ENTREPRENEURSHIP

Be Your Own BOSS

Challenge the status quo

Does a company need a traditional

Office Business plan Management board CEO Compensation Working hours Managers Vision Mission

GET A GROUP OF MEAN OLD FARTS AS ADVISORS

Reaching Out

SHARE AND MAKE TRANSPARENT EVERYTHING YOU DO

IDENTIFY AND CONNECT WITH THE MOST INSPIRATIONAL PEOPLE TO YOU

ALWAYS THINK IF SOMEONE ELSE WOULD BE BETTER DOING WHAT YOU DO...

in this city in this country in this world

TRAVEL AND CHANGE YOUR MIND EVERY DAY

LEARN HOW TO COMMUNICATE

SPEAK ABOUT WHAT INSPIRES YOU, NOT ABOUT YOUR PRODUCTS

REMEMBER TO BREATHE SLOWLY

WHAT IS ECONOMIC GROWTH?

ECONOMIC GROWTH MEANS UPWARD CHANGE WHEREBY PER CAPITA INCOME INCREASES OVER A LONG PERIOD OF TIME. TIME.

WHAT CAUSES ECONOMIC GROWTH?

Economic growth is effect, entrepreneur is the cause. cause. Entrepreneurs explore opportunities, convert ideas into viable business proposition and provide new products and services to the society by bringing together and combining various factors of production. They production. change life style of the people. people.

ENTREPRENEURSHIP
Entrepreneurship

is a purposeful activity of an individual or a group of associated individuals, undertaken to initiate, maintain or aggrandise profit by production or distribution of economic goods. goods.

ENTREPRENEURSHIP
Entrepreneurship is the attempt to create value through recognition of business opportunity, the management of risk appropriate to opportunity and through the communicative and management skills to mobilise human, financial and material resources necessary to bring a project to fruition.

ENTREPRENEURSHIP

Entrepreneurship is the ability to create and build a vision from practically nothing. It is a dynamic process of creating incremental wealth.

BOSS

SELF EMPLOYMENT

JOB EMPLOYMENT

Job employment vs. Self employment Career

Schooling Higher Education Practical Experience Job in a Company / Govt. Management Training Startup Venture Growth / Another enterprise Retirement Retirement ??? Never never Schooling Higher Education

CHARMS OF BEING AN ENTREPRENEUR

j

You are Your Own Boss You are Independent You No Longer Work for Somebody You Create Jobs for Others You Use Your Creative Talents, Skills & Knowledge for Your Own Benefit You Get Unlimited Rewards

j j j j

j You Prove to the World that You are an Achiever Because You Seek Nothing Less Than Excellence

Entrepreneur
 Mobilizes resources Has concept, vision, dream Adapts concept to reflect realities in environment, scans environment Persevere in overcoming obstacles Able to convert dream into products and people within an organizational context

Assesses risks versus rewards

Optimizes profits

Categories of Entrepreneurs


Craftsmen
Narrow in education/training

Opportunists
Breadth in education / training , wide experiences

Technical entrepreneur
Come up with own inventions and product modifications, work experience in technology environment, more formal technical education Make greater use of teams

9 Myths
   

About Entrepreneurs

   

Entrepreneurs are born not made Entrepreneurs are doers not thinkers Entrepreneurs are always inventors Entrepreneurs are academic and social misfits Entrepreneurs must fit the profile All entrepreneurs need is money All entrepreneurs need is luck Entrepreneurs seek success but experience high failure rates Entrepreneurs are extreme risk takers

Entrepreneurial Potential All of us have entrepreneurial potential. Degree might differ. It is just a matter of developing that potential.

ENTREPRENEURSHIP Entrepreneurship is a purposeful activity of an individual or a group of associated individuals, undertaken to initiate, maintain or aggrandise profit by production or distribution of economic goods.

Who is the Entrepreneur? Characteristics and Types, Nature versus Nurture

ENTREPRENEUR
It is not the critic who counts, nor the observer who watches It from a safe distance. Wealth is created only by doers in the distance. arena who are marred with dirt, dust, blood, and sweat. These sweat. are producers who strike out on their own, who know high highs and low lows, great devotions, and who overextend themselves for worthwhile causes. Without exceptions, they causes. fail more than they succeed and appreciate this reality even before venturing out on their own. But when these producers own. of wealth fail, they at least fail with style and grace, and their gut soon recognizes that failure is only a resting place, not a place in which to spend a lifetime. Their places will never be lifetime. with those nameless souls who know neither victory nor defeat, who receive weekly paychecks regardless of their weeks performance, who are hired hands in the labour in someone elses garden. These doers are producers and no garden. matter what their lot is at any given moment, they will never take a place beside the takers, for theirs is a unique place, alone, under the sun. They are entrepreneurs! sun.

JOSEPH R MANCUSO

Entrepreneurial Individual
Has concept, vision, dream  Adapts concept to reflect realities in environment, scans environment  Assesses risks versus rewards  Mobilizes resources  Able to convert dream into products and people within an organizational context  Able to champion the concept to a wide range of publics and partners  Persevere in overcoming obstacles  Optimizes profits


Who is an entrepreneur
An entrepreneur is a person who takes risk of setting up his/her own venture for perceived rewards. He is a person who initiates the idea, formulates a plan, organizes resources and puts the plan into action to achieve his goal. goal.

Essential qualities of an entrepreneurs

 Need

for achievement: risk taker:

Strong

desire to be a winner
 Perseverance: Quality to stick to it.  Moderate

Prefer a middle of the road strategy when they analyze a risk problem

 Ability

to find and explore opportunity: Alert to opportunities and

seize and convert them to their advantages

 Analytical

Unaffected by personal likes and dislikes while approaching problems  Using feedback: Consider it important to know how they are doing, when they work on the goal or a task.  Facing uncertainty: Welcome tackling an unfamiliar but interesting situation  Independence: Have a dislike for working for other  Flexibilities: Flexible in their decisions  Planner: Thinks ahead, plan for future and then work to make it come true.

ability:

 Interpersonal

comfortable while dealing with people at all level  Motivator: Can influence others  Stress takers: They are capable of working for long hours and tackling different problems at the same time  Positive self concepts: They are aware of themselves  Orientation to future: They have high level of future orientation. They do not allow the past to obsess them.

skills: They are

The Entrepreneur s Dream

The entrepreneurs dream is almost a kind of madness, and it is almost as isolating. isolating. When you see something new, your vision usually isnt shared by others. others. The difference between a crazy person and the successful entrepreneur is that the latter can convince others to share the vision. That force of will is vision. fundamental to entrepreneurship. entrepreneurship.

Categories of Entrepreneurs


Craftsmen
Narrow in education/training

Opportunists
Breadth in education/training, wide experiences

Technical entrepreneur
Come up with own inventions and product modifications, work experience in technology environment, more formal technical education Make greater use of teams

Categories of Entrepreneurs
1. INNOVATORS 2. IMITATORS 3. FABIANS 4. DRONES

Entrepreneurial Culture
Entrepreneurial Culture Implies A Set Of Shared Values, Norms And Traits That Are Conducive To The Growth Of Entrepreneurship

Factors Shaping Entrepreneurial Response

i. ii. iii.

iv. v.

SocioSocio-Cultural Values, Religious Influences SocioSocio-Political Structure and Condition Economic Infrastructure and social Overheads; Communication, Education, Credit etc. National Goals and governmental policies Demonstration Effects, Contacts and reference Groups

Entrepreneurial Personality Psychological



1. Motivation driven by range of factors

Necessity (survival) - Opportunity (proactivity) Dissatisfaction (cant stand job) Curiosity (What if?) Material gain (We could make a killing)
-

  


Achievement oriented more than anything else Driven by the task, challenge, opportunity Money as a by-product, but scorecard by-

2. Strong internal locus of control change agents

 Believe they can change their environments

Entrepreneurial Personality Psychological



3. Calculated risk-takers (financial, riskcareer, family & social, psychic)

Attempt to estimate likelihood and magnitude of key risk factors and manage or mitigate them through good planning or decisions

4. High tolerance of ambiguity

Process can be loose, messy, shift directions

5. Prize their independence selfselfmotivated, self-reliant, prefer autonomy, selfhave perseverance

SituationSituation-Based Characteristics
 Willingness

and ability to assume and manage risks more critical with new-to-thenew-to-theworld products  Political skills important in large corporate settings  Adaptability and tenacity are bigger factors in turbulent environments

Dark Side Traits

 Excessive

need for control others will steal

Tendency to micromanage
 Suspicious

their idea  Impatience  Need for applause  Defensive  Externalize internal problems

Entrepreneurial Potential
 All

of us have entrepreneurial potential. Degree might differ. It is just a matter of developing that potential.

The Process
No individual has all the personal attributes and managerial skills needed  Know whats missing: personal attributes or skills  Learn how to compensate for what is missing  Knowing how to compensate can be as valuable as already having the skill


PREPRE-REQUISITES OF SUPERIOR PERFORMANCE

THE INDIVIDUALS COMPETENCIES THE JOBS DEMANDS THE ORGANISATIONAL ENVIRONMENT Better the balance among three, more the occurrence of effective specific actions or behaviour
EDI (SS)

WHAT IS A JOB COMPETENCY ?

It is a body of knowledge, skill and attitude. It gets reflected in the job. It is related to superior performance. It enables a person to perform the required job better than others.

EDI (SS)

INGREDIENTS OF COMPETENCIES
KNOWLEDGE: KNOWLEDGE: SKILLS: SKILLS: Collection & Abilities to master retention of the system & information & facts sequence of behaviour (Hard & Soft Skills)
MOTIVES: TRAITS:

Internal states resulting from need. Activate EDI (SS) behaviour.

Characteristics ways in which a person responds

ENTREPRENEURIAL COMPETENCIES : MAJOR CLUSTERS

ACHIEVEMENT
Initiative Seeing & acting on opportunities Persistence Information seeking Concern for high quality of work Commitment to work contract Efficiency Orientation THINKING & PROBLEM Systematic Planning SOLVING Problem Solving PERSONAL MATURITY Self - Confidence INFLUENCE Persuasion Use of Influence Strategies DIRECTING & Assertiveness CONTROLLING Monitoring EDI (SS) OTHERS Concern for Others Welfare

INITIATIVE
TAKING ACTIONS THAT GO BEYOND JOB REQUIREMENTS OR DEMANDS OF THE SITUATION. Doing things on own before being asked for; or being forced to by events. Taking actions to expand the business into new areas, products or services.
EDI (SS)

SEEING AND ACTING ON OPPORTUNITIES

LOOKING FOR AND TAKING ACTIONS TO SEIZE OPPORTUNITIES. Seeing and acting on opportunities for business development or for personal growth. Seizing unusual opportunities to obtain and mobilise necessary resources.
EDI (SS)

PERSISTENCE
TAKING REPEATED ACTIONS TO OVERCOME OBSTACLES THAT GET IN THE WAY OF ACHIEVING GOALS. Taking suitable actions in the face of a significant obstacle. Ensuring all efforts to solve a problem or barrier.
EDI (SS)

INFORMATION SEEKING
TAKING ACTION ON OWN TO HELP REACH OBJECTIVES. OBJECTIVES. Personally undertaking a research or analysis to find out answer of some problem. problem. Seeking information to clarify what is needed. needed. Using contacts & networks to obtain EDI (SS) desired information. information.

CONCERN FOR HIGH QUALITY OF WORK

DOING THINGS THAT MEET OR BEAT EXISTING STANDARDS OF EXCELLENCE. EXCELLENCE. Stating a desire to produce work of high quality. quality. Comparing own/ companys work favourably to that of others. others. Making all out efforts to ensure the quality of products or services. services.
EDI (SS)

COMMITMENT TO WORK CONTRACT

PLACING HIGHEST PRIORITY GETTING A JOB COMPLETED. COMPLETED. FOR

Taking extra-ordinary efforts or making extrapersonal sacrifices to complete a job. job. Accepting full responsibility for failures, if any. any. Expressing utmost concern for the customers. customers. EDI (SS) Readiness to work even at workers

EFFICIENCY ORIENTATION
CONSTANTLY LOOKING FOR WAYS TO DO THINGS FASTER OR WITH FEWER RESOURCES OR AT A LESSER COST. COST. Using information or business tools to increase personal or professional efficiency. efficiency. Expressing concern for assessing costs versus rewards of some improvements, changes or action. action.
EDI (SS)

SYSTEMATIC PLANNING
DEVELOPING AND USING LOGICAL, STEP-BYSTEP-BY-STEP PLANS TO REACH GOALS. Breaking a large task down into several sub-tasks. sub-tasks. Developing plans after duly anticipating obstacles. obstacles. Evaluating alternatives on merits and demerits. demerits. Taking a logical and systematic approach EDI (SS) to activities, in general. general.

PROBLEM SOLVING
IDENTIFYING AND APPLYING NEW AND POTENTIALLY UNIQUE IDEAS TO REACH THE GOALS. GOALS. Identifying the root-cause of the rootproblem or objectives. objectives. Developing strategy in the light of objectives, resources and constraints. constraints. Keeping alternatives, wherever necessary. necessary. EDI (SS) Generating new ideas or innovative

SELFSELF-CONFIDENCE
HAVING A STRONG BELIEF IN SELF AND OWN ABILITIES. ABILITIES. Expressing confidence in own ability to complete a task. task. Sticking with own judgement in the face of opposition or early lack of success. success. Doing something for EDI (SS) which chances of success

PERSUASION
PERSUADING OTHERS SUCCESSFULLY Convincing someone successfully to do something else than what he/she would have done. Selling someone a product or service. Making someone agree to provide resources on extraextra-ordinary conditions. Asserting own confidence & competence in personal or companys strengths. EDI (SS)

USE OF INFLUENCE STRATEGIES

USING A VARIETY OF STRATEGIES TO INFLUENCE OTHERS SUCCESSFULLY. SUCCESSFULLY. Developing professional or business contacts. contacts. Using influential people to get own things done. done. Carefully limiting the information to be given to others. others. Using others authority and resources to EDI (SS) influence or persuade others. others.

ASSERTIVENESS
CONFRONTING PROBLEMS AND ISSUES WITH OTHERS DIRECTLY Speaking politely but firmly. Telling others clearly what they have to do. Reprimanding those who fail to perform as expected, however close they may be.
EDI (SS)

MONITORING
ENSURING SMOOTH PROGRESS OF PROJECT OR WORK Ensuring that the work is completed or it is of high quality. Personally supervising all aspects of the work. Developing a system of supervision & monitoring.
EDI (SS)

CONCERN FOR OTHERS WELFARE

HAVING A CONCERN & TAKING SUITABLE ACTIONS TO IMPROVE OTHERS WELFARE. Taking actions to improve the welfare of society. Responding positively to employees specific needs. Having a concern for the welfare of employees and their families.
EDI (SS)