1. 1 Teaching Innovation - Entrepreneurial - Global The Centre for Technology enabled Teaching & Learning, N Y S S, India DTEL DTEL (Department for Technology Enhanced Learning)

2. UNIT 5:- SYLLABUSDTEL. Concept of entrepreneurship 1 its relations in economic developments, 2 Eventuation of concept of entrepreneur 3 characteristics of an Entrepreneur 4 2 Types of entrepreneurs, Qualities of entrepreneur 5 Factors affecting growth of entrepreneurship. 6 Theory of achievement, motivation 7

3. UNIT 5:- SYLLABUSDTEL. Medelland’s. experiment, 8 Women entrepreneurship 9 Role of SSI, it’s advantages & limitations, 10 3 policies governing, small scale industries 11 Procedure to set up small scale industrial unit 12 Advantages and limitations of SSI. 13

4. UNIT-5 SPECIFIC OBJECTIVE / COURSE OUTCOMEDTEL To understand entrepreneurship as a career avenue and policies related to set up of SSI 1 4 The student will be able to:

5. LECTURE 32:- ENTREPRENEURSHIPDTEL 5 5 Entrepreneurship Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting a new outfit referred as new Business-Startup however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations.

6. LECTURE 32:- ENTREPRENEURSHIPDTEL 6 6 A Definition of Entrepreneurship The concept of entrepreneurship has a wide range of meanings. On the one extreme an entrepreneur is a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population. On the other extreme of definitions, anyone who wants to work for himself or herself is considered to be an entrepreneur. The word entrepreneur originates from the French word, entrepreneur, which means "to undertake." In a business context, it means to start a business. The Merriam-Webster Dictionary presents the definition of an entrepreneur as one who organizes, manages, and assumes the risks of a business or enterprise.

7. LECTURE 33:- ENTREPRENEURSHIPDTEL Characteristics Of Entrepreneurship 7 7 Entrepreneurial activities are substantially different depending on the type of organization and creativity involved. Entrepreneurship ranges in scale from solo projects (even involving the entrepreneur only part- time) to major undertakings creating many job opportunities. Many "high value" entrepreneurial ventures seek venture capital or angel funding (seed money) in order to raise capital to build the business.

8. LECTURE 33:- ENTREPRENEURSHIPDTEL Characteristics Of Entrepreneurship 8 8 Angel investors generally seek annualized returns of 20-30% and more, as well as extensive involvement in the business. Many kinds of organizations now exist to support would-be entrepreneurs including specialized government agencies, business incubators, science parks, and some NGOs. In more recent times, the term entrepreneurship has been extended to include elements not related necessarily to business formation activity such as conceptualizations of entrepreneurship as a specific mindset (see also entrepreneurial mindset) resulting in entrepreneurial initiatives e.g. in the form of social entrepreneurship, political entrepreneurship, or knowledge entrepreneurship have emerged.

9. LECTURE 33:- ENTREPRENEURSHIPDTEL Concept of Entrepreneurship 9 9 It has assumed super importance for accelerating economic growth both in developed and developing countries. It promotes capital formation and creates wealth in country. It is the hope and dreams of millions of individuals around the world. It reduces unemployment and poverty and it is a pathway to prosper. Entrepreneurship is the process of exploring the opportunities in the market place and arranging resources required to exploit these opportunities for long term gain. It is the process of planning, organizing, opportunities and assuming. It is a risk of business enterprise. It may be distinguished as an ability to take risk independently to make utmost

10. LECTURE 34:- ENTREPRENEURSHIPDTEL An Entrepreneur 10 What is an Entrepreneur? He or she is an individual who actively form or lead their own business and nurture them for growth and prosperity. By-UiTM Entrepreneurship Study Group A person who creates and manages change by the recognition of opportunities (needs, wants, opportunities, problems, and challenges) and develops people and manages resources to take advantage of the resources to take the opportunity and creates a venture (profitable business). By-Eston Kimani, MIT

11. LECTURE 34:- ENTREPRENEURSHIPDTEL Characteristics Of An Entrepreneur 11 Characteristics or Personal Competency of an Entrepreneur. Initiative Sees and Acts on Opportunities Persistence Information seeking Concern for High Quality Work and Output – Increased Productivity. Commitment to Work Contract Efficiency Orientation Systematic and organized planning Problem Solving Self Confidence Assertiveness – Negotiation with suppliers & customers Persuasive & Influential – Peers and stakeholders Inspirational - employees Effective Communicator – external & internal of organization

12. LECTURE 34:- ENTREPRENEURSHIPDTEL Qualities of an Entrepreneur. 12 The Functions of an entrepreneur in a developing economy in the context of the environmental forces i.e economic, rural,political and culture. Accordingly the entrepreneur must posses: Ability of organization & administration. Technological knowledge, alertness to know opportunities,willingness to accept change & ability to initiate and Capacity to assume risk and self confidence Tact,patience and power of observation & ability of discrimination. Perseverance to overcome obstruction and fear. Capacity to pick and choose associates and subordinates and delegate authority to inspire loyalty. Role like that of a “strike who keeps the fire burning.”.

13. LECTURE 35:- ENTREPRENEURSHIPDTEL Entrepreneurship in Economic Growth 13 The Role of Entrepreneurship in Economic Growth. This primarily involves the: Increasing the per capita output and income of the people of the country. Initiating and creating change in the structure of business and society. Further growth and increased output arises, thus to enable more wealth to be divided among the various participants ( stakeholders). Generation of innovation that leads to the creation of new product and service. Improvisation and modification on existing product to better suit market and customers’ needs.

14. LECTURE 35:- ENTREPRENEURSHIPDTEL Entrepreneurship in Economic Growth 14 Creation of self employment and to cut back the dependency of potential employment of new workers in government sectors. Streamline of the private sector and encourage the inclusion of new technology that is less labor dependent. Increase in the national output which in turn lead to greater and stronger economic growth. Laying the seed bed for creating new entrepreneur in various new technologies such as Bio Technology, Bio Technology Medicine, Nano Technology, New Material Technology etc.

15. LECTURE 35:- ENTREPRENEURSHIPDTEL Factors Affecting Entrepreneurial Growth 15 Economic Factors Lack of adequate overhead facilities: Profitable innovations require basic facilities like transportation, communication power supply etc. They reduce cost of production and increase profit. Non availability of capital Inventions are capital oriented. In less developed countries most capital equipment have to be imported which involves foreign exchange which acts as a difficult problem. Great risk is high in case of less developed countries as there is lack of reliable information, markets for good and services is small etc. Non availability of labor and skills Though there is abundant labor supply there is generally scarcity of skills at all levels.

16. LECTURE 35:- ENTREPRENEURSHIPDTEL Factors Affecting Entrepreneurial Growth 16 Social Factors A society that is rational in decision making would be favorable for decision making. Education, research and training is given less importance in less developed countries therefore there is very little vertical mobility of labor. Cultural Factors if the culture is economically or monetarily oriented entrepreneurship would be applauded and praised. In less developed countries people are not economically motivated. People have ample opportunities of attaining social distinction by non economic pursuits. Personality Factors In less developed countries the entrepreneur is looked upon with suspicion. Public opinion in the less developed nations sees in the entrepreneur only a profit maker and exploited.

17. LECTURE 35:- ENTREPRENEURSHIPDTEL Benefits Of Entrepreneurship 17 Opportunity To Create Your Own Destiny Owning a business provides entrepreneurs the independence and the opportunity to achieve what is important to them. Entrepreneurs want to decide what they want in their lives, and they use their businesses to make their desire a reality (come true). Opportunity To Make A Difference More and more entrepreneurs are starting businesses because they see this as an opportunity to make a difference in a route or way that is personally important to them. Opportunity To Reach Your Full Potential. Many people find their work not challenging and not exciting. For entrepreneurs there is little difference between work and play. Entrepreneurs see their business as a vehicle of self expression of personal desire and eventual self actualization of their personal goals – the pinnacle of their career success.

18. LECTURE 35:- ENTREPRENEURSHIPDTEL Benefits Of Entrepreneurship 18 Opportunity To Reap Extraordinary Profits. The profit earned by an entrepreneur are an important motivation and indication factor for further increased performance. Thus these could spur them to greater achievement and success. Social Responsibility And Recognition. Small business owners are among the most admired, respected and trusted individuals of society. Customers have shown their trust and faithfulness over their years for their business. Help to contribute employment, business opportunity in a particular locality or area. Opportunity To Engage In Work Of Their Choice Small business owners tend to engage in business that gives them personal satisfaction. Though they may work long hours and engage in very industrious work that is beneficial to their organization and themselves. Most of all the work they engage in helps to benefits the community, society and the nation.

19. LECTURE 35:- ENTREPRENEURSHIPDTEL Motivation 19 Motivation : Motivation is the act of stimulating someone or oneself to get a desired course of action, to push the right button to get the desired results. Motivating Factors : Education background Occupational experience Family background Desire to work independently in manufacturing line Assistance from financial institution Availability of technology Other factors

20. LECTURE 36:- ENTREPRENEURSHIPDTEL Women Entrepreneurship 20 Situation of Women Entrepreneurship In spite of the fact that mainstreaming women has been recognized as a priority, the area of entrepreneurship development still contains ambiguity and get less attention and women's micro credit based income generating activities often are confused as entrepreneurship development. The enterprises owned by women feature some interesting characteristics regarding ownership, management, sources of capital, technology market orientation and so on.

21. LECTURE 36:- ENTREPRENEURSHIPDTEL Women Entrepreneurship 21 Socio Legal Situation Women's role in the household remains prominent in most of the countries and women's participation in the business world is difficult. They have to undergo the general constraints that any women would face. The families would encourage home-based activities with less mobility for procurement or marketing. The perception of women being involved in traditional male domain as an entrepreneur is yet to be accepted. Thus, diversification is limited, competition amongst them is high and profit is low. Lack of access to resources due to the legal barriers to inherit property or social custom inhibit women to prove them to be worthy of credit. Even the family would be comfortable to support a male with higher amount of capital than supporting a female.

22. LECTURE 36:- ENTREPRENEURSHIPDTEL Women Entrepreneurship 22 Economic Awareness The promotion of women Entrepreneurship is closely linked with their economic awareness their ability to establish their own enterprises through formal equality exists in the constitution, there are factors that hinder the progress of women Entrepreneurship despite its vast potential, including lack of information, capacity building Access to financial resources. The Promotion of Women's Entrepreneurship It is a means to alleviate women's unemployment and poverty and also stimulate economic growth. Women's entrepreneurship promotion aims at eliminating gender specific barriers which limits women's capacity to up businesses. These include inadequate access to information,business networks as well as the traditional attitude towards the gender role

23. LECTURE 36:- ENTREPRENEURSHIPDTEL Women Entrepreneurship 23 Women Entrepreneurship When starting a business, women often face different barriers and circumstances than men. They may have to struggle with specific problems and do not participate in support programs to the same extend that men do. This is despite the fact that women are well educated and have innovative business ideas which will create new jobs and contribute to challenge. Objectives To contribute to the elaboration of strategies and policies supporting women in using their entrepreneurial potential. To raise awareness among regional decision-makers concerning the importance of promoting women's entrepreneurship. To develop tools such as financing, incubators and seminars for encouraging potential women entrepreneurs. To set up regional networks supporting women's entrepreneurship. To develop training and education that contributes to creating an entrepreneurship culture for women.

24. LECTURE 36:- ENTREPRENEURSHIPDTEL Small-scale Industry 24 Defining small-scale industry It is a difficult task because the definition of small-scale industry varies from country to country and from one time to the another in the same country depending upon the pattern and stage of development, government policy and administrative set up of the particular country. Every country has set its own parameters in defining small-scale sector. Generally, small-scale sector is defined in terms of investment ceilings on the original value of the installed plant and machinery. But in the earlier times the definition was based on employment.

25. LECTURE 36:- ENTREPRENEURSHIPDTEL Small-scale Industry 25 In the Indian context, the parameter are as follows. The Fiscal Commission, Government of India, New Delhi, 1950, for the first time defined as mall-scale industry as, one which is operated mainly with hired labour usually 10 to 50hands Fixed capital investment in a unit has also been adopted as the other criteria to make a distinction between small-scale and large-scale industries. This limit is being continuously raised up wards by government.

26. LECTURE 36:- ENTREPRENEURSHIPDTEL Role of Small-scale Industry 26 Small Scale Industries in India enjoy a distinct position in view of their contribution to the socio-economic development of the country. Small industries in India account for 95 per cent of the industrial units in the country. They contribute almost 40 per cent of the gross industrial value added and 45 per cent of the total exports (direct and indirect exports) from India. Small industries are the second largest employers of human resources, after agriculture The contribution of small industries to the balanced regional development of our country is noteworthy.

27. LECTURE 36:- ENTREPRENEURSHIPDTEL Advantages of Small-scale Industry 27 Small industries provide ample opportunity for entrepreneurship. Small industries also enjoy the advantage of low cost of production. Due to the small size of the organizations, quick and timely decisions can be taken without consulting many people as it happens in large sized organizations. Small industries are best suited for customized production. Last but not the least, small industries have inherent strength of adaptability and a personal touch and therefore maintain good personal relations with both customers and employees

28. LECTURE 37:- ENTREPRENEURSHIPDTEL Policies Governing SSI 28 Central and state Government have formulated several schemes to make the SSIs vital and competitive. Reservation policy Government’s purchased preference policy for SSI products. Government’s price preference policy for marketing SSI products. Technical assistance Raw material assistance Financial assistance New initiatives

29. LECTURE 38:- ENTREPRENEURSHIPDTEL Procedure To Set Up SSI Unit 29 A small entrepreneur has to follow certain procedure to set up his unit. A large number of environmental factors such as economic, political, legal, social factors, etc. 1)Idea of self-employed. 2)Analysis of entrepreneurial environment. 3)Project identification. 4)Selection of the product. 5) Location of enterprise. 6) Arrangement of finance. 7) Provisional registration.

30. LECTURE 38:- ENTREPRENEURSHIPDTEL Procedure To Set Up SSI Unit 30 8) Acquiring machinery &technology. 9) Apply for power & water supply. 10) Installation of plant & machinery. 11) Procurement of raw-materials. 12) Commencement of manufacturing. 13) Marketing Initial strategic planning consideration, Vision Objective, Situation assessment, Strategy development, Implementation.

31. LECTURE :- ENTREPRENEURSHIPDTEL 31 THANK YOU