ENTREPRENEURSHIP.pptx
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The document provides an overview of entrepreneurship, including its definition, characteristics of successful entrepreneurs, and different types of entrepreneurship. It discusses motivations for becoming an entrepreneur, the pros and cons associated with entrepreneurial ventures, and essential skills needed for success. Key insights include the resilience required to face challenges and the balance between work flexibility and the demands of running a business.
ENTREPRENEURSHIP.pptx
- 1. - CHARAK RAY
- 2. TOPICS: • THE DEFINITION OF ENTREPRENEURSHIP • WHO AN ENTREPRENEUR IS ? • WHY ENTREPRENEURSHIP ? • CHARACTERISTICS OF AN ENTREPRENEUR • ENTREPRENEURIAL SKILLS • TYPES OF ENTREPRENEURSHIPS • PROS AND CONS OF ENTREPRENEURSHIP
- 3. WHAT IS ENTREPRENEURSHIP? • The process of designing,launching and running a new business. • The capacity and willingness to develop,organize and manage a business venture along with any of its risks in order to make profit.
- 4. WHOIS AN ENTREPRENEUR? • An entrepreneur is someone who envisions,creates and evangelizes an idea that they are absolutely crazy about. • Someone who looks at life differently.An entrepreneur doesn’t see the normal obstacles that life puts in our way and shy away like most of us do. Entrepreneurs think the word“no” means“to find a better way”. Entrepreneurs are continually learning growing and reaching higher .
- 5. WHO ISAN ENTREPRENEUR? • JeffBezos,Founder ,Chairman and Chief Executive Officer ofAmazon
- 7. WHY ENTREPRENEURSHIP? • Profit making
- 8. Increasing National Production Offering Challenging Career Option Reinvesting the Profit in the area of Profit Generation Balanced Area Development Commercializing New Inventions & Products Harnessing Youth Vigor WHY ENTREPRENEURSHIP ?
- 9. WHY ENTREPRENEURSHIP? THE NEED FOR A LIFESTYLE N OT BO U N D BY A 9-5 JOB There’s a lot of hype about having a flexible lifestyle but the truth in entrepreneurship is that you’re going to work really hard and really long,so don’t choose this way of life if you’re thinking it’s a shortcut.That being said, you will work hard,but there’ s much more flexibility to the entrepreneurial lifestyle than the traditional nine to five and two weeks of vacation time that corporate life permits
- 10. WHY ENTREPRENEURSHIP? LACK OF A FORMAL EDUCATION Some people become entrepreneurs because they haven’t had the privilege of receiving an extensive education. Entrepreneurship is an arena where the Idea and results take precedence over educational background. BEEN THRO UGH THE SCHOOL OF H ARD KNOCKS School of hard knocks is an idiomatic phrase meaning the experience gained from living, especially from disappointment and hard work – often regarded as ameans of education.
- 11. WHY DO WE NEED ENTREPRENEURS? • ChangeAgent • Problem Solver • Pace Setter • Excellence Seeker • Marketing Expert • Concept Promoter
- 13. CHARACTERISTICS OFA SUCCESSFUL ENTREPRENEUR COMMITMENT Entrepreneurship will dole out constant challenges,some of which you’ve already considered but many of which you’ll never see coming.You will face complex financial problems,decision- based dilemmas,long hours, sudden changes and predictions that may fail;personal lives may even be challenged a well. You must remember that all these challenges,while difficult to face,are a natural part of being an entrepreneur.Success in business ownership is rarely a matter of how many challenges you face so much as it is a matter of how you face those challenges.Triumphant entrepreneurs have a level of resilience,which allows them face an almost constant slew of challenges without ever weakening their resolve.
- 14. CHARACTERISTICS OFA SUCCESSFUL ENTREPRENEUR RISK TAKER Entrepreneurs are risk- takers,ready to dive dip into the future of uncertainty.Successful entrepreneurs are willing to risk their time and money on unknowns,but they also keep resources and plans for dealing with them. SELF-BELIEF, HARD WORK A N D DISCIPLINED DEDICATION Entrepreneurs believe in themselves and are confident and dedicated to their project.Their intense focus on and faith in their idea may be misconstrued as stubbornness,but it is this willingness to work hard and defy odds that make them successful.
- 15. CHARACTERISTIC OFA SUCCESSFUL ENTREPRENEUR RESOURCEFULNESS More often than not an entrepreneur has limited resources especially at the initial stages of the business.Successful entrepreneurs figure out how to get the most out of these resources. OBJECTIVITY Objectivity connotes a lack of bias, judgment or prejudice. Entrepreneurs need to be dispassionate when it comes to making business decisions because emotion, bias and sentiment can result in poor choices.
- 16. CHARACTERISTICS OFA SUCCESSFUL ENTREPRENEUR A DAPTABLE A N D FLEXIBLE Being inflexible about client and market needs leads to failure.Successful entrepreneurs welcome all suggestions for optimization that may enhance their offering and satisfy client and market needs. KNOWLEDGE OF THE PRODUCT A N D MARKET Entrepreneurs must know their product and market.A lack of awareness of the changing market needs,competition and external factors can cause a business to fail.
- 17. CHARACTERISTICS OFA SUCCESSFUL ENTREPRENEUR DEPENDABILITY There is a strong positive relationship between your perceived level of reliability and the success of your business.Your clients expect you to be dependable and will evaluate you on the extent to which you do what you say you will do. PROACTIVITY Successful entrepreneurs anticipate problems in advance and deal with them before they occur.
- 18. CHARACTERISTICS OFA SUCCESSFUL ENTREPRENEUR MONEY MANAGEMENT SKILLS Successful entrepreneurs plan for present and future financial obligations and set aside an emergency fund.Even after securing funds or going fully operational,a successful business person keeps a complete handle on cashflow,as it is the most important aspect of any business. EFFECTIVE PLANNIG SKILLS Successful entrepreneurs have a business plan in place,but remain capable of dealing with unforeseen possibilities.
- 19. CHARACTERISTICS OFA SUCCESSFUL ENTREPRENEUR EXCELLENT COMMUNICATION SKILLS Exemplary communication is important because you must accurately exchange information in afast-moving world. Of importance is the ability to listen and truly understand where a person is coming from. TECHNICAL KNOWLEDGEA N D SKILLS Every business requires unique technical skills and knowledge on the part of the owner.You MUST be good at what you do for your business to succeed.This often means getting additional training and education on an ongoing basis.
- 20. TYPES OF ENTREPRENEURSHIPS • Small Businesses
- 21. TYPES OF ENTREPRENEURSHIPS Small businesses include mom and pop shops and local businesses.Small businesses can include sole proprietorships,partnerships and limited liability companies.It’s any business that has less than 500 employees.
- 22. TYPES OF ENTRERENEURSHIPS • Online Business
- 23. TYPES OF ENTREPRENEURSHIPS Internet based business can be small,home-based,or even large corporations.The key difference here is that the business is operated primarily online.This includes companies likeAmazon and Jumiaand any other business that does most of its business online.
- 24. TYPES OF ENTREPRENEURSHIPS • Home-based business
- 25. A home-based business could fit under the category of asmall business, but the primary factor in this case is that it is run from home,as opposed to an office or other location.But just because a business is run from home doesn’t mean it can’t compete with larger businesses. In fact,many large corporations were started from ahome includingApple and Disney. TYPES OF ENTREPRENEURSHIPS
- 26. Many entrepreneurs get the most joy out of starting and building a business, but not in its continued management, so they sell it to launch anew idea. they are still considered entrepreneurs because they operate and assume risk in the business for the time they own it.Other times, serial entrepreneurs juggle several businesses at once, earning multiple streams of income. TYPES OF ENTREPRENEURSHIPS
- 28. The freedom to pursue your own vision You can have your own view of the world and entrepreneurship is the only avenue where you pursue that view and see the fruition of your vision. Potential earnings of an entrepreneur exceed a salaried employee. As an employee an employee,no matter how hard you work, the financial remuneration you receive is limited to your salary and an occasional bonus.As a self-employed person, you can earn so much more if you hit the right business idea and execute the business well. PROS OF ENTREPRENEURSHIP
- 29. PROS OF ENTREPRENEURSHIP THE C O N TROL A N D FLEXIBILITY OF YOUR OW N TIME. As your own boss, you work when you want to work; and stop if you want to stop.You can tailor your work according to your lifestyle and accommodate various tasks.You can work in however way you please – in your pajamas,with the TV loudly blaring – without getting amemo from the personnel department.Self- employment means freedom from rules. THE O PPO RTUNITY TO LEARN A N D GAIN KNOW LEDGE The entrepreneur often wears many hats – the strategic planner ,the marketer ,the customer service rep,and the sales rep,even the bookkeeper.There are a million things you probably didn’t know before you started your business that you will be forced to learn.
- 30. PROS ON ENTREPRENEURSHIP • THE SENSE OF PRIDE A N D FULFILLMENT IN ACCOMPLASHING THINGS As anentrepreneur , you make things happen.You create avision, layout the plans and pursue the steps needed to make the business a success.Doing all these things can give an incredible feeling of pride and joy – seeing your website used by people,finding your products in stores and getting compliments from customers on how your business as helped them.
- 31. PROS OF ENTREPRENEURSHIP THE CHANCE TO SHARE YO UR LEARNING At the end of the day ,you can have the chance to teach and share with others the things you’ve learned as an entrepreneur.Sharing what you learned can be a way of giving back to the community.
- 32. CONS OF ENTREPRENEURSHIP WORK SCHEDULE The work schedule of an entrepreneur can be unpredictable.A major disadvantage of being an entrepreneur is that it requires more work and longer hours than being an employee. N O REGULAR SALARY Being an entrepreneur often means giving up the security of a regular paycheck.If the business slows down,your personal income can be at risk.
- 33. CONS OF ENTREPRENEURSHIP ADMINISTA RTIVE TASKS When you run a business,especially at the initial stages,you need to check on finances and other administrative tasks;Salaried employees mostly handle specific tasks.This isn’t the most fun aspect of being your own boss,but it is crucial to the success of your venture. COMPETEITION As a small business owner ,staying competitive is critical.You will need to differentiate your business from others like yours in order to build a solid customer base and be profitable.
- 34. CONS OF ENTREPRENEURSHIP DISRUPTION OF ONES PERSONAL LIFE Most of your time will be spent trying to keep your business afloat and this could have adverse effects on your personal life.
- 36. THANK YOU…