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NEW DELHI
[ASSIGNMENT]
Entrepreneurship
SUBMITTED BY:
GAURAV SHARMA
BATCH: FW/2013-2016
SECTION: FWUG
ID NO: DL1316FWCHE-UGPC15025(GGN-2-GA-59447)
Entrepreneurship
Question No 1
(a) Why do entrepreneurs need to know about barriers to entry as they research feasibility of
their
Question No 3
(a) Discuss the role that social responsibility and ethics play in the context of
entrepreneurship.
(b) What is competitive advantage, and why do entrepreneurs need to care about it.
Question No 4
(a) Developing rural entrepreneurship is highly important for India." Comment and suggest
measures to improve this sector.
(b) List and explain the various financial options from which entrepreneurs may choose.
Ans 1(B):
A model, The entrepreneurial process
Initiation
The factor that contributed to K conceiving the idea of starting his own
business was that his own father had been a businessman and he was
familiar with (working life and) entrepreneurship in general and for him it
was not virgin territory. He had travelled and lived abroad, had high social
competence, spoke several languages and had academic education,
ambitions and dreams.
Establishment
Growth
At the end of the Nineties business was doing well. The boom resulted in the
restaurant trade flourishing and K started to buy his first, second and third
restaurants. He sold off the less profitable operations and retained three
profitable ones that he believed to have a future and development potential.
A sausage stand at the start of the Nineties had grown into three well-run
and well-patronised bars/restaurants. The MK companies have had stable
growth of some 600-1000% in the past eight years.
Ans 2(A):
Some things just aren't in our control. Though business owners can
profoundly shape the internal environment of their companies, the external
environment is a different matter. To avoid being at the mercy of external
forces, wise business owners stay alert to environmental changes in order to
best position their companies. Some general environmental conditions only
indirectly touch a company, but five external conditions specifically affect an
organization's well-being. By staying alert to these, managers can avoid
being blind-sided by adverse events, and can take advantage of
opportunities the environment could provide.
Customers
Competitors
Labor Environment
Labor as a factor of the external environment refers to the people a
company hires to fill its positions. A company rises and falls on the
competence and expertise of its workforce, so finding qualified candidates in
the community is crucial. In assessing the labor
environment, companies should look to characteristics that include the
average educational level of the community, training programs available,
technical know-how, and diversity, which is increasingly necessary in a
globally connected world. Changing population patterns such as changes in
the community's average age should also be assessed.
Owners
Ans 2(B):
Through his entire career Fred Hinger was never satisfied with commercially
produced percussion products and spent much time creating his own
drumsticks and tympani mallets while he was in the Philadelphia Orchestra.
He found that tympani handles made of bamboo produced a much larger
sound than the traditional wood handles found on virtually all commercially
produced tympani mallets. People started asking him to make the same
mallets for them, and as time went on he started selling these hand sewn
The list of design features and sound concepts brought to the stage through
their instrument development is quite astonishing. Many individuals and
producers of percussion instruments today incorporate features and
principles originated by Fred and Bill HInger for the Hinger Touch-Tone
Corporation. These innovations include:
Sliding weights on tympani sticks and snare drum sticks, which
allow the player to change the color of sound produced with the
same mallet or stick.
Design of the Hinger Tympani, putting the fine-tuning handle next
to the player rather than the opposite side of the drum.
The rotating tympani bowl, so the player can change beating spots
without disturbing the head especially critical with the use of calf
heads, which Fred Hinger always used.
The pipe drum, and the special shell material drum, both great
sounding snare drums with proper snare beds and bearing edges.
And then the big one the Space-Tone snare drum which remains
one of the most unique and best sounding drums ever made and
still sought-after today. See the blog post on the Space-Tone snare
drum to read the story about the discovery of this unique drum.
Ans 3(A):
Entrepreneurship in the Social Sector
There has been a worldwide explosion of entrepreneurial activities by
organizations whose primary focus is on improving the health, education,
and well being of individuals and communities. Most of this activity has been
undertaken by nonprofit organizations, which, in the U. S., generate
revenues greater than the gross domestic products of Brazil, Russia, or
Australia. Some entrepreneurs working in the social sector chose to
incorporate as for-profit organizations. Both models will be considered in this
course though the vast majority of cases will be about nonprofit
organizations like Habitat for Humanity and City Year. This course will focus
on the tools and skills required to launch or grow a successful enterprise in
the organizations rely on an entrepreneurial style of management. During
this course students will meet outstanding social entrepreneurs who have
succeeded in creating sustainable enterprises that combat important social
problems.
Corporate Responsibility
This mini course starts with the premise that corporate social responsibility is
good for business and focuses on how leaders can balance the needs of their
organizations with responsibilities to key constituencies. Through cases
focusing on the social, reputational, and environmental consequences of
corporate activities, students will learn how to make difficult choices,
promote responsible behavior within their organizations, and understand the
role personal values play in developing effective leadership skills.
Ans 3(B):
In this challenging new economy you need every advantage you can get,
especially in entrepreneurship and business. Gaining the competitive
advantage isnt easy and chaos is almost guaranteed, but the upside
outweighs the tough times. Here are five fail-proof ways to gain a
competitive advantage as an entrepreneur:
When youre perceived as the expert, people will start coming to you vs. you
chasing them. Be more elite and exclusive, and make it an honor to work
with you.
You dont need to reinvent the wheel, and you sure as hell dont
need to figure everything out yourself. Find something that is
already working and make it better. In an interview I did with
Gary Vaynerchuk, he said:
A penguin cannot become a giraffe, so just be the best penguin you can be.
A smart person learns from their mistakes, as all successful people do, but
those wanting world-class results learn from other people's mistakes so they
can shorten their learning curve, and not waste as much time.
When you watch sports, youll find the most successful teams play well
together, compliment each other and have one single focus: winning. The
same goes for business and life. The people you have in your inner circle,
and those you associate with the most are your team.
Who needs to be on your team to make sure you have a dream team"? All
successful people have mastered building teams, and have supportive people
around them that compliment their strengths and make up for their
weaknesses.
The purpose of business is to create raving fans and advocates, who will go
out of their way to promote what you do. Not because you asked them, but
because they want to. Outstanding client support and service is affected by
every person in your organization -- from reception to the mail room to the
CEO. You must create a culture where people are passionate about meeting
the clients needs.
Ans 4(A):
Many examples of successful rural entrepreneurship can already be found in
literature. Diversification into non-agricultural uses of available resources
such as catering for tourists, blacksmithing, carpentry, spinning, etc. as well
as diversification into activities other than those solely related to agricultural
usage, for example, the use of resources other than land such as water,
woodlands, buildings, available skills and local features, all fit into rural
entrepreneurship. The entrepreneurial combinations of these resources are,
for example: tourism, sport and recreation facilities, professional and
technical training, retailing and wholesaling, industrial applications
(engineering, crafts), servicing (consultancy), value added (products from
meat, milk, wood, etc.) and the possibility of off-farm work. Equally
entrepreneurial, are new uses of land that enable a reduction in the intensity
of agricultural production, for example, organic production.
Dynamic rural entrepreneurs can also be found. They are expanding their
activities and markets and they find new markets for their products and
services beyond the local boundaries.
Among the case studies presented here, there is no woman's name. Too
often their names are not specifically mentioned, although the evidence
shows that there are many activities in rural areas pursued by female
entrepreneurs such as: trade, food processing, handicrafts, production of
basic consumer articles, catering, running tourist establishments, and bed
and breakfast arrangements. However, compared to male entrepreneurs,
female entrepreneurs in rural areas still tend to be limited to what have
traditionally been viewed as women's activities. Also the scale of their
entrepreneurial operation tends to be smaller when compared with male
entrepreneurs.
The second option is using assets of your family and friends for
growing your business. When you have tested your business
model under market conditions and only need a little more
resources (aka cash) for optimizing your business or for
reaching break even, then asking your family and friends might
be a good financing option for you. But be aware that
investments from your closest friends and family might worsen
if your business fails. Therefore, we recommend asking for a
loan under friendly conditions which you will pay back to your
friends and family.
When to choose: When you only need little financial resources for reaching
break even and you are quite damn sure about that, then asking your family
and friends might be a good financing option for your business.
Examples of companies which grew based on assets of family and friends:
TBD
CROWD FUNDING
When to choose: If your business has a medium need for financing (e.g.
$50k to $200k) and you run a B2C business model, then crowd funding
might be a good financing option; especially if you go for the Thank you-
funding.
Examples of companies which grew based on crowd funding: Oculus
ACCELERATOR
After you leave the accelerator program you will either have to break even or
in most cases you will have to look for follow up financing by venture
capitalists.
When to choose: If you have a rough idea or concept for a business and
love to build your product together with serial entrepreneurs for less than
$20k, then using an accelarator program is a good financing choice.
Examples of companies funded by an accelerator: Firebase
BUSINESS ANGEL
VENTURE CAPITAL
PRIVATE EQUITY
When to choose: If you would like to retire from business, dont find a
successor or just want to cash in, then selling your company to a private
equity investor might be a good option. This is only applicable to mature
companies. Examples of private equity financed companies: Dell