ENTREP| MODULE 1

Entrepreneurship

is the art of starting a business, basically a start-up company offering a creative product, process, or service.

entrepreneur

is a creator or a designer who designs new ideas and business processes according to the market requirements and his/her own passion.

entrepreneur

is an innovator or a creator who introduces something new to the time economy.

enterprendre,

entrepreneur was derived from the French verb, which means to undertake

entrepreneur

is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

Entrepreneurs

play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring good new ideas to market.

motive

The term motivation has been derived from the word, which is nothing but what prompts any person to act in a particular manner, Motives are the definition of a person's goals, dreams, and needs.

Motivation

one of the fundamental factors required for an entrepreneur to promote his/her ideas.

Tough competition

An entrepreneur needs to face, to sustain and make a mark in this global market. To cope with this competition, motivation is required at each stage of the firm.

Unfavourable environment

Nobody knows what the future holds. One has to take care of the current economy and should be prepared for the worst situations of deteriorating economic conditions. For this, motivation and optimism are essential

To create public demand

Market runs by the people and for the people. To run a business profitably, it is required to create a public demand for your product or service in the market and attract as many customers as possible. To do this in the right way, motivation is required.

To enhance creativity

The market always wants something new and different. If every firm offers the same product without any variation, then there is no point in preferring one brand in particular. To sustain one has to be innovative. Add some new features to the existing products and services, make them more user-friendly on a considerable budget. This requires motivation too.

To increase productivity

It is very important to take care of the quality of the product as well as the profit. People will always prefer a product which is cost-efficient and of good quality. So, motivation is required to increase productivity. Thus motivation plays a unique role in establishing a company by frequently entrepreneur to do effective things efficiently.

change

challenge

creativity

control

curiosity

cash

The 6Cs that motivate entrepreneurs

Change

Entrepreneurs often want change, not only change, but they also want to the bearers of change. They are solution givers and want to interrupt the status quo. They have a vision like "want to assemble the world's information or want to put an AC at every desk and they attempt to make this change. In this attempt, some succeed and some fail.

Challenge

Some people love challenges and they choose for starting a new business as it is very challenging to handle big problems. These people find a typical job in a big corporate as boring and not challenging enough.

Creativity

running one's own business is all about being more creative and having the Independence to make discoveries. For example, testing a new website design, launching a new marketing scheme, creating inventive items that solve a known issue differently, creating new advertising campaigns, etc. One needs to have an infinite room to welcome and introduce creativity in a small business.

Control

Some people tend to start a business because they don't want to be pushed around and work for a product on win which they have no way to shape their destiny. They want to be their own boss having their own time, own pace, location of their choice, employees of their choice, and have a progressive role in deciding the direction of the company.

Curiosity

Successful entrepreneurs are always anxious and ask "what if we do X this way?" They want to have more than one option to do work and choose the best one from them. They want to understand the customer's perceptions, point of view, markets, ind competitors. They are frequently anxious to see how their particular theory like "people want to do A with B" works. In this aspect, they can't be differentiated from a scientist who is trying to prove his theorem.

Cash

The last but not the least part is the ___. Money says it all. Many non-entrepreneurs have a misconception that cash comes first for entrepreneurs but this is never really true. this would be the case, then there is no reason for Ellison or Gates to keep expanding thee business aggressively after they have made more than a billion dollars. However, money is not the primary motivation.

Heavy industrialization

Tremendous growth can be seen in industrialization.

Self Employment

A common man gets a chance to make a difference, set a new standard of industrial growth

Economic growth

When there is growth in an individual's economy, there is a growth in the company's economy, which in turn results in the growth of that particular area and country. Example: Emergence of smart cities concept.

Creating new jobs

More entrepreneurship leads to more job openings. More job openings lead to more employment opportunities.

Proper social benefit

When a country's economy grows or increases we see that more advanced and proper social benefits are provided to the general public like the construction of roads, schools, hospitals,colleges, etc

Discovery

An entrepreneurial process begins with idea generation, wherein the entrepreneur identifies and evaluates business opportunities. The identification and the evaluation of opportunities is a difficult task; an entrepreneur seeks inputs from all the persons including employees, consumers, channel partners, technical people, etc. to reach an optimum business opportunity. Once the opportunity has been decided upon the next step is to evaluate it.

Developing a Business Plan

Once the opportunity is identified, an entrepreneur needs to create a comprehensive. A is critical to the success of any new

venture since it acts as a benchmark and the evaluation criteria to see if the organization is moving towards its set goals. An entrepreneur must dedicate his sufficient time towards its creation, the major components of a business plan are mission and vision statement, goals and objectives, capital requirements, a description of products and services, etc.

Resourcing

The third step in the entrepreneurial process is , wherein the entrepreneur identifies the sources from where the finance and the human resource can be arranged. Here, the entrepreneur finds the investors for its new venture and the personnel to carry out the business activities.

Managing the company

Once the funds are raised and the employees are hired, the next step is to initiate the business operations to achieve the set goals. First of all, an entrepreneur must decide the management structure or the hierarchy that is required to solve the operational problems when they arise.

Harvesting

The final step in the entrepreneurial process is ____wherein, an entrepreneur decides on the future prospects of the business Le. its growth and development. Here, the actual growth is compared against the planned growth and then the decision regarding the stability or the expansion of business operations is undertaken accordingly by an entrepreneur, therefore, it's a never ending process.

Innovative Entrepreneur

These are the ones who invent new ideas, new products, new production methods or processes, discover potential markets, and reorganize the company's structure.

Imitating Entrepreneurs

are those who immediately copy the new Inventions made by innovative entrepreneurs. These do not make any innovations by themselves, they just imitate the technology, processes, methods pioneered by others

Fabian Entrepreneurs

These types of entrepreneurs are skeptical about the changes to be made in the organization. They do not initiate any inventions but follow only after they are satisfied with their success rate. They wait for some time before the innovation becomes well tested by others and does not result in a huge loss due to its failure.

Drone Entrepreneurs

These entrepreneurs are reluctant to change since they are very conservative and do not want to make any changes in the organization. They are happy with their present mode of business and do not want to change even if they are suffering losses.

INNOVATIVE

IMITATING

FABIAN

DRONE

TYPES OF ENTREPRENEURS

Discovery
Developing a business plan
Resourcing
Managing the company
Harvesting

ENTREPRENEURIAL PROCESS

Heavy industrialization
Self Employment
Economic growth
Creating new jobs
Proper social benefit

Result of Motivation