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ENTREPRENEURSHIP

MADAM SIDRA

RAFIA KHAN
SHAHWAR
MARYAM
USMAN QADRI
IBRAHIM
Chapter 1.
Entrepreneurs Are Visionaries
RAFIA
Successful entrepreneurship is an exciting, important and useful way to
achieve it.
For entrepreneurship is about vary creation of new road map, not only for you,
But also subset of humanity around of you.
In this, not only about existing one that work well, but also fabricating new
one.
The Legendary Roadmap To
Success
• “Entrepreneur” searches for new and high potential opportunity.
• Light bulb goes on.
• Writes business plans.
• Goes out fund-raising-especially from Venture Capitalist (VCs)
• Hires great team.
• Build product.
• Orchestrates big launch.
• Achieves steady growth.
• Sells initial public offering.
• Retires to Bahamas.
The Problem With The Roadmap
• When we look at startup histories of companies and biographies of the
entrepreneurs who found them, this road map has no bearing on their actual
course.

The Mythical Visionary


Entrepreneurs are the heroes of our time. Jeff bBezos, Stelios Haji- Ioannou and
Richard Branson are the daring visionaries, conquering the new markets.
The portrait of the visionary entrepreneur is very much in line with dominant
belief in economics and entrepreneurial research today.
Are Opportunities Found And Made?
In search and select view cant explain someone of success or failures of new
ventures, these question arise.
1. What is alternative?
2. Do opportunities exist? Or do they not?
3. Is historical information useful as a basic decision-making or is it not?
4. And how does this help someone interested in starting a business?

“there is no right or wrong answer to these questions whether opportunities are


found or made.”
Opportunities are Found
• the best possible opportunities then develop business plan based on extensive
market research and detailed competitive analysis. Then look the resources
that help implement the plan.
• The “found” view assumes, the new venture is sufficiently stable so that
outcomes from the past will be relevant to current situation and future.
• Entrepreneur analysis the market where the traditional growth areas of the
market and the largest unserved segments of population. This info help to
choose
Opportunities Are Made
Under “made” view, the info available to the entrepreneurs at the start of the
venture is both incomplete and overwhelming.
• Market cant be defined.
• Consumers aren’t aware of their preferences.
• New technologies may emerges.
• Available data are confusing and conflicting.
These things force entrepreneur recombining existing resources or transfer them
from their current use to better return.
They generate new opportunities from mere possibilities.
“aspiring entrepreneur prevails the “made” view associated effectual logic.
SHAHWAR
Sources of opportunity
There are two sources of opportunities.

• Search and select: the focus is on achieving a desired goal through


• specific set of means

• Create and transform: the focus is on using a set of evolving means


• To achieve new and different goals.

Search and select (Causation)


• Market already exists in some form.

• It is possible to estimate the potential of the market based on population


• segments and past demand, we call this process “causal process”.

• Causal venture creation begins with exploration resulting in the identification,


• Recognition or discovery of an opportunity.
Create and transformation (effectuation)

• Transportations logic suggests that entrepreneurs generate new opportunities


without searching and selecting from ”existing market” instead they use
“effectual logic”
• An important part of the process lies in the role of self-selected stake holders
who choose to become part of new market creation process.
Contrasting Views On the Source Of
Opportunities.
“Curry in a hurry”
Two principles of effectual logic.
• Opportunities can be made.
• Creation of a new market may be the result of an accident.

Create Your Own Opportunity:


• Entrepreneurs are not necessarily visionaries who are better/faster/smarter
than others.
• They make their own opportunities using mundane means.
Chapter 2
I don’t have a good idea
MARYAM
What is the meaning of a good idea?
• A thought or a collection of thoughts that generate in the mind. Ideas a re
often from brainstorming session or through discussions.

Ideas Are a Dime A Dozen


• The simplest way to come up with an idea is to think of things we like and
things we don’t like, things we wish we had, things we would like to get rid
of, things we care about, and so on.
• A good idea can be wasted, just like a
• bad idea can be turned into an opportunity.
Where do ideas come from?
• Good ideas can come from anywhere at any time, by environment, society,
need of people and it can occur naturally.
Key concepts of an idea
• Is it doable?
• Is it worth doing
• Can I do it? ?
• Do I want to do it?
Is it doable?
Technological feasibility
• Is the technology for your product already available?
• Is the technology is still in development?
• What stage is it at and what can go wrong?

Market feasibility (product)


• Customer.
• Market.

Economic feasibility
• Are there any obvious road block from the government both local and national?
• Is the international situation likely to change?
• What are your exact strategies?
Muhammad Usman
Qadri
Is it worth doing?
Financial feasibility

• Initial outlay required ?


• What would convince and investor ?
a. Expectation of committee or board members
b. How you use the resources
c. Think lean
d. Connect audience
e. Quick expectation
• If you personally owned those fund would you invest then in this idea ?
• Timing issue with financing.
Can I do it ?
• Take a stand for
• Identify right business plan
• Build a strong network
• Know your target audience

Why you ?

• What special strengths do you bring to the enterprise


• What are your Relevant weaknesses and how will u overcome ?
Do I want t do it ?
does it excite you

Importance of commitment:
It will help you to decide which idea to go for

The idea behind the business :


Turning a disability into a
business :
Characteristics of good idea:

• High margin
• Understandable
• Financeable
• Big enough to be significant
• Skill can be leveraged
• Help to be fashionable
IBRAHIM
IDEA = ANYTHING + YOU

OPPORTUNITY= IDEA +ACTION

ACTION = FUNCTION
ON MONEY, PRODUCT

VIABLE VENTURE =
OPPORTUNITY + COMMITTME
Everybody has a good idea:
people think they should not go into business unless they have a blockbuster
idea that’s going to change the world. That’s wrong you take an existing thing
and add a new twist.
Thank you!