Entrepreneurship Management Developing a Business Idea Prof Bharat Nadkarni

“ We have been programmed to follow the traditional form of life “ We have been programmed to follow the traditional form of life. We graduate from average colleges, settle for average jobs, come home every night to crash on our average beds, and then catch some rather average dreams. But there are some of us, who break away from the conventional way of life to live their dreams. Heading off on one’s own is not a concept Indian techies or management students/ freshers are conditioned with. They prefer jumping on the shoulders of multinationals for securing their careers, thus conforming to societal pressures. “

Entrepreneurship is about committing oneself 110 per cent to the business proposition that one is offering to the marketplace. The odds are heavily against an entrepreneur: he or she is often a novice, unconnected, with not much brand value, strapped on resources, etc. In this context, it is the commitment and burning desire to prevail and succeed that will carry him or her through in the initial years. Entrepreneurship is not taught but embedded, developed and nurtured. It is relatively easy to be creative (in terms of producing ideas) but it is infinitely more demanding for creative thinking to result in practical innovation (in terms of producing new goods and services).

Is it worth? Entrepreneurship Management Opportunity is a business concept, which if turned into a tangible product or service, by us, will result into profit and eventually a lifetime of commitment. It is all about creating a SUCCESS STORY. Parameters for assessment Market Potential Market Share Routes to Market Protection Business Viability Is it worth?

ENTREPRENEURSHIP MANAGEMENT Entrepreneurship Process Prof Bharat Nadkarni

Entrepreneurship Management The Entrepreneurship Process Identify and Evaluate the Opportunity Develop the Business Plan Determine the Resources required Manage the Resulting Enterprise

Entrepreneurship Management Identify and Evaluate the Opportunity Creation and length of opportunity Real and Perceived value of opportunity Risk and Returns of opportunity Opportunity Vs Personal Skills and Goals Competitive Situations

Entrepreneurship Management Develop the Business Plan Marketing Plan Financial Plan Production Plan Organisational Plan Operational Plan

Entrepreneurship Management Determine the Resources Required Existing resources of Entrepreneur Resource gap and available supplies Access to needed resources

Entrepreneurship Management Manage the Resulting Enterprise Management Style Key variables for success Identification of threats Implementation of control system

Entrepreneurship Management Importance of Identifying the right business opportunity Long term consequences – A business is created to last for a reasonable period. Its success makes the entrepreneur’s career. (Minimum : 30 + years, a normal work life) It is a commitment, which can not be easily reversed. Resources are employed to create a business. These resources are wasted, if not employed. Ideas are put into actions. It is like a dream realized.

New Product Planning & Development Process Idea Stage & Evaluate Concept Stage & Evaluate Laboratory development Product Development Stage & Evaluate Pilot production run Test Marketing Stage & Evaluate Semi commercial plan trials Commercialisation Stage & P L C (I-G-M-D)

Entrepreneurship Management Thank You