Entrepreneurship- by meet_abeera143


									Recommended Book


        Robert D Hisrich
        Michael P. Peters
        Dean A. Shepherd
Case Study
It is a kind of behavior that includes:
•Initiative taking
•The organizing and reorganizing of social and economic
mechanism to turn resources and situation to practical
•The acceptance of risk and failure
4-Basic Aspects of being an entrepreneur
1.  Entrepreneurship involves the creation process of
    value to entrepreneur and the audience
2. Requires the devotion of necessary time and effort
3. Assuming the necessary risk
4. The reward of being an entrepreneur
*** Nearly one million new companies are formed only
    in US in a year.
*** How Japan shrugged off the losses of second world
The Entrepreneurial Process
 Identification and Evaluation of Opportunities:
    Opportunity assessment
    Creation and length of opportunity
    Real and perceived value of opportunity
    Risk and return of opportunity
    Opportunity versus personal goals and skills
    Competitive environment wrt Pakistan
           (Porter’s Diamond)
The Entrepreneurial Process
 Develop Business Plan
   Title page
   Table of content
   Executive summary
   Major section
       Description of business
       Description of industry
       Technology plan
       Marketing plan
       Financial plan
       Production plan
       Organization plan
       Operational plan
       Summary
       bibliography
The Entrepreneurial Process
 Resources Required
  Determine resources required
  Determine existing resources
  Identify resource gaps and available suppliers
  Develop access to needed resources
The Entrepreneurial Process
 Manage the Enterprise
  Develop management style
  Understand key variables for success
  Identify problems and potential problems
  Implement control system
  Develop growth strategy
      What steps are necessary for growth strategy?
Desirability of new venture formation?
     Culture, subculture, family, teachers, peers
1.   Culture: Can you change culture overnight?
     Being one’s own boss, having individual
     opportunities, being a success & making money.
     Do you see any significant change in culture
     during last ten years?
2.   Subculture: Pockets of entrepreneurial
3.   Family: Uplifting
4.   Teachers: Encouragement, creativity, support
5.   Peers: Can discuss ideas, problems and solutions
Possibility of new Venture Formation?
Government, background, marketing, role models
   and finance
1. Government: Infrastructure
2. Background: Formal education, Previous
   business experience
3. Marketing: Size, know-how, price, distribution,
   promotion, Launching (push/pull)
4. Role Models: To see someone else succeed
   makes it easier to picture yourself engaged in a
   similar activity
5. Financial Resources: Must be readily available.
       1.   Own and financial companies
Types of Start-ups
 Lifestyle firm: A small venture that supports the owner
  and does not grow. (S. A. Latif & Sons)
 Foundation Company: Company formed for R&D that
  does not go public
 High-potential Ventures: High growth potential and
  receives great investor interest
 Gazelles: Very high growth ventures
Role of Entrepreneurship in Economic
 Product evaluation process
    Process of developing & commercializing an innovation)
 Iterative Synthesis:
    Interaction of knowledge and social needs that start Product
     development process
 Ordinary Innovations:
    New product with little technological change (M Bulb / Tube light)
 Technological Innovations
    New product with significant technological advancement (ES)
 Breakthrough
   New product with some technological change (VCR/DVD)
 Government as an innovator (Maquiladora)
 Technology Transfer

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