Welcome to our presentation on

Entrepreneurship Development

8/27/2013

Name Registration no. Md. Salman Hossain 2009731004 Md. Shuhel Ahmed 2009731006 Md. Tanbir Hasan Chowdhury 2009731037 Mufti Tamimul Quamar Ahmed 2009731064

Group Members

4th year 1st semester, BBA program

Dept. of Business Administration

Shahjalal University Of Science & Technology, Sylhet, Bangladesh.

The word entrepreneur has come from the France word “entreprendra”which means to undertake, to pursue opportunities to fulfill needs and wants through innovation to undertake business.

In the year 1725 the word entrepreneur was first brought into economics by a social scientist named Richard cantilion.

According to Joseph Schumpeter - “An entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation. “

So we can say, entrepreneurship is a process of giving birth to an enterprise and entrepreneurship development process ensures all the factors to establish and keep that enterprise sustain effectively.

What is Entrepreneurship Development?

To develop entrepreneurship following important

factors should be considered:1. Personal factors: personal factors are of various types such as ability to

cope with the situation,age,education,personality,intra-personalcommunicationability,achievement,motivation,selfconfidence,competence,emotion,understanding capacity etc

Entrepreneurship Development Factors

2.Environmental Factors

Environmental factors are consists of as followings

Socio-Cultural: factors Religions, values, rural urban orientation, marginality, education, traditions etc

political and Legal factors: Government policies, rules and laws relating to the industry and business.

Institutional factors: it emerges from financial institution, training and development institutions, consulting farms etc.

Micro: the enterprise itself ,suppliers, intermediaries, customers, competitors, publics,etc.

Macro: Demographic, economic, physical, technological, political/legal, cultural/social, etc.

4. Venture capital5.Experienced entrepreneurs and incubator

organizations6. Technically skilled labor force7. Suppliers’ accessibility8. Favorable government policy

3.Micro-Macro factors of Entrepreneurship

The essence of the term lies in the perception and exploration of new opportunities in the realm of business. there is a paramount importance of developing entrepreneurship in a series of sequential steps. These steps are…

1. Decide to be an Entrepreneur: A person who has decided to become an entrepreneur

has to consider and analyze the following factors:-

Strengths and weakness of the decisionContinuation of the business or establishment of new businessProducts and services choice that best fit with strengths and weaknesses as well as desires.

Process of Developing Entrepreneurship

Ask people to find out what their needs are Modify the products for better satisfaction of the needs observe changing life style of people and have exclusive thought about what products and services they would desire study new products or services travel around to find out new products, services and ideas.

2.Identify and evaluate business opportunities

To prepare a business plan the following factors should be considered

Market research for the planned products and services

Forecasting the share of markets selection of a site for the planned business development of production, marketing,

personnel and financial plans decision to design the form of organization Decisions on records and reports Development of insurance plan

3. Development of Business plan

It is necessary to mobilize resources after preparing the business plan. The activities which should be followed are

identifications of various types of resources like physical, human, financial etc.

Identification of the source of resources Negotiation about the terms and conditions related

to the required resources Assessment of cost and benefits of the resources

which will be mobilized Acquiring the resources Allocating the resources

4.Mobilize Resources

It is the most important step for developing entrepreneurship. Here the following factors must have to consider strictly

Registration of the enterprise Hire, lease or purchase required land, building,

machinery, etc arrangements of additional facilities like

electricity, water supply, etc. recruit and train personnel develop work and information system.

5. Set up the Enterprise

For ensuring the proper management of the enterprise, entrepreneur should accomplish the following task:

Formulating plans relating to production, marketing, procurement, etc.

Organizing people, materials, machinery,etc. Leading, directing, supervising, etc. controlling the input, behavior and output.

7. Managing the Growth identification of growth opportunities Evaluation of the opportunities formulation of strategy for further improvement Mobilizing resources necessary for the growth strategy Monitoring the growth strategy and activities

6. Managing the Enterprise

According to the idea of Akhoure in 1977,three types

of works can help entrepreneurship development in a

developing economy.

Entrepreneurship Development Cycle

Stimulatory Activities

Sustaining Activities

Supporting Activities

Stimulatory Activities: Supporting Activities

It includes those efforts which help and encourage creating and establishing new entrepreneurship.

Entrepreneurial education planned publicity identification of potential

entrepreneurs though scientific methods

motivational training to new entrepreneurs, etc

These activities are those which enable entrepreneurs to set up and run their enterprises efficiently. Like as

Registration of enterprise arranging finance Guidance for selecting and

obtaining machinery providing common facilities,

etc

Sustaining Activities

These kind of activities help entrepreneurs to sustain/survive their enterprises from the challenges of actual operations. These activities are as follows:

help in modernization help in diversification Additional financing for full capacity

utilization Quality testing etc.

THANK YOU

For Being With Us