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6. Kirzner (1973)
7. Mark Casson(1982)
9. Gartner (1990)
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5.
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8.
3. Desire to Succeed
4. Independence
5.
Optimism
6. Value Addition
7.
Leadership
8. Hard working
At time also called as workaholics.
Continuous efforts to achieve success and know
that there is no substitute for hard work
9. Desire to control over their own fate
Do not move in herds like sheep but pave own paths.
Do not believe in luck or destiny but create their
own destiny.
Classification of Entrepreneurs
Entrepreneurs are broadly classified according to the
types of business, use of profession skills, motivation,
growth and stage of development.
Clearence Danhof classifies entrepreneurs on the
basis of stage of economic development; some other
have classified on the basis of their functions and
characteristics.
In fact, differentiating between entrepreneurs is to
study similarity in grouping, differences in various
groups and factors and consequences of
entrepreneurship in different population.
c. Mature
Very senior professionals, some at the level of
CEO
Very high confidence and desire to do things in a
way that may not be totally acceptable to their
earstwhile employers.
Ashok Soota and Subroto Bagchi quit Wipro to
start Mindtree.
BVR Subbu, ex-CEO of Hyundai India, recently
started a venture that brought the plant of Daewoo
in India.
b. Trading entrepreneur
Trading Activities not manufacturing work
Identifies potential markets, stimulates demand
and creates interest and demand among buyers to
go in for his product.
Can be engaged in both domestic &overseas trade.
Whole sale trade, retail trade, Mall trading,
exporters, importers, stock trading, real estate.
c. Industrial Entrepreneur
Ability to convert economic resources and
technology into profitable venture
Essentially a manufacturer, identifies potential
d. Corporate Entrepreneur
Individual who plans, develops & manages a
corporate body.
Corporate body is a form of business organisation,
one body of many individuals, large corporations,
which are registered as separate legal entity under
some statute or act eg. Company regd under
companies act, or trust under trust act.
e. Agricultural entrepreneur
Agricultural activities such as raising & marketing
of crops, fertilizers and other inputs of agriculture.
Motivated to raise the productivity through
mechanization and technology.
c. Professional Entrepreneur
Interested in establishing a business but does not
have interest in managing or operating once it
established.
Professional entrepreneur sells out running
business and starts another venture with the sales
proceeds.
Such an Entrepreneur is dynamic who conceives
new ideas to develop new projects.
4. According to Motivation
a. Pure Entrepreneur
Motivated by psychological and economic
rewards.
Undertakes entrepreneurial activities for personal;
satisfaction in work, ego or status.
b. Induced Entrepreneur
Induced to take entrepreneurship due to policy
measures of the govt that provides assistance,
incentives, concessions and overhead facilities to
start ventures.
c. Motivated Entrepreneur
Desire for self-fulfillment is the motivation
Making and marketing new products for
consumers
If successful, further motivated by reward in term
of profit.
d. Spontaneous Entrepreneurs
Start business out of their natural talents
Initiative, boldness and confidence as motivation
Strong conviction and confidence in their ability.
5.
a.
According to Growth
Growth Entrepreneur
Takes up a high growth industry
Chooses an industry which has sustained growth
prospects.
b. Super-Growth Entrepreneur
Those entrepreneur who have shown enormous
growth of performance in their venture.
The growth performance is identified by the
profitability and liquidity of funds.
6.
a.
c. Classical Entrepreneur
Concerned with customer and marketing needs
through the development of self-supporting
ventures.
Stereotype who aims to maximize economic
returns at a consistent level with the survival of the
firm with or without the element of the growth.
b. Women entrepreneurs
Progressive laws & incentives have boosted women
presence in entrepreneurial activities in diverse fields.
Kiran Majumdar Shaw founded Biocon, which is now
a leading Biotech firm in India.
c. Social Entrepreneurs
As per Ashoka Innovators, a global non-profit
organization, a social entrepreneur is one who
recognizes the part of society which is stuck and
provides new ways to get it unstuck.- child upliftment,
environment, women empowerment, blind, social
unprivileged.
Verghese kurien of Amul, Rippan Kapur of CRY,
8. Other Categories
a. Innovative Entrepreneurs
Aggressive assemblage of information and
analysis of results from combination of factors.
Aggressive in experimentations and one who see
and explore opportunity.
b. Adoptive or Imitating Entrepreneurs
Readiness to adopt successful innovation.
Follow innovators,imitate techniq & technologies.
c. Fabian Entrepreneurs
Great caution and scepticism in practicing change.
Shy & lazy, no will to introduce change or new
d. Drone Entrepreneurs
Refusal to adopt and use new opportunities to
make changes in production methods.
Traditional ways, products losses its marketability
and operations becomes uneconomical.
e. Aspiring Entrepreneurs
Have dream of starting a business, yet not made
the leap from their current employment into the
uncertainty of a startup.
f. Lifestyle Entrepreneurs
Develop an enterprise that fits their individual
circumstances and style.
Basic intention is to earn an income for themselves
& their families.
g. Mompreneurs
Homemaker entrepreneur
h. IT Entrepreneurs
DBMS, WWW, hotmail, kundli, portals, KIOSKs.
i. Entrepreneurs - intra+entrepreneur
Business Plan
Blueprint of step-by-step procedure
followed
successful
going to be.
Lending institutions require them to support loan applications.
Experience shows that successful businesses have a plan; the majority
that fail do not.
A good business plan is your road map to success!
Implementing the plan
Objective evaluate the prospects of the business - TOWS
Resource requirement for implementation
To document owenership arrangement, future prospects, and projected
growth rate.
BP Process
Preliminary Investigation
Idea Generation
Environmental Scanning
Feasibility Analysis
Project Report Preparation
Evaluation Control and Review
1. Idea Generation
Innovative idea, new concept, product or service also
incremental value addition.
Sources of new ideas consumers, existind
companies, R&D, employees, dealers, retailers.
Methods of generating new ideas brain storming,
GD, data collections, feedback, invitation of ideas
through advertisements, mails or internet, market
research, commercializing inventions, business
contests, fests, business bazigar on Star TV- contest
business plans
2. Environmental Scanning
External Environment
Internal Environment
3. Feasibility Analysis
1.
2.
3.
4.
1. Market Analysis
a)
b)
c)
d)
e)
2.
Technical/Operational Analysis
i)
Financial Feasibility
Financial Feasibility
2.
3.
4.
5.
6.
i) Projected sales
ii) Projected Income and expenditure statement.
iii) Projected break even point
iv) Projected profit and loss statement.
v) Projected Balance sheet.
vi) Projected cash flows.
vii) Projected fund flow.
viii)Projected ratios.
The Industry
Present the current status and outlook for the industry in which the
business will operate.
New products and developments
New markets and customers
General trends affecting the business
Identify sources of information used to describe trends
The Company
or
a
Public Library
College or Universities
Chamber of Commerce
Business Publications
Trade Shows
The Internet
Census Information
Sales Tax Data
Customers
Identify your target market and develop a customer profile.
Demographic profile
Lifestyle patterns
Expectations
Customer Profile
Age
Income
Education
Gender
Stage of business
Type of business
Size of business
Location
Behavior patterns
Customer expectations
Other ???
Competition
List the strengths and weaknesses of competitive products and
services and list the companies that supply them.
Identify and list current and future competitors
Assess the competition on the basis of price, quality,
performance, service, etc.
Discuss advantages and disadvantages of competing
products or services
Summarize what it is about your product or service that will make it sell
in the face of current and future competition.
Identify and list major customers and estimate potential sales
Estimate share of the market
Estimate sales in units and dollars for the next two to five years
Marketing Plan
This section of the business plan describes the companys marketing
goals and objectives and how they will be achieved.
Overall Market Strategy
Pricing
Sales Tactics
Advertising and Promotion
Packaging
Marketing Plan Outline
Pricing
The pricing strategy selected can mean the difference between
success and failure.
Provide a detailed description of the pricing strategy for each
product or service
Outline factors considered in developing pricing strategies
Discuss wholesale vs. retail pricing strategies
Discuss price levels, geographic terms, discount policies, etc.
Sales Tactics
to
Packaging
Describe how the product will be packaged for the target market.
Package design
Package labeling
Packaging materials