INTRODUCTION

TO
ENTREPRENEURSHIP
The Foundations of Entrepreneurship
Lecture 1
 BROADER COURSE COVERAGE

Introduction to Opportunities
Feasibility analysis
Entrepreneurship recognition

Developing an
Writing a business Industry and
effective business
plan competitor analysis
plan

Assessing a new Building a new Lean canvas

venture venture team model
Assessment model

25% Mid term selling activity with VLOG

25% Grand quiz

25% Final report

25% VLOG
 Midterm Activity
You are required to perform a selling/ trading activity with your group.

Following are the requirements and conditions

1. Select and buy product/s of your choice for the purpose of selling.
2. Cost of 1 unit of product should not exceed Rs. 200.
3. You are required to sale enough units to generate the minimum revenue of
Rs. 5000. (any activity with revenue lesser than Rs. 5000 would be considered as
incomplete).
4. Products must be sold to consumer
5. Products can be sold online or offline. 6.
6. You need to keep record of your sales.
You are required to make 10 to 15 minutes vlog of this activity including:
1. Supplier from were you bought the product.
2. Discussion of your group mates regarding selling activity. Selling activity
(in case of online activity, you can add the clips/ screenshots of online selling
mode and your communication with customers).
Your experience during activity, specify any challenges you faced
(both positive and negative).
3. You are required to upload the videos on YouTube (You can select the private/
unlisted option on YouTube if you do not prefer general public to watch your
Vlog)
4. Girls can cover their face while making video if they prefer.
5. If group members can not gather at one place for activity, they can make
individual clips and combine them in form of Vlog story.
You will be marked on following bases: Submission
1. Selection of product You need to work in groups of 3 – 8
2. Selection of location/ mode of selling members.
3. Selection of target customer You need to signup for the groups.
4. Actual Activity.
5. Creativity of your Vlog.
6. Justification of Profit/ Loss
Entrepreneurship basic Characteristics of
an Entrepreneur

Who is an What is
Entrepreneur Entrepreneurship

Draw backs of
Entrepreneurship
 Who Is an Entrepreneur?
One who creates a new business in the face of risk and uncertainty for
the purpose of achieving profit and growth.

Someone who can identify opportunities and assembling the necessary

resources to capitalize on them
(Frederick, Kuratko and O'Connor, 2016)
By my definition, anyone is an entrepreneur who is trying to make
something happen in business that is outside of the normal 9-5.
 Who is an Entrepreneur?

Creates Dream
his own seeker Team
business with player
Risk taker passion Who can
identify the
Clarity of
opportunities
vision
 Tolerance

Commitment Creativity

Characteristics
of an
Entrepreneur
Willing
to work Flexibility
hard
Resourcefulness
 What is Entrepreneurship
Entrepreneurship refers to the process of creating a new enterprise and
bearing any of its risks, with the view of making the profit.

The person who creates a new enterprise and embraces every challeng
e for its development and operation is known as an entrepreneur.
 Benefits of Entrepreneurship
The opportunity to:
Create your own destiny.
Make a difference.
Reach your full potential.
Reap impressive profits.
Contribute to society and to be recognized for your efforts.
Do what you enjoy and to have fun at it.
Drawbacks of Entrepreneurship
• Uncertainty of income
• Risk of losing your entire investment
• Long hours and hard work
• Lower quality of life until the business gets established
• High levels of stress
• Complete responsibility
• Discouragement
 Avoiding the Pitfalls of Small Business
Failure
Know your business in depth
Build a viable business model – and test it
Develop a solid business plan
Understand financial statements
Manage financial resources
Learn to manage people effectively
Set your business apart from the competition
Maintain a positive attitude
References

Frederick, H., Kuratko, D.F. and O'Connor, A., 2016. Entrepreneurship: Theory,

process, practice. Cengage Learning Australia

Recommended book
Entrepreneurship: Successfully Launching New Ventures (5th Edition) 5th
Edition
Thank you