Entrepreneurship

To
Digital Entrepreneurship
 What is Entrepreneurship?

Entrepreneurship has been described as the

"capacity and willingness to develop,
organize and manage a business venture
along with any of its risks in order to make
a profit".

- Business Dictionary

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 5 Ds of Entrepreneurship

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Significance of Entrepreneurship

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 What is in it for an Entrepreneur?

An Entrepreneur has to have the

ability to Find and Act Upon
opportunities (Pain-Points) and
Transform the Opportunity into
Commercially viable New Products/
Services.
Entrepreneurs are Solution Providers.
Adapted from: Audretsch; et al. (2002). "The Economics of Science and Technology". The Journal of
Technology Transfer. 27 (2): 157. doi:10.1023/A:1014382532639

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 Questions to be
asked:
1. How to Create New
Goods & Services?

2. What would be the USP

of the Business?

3. Who will Pay for the

Goods & Services and
Why and How Much?

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 Zest 2 Zoom
• Ideas are Worthless • Question
Without a Plan Deeply;
Analyze
Critically

Idea Analysis

Success Act

• Earn $$$ and Learn • Effective &

Lessons for Next Productive
Cycle Action for
Execution

Source: Dr. S. K. Majumdar

06/07/2023 Dr. S. K. Majumdar, SOM 9
 No Set Formula,
Except the “Blue Seed”

• Passion
• Perseverance
• Patience
• Zen Thinking

Source: Dr. S. K. Majumdar

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 Zen Thinking
Critical & Creative Thinking Constructive & Design Thinking

As IS Will Be
Why ?
How?
What?
What For? Business Plan
The Blue Print of
When? the Business
For Whom? Most Desired
Where? Business What?
How Much? Design How?
(Synthesis)
Why?
Source: Dr. S. K. Majumdar

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 What is Zen?
• Zen is Understanding Yourself
– Finding the “Seeds of Success” and the
“Roots of Failures”.
• Zen Removes FUD
– Illuminates the Hidden and Suppressed
Power of the Soul
– Enhances Ability to Focus, Listen and
Pay Attention.
FUD = Fear, Uncertainties and Doubts
Zen Gives
 Unless You Understand Your Power to
Power, You are as Good as a Remain
Blind Person. Calm &
Focused
 How Can a Blind, Lead Others in Action
Who are Equally Blind?
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 Creativity to Entrepreneurship
Critical & Creative Thinking Constructive & Design Thinking

Doing New Things

= Innovation

As IS Will Be
Why ?
How?
What?
What For? Business Plan
The Blue Print of
When? the Business
For Whom? Most Desired
Where? New Design What?
(Synthesis)
How Much? How?
Why?
Thinking New Creating Value in Marketplace
Things = Creativity = Entrepreneurship
06/07/2023 Dr. S. K. Majumdar, SOM Source: Dr. S. K. Majumdar 13
 Drivers of Market Economy

Compels Service
Market Technologies
and Process
Competition Providers to Cut and Business
Costs and Improve Processes
Processes

Consumer and Users Technologies

Select Products and Provide Avenues
Services that Offer to Cut Costs and
Convenience and Improve
Value Consumers Processes
and Users

Source: Dr. S. K. Majumdar

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Drivers and Enablers of Business

Ability to
Create &
Manage New
Products &
Services
Strategic Compelling
Opportunities Customer
for Business Value
Growth

Knowledge
Acquisition
Drivers &
Skill
Enablers Development

Source: Dr. S. K. Majumdar

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 Creating Lasting Value

Value Creation Zone

1. True value lies at the Appropriability

intersection of the three circles
2. Lasting value is difficult to
imitate
3. Lasting value is durable—it does
not depreciate
4. Lasting value is captured by the
resource owner Scarcity Demand
5. Lasting value requires your
resource to be better than
competitors

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 Gap Analysis
• Demand & Supply
•
General
Demographic Trends
• Socio-Cultural
• Political/ Legal
Trends •
•
Technological
Macroeconomic
• Global
Find The
Gap
Fill The
•
Gap
Industry
Industry Evolution
• Fragmented Industry
• Emerging Industry
Analysis •
•
Maturing Industry
Declining Industry

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 Identifying the Entrepreneur's
Opportunities

Entrepreneur’s Entrepreneur’s Opportunities in

Resources/Abilities Opportunities the Environment

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 Cornerstones of Entrepreneurship

UTCR = U.T.C.R.
Understanding
R=E&D
E.T.M. ETM =
Target Efficient and
(Explicit & Implicit)
Customers’ Transparent
Requirements
Management*
Understandin
g > Knowing

Success
* People, Process,
= Technology, Money,
ROI > TOC
Materials & Markets

GOD = G.O.D. W.C.E. WCE =

Goodness of World Class
Design Execution

Goodness > Correctness TOC = Total Operation Cost

06/07/2023 Dr. S. K. Majumdar, SOM Source: Dr. S. K. Majumdar 20

 Market Forces Industry Structure
Macro Level

Industry
Market Attractiveness Attractiveness

Mission
Aspiration Business Ability to Execute
Proposition
Propensity
The CSFs
Micro Level

to Risk
C o n n e c t e d n e s s
Sustainable
Across the Value Chain
Target Segment Advantage

Business Plan
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Source: Dr. S. K. Majumdar
 Market Analysis
Contribution Size and
5 Cs 5 Ps Analysis Segmentation

• Customer • Product • Unit Contribution • Market Size

• Company • Price • Break-Even Volume • Market Share
• Competitors • People • Break-Even Market • Market Depth
• Costs • Place Share
• Collaborators • Promotions • Total Contribution
• Net Profit

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 Customer Analysis Diagram
Define The Market
What Needs are we
aiming to Serve? Situational Factors
Decision Making Unit

• Who Use the Product • Nature of Use?

• Purchase Occasion? I Time?
• Who Purchases the Product?
•
Decision Making • Stability of Choice Set?
Who Makes the Decision? • Any new Information about
• Who Influences the Choice? Process Existing Alternative?
• Who Pays for the Product?
Process Type:
• Low Involvement?
• Utilitarian?
• Technical?
Choice of Sequence?
Product Use • What Triggers the need? Nature of the Product
• How alternatives are
evaluated?
• How Much? • What is the nature of
• What impact Information
• How Often? has on the Decision? Relationship and Why?
• When, Where, with Whom? • Does the Product Meet or
• What aspects of Product Exceeds Expectations?
Performance are not Salient?

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 Financial Analysis

• Capex
• Revex
• Opex
• Revenue
• Risk
• Reward
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 Operations Management
Build to Serve, Lean, Fit, Competitive &
Sustainable Management Practices
Identify, Reduce & Eliminate Waste Continually – Across the Value Chain

S C
U U
P ADD S
P VALUE T
Focus on
L
Focus on
Through Quality, O
Quality, Cost
I & Delivery
Total Employee
Involvement (TEI)
Cost M
& Delivery
E
Continual Process
Improvements
E
R Zero Defects R
Application of Lean Tools
S S

TFM TPM TQM TSM THM

TOTAL FLOW TOTAL PRODUTIVE TOTAL QUALITY TOTAL SERVICE TOTAL HUMAN
MANAGEMENT MAINTENANCE MANAGEMENT MANAGEMENT MANAGEMENT

Building World Class Organizations = “TOTAL LEAN MANAGEMENT”

Building Lean Foundations through TOP Management Commitment & 5S

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 Important MAP Features
(MAP = Market, Actor and Product)
GCC : Growth, Complexity & Connectivity Size, Value & Pains + GCC of Target Market
TOTC: Traits of Target Customers • Limit to 2-3 most important Pain Factors
KSF : Key Success Factors
Industry (KSF):
PCPD = Process Characters & • Limit to 2-3 most important
Product Durability

Market
CSU = Class, Utility, Sensitivity Competition (5 Forces & its Scale) +
CFM = Critical Function Metrics Opportunities (Unmet Demand/ Growth Potentials):
USP = Unique Selling Proposition • Limit to 3-4 most important

External
Customers TOTC (Needs + Desires + Concerns):
• Limit to 2-3 most important

Product
What is Really The PCPD + CSU+ CFM + USP of the Product
Important? • Limit to 3-4 most important
(Actor’s Value
Proposition for
Customers)
TWOS + Competitive Advantage of the Actor:
Actor

Internal • Limit to 3-4 most important

TWOS = Threats, weakness,

Opportunity and Strengths Capabilities + Resources + Constraints (CRC) of Actor:
CRC = Capabilities, Resources and • Limit to 3-4 most important
Constraints

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 Define Problem Type

Marketing
Group the Problem(s)

ICT Performance
Single or Multiple

Measures
HR & OB
Market Share
Strategy
Profitability
Finance
Operational
Operations Efficiency

Project Management
Source: Dr. S. K. Majumdar

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 In the list shown
in the next slide,
try to remember
and recall
everything

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 Banana Fresh Fruits:
Bread Banana; Apples; Grapes; Chiku
Rice
Toor Dal Vegetables:
Onion & Potatoes Onion & Potatoes
Ice Cream
Apples Bakery Items:
Grapes Bread; Cashew Cookies;
Chiku
Wheat Commodities:
Frozen Peas Rice; Toor Dal; Wheat; Cooking Oil;
Paneer
Cashew Cookies Frozen Items:
Cooking Oil Ice Cream; Frozen Peas; Paneer;
Mushrooms Mushrooms;

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 MECE is an acronym for the phrase:
“Mutually Exclusive, Collectively Exhaustive.”

Put simply, it is a principle that will help you sharpen your thinking and simplify complex
ideas into something that can be easily understood.

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MECE is made up of two parts. First, “mutually exclusive” is a concept from probability
theory that says two events cannot occur at the same time.

For example, if you roll a six-sided die, the outcomes of a six or a three are mutually
exclusive. When applied to information, mutually exclusive ideas would be distinctly separate
and not overlapping.

Second, “collectively exhaustive” means that the set of ideas is inclusive of all possible
options. Going back to the six-sided dice example, the set {1,2,3,4,5,6} is mutually exclusive
AND collectively exhaustive.

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 MECE Issue Tree
(MECE = Mutually Exclusive, Collectively Exhaustive)
Example: The Parts that make up PROFITABILITY of a Project

Price
Do any of
Mutually
Exclusive
the point Revenue
overlap?
Quality
MECE
Variable
Profit Cost
Per Unit
Have all
Collectively options been Variable
Exhaustive covered?
Cost Quantity

Fixed

Issues Across the Branches of the Issue Tree should be MECE

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 Review, Revisit and
Find The Gap; Fill The Gap

Use… Plan…
Results… Develop
To improve
Processes and The Action Plan
And Goal
Practices
Assessment Measuring
Matrix
Cycle
Provides
Assess… Feedback for Implement…
Provide
Achievement
against those
Continuous Opportunities for
to achieve
goals or Improvement those goals
outcomes

Source: Dr. S. K. Majumdar

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 Be Aware of the 4
Barriers of Improvement

• Amnesia
• Fantasia
• Inertia
• Nostalgia
-- Shulman

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Shulman’s Learning Pathologies

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 Thank You

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