Enterpreneurship

Enterpreneurship

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  ENTREPRENEURSHIP : PROSPECTS ANDPROBLEMS
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  ROAD MAP • INTRODUCTION •ENTREPRENEURS • ENTREPRENEURAL PROCESS • FACTORS • PROBLEMS • PROSPECTS • SUCCESS STORY
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  INTRODUCTION • The word“entrepreneur” is derived from the French verb enterprendre, which means ‘to undertake’. • This refers to those who “undertake” the risk of new enterprises. An enterprise is created by an entrepreneur. The process of creation is called “entrepreneurship”. • It is the activity of setting up a business or businesses, taking on financial risks in the hope of profit. • “The new business opportunities have encouraged entrepreneurship on a grand scale"
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  DEFINITION • Entrepreneurship hasbeen 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.
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  IMPORTANCE • Development ofmanagerial capabilities • Creation of organizations • Improving standards of living • Means of economic development
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  MYTHS • Entrepreneurs, likeleaders, are born, not made • Entrepreneurs are academic and socially misfits • To be an entrepreneur, one needs money only • To be an entrepreneur, a great idea is the only ingredient • One wants to be an entrepreneur as having no boss is great fun
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  ENTREPRENEURS • A personwho sets up a business or businesses, taking on financial risks in the hope of profit. • An entrepreneur is an individual who, rather than working as an employee, runs a small business and assumes all the risks and rewards of a given business venture, idea, or good or service offered for sale. • The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes.
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  QUALITIES OF ENTREPRENEURS •Motivation • Creativity and Persuasiveness • Flexibility and Open-Mindedness • Superb Business Skills • Versatility • Risk Tolerance • Drive • Vision • Decisiveness
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  FACTORS MOTIVATING TO BECOMEENTREPRENEURS “The main objectives of the entrepreneurs in selecting their professions is to earn money.” – Creation of employment opportunities. – To utilize the locally available resources. – To continue family business. – To be self-dependent. – To improve status. – Financial help to the family.
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  TYPES OF ENTREPRENEURS •Innovative entrepreneurs • Imitating entrepreneurs • Fabian entrepreneurs • Drone entrepreneurs • Social Entrepreneurs
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  ENTREPRENEURAL PROCESS • Entrepreneurshipis a process, a journey, not the destination; a means, not an end. • To establish and run an enterprise it is divided into three parts: – the entrepreneurial job – the promotion – the operation.
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  PROCESS
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  FACTORS AFFECTING ENTREPRENEURSHIP • PersonalityFactors Personal factors, becoming core competencies of entrepreneurs, include: – Proactive – Self-confidence – Self-critical – A Planner – Risk-taker
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  CONT… • Environmental factors: Factorsthat relate to the conditions in which an entrepreneur has to work such as – Political climate – Legal system – Economic system – Social conditions – Market situations
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  ENTREPRENEURSHIP PROBLEMS • Fearof failure • Finance • Lack of knowledge • Lack of recognition and appreciation • Lack of adequate skill and confidence • Non existence of organized markets • Middlemen Share the cream
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  PROSPECTS OF ENTREPRENEURSHIP • Involvementin entrepreneurial activities would ensure effective utilization of labour, generation of income and hence improvement in quality of life. • Prospects of entrepreneurship are: – Poultry farming – Food processing industry – Dairy farming – Sericulture – Jewellery – Fisheries
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  RITESH AGARWAL •Ritesh Agarwal,the young boy who is the founder and now the CEO of OYO Rooms. •He is the World’s youngest CEO at 17. •Ritesh today heads among the most valuable start-up by a person who never studied beyond school. •He has been named among the top 50 entrepreneurs by the TATA first dot awards in 2013. •His annual turnover is 2500 crores. •Finalist of the global student Entrepreneurship Awards India. •He has been named one of the 8 hottest teenage startup founders in the world by a Business Insider in the year 2013.
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  CONCLUSION • It isthe activity of setting up a business or businesses, taking on financial risks in the hope of profit. • An entrepreneur is a person who sets up a business or businesses, taking on financial risks in the hope of profit. • An entrepreneur must be innovative, creative, versatile, open minded and risk aversed person. • There are different problems and challenges in the process of entrepreneurship.
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  CONT… • The newprospects arising in entrepreneurship are Poultry farming , Food processing industry, Dairy farming , Sericulture, Jewellery, etc. • Empowering entrepreneurs is essential for achieving the goals of a sustainable development.