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CII AA GATEWAY
Certificate Program on Entrepreneurial Skill Development
CII Affirmative Action Gateway
CII AA GATEWAY
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Identify these personalities?
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What have they done great?
• Started organizations to fulfill societal needs
• Provided employment to lakhs of people
• Contributed to economic development of India
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Who is an entrepreneur?
• According to Joseph Schumpeter:
“ An entrepreneur is a person who destroys the existing economic order by introducing new products and services by creating new forms of organization or by exploiting new raw
materials”
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What is a new Product? When can we
say something is new?
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New to the World Product / Really New:
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New to the Firm or New Product Line
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Addition to Existing Product:
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Improvement to Existing Product:
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Repositioning:
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Cost Reduction:
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Re-defining an Entrepreneur
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Perceives an opportunity Creates an organization
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Where all can entrepreneurs play a vital role?
• banking, insurance, civil, aviation, entertainment, radiobroadcasting sectors.
• Honda, Suzuki, Toyota (foreign companies)
• scope for agricultural entrepreneurs (modernizing the agricultural operations, resorts to the organic farming etc.)
• non-conventional energy, information technology
• improve quality of their products, services, and increase their competitive strength.
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Where all can entrepreneurs play a vital role?
• cost reduction, total quality management to retain and expand their global presence.
• Modern Technology adoption
• non-conventional energy, information technology
• improve quality of their products, services, and increase their competitive strength.
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So is entrepreneurship art or science?
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Underlying Competencies
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Analytical Thinking and Problem Solving
Behavioural Characteristics
Business Knowledge
Communication Skills
Interaction Skills
Tools and Technology
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The Entrepreneurial Process
Innovation Triggering Event Implementation Growth
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Personal Achievement
Locus of Control Ambiguity Tolerance
Risk Taking Personal Values
Education Experience
Personal Risk taking
Job Dissatisfaction
Job Loss Education
Age Commitment
Sociological Networks
Teams Parents Family
Role Models
Personal Entrepreneur
Leader Manager
Commitment Vision
Organizational Team
Strategy Structure
Culture Products
Environment Opportunities Role models Creativity
Environment Competition Resources Incubator Government Policy
Environment Competitors Customers Suppliers Investors Bankers Lawyers Resources Government Policy
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Personal Attributes
• Being independent
• Higher locus of control
• 10 D’s
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10 Ds
1. Dream: vision of future, ability to implement
2. Decisiveness: Swift, procrastinate.
3. Doers: Decide and implement quickly
4. Determination: Total commitment, seldom giving up
5. Dedication: Work tirelessly (relationships)
6. Devotion: Love
7. Details: Devil resides in details!
8. Destiny: Want to be on their own
9. Dollars: Rich (not the motivation)
10. Distribute: Ownership is vested only to key personnels
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Environmental Factors
Role Models
Bill Gates
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Sociological Factors
• Family Responsibilities: 25 yrs , 45 years
• Optimism
• Energy of Youth
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Types of Entrepreneurs
Entrepreneurs may be classified on the basis of level of motivation, geographical arts, gender, use of
technology, nature of business entrepreneurial background
• Innovative Entrepreneur – LPG or electric battery operated motorcars
• Imitative Entrepreneurs – Sony launched ‘Walkman’
• Fabian Entrepreneurs – Lazy, failure to change
• Drone Entrepreneurs – stick up to the old values, customs and traditions
• First generation Entrepreneurs – Not like Dhirubhai Ambani
• Entrepreneurs by Inheritance – Ratan Tata inherited from J.R.D.Tata and Jamshetji Tata
• Urban Entrepreneurs
• Rural Entrepreneurs
• Foreign Entrepreneurs
• Individual Entrepreneurs
• Institutional Entrepreneurs
• Technological Entrepreneurs
• Male Entrepreneurs
• Women Entrepreneurs
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Functions of Entrepreneurs
The entrepreneurs have to perform a number of functions while starting and running an enterprise
• Innovation
•Risk Assumption
•Decision making
•Organizing
•Management
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Qualities of Successful Entrepreneurs
Ambition
Creativity
Self-confidence
Foresight
Hard work
Emotional balance
Decision-making ability
Courtesy
Communication skill
Good character
Motivational ability
Opportunist
Patience
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The 7 sources of Innovative Opportunity were Listed by Peter
Drucker in the book “Innovation and Entrepreneurship”.
Within the Enterprise
– The unexpected
– The incongruity
– Innovation based on
process need
– Changes in industry
structure or market
structure that catch
everyone unaware
Outside the Enterprise
– Demographics
– Changes in perception,
mood, and meaning
– New knowledge
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The unexpected
• The unexpected success
• 3M- Post-it-Notes
• Dupont – Nylon discovered because someone left the burners on too long
• IBM – Electro mechanical bookkeeping machine for accounting firms a flop; Thomas
Watson started selling to public libraries clamoring for product
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The incongruity
• Like the unexpected event, whether success or failure, incongruity is a symptom of
change, either change that has already occurred or change that can be made to happen.
• Like the changes that underlie the unexpected event, the changes that underlie
incongruity are changes within an industry, a market, a process.
• Eg: Dubsmash app, Payment wallets- Demonetization
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Innovation based on process need
• Requires that you find the ‘weak link’ in a process, but to fill the gap, requires considerable
new knowledge to be produced
• Selfie Stick
• Laptops
• Ipad
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Changes in industry structure or market
• Rolls Royce – autos becoming plentiful so they positioned their car with ‘cache of royalty’
• Ford- autos no longer rich man’s toy so he designed a car that could be mass produced
• Japanese cars – world exporters of American style cars but smaller with better fuel
consumption and rigorous quality control
• Porsche – positioned itself as the sports car
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Demographics
These shifts are clearest, easiest to predict
• American teenagers demand for sneakers
• Baby boomers retiring and taking vacations
• Post WWII “Private” and “Metropolitan” Universities i.e. Pace, Golden Gate Designed for
people in mid-career - Shifted status of college degree from ‘upper class’ to ‘middle class’
• Citibank – expansion based on realization of movement of educated women into the
workforce
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G.I. Generation
Silent Generation
Baby boomers
Generation X
Millennials Generation
Z
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Changes in perception, mood, and meaning
• Glass is Half Full vs. Glass is Half Empty
• Timing must be right
• Examples
– ‘Eating’ vs. ‘dining’ driving high end restaurants
– Success of Thunderbird vs. Edsel due to shit to lifestyle segmentation
– Celestial Seasonings due to shift toward more healthy lifestyles
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New knowledge
• Knowledge based innovation has longest lead time of all innovations
– OLA,UBER
– Mobile Phone
– Wright brother airplane = gas engine + aerodynamics
– Newspaper = telegraph and high speed printing + high speed typesetting + mass literacy + mass
advertising
– Plastics = organic chemistry + x-ray diffraction + understanding of crystals + high vacuum
technology + WWI shortages in rubber
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Thank you