Entrepreneurship PPT 2 2

Entrepreneurship
DEFINED
ENTREPRENEUR
Its French word is entreprendre which means “to take

or to try”.
(Richard Cantallion 1775)
Someone who establishes a new entity to offer new
or existing product or service into a new or existing
market.
THE PERSON
ENTREPRENEURSHIP
Risk & uncertainty oriented definition:

It involves a specialized group of persons who bear
“risk” and meet the uncertainty.
-Frank Knight
ENTREPRENEURSHIP
Setting-up new venture definition:

Refers to the general trend of setting up new
enterprises in a society.
-Pareek and Nadkami
ENTREPRENEURSHIP
Innovation and leadership definition:

A creative and innovative response to the
environment.
-Rao and Mehta
ENTREPRENEURSHIP
Composite skill oriented definition:

A composite of these basic elements ---invention,
innovation and adaptation.
-Howard W. Jonson
PERFORMANCE TASK 2
1. In connection with the major performance task that you will be doing (Trade Fair),
make a group business plan.
2. Choose your group mates (3 members in one group).
3. The business plan that you will make is the business that your group agreed upon.
4. Follow the simple format below given in the next slide.
5. Submit this business plan thru email: [email protected] on or before January
31, 2022.
SIMPLE BUSINESS PLAN FORMAT
Part I PROBLEM (3-4 sentences)

Make a brief summary of the problem that you can solve through your business.
Problems are unmet or underserved needs of people you have observed. Identifying a problem is the
starting point for entrepreneurs to develop relevant business ideas and plans. Your business is
relevant because you propose to meet this need.
For example, Netflix in its budding days identified a problem with video stores. It was time
consuming and inconvenient to go to the video store every time you felt like watching a new movie.
Part II SOLUTION (2-3 sentences)
In the solution section of your single-page business plan, you bring out your business idea
that will solve the problem you have presented. Your product and/or service is immediately justified
because of the problem you had introduced to the audience beforehand. In one or two sentences,
explain how your business solves or meets the identified problem.
For example, again, looking at Netflix, the company initially solved the problem of time
consumption and inconvenience by delivering movies directly to customers’ homes.
Part III BUSINESS MODEL
A business model highlights how your organization will create and capture value, or make
money. You will need to provide details like production costs, selling costs, pricing strategy and
distribution channels among others.
Make a matrix of your presentation in this part.
For example:
Production cost Selling cost Pricing strategy Distribution
strategies
Part IV MARKET ANALYSIS (2-3 sentences)
Identify the size of the target market and customer classifications along with their
respective buying powers and patterns.
For example, Swedish furniture brand Ikea’s US target market could be described as urban young
professionals who like the Scandinavian style and are willing to put in a little setup work themselves
to save money on quality furnishings. These individuals spend, on average, $8,000 on furnishing
when they move into a new home or apartment.
Part V COMPETITIVE ANALYSIS (2-3 sentences)
Identify your main competitors and why do you consider them competitors?
For example:
Coffee giant Starbucks. Their competitor analysis would yield large brands like Dunkin’ Donuts,
Panera Bread and McDonald’s McCafé, as well as boutique coffee shops on a neighborhood by
neighborhood basis. Starbucks differentiates itself through providing specialty coffee products of
consistent quality under a national brand.
Part VI FINANCIAL PLAN

AND PROJECTIONS
Strong financial projections

include an income
statement.
For example:
SCORING RUBRIC
50
40
35
20
10
0
TRADE FAIR
Trade fair performance will be graded after the activity and the score you
will get from this activity will be added in your final grade. But do not just
focus on the grade that you will get, focus on the learning that you will gain
from this activity. So, good luck!

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Entrepreneurship

Its French word is entreprendre which means “to take

Risk & uncertainty oriented definition:

Setting-up new venture definition:

Innovation and leadership definition:

Composite skill oriented definition:

Part I PROBLEM (3-4 sentences)

Part II SOLUTION (2-3 sentences)

Part III BUSINESS MODEL

Make a matrix of your presentation in this part.

Part IV MARKET ANALYSIS (2-3 sentences)

Part V COMPETITIVE ANALYSIS (2-3 sentences)

Part VI FINANCIAL PLAN

Strong financial projections

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