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Advantages of entrepreneurship

1. If we have lots of skills, entrepreneurship gives us opportunities to enhance and use it. 2. Independence 3. No profit sharing

Disadvantages
1. Risk 2. Loss is beared by them only. 3. More liability

Qualities
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Passionate Risk Focused Creative Self-dependent Leadership quality Influencer Goal oriented Gift of gap Negotiator Futuristic Opportunistic Patience Intelligence

Entrepreneurship eco system


legal

technological

social/ cultural

Firm govt. rules and regulations and politics political

economic environment

Eco system means environment under which firm operates.

Impact of entrepreneurship
Constructive destruction

Decision of becoming entrepreneur


1. 2. 3. 4. Lack of job opportunity Being fired from the job Inheritance Business plan

Business plan
A business plan is written document that describes all the aspects of a business venture in a concise manner. It is usually necessary to have a written business plan to raise money & attract high quality business partners.

Developing successful business idea


STEP 1: recognizing opportunities $ generating ideas. STEP 2: feasibility analysis. STEP 3: writing business plan industry. STEP 4: competitors analysis. * If we have new market or new concept then it is difficult to identify competitors.

5 forces model
1. 2. 3. 4. 5. Bargaining power of suppliers. Bargaining power of customers. Threat to new entrance. Competitors (existing). Firm

*profit margin is a function of number of competitors. Profit margin = f (no. of competitors) = f (time) For perfect competition if no. of competition is large then, profit margin is low and in monopoly profit margin is high in large competition.

Window of opportunity
The term window of opportunity is a metaphor describing the time period in which a firm can realistically enter a new market.

Approaches of opportunities

1. To observe trends. 2. Solving a problem. 3. Finding gap in the market place.

Observing trends
Trend is a movement in certain direction. It creates opportunity and is a source of threat. By observing trends, we get idea. There are four forces :-) 1. 2. 3. 4. Economic forces Political & regulatory forces Social forces Technological advances

These forces create opportunity for entrepreneurship & from this entrepreneur provide products and services. These forces lead to business. Economic forces: demand and supply, level of disposable income , state of the economy, consumer spending patterns. Technological advances: internet gadgets. Political &regulatory charges: subsidies and aids, trade barriers. Social forces: increase social awareness and securities (NGO) play school coz of bussy schedule, old age home, travell & tourism, matrimonials, satsang, quicker.com,go green, baby boomers.

Solving a problem
Every problem is a briliant disguiesed opportunity.

Finding gaps in the market

One of the source of gaps in the market is there would be certain people who does not fit in the masses. By analysing gaps we can create apportunities, which can be source of business idea.

Personal characterisics of an entreprenuer


Sources of idea: 1. 50-90% get their idea while working they might observe the market and find the gaps then generate new ideas to fill the gap. 2. Cognitive forces/ entreprenuer alertness/ sixth sense i.e., the ability to notice things without engaging in deliberate search. Without searching anything they have the sense to find the gap & generatye idea. 3. Social network: a) they can be solo entreprenuer & network entreprenuer. Solo entreprenuer identify business opportunity by their own & network who identify it by talking to others. Social network means how you interact and co-ordinate with others. b) strong tie relationship & weak tie ralationship: strong tie is when entreprenuer discuss like minded people & weak tie is when they consult with people casually. 4. Creativity :-)process of idea generation is1. Preparation 2. Incubation 3. Insight 4. Evaluatio 5. Elaboration

Techniques of generating idea


1. Brainstorming 2. Focus group 3. Liberarian net

Feasibility analysis
There are 4 parts of feasibility analysis: 1. Product-service feasibility: desirability and demand are the parameters of product-service feasibility analysis. 2. Industry or target market feasibility: a industry will be attactive when it has sizable profit & it can be sustainable with time. When competitors are less, potential customers are many and the industry is new then its is attractive. Target market depends on low price elasticity. Attractiveness is important for growth potential and profit. 3. Organisational feasibility: 1)market ability 2) resource sufficiency 4. Financial feasibility: 1)enough capital for sufficient infrastructure. 2)financial performance of other business.

Rules of brainstorming
1. 2. 3. 4. No criticism Carefree expression of idea. Quick pace Generating or taking the lead.

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