ENTREPRENEURSHIP & SMALL BUSINESS MANAGEMENT

IIPM-BBSR

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ENTREPRENEURSHIP

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IntroductionConcept,nature & scope of entrepreneurship.

Relevance to Business Management Studies & Professional life.

Usage & meanings of Enterprise, Entrepreneur & Entrepreneurship in terms of the Business, the Businessman and the Process/ Facilitating factors.

Origins in Europe and growth in US with the Entrepreneurial Economy & Society.

To be differentiated from the Manager who has a given role and limited responsibilities.

The element of Innovation, informed choices & decision making is central to Entrepreneurship
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ROLE & FUNCTIONS OF AN ENTREPRENEUR Driven by high achievement motivation to provide new products/ services/ processes by integrating all business & human skills.

3 broad functions are INNOVATION, RISK-TAKING & ORGANISATION.

These can be further elaborated as under Choice of project, Risk taking Mobilising finance Planning Production Budgetting & control Managing Operations Earning profits on sustainable basis

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CHARACTERISTIC TRAITS OF AN ENTREPRENEUR High achievement motivation Strategic orientation Ideator Innovator Creative Systematic in approach

High Financial & Analytical skills

Focussed- Clarity of objectives Knowledgeable & well informed Business sense Basic technical knowledge Networked

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Characteristic traits of an entrepreneur

Ability to correlate disaggregated facts Tolerance of ambiguity Organisational skills Emot ional stability under stress

Effective communicator
Visualiser Sensitive to environment

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COMPETENCIES NEEDED TO SUCCEED Conversant with Management Technology Positive thinking & resilience Convergence of multidisciplinary skills-finance, production, marketing, process and organisational Analytical skillsFinancial & Situational Project skills Marketing & communication Interpersonal skills High self-belief Raising resources High energy levels Strategic orientation Economics

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TYPES OF ENTREPRENEURS The single aspect of an entrepreneur is the nonstop quest for value addition & improvement over the status quowhatever the size, business, product, service, process or market. Entrepeneurs have similar traits irrespective of their field of work Public, Private, Self employed, Professionals, Business, Technological etc. For purpose of study they can be classified as underPrivate individualsRaman Roy, N.Murthy, Emami Public service- Sulabh, Dr. P Reddy, KIIT, TechnopreneurL&T

Serial Entrepreneur
Intrapreneur or Professionals of corporates encouraged to launch new businesses ( Tata / GE )
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WRAP UP OF SESSION LEARNING

Recommended readingINNOVATION AND ENTREPRENEURSHlhiIP Practice and Principles-Peter F. Drucker Heineman: London UBS Publishers Distributors Ltd. De

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