entrepreneurship development assignment pdf

Introduction to Entrepreneurship

(2 reviews)

Katherine Carpenter, University of Victoria

Copyright Year: 2021

ISBN 13: 9781989864500

Publisher: Kwantlen Polytechnic University

Language: English

Formats Available

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Reviewed by Mary Hill, Lecturer II, University of New Mexico on 5/12/23

no index or glossary found. as indicated by the title - this is an early introduction to the subject. read more

Comprehensiveness rating: 4 see less

no index or glossary found. as indicated by the title - this is an early introduction to the subject.

Content Accuracy rating: 5

very accurate from my perspective as a person who has taught entrepreneurship for health care professions students for 10 years.

Relevance/Longevity rating: 5

very relevant. Able to be updated without difficulty.

Clarity rating: 5

very clear.

Consistency rating: 5

very consistant .

Modularity rating: 5

easily broken into small pieces.

Organization/Structure/Flow rating: 5

well organized. It is 67 pages and gives a very early introduction to the subject.

Interface rating: 4

Modules 1 and 2 are masterfully designed and easy to navigate with clear paths. Likely, course instructors would wish to have other specific course assignments as the assignments within the book do not relate to concrete/crystalized knowledge, but on reflection (which may be less productive for some learners). If the book is downloaded as a .pdf, then the phrase "One or more interactive elements has been excluded..." appear 2-3 times per page on the .pdf. Effectively, the .pdf is not a full text of the course. When the course is viewed through the pressbooks interface, then interactive questions, well shot video transcripts and attractive visuals improve the material. Some aspects of the pressbooks interface are less intuitive to navigate. For example, the interactive business design in unit 3 focuses on sustainable development goals (SDGs). I like the connection of SDGs to entrepreneurship, but the entry level questions are difficult to navigate and are not geared to a novice learner (as the name "introduction to entrepreneurship" would indicate. The entrepreneurship plan in chapter 4 has many components bout entrepreneurship philosophy that will help learners consider what they need in order to create their endeavor. Absent, however, are the government permits / supports / business license logistics that sometimes are the reasons that businesses fail.

Grammatical Errors rating: 5

Cultural Relevance rating: 5

No cultural offense observed (from my perspective of a person of priveledge). Authors made effort to not to highlight any gender or any cultural accomplishments over others.

I will incorporate components in the chapter 4 entrepreneurial plan into my course on health care private practice entrepreneurship.

Reviewed by Christina Wooten, Business Technology Faculty, Rogue Community College on 3/30/23

The text is a good introduction and covers several high-level topics that pertain to entrepreneurship. There are many more topics that could be added to this text. It may not be sufficient to support an entire course. There is not a glossary... read more

Comprehensiveness rating: 3 see less

The text is a good introduction and covers several high-level topics that pertain to entrepreneurship. There are many more topics that could be added to this text. It may not be sufficient to support an entire course.

There is not a glossary or index available.

Content Accuracy rating: 4

The text appears accurate and unbiased. I did note a few writing errors in the text (missing period, additional period, etc.)

Relevance/Longevity rating: 4

There are some references in the transcripts, text, and videos that could make the text obsolete. These references could also be confusing or non-inclusive to some students. "...someone who goes on Dragon's Den" These type references are limited to the introductory section of the text.

Clarity rating: 4

Overall, the text/transcripts/videos are clear. The final sections (3 and 4) do have sections that are not as clear. In 3.1 and 3.2 (The Entrepreneurial Process) there are some areas that could benefit from careful revision. These sections (3.1 and 3.2) also lack substantial videos that could help the learner connect the ideas.

The book is consistent in terms of framework and terminology.

The text/transcripts/videos are easily divisible into sections. The creator did a nice job segmenting the material. The material is organized in a way that engages the reader visually. There are quizzes embedded in the material that do not cause disruption to the reader/viewer. The overall work is segmented into clearly defined and numbered sections. There is a particularly helpful activity throughout the text called: "Read/Watch/Listen – Reflect" where the learner has an opportunity to read articles, watch videos, listen to podcasts and then reflect (journal) their thoughts in a writing activity. The resources linked in this activity throughout the text are splendid!

The topics are presented in a logical, clear fashion . The final project is also clearly defined and well-presented.

Interface rating: 5

This material appears free of interface issues on a PC. There are no distortions of images or text.

Grammatical Errors rating: 4

Text/transcripts free of grammatical errors. There are, as previously referenced, a few writing errors that could be addressed in a revision.

I found no evidence of insensitive or offensive information in my review.

While I do not feel that this book would be enough material to support a quarter-long class, I do feel it has ample information in it to be a part of a class. The layout and delivery of the material is user-friendly. There are multiple modes of delivery used (video, written lecture, and transcript of videos) available to the learner. This text is one I will use to supplement the Entrepreneurship course I teach.

Table of Contents

• 1. Defining Entrepreneurship
• 2. The Role Entrepreneurs have in Today’s Society
• 3. Different types of Entrepreneurship
• 4. Entrepreneurial Traits, Skills and Abilities
• 5. The Entrepreneurial Mindset
• 6. Creativity and Innovation in Entrepreneurship
• 7. Entrepreneurial Process
• 8. Unit 4 Assignment Preparation
• 9. Unit 4 Assignment Delivery: Entrepreneurial Plan
• 10. Course Wrap up and Reflection

Ancillary Material

• Submit ancillary resource

About the Book

Learn about entrepreneurship and what makes entrepreneurs successful, all while developing your entrepreneurial skills.

About the Contributors

Katherine Carpenter (Cochrane) has an MBA from the University of Victoria and has been a full-time Faculty Member with Kwantlen Polytechnic University since 2020. Katherine has over 12 years of experience teaching in-person and online and delivering advisory projects to various entrepreneurial organizations. In addition to entrepreneurship, her areas of expertise include student engagement, online learning, program development and renewal, and instructional design.

Katherine is currently a developer in the Open Education for a Better World mentoring program and is a 2021 OER Grant Recipient through the KPU Open Education Working Group. When she’s not instructing with KPU, Katherine also teaches at other public and PVI organizations across the country, and advocates for UDL, open education, online delivery, and continuously improving programs to meet the needs of those learners worldwide.

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• 11.4 The Business Plan
• Introduction
• 1.1 Entrepreneurship Today
• 1.2 Entrepreneurial Vision and Goals
• 1.3 The Entrepreneurial Mindset
• Review Questions
• Discussion Questions
• Case Questions
• Suggested Resources
• 2.1 Overview of the Entrepreneurial Journey
• 2.2 The Process of Becoming an Entrepreneur
• 2.3 Entrepreneurial Pathways
• 2.4 Frameworks to Inform Your Entrepreneurial Path
• 3.1 Ethical and Legal Issues in Entrepreneurship
• 3.2 Corporate Social Responsibility and Social Entrepreneurship
• 3.3 Developing a Workplace Culture of Ethical Excellence and Accountability
• 4.1 Tools for Creativity and Innovation
• 4.2 Creativity, Innovation, and Invention: How They Differ
• 4.3 Developing Ideas, Innovations, and Inventions
• 5.1 Entrepreneurial Opportunity
• 5.2 Researching Potential Business Opportunities
• 5.3 Competitive Analysis
• 6.1 Problem Solving to Find Entrepreneurial Solutions
• 6.2 Creative Problem-Solving Process
• 6.3 Design Thinking
• 6.4 Lean Processes
• 7.1 Clarifying Your Vision, Mission, and Goals
• 7.2 Sharing Your Entrepreneurial Story
• 7.3 Developing Pitches for Various Audiences and Goals
• 7.4 Protecting Your Idea and Polishing the Pitch through Feedback
• 7.5 Reality Check: Contests and Competitions
• 8.1 Entrepreneurial Marketing and the Marketing Mix
• 8.2 Market Research, Market Opportunity Recognition, and Target Market
• 8.3 Marketing Techniques and Tools for Entrepreneurs
• 8.4 Entrepreneurial Branding
• 8.5 Marketing Strategy and the Marketing Plan
• 8.6 Sales and Customer Service
• 9.1 Overview of Entrepreneurial Finance and Accounting Strategies
• 9.2 Special Funding Strategies
• 9.3 Accounting Basics for Entrepreneurs
• 9.4 Developing Startup Financial Statements and Projections
• 10.1 Launching the Imperfect Business: Lean Startup
• 10.2 Why Early Failure Can Lead to Success Later
• 10.3 The Challenging Truth about Business Ownership
• 10.4 Managing, Following, and Adjusting the Initial Plan
• 10.5 Growth: Signs, Pains, and Cautions
• 11.1 Avoiding the “Field of Dreams” Approach
• 11.2 Designing the Business Model
• 11.3 Conducting a Feasibility Analysis
• 12.1 Building and Connecting to Networks
• 12.2 Building the Entrepreneurial Dream Team
• 12.3 Designing a Startup Operational Plan
• 13.1 Business Structures: Overview of Legal and Tax Considerations
• 13.2 Corporations
• 13.3 Partnerships and Joint Ventures
• 13.4 Limited Liability Companies
• 13.5 Sole Proprietorships
• 13.6 Additional Considerations: Capital Acquisition, Business Domicile, and Technology
• 13.7 Mitigating and Managing Risks
• 14.1 Types of Resources
• 14.2 Using the PEST Framework to Assess Resource Needs
• 14.3 Managing Resources over the Venture Life Cycle
• 15.1 Launching Your Venture
• 15.2 Making Difficult Business Decisions in Response to Challenges
• 15.3 Seeking Help or Support
• 15.4 Now What? Serving as a Mentor, Consultant, or Champion
• 15.5 Reflections: Documenting the Journey
• A | Suggested Resources

Learning Objectives

By the end of this section, you will be able to:

• Describe the different purposes of a business plan
• Describe and develop the components of a brief business plan
• Describe and develop the components of a full business plan

Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation. It typically includes background information, financial information, and a summary of the business. Investors nearly always request a formal business plan because it is an integral part of their evaluation of whether to invest in a company. Although nothing in business is permanent, a business plan typically has components that are more “set in stone” than a business model canvas , which is more commonly used as a first step in the planning process and throughout the early stages of a nascent business. A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives. An in-depth formal business plan would follow at later stages after various iterations to business model canvases. The business plan usually projects financial data over a three-year period and is typically required by banks or other investors to secure funding. The business plan is a roadmap for the company to follow over multiple years.

Some entrepreneurs prefer to use the canvas process instead of the business plan, whereas others use a shorter version of the business plan, submitting it to investors after several iterations. There are also entrepreneurs who use the business plan earlier in the entrepreneurial process, either preceding or concurrently with a canvas. For instance, Chris Guillebeau has a one-page business plan template in his book The $100 Startup . 48 His version is basically an extension of a napkin sketch without the detail of a full business plan. As you progress, you can also consider a brief business plan (about two pages)—if you want to support a rapid business launch—and/or a standard business plan.

As with many aspects of entrepreneurship, there are no clear hard and fast rules to achieving entrepreneurial success. You may encounter different people who want different things (canvas, summary, full business plan), and you also have flexibility in following whatever tool works best for you. Like the canvas, the various versions of the business plan are tools that will aid you in your entrepreneurial endeavor.

Business Plan Overview

Most business plans have several distinct sections ( Figure 11.16 ). The business plan can range from a few pages to twenty-five pages or more, depending on the purpose and the intended audience. For our discussion, we’ll describe a brief business plan and a standard business plan. If you are able to successfully design a business model canvas, then you will have the structure for developing a clear business plan that you can submit for financial consideration.

Both types of business plans aim at providing a picture and roadmap to follow from conception to creation. If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept.

The full business plan is aimed at executing the vision concept, dealing with the proverbial devil in the details. Developing a full business plan will assist those of you who need a more detailed and structured roadmap, or those of you with little to no background in business. The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs.

Purposes of a Business Plan

A business plan can serve many different purposes—some internal, others external. As we discussed previously, you can use a business plan as an internal early planning device, an extension of a napkin sketch, and as a follow-up to one of the canvas tools. A business plan can be an organizational roadmap , that is, an internal planning tool and working plan that you can apply to your business in order to reach your desired goals over the course of several years. The business plan should be written by the owners of the venture, since it forces a firsthand examination of the business operations and allows them to focus on areas that need improvement.

Refer to the business venture throughout the document. Generally speaking, a business plan should not be written in the first person.

A major external purpose for the business plan is as an investment tool that outlines financial projections, becoming a document designed to attract investors. In many instances, a business plan can complement a formal investor’s pitch. In this context, the business plan is a presentation plan, intended for an outside audience that may or may not be familiar with your industry, your business, and your competitors.

You can also use your business plan as a contingency plan by outlining some “what-if” scenarios and exploring how you might respond if these scenarios unfold. Pretty Young Professional launched in November 2010 as an online resource to guide an emerging generation of female leaders. The site focused on recent female college graduates and current students searching for professional roles and those in their first professional roles. It was founded by four friends who were coworkers at the global consultancy firm McKinsey. But after positions and equity were decided among them, fundamental differences of opinion about the direction of the business emerged between two factions, according to the cofounder and former CEO Kathryn Minshew . “I think, naively, we assumed that if we kicked the can down the road on some of those things, we’d be able to sort them out,” Minshew said. Minshew went on to found a different professional site, The Muse , and took much of the editorial team of Pretty Young Professional with her. 49 Whereas greater planning potentially could have prevented the early demise of Pretty Young Professional, a change in planning led to overnight success for Joshua Esnard and The Cut Buddy team. Esnard invented and patented the plastic hair template that he was selling online out of his Fort Lauderdale garage while working a full-time job at Broward College and running a side business. Esnard had hundreds of boxes of Cut Buddies sitting in his home when he changed his marketing plan to enlist companies specializing in making videos go viral. It worked so well that a promotional video for the product garnered 8 million views in hours. The Cut Buddy sold over 4,000 products in a few hours when Esnard only had hundreds remaining. Demand greatly exceeded his supply, so Esnard had to scramble to increase manufacturing and offered customers two-for-one deals to make up for delays. This led to selling 55,000 units, generating $700,000 in sales in 2017. 50 After appearing on Shark Tank and landing a deal with Daymond John that gave the “shark” a 20-percent equity stake in return for $300,000, The Cut Buddy has added new distribution channels to include retail sales along with online commerce. Changing one aspect of a business plan—the marketing plan—yielded success for The Cut Buddy.

Link to Learning

Watch this video of Cut Buddy’s founder, Joshua Esnard, telling his company’s story to learn more.

If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept. This version is used to interest potential investors, employees, and other stakeholders, and will include a financial summary “box,” but it must have a disclaimer, and the founder/entrepreneur may need to have the people who receive it sign a nondisclosure agreement (NDA) . The full business plan is aimed at executing the vision concept, providing supporting details, and would be required by financial institutions and others as they formally become stakeholders in the venture. Both are aimed at providing a picture and roadmap to go from conception to creation.

Types of Business Plans

The brief business plan is similar to an extended executive summary from the full business plan. This concise document provides a broad overview of your entrepreneurial concept, your team members, how and why you will execute on your plans, and why you are the ones to do so. You can think of a brief business plan as a scene setter or—since we began this chapter with a film reference—as a trailer to the full movie. The brief business plan is the commercial equivalent to a trailer for Field of Dreams , whereas the full plan is the full-length movie equivalent.

Brief Business Plan or Executive Summary

As the name implies, the brief business plan or executive summary summarizes key elements of the entire business plan, such as the business concept, financial features, and current business position. The executive summary version of the business plan is your opportunity to broadly articulate the overall concept and vision of the company for yourself, for prospective investors, and for current and future employees.

A typical executive summary is generally no longer than a page, but because the brief business plan is essentially an extended executive summary, the executive summary section is vital. This is the “ask” to an investor. You should begin by clearly stating what you are asking for in the summary.

In the business concept phase, you’ll describe the business, its product, and its markets. Describe the customer segment it serves and why your company will hold a competitive advantage. This section may align roughly with the customer segments and value-proposition segments of a canvas.

Next, highlight the important financial features, including sales, profits, cash flows, and return on investment. Like the financial portion of a feasibility analysis, the financial analysis component of a business plan may typically include items like a twelve-month profit and loss projection, a three- or four-year profit and loss projection, a cash-flow projection, a projected balance sheet, and a breakeven calculation. You can explore a feasibility study and financial projections in more depth in the formal business plan. Here, you want to focus on the big picture of your numbers and what they mean.

The current business position section can furnish relevant information about you and your team members and the company at large. This is your opportunity to tell the story of how you formed the company, to describe its legal status (form of operation), and to list the principal players. In one part of the extended executive summary, you can cover your reasons for starting the business: Here is an opportunity to clearly define the needs you think you can meet and perhaps get into the pains and gains of customers. You also can provide a summary of the overall strategic direction in which you intend to take the company. Describe the company’s mission, vision, goals and objectives, overall business model, and value proposition.

Rice University’s Student Business Plan Competition, one of the largest and overall best-regarded graduate school business-plan competitions (see Telling Your Entrepreneurial Story and Pitching the Idea ), requires an executive summary of up to five pages to apply. 51 , 52 Its suggested sections are shown in Table 11.2 .

Are You Ready?

Create a brief business plan.

Fill out a canvas of your choosing for a well-known startup: Uber, Netflix, Dropbox, Etsy, Airbnb, Bird/Lime, Warby Parker, or any of the companies featured throughout this chapter or one of your choice. Then create a brief business plan for that business. See if you can find a version of the company’s actual executive summary, business plan, or canvas. Compare and contrast your vision with what the company has articulated.

• These companies are well established but is there a component of what you charted that you would advise the company to change to ensure future viability?
• Map out a contingency plan for a “what-if” scenario if one key aspect of the company or the environment it operates in were drastically is altered?

Full Business Plan

Even full business plans can vary in length, scale, and scope. Rice University sets a ten-page cap on business plans submitted for the full competition. The IndUS Entrepreneurs , one of the largest global networks of entrepreneurs, also holds business plan competitions for students through its Tie Young Entrepreneurs program. In contrast, business plans submitted for that competition can usually be up to twenty-five pages. These are just two examples. Some components may differ slightly; common elements are typically found in a formal business plan outline. The next section will provide sample components of a full business plan for a fictional business.

Executive Summary

The executive summary should provide an overview of your business with key points and issues. Because the summary is intended to summarize the entire document, it is most helpful to write this section last, even though it comes first in sequence. The writing in this section should be especially concise. Readers should be able to understand your needs and capabilities at first glance. The section should tell the reader what you want and your “ask” should be explicitly stated in the summary.

Describe your business, its product or service, and the intended customers. Explain what will be sold, who it will be sold to, and what competitive advantages the business has. Table 11.3 shows a sample executive summary for the fictional company La Vida Lola.

Business Description

This section describes the industry, your product, and the business and success factors. It should provide a current outlook as well as future trends and developments. You also should address your company’s mission, vision, goals, and objectives. Summarize your overall strategic direction, your reasons for starting the business, a description of your products and services, your business model, and your company’s value proposition. Consider including the Standard Industrial Classification/North American Industry Classification System (SIC/NAICS) code to specify the industry and insure correct identification. The industry extends beyond where the business is located and operates, and should include national and global dynamics. Table 11.4 shows a sample business description for La Vida Lola.

Industry Analysis and Market Strategies

Here you should define your market in terms of size, structure, growth prospects, trends, and sales potential. You’ll want to include your TAM and forecast the SAM . (Both these terms are discussed in Conducting a Feasibility Analysis .) This is a place to address market segmentation strategies by geography, customer attributes, or product orientation. Describe your positioning relative to your competitors’ in terms of pricing, distribution, promotion plan, and sales potential. Table 11.5 shows an example industry analysis and market strategy for La Vida Lola.

Competitive Analysis

The competitive analysis is a statement of the business strategy as it relates to the competition. You want to be able to identify who are your major competitors and assess what are their market shares, markets served, strategies employed, and expected response to entry? You likely want to conduct a classic SWOT analysis (Strengths Weaknesses Opportunities Threats) and complete a competitive-strength grid or competitive matrix. Outline your company’s competitive strengths relative to those of the competition in regard to product, distribution, pricing, promotion, and advertising. What are your company’s competitive advantages and their likely impacts on its success? The key is to construct it properly for the relevant features/benefits (by weight, according to customers) and how the startup compares to incumbents. The competitive matrix should show clearly how and why the startup has a clear (if not currently measurable) competitive advantage. Some common features in the example include price, benefits, quality, type of features, locations, and distribution/sales. Sample templates are shown in Figure 11.17 and Figure 11.18 . A competitive analysis helps you create a marketing strategy that will identify assets or skills that your competitors are lacking so you can plan to fill those gaps, giving you a distinct competitive advantage. When creating a competitor analysis, it is important to focus on the key features and elements that matter to customers, rather than focusing too heavily on the entrepreneur’s idea and desires.

Operations and Management Plan

In this section, outline how you will manage your company. Describe its organizational structure. Here you can address the form of ownership and, if warranted, include an organizational chart/structure. Highlight the backgrounds, experiences, qualifications, areas of expertise, and roles of members of the management team. This is also the place to mention any other stakeholders, such as a board of directors or advisory board(s), and their relevant relationship to the founder, experience and value to help make the venture successful, and professional service firms providing management support, such as accounting services and legal counsel.

Table 11.6 shows a sample operations and management plan for La Vida Lola.

Marketing Plan

Here you should outline and describe an effective overall marketing strategy for your venture, providing details regarding pricing, promotion, advertising, distribution, media usage, public relations, and a digital presence. Fully describe your sales management plan and the composition of your sales force, along with a comprehensive and detailed budget for the marketing plan. Table 11.7 shows a sample marketing plan for La Vida Lola.

Financial Plan

A financial plan seeks to forecast revenue and expenses; project a financial narrative; and estimate project costs, valuations, and cash flow projections. This section should present an accurate, realistic, and achievable financial plan for your venture (see Entrepreneurial Finance and Accounting for detailed discussions about conducting these projections). Include sales forecasts and income projections, pro forma financial statements ( Building the Entrepreneurial Dream Team , a breakeven analysis, and a capital budget. Identify your possible sources of financing (discussed in Conducting a Feasibility Analysis ). Figure 11.19 shows a template of cash-flow needs for La Vida Lola.

Entrepreneur In Action

Laughing man coffee.

Hugh Jackman ( Figure 11.20 ) may best be known for portraying a comic-book superhero who used his mutant abilities to protect the world from villains. But the Wolverine actor is also working to make the planet a better place for real, not through adamantium claws but through social entrepreneurship.

A love of java jolted Jackman into action in 2009, when he traveled to Ethiopia with a Christian humanitarian group to shoot a documentary about the impact of fair-trade certification on coffee growers there. He decided to launch a business and follow in the footsteps of the late Paul Newman, another famous actor turned philanthropist via food ventures.

Jackman launched Laughing Man Coffee two years later; he sold the line to Keurig in 2015. One Laughing Man Coffee café in New York continues to operate independently, investing its proceeds into charitable programs that support better housing, health, and educational initiatives within fair-trade farming communities. 55 Although the New York location is the only café, the coffee brand is still distributed, with Keurig donating an undisclosed portion of Laughing Man proceeds to those causes (whereas Jackman donates all his profits). The company initially donated its profits to World Vision, the Christian humanitarian group Jackman accompanied in 2009. In 2017, it created the Laughing Man Foundation to be more active with its money management and distribution.

• You be the entrepreneur. If you were Jackman, would you have sold the company to Keurig? Why or why not?
• Would you have started the Laughing Man Foundation?
• What else can Jackman do to aid fair-trade practices for coffee growers?

What Can You Do?

Textbooks for change.

Founded in 2014, Textbooks for Change uses a cross-compensation model, in which one customer segment pays for a product or service, and the profit from that revenue is used to provide the same product or service to another, underserved segment. Textbooks for Change partners with student organizations to collect used college textbooks, some of which are re-sold while others are donated to students in need at underserved universities across the globe. The organization has reused or recycled 250,000 textbooks, providing 220,000 students with access through seven campus partners in East Africa. This B-corp social enterprise tackles a problem and offers a solution that is directly relevant to college students like yourself. Have you observed a problem on your college campus or other campuses that is not being served properly? Could it result in a social enterprise?

Work It Out

Franchisee set out.

A franchisee of East Coast Wings, a chain with dozens of restaurants in the United States, has decided to part ways with the chain. The new store will feature the same basic sports-bar-and-restaurant concept and serve the same basic foods: chicken wings, burgers, sandwiches, and the like. The new restaurant can’t rely on the same distributors and suppliers. A new business plan is needed.

• What steps should the new restaurant take to create a new business plan?
• Should it attempt to serve the same customers? Why or why not?

This New York Times video, “An Unlikely Business Plan,” describes entrepreneurial resurgence in Detroit, Michigan.

• 48 Chris Guillebeau. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future . New York: Crown Business/Random House, 2012.
• 49 Jonathan Chan. “What These 4 Startup Case Studies Can Teach You about Failure.” Foundr.com . July 12, 2015. https://foundr.com/4-startup-case-studies-failure/
• 50 Amy Feldman. “Inventor of the Cut Buddy Paid YouTubers to Spark Sales. He Wasn’t Ready for a Video to Go Viral.” Forbes. February 15, 2017. https://www.forbes.com/sites/forbestreptalks/2017/02/15/inventor-of-the-cut-buddy-paid-youtubers-to-spark-sales-he-wasnt-ready-for-a-video-to-go-viral/#3eb540ce798a
• 51 Jennifer Post. “National Business Plan Competitions for Entrepreneurs.” Business News Daily . August 30, 2018. https://www.businessnewsdaily.com/6902-business-plan-competitions-entrepreneurs.html
• 52 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition . March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf
• 53 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition. March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf; Based on 2019 RBPC Competition Rules and Format April 4–6, 2019. https://rbpc.rice.edu/sites/g/files/bxs806/f/2019-RBPC-Competition-Rules%20-Format.pdf
• 54 Foodstart. http://foodstart.com
• 55 “Hugh Jackman Journey to Starting a Social Enterprise Coffee Company.” Giving Compass. April 8, 2018. https://givingcompass.org/article/hugh-jackman-journey-to-starting-a-social-enterprise-coffee-company/

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Assignment for New Business Development On the topic of Entrepreneurship Development programme 13 CHHIPA KHUSHBOO ASHOKKUMAR 14 CHOPDA MIRAL RAMESHBHAI 15 DANGODARA HARDIK BHANJIBHAI Department of Business and Industrial Management VNSGU 2

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• 1. Entrepreneurship Development INTRODUCTION: An entrepreneur is one of the important segments of economic growth. Basically he/she is a person responsible for setting up a business or an enterprise. In fact he/she is one who has the initiative, skill for innovation and who looks for high achievements. He/she is a catalytic agent of change and works for the good of people. He/she puts up new green field projects that create wealth, open up many employment opportunities and leads to the growth of other sectors. The word „entrepreneur‟ is derived from the French verb “entreprendre”. It means “to undertake”. In the early 16th century, the Frenchmen who organized and led military expeditions were referred to as “entrepreneurs”, around 1700 A.D., the term was used for architects and contractors of public works. The term “entrepreneur” was applied to business initially by the French economist, Caltillon, in the 18th century; designate a dealer who purchases the means of production for combining them into marketable products. Another Frenchman J.B. Say, expanded Cantillon‟s ideas and conceptualized the entrepreneur as an organizer of a business firm, central to its distributive and production functions. Beyond stressing the entrepreneur‟s importance to the business, Say did little with his entrepreneurial analysis. New Concept of Entrepreneur – The term “entrepreneur” has been defined as one who detects and evaluates a new situation in his environment and directs the making of such adjustments in the economic system as he/she deems necessary. He/she conceives of an industrial enterprise for the purpose, displays considerable initiative, grit and determination in bringing his project to fruition and in this process, performs one or more of him/her following. • Perceives opportunities for profitable investment • Explores the prospects of starting such a manufacturing enterprise • Obtains necessary industrial licenses • Arranges initial capital • Provides personal guarantees to the financial institutions • Promises to meet the shortfalls in the capital and • Supplies technical know-how. Prepared by: Milan Padariya Page 1
• 2. Entrepreneurship Development CHARACTERISTICS OF AN ENTREPRENEUR: A successful entrepreneur must be a person with technical competence, initiative, good judgement, intelligence, leadership qualities, self confidence, energy, attitude, creativeness, fairness, honesty, tactfulness and emotional stability. Mental ability: Mental ability consists of intelligence and creative thinking. An entrepreneur must be reasonably intelligent and should have creative thinking and must be able to engage in the analysis of various problems and situations in order to deal with them. The entrepreneur should anticipate changes and must be able to study the various situation under which decision have to be made. Clear objectives: An entrepreneur should have a clear objectives as to the exact nature of the goods to be produced and subsidiary activitie to be undertaken. A successful entrepreneur may also have the objective to establish the products, to make profit or to render social service. Business secrecy: An entrepreneur must be able to guard business secrets. Leakage of business secrets to trade competitors is a serious matter which should be carefully guarded against by an entrepreneur. An entrepreneur should be able to make a proper selection of his assistants. Human relations ability: The most important personality traits contributing to the success of an entrepreneur are emotional stability, personal relations, consideration and tactfulness. An entrepreneur must maintain good relations with his customers if he is to establish relations that will encourage them to continue to patronize his business. He must also maintain good relations with his employees if he is to motivate them to perform their jobs at a high level of efficiency. An entrepreneur who maintains good human relations with customers, employees, suppliers, creditors and the community is much more likely to succeed in his business than the individual who does not practice good human relations. Human relations ability can also be referred to as tactfulness. Communication ability: Communication ability is the ability to communicate effectively. Good communication also means that both the sender and the receiver understand each other and are being understood. An entrepreneur who can effectively communicate with customers, employees, suppliers and creditors will be more likely to succeed than the entrepreneur who does not. Technical knowledge: An entrepreneur must have a reasonable level of technical knowledge. Technical knowledge is the one ability that most people are able to acquire if they try hard enough. An entrepreneur who has a high level of administrative ability, mental ability, human relation ability, communication ability and technical knowledge stands a much better chance of success than his counterpart who possesses low levels of these basic qualities. Prepared by: Milan Padariya Page 2
• 3. Entrepreneurship Development ADMINISTRATI VE ABILITY TECHNICAL ORGANISATIO KNOWLEDGE N SKILL EFFECTIVE INTELLIGENC COMMUNICATI E ON PUBLIC ENTREP CREATIVITY RELATIONS RENEUR EMOTIONAL INNOVATION STABILITY SOUND CLEAR KNOWLEDGE OBJECTIVE BUSINESS SECRECY Some key characteristics of a successful entrepreneur are: Motivator: An entrepreneur must build a team, keep it motivated and provide an environment for individual growth and career development. Self confidence: Entrepreneurs must have belief in themselves and the ability to achieve their goals. Long term involvement: An entrepreneur must be committed to the project with a time horizon of five to seven years. No ninety- day wonders are allowed. High energy level: Success of an entrepreneur demands the ability to work long hours for sustained periods of time. Prepared by: Milan Padariya Page 3
• 4. Entrepreneurship Development Persistent problem solver: An entrepreneur must have an intense desire to complete a task or solve a problem. Creativity is an essential ingredient. Initiative: An entrepreneur must have initiative accepting personal responsibility for actions and above all make good use of resource. Goal setter: An entrepreneur must be able to set challenging but realistic goals. Modern risk taker: An entrepreneur must be a moderate risk taker and learn from any failures. These personal traits go a long way in making an entrepreneur a successful man or woman. CLASSIFICATION: The entrepreneur have been broadly classified according to the types of business, use of professional skill, motivation, growth and stages of development are discussed below Entrepreneur according to the type of business:  Business entrepreneur: Business entrepreneurs are individuals who conceive an idea for a new product or service and then create a business to materialize their idea into reality.  Trading entrepreneur: Trading entrepreneur is one who undertakes trading activities and is not concerned with the manufacturing work.  Industrial entrepreneur: Industrial entrepreneur is essentially a manufacturer who identifies the potential needs of customers and tailors a product or service to meet the marketing needs.  Corporate entrepreneur: Corporate entrepreneur is a person who demonstrates his innovative skill in organizing and managing corporate undertaking.  Agricultural entrepreneur: Agricultural entrepreneurs are those entrepreneurs who undertake agricultural activities as raising and marketing of crops, fertilizers and other inputs of agriculture. Entrepreneur in technology: Prepared by: Milan Padariya Page 4
• 5. Entrepreneurship Development  Technical entrepreneur: A technical entrepreneur is essentially compared to a “craftman”.He concentrates more on production than on marketing. He demonstrates his innovative capabilities in matter of production of goods and rendering of services.  Non- technical entrepreneur: Non- technical entrepreneurs are those who are not concerned with the technical aspects of the product in which they deal. They are concerned only with developing alternative marketing and distribution strategies to promote their business.  Professional entrepreneur: Professional entrepreneur is a person who is interested is establishing a business but does not have interest in managing or operating it once it is established. Such an entrepreneur is dynamic and he conceive new ideas to develop alternative projects. Entrepreneur and Motivation:  Pure Entrepreneur: A pure entrepreneur is an individual who is motivated by psychological and economic rewards.  Induced entrepreneur: Induced entrepreneur is one who is induced to take up an entrepreneurial task due to the policy measures of the government that provides assistance, incentives, concessions and necessary overhead facilities to start a venture.  Motivated entrepreneur: New entrepreneurs are motivated by the desire for self- fulfillment.  Spontaneous entrepreneur: These entrepreneurs start their business by their natural talents. Growth and entrepreneur:  Growth entrepreneur: Growth entrepreneurs are those who necessarily take up a high growth industry which has substantial growth prospects.  Super growth entrepreneur: Super growth entrepreneurs are those who have shown enormous growth of performance in their venture. Prepared by: Milan Padariya Page 5
• 6. Entrepreneurship Development Entrepreneur and stages of development  First generation entrepreneur: A first generation entrepreneur is one who starts an industrial unit by innovative skill. He is essentially an innovator, combining different technologies to produce a marketable product or service.  Classical entrepreneur: A classical entrepreneur is one who is concerned with the customer and marketing needs through the development of a self-supporting venture. This is the basic of Entrepreneurship. Now Problem is Who is the best person for Interview… Generally two types of the Entrepreneur I can select… 1. Local Entrepreneur 2. Very Famous Entrepreneur But I selected Local Entrepreneur… Why??? The entire famous entrepreneurs are first Local Entrepreneur after that they became very famous. So Study of Local Entrepreneur is good for me. I Selected 4 Stage of Entrepreneurship and Formed Questions on it. 1. The entrepreneur before starting a venture 2. The Entrepreneur at the time of starting the business 3. The entrepreneur as he or she grew the venture 4. The entrepreneur today and tomorrow Before that I would like to introduce a youth Entrepreneur Mr. Vipul Yadav… Mr. Vipul Yadav completed his B.Sc. in Information Technology and started his own business. He initially started with small web solution forum called Depasser Infotech Pvt Ltd. Mr. Vipul Yadav has 5 other solution forum powered by Depasser Infotech. Prepared by: Milan Padariya Page 6
• 7. Entrepreneurship Development These Solutions are as follow… 1. Herd MS 2. Google Funda 3. Edu Edge 4. Financial Virtue 5. Peeping Kid Mr. Vipul Yadav also started 4 E-Commerce websites including, 1. www.giftpunch.com 2. www.teemper.com 3. www.giftyaar.com 4. www.thedifferentstore.com Before Discuss Questions and Answer I would like to brief the businesses associated with Mr. Vipul Yadav. Depasser Infotech Pvt Ltd. It is related to web solution. Depasser provided web based solution in India. Official Website: http://www.depasserinfotech.com/ About Depasser: We are a small but diverse bunch of web developers, graphic designers and creative writers happy to design websites and develop web applications. We make good conversations too! Prepared by: Milan Padariya Page 7
• 8. Entrepreneurship Development Web-Design: A good business, needs and equally good face. Check out the faces we've given to some businesses. Psst.. We use CSS3, JQuery, HTML5, PHP. Magento, Drupal. Web Application: Managing data and multiple businesses tasks can get difficult. We make it easy for you to manage them! And yes, we work on PHP, Ruby, Python. Prepared by: Milan Padariya Page 8
• 9. Entrepreneurship Development On other hand Depasser Infotech powers other 5 web solution/web application 1. Google Funda: Official Website: http://www.googlefunda.com/ Prepared by: Milan Padariya Page 9
• 10. Entrepreneurship Development 2. Financial Virtue Official Website: http://www.financialvirtue.com/ Financial Virtue We are independently spirited, fiercely unconventional people who believe in doing things differently. We value, "Values & Virtue". FINANCIAL VIRTUE is a Financial Advisory and Distribution firm launched in 2003 with the aim of making investing simpler, more understandable and profitable, leading to true Financial Freedom. We at FINANCIAL VIRTUE have well qualified, trained and experienced team of associate partners, professionals and staffs from the fields of Accounts & Taxation, Law, Financial Planning, Securities & Capital Market, Banking and Insurance (both Life and Non Life). We offer personalised advisory services for saving & investment, financial risk management, tax, Law & Financial Planning, to individual investors, corporate houses, institutional investors, Non-Resident Indians (NRIs) and High Networth Individuals, among others. We offer complete range of financial products and services. We have expertise in analyzing different financial products; we carry out in-depth study considering various parameters on a regular basis in order to satisfy and achieve any kind of financial goal and need. We help in identifying & understanding ones personalised needs and also in developing a portfolio across different asset classes Prepared by: Milan Padariya Page 10
• 11. Entrepreneurship Development commensurate to his needs. Our experts will give you a feel on the various asset classes and explain to you the risk associated with each in a simple and lucid manner. Our advisory services are backed by periodic valuation reports of different asset class and regular relevant information through newsletters, mailers, e-mails, sms's, etc. At FINANCIAL VIRTUE our prime concern is to help our client attain peace of mind on the financial front. We follow a philosophy which focuses on doing the right things rather than merely doing things right, we also believe that monetary rewards do not take precedence over an ethical approach to our work. OUR VISION To become a credible financial services company, continuously educating our client and assisting them in creating abundant wealth. OUR MISSION In the spirit of fulfilling our Vision we strive to:  Serve our client with high ethical standards;  Provide quality service, not just restricted to genuine advice but creating value too, hence orchestrating customer delight.  Respect each customer by our deeds & not just by words, thereby creating reputation built on performance.  Provide 360o (degree) solutions to each customer to fulfill their today's needs and tomorrow's dreams, above all ensuring them a sense of safety, security & trust;  Compensate our Partners, Associates and Employees with fair remunerations and meaningful benefits while providing them with the knowledge & tools needed to encourage personal & professional growth. Prepared by: Milan Padariya Page 11
• 12. Entrepreneurship Development 3. Peeping Kid Official Website: http://www.peepingkid.com/ Prepared by: Milan Padariya Page 12
• 13. Entrepreneurship Development Prepared by: Milan Padariya Page 13
• 14. Entrepreneurship Development 4. Edu Edge Official Website: http://www.eduedgeindia.com/ Prepared by: Milan Padariya Page 14
• 15. Entrepreneurship Development 5. Herd MS Official Website: http://www.herdms.com/ Prepared by: Milan Padariya Page 15
• 16. Entrepreneurship Development Also Mr. Vipul Yadav designed own 4 websites… 1. Gift Punch Official Website: http://www.giftpunch.com/ 2. Teemper Lifestyle Official Website: http://www.teemper.com/ Prepared by: Milan Padariya Page 16
• 17. Entrepreneurship Development 3. The Different Store Official Website: http://www.thedifferentstore.com/ Prepared by: Milan Padariya Page 17
• 18. Entrepreneurship Development 4. Gift Yaar Official Website: http://www.giftyaar.com/ Prepared by: Milan Padariya Page 18
• 19. Entrepreneurship Development Now discuss the questions and answers. I asked total 24 questions to Mr. Vipul Yadav as per the stage of Entrepreneurship. A. The entrepreneur before starting a venture 5 questions were asked under this stage. 1. What is your education background? ANS: I have completed my B.Sc. in Information Technology in 2009 from Mumbai University, Maharashtra. 2. What previous work experience do you have before starting the venture? ANS: Actually I am new in this. No previous Experience I had, but I have idea about the IT sector and Found good Scope in this. And also during my graduation I worked in one mobile shop. My job was to repair damaged mobile. As per my thinking it is not necessary to having such an experience to start own business. Just you have gut feelings and dedication. 3. Did you have any role models when growing up? ANS: If you asking me about very famous personality as a role model then No. I have no any specific role model to follow. But if your meaning is of familiar person as role model then Yes, My Idol my teacher is my role model. 4. Did you do entrepreneurial things as a youth? ANS: I am young today; I am just 26 years old. So whatever I did that are during my youth. Actually I liked mobile phone very much when I was Child and thinking about mobile every time. In fact I want to something different in telecommunication software. 5. When did you know you wanted to be an entrepreneur? ANS: During my graduation. At that time I did not know the term “Entrepreneur”. Only I knew is wanted to become different. Prepared by: Milan Padariya Page 19
• 20. Entrepreneurship Development B. The Entrepreneur at the time of starting the business 8 Question were asked in this stage. 1. What was your primary motivation for starting a business? What were the factors that led you to start the venture? ANS: My Primary motivation is my Interest in IT sector. I want to be achieving some different stage in IT sector. Factors are not fixed. If you want to be a good entrepreneur then don‟t depend on some selected factors. At the start of venture I focused on some Factors like: Interest Population of India Mobile Users in India Competitors No of MNCs One thing I want to tell you is about MNCs In Indian market there are thousands of MNCs running this is not good thing about India. One story I want to tell you but I will not declare the name of person and name of company. Minister of Telecommunication in India collaborate with one Indian Company for Land line. Only cost of 150 Rs Company provided phones. At that time someone not earn commission so he withdrawn the contract from Indian Company and gave the contract to Foreign Company. That company charged 650 Rs per one piece. That was not Ethical thing… So I want to produce some cheaper but quality products for India. 2. What were your goals at the time you started the venture? ANS: My primary goal was Cheaper and Quality product. Give the web solution to the companies. And other goal was to start the Affordable and unique E- commerce hub. 3. What sort of beliefs did you have (eg. About employees, partners, banks, etc)? Prepared by: Milan Padariya Page 20
• 21. Entrepreneurship Development ANS: About Employees: Self-employment is best in business. But for more production and service employees are required but only thing is dedication. Partner should be trust worthy and hard working. If you climb four steps then your partner should there at fifth step to welcome you. According to me banks are your official partner. If you want to get good loan from bank then your business plan should be perfect and most profitable. My meaning is not that you make fake profitable business plan. 4. Did you establish a lifestyle business, a rapid growth business, or what?, Did your growth orientation change over time? ANS: Yes, I established rapid growth business. Yes of course my growth orientation changes over time. Every business should have this type of philosophy. 5. What sort of resources (not just financial) did you have when you started the venture? What sort of network did you have? Were there any special creative things you did to come up with the needed resources? ANS: Besides the financial thing I needed some good partner. Which I discussed in earlier question. In this field network is necessary. I have network of family and friend initially. But I also focused on some business enterprises. Yes I came up with some creative thing and you can see creativity from our home page of Depasser Infotech. Also you can see some creative product that we sell under the our E-Commerce website. 6. How concerned were you with control when starting the venture? Explore the entrepreneur’s need for control (of the venture, of people, of decision making) ANS: It is good question. Of Course Control is necessary in any venture or project. First I decided to control my web solution forum alone but after started E-Commerce I just worried about controlling so I was going for searching some employees and Partner. I am very weak in marketing so I really need marketing people for my business even at this time I also need. In E-Commerce hub I needed some people who are very good in Logistic or Transportation. 7. Did you write a business plan? ANS: No, I did not write business plan. In fact I was not aware with some management and finance philosophy. But in my future project and business Prepared by: Milan Padariya Page 21
• 22. Entrepreneurship Development planning I will go through business plan or someone will help me in this. As a management student you can join me and do financial planning for me. 8. How long was a typical work day and work week when you first started your venture? ANS: At the starting of venture I did lots of hard work. Even present days I do hard work. But it is necessary to do hard work at the time of starting. Not just hard work but sustainable hard work. Only thing is believe in believe in hard work. Prepared by: Milan Padariya Page 22
• 23. Entrepreneurship Development C. The entrepreneur as he or she grew the venture 6 questions were asked in this stage: 1. How have your goals and values changed since starting the venture? ANS: General Rule in business in you should not change your goal and value in entire life of your business. But I think in different way. You can change your goal as per the generation and scenario changed. You can change values of your business as per societal value changes. 2. Did your risk orientation change as the venture grew? ANS: Yes, I feel more risk now than I felt when I started this journey. This is because of Competition increase in IT sector. And as per my thinking India is the best place for the business because of population. 3. Did the typical work week change as the venture grew? ANS: Yes of course as time changes you should change the pattern of the work and time of work. 4. Did the assumptions you made when you first started the business prove to be wrong? ANS: No, I did hard work behind my project and now I feel that no assumption of mine is wrong. 5. What key mistakes did you make along the way? ANS: I did only one mistake and that is selection of partner. I will tell you my partner is not fraud but he has no faith on me and my work. 6. Were there some critical times when the business nearly failed? ANS: Yes, When no one was with me and when my partner left me. But I did not lose my courage. Prepared by: Milan Padariya Page 23
• 24. Entrepreneurship Development D. The entrepreneur today and tomorrow 4 questions were asked. 1. What would you do differently if you had to do it all over again? ANS: Only this is make combination of two mobile and make hybrid from these. Shocked? Just joking. When I was started this venture I thought about that. One thing I want to do is Purchase the hardware from the china and Installed software that I make and form different and quality product which will be different from other products. 2. What key personal characteristics do you see in yourself that were especially important for your success? ANS: Very Interesting question and funny also. Funny in the sense you tell me that praise yourself but in indirect way. Hard working nature Mental Ability Dedication Creativity Interpersonal Skills Knowledge about the business Competitor watch Self Confidence Technical Knowledge And of course Idea Generation 3. What are your plans for the future? ANS: In fact so many plans are running here and there in my mind. One is merging the hardware (Imported) and software (My own) and making unique mobile which will cheaper but with quality. Develop my own software and form E-Commerce hub. Prepared by: Milan Padariya Page 24
• 25. Entrepreneurship Development 4. What advice based on your experience would you give to others? ANS: This is very tough question. Advises are: Put all your effort on your own project or business Pay full attention in financial value Make society feel proud Give your full dedication Understand the value of your customer and employees Don‟t Forget Society That‟s it……. Me: Thank you Sir Mr. Vipul Yadav: You are most welcome. Prepared by: Milan Padariya Page 25

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entrepreneurship development assignment

• Entrepreneurship development assignment

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Entrepreneurship Development

Prepared by: Milan Padariya Page 1

INTRODUCTION:

An entrepreneur is one of the important segments of economic growth. Basically

he/she is a person responsible for setting up a business or an enterprise. In fact he/she

is one who has the initiative, skill for innovation and who looks for high

achievements. He/she is a catalytic agent of change and works for the good of people.

He/she puts up new green field projects that create wealth, open up many employment

opportunities and leads to the growth of other sectors.

The word „entrepreneur‟ is derived from the French verb “entreprendre”. It means “to

undertake”. In the early 16th century, the Frenchmen who organized and led military

expeditions were referred to as “entrepreneurs”, around 1700 A.D., the term was used

for architects and contractors of public works.

The term “entrepreneur” was applied to business initially by the French economist,

Caltillon, in the 18th century; designate a dealer who purchases the means of

production for combining them into marketable products. Another Frenchman J.B.

Say, expanded Cantillon‟s ideas and conceptualized the entrepreneur as an organizer

of a business firm, central to its distributive and production functions. Beyond

stressing the entrepreneur‟s importance to the business, Say did little with his

entrepreneurial analysis.

New Concept of Entrepreneur – The term “entrepreneur” has been defined as one who

detects and evaluates a new situation in his environment and directs the making of

such adjustments in the economic system as he/she deems necessary. He/she

conceives of an industrial enterprise for the purpose, displays considerable initiative,

grit and determination in bringing his project to fruition and in this process, performs

one or more of him/her following.

• Perceives opportunities for profitable investment

• Explores the prospects of starting such a manufacturing enterprise

• Obtains necessary industrial licenses

• Arranges initial capital

• Provides personal guarantees to the financial institutions

• Promises to meet the shortfalls in the capital and

• Supplies technical know-how.

Prepared by: Milan Padariya Page 2

CHARACTERISTICS OF AN ENTREPRENEUR:

A successful entrepreneur must be a person with technical competence,

initiative, good judgement, intelligence, leadership qualities, self confidence, energy,

attitude, creativeness, fairness, honesty, tactfulness and emotional stability.

Mental ability: Mental ability consists of intelligence and creative thinking. An

entrepreneur must be reasonably intelligent and should have creative thinking and

must be able to engage in the analysis of various problems and situations in order to

deal with them. The entrepreneur should anticipate changes and must be able to study

the various situation under which decision have to be made.

Clear objectives: An entrepreneur should have a clear objectives as to the exact

nature of the goods to be produced and subsidiary activitie to be undertaken. A

successful entrepreneur may also have the objective to establish the products, to make

profit or to render social service.

Business secrecy: An entrepreneur must be able to guard business secrets. Leakage of

business secrets to trade competitors is a serious matter which should be carefully

guarded against by an entrepreneur. An entrepreneur should be able to make a proper

selection of his assistants.

Human relations ability: The most important personality traits contributing to the

success of an entrepreneur are emotional stability, personal relations, consideration

and tactfulness. An entrepreneur must maintain good relations with his customers if

he is to establish relations that will encourage them to continue to patronize his

business. He must also maintain good relations with his employees if he is to motivate

them to perform their jobs at a high level of efficiency. An entrepreneur who

maintains good human relations with customers, employees, suppliers, creditors and

the community is much more likely to succeed in his business than the individual who

does not practice good human relations. Human relations ability can also be referred

to as tactfulness.

Communication ability: Communication ability is the ability to communicate

effectively. Good communication also means that both the sender and the receiver

understand each other and are being understood. An entrepreneur who can effectively

communicate with customers, employees, suppliers and creditors will be more likely

to succeed than the entrepreneur who does not.

Technical knowledge: An entrepreneur must have a reasonable level of technical

knowledge. Technical knowledge is the one ability that most people are able to

acquire if they try hard enough.

An entrepreneur who has a high level of administrative ability, mental ability, human

relation ability, communication ability and technical knowledge stands a much better

chance of success than his counterpart who possesses low levels of these basic

Prepared by: Milan Padariya Page 3

Some key characteristics of a successful entrepreneur are:

Motivator: An entrepreneur must build a team, keep it motivated and provide an

environment for individual growth and career development.

Self confidence: Entrepreneurs must have belief in themselves and the ability to

achieve their goals.

Long term involvement: An entrepreneur must be committed to the project with a

time horizon of five to seven years. No ninety- day wonders are allowed.

High energy level: Success of an entrepreneur demands the ability to work long

hours for sustained periods of time.

ADMINISTRATI

VE ABILITY ORGANISATIO

INTELLIGENC

OBJECTIVE BUSINESS

COMMUNICATI

Prepared by: Milan Padariya Page 4

Persistent problem solver: An entrepreneur must have an intense desire to complete

a task or solve a problem. Creativity is an essential ingredient.

Initiative: An entrepreneur must have initiative accepting personal responsibility for

actions and above all make good use of resource.

Goal setter: An entrepreneur must be able to set challenging but realistic goals.

Modern risk taker: An entrepreneur must be a moderate risk taker and learn from

any failures.

These personal traits go a long way in making an entrepreneur a successful

man or woman.

CLASSIFICATION:

The entrepreneur have been broadly classified according to the types of business,

use of professional skill, motivation, growth and stages of development are discussed below

Entrepreneur according to the type of business:

Business entrepreneur: Business entrepreneurs are individuals who conceive an idea

for a new product or service and then create a business to materialize their idea into

Trading entrepreneur: Trading entrepreneur is one who undertakes trading

activities and is not concerned with the manufacturing work.

Industrial entrepreneur: Industrial entrepreneur is essentially a manufacturer who

identifies the potential needs of customers and tailors a product or service to meet the

marketing needs.

Corporate entrepreneur: Corporate entrepreneur is a person who demonstrates his

innovative skill in organizing and managing corporate undertaking.

Agricultural entrepreneur: Agricultural entrepreneurs are those entrepreneurs who

undertake agricultural activities as raising and marketing of crops, fertilizers and

other inputs of agriculture.

Entrepreneur in technology:

Prepared by: Milan Padariya Page 5

Technical entrepreneur: A technical entrepreneur is essentially compared to a

“craftman”.He concentrates more on production than on marketing. He demonstrates

his innovative capabilities in matter of production of goods and rendering of services.

Non- technical entrepreneur: Non- technical entrepreneurs are those who are not

concerned with the technical aspects of the product in which they deal. They are

concerned only with developing alternative marketing and distribution strategies to

promote their business.

Professional entrepreneur: Professional entrepreneur is a person who is interested is

establishing a business but does not have interest in managing or operating it once it

is established. Such an entrepreneur is dynamic and he conceive new ideas to develop

alternative projects.

Entrepreneur and Motivation:

Pure Entrepreneur: A pure entrepreneur is an individual who is motivated by

psychological and economic rewards.

Induced entrepreneur: Induced entrepreneur is one who is induced to take up an

entrepreneurial task due to the policy measures of the government that provides

assistance, incentives, concessions and necessary overhead facilities to start a venture.

Motivated entrepreneur: New entrepreneurs are motivated by the desire for self-

fulfillment.

Spontaneous entrepreneur: These entrepreneurs start their business by their natural

Growth and entrepreneur:

Growth entrepreneur: Growth entrepreneurs are those who necessarily take up a

high growth industry which has substantial growth prospects.

Super growth entrepreneur: Super growth entrepreneurs are those who have shown

enormous growth of performance in their venture.

Prepared by: Milan Padariya Page 6

Entrepreneur and stages of development

First generation entrepreneur: A first generation entrepreneur is one who starts an

industrial unit by innovative skill. He is essentially an innovator, combining different

technologies to produce a marketable product or service.

Classical entrepreneur: A classical entrepreneur is one who is concerned with the

customer and marketing needs through the development of a self-supporting venture.

This is the basic of Entrepreneurship. Now Problem is Who is the best person for

Generally two types of the Entrepreneur I can select…

1. Local Entrepreneur

2. Very Famous Entrepreneur

But I selected Local Entrepreneur…

The entire famous entrepreneurs are first Local Entrepreneur after that they became

very famous.

So Study of Local Entrepreneur is good for me.

I Selected 4 Stage of Entrepreneurship and Formed Questions on it.

1. The entrepreneur before starting a venture

2. The Entrepreneur at the time of starting the business

3. The entrepreneur as he or she grew the venture

4. The entrepreneur today and tomorrow

Before that I would like to introduce a youth Entrepreneur Mr. Vipul Yadav…

Mr. Vipul Yadav completed his B.Sc. in Information Technology and started his own

business. He initially started with small web solution forum called Depasser Infotech

Mr. Vipul Yadav has 5 other solution forum powered by Depasser Infotech.

Prepared by: Milan Padariya Page 7

These Solutions are as follow…

2. Google Funda

3. Edu Edge

4. Financial Virtue

5. Peeping Kid

Mr. Vipul Yadav also started 4 E-Commerce websites including,

1. www.giftpunch.com

2. www.teemper.com

3. www.giftyaar.com

4. www.thedifferentstore.com

Before Discuss Questions and Answer I would like to brief the businesses associated

with Mr. Vipul Yadav.

Depasser Infotech Pvt Ltd.

It is related to web solution. Depasser provided web based solution in India.

Official Website: http://www.depasserinfotech.com/

About Depasser:

We are a small but diverse bunch of web developers, graphic designers

and creative writers happy to design websites and develop web

applications. We make good conversations too!

Prepared by: Milan Padariya Page 8

Web-Design:

A good business, needs and equally good face. Check out the faces we've

given to some businesses. Psst.. We use CSS3, JQuery, HTML5, PHP.

Magento, Drupal.

Web Application:

Managing data and multiple businesses tasks can get difficult. We make it

easy for you to manage them! And yes, we work on PHP, Ruby, Python.

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On other hand Depasser Infotech powers other 5 web solution/web application

1. Google Funda:

Official Website: http://www.googlefunda.com/

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2. Financial Virtue

Official Website: http://www.financialvirtue.com/

Financial Virtue

We are independently spirited, fiercely unconventional people who believe in doing

things differently. We value, "Values & Virtue".

FINANCIAL VIRTUE is a Financial Advisory and Distribution firm launched in

2003 with the aim of making investing simpler, more understandable and profitable,

leading to true Financial Freedom.

We at FINANCIAL VIRTUE have well qualified, trained and experienced team of

associate partners, professionals and staffs from the fields of Accounts & Taxation,

Law, Financial Planning, Securities & Capital Market, Banking and Insurance (both

Life and Non Life).

We offer personalised advisory services for saving & investment, financial risk

management, tax, Law & Financial Planning, to individual investors, corporate

houses, institutional investors, Non-Resident Indians (NRIs) and High Networth

Individuals, among others. We offer complete range of financial products and

We have expertise in analyzing different financial products; we carry out in-depth

study considering various parameters on a regular basis in order to satisfy and achieve

any kind of financial goal and need. We help in identifying & understanding ones

personalised needs and also in developing a portfolio across different asset classes

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commensurate to his needs. Our experts will give you a feel on the various asset

classes and explain to you the risk associated with each in a simple and lucid manner.

Our advisory services are backed by periodic valuation reports of different asset class

and regular relevant information through newsletters, mailers, e-mails, sms's, etc.

At FINANCIAL VIRTUE our prime concern is to help our client attain peace of mind

on the financial front. We follow a philosophy which focuses on doing the right things

rather than merely doing things right, we also believe that monetary rewards do not

take precedence over an ethical approach to our work.

To become a credible financial services company, continuously educating our client

and assisting them in creating abundant wealth.

OUR MISSION

In the spirit of fulfilling our Vision we strive to:

Serve our client with high ethical standards;

Provide quality service, not just restricted to genuine advice but creating value too,

hence orchestrating customer delight.

Respect each customer by our deeds & not just by words, thereby creating

reputation built on performance.

Provide 360o (degree) solutions to each customer to fulfill their today's needs and

tomorrow's dreams, above all ensuring them a sense of safety, security & trust;

Compensate our Partners, Associates and Employees with fair remunerations and

meaningful benefits while providing them with the knowledge & tools needed to

encourage personal & professional growth.

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3. Peeping Kid

Official Website: http://www.peepingkid.com/

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4. Edu Edge

Official Website: http://www.eduedgeindia.com/

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Official Website: http://www.herdms.com/

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Also Mr. Vipul Yadav designed own 4 websites…

1. Gift Punch

Official Website: http://www.giftpunch.com/

2. Teemper Lifestyle

Official Website: http://www.teemper.com/

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3. The Different Store

Official Website: http://www.thedifferentstore.com/

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4. Gift Yaar

Official Website: http://www.giftyaar.com/

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Now discuss the questions and answers. I asked total 24 questions to Mr. Vipul Yadav

as per the stage of Entrepreneurship.

A. The entrepreneur before starting a venture

5 questions were asked under this stage.

1. What is your education background?

ANS: I have completed my B.Sc. in Information Technology in 2009 from

Mumbai University, Maharashtra.

2. What previous work experience do you have before starting the venture?

ANS: Actually I am new in this. No previous Experience I had, but I have idea

about the IT sector and Found good Scope in this. And also during my graduation

I worked in one mobile shop. My job was to repair damaged mobile. As per my

thinking it is not necessary to having such an experience to start own business.

Just you have gut feelings and dedication.

3. Did you have any role models when growing up?

ANS: If you asking me about very famous personality as a role model then No. I

have no any specific role model to follow. But if your meaning is of familiar

person as role model then Yes, My Idol my teacher is my role model.

4. Did you do entrepreneurial things as a youth?

ANS: I am young today; I am just 26 years old. So whatever I did that are during

my youth. Actually I liked mobile phone very much when I was Child and

thinking about mobile every time. In fact I want to something different in

telecommunication software.

5. When did you know you wanted to be an entrepreneur?

ANS: During my graduation. At that time I did not know the term “Entrepreneur”.

Only I knew is wanted to become different.

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B. The Entrepreneur at the time of starting the business

8 Question were asked in this stage.

1. What was your primary motivation for starting a business? What were

the factors that led you to start the venture?

ANS: My Primary motivation is my Interest in IT sector. I want to be achieving

some different stage in IT sector.

Factors are not fixed. If you want to be a good entrepreneur then don‟t depend on

some selected factors.

At the start of venture I focused on some Factors like:

Population of India

Mobile Users in India

Competitors

One thing I want to tell you is about MNCs

In Indian market there are thousands of MNCs running this is not good thing

about India. One story I want to tell you but I will not declare the name of person

and name of company.

Minister of Telecommunication in India collaborate with one Indian Company for

Land line. Only cost of 150 Rs Company provided phones. At that time someone

not earn commission so he withdrawn the contract from Indian Company and gave

the contract to Foreign Company. That company charged 650 Rs per one piece.

That was not Ethical thing…

So I want to produce some cheaper but quality products for India.

2. What were your goals at the time you started the venture?

ANS: My primary goal was Cheaper and Quality product. Give the web solution

to the companies. And other goal was to start the Affordable and unique E-

commerce hub.

3. What sort of beliefs did you have (eg. About employees, partners, banks,

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ANS: About Employees: Self-employment is best in business. But for more

production and service employees are required but only thing is dedication.

Partner should be trust worthy and hard working. If you climb four steps then your

partner should there at fifth step to welcome you.

According to me banks are your official partner. If you want to get good loan from

bank then your business plan should be perfect and most profitable.

My meaning is not that you make fake profitable business plan.

4. Did you establish a lifestyle business, a rapid growth business, or what?,

Did your growth orientation change over time?

ANS: Yes, I established rapid growth business. Yes of course my growth

orientation changes over time. Every business should have this type of

philosophy.

5. What sort of resources (not just financial) did you have when you started

the venture? What sort of network did you have? Were there any special

creative things you did to come up with the needed resources?

ANS: Besides the financial thing I needed some good partner. Which I discussed

in earlier question. In this field network is necessary. I have network of family and

friend initially. But I also focused on some business enterprises. Yes I came up

with some creative thing and you can see creativity from our home page of

Depasser Infotech. Also you can see some creative product that we sell under the

our E-Commerce website.

6. How concerned were you with control when starting the venture? Explore

the entrepreneur’s need for control (of the venture, of people, of decision

ANS: It is good question.

Of Course Control is necessary in any venture or project. First I decided to control

my web solution forum alone but after started E-Commerce I just worried about

controlling so I was going for searching some employees and Partner. I am very

weak in marketing so I really need marketing people for my business even at this

time I also need.

In E-Commerce hub I needed some people who are very good in Logistic or

Transportation.

7. Did you write a business plan?

ANS: No, I did not write business plan. In fact I was not aware with some

management and finance philosophy. But in my future project and business

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planning I will go through business plan or someone will help me in this. As a

management student you can join me and do financial planning for me.

8. How long was a typical work day and work week when you first started

your venture?

ANS: At the starting of venture I did lots of hard work. Even present days I do

hard work. But it is necessary to do hard work at the time of starting. Not just hard

work but sustainable hard work.

Only thing is believe in believe in hard work.

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C. The entrepreneur as he or she grew the venture

6 questions were asked in this stage:

1. How have your goals and values changed since starting the venture?

ANS: General Rule in business in you should not change your goal and value in

entire life of your business. But I think in different way.

You can change your goal as per the generation and scenario changed. You can

change values of your business as per societal value changes.

2. Did your risk orientation change as the venture grew?

ANS: Yes, I feel more risk now than I felt when I started this journey. This is

because of Competition increase in IT sector. And as per my thinking India is the

best place for the business because of population.

3. Did the typical work week change as the venture grew?

ANS: Yes of course as time changes you should change the pattern of the work

and time of work.

4. Did the assumptions you made when you first started the business prove

to be wrong?

ANS: No, I did hard work behind my project and now I feel that no assumption of

mine is wrong.

5. What key mistakes did you make along the way?

ANS: I did only one mistake and that is selection of partner. I will tell you my

partner is not fraud but he has no faith on me and my work.

6. Were there some critical times when the business nearly failed?

ANS: Yes, When no one was with me and when my partner left me. But I did not

lose my courage.

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D. The entrepreneur today and tomorrow

4 questions were asked.

1. What would you do differently if you had to do it all over again?

ANS: Only this is make combination of two mobile and make hybrid from these.

Just joking.

When I was started this venture I thought about that. One thing I want to do is

Purchase the hardware from the china and Installed software that I make and form

different and quality product which will be different from other products.

2. What key personal characteristics do you see in yourself that were

especially important for your success?

ANS: Very Interesting question and funny also.

Funny in the sense you tell me that praise yourself but in indirect way.

Hard working nature

Mental Ability

Interpersonal Skills

Knowledge about the business

Competitor watch

Self Confidence

Technical Knowledge

And of course Idea Generation

3. What are your plans for the future?

ANS: In fact so many plans are running here and there in my mind. One is

merging the hardware (Imported) and software (My own) and making unique

mobile which will cheaper but with quality. Develop my own software and form

E-Commerce hub.

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4. What advice based on your experience would you give to others?

ANS: This is very tough question.

Advises are:

Put all your effort on your own project or business

Pay full attention in financial value

Make society feel proud

Give your full dedication

Understand the value of your customer and employees

Don‟t Forget Society

That‟s it…….

Me: Thank you Sir

Mr. Vipul Yadav: You are most welcome.

Entrepreneurship 1st Assignment

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