Recommended Book Entrepreneurship By Robert D Hisrich Michael P. Peters Dean A. Shepherd

1. Recommended Book Entrepreneurship By Robert D Hisrich Michael P. Peters Dean A. Shepherd

2. Is Oprah Winfrey an entrepreneur? How?How many Entrepreneurs do you find in this case study?If you were in her place, would you have acted differently? Case Study

3. Is a person a born Entrepreneur? THINK!!!

4. Entrepreneurship It is a kind of behavior that includes: Initiative taking The organizing and reorganizing of social and economic mechanism to turn resources and situation to practical account The acceptance of risk and failure

5. 4-Basic Aspects of being an entrepreneur Entrepreneurship involves the creation process of value to entrepreneur and the audience Requires the devotion of necessary time and effort Assuming the necessary risk The reward of being an entrepreneur (EURIKA) *** Nearly one million new companies are formed only in US in a year. *** How Japan shrugged off the losses of second world war?

6. The Entrepreneurial Process Identification and Evaluation of Opportunities: Opportunity assessment Creation and length of opportunity Real and perceived value of opportunity Risk and return of opportunity Opportunity versus personal goals and skills Competitive environment wrt Pakistan (Porter�s Diamond)

7. The Entrepreneurial Process Develop Business Plan Title page Table of content Executive summary Major section Description of business Description of industry Technology plan Marketing plan Financial plan Production plan Organization plan Operational plan Summary bibliography

8. The Entrepreneurial Process Resources Required Determine resources required Determine existing resources Identify resource gaps and available suppliers Develop access to needed resources

9. The Entrepreneurial Process Manage the Enterprise Develop management style Understand key variables for success Identify problems and potential problems Implement control system Develop growth strategy What steps are necessary for growth strategy?

10. Desirability of new venture formation? Culture, subculture, family, teachers, peers Culture: Can you change culture overnight? Being one�s own boss, having individual opportunities, being a success & making money. Do you see any significant change in culture during last ten years? Subculture: Pockets of entrepreneurial subcultures Family: Uplifting Teachers: Encouragement, creativity, support Peers: Can discuss ideas, problems and solutions

11. Possibility of new Venture Formation? Government, background, marketing, role models and finance Government: Infrastructure Background: Formal education, Previous business experience Marketing: Size, know-how, price, distribution, promotion, Launching (push/pull) Role Models: To see someone else succeed makes it easier to picture yourself engaged in a similar activity Financial Resources: Must be readily available. Own and financial companies

12. Types of Start-ups Lifestyle firm: A small venture that supports the owner and does not grow. (S. A. Latif & Sons) Foundation Company: Company formed for R&D that does not go public High-potential Ventures: High growth potential and receives great investor interest Gazelles: Very high growth ventures

13. Role of Entrepreneurship in Economic Development Product evaluation process Process of developing & commercializing an innovation) Iterative Synthesis: Interaction of knowledge and social needs that start Product development process Ordinary Innovations: New product with little technological change (M Bulb / Tube light) Technological Innovations New product with significant technological advancement (ES) Breakthrough New product with some technological change (VCR/DVD) Government as an innovator (Maquiladora) Technology Transfer