How Entrepreneur Think

Entrepreneurship and economy

development- The economy has changed
Video
 Assignment
From the marketing Guru’s Select 5 and find out
their contribution in Entrepreneurship
1. Knight 1921 9. Drucker 1985
2. Schumpeter 1934 10. Gartner 1985
3. Hoselitz 1952 11. Hisrich and Brush 1985
4. Cole 1959 12. Stevenson and
5. McCleland 1961 Grousebeck 1989
6. Shapero 1975 13. Hart , Stevenson and Dial
7. Casson 1982 1995
8. Rostadt 1984 14 Shane
15. Kuratko 2009
16. Dyck and Neubert 2012
 Chapter 1 Lesson 1
Concept of Entrepreneurship
Entrepreneurship means different
things to different people. Some
imagine tech geniuses with Silicon
Valley startups, while others
picture small business owners
opening up their shop doors on
Main Street.
 Ultimately, entrepreneurship
encompasses these and many
other business ventures that share
a commitment to turning an idea
into a profitable business. -
 Behavior rather than
personality trait. Its
Foundation lies in concept
and theory rather than
intuition.
Dynamic process of
vision , change and
creation that
requires an
application of
energy and passion
toward the
creation and
implementation of
new ideas and
creative solutions
 Entrepreneurship
Innovation
Opportunity seeking
Resource Mobilizing
Encounter Risk and Uncertainties
Economic and Personal Rewards
Global Entrepreneurship

What is global
entrepreneurship?
Entrepreneurship done
on worldwide basis is
known as the Global
Entrepreneurship.
 How to go Global?
1. Set a plan to assess your requirements and
necessities and lay down your goals. It is highly
important to assess your willingness and
dedication to grow globally before you make a
start.
 How to go Global?

2. Carry out foreign market

researches and try to
identify and understand the
international markets.
 How to go Global?
3. Assess and pick out the methods of
distributing the products you will produce in the
foreign markets. For this you can select from
varied methods of distribution of products from
opening-up company owned foreign
subsidiaries, to working with agents, executives,
company representatives, distributors and
establishing joint ventures
 How to go Global?

4. Try to learn the way to

establish prices for different
products, bargain for the
dealings.
 How to go Global?
5. Conduct a comparative analysis of the
government and private modes of financing. No
doubt, financing is always a big problem, but
then government has an important role to play
in boosting up the export business. Not only
this, a several financial innovations have been
made which have made funding of businesses
and making money easier than ever.
 Understanding another Culture
This is again a very essential thing to be done
before going global. It is highly important that
you gain a thorough understanding of the
different cultures of the country in which you
are going to sell your product or goods.
Understanding another Culture

1. Maintain a
relationship before
starting a business in
the country
Understanding another Culture

2. Don’t ever commit

the mistake of
imposing deadlines or
time limits
Understanding another Culture

3. Conduct your
own research
Understanding another Culture

4. Try to bring your

own interpreter with
you
 Understanding another Culture

5. Try to get an
understanding of the
body language
 Understanding another Culture

6. Dress courteously
and with decency
 Questions to Ask You Prior to Making a Start

1. Self-interrogation is also
necessary before making a start.
Let us study few of the
examples of it:
 Questions to Ask You Prior to Making a Start

2. Will the Product Concerned sell

profitably in the Aimed Culture? For this it
is again important that you conduct a
market research before you get down into
any kind of business. Try to find out that
which commodity is the most required in
the selected culture.
 Questions to Ask You Prior to Making a Start

3. Is the Concerned Product Known

by the People of that Culture?: If
the answer is A big No, then be
ready to invest a lot of money in
advertisement and publicity of the
product.
 Questions to Ask You Prior to Making a Start

4. Are You Comfortable With that

Culture? This is highly important since
you may require staying in that
country for a specified span of time.
Moreover, it is important that you
know the language and the culture of
that country.
 Questions to Ask You Prior to Making a Start

5. How is the Infrastructure? Again,

you need to know that whether
the roads of the country are in a
good state or not and the supplies
that you make are guaranteed or
not.
 Advantages of Global
Entrepreneurship

1. Sales life of the

products can be
enhanced by exploring
new markets for their
sale.
 Advantages of Global
Entrepreneurship

2. Reduction of
dependence on the shops
of the country where you
are selling the goods
recently.
 Advantages of Global
Entrepreneurship

3. You can take the

advantage of
corporate know-how
and expertise.
 Advantages of Global
Entrepreneurship
4. You will get to know how
to compete with the foreign
markets and beat them on
their soil by entering the
field of global
entrepreneurship.
 Advantages of Global
Entrepreneurship
5. Moreover, if your business is
weighed down by fluctuations in one
of the markets due to seasonal
changes and demand cycles, then you
can perhaps make up by tapping over
the markets in other countries which
would compensate for the undesirable
effects.
 Disadvantages of Global
Entrepreneurship
1. Sometimes one may fail
to plan in the strategy of
going global because of the
vastness of business in case
of Global entrepreneurship.
 Disadvantages of Global
Entrepreneurship
2. You are getting calls from a
number of countries. This does not
mean that you will start dealing in
every country that calls you for
selling your product. You have to
exhibit patience, or else, you will
end up losing almost everything
 Disadvantages of Global
Entrepreneurship
3. Don’t think that the same
language like English will be used
in every country for business
dealings. Hence, for this purpose
you need to know a number of
different languages.
 Disadvantages of Global
Entrepreneurship
4. A lot of traveling may have to
be done for the business
dealings in case of global
entrepreneurship. Hence, be
ready for this expenditure as
well.
• http://www.businessnewsdaily.com/2642-
entrepreneurship.html#sthash.yGzlxiue.dpuf
 Lesson Two

How Entrepreneur Think

 Lesson 3

Relevance of Entrepreneurship in
Economic Development
• Create Employment
• Develop New Market
• Introduces Innovation
• Generate New Source of Materials
• Stimulate Investment Interest
• Improve the Quality of Life
• Serve as a Role Model
• Brings Social Benefit to People
• Utilizes and Mobilizes Indigenous Resources
• Provide More Alternative for the Consumers
 Create Employment

• an occupation by which
a person earns a living;
work; business.
• the total number of peo
ple gainfully employed
or working.
• an activity or the like th
at occupies a person's ti
me
Develop New Market
Introduces Innovation
Generate New Source of Materials
Stimulate Investment Interest
Improve the Quality of Life
Serve as a Role Model
Brings Social Benefit to People
Utilizes and Mobilizes Indigenous
Resources
Provide More Alternative for the
Consumers