Entrepreneurship Management

Developing a Business Idea

We have been programmed to follow the traditional form of life. We graduate from average colleges, settle for average jobs, come home every night to crash on our average beds, and then catch some rather average dreams.

But there are some of us, who break away from the conventional way of life to live their dreams.

Heading off on ones own is not a concept Indian techies or management students/ freshers are conditioned with. They prefer jumping on the shoulders of multinationals for securing their careers, thus conforming to societal pressures.

Entrepreneurship is about committing oneself 100 per cent to the business proposition that one is offering to the marketplace. The odds are heavily against an entrepreneur: he or she is often a novice, unconnected, with not much brand value, strapped on resources, etc. In this context, it is the commitment and burning desire to prevail and succeed that will carry him or her through in the initial years.Entrepreneurship is not taught but embedded, developed and nurtured. It is relatively easy to be creative (in terms of producing ideas) but it is infinitely more demanding for creative thinking to result in practical innovation (in terms of producing new goods and services).

Opportunity is a business concept, which if turned into a tangible product or service, by us, will result into profit and eventually a lifetime of commitment. It is all about creating a SUCCESS STORY.Parameters for assessment Market Potential Market Share Routes to Market Protection Business Viability

Is it worth?Entrepreneurship Management

Importance of Identifying the right business opportunity

Long term consequences A business is created to last for a reasonable period. Its success makes the entrepreneurs career.

It is a commitment, which can not be easily reversed. Resources are employed to create a business. These resources are wasted, if not employed.

Ideas are put into actions. It is like a dream realized.

Entrepreneurship Management

The Product Planning & Development Process Idea Stage & Evaluate

Concept Stage & Evaluate

Laboratory development

Product Development Stage & Evaluate

Pilot production run Test Marketing Stage & Evaluate

Semi commercial plan trials Commercialisation Stage & P L C (I-G-M-D)