Intro to entrep & biz opportunities
- 1. Introduction to Entrepreneurship and Business Opportunities Contributed by: Dr Gayatri Saberwal, Faculty Scientist, Institute of Bioinformatics and Applied Bio Technology (IBAB), Bangalore, India
- 2. An introduction to entrepreneurship (a) Business opportunities (b) xxxxxxxxxxxxxxxxxx (c) xxxxxxxxxxxxxxxxxx
- 4. What does entrepreneurship involve? Wealth Creation New Venture Management Innovation Creativity Risk Taking
- 5. What is entrepreneurship ? It is the process of creating something new by devoting... by assuming certain ... risks and receiving some ... rewards
- 6. What is entrepreneurship ? “It 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 rewards of monetary and personal satisfaction and independence” Hisrich and Peters, Entrepreneurship, pg 10
- 7. What is entrepreneurship ? “It 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 rewards of monetary and personal satisfaction and independence” Hisrich and Peters, Entrepreneurship, pg 10 CREATING VALUE
- 8. What is 'value' ? Let's list the value that has been created by IBAB to-date.
- 9. What is entrepreneurship ? Delivering Value to Customers who are willing to Pay an amount which covers your Costs
- 10. When does a person become an entrepreneur? Let's list some of these conditions or events.
- 11. What is Entrepreneurship ? A pursuit of the opportunities regardless of the resources. Harvard Business School
- 12. What is Entrepreneurship ? A pursuit of the opportunities regardless of the resources. Harvard Business School THE OPPORTUNITY
- 13. What is Entrepreneurship ? A pursuit of the opportunities regardless of the resources. Harvard Business School LEVERAGING RESOURCES
- 14. What is Entrepreneurship ? A pursuit of the opportunities regardless of the resources Harvard Business School An entrepreneur is opportunity-obsessed with the goal of creating value without regard to resources currently controlled. Stanford University
- 15. What is Entrepreneurship ? Opportunity identification Leveraging resources Value creation
- 16. What is Entrepreneurship ? Opportunity identification Leveraging resources Value creation
- 17. How to spot an opportunity ? “Solving a problem” many entrepreneurs
- 18. How to spot an opportunity ? “Solving a problem” many entrepreneurs Vinod Khosla's clip (30 sec.) http://edcorner.stanford.edu/authorMaterialInfo.html?mid=26
- 19. A different kind of entrepreneurship Satyajit Sadanand and football in Baroda
- 20. Sources of Business Opportunities
- 21. Sources of Business Opportunities Change as a source of business opportunities
- 22. The big company versus The start-up 22
- 23. The big company vs. the start-up Established companies (incumbent players) have products or services smooth operations established business models loyal set of customers functional teams …… 23
- 24. The big company vs. the start-up Start-ups have passion hunger to grow lower costs lack of hierarchy flexibility eligibility for certain funding schemes... 24
- 25. The big company vs. the start-up Established companies (incumbent players) – they have products or services, smooth operations, established business models, loyal set of customers, functional teams …… Start-ups have passion, hunger to grow, lower costs, lack of hierarchy and flexibility, eligibility for certain funding schemes... 25
- 26. Change as a Source of Opportunity Status-quo is good for incumbent players Change brings in disruption – that in consumer tastes, cost structures, business models, expectations, level of expertise needed, distribution channels, payment mechanisms, availability of finance 26
- 27. Change as a Source of Opportunity Status-quo is good for incumbent players Change brings in disruption – that in consumer tastes, cost structures, business models, expectations, level of expertise needed, distribution channels, payment mechanisms, availability of finance Change produces a level-playing field which is actually loaded in favour of a new player because of its flexibility, adaptiveness 27
- 28. Examples of Entrepreneurs Exploiting Change Chaudhry Raghavendra Singh 21 colonies including Greater Kailash, South Extension and Hauz Khas 28 http://in.rediff.com/money/2006/apr/08forbes.htm
- 29. Broad Categories of Change Demographic Economic 29
- 30. Broad Categories of Change Demographic Economic Socio-cultural Technological Political Legal and Regulatory 30
- 31. Demographic Changes M ed ia n ag e W or ki ng po pu lat io n as 31 th
- 32. Economic Changes Gross Domestic Product and Per Capita Income Availability of credit at all levels Size of the middle class Level of exports and imports Inflation and interest rates Various growth rates – industrial growth, productivity growth, exports growth Level of unemployment 32
- 33. Socio-Cultural Changes Value systems – globalization and local assertions Accepted norms of behaviour Role of religion and spirituality Pursuit of expertise, knowledge, wealth, possessions ●Measure of “time” – attention span, priorities, conveniences 33
- 34. Technological Changes Availability and wide-spread assimilation of technology Information Technology and it pervasiveness Costs and disposable incomes Performance, variety, ease of acquisition Cross applications – interdisciplinary developments Comfort level of technology usage Examples: CD ROM drives and mobile phones 34
- 35. Political and Regulatory Changes Transition from centrally planned to market economy (India, 1991) Transition from communism to “market socialism” (China, 1978-80) IPR laws Labour reforms 35
- 36. Entrepreneur as a Visionary must Anticipate Analyze all the changes that are happening in the target market Estimate the time constants of change – fast or slow Worry about the fickleness of customer tastes (esp. fashions, movies) Make reasonable guesses Validate your hypotheses at each stage as new field data arises Study human psychology or consumer behaviour A B 36
- 37. Entrepreneur as a Visionary must Anticipate Analyze all the changes that are happening in the target market Estimate the time constants of change – fast or slow Worry about the fickleness of customer tastes (esp. fashions, movies) Make reasonable guesses Validate your hypotheses at each stage as new field data arises Study human psychology or consumer behaviour A Jeff Hawkins' clip 3.50 min http://edcorner.stanford.edu/authorMaterialInfo.h B 37
- 38. Examples of Entrepreneurs Exploiting Change “Ted's mind is always 5 to 10 years down the road. Right now he's probably living in 1995” Ted Turner, founder of CNN, about whom this was said in 1985. 38
- 39. Entrepreneurship in India Dr. Jagannath Raju, CEO Systemantics, Bangalore Talk in 2004
- 40. Entrepreneurship in India Discovery (1994 – 96) No support system for development phase – Access to off-the-shelf components (no change) – Access to integrated circuits (much better now) – Access to tools and workshops for prototyping (no change)
- 41. Entrepreneurship in India Discovery (1994 – 96) No support system for development phase – Access to off-the-shelf components (no change) – Access to integrated circuits (much better now) – Access to tools and workshops for prototyping (no change) Incomprehensible paperwork – Excise, customs, sales tax, income tax (very significant improvement)
- 42. Entrepreneurship in India Discovery (1994 – 96) No support system for development phase – Access to off-the-shelf components (no change) – Access to integrated circuits (much better now) – Access to tools and workshops for prototyping (no change) Incomprehensible paperwork – Excise, customs, sales tax, income tax (very significant improvement) Immature financial system – R&D funding (minor change) √ – Foreign exchange (no longer a problem) Government is the primary customer for high-end technical work (no change)
- 43. What is entrepreneurship ? What are the stages from an idea onwards?
- 44. An introduction to entrepreneurship Idea > Prototype > Development > Scale-up
- 45. An introduction to entrepreneurship Functional areas: ????
- 46. An introduction to entrepreneurship Functional areas Service/technology development HR Finance Strategy Marketing
- 47. Function-timeframe matrix Service/ Technology HR Mktg Strategy Finance Idea Prototype Development Scale-up Liquidity
- 48. What is entrepreneurship? The entrepreneurial process will create a better world. It's not just about new companies, capital and job formation, nor innovation, nor creativity, nor breakthroughs. It is also about fostering an ingenious human spirit and improving humankind. Jeffry A Timmons, Franklin W. Olin Distinguished Professor of Entrepreneurship, Babson College
- 49. Assignment: Groups of 3, ie 12 groups. Each group to receive Rs. 50. Spend the rest of today's class planning what you are going to do with this money. 49
- 50. Assignment: Groups of 3, ie 12 groups. Each group to receive Rs. 50. Spend the rest of today's class planning what you are going to do with this money. Friday afternoon is allocated for you to make your sales. IBAB commits to issuing receipts in case that is required for your customers. 50
- 51. Assignment: Groups of 3, ie 12 groups. Each group to receive Rs. 50. Spend the rest of today's class planning what you are going to do with this money. Friday afternoon is allocated for you to make your sales. IBAB commits to issuing receipts in case that is required for your customers. Saturday morning: come and tell us what you did and how much you earned. You can keep the extra money that you made. 51
- 52. Assignment: Groups of 3, ie 12 groups. Each group to receive Rs. 50. Spend the rest of today's class planning what you are going to do with this money. Friday afternoon is allocated for you to make your sales. IBAB will issue receipts in case that is required for your customers. Saturday morning: come and tell us what you did and how much you earned. You can keep the extra money that you made. In case you didn't try to make money, you must return the Rs. 50/-. 52
- 53. An introduction to entrepreneurship Credits Prof. R. K. Lagu (formerly, IIT Mumbai) http://www.it.iitb.ac.in/~mg647 Entrepreneurship, 5th Edition, 2002 D. Hisrich and M. P. Peters ●Stanford Technologies Venture Program (STVP) ●NEN-STVP Faculty Development Workshop, Mumbai 21-23 June 06
Editor's Notes
- #9: Functional team Infrastructure Unique course Unusual network Science students exposed to entrep.
- #11: Lillian Katz
- #40: List some of the problems faced by Dr Jagannath Raju, a Bangalore based Entrepreneur when he started his company. Explain how things had changed in the intervening years. An example of how the environment for entrepreneurs has improved.