Other people see things and say ‘Why?’ …. But I dream things that never were and say ‘Why not?’ George Bernard Shaw

WELCOME TO ALL OF YOU- Entrepreneurship (EDP) RAHUL JAIN (Striving for excellence) BCOM (H), MBA, FCS

Aim of the Module  To train and develop students to become effective Entrepreneurs.  To understand the planning process required for setting up a Ecommerce and Lifestyle business.

COURSE GUIDELINES  Meaning of Entrepreneurship  Various types of industries  Steps to set up an Enterprise  Banking and finance  Industrial / commercial laws  Project identification and compilation of project reports

Learning Outcomes  Understand what it takes to be an entrepreneur  Understand how to raise funds  Have an idea of regulatory requirements of staring and running a business  Be able to create a rudimentary business plan

Focus Points  Entrepreneurship – the motivations, the risks, rewards, impact  Seeing opportunities, identifying profitable opportunities  Creating a business plan- its content and importance as a tool  Starting a company and the regulatory requirements  Raising money to start the business-bootstrapping, enrolling investors to your plan  Getting loans- what do banks need  Selling and getting the first clients  What makes my business different than competition?  Building a team- getting people to believe in the venture  Making mistakes, changing plans, mutilating, adapting to what customers want  Cash flows – the oxygen of any business  Project- creating a business plan and presenting to potential investors/stakeholders

Our Strategy for achieving these Objectives?  Concepts, Cases and Class Discussion  Punctuality, Participation and Preparation (Its compulsory to bring your own calculators, Pen, Stationary, Registers, Prescribed Book, Printouts of the ed documents- Otherwise necessary disciplinary action will be taken)  Judgment challenge  Learning to communicate ideas  Learning from each other  Learning through discovery

Some Important rules  Switch off your Mobiles  Attendance rules will be strictly applied  Non completion of Assignment will lead to strict disciplinary measures  Students can gather additional bonus points by being a “Star Performer” in the whole course.  Students falling in the “Improvement category” would be penalized.  If Attendance is less than 75% then one grade will be reduced in respective Viva/Exam/Log Process.

“I don’t design clothes, I design dreams.” - Ralph Lauren

Entrepreneurial Spirit: Converting Idea into Success  Being Different  Having Fun  Vision creates Opportunities, Execution Creates Magic

Having Fun  Can We be creative ?  Can We do the same thing in better manner ?  Can We enjoy the process ?

Being Different  Can We change the status quo ?  Can We take the Initiative ?  Can We leverage on our strengths ?

What is Entrepreneurship?  Organizing a business venture and assuming the risk for it.  “An entrepreneur is a person who is willing and able to convert a new idea into a successful venture.”  Entrepreneurship is a process of converting a new idea into a successful venture

Entrepreneurship  Founding entrepreneur who identifies the opportunity and moves to exploit it commercially.  Often it is the founder (or founding team) who possesses much of the technical and managerial knowledge that make-up the tangible and intangible assets of the firm. In sum, an entrepreneur’s expanding knowledge base and absorptive capacity becomes an entrepreneurial firm’s competitive advantage” (Alvarez and Busenitz 2001, p.766).

What is Entrepreneurship?  Practice of starting new organizations or revitalizing mature organizations  Particularly new businesses in response to identified opportunities.  Entrepreneurial activities has a vast range  It ranges in scale from solo projects to major undertakings creating many job opportunities.  Entrepreneur is one who organizes, manages and assumes the risk of a business enterprise.

Case of IPL  Out of Box “Thinking”  Able to raise around $2 billion for BCCI  One of the Most successful Cricket tournament  Satisfied all the stakeholders of the Cricket

Who is an entrepreneur ?  He who has a vision  Has the hunger to make something from nothing  Is Never Finished  The Risk Factor  He is having fun!!!

Calculated Risk  We must estimate the cost and consequences  Must weigh the cost against benefits  Must analyze our resources thoroughly and maneuver them  Time is of prime importance  We must estimate & ensure protection against all odds

The Art of Entrepreneurship  Most Crucial Resource  PEOPLE  Leadership  The Military Concept  Sun Tzu's The Art of War, Chang Yu says: "Benevolence and righteousness may be used to govern a state but cannot be used to administer an army. Expediency and flexibility are used in administration an army, but cannot be used in governing a state."  Entrepreneurial Venture – Neither an army nor a state  Middle of Leadership extremes  Motivation

Entrepreneurship vs. Wage Employment Wage Employment  Work for Others  Follow instructions  Routine job  Earning is fixed, never negative  Can choose from: Government Service Public sector Private sector Entrepreneurship  Own boss  Make own plans  Creative activity  Can be negative sometimes  Can choose from: Trade Product or Service Enterprise

Entrepreneur vs. Manager Entrepreneur  Involved with the start-up process  Assumes financial, material and psychological risks  Driven by perception of opportunity  Initiates change  Own boss  Gets uncertain rewards Manager  Involved with running the business  Does not have to bear risks  Driven by the resources he currently possesses  Follows rules & procedures  Hired employee  Gets fixed rewards and salary

Entrepreneurial Competencies  Initiative  Sees and Acts on Opportunities  Persistence  Knowing/Information  Concern for High Quality of Work  Commitment to Work Contract  Efficiency Orientation  Systematic Planning  Problem solving  Self-confidence  Assertiveness  Persuasion  Use of Influence Strategies  Monitoring  Concern for Employee Welfare

Economic Development  Wealth creation  Creation of jobs  New technologies  Improved products & services  Improved standard of living  Development of new markets  Better/Optimal utilization of resources

Ecommerce Entrepreneurship Ecommerce entrepreneurship is about combining ecommerce, business, and industry knowledge. Some things can be outsourced or bought in…but some things are critical for the fashion entrepreneur or the management team.

Ecommerce Opportunities in India  E-commerce websites experienced a 47 percent growth in unique hits from 2011 to 2012, from 26.1 million to 37.5 million, according to a report released by Com Score.  From a volume perspective, the market has exploded, going from 2.5 billion dollars in 2009 to 14 billion in 2012, though only a percent of this is attributed to retail, with the rest in travel.

Individual Assignment: – I (To be shown in IVth class) Individual Assignment Make a folder/file of Learning Journal and Assignments 1) Individual Assignment- Writing of Key learnings of Videos, Readings & Class 1 in Learning Journal file (One page) 2) Individual Assignment: One page on start up lessons from: 0-startup-lessons-from-the-bollywood-movie-band-baaja- baraat/ 0-startup-lessons-from-the-bollywood-movie-band-baaja- baraat/ 3) Individual Personality exercise- Write the Vision statement of your life ( Both professional and personal) & Short term professional goals. ( In A4 sheet) Refer : www.finishingschool.pbworks.com

Readings for the Next class  Idea and Opportunity (PPT Document)  Business News

Class Assignment II- Submission on IVth class  Select a well-known Ecommerce entrepreneur. Examine and research the factors, such as personal qualities, professional skills, and situational characteristics, which made the entrepreneur successful.  You have to dress as per the look/style of fashion Entrepreneur  5 Minute PPT  Provide References and Intext citations submission and upload on the internet: 2 days before the next class

Thank You!