Basic Civil Engineering first year Notes- Chapter 4 Building.pptx
SEMINAR ON ENTREPRENEURSHIP DEVELOPMENT PROCESS (1).pptx
1. SEMINAR ON
ENTREPRENEURSHIP DEVELOPMENT PROCESS
In a very general sense, development
refers to enhancing an existing potential
or asset through the process of learning
and application. It is a process of
evolving one’s skills in a systematic
manner. Therefore, same goes for the
process of entrepreneurship
development. But before we dive
headfirst into the process of
entrepreneurship development, let us
first shed some light upon what the term
entrepreneurship development entails.
2. What is Entrepreneurship Development?
Entrepreneurship development is the process of enhancing the
entrepreneurial knowledge and skills via structured training
programmes.The objectives of entrepreneurship development
programmes are to increase the knowledge and skill of existing
entrepreneurs and encourage others to become one. Ultimately, it
helps in increasing the number of such individuals in an
economy.Entrepreneur development focuses on training individuals
who are interested in commencing their venture or expanding their
existing one. Furthermore, it concentrates more on encouraging
innovation and evaluating the growth potential of an enterprise.
This development process helps new firms to perform better and
achieve their goals and expand their businesses.
3. PROCESS OF ENTREPRENEURSHIP
DEVELOPMENT
• Step 1.1 Business Idea: Finding the Right Business Idea
Discover – Any new process begins with fresh ideas and objectives,
wherein the entrepreneur recognizes and analyzes business
possibilities. The analyzing of opportunities is a risky task, and
an entrepreneur looks out for inputs from other persons, including
channel partners, employees, technical people, consumers, etc. to
reach an ideal business opportunity.
4. PROCESS OF
ENTREPRENEURSHIP DEVELOPMENT
• Step 1.2 Developing the Business plan:
Develop – This is the part of first steps only. After the identification
of an opportunity, an entrepreneur has to build a complete business
plan. It is the most important step for new business as it sets a
standard and the assessment criteria and sees if a company is
working towards the set goals. Such a plan acts as the base of a
venture as well as the benchmark. It shows whether the business is
on track or not. Creating a business plan requires time and effort,
and an entrepreneur must be dedicated to it. The significant pieces
of a business plan, i.e. its vision, goal, objectives, capital and the
product itself must be figured out in this process.
6. PROCESS
OF ENTREPRENEURSHIP DEVELOPMENT
• Step 2 Get Finances/Money : Raising Your Seed Funding
Resources- Once the entire business plan is ready, the next step of
entrepreneurship development and management is to locate sources
of finance and human resources. Here entrepreneurs find investors
for his/her venture. Moreover, recruits individuals as per their skill
and abilities to carry out different business activities. The
entrepreneur recognizes the source of finance and from where the
human resource can be managed. In this step, the entrepreneur also
tries to find investors for his new business.
7. PROCESS
OF ENTREPRENEURSHIP DEVELOPMENT
• Step 3 Understand Customer Needs to get Paying Customers
Managing the company – After the hiring process and funds are
raised now it's time to start the operation to accomplish the desired
goals. All the entrepreneur will decide on the management
structure that will be assigned to resolve the operational problems
whenever it occurs. The goal of this step is to acquire a many
customers as possible, at the lowest cost possible, and do evrything
to retain them in the most efficient way possible. Happy customers
are the key to success of any venture and this step lays the
foundation of the same.
8. PROCESS
OF ENTREPRENEURSHIP DEVELOPMENT
• Step 4 Launch Your Product / Service
• Harvesting – The last step in this process is harvesting, where an
entrepreneur determines the future growth and development of
the business. Here, real-time development is compared with the
projected growth, and then the business security or the extension
is initiated accordingly.
9. PROCESS
OF ENTREPRENEURSHIP DEVELOPMENT
Even if everything is all right, still you may face failures. But failures
should act as stepping atones and lessons rather than a block. In this step,
you should learn from your failures by:
- taking feedback from the customers about the product
- finding out the shortcomings of your product/idea
- finding out how customers expect more from your product
In short, if your business model didn't work, it is not a failure rather the
identification of one way that doesn't work. Try finding out the working
alternatives.
And if you succeeded, great! Still the focus should be on how to make
more customers happy, how to flush out the losses completely and so on.
11. PROCESS
OF ENTREPRENEURSHIP DEVELOPMENT
• In a nutshell, an entrepreneurship development process is about
assisting individuals in improving their skill via training. Thus, it
aids such individuals to make better decisions in their existing
ventures or encourages them to start a new one.
12. Thank You For Your Attention !!!
Do you have any Questions ?
Done By:
S. Devi Priya
IX B
