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 Design RAHUL JAIN (Striving for excellence) BCOM (H), MBA, FCS

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.

“In order to be irreplaceable, One must always be different.” - Coco Chanel - 7 -

Today…  Introduction to Entrepreneurship  Economist's view  Calculated Risk  Entrepreneurial Competencies  Classification of Entrepreneur  Economic Development

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

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

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

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.

COCO CHANEL’S CASE “Success is often achieved by those who don’t know that failure is inevitable.”— Gabrielle “Coco” Chanel Coco Chanel's status as a successful entrepreneur began well before the launch of her signature fragrance on May 5, 1921.

COCO CHANEL’S CASE Coco Chanel always dreamt of becoming a famous fashion designer. She opened her first millinery store in 1909 in Paris. With Chanel's obsessive dedication the store would become a success

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

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

PASSION COLLAGE  List 10 possible passions; put a star next to the five that seem to resonate most powerfully with you:

PASSION  American designer Tom Ford graduated from Parsons The New School for Design with a degree in architecture, but soon realized his love for fashion while interning at Chloe's press office. He has gone on to work for Perry Ellis, completely transform the Gucci brand, and become Creative Director for Yves Saint Laurent.  In 2005 he announced the creation of the TOM FORD brand and its first flagship store opened two years later on Madison Avenue in NYC.

Passion Collage- Example

Please note Each Assessment will have : 50% Process Marks which will be given as follows: Professional conduct (Attendance, Class discussion): 20% Process Assignments: 30% Interim Viva/Reflection (5 th /10 th Class) : 50% Performer will get bonus marks Final Output ( 50% Marks)

Assignment  Prepare an individual file having : a) Key learnings of Class-1 b) Summary of any Business News c) Mission statement of few organizations/ Individuals 28

Individual Assignment: – I Individual Assignment Make a folder/file of Learning Journal and Assignments  Each class you have to prepare the key learnings Refer : www.finishingschool.pbworks.com

Thank You!