Entrepreneur: Entrepreneur is a person who utilizes resources for higher order economic returns by focusing on opportunities. Why Entrepreneurship: for economic development , for social change.for creating and giving opportunities to entrepreneurs to create entrepreneurial society.Elements of entrepreneurship :Innovation,Risk Taking.Vision.Organising Skill.Leadership,Hard Work,Maximisation Of Profit.Mental Ability,Clear Objectives, Entrepreneurial Attitudes:Tendency to take moderate risks,An eye for economic opportunity, Imaginative Initiative, Believe that they can change the environment,Enjoy the freedom of expression,Analyze situation and plan action.Various Kinds Of Entrepreneurs:Business ,Industrial ,Corporate ,Agricultural ,Technical,Non Technical ,Professional ,Pure ,Induced ,Motivated.Innovative ,Imitative .Advantages entrepreneur: No Set Timetable,Passion For Their Career,Job Satisfaction,Increased Self Confidence,Giving Back To The Community,Job Security And Friendly Work Enviornment,Financial Freedom,Excitement,Rules And Regulations,Originality,Compettition,Independence,Salary Potential,Flexibility,Rationality,Endless Possibity,Ablle To Help OthersDisadvantages:Salary Benefits,Work Schedule,Administration,Incompetent Staff,ProceduresProblems Faced By Women Entrepreneurs :Being Women (Men Dominance.).Change In Perception Of Society, Scepticisam of financial institutions,.Difficulties in obtaining assistance.Difficulties in networking.In-adquate financial resources and working capital, Socio-cultural Barrier .Family obligations,Personal identity , Role conflict , Loyalties , Family, relationship and attitudes. Children , home , older dependent and family .Lack of confidence .Low level of freedom of expression & freedom of mobility,Low managerial skill,Discrimination,The male female competition,Knowledge of latest technologies ,Low level risk taking abilities Systematic Entrepreneurship: who shifts economic resources out of an area of lower and in to area of higher productivity& greater yield.Purposeful Innovation and seven sources of innovative opportunity:The unexpected,The incongruity,Innovation based on process need,Changes in Industry structure or market structure5-Demographics (population changes)6-Changes in perception , mood and meaning7-New knowledge, both scientific and non- scientific8-The bright idea 9- The convergenceSOURCE OF INNOVATION :1: THE UNEXPECTED1- The unexpected success2- The unexpected failure3- The unexpected outside eventsINNOVATION SOURCE 2:INCONGRUITIES: Incongruity is symptom of AN OPPORTUNITY TO INNOVATE. They are qualitative rather than quantitative:INCONGRUITY IS : symptom of change.Kinds of Incongruity: 1-between economic realities of an industry. 2-between efforts of an industry , and values of expectations of its customers.3-between reality of an industry and the assumption about it. 4-Internal incongruity within the rhythm or logic of process.3 PROCESS NEED:Process Need - task focused, - replaces weak link or missing link. ex : William Connors enzyme, Edison-Invention of Bulb.Successful Innovation based on process need requires five criteria:1-A self contained process.2-Oneweak or missing link.3-A clear definition of the objective.4-Specification of solution can be defined.5-Realisation that there ought to be better way i.e. high receptivity.Important caveats: - 1.The need must be understood. 2.May not have knowledge to do the job. 3.The solution must fit the way people work and want to do. 4 : INDUSTRY AND MARKET STRUCTURES:III. When Industry Structure Changes : four indicators : 1-Rapid growth of an industry 2-Perceives & services its markets to become inappropriate3-Convergence of technologies that were seen distinctively separate 4-An industry is ripe for basic structural change if it does business i-e changing rapidly.SOURCE : 5 : DEMOGRAPHICS: Change in population , its size , age,structure composition ,employment , educational status and income.Demographics have major impact on : what will be bought , by whom and in what quantity. Changes in Demographics are 1,unambiguous 2,have predictable consequences,3.know and have lead time,4Demographic changes tended to be just as fast , just as abrupt and to have fully as much impact in earlier form. INNOVATION : 6 : CHANGES IN PERCEPTION: INNOVATION SOURCE : 7 : NEW KNOWLEDGEKnowledge based Innovation is the super star of Entrepreneurship. It gets : Publicity, MoneyIt differs from all other innovations in basic characteristics: : Time span: Casualty Rate: Predictability: Challenges it poses.It is : Temperamental, Capricious, Hard to manage.characteristics of knowledge based innovations: a. Longest lead time. b. Long time span between ensure of new knowledge and its becoming applicable to technology. c. Long period before technology turns to product, process or service in market place.III The Unique Risks: 1.It is turbulent 2.The shakeout 3.The receptivity gamble. PRINCIPLES OF INNOVATION :A.1-Analysis of opportunities 2-By thinking through sources of innovative opportunities.(in different area and in sources) 3-The search for regular innovation has to be done on regular, systematic and organized way. B. 1-Innovation is both conceptual and perceptual.C. Innovation to be effective has to simple and focused.D. Effective innovations start small, and try to do specific things.E. Successful innovation leads to leadership.Socio Economics Factors Governing Entrepreneurship :1. Incentives offered2. Institutional infrastructure available3. Tax exemptions4. Subsidies5. Encouraging Environment6. Forward looking policiesPolicy Framework : (Purpose of Policy):1.To attract investment to boost the growth of industry.2. Avoid multiplicity of incentives.3. Removing location disadvantages by providing infrastructure.4. Creating more job opportunities.5. Sustainable growth.6. Increase annual industrial growth.7. Divert rural population to manufacturing and related occupations.8. To protect the environment.9. To ensure implementations of various laws.10. To identify thrust areas for development.II . Inputs required to accelerate investment : A. Financial infrastructure. HR C. Entrepreneurship development D. Simplifications & rationalization of taxes E. Incentives for NRI F. Foreign investment G. Automatic approval or single windowH. Udyog Sahayak : Ind. Promotion cell I. Grievance redressal mechanism J. Infrastructure development. Infrastructure development fund L. Private sector participation. Role of Government in Entrepreneural Development :1. To encourage 2. To develop new units in backward areas3. To promote balanced regional development4. To promote first generation entrepreneur5. To initiate expansion & modernization6. To build infrastructure.Government scheme for infrastructure facilities :1. Industrial estates program2. Integrated Infrastructure Development scheme. ( IID )3. Small industry cluster Analysis of Business Opportunities in different sectors :I.Opportunity Identification : A. Collection of market information;B. Sources of information 3. How to collect information:4. Steps in setting up a market research project:5. How to use these information :6. Environment Analysis ,Swot Analysis7. Alternative opportunities:QUICK START ROUTES TO ESTABLISH AN ENTERPRISE:3 ways: 1-starting new business 2-franchising one 3-buying existing one.A. Franchising: Def.:-1- Franchising is a system for selectively distributing goods or services through outlets owned by retailer or dealer. Basically, a franchise is a patent or trademark license, entitling the holder to market particular products or services under a brand name or trademark according to predetermined terms and conditions.Advantages of Franchising: . Easier than starting own business .safer b. Reduces chances of failure c. Recognition d. Increases purchasing power e. Benefits of already done R&D f. Privileged rights for given areag. Chances of getting loan go up h. Helpful trading name. B. Disadvantages: a. No room for creativity.b. Many restrictions.c. No right to sell / own. d. Fear of non-renewal of franchise arrangement, thereby loss of goodwill generated by efforts. e. Subject to fale because of failure of franchisor.INCUBATION : Originated at strandford university : It means:-- Client controlled environment that support early development, sometimes even saving to lights a new born.- A facility that provides affordable space, shared office services and business ,development assistance in an environment ,conducive to new venture creation, survival ,and early stage growth. Value Framework of Business Incubator : 1. Entrepreneurship Development 2. Mentoring relationship 3. Opportunities assessment and risk evaluation 4. Seed funding 5. Business network Factors making business incubator successful: 1. Feasibility study 2. Laying ground work for successful incubation program 3. First invest in Time & Money.VIII. Role of business incubator in present sceneries : By providing physical space ,Management coding,Help in preparing effective business plan,Administrative services,Technical support,Business networking,Advice on intellectual property,Help in finding sources of FinanceSource 1: The Unexpected: A success, failure or event that is unplanned for is a clue that the world is changing and that an opportunity is available. These tend to pop up around what everybody knows about a particular product, industry or service. Its not necessary to completely understand why the world is changing, just that it is and how it can be exploited. Source2: Incongruity: The gap between what ought to be and what actually is is an invitation to innovate. Such opportunities are usually qualitative rather than quantitative, so they dont show up in the numbers. Incongruities are usually visible to people within an industry, but they have learned to live with them and so ignore them. Source 3: The process need. This is the opportunity that perfects a process which already exists, replaces a link which is weak or redesigns an old process around newly available knowledge. Occasionally it makes a process possible via a missing link.Source 4: Changing industry and market structures. The status quo within an industry seems permanent but is actually quite brittle. These opportunities are valuable because they are visible to people outside of a particular industry and because they force everyone within the industry to redefine their business or perish.Source 5: Demographic change. The magic here is pairing the knowledge of demographic with an understanding of what they mean. This requires getting out and talking to the people that are a part of the market being affected by demographic change.Source 6: Changes in perception. Whether or not one sees the glass as half full or half empty is extremely important in determining what one wants.Source 7: Knowledge based innovation. This is the superstar of innovation (what most of us picture when we think of the word) and in Druckers view the riskiest. In essence it is creating new knowledge by applying two separate forms of knowledge.