entrepreneurial competencies - a new perspective
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Making of an Entrepreneur……..!!!
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Dictionary Meaning:
"Entrepreneur is one who organizes and directs a business undertaking, assuming the risk for the sake of
profit.“
The term "Entrepreneur" was introduced by Richard Cantillon, a French economist, in
the 18th century
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Understanding Entrepreneurial Competencies
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Initiative
Acting out of choice rather than compulsion, taking the lead rather than waiting for others to start..!!!
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Sees and Acts on Opportunities
A mindset where one is trained to look for business opportunities from everyday experiences
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Leadership
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ENTR
EPRE
NEU
RIAL
CO
MPE
TEN
CIES
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Fundamentals of Small Business
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1. Things investors look for in a startup
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INVESTORS LOOK FOR
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2. Lies Entrepreneurs Tell Investors
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My idea is the greatest
I don't have any
competition
The competition
sucks
My domain expertise is
unparalleledOnce the idea is
launched, customers will
Hurry or you'll miss the bus
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10 hiring mistakes made by Start-up businesses
1. Hiring too many employees because of miscalculated revenues & underestimated cost of hiring.
2. Taking on board someone just because you known them —family, friends, wife. They'd expect different treatment.
3. Hiring a jack-of-all-trades instead of specialists for a particular job. Startups need specialists in specific roles.
4. Not having clarity on what you are hiring for. Startups should clearly define roles for new hires.
5. Not knowing if you are looking for a follower or a leader. Every business needs a mix of both.
6. Giving someone equity just because you cannot pay a hefty salary. Then you get a partner not an employee.
7. Hiring just to help someone out.
8. Emphasizing too much on cost per hire rather than on quality of hire.
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4 myths about Business Planning
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Identifying Entrepreneurial Opportunity
Source : cartoonstock.com
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What is An Opportunity?
An opportunity is a favorable set of circumstances that creates the need for a new
product, service, or business idea.
Most entrepreneurial firms are started in one of two ways:
– Some firms are internally stimulated. An entrepreneur decides to start a firm, searches for and recognizes an opportunity, then starts a business.
– Other firms are externally stimulated. An entrepreneur recognizes a problem or an opportunity gap and creates a business to fill it.
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What is an Opportunity?
An opportunity has four essential qualities
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Window of Opportunity
• Window of Opportunity
– The term “window of opportunity” is a metaphor describing the time period in which a firm can realistically enter a new market.
• Once the market for a new product is established, its window of opportunity opens, and new entrants flow in.
• At some point, the market matures, and the window of opportunity (for new entrants) closes.
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Three Ways to Identify An Opportunity
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First Approach: Observing Trends
• Observing Trends
• The first approach to identifying opportunities is to observe trends and study how they create opportunities for entrepreneurs to pursue.
• There are two ways that entrepreneurs can get a handle on changing environmental trends:
• They can carefully study and observe them.
• They can purchase customized forecasts and market analyses from independent research firms.
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First Approach: Observing Trends
Environmental Trends Suggesting Business or Product Opportunity Gaps
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Second Approach: Solving a Problem
Second Approach: Solving a Problem
Sometimes identifyingopportunities simply
involves noticing a problemand finding a way to
solve it.
These problems can bepinpointed through observing
trends and through more simplemeans, such as intuition,serendipity, or chance.
Some business ideas are clearlyinitiated to solve a problem.
For example, Symantec Corp. created Norton antivirus
software to guard computersagainst viruses.
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Second Approach: Solving a Problem
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Third Approach: Finding Gaps in the Marketplace
• Gaps in the Marketplace
– A third approach to identifying opportunities is to find a gap in the marketplace.
– A gap in the marketplace is often created when a product or service is needed by a specific group of people but doesn’t represent a large enough market to be of interest to mainstream retailers or manufacturers.
• This is the reason that small clothing boutiques and specialty shops exist.
• The small boutiques, which often sell designer clothes or clothing for hard-to-fit people, are willing to carry merchandise that doesn’t sell in large enough quantities for Wal-Mart, GAP, or JC Penney to carry.
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Finding Gaps in the Marketplace
Bridging the gap between Job seeker and Recruiter
Connecting Traveler and Accommodation Providers
To empower the MBA aspirant community.
To provide good quality branded products
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Personal Characteristics of the Entrepreneur
Characteristics that tend to make some people better at recognizing opportunities than others
Prior Experience Social Networks
Cognitive Factors Creativity
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10 thoughts for the Entrepreneur
•If you live by the sword, get ready to die by bullets.
•There are no traffic jams in the extra mile you go for the customer.
•Don’t underestimate customer resistance to behavior change.
•Price the customer, not the product.
•Your customer’s perception is your reality.
•If you torture data enough, it will confess.
•Customer loyalty can be bought; brand loyalty must be built.
•Price pressure is an effect, not a cause.
•Profits vs. Growth: Where do angels fear to tread?
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