G H RAISONI COLLEGE OF

ENGINEERING
(An Autonomous Institute affiliated to RTMNU Nagpur)

Entrepreneurship Development
Cell,
G.H. Raisoni College of Engineering, Nagpur
Dr. Abhay Khalatkar
https://www.facebook.com/ecellghrce/ E-Cell, TBI, MSME Grants In-charge,
Associate Professor,
@ecell_ghrce Mechanical Engineering 1Department,
G H Raisoni College of Engineering, Nagpur
@ecell.ghrce
Subject : ENTREPRENEURSHIP DEVELOPMENT
Name PRACTICE (EDP)
Semester : IV Common for all Branches

Subject : BMBP102
Code
Program : PO2, PO7, PO9,PO12
Outcome
Mapped
No. of :1 2

Credits
 Scheme
Evaluation Scheme
Teaching
Scheme Theory

Credi Total
Total ts Cont. Mark
Th Tu Pr Hour TAE CAE ESE Evalu s
s ation

3
Course Outcomes:

 Upon successful completion of the course,

the students will be able to:
1. Identify problem statement with
business & Start-up potential.
2. Identify specific customer segment for
the intended solution.
3. Make Lean Canvas for their Start-up
Idea.
4. Make Business Plan presentation and
Pitch B-Plan 4
 CO-PO Mapping

PO PO2 PO5 PO7 PO9 PO12

CO
CO1 3 - 2 - 3
CO2 2 - 1 - 3
CO3 1 - - - -
CO4 - 3 - 1 1
5
Syllabus Topics
CO: I Entrepreneurship Orientation 4
Entrepreneurship Orientation Hou
Understanding difference between Business, rs
Start-up & Entrepreneurship

Problem identification, Accessing idea (6 Q

Framework), Case Study of Startup
CO:II Design Thinking Principles (Empathy, Use- 4
centric, Observation), Understanding Hou
difference between User & Customer, rs
Customer Segmentation

Importance of diversity in a team

CO: III Lean Canvas Model 2
Hou
Lean Canvas Model rs
CO:IV Business Plan Presentation 6
2
Business Plan Presentation Hou
activities
 1. Startup India Learning Program Course
(Individual) 20 Marks
 2. Lean Canvas of Technology Startup (Group
Activity) 10 Marks
 3. Lean Canvas of Your Startup Idea (Group
Activity) 10 Marks
 4. Business Plan Presentation Startup Idea (Idea
should be unique and related technology)-Template
will be shared later 20 Marks (2 reviews of 10
marks each)
 Starting-up Post COVID
 https://academy.leadangels.in/courses/starting-up-post-covid
7
useful for Case Study Startup

https://inc42.com/

https://entrackr.com/
(This one website covering small
startups as well)

https://yourstory.com/

8
 What is an Entrepreneur?

An individual who undertakes the

risk associated with creating,
organizing,
and owning a business.

9
 Personal
Characteristics of
Successful
Entrepreneurs
•Persistent •Goal-oriented
•Creative •Independent
•Responsible •Self-confident
•Inquisitive •Risk taker

10
Skills Needed by Successful
Entrepreneurs
•Communication skills
•Human relations & Managerial skills
•Math skills
•Problem-solving & Decision-making skills
•Technical skills
•Basic Business skills
11
 Characteristics of
an entrepreneur
 11. Blessed with Mental Ability
1. Calculated Risk-taker
 12. Human Relations Ability
2. Innovator
 13. Communication Ability
3. Organizer
 14. Decision-Making
4. Creative
 15. Business Planning
5. Achievement Motivated
 16. A venture Capitalist
6. Technically Competent
 17. Visionary
7. Self-confident
 18. Entrepreneur make
8. Socially Responsible
significant differences
9. Optimistic
 19. Ability to Spot and Exploit
10. Equipped with Capability to drive
Opportunities
 20. Courage to Face Adversities
12

 21. Leadership---An essential

TYPES OF ENTREPRENEUR
1. According to the Type of Business

i. Business entrepreneur: Business entrepreneurs are

those entrepreneurs who conceive the idea of a new
product or service and then translate their ideas into
reality.
ii. Trading entrepreneur: As the very name indicates
trading entrepreneur is concerned with trading activities
and not manufacturing.
iii. Industrial entrepreneur: As the very name indicates,
an industrial entrepreneur is one who sets up an
industrial unit.
iv. Corporate entrepreneur: Corporate entrepreneur is
the one who plans, develops and manages a corporate
body.
v. Agricultural entrepreneur: Agricultural entrepreneur
is the one who is engaged in the agricultural activities.
2. According to Motivation

i. Pure entrepreneur: Pure entrepreneur is

one who may or may not possess an aptitude
for entrepreneurship but is tempted by the
monetary rewards or profits to be earned
from the business venture.
ii. Induced entrepreneur: Induced
entrepreneur is attracted by the various
incentives, subsidies and facilities offered by
the government.
 3.According to the Use of Technology

i. Technical entrepreneur: The strength of a technical

entrepreneur is in his skill in production techniques. He
concentrates more on production than on marketing.
ii. Non-technical entrepreneur: Unlike technical
entrepreneur, non-technical entrepreneur is not
concerned with the technical aspect of the product
rather he spends more time in developing
alternative strategies of the marketing and
distribution to promote his business.
iii. Professional entrepreneur: Professional
entrepreneur means an entrepreneur who is interested
in floating a business but does not want to manage or
operate it.
4.According to stages of
Development
i. First generation entrepreneur: First
generation entrepreneur are those
entrepreneur who do not possess any
entrepreneurial background.
ii. Second generation entrepreneur: Second
generation entrepreneur are those
entrepreneurs who inherit the family
business firms and pass it from one
generation to another.
5.Classification Given by Danhof

i. Innovating entrepreneur: Innovative entrepreneurs are

generally aggressive and possess the art of cleverly putting
the attractive possibilities into practice.
ii. Imitative entrepreneurs: Imitative entrepreneurs are
characterized by readiness to adopt successful innovations
inaugurated by successful innovating entrepreneurs.
iii. Fabian entrepreneur: Fabian entrepreneurs are cautions in
experimenting change in their enterprises. Such
entrepreneurs are shy, lazy and lethargic.
iv. Drone entrepreneur: Drone entrepreneurs are characterised
by a refusal to adopt opportunities to make changes in
production formulae even at the cost of severly reduced
returns.
6.According to Capital ownership
i. Private entrepreneur: When an individual or a group of
individuals set up an enterprise, arrange finance, bear the
risk and adopt the latest techniques in the business with
the intention to earn profits, he or the group is called as
private entrepreneur/entrepreneurs.
ii. State entrepreneur: As the name indicates, state
entrepreneur means the trading or industrial venture
undertaken by the state or the government itself.
iii. Joint entrepreneur: Joint entrepreneur means the
combination of private entrepreneur and state
entrepreneur who join hands.
7 According to Gender and Age
i. Man entrepreneur
ii. Woman entrepreneur
iii. Young entrepreneur
iv. Old entrepreneur
v. Middle-aged entrepreneur
8.According to Area
i. Urban entrepreneur
ii. Rural entrepreneur
9.According to Scale
i. Large scale industry entrepreneur
ii. Medium scale industry entrepreneur
iii. Small scale industry entrepreneur
iv. Tiny industry entrepreneur
Entrepreneurship
and the
Entrepreneurial
Understand entrepreneurship
Process
and the entrepreneurial process.

22
 Entrepreneurship vs. Entrepreneurs

Entrepreneurship Entrepreneur
 The process of starting and running  An entrepreneur is an individual who
one’s own business undertakes the risk associated with
 creating, organizing, and owning a
This involves a considerable amount
business.
of risk.

23
 5 Steps of the
Entrepreneurial Process

1. Discovery
2. Concept Development
3. Resourcing
4. Actualization
5. Harvesting
24
Step 1: Discovery

 The stage in which the entrepreneur generates ideas,

recognizes opportunities, and studies the market.

Entrepreneurs consider the following:

 Hobbies or Skills
 Consumer Needs and Wants
 Conduct Surveys and Questionnaires
 Study Demographics
25
Step 2: Concept
Development
Entrepreneurs prepare the
following in this step:
 Develop a Business Plan
A detailed proposal describing the
business idea
 Choose Location for the Business
 Isthe business online or does it have
a physical location for customers to
visit to purchase products, services or
combinations. 26

 Decide if the idea will need a Patent

Step 3:
Resourcing
The stage in which the entrepreneur
identifies and acquires the financial,
human, and capital resources
needed for the venture startup, etc.

 Entrepreneurs contemplate the following:

 Identify Potential Investors
 Apply for loans, grants and financial assistance
 Hire employees 27
Step 4:
Actualization
 The stage in which the entrepreneur
operates the business and utilizes
resources to achieve its goals / objectives

 Entrepreneurs prepare for the following:

 Opening of the Business
 Day to Day Operations of the Business

28
Step 5:
Harvesting

The stage in which the

entrepreneur decides on
venture’s future growth,
development, or demise.

Entrepreneurs consider the following:

 Future Plans for the Business: 29

 Expansion to additional locations

Starting a Business

Understand the procedures and

requirements
for starting a business.

30
Starting a
Business

 1. Develop a Business Plan

 2. Acquire Finances
 3. Meet Legal Requirements

31
 Develop a
Business Plan

A Business Plan is a detailed

proposal that describes a new
business.

Business Plans are:

Presented to potential investors and lenders
32

Most business plans are 30+ pages

Purposes of a
Business Plan
Business Plans are used to:
Obtain Financing
 Banks and Potential Lenders require a business plan

Helps organize and analyze data critical

to new business.

Provides a start-up proposal

33
 Provides and outline to follow when starting the business.
 (1-3)
Components of
a Business Plan
Executive Summary:
 Brief
one to two page description of the key points
of each section of the business plan
Product/Service Plan:
 Presents Product or Service being offered
 Unique features of the Product or Service
Management Team Plan:
 Qualifications of the Entrepreneur
34
 (4-6)
Components of
a Business Plan
Industry/Market Analysis:
 Analyzes
the: Customers / Competition / Industry
/ Demographic / Geographic and Economic data
Operational Plan:
 Includes
all processes involved in producing
and/or delivering the product or service to the
customer
Organizational Plan: 35

 Management philosophy of the business

 (7-9)
Components of
a Business Plan
Marketing Plan:
 Describes how the business will make its customers
aware of its products/ services.
 TheMarket being served / Marketing Strategies /
Promotional Plan / Marketing Budget
Growth Plan:
 Presents plan for future expansion of the business
Financial Plan: 36

 Includes financial statements that will help forecast

Finance the
Business
Identify
Potential Investors
Examples:
Family and Friends
Other Businesses
Employees
 ContactFinancial Agencies for loans, grants
and financial assistance:
Small Business Administration
37
 The Legal
Environment
 Additional Legal Requirements for some businesses:
 Permits, Certifications or Licenses:
 an official document giving someone authorization to run their
business under the extension of the direction of the Local, State
and Federal Laws.
 Contracts:
 a written or spoken agreement, especially one concerning
employment, sales, or tenancy, that is intended to be enforceable
by law.
 Zoning Laws:
 specify the areas in which residential, industrial, recreational or
38
commercial activities may take place.
Protecting Your
Business
 More Legal Documents to Protect Your
Business:
Trademarks:
 Protects a business’ name / logo.
Patents:
 Protectsthe invention of products or
processes from theft.
Copyrights:
 ProtectsCreative Works: Literary, Musical,
39

Dramatic, Artistic works

Misconceptions About
Entrepreneurship
 Five Misconceptions
1. Successful entrepreneurship needs
only a great idea
2. Entrepreneurship is easy
3. Entrepreneurship is a risky gamble
4. Entrepreneurship is found only in
small businesses
5. Entrepreneurial ventures and small
businesses are the same thing
Current Importance of
Entrepreneurship
 Three areas of importance
1. Innovation
 Process of creating, changing,
experimenting, transforming, and
revolutionizing
2. Number of New Start-ups
 Important because new firms
contribute to economic development
through benefits such as product-
process innovation
3. Job Creation
 Vital to the overall long-term
economic health of communities,
regions, and nations
The Entrepreneurial Process
1. Exploring the Entrepreneurial Context
2. Identifying Opportunities and Possible Competitive
Advantage
 Opportunities are positive external trends or changes that
provide unique and distinct possibilities for innovating and
creating value
 Competitive advantage is what sets an organization apart; it’s
competitive edge
3. Starting the Venture
4. Managing the Venture
The Role of Entrepreneurship
development for the Ethiopian Economy

• Increase productivity
 Increase exporting products
• Decrease unemployment
 Increase per capita income
• Promote Innovation
 Development of technology
• Finally, Increase the economy of the country
 Development of industrialization
 Increase worldwide market competition
TIPS TO BECOME A SUCCESSFUL
ENTREPRENEUR
1. Acquire sufficient and all-round knowledge about an enterprise you intend to
start.
2. Be conservative in calculating income and lavish in calculating expenditure.
3. Don’t expect quick and easy returns from your venture.
4. Be prepared for delegation of work when needed.
5. Take moderate risks; neither too high nor too low.
6. Plan systematically and march ahead step by step according to the plan to
achieve your goal.
7. Time management is necessary to maximum utilization of your resources.
8. Collect maximum information about your competitor on continuous basis.
9. Don’t avoid or run away from problems.
10. Take the help of experts and experienced persons or entrepreneur, when in doubt.
 Conclusion
 An entrepreneur performs various type of functions. Growth of his enterprise
depends upon the way, he performs various functions like innovation, risk-taking,
decision-making, organisation and management.
 OR
 An Entrepreneur controls by decision making related to
Six M-
Money, Management, Marketing, Man, Machine and Material
for self prosperity with complete team mates or employees prosperity or society as a whole.
46

Thank You
Very much to -
 ALL ESTEEMED PARTICIPANTS

Dr. Abhay Khalatkar

Mechanical Engineering Department,
G H Raisoni College of Engineering, Nagpur