Entrepreneurship

Characteristics

● Entrepreneurship refers primarily to an economic function that is

○ carried out by individuals, entrepreneurs, acting independently or within
organizations,
○ to perceive and create new opportunities and to introduce their ideas into the market,
under uncertainty,
○ by making decisions about location, product design, resource use, institutions, and reward
systems.
● The entrepreneurial activity and the entrepreneurial ventures are influenced by the
socioeconomic environment and result ultimately in economic growth and human welfare.
● Exploratory nature
Propose an Idea

● Problem:

○ Students are not happy with IIT Kharagpur Halls’ Mess food quality, hygiene, ambience,

etc

○ Food Wastage

○ Workers are not happy with pay structure

● Develop a solution as a corporate entity that you will pitch to KGP administration
Entrepreneurial Decision Making

● Effectuation : An effectuation approach implies that entrepreneurs focus on the means at hand,

which they aim to materialize into one or more goals that were not necessarily predefined.

● Causation : A causation approach implies that entrepreneurs focus on a predefined goal and then

aim to find the means to reach this goal

● Bricolage : Manage with the limited or inadequate means available, its more of a resource

arrangement process
Effectuation vs Causation Process
Entrepreneurial bricolage, a web of interactions
Need of financing

● Product Development

○ Tech

○ Human Capital

● Market Development

● Market Entry
Idea generation
Concept Development
Product Development and Market Entry

● Development resources
○ Technology
○ Human
○ Network
○ Legal
● Market Entry
○ Promotion
○ Legal
○ Human Resources
● Sustain
Contribution of Entrepreneurship