Thursday, February 12, 2009

Entrepreneurship

Posted by Sandeep Dhama at 4:51 AM

“Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks  and receiving the resulting rewards of monetary and personal satisfaction and independence.”

§Entrepreneurship involves the creation process:
Ø
  • The creation has to be something new of value to the entrepreneur and the customers/stake holders for whom it is developed.
  • This audience (customer/stake holders) can be,
  • The market of organizational buyers for business innovation
  • The hospital’s management for an ERP system
  • Prospective student of a management school for a new course
  • The constituency of a new service provided by a nonprofit agency  
§Receiving the rewards of Entrepreneurship :
o
  • Independence, being your own boss 
  • Monetary rewards in terms of profits from business
  • Indicator of success in life, (for most of the people)
  • Great amount of personal satisfaction for own creation
vEntrepreneurial decision process:
Ø
  • Having a creative idea  (many)
  • Bringing that idea to market (very less in number)
  • Creation of a new venture (few)
  • Deciding to become entrepreneur by leaving present activity
  • A movement from present life style to forming a new enterprise 
§Change  from present life style: requiring energy and courage.
Ø
  • Start business in familiar areas
  • Start business in Familiar Marketing environment, to fulfill customers wants and needs
  • Incentive to overcome inertia to and leave a present life style
  • Initiated by personal dislocation or disruption (retirement, retrenchment, lay off, business closure etc.)
  • Lack of satisfaction in job, person having a dream pursuing higher education
  • Forming new enterprise desirable and possible
v
§Desirability of New Venture formation:     
  • Result of an individual’s
  • Culture
  • Family
  • Teachers
  • Peers

§

 

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1 comments:

william said...

i find it very intersting to read and i really learn more about the article that i read....

July 8, 2009 at 9:27 PM  

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