16th Century Appeared in French Language. Referred as- who organized & lead Military expedition. 17 Century Used to refer the economic activity. 18th Century Richard Cantillon described as someone who undertakes a business venture with no guarantee of profits. 19th Century Entrepreneurship: Century which include actions and special skills were required for entrepreneurs.
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16th CenturyAppeared in French Language.Referred as- who organized & lead Military expedition. 17 Century Used to refer the economic activity.
18th Century Richard Cantillon described as someone who undertakes a business venture with no guarantee of profits.
19th CenturyEntrepreneurship: Century which include actions and special skills were required for entrepreneurs.
Person who make a significant difference
Creative & Innovative
Spot & Exploit opportunities.
Find resources & competencies required to exploit
opportunities
Good Team –builders & Networker.
Determined in the face of adversity & competition
Manage change & risk
An Entrepreneur is a person who organizes and manages a business undertaking, assuming the risk for the sake of profit.
Creativity
Problem solving skills
Decision taking ability
Selling & Marketing their ideas
Find resources required to exploit
opportunities
COMMON ELEMENTS OF ENTREPRENEURSHIP
Creativity and Innovation
Resource Gathering & the founding of an economic
organization
Chance for gain under risk & uncertainty
ENTREPRENEURSHIP
Creation of an innovative economic organisation for the purpose of gain or growth under conditions of risk and uncertainty
Entrepreneur Entrepreneurship Enterprise
Person Process of Action Object
Entrepreneurship is the process of creating value by pulling together a unique package of resources to exploit an opportunity"
CreativityGetting Ideas
InnovationImplementing
Ideas
EntrepreneurshipHuman & Organizational
Processes
By
Distinction between Creativity, Innovation & Entrepreneurship
IDENTIFY THE ENTREPRENEURState their:
Business & Qualities
(apart from Leadership)Think out of box
Keeping in mind, the concept of Entrepreneurship
Subhash Chandra's
Dhirubhai AmbaniK.P. Singh Subroto RoyKiran Mazumdar Shaw
Sabeer bhatia Mukesh Ambani
Shahnaz Hussain
Sarath Babu
ENTREPRENEUR CHARACTERISTICS
Drive
Leader
Competitive
Innovative skills
Vision
Motivation
Self-confidence
Results orientated
Risk taker
Capacity and willingness to assume risk
Willingness to hard work
Vision and foresightedness
Creative and imaginative thinking
Innovative and willingness to change
ENTREPRENEUR FEATURES
66% of entrepreneurs claim they were inspired 66% of entrepreneurs claim they were inspired by innate (intrinsic) desire, by innate (intrinsic) desire, not education or training not education or training
20-35- The age group showing the highest rate of entrepreneurial activity.
Surprisingly, 36-64 age group has lower rate
39 average age of U.S. born entrepreneurs when they founded their companies
50% of all U.S. businesses are home 50% of all U.S. businesses are home basedbased
8% of American entrepreneurs added employees 8% of American entrepreneurs added employees over the past yearover the past year
8% of home businesses have
revenues of $500,000 or more
35% have revenues of $125,000 or more
TYPES OF ENTREPRENEUR
INNOVATIVE Entrepreneur
Sense the opportunities for
→ Introduction of New Ideas,
→ New Technology of production
→ Opening of New Markets.
Launches new products, discovers new markets, establishes new methods of production and restructures the enterprise.
Can work only when definite level of progress has been previously accomplished.
They focus on revolution and development.
ADOPTIVE Entrepreneur
Instead of Innovating, Imitate
→ Technology
→ Methods innovated by others
Imitate the existing entrepreneur & setup their enterprise in the same manner
Adopt victorious innovations launched by the innovative entrepreneurs.
Duplicate the technology and techniques innovated by others.
Suitable for underdeveloped countries.
FABIAN Entrepreneur
Adopt new technology when-
→ Realize that failure to adopt will lead to loss or collapse of
the enterprise
Always cautious. They neither introduce new changes nor adopt new methods invented by others. They are lazy. They follow old customs, old method of production, techniques.
They are not adaptable to the changing environment
Show by great caution and disbelief in experimenting any change in the organization.
They imitate only in situations where it becomes necessary to do so.
DRONE Entrepreneur
Refuse to adopt changes-
→ They are laggards.
→ Continue to operate in their tradition way & resist changes.
They are Conservative or Orthodox in outlook.who never allow any change in their production & style offunctioning. They never explore anything. They are also called Laggards. They are pushed out of market when product loses its marketability
Drone Entrepreneurs suffer losses, as they refuse to make any modifications in the existing production methods.
Mid-80s, Gifford Pinchot coined the term "Intrapreneur" to
describe employees of large corporations hired to think and
act as entrepreneurs.
Intrapreneurs, by definition, symbolizes the same
characteristics as the ENTREPRENEUR.
These characteristics might include conviction, passion,
and drive. If the company is supportive, the Intrapreneur
succeeds.
Intrapreneur should ask for permission before attempting
to create a desired future in practice
INTRAPRENEUR
Intrapreneur works overtime helping to run someone else's
business, for the company's future.
Person within a large corporation who takes direct
responsibility for turning an idea into a profitable finished
product
Anyone who behaves with entrepreneurial spirit within a
large organization
INTRAPRENEUR
Intrapreneurship refers to employee initiatives in
organizations to undertake something new, without being
asked to do so.”
Intrapreneurship involves using entrepreneurial behaviour
within an organisation and a different but overlapping skills
set is required
INTRAPRENEURSHIP
Extensive technical knowledge
Social knowledge to make innovations meaningful
Prior intrapreneurial or entrepreneurial experience
Initiative
See opportunities that others have not seen
Co-operate with other experts such as marketing, R&D,
external suppliers, service providers, customers.
Acceptance of risk
Tolerance of ambiguity
INTRAPRENEURSHIP SKILLS
.
COMPANYENTREPRENEU
RINTRAPRENEUR
IDEAMr. Kumar
Mangalam Birla Mr. Sanjeev Aga
STAR TV Mr. Richard Li Mr. Peter Mukherjea
Star Entertainment under Sameer Nair as the CEO
TATARatan Naval Tata
Chairman
R Gopalakrishnan, Ishaat Hussain,
Kishor Chaukar &Arunkumar Gandhi
VODAFONE John Bond
Vittorio Colao (CEO)John Buchanan
(Deputy Chairman)Andy Halford
ENTREPRENEUR INTRAPRENEUR
Entrepreneur is employer Intrapreneur is employee
Independent in operationDepends on the organization toimplement his ideas
Bears all the risk involved in Enterprise
Does not bear all the risk
Exhibits higher need forachievement.
May not have high needachievement
Profit is the rewardAttractive salary, promotion &incentives are the reward
May not have formal qualification
Should have some professional or technical qualification.
Do not have any boundary for operations.
He has to operate within the organisational policies
ENTREPRENUERS & ECONOMIC DEVELOPMENT
OPTIMUM UTILISATION OF RESOURCES
GENERATION OF EMPLOYMENT
IMPROVEMENT IN STANDARD OF LIVING OF PEOPLE
NEW/ IMPROVED GOODS & SERVICES
HELP AGRI SECTOR
PROMOTE INTERNATIONAL TRADE
HELP COMMUNITY AT LARGE
The Tata Group has donated a Rs 220 crores ($50
million) to the prestigious Harvard Business
School (HBS) to build an academic and a residential
building on the institute’s campus in Boston.
New building will be called the Tata Hall and used
for the institute’s executive education programmes.
Amount is the largest from an international donor in
Harvard’s 102-year-old existence.
Employees 396,517 (2009-10)
EXAMPLE
ENTREPRENEURIAL CULTURE
Entrepreneurial culture implies a set of
VALUES (Principles, ethics, ideals, morals),
NORMS (Standard, rule)
TRAITS (Character, personality, behavior, individuality,
persona, qualities)
that are conducive to the growth of entrepreneurship.
Entrepreneurs often start their business because they want to do things in their own way, and creating the entrepreneurial culture is their opportunity to see that everyone does it their own way.
The entrepreneurs communicate what they believe is important for the organization to be doing.
This communication can be face to face, or can take place in meetings, employee news letters, or in other written forms.
ENTREPRENEURIAL CULTURE
Entrepreneurial culture is different from the culture of
traditional large organizations.
It is future oriented and emphasizes new ideas, creativity, risk
taking, and opportunity identification.
People feel empowered to manage their own jobs and time.
Everyone can make a contribution to the firm’s success, and
the common worker is a hero.
Communication is frequently horizontal and bottom up- while
the worker servers the customer , the manager servers the
worker.
ENTREPRENEURIAL CULTURE
Dimension Traditional Org Entrepreneurial Org
Strategy Conservative Evolving, Futuristic
ProductivityShort-term Focus, Profitability
Short & long term, Multiple Criteria
Risk PunishedEmphasize & Rewarded
Opportunity Absent Integral
Leadership Top-DownCulture of empowerment
Power Hoarded Given away
Failure Costly Taken as a Lesson
Decision Making Centralized Decentralized
Structured Hierarchical Organic
Creativity Tolerated Prized & Worshiped
The Environment
The Person
Entrepreneurship
The Organizational Context
The Task
Kao’s Conceptual Model
Create jobs through the formation of new business ventures.
Utilize available manpower and resources that might have
remain idle and put them into productive use.
Create wealth, independence and status.
Stimulates growth in sectors with increase in D & S.
Increases productivity by means of innovation.
Facilitate and increase the need for technology.
An entrepreneurial team consists of two or more persons who have an interest, both financial and otherwise, in and commitment to the venture’s future and success; whose work is interdependent in the pursuit of common goals and venture success; who are accountable to the entrepreneurial team and for the venture; who are considered to be at the executive level with executive responsibility in the early phases of the venture, including funding and pre-start up.
ENTREPRENEURIAL TEAM
Entrepreneurial team - A group of experienced people from different areas of business who join to form a managerial team with the skills to develop, make and market a new product.
It means a group of people working together to pursue a common goal. They have a stake in the venture. They want it to be successful and share it’s success as well as failure.
The choice of organizational structure, legal form of business and entrepreneurial team depends on very complex conditions
These conditions are separated into two parts: one related to human aspect and the other is legal organizational form
ENTREPRENEURIAL TEAM
A solid team attracts venture capital
Team can mitigate the pressures
To take the venture beyond founder’s abilities
Their skills can complement and give edge to the venture
Why team is important?
Identify the requirement of your venture
Search for skilled human resource
Chalk out their responsibilities clearly
Make them aware of the goal they have to accomplish
Instill the sense of belongingness and team mentality
Identify and maintain an awareness of environmental
influences, demands and changes
HOW TO FORM A TEAM?
“ET” DEPENDS ON 4 COGNITIVE STYLES
Initiation Style- Concerned with possibilities, pattern & ideas
Feeling Style- Focused on people & values.
Thinking Style- Interest in cause & affect relationship
Sensation- Concerned with activities.
Choose an entrepreneur (In Raipur) as a case study.Understand his qualities. Factors that introduced him to entrepreneurship-push/pull
Environment conditions (political, social etc)- favourable/unfavourable
Process of starting a business venture; use of innovation and creativity
Details of the enterprise, product/service provided Path to success-overcoming failures, problems faced,
major milestones, takeovers, acquisitions
SWOT of the organization/business in general; Recommendations if any
EntrepreneurshipEntrepreneurship
EntrepreneurshipEntrepreneurship
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