Ch1 Edp Cwit Course

8/7/2019 Ch1 Edp Cwit Course

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Presented byVinod Wankar

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Founder: Reliancegroup of Industries


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Many businesses start as one person's idea.The creator is often an entrepreneur who spotsa gap in the market or a commercialopportunity.

She/he turns the idea into a marketableproduct or service. There are four main typesof business:

manufacturing,

wholesale,

retail and

service.

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Some characteristics found in successfulentrepreneurs, show they are:

prepared to take risks

driven by achievement not put off by failure

self motivated

determined to stay ahead of the

competition.

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For example, Simon Woodroffe opened up his first

Yo Sushi restaurant by copying an idea he saw in

Japan.

The business grew into a chain of successful

restaurants with a novel approach to servingJapanese food and drink.

Henry John Heinz's first product in 1869 was horse-

radish, followed by pickles and vinegar.

All were delivered by horse-drawn wagons to grocers

in and around Pittsburgh. Heinz developed many of

the world's best known branded products e.g. tomato

ketchup, baked beans and baby foods 14


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Today's small business sector creates many of the

new ideas and innovations future generations willtake for granted e.g. ingenious website designs,clockwork radios.

Small businesses are vital to the success of the

economy.

Not only as they provide the success stories of thefuture, but also because they meet local needs (e.g.hairdresser, financial consultant, emergencyplumber).

They serve the requirements of larger businesses e.g.for photography services, printed stationery, catering

and routine maintenance. 15


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Social entrepreneur

Serial entrepreneur

Lifestyle entrepreneur

Innovative entrepreneur

Imitative entrepreneur

Fabian entrepreneur

Drone entrepreneur

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improve and transform social, environmental,

educational and economic conditions.

The social entrepreneur is driven by an

emotional desire to address some of the bigsocial and economic conditions in the world,

for example, poverty and educational

deprivation, rather than by the desire forprofit.

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Social entrepreneurs seek to develop innovative

solutions to global problems that can be copied

by others to enact change. Social entrepreneurs act within a market

aiming to create social value through the

improvement of goods and services offered to

the community.

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one who continuously comes up with new

ideas and starts new businesses.

In the media he is represented as possessing ahigher tendency for risk, innovation and

achievement.

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more likely to experience repeated

entrepreneurial success.

more likely to take risks and recover frombusiness failure.

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places passion before profit when launching abusiness in order to combine personal interests andtalent with the ability to earn a living.

Many entrepreneurs may be primarily motivated bythe intention to make their business profitable inorder to sell to shareholders. In contrast, a lifestyleentrepreneur intestinally chooses abusiness modelintended to develop and grow their business in orderto make a long-term, sustainable and viable livingworking in a field where they have a particularinterest, passion, talent, knowledge or high degreeof expertise.

A lifestyle entrepreneur may decide to become self-employed in order to achieve greater personalfreedom, more family time and more time workingon projects or business goals that inspire them.

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may combine a hobby with a profession or theymay specifically decide not to expand theirbusiness in order to remain in control of theirventure.

Common goals include earning a living doing

something that they love, earning a living in a waythat facilitates self-employment, achieving a goodwork/life balance and owning a business withoutshareholders.

Many lifestyle entrepreneurs are very dedicated totheir business and may work within the creativeindustries ortourism industry, where a passionbefore profit approach to entrepreneurship oftenprevails.

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While many entrepreneurs may launch theirbusiness with a clearexit strategy, a lifestyleentrepreneur may deliberately and consciouslychoose to keep their venture fully within theirown control.

Lifestyle entrepreneurship is becomingincreasing popular as technology providessmall business owners with the digitalplatforms needed to reach a large globalmarket.

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Innovative entrepreneurship may cover what's

been tried and has failed in the past.

There are really two parts that go into

innovative entrepreneurship," .

"One is the invention -- coming up with a newidea for a good or service. But the other is

successfully converting that idea into a productor service and commercializing it.

Innovative Entrepreneurs-developed countries24


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Aggressive assemblage of information &analysing.

Aggressive in experimentation and cleverly

put attractive possibilities into practice.

Sees opportunity for introducing a new

technique, new product or a new market.

Raise money to launch an enterprise,assemble the various factors and choose top

executives and set the organisation going.25


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They imitate the technology & techniques innovated

by others.

They are important in underdeveloped nations.

Transform the system with the limited resourcesavailable.

Face less risk and uncertainty.

Organizer of factors of production than a creator.

He can set in chain reaction and lead to cumulativeprogress.

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A Fabian Entrepreneur is one who is verycautious in taking the decisions, very skeptical,

and takes calculative steps.

Very cautious and skeptical while practicingany change.

Neither the will to introduce new changesnor the desire to adopt new methods.

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Shy and lazy

Dont take risks, Follow predecessors.

Determined by custom, religion, traditions andpast practices.

They imitate only in situations when itbecomes absolutely necessary.

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Intrapreneurship applies the 'start up' style of

management (characterized by flexibility,

innovation, and risktaking) to a secure andstable firm. The objective is to fast track

product development (by circumventing the

bureaucracy) to take advantage of a new

opportunity or to assess feasibility of a newprocess ordesign.

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An Entrepreneuris someone who has the

skills, passion and financial backing to create

wealth from new business opportunities and iswilling to take full responsibility for its success

or failure.

An Intrapreneuris someone who manages

that business with entrepreneurial flare in line

with the expectations of the shareholders.

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The Entrepreneur is typically a visionary

who spots an opportunity in the marketplace

and has the passion, cleverness and contactbase to set the wheels in motion.

The Intrapreneur has passion and drive but

also has the operational skills of running the

clockwork of the business to enable a good

idea to be turned into commercial reality. He

is the inside entrepreneur.

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Entrepreneurs are disciplined and can holdthem self accountable.

Entrepreneurs are a ball of physical energy.

Entrepreneurs like to be in control. Entrepreneurs are very confident and believe in

themselves.

Entrepreneurs they love what they do and

know their market.

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Entrepreneurs are very passion aboutsucceeding in life.

Entrepreneurs always learn from their mistakes

and dont make it twice. Entrepreneurs are willing to keep learning new

skills.

Entrepreneurs are good leaders and can lead a

team to complete a common goal. Entrepreneurs will take a risk on new

opportunities.

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Good decision maker

Risk taker

Innovative

Accepting challenges

Skillful management

Making the enterprise a success. 36


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Initiative

Sees and Acts on Opportunities

Persistence

Knowing

Concern for High Quality of Work

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Commitment to Work Contract

Efficiency Orientation

Systematic Planning

Problem solving

Self-confidence

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Assertiveness

Persuasion

Use of Influence Strategies.

Monitoring

Concern for Employee Welfare

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THANK YOU40

Documents

Ch1 Edp Cwit Course