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Introduction to Entrepreneurship, Entrepreneurship & Economic Development, Characteristics of an Entrepreneur, Entrepreneurial Competencies, Managerial Functions of an Entrepreneur
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Entrepreneurship
ITFT College, Chandigarh 14/26/2014
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Entrepreneurship
"one who undertakes innovations, financeand business acumen in an effort to transforminnovations into economic goods".
ITFT College, Chandigarh 24/26/2014
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The Entrepreneurial ProcessITFT College, Chandigarh 34/26/2014
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Identification and Evaluation of the Opportunity
ITFT College, Chandigarh 44/26/2014
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Develop a Business Plan
ITFT College, Chandigarh 54/26/2014
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Determine the Resources Required
ITFT College, Chandigarh 64/26/2014
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Manage the Enterprise
ITFT College, Chandigarh 74/26/2014
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ITFT College, Chandigarh 84/26/2014
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Entrepreneurship and Economic Development
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Promotes Capital Formation
100+more
Promotes Capital Formation
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Creates Large-Scale Employment Opportunities
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Promotes Balanced Regional Development
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Reduces Concentration of Economic Power
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Wealth Creation and Distribution
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Increasing Gross National Product and Per Capita Income
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Improvement in the Standard of
Living
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Promotes Country's Export
Trade
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Characteristics of an Entrepreneur
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Initiative
Risk taking attitude
ITFT College, Chandigarh 18Desire to Achieve
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Independent
Problem solving skill
Time Management skills
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Time Management skills
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Planning
www.rcb.org
100+moreITFT College, Chandigarh 204/26/2014
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Entrepreneurial Competencies
InitiativeSees and Acts
on Opportunities
ITFT College, Chandigarh 214/26/2014
Persistence Knowing
Concern for High Quality of
Work
Commitment to Work Contract
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Entrepreneurial Competencies
Efficiency Orientation
Systematic Planning
ITFT College, Chandigarh 224/26/2014
Problem solving Self-confidence
Use of Influence Strategies
Concern for Employee Welfare
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Thinking Like an Entrepreneur
On a trip down south, at Nagpur you marvel at thesize of the oranges and the price at which they areavailable. You buy in dozens and consume thesemerrily en route. This is consumer’s mindset.On the contrary, an entrepreneurially thinkingindividual, he may buy and enjoy the oranges aswell, would also start thinking what if I arrange for
ITFT College, Chandigarh 234/26/2014
well, would also start thinking what if I arrange fortheir transportation and sale at my place… if volume-weight factor and perishability is the constraint howabout packaged orange juice… where would thetechnology come from, Italy? Would Indians like toconsume packaged juices when by the roadsidethey can get fresh juice? … Exports? Which are thecountries that could serve as the potential market?What would be their quality expectations? …
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Managerial Functions for Functions for
Enterprise
ITFT College, Chandigarh 244/26/2014
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PlanningSetting
objectives
Analysis of situation
Preparing the plan of action
Collecting and linking details
and information
Searching for alternatives
Evaluating and comparing the
alternatives
Choice of alternatives
ITFT College, Chandigarh 254/26/2014
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Organizing
• Determining the main functions for achieving theobjectives of the firm.
• Various sub-functions in each major function.• Amount of work in each major function and its sub-
function.• The position required to perform the activities.
Activities Analysis
• Choosing the basis of departmentalization so that• Choosing the basis of departmentalization so thatfunctions could be grouped into specialized units.Generally, functional departmentation is appropriate forsmall-scale units. Customers, Products and territoriesare other important base of departmentalization.
• Choosing the type of organization structure so thatdepartments are incorporated into a formal structure.
Decisions Analysis
• The authority, responsibility and accountability of everyposition and its relationship with other positions areclearly defined. Various positions are manned withpersons having the necessary education, training,experience and other qualifications.
Relations Analysis
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Directing
Issuing orders and instructions
Supervising workers
Motivating i.e. inspiring to work efficiently for Motivating i.e. inspiring to work efficiently for set objectives
Communicating with employees regarding plans and their implementation.
Leadership or influencing the actions or employees
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Controlling
Setting of standards
Measurement of actual performanceMeasurement of actual performance
Analysis of variances
Taking corrective action
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Questions
Q 1 What is Entrepreneurship? What are the characteristics of a good entrepreneur?
Q 2 Explain in detail the entrepreneurial process.process.
Q 3 What is the role of entrepreneurship in the economic development?
Q 4 What are the managerial functions of an enterprise?
ITFT College, Chandigarh 294/26/2014
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ITFT College, Chandigarh 304/26/2014
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Attempt any 5 question. Each question carry 2 marks.
1. What is entrepreneurship and what are the characteristicsof an entrepreneur.
2. What is the role of entrepreneurship in economicdevelopment.
3. What are the various analysis done for checking thefeasibility and viability of a project.feasibility and viability of a project.
4. What are the various environmental factors that affectbusiness. Enlist the points only.
5. Give brief profile of ant entrepreneur that inspires you.6. What is the process of business opportunity identification
and evaluation.
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