ENTREPRENEURSHIP

SHIFT FROM SERVICE SECTOR TO ENTREPRENEURSHIP

PRESENTED BY
BHAVIK VEERA 80 BHUSHAN THAKKAR 73 JIGYASA SONI 88 SAGAR SHINDE 68 AKSHAY KAMALANANDAN 112

EXECUTIVE SUMMARY
ENTREPRENEURSHIP: Most of what you hear about entrepreneurship is all wrong. Its not magic; its not mysterious; and it has nothing to do with genes. Its a discipline and, like any discipline, it can be learned. Peter F. Drucker.

EXECUTIVE SUMMARY
The world is experiencing an explosion in growth of small entrepreneurial business over the last two decades. This has primarily come up as due to technological developments and trends of mergers job market has shrank. It is also on account of the fact that human needs have been growing. New venture is defined as a start-up business with a high growth potential that distinguishes itself from existing companies through innovation . Your business concept should require careful analysis and definition of, among other things, customer needs, product and service offerings, markets and strategy, marketing, operations, financials and financing. In addition, your new venture should have the potential for wealth creation beyond a normal salary for its founders.

CONCEPT OF ENTREPRENEURSHIP
Entrepreneurship has assumed super importance for accelerating economic growth both in developed and developing countries. It promotes capital formation and creates wealth in country. It is hope and dreams of millions of individuals around the world. It reduces unemployment and poverty and its a pathway to prosper. Entrepreneurship is the process of searching out opportunities in the market place and arranging resources required to exploit these opportunities for long term gains. It is the process of planning, organising, opportunities and assuming. Thus it is a risk of business enterprise. It may be distinguished as an ability to take risk independently to make utmost earnings in the market. It is a creative and innovative skill and adapting response to environment of what is real.

What is ENTREPRENEURSHIP?
Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The term has been extended to include social and political forms of entrepreneurial activity. The system needs modification for underdeveloped economies like Indias. Any increase in their productivity requires new technologies. Without new technologies, economic growth winds down and business life stagnates.

Who is an ENTREPRENEUR?
 An entrepreneur is a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population.  An entrepreneur is someone who recognizes an opportunity, raises the money and other resources to exploit that opportunity, and takes the risks associated with the execution of the idea. Entrepreneurs are the decisionmakers who discover the market needs and start & launch new ventures to meet these needs. Entrepreneurs provide the impetus for change, innovation and progress in our economies. Entrepreneurs are the owner-mangers who energize the operation, take risks and spark economic growth.

ROLE OF ENTERPRENEUR

 An innovator who combines technical innovations and financial finesses.  Important role in producing competitive products, processes, and services.  Generation of new employment.  Local and regional economic development  Improved allocation of resources and transfer of technologies.

CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS

 Passionately Seek New Opportunities  Pursue Opportunities With Enormous Discipline  Pursue Only The Best Opportunities  Adaptive Execution  Synergy  Need for achievement, a desire to succeed, where success is measured against a personal standard of excellence.

CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS

 Willingness to take risks, to make their dreams come true.  Posses self-confidence to meet the challenges that confront them.  Entrepreneurs believe that one's success depends on his own efforts rather than on luck or fate.  Entrepreneurship is a trait that is confined neither to certain type of individuals or to organizations.  A society can do much to stimulate or inhibit the development of Entrepreneurship.

Entrepreneur Process Diagram

Finding the required resources Using networks extensively

Motivation to make a difference

Spotting & Exploiting Opportunities

Overcoming Obstacles

Controlling the Business

Financial, Social, Aesthetic Capital

Showing determination in the face of adversity

Managing Risk

Entrepreneurship Process
The Inventor The Opportunity Spotter The Project Champion

The Idea

Realizing the opportunity

Engaging the idea & opportunity

Exploiting the opportunity to build something of value

OBJECTIVES OF SURVEY:
 To understand peoples perspective for business  To understand the percentage of people inclined towards entrepreneurship  To find what problems people face in employment  To know the limitations people face to start their own entity  To understand whether people employed are satisfied with their current CTC.

QUESTIONNAIRE
Shift from Service Sector to Entrepreneurship 1. Basic Information Name Sex Country 2. Which Age Group you belong to? 15-25 26-35 36-45 46 & Above

QUESTIONNAIRE
3. Occupation Student Unemployed Employed Self Employed 4. Are you satisfied with your current CTC? Yes No

QUESTIONNAIRE
5. For how many years did you worked in a Service Sector? 0-5 years 6-10 years 11-15 years Above 15 years 6. While working in the Service Sector, did you experience any of the following situations? Had to work as a part of strict hierarchy Had to cope with superiors whose views were different from my own Was forced to work on ideas that were not in agreement of my own Was unable to use my initiative beyond a certain point. Was making money/doing well for someone else,not for myself Felt a sense of security that a job provides There was an urge to break out and make my own idea come true Any Other

QUESTIONNAIRE
7. Would you like to start your own Business? Yes No 8. What made you think of turning entrepreneur? An incident at work/elsewhere A meeting with a friend who had started up that motivated? A business idea you could no longer hold back on? Any Other

QUESTIONNAIRE
9. What were the key barriers that appeared before you, while you were planning to startup? No barriers, had planned well Funding Government approvals To believe in the success of my idea Other (please specify) 10. Did you eventually had your original business idea or did it change over time? Started with original idea. It changed over time.

SURVEY METHODOLOGY:
1. Uniqueness: Gather information not available from other sources. 2. Probability Sampling: Unbiased representation of population of interest. 3. Standardization of measurement: Same information collected from every respondent. 4. Analysis needs: Use survey data to compliment existing data from secondary sources.

MODES OF SURVEY
1.Personal (Face-to-Face) 2.Telephone 3.Mail 4.Web 5.Combination of Methods

Research Design:
Research design is the plan and structure of investigation so conceived as to obtain answers to research questions. The plan is the overall scheme or programme of research. It includes an outline of what the investigator will do from writing hypothesis and their operational implications to the final analysis of data. The research design has been considered as a blueprint for research, dealing with at least four problems: what questions to study, why data are relevant, what data to collect and how to analyze the results.

Types of Research (3 Research Methods)

There are 3 main research methods: Experimental Quasi-experimental Non-experimental

Types of Research (3 Research Methods)

 Experimental- Characterized by: 1. Random assignment. 2. Powerful method, but can be difficult to do and may not be ecologically valid.  Quasi-experimental - Characterised by: 1. Use of naturally occurring groups e.g., fans of different football codes. 2. Non-random assignment.

Types of Research (3 Research Methods)

 Non-experimental - Characterised by: 1. No groups or conditions are used e.g., students at a university. 2. Minimal control over extraneous variables.  All types of research require a careful design in the sense of planning, while the term "research design" has also a specific meaning applying to quantitative, and particularly experimental and quasi-experimental studies.

DESIGN OF OUR RESEARCH:

DESIGN OF OUR RESEARCH:

Proposal approved - Entrepreneurship- shift from service sector to it. Research design strategy- Self Administered Survey Purpose- To understand the market potential Time Frame- 1month Scope- National and International Data Collection Design- Self. Sampling Design- On basis of the data were received as probability.

DATA COLLECTION
Data collection is a term used to describe a process of preparing and collecting data. The purpose of data collection is to obtain information to keep on record, to make decisions about important issues, to pass information on to others. Data collection usually takes place early on in an improvement project, and is often formalised through a data collection plan which often contains the following activity. Pre collection activity Agree goals, target data, definitions, methods. Collection data collection. Present Findings usually involves some form of sorting analysis and presentation.

Types of Information: Descriptive & Judgemental

Descriptive information can include the following examples:  Characteristics of the project  Reports of project accomplishments  Current skill or knowledge levels of project personnel and the target audience  Amount of participation by the target audience  Policies concerning cost share  Types of participants  Demographic data

Types of Information: Descriptive & Judgemental

Judgmental information can include the following examples:
     

Opinions from experts or consultants Consumer preferences Target audiences beliefs and values Technical agency personnels interpretation of laws Stakeholders perceived priorities Farmers interpretation of guidelines

Types of Data Collection:

 Behavior Observation Checklist: a list of behaviors or actions among participants being observed. A tally is kept for each behavior or action observed.  Knowledge Tests: Information about what a person already knows or has learned.  Delphi Technique: A method of survey research that requires surveying the same group of respondents repeatedly on the same issue in order to reach a consensus.  Questionnaire: A group of questions that people respond to verbally or in writing.  Individual Interviews: Individuals responses, opinions, and views.  Group Interviews: Small groups responses, opinions, and views.

DATA ANALYSIS
Analysis of data is a process of inspecting, cleaning, transforming, and modeling data with the goal of highlighting useful information, suggesting conclusions, and supporting decision making. Data analysis has multiple facets and approaches, encompassing diverse techniques.

DATA ANALYSIS OF OUR SURVEY

AGE GROUP
4.20% 1.40%
15-25

26-35

40.80%

53.50%
36-45

46 & Above

DATA ANALYSIS OF OUR SURVEY

OCCUPATION
4.20% 22.50% 1.40% Student 71.80% Unemployed Employed Self Employed

DATA ANALYSIS OF OUR SURVEY

For how many years you worked in Service Sector ?
7.20% 11.60% 4.30%

76.80%

0-5 Years 6-10 Years 11-15 Years Above 15 Years

DATA ANALYSIS OF OUR SURVEY

Would you like to start your own Business?

17.10% Yes No 82.90%

DATA ANALYSIS OF OUR SURVEY

What were the key barriers that appeared before you, while you were planning to startup?
20.00% 27.50% 55.00% 17.50% 12.50%

No barriers, had planned well Funding Government approvals To believe in the success of my idea Others

DATA ANALYSIS OF OUR SURVEY

Did you eventually had your original business idea or did it change over time?

50.80%

49.20%

Started with original idea. It changed over time.

CONCLUSIONS
 Entrepreneurship is a challenging and rewarding profession  The biggest barrier that people face in starting up their own business is Funding  Need to concentrate on market analysis, financial resources, and technology management  Cannot compete directly with the big guys, so need to be ingenious and innovative in all entrepreneurial functions.  The target age group was from 15 to 46 and above.  71.8% population falls under the employed  76.80% are employed in an organization is 0-5 years  Maximum no of people surveyed are keen in starting their own business rather than working somewhere.  There is a nominal difference of 1.6% in the business idea.

LIMITATIONS OF STUDY
 Authenticity of data given by people.  Couldnt get information from people who are unemployed.  Was difficult to understand whether people really intend to become entrepreneur or were attracted to the rosy picture portrayed by successful entrepreneurs across the globe.  Though planned to get hold of people outside India but could not reach the decided target.

BIBLIOGRAPHY
We got the help for our survey from the following sources: Books:  Business Research Methods: Donald R Cooper and Pamela S Schindler. Personal Visits at:  Offices  College Library Other Sources:  Telephone  References

BIBLIOGRAPHY
 Websites: www.google.com www.surveymonkey.com www.facebook.com www.aegis.com www.slideshare.com www.mbahelp.com www.yahoo.com www.gmail.com

THANK YOU