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ENTREPRENEURSHIP DEVELOPMENT. V.S.G.Soujanya MBA#8036. Entrepreneurship is first and foremost a mindset. It is the art of finding creative profitable solutions to problems.
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ENTREPRENEURSHIP DEVELOPMENT V.S.G.Soujanya MBA#8036
Entrepreneurship is first and foremost a mindset. It is the art of finding creative profitable solutions to problems. Entrepreneurial spirit is characterized by innovation and risk-taking, and an essential component of a nation'sability to succeed in an ever changing and more competitiveglobalmarketplace . The assumption of risk and responsibility in designing and implementing a business strategy or starting a business is all in Entrepreneurship.
The Art of Starting While starting a business one need to focus on : Understanding your customer Passion Understand your competition Cash flow You (know who you are)
Most Important Things an Entrepreneur must Accomplish Make Meaning Make Mantra Get Going Define a business model Weave a Mat
Make Meaning “If you make a meaning ,you make money but if you make money ,you don’t make the meaning”. Going into business for something more than making money. Focused on accomplishing a goal and being true to what it stands for. Can create more value and achieve lasting strategic advantages over their competitors
Make Mantra A mantra is for employees; it’s a guideline for what they do in their jobs. A mantra is three or four words to explain why your product, service or company should exists. It sets the entire team on the right course. A mantra is made out of meaning of your business
Get Going Think Big Find a few Soulmates Polarize People Design Different Use Prototypes as market research
Define your Business Model Who has your money in their pockets? How are you going to get it into your pockets? Defining a business model: Be specific Keep it simple Copy somebody
Weave A MAT Milestones Assumptions Tasks
Milestones Prove your concept. Complete design specifications Finish a prototype Raise Capital Ship a testable version to customers Ship the final version to customers Achieve breakeven
Assumptions Product or service performance metrics Market size Gross margin Sales calls per sales person Conversion rate of prospects to customers Length of sales cycle Return on investment for the customer Compensation requirements
Tasks List of major tasks that are necessary to design, manufacture, sell, ship and support your product or service are: Renting office space Finding key vendors Setting up accounting and payroll systems Filing legal documents Purchasing insurance policies
The Art of Internal Entrepreneur Creating innovative products or services internally is Internal Entrepreneurship.
Recommendations for Internal Entrepreneurs Put the Company First Kill the Cash flows Stay under the Radar Find a God Father Get a separate building Give hope to the hopeful Anticipate, then Jump on ,Tectonic Shifts Build on what exists Collect and Share Data Let the Vice Presidents come to you Dismantle when Done Reboot your Brain
Entrepreneur of Today’s World Passionate Enthusiastic Goal Oriented Creative Imagination Positive Attitude Decision Makers
Conclusion The best way to start your business is the tailoring the ways of your thoughts Try your best to make sure that your goal of achieving money in starting a business is only secondary. One should take into consideration certain things that one can use to achieve along term growth.
