Mrs.Muktai Chavan DebAssistant Professor

Dr.Panjabrao Deshmukh Institute of Management Technology & Research

Entrepreneurship

Entrepreneur & Entrepreneurship After finishing your graduation you will be at the

crossroads of life.

You will face the dilemma of choosing what you have to do in life.

You can choose your career from two broad categories of options – Wage Employment or Entrepreneurship.

The term ‘career’ signifies a continuous, ever evolving, ever expanding opportunity for personal as well as business growth and development.

We may define entrepreneurship as a career in your own business [YOB] rather than wage employment [JOB].

If you opt for a job then you will work for others. In case you opt for entrepreneurship you will be your own boss.

Definition of an Entrepreneur

“An entrepreneur is a person who undertakes to do a job”. The term entrepreneur originated from a French word “entreprendre” was first coined by Richard Cantillon (1755).

In Malaysia, the term “usahawan” is used to mean entrepreneur.

Some Modern Definitions

Howard Stevenson (Harvard) – “.. The pursuit of opportunity without regard to resources currently controlled.”

W. Gibb Dyer, Jr. (BYU) – “The founding of new businesses is the essence of entrepreneurial activity.”

Development of Entrepreneurship Theories

Adam Smith (1776) – An entrepreneur is a person who acts as agent in transforming demand into supply.

Jean Baptiste Say (1803) – An entrepreneur is a person who shifts resources from an area of low productivity to higher productivity.

John Stuart Mill (1848) – An entrepreneur is a prime mover in the private enterprise. The entrepreneur is the fourth factor of production.

Development of Entrepreneurship Theories

Carl Menger (1871) – The entrepreneur acts as an economic agent who transforms resources into products and services. These transformation process gives added value to the output.

Joseph Aloysius Schumpeter (1934) – The entrepreneur is an innovator. The economy moves through leaps and bounds because of the innovations. This process is known as “creative destruction”

Alfred Marshall (1936) – The process of entrepreneurship development is evolutionary. The entrepreneur is responsible for the evolution of sole proprietorships into a public company.

Development of Entrepreneurship Theories

Ibnu Khaldun (Abdul Rahman Mohamed Khaldun) – The entrepreneur is seen as a knowledgeable individual and is instrumental in the development of a city-state where enterprises emerge.

David C. McLelland (1951) – The entrepreneur is a person with a high need for achievement. This need for achievement is the foundation of the entrepreneurship process.

Why People Become Entrepreneurs?

Being your Own BossSelf-management is the motivation that drives

many entrepreneurs.Financial Success

Entrepreneurs are wealth creators. Job Security

Over the past ten years, large companies have eliminated more jobs than they have created.

Quality of LifeStarting a business gives the founder some

choice over when, where, and how to work.

Why Entrepreneurship?

Characteristics of Entrepreneurs

Entrepreneurial Characteristics

Vision - entrepreneurs begin with an overall idea for how to make their business idea a success

High Energy Level - a willingness to work hard

Need to Achieve - entrepreneurs work hard because they want to excel

Self-Confidence - fearlessness in the face of difficult odds

Tolerance for Failure - entrepreneurs are not easily discouraged

Creativity - entrepreneurs devise innovative ways to overcome difficult problems and situations

Tolerance for Ambiguity - entrepreneurs take in stride uncertainties.

Internal Locus of Control - entrepreneurs believe they can control their own fate

Starting A New Venture

Selecting a Business Idea

Find something you love to do and are good at doing

Can your idea satisfy a need in the marketplace?

Entrepreneurs must be sure that the idea they choose has interest in the marketplace

Business Plan

Approaches to Entrepreneurship Development

 a. The selective method/ approach b. The shotgun Approach Marketing

strategy whereby (in contrast to rifle approach) the aim is to cover as wide an area or population as possible.

 c. The multiplier method d. Intervention as an approach

Food IndustryIf there is an industry that is unlikely to go

down, it is probably the food industry. Regardless of the economic situation, weather or whatsoever, people must eat. People might stop buying clothes and jewelries but they will never stop eating. Also, this is a business you can start in any locality or region; whether Nigeria, Canada, USA, U.K, Ghana, India, Singapore, etc. So if you are interested in starting a food business, below are some food business ideas to help you start or expand your existing food business

Ideas!

Food ProducerRestaurantFood ProcessingFrozen FoodsOrganic FoodsFood on wheelsWeight Loss or Dietary FoodsBaking or Cooking LessonsFood Blogging

Ten ways to find and test your food business idea

Here are ten places to start finding and testing your ideas for a food business.

1. Ask your local deli or farm shop what they would like to see on their shelves.

2. Social media – get on Twitter, Facebook and YouTube and ask people what they’re interested in. Upload photos and videos of different food ideas you’ve had and see which get the warmest response.

3. The media: TV, magazines and newspapers are a good indication of current food trends. Listen to The Food Programme on BBC Radio Q, and check out great food bloggers.

4. How can you improve upon existing products? Think in terms of flavour and nutrition. Both are big selling points.

5. Attend food networking events, go to food shows, festivals, farmers’ markets. Get to know local producers and feed off their enthusiasm.

6. Discover new ingredients in speciality shops and delis.7. Make a list of everyday food and drink and think about how you

could improve on it. Do the same for your favourite meals – both homecooked and from restaurants.

8. Explore the science of nutrition in a short course.9. Sign up for advanced-level cookery lessons.10. Ask family and friends. (And experiment on family and friends!)

Making “Roti” your “Rozi Roti”

QUIZ

ReferencesSmallfoodbiz.comTechnorati.comwww.purdue.edu

Thank you for your patient listening

Queries are welcome.