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Entrepreneurship
Session-316/02/07
Lawrence Joseph Ellison
The founder of Oracle is one of the most flamboyant and outspoken businessmen of the century, not to mention one of the richest, with a net worth somewhere north of $50 billion.
Lawrence Joseph Ellison
Ellison's leadership qualities had more to do with his ability to conceive a strategy for his company to survive and grow in the long term and his displaying unshakable determination to make it happen in an increasingly competitive marketplace.
Definition of an entrepreneur
Entrepreneur is someone, who has the ability and willingness to introduce new products or services, that sell, to a market where those products or services were previously either unavailable or not desired.
Difference between managers and entrepreneurs
“Managers manipulate things and information to produce a result that is clearly specifiable in advance.
Entrepreneurs try to create what isn’t by a lot of guesswork, improvisation and learning from mistakes.”
Key Entrepreneurial Capabilities
Passionate with a big idea Innovativeness Managing risk Resource building Creative Observing & identifying changing
customer needs Relevant technical & managerial skills
& knowledge
National Income and Entrepreneurship:
Entrepreneurial life cycle
Attitude Opportunity
Idea Planning
Start - up
Growth
Diversify
Time
Leadership Skills
Management Skills
Finance
Strategy
Planning
Marketing
Sales
Operations
Motivation
Negotiation
Setting Examples
Value Systems
Vision
Inspiration
Entrepreneurs who have inspired me
Henry Ford Bill Gates
Jamshedji Tata Dhirubhai Ambani
Steve Jobs
The business of motivation Factors of motivation: Educational background. Occupational experience. Desire to work independently. Desire to branch out manufacturing. Family background. Assistance from financial
institutions
The business of motivation Availability of technology Other factors-demand of
particular product etc.
Factors:
Internal External
Factors Internal to Entrepreneurs
Strong desire to do something in life.
Technical knowledge/manufacturing experience.
Business experience in the same or related line.
Factors external to entrepreneurs: Financial assistance from
institutional sources. Machinery on hire/purchase. Attitude of the Govt. Encourage from big business. Heavy Demand. Profit Margin.
Seven keys to motivation that may prove helpful Inspiration: Setting goals: Networking: Reward Yourself:
Other Traits:
Self –confidence: Ability in themselves.
Long term involvement: Long term commitment to the projects
High Level Energy: Ability to work long
Entrepreneurial Leadership: Give positive feedback for good
job. Initiate confidence in employees. Be fair and objective, not
vindictive. Practice what is preached,donot
ask for something that employees are not willing to do.
Entrepreneurial Leadership: Down to earth, person to person
approach. Be compassionate and understanding. Create an atmosphere of acceptance
and trust. Classification of priorities. Be available for discussion. Talk openly and give straight answers.
Administrative competence: The leader should understand
his /her job. Understand employees job. Utilizing peoples skill effectively. Be concerned with employees and
work flow. Get tough when necessary. Provide proper human resource for
all levels.
Entrepreneurship
It’s the process of wealth creation not wealth accumulation.
Pure entrepreneurs depend upon innovation
to set up new ventures. Follow up on promises.
Introduction to Creativity
EMPOWER
?CREATIVITY
Convergent vs. Divergent Thinking
EMPOWER
?
1
2 types of Thinking
Convergent Thinking
Divergent Thinking
Convergent Thinking
?
1
2x- 148 = 0, so x is = ?
City 500 km south-west of Ahmedabad
Founder of IIPM
Captain of Indian Cricket Team
Shahrukh’s Last Movie Released
Divergent Thinking
1
What would happen if animals would be
crossed with plants?
What poem could be written with the title Future of the Past?
How many uses are there of a teaspoon?
What would have happened if Vasco da
Gama had not discovered the sea
route to India?
Which one more important?
?
1
Divergent or Convergent ?
Entrepreneurship and Creativity:
The person: Task: Organizational Context: Environment:
Creativity
Ability to work hard and long. It gets developed in individual. Ability to bring some things new
into existence. A new thing that can be useful
for the society.
Creativity
Discovery of something that is novel, but also useful, or relevant, or economical or elegant or valuable .
Innovation :Engine of growth
Innovation=Conception +Tech invention+commercial exploration.
Innovation
Process of doing new things. Innovation transforms creative
ideas into applications. Creativity is prerequisite to
innovation.
Importance of Innovation:
Aerospace: Boeing. Motor cars: Mercedes,BMW. Computer : IBM,Microsoft.
Innovation:
Steam Engine:? Electric Bulb : ? Electromagnetic Dynamo : ?
Types of Innovation:
Product Innovation: Process Innovation: Organizational Innovation: Management Innovation: Production Innovation: Marketing Innovation: Service Innovation:
Characteristics of Creative People:
Conceptual Fluency-Openness. Originality. Less Authoritarian-Independent. Committed and Highly focused.
Types of Entrepreneurs:
Spontaneous Entrepreneurs (pure entrepreneurs):
Motivated by their desire. Natural ,and no external
motivation required. Strength in creative abilities.
Types of Entrepreneurs: Motivated Entrepreneurs: Motivated by their desire to
make use of tech/professional expertise.
They possess-confidence,initiative ,boldness.
Provides new products/service to consumers.
Types of Entrepreneurs:
Innovative business ventures.
Types of Entrepreneurs:
Induced Entrepreneurs:
Induced by policy of government.
Some study details: Managing entrepreneurs :chief motive
is security. Innovative entrepreneurs: primarily
looks for excitement. Controlling entrepreneurs who become
entrepreneurs to fulfill their desire for power.
The Opportunistic type, who was driven by expectations of financial gain,
Some study details: The “Push” type, driven by
“push” reasons for starting a business,
Basically four strategies: Customer partnership
strategy :concentrating on few large customers.
Niche strategy : with highly focused product and market scope.
Cost leader: with high emphasis on cost control.
Investment promotion strategy :which invest heavily in promotion and brand building,
as well as product development.
Entrepreneurial Attitude:
Tendency to take moderate risk: An eye for economic
opportunity: Imaginative: Initiative: Believe,to change environment: Enjoy freedom of expression
Entrepreneurial Attitude:
Analyzing situation and planning action.
Find satisfaction from successful completion of task:
Innovation, Entrepreneurship & Intrapreneurship
Corporate Entrepreneurship
Concerned with innovation that leads to new corporate divisions or subsidiary ventures.
Entrepreneural Businesses
Family businesses Franchises Home based businesses
Commitment to Excellence
Understand the customer. Provide quality products and
services. Knowledge and expertise, esp.
business. Details. Continuous learning. Commit time and effort.