment and poverty and its a pathway toprosper. Entrepreneurshipis the process of searching out opportunities in the market place andarranging

resources required to exploit these opportunities for long term gains. It is the processof planning, organising, opportunities and assuming. Thus it is a risk of businessenterprise. It may bedistinguished as an ability to take risk independently to makeutmost earnings in the market. It is acreative and innovative skill and adapting responseto environment of what is real.Promotion of EntrepreneurshipG i v e n e n t r e p r e n e u r s h i p ' s p o t e n t i a l t o s u p p o r t e c o n o m i c g r o w t h , i t i sthe policy goal of manygovernments to develop a culture of entrepreneurialthinking. This can be done in a number of ways:by integrating entrepreneurship intoeducation systems, legislating to encourage risk-taking, andnational campaigns. Anexample of the latter is the United Kingdom's Enterprise Week, which launchedin

2004.Outside of the political world, research has been conducted on the presence of entrepreneurial theoriesin doctoral economics programs. Dan Johansson, fellow at theRatio Institute in Sweden, finds suchcontent to be sparse. He fears this will dilutedoctoral programs and fail to train young economists toanalyze problems in a relevantway.[9] Many of these initiatives have been brought together under the umbrella of GlobalEntrepreneurship Week , a worldwide celebration and promotion of youth entrepreneurship,which started in 2008.The charity The Aldridge Foundation sponsors Academiesspecialising in entrepreneurship, teachingcor e e ntr epre neur ial attr ibut es to youn gpeople with the aim of improving their l ife skills.[10] TheCollegiate Entrepreneurs' Organizationwas started in 1983 and it's mission is tosupport and inspirecollege students to be entrepreneurial and seek opportunity throughenterprise creation.Financial BootstrappingFinancial bootstrapping is a term used to cover different methods foravoiding using the financialresources of externalinvestors. Bootstrapping can bedefined as “a collection of methods used to minimize the amount of outside debtand equity financing needed from banks and investors”. [11]

Theuse of privatecredit carddebt is the most known form of bootstrapping, but a wide varietyof methodsare available forentrepreneurs. While bootstrapping involves a risk for the



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founders, the absence of any otherstakeholdergives the founders more freedom todevelop the company. Many successful companies includingDellComputersandFacebook were founded this way. There are different types of bootstrapping:• Owner financing

• Sweat equity • Minimization of the accounts receivable• Joint utilization• Delaying payment

Sikkim Manipal University - MBA - MU0010 – Manpower Planning and ResourcingSemester: 3 -Assignment Set: 2• Minimizing inventory• Subsidy finance• Personal DebtTraditional FinancingHaving outside investors is not necessarily beyond the realm of entrepreneurship. Inmany cases,leveraging the owners' credit cards and personal assets, such as

mortgages, may not be sufficient.Inadequate investment can also kill a start up. Andbringing in outsiders can be beneficial. Outsiders can provide financial oversight,accountability for carrying out tasks and meeting milestones, and manycan even bringvaluable business contacts and experience to the table.Q.5 List the tips for successful career planning.Career planning is not an activity that should be done once -- in high school or college -- andthen leftbehind as we move forward in our jobs and careers. Rather, career planningis an activity that is bestdone on a regular basis -- especially given the data that theaverage worker willchange careers(not jobs) multiple times over his or her lifetime.And it's never too soon or too late to start your careerplanning.Career planning is nota hard activity, not something to be dreaded or put off, but rather an activitythatshould be liberating and fulfilling, providing goals to achieve in your current careeror plans forbeginning a transition to anew career. Career planning should be a rewardingand positive experience.Here, then, are 10 tips to help you achieve successful careerplanning.1.Make Career Planning an Annual EventMany of us have physicals, visit the eye doctor and dentist, and do a myriad of otherthings on anannual basis, so why not career planning? Find a day or weekend once a year --more often if you feelthe need or if you're planning a major career change -- and schedule aretreat for yourself. Try to blockout all distractions so that you have the time to truly focus onyour career -- what you really want outof your career, out of your life.By ma ki ng car eer

planning an annual event, you will feel more secure in your career choice

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anddirection -- and you'll be better prepared for the many uncertainties and difficulties thatlie ahead in allof our jobs and career.2. Map Your Path Since Last Career PlanningOne of your first activities whenever you take on career planning is spending timemapping out your job and career path since the last time you did any sort of career planning.

While you should not dwellon your past, taking the time to review and reflect on thepath -- whether straight and narrow or onefilled with any curves and dead-ends -- willhelp you plan for the future.Once you've mapped your past, take the t ime to reflect onyour course -- and note why it looks theway it does. Are you happy with your path?Could you have done things better? What might you havedone differently? What can you dodifferently in the future?3. Reflect on Your Likes and Dislikes, Needs and WantsChange is a factor of life; everybody changes, as do our likes and dislikes.

Something we loved doingtwo years ago may now give us displeasure. So always take

time to reflect on the things in your life --not just in your job -- that you feel most strongly

about.Make a two-column list of your major likes and dislikes. Then use this list to examineyourcurrent job and career path. If your job and career still fall mostly in the like

column, then you know you are still on the right path; however, if your job activities

fall mostly in the dislike column, now is the time tobegin examining new jobs and new

careers.Finally, take the time to really think about what it is you want or need from

your work, from yourcareer. Ar e you lookin g to make a dif ference in t he

world? To be famous? To become financiallyindependent? To effect change?

Take the time to understand the motives that drive your sense of success and

happiness.

1.Examine Your Pastimes and HobbiesCareer planning provides a great time to also examine the activities you like doingwhen you're notworking. It may sound a bit odd, to examine non-work activitieswhen doing career planning, but it'snot. Many times your hobbies and leisurely pursuitscan give you great insight into future career paths.Think you can't make a hobby into acareer? People do it all the time. The great pa inter Paul Gauguinwas a successfulbusiness person who painted on the side. It actually wasn't until he wasencouragedby an artist he admired to continue painting that he finally took a serious look athis hobby and decidedhe should change careers. He was good at business, but his love waspainting.2.Make Note of Your Past Accomplishments

Most people don't keep a very good record of work accomplishments and then struggle withcreating apowerful resume when it's time to search for a new job. Making note of your pastaccomplishments --kee pin g a reco rd o f th em -- i s no t on ly use ful for bui ldin gyour resume, it's also useful for careerplanning.Sometimes reviewing your pastaccomplishments will reveal forgotten successes, one or more whichma y tri gge rresearching and planning a career shift so that you can be in a job that allowsyou toaccomplish the types of things that make you most happy and proud.3.Look Beyond Your Current Job for Transferable SkillsSome workers get so wrapped up in their job titles that they don't see any othercareerpossibilitiesf orthemselves. Every job requires a certain set of skills, and it's muchbetter to categorize yourself interms of these skill sets than be so myopic as to focus juston job titles.For example, one job-seeker who was trying to accomplish career planningfound herself stuck becauseshe identified herself as a reporter. But once she looked

















beyond her job title, she could see that shehad this strong collection of transferableskills -- such as writ ing, editing, researching, investigating, interviewing, jugglingmultiple tasks, meeting goals and deadlines, and managing time and information-- skills thatcould easily be applied to a wide variety of jobs in many different careers.8. Review Career and Job Trends

Everyone makes his or her own job and career opportunities, so that even if your career isshrinking, if you have excellent skills and know how to market yourself, youshou ld be ab le to fi nd a new job. However, having information aboutcareer trendsisvital to long-term career planning success.A career path that is expanding today couldeasily shrink tomorrow -- or next year. It's important tosee whe re job g rowth isexpected, especially in the career fields that most interest you.Besidesknowledge of these trends, the other advantage of conducting this research is thepower it gives you toadjust and strengthen your position, your unique selling proposition.One of the keys to job and careersuccess is having a unique set of accomplishments, skills,and education that make you better than allothers in your career.9. Set Career and Job Goals

Develop a roadmap for your job and career success. Can you be successful inyou r car ee r wit hout setting goals? Of course. Can you be even more successfulthrough goal-setting? Most research saysyes.A major component of careerplanning is setting short-term (in the coming year) and long-term(beyond ayear) career and job goals. Once you initiate this process, another component of careerplanning becomes reviewing and adjusting those goals as your career plansprogress or change - anddeveloping new goals once you accomplish your previous goals.

10. Explore New Education/Training Opportunities

It 's somewhat of a cliche, but information really does lead to p ower andsuc ces s. Ne ver pass upchances to learn and grow more as a person and as a worker; partof career planning is going beyondpassive acceptance of training opportunities to finding newones that will help enhance or further yourcareer.Take the time to contemplate what types of educational experiences will help you achieve your careergoals. Look within your company,your professional association, your local universities and communitycolleges, as well asonline distance learning programs, to find potential career-enhancing opportunities-- and thenfind a way achieve them.11. Research Further Career/Job Advancement OpportunitiesOne of the really fun outcomes of career planning is picturing yourself in the future. Wherewill you bein a year? In five years? A key component to developing multiple scenarios of thatfuture is researchingcareer paths.Q.6 Write a detailed note on E- manpower planning





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