ENTREPRENEURSHIP

Record – 1

Shorts:

1. Factors effecting entrepreneurship

A. Entrepreneurship is a human skill, which can be developed. Due to entrepreneurship development, living
standards of society can tend to rise, new opportunities of employment can be created and rapid economic
and industrial development become possible. There are a number of factors affecting entrepreneurship or
motivating entrepreneurs as follows.

• Individual

Entrepreneur is an individual having specific knowledge, skills and efficiency. Any new enterprise is created
by an individual or group of individuals. The creativity of an individual encourages him to establish a new
enterprise. Creativity consists of innovation, search and research. Personality, social conditions, social
support, education and training etc. factors lay an important role for developing such skills and motivate an
individual to become an entrepreneur.

• Industrial development

More suitable the industrial environment in a nation, more rapid development of entrepreneurship. More
favourable industrial environment is one, where transportation, communication, electricity, labour, water,
raw materials etc are easily available. Such industrial environment by and large affect entrepreneur
development.

• Social environment

Social system plays a vital role in social environment. As an individual is born and developed in a family
and society, social values, ethical standards, family structure, caste and religious attitudes of social
environment affect entrepreneurship development.

• Economic environment:

The economy in which enough capital fund is available for establishing an enterprise and market incentives
are also available, encourages entrepreneurship development. Banking, education, industrial policy,
economic policy, Exim policy interest rate etc. Factors of economic environment affect entrepreneurship
development. Thus economic soundness and free economy motivate entrepreneur development.

• Technological environment

Technology is an art of converting the natural resources into goods and services more beneficial to society.
Due to technological development new product, new production process new raw material, new researches
are encouraged for modernization.
• Political environment

Government also plays an important role in entrepreneurship development. Due to Globalization, Indian
economy has adopted free industrial policy, restrictions on industries have been minimized and MRTP act
has been cancelled, which has motivated many entrepreneurs to establish and to develop industries in Indian
economy.

• Incentives

Incentives are also one of the important factors affecting entrepreneurship. If motivating loans, policies,
organizations are developed, it leads to rapid entrepreneurship development.

• Profit making

It is the profit that induces the prospective entrepreneurs to get into the business and start new activities.
Profit, therefore, is a factor which induces the entrepreneur to engage and utilize the factors of production
and for development.

2. SISI .

A. Small Industries Service Institutes (SISIs)

The Small Industries Service Institutes are set up to provide consultancy and training to small entrepreneurs.
The main functions of SISI are:
Functions of SISI
1. To assist existing and prospective entrepreneurs through technical and managerial counseling such as help
in selecting the appropriate machinery and equipment, adoption of recognized standards of testing, quality
performance etc;
2. Conducting EDPs all over the country;
3. To advise the Central and State governments on policy matters relating to small industry development;
4. To assist in testing of raw materials and products of SSIs, their inspection and quality control;
5. To provide market information to the SISI’s;
6. To recommend SSI’s for financial assistance from financial institutions;
7. To enlist entrepreneurs for partition in Government stores purchase programme;
8. Conduct economic and technical surveys and prepare techno-economic feasible reports for selected areas
and industries.
9. Identify the potential for ancillary development through sub-contract exchanges;
10. Organize seminars, Workshops and Industries Clinics for the benefit of entrepreneurs.
3. Ethics in entrepreneurship.

A. Ethics in Entrepreneurship begins with a recognition of the promise and the problems of start-ups. EIE’s
mission is to take a stakeholder-led approach to improving the ethics, culture, practices and outcomes of
emerging companies by providing them with practical knowledge, resources, and networks.

Founders:

We provide Founders with tools that support ethical decision making, leadership and the generation of
healthy

Workers:

We empower Workers to recognize and respond to ethical challenges and dilemmas.

Investors:

We help Investors identify and mitigate ethics risk and build better governance systems.

We are founded on the values of:

Service and Community – our work is borne of our deep respect for and commitment to the well-being of
individuals, organisations, communities, societies and the planet

Good Ethics is Good Business – we are committed to empowering organizations to be ethical and successful
corporate citizens for the benefit of all their stakeholders

Entrepreneurship and Innovation – we take a practical approach to ethics, recognizing the realities of
business, the value of entrepreneurship and the importance of continual innovation

Integrity – we are guided by fairness, decency, honesty, respect, responsibility and accountability

Transparency – we are dedicated to building trust with our stakeholders and the public by maintaining the
highest levels of transparency in all our communications and actions

Diversity and Inclusion – we are led by our conviction that diversity of experiences, backgrounds, opinions
and ideas helps us make more balanced, ethical and collaborative decisions

Leadership and Professionalism – we strive to model leadership and professionalism in all our interactions
and in everything we do

4. Commercial banks.

A. A commercial bank is a kind of financial institution that carries all the operations related to deposit and
withdrawal of money for the general public, providing loans for investment, and other such activities. These
banks are profit-making institutions and do business only to make a profit.

Types of Commercial Banks:

There are three different types of commercial banks.

Private bank –: It is a type of commercial banks where private individuals and businesses own a majority
of the share capital. All private banks are recorded as companies with limited liability. Such as Housing
Development Finance Corporation (HDFC) Bank, Industrial Credit and Investment Corporation of India
(ICICI) Bank, Yes Bank, and more such banks.

Public bank –: It is a type of bank that is nationalised, and the government holds a significant stake. For
example, Bank of Baroda, State Bank of India (SBI), Dena Bank, Corporation Bank, and Punjab National
Bank.

Foreign bank –: These banks are established in foreign countries and have branches in other countries. For
instance, American Express Bank, Hong Kong and Shanghai Banking Corporation (HSBC), Standard &
Chartered Bank, Citibank, and more such banks.

Examples of Commercial Banks

Few examples of commercial banks in India are as follows:

1. State Bank of India (SBI)

2. Housing Development Finance Corporation (HDFC) Bank

3. Industrial Credit and Investment Corporation of India (ICICI) Bank

4. Dena Bank

5. Corporation Bank

5. Entrepreneurial development institutes.

A. Entrepreneurship Development Institutions are one of the educational firms that conduct EDP or
Entrepreneurship Development programs that help in guiding the first generation entrepreneurs and hence,
open up sustainable paths which they should take to enhance their entrepreneurship journey.

This institution basically focused on guiding the journey of building entrepreneurs to successful
entrepreneurs.

The various departments at the Ahmedabad based Indian Entrepreneurship Development Institute include:

1. Entrepreneurship Education

2. Policy Advocacy, Knowledge and Research

3. Projects

4. Business Development Services and National Outreach

 5. Developing Economy Engagement
Due to the increasing popularity of an entrepreneur, the government is putting more effort into its
growth, and hence, for that, entrepreneurship development institutions are a big step. Some of
the Entrepreneurship development institutions in India are as follows: –

1. Maharashtra State Centre for Entrepreneurship Development (MCED, Aurangabad)

2. Entrepreneurship Development Institute of India (EDII, Ahmedabad

3. National Institute of Entrepreneurship and Small Business Development (NIESBUD)

4. National Institute for Micro, Small and Medium Enterprises (NiMSME, Hyderabad)

5. Noida and Indian Institute of Entrepreneurship (IIE)

Essays

1. What are the characteristics and qualities of entrepreneurship

A. Here are the 10 Best Characteristics Of An Entrepreneur

1) Creativity : Creativity gives birth to something new. For without creativity, there is no innovation
possible. Not necessarily every idea might be a hit. But the experience obtained is gold. Creativity helps in
coming up with new solutions for the problems at hand and allows one to think of solutions that are out of
the box.

2) Professionalism:

Professionalism is a quality which all good entrepreneurs must possess. An entrepreneurs mannerisms and
behaviour with their employees and clientele goes a long way in developing the culture of the organization.
important characteristics of an entrepreneur.

3) Risk-taking:

A risk-taking ability is essential for an entrepreneur. Without the will to explore the unknown, one cannot
discover something unique. And this uniqueness might make all the difference. Risk-taking involves a lot of
things. Using unorthodox methods is also a risk.
4) Passion:

Your work should be your passion. So when you work, you enjoy what you’re doing and stay highly
motivated. Passion acts as a driving force, with which, you are motivated to strive for better. It also allows
you the ability to put in those extra hours in the office which can or may make a difference.

5) Planning:

Planning is strategizing the whole game ahead of time. It basically sums up all the resources at hand and
enables you to come up with a structure and a thought process for how to reach your goal. The next step
involves how to make optimum use of these resources, to weave the cloth of success. Facing a situation or a
crisis with a plan is always better Planning is one of the most important characteristics of an entrepreneur.

6) Knowledge:

Knowledge is the key to success. An entrepreneur should possess complete knowledge of his niche or
industry. It enables him to keep track of the developments and the constantly changing requirements of the
market that he is in.

7) Social Skills:

A skillset is an arsenal with which an entrepreneur makes his business work. Social Skills are also needed to
be a good entrepreneur. Overall, these make up the qualities required for an entrepreneur to function.

Social Skills involve the following:

 Relationship Building
 Hiring and Talent Sourcing
 Team Strategy Formulation

8) Open-mindedness towards learning, people, and even failure:

An entrepreneur must be accepting. The true realization of which scenario or event can be a useful
opportunity is necessary. To recognize such openings, an open-minded attitude is required. An entrepreneur
should be determined.

9) Empathy:

Perhaps the least discussed value in the world today is empathy or having high emotional intelligence.
Empathy is the understanding of what goes on in someone’s mind.
10) And lastly, the customer is everything:

A good entrepreneur will always know this; a business is all about the customer. How you grab a customer’s
attention is the first step. This can be done through various mediums such as marketing and advertising. It is
also important that you know the needs of your customers.

The 8 Qualities of a Successful Entrepreneur

1. Motivation & Passion

If there is one important trait in an entrepreneurship, it would be passion. It is also the drive behind
something that you have built and want to continue to improve on. Motivation will inspire you to enjoy what
you are doing and want to continue doing it for a very long time.Your demonstration of passion and
motivation will determine your success in any entrepreneurial venture.

2. Ability To Take A Risk

There are certain characteristics of entrepreneurship that will make your ventures successful – and one that
is on the top of the list is the ability to take a risk . Starting any business involves a considerable amount of
risk of failure.

3. Creativity

A lot of people would usually think that creativity is connected to arts, but that may not be entirely true.
Creativity identifies solution or an out-of-the-box approach that could benefit the team or the organisation.

4. Constant Learning

One of the qualities of an entrepreneur is the ability to adapt the “The more I learn, the more I earn” saying
in the entrepreneurial lives.

5. Strong Communication Skills

One of the most important traits of an entrepreneur learns is how to communicate with others fluently; Even
when transmitting new ideas to your team you should sound credible, compelling and easy to understand.

6. Goal Oriented

Entrepreneurs are all about setting goals and putting their all into making them real. Leaders must set
ambitious targets, translate them into specific metrics and milestones, make them transparent throughout the
organisation, and discuss progress frequently.
7. Self-confident

Nobody is born with unlimited self-confidence. If someone seems to have incredible self-confidence, it’s
because he or she has worked on building it for years. To gain self-confidence, it helps to visualise yourself
as what you want to be.

8. Staying Organised

It’s a rare person among us who doesn’t feel the need to get more organised. Every entrepreneur spends
some time to plan and organise the activities he has to do.

2. Social responsibilities of entrepreneurship ?

A. (1) Moral Justification : There is a growing realisation that it is the moral duty of business houses to
serve the society. They enjoy wide economic and social power. Their power should be balanced with social
responsibility. Business has the resources and capabilities to solve social problems.

(2) Long-term Self-interest of Business : In the long run, no business enterprise can survive and grow
unless it enjoys a good image in the public. The image of the firm can be improved in the eyes of the society
by serving their (society) interests.

(3) Public Image : Socially responsible behaviour create a positive public image of an enterprise.

(4) Profitable Opportunities : That Business has little chance of success in a society which is plagued with
enormous problems and evils. Business can meet the challenges by converting the problems into profitable
opportunities. The securities of a socially responsible company enjoy a wider market among the investors.

(5) Ensuring Law and Order : To maintain law and order in a country, business should shoulder its
responsibilities towards the society, otherwise people will resort to anti-social activities which may
ultimately harm business. The doctrine of social responsibilities is helpful in ensuring law and order in the
society. It is a preventive measure against social disorders.

(6) Balance of Responsibility and Power : Since business entrepreneurs already have a great deal of social
power, their social responsibility should be equally great.

(7) Public Expectations : There is a deep conviction that entrepreneur has a clear obligation to the good of
the greater society. The business enterprise is expected to be efficient, profitable and at the same time
socially responsible.
(8) Interdependence : Society and business affect each other. For example, goods and services provided by
the business determine the standard of living in the society. In case business does not produce and supplies
goods of good quality at moderate prices, society will react and stop inputs in business. Therefore, it is in
the interest of the business to be responsible to its social obligations.

(9)To Help in Activities of Public Utility

The entrepreneur should cooperate in providing facilities for the public utility to the local community,
Like, Education, entertainment, medical, housing, and Libraries, etc. For that may provide help in the
establishment of new schools, parks, hospitals and rest houses, etc.

(10)To Provide Employment to Local Community

The entrepreneur should provide more and more employment to the local people of the place, Where he is
establishing his business unit or is performing the business activities. He should invest capital in such
business which may provide employment to a large number of people. The business has also the
responsibility of providing employment to the members of the community.

3. Role of government in developing of entrepreneurship skills

A. Government develop industries in rural and backward areas by giving various facilities with the
objective of balances regional development. The government set programmes to help entrepreneurs
in the field of technique, finance, market and entrepreneurial development so that they help to accelerate
and adopt the changes in industrial development.

1.Small industries development organization (SIDO)

SIDO was established in October 1973 now under Ministry of Trade, Industry and Marketing. SIDO is an
apex body at Central level for formulating policy for the development of Small Scale Industries in the
country, headed by the Additional Secretary & Development Commissioner(Small Scale
Industries)under Ministry of Small Scale Industries Govt. of India. SIDO is playing a very constructive role
for strengthening this vital sector, which has proved to be one of the strong pillars of the
economy of the country. SIDO also provides extended support through Comprehensive plan for
promotion of rural entrepreneurship

.2. Management development Institute(MDI)

MDI is located at Gurgaon(Haryana).It was established in 1973 and is sponsored by Industrial
Finance Corporation Of India, with objectives of improving managerial effectiveness in the industry. It
conducts management development programs in various fields .In also includes the programmes for the
officers of IAS,IES,BHEL,ONGC and many other leading PSU’s.

3. Entrepreneurship development institute of India (EDI)

Entrepreneurship Development Institute of India (EDI), an autonomous and not-for-profit institute, setup in
1983, is sponsored by apex financial institutions – the IDBI Bank Ltd., IFCI Ltd., ICICI Bank Ltd. and the
State Bank of India (SBI). EDI has helped set up twelve state-level exclusive entrepreneurship
development centres and institutes. One of the satisfying achievements, however was taking
entrepreneurship to a large number of schools, colleges, science and technology institutions and
management schools in several states by including entrepreneurship inputs in their curricula.

4. All India Small Scale Industries Board(AISSIB)

The Small Scale Industries Board (SSI Board) is the apex advisory body constituted to render advise to the
Government on all issues pertaining to the small scale sector. It determines the policies and programmes for
the development of small industries with a Central Government Minister as its president and the
representatives of various organization i.e. Central Government, State Government, National Small
Industries Corporations, State Financial Corporation, Reserve Bank of India, State Bank of India, Indian
Small Industries Board, Non government members such as Public Service Commission, Trade and
Industries Members.

5. National Institution of Entrepreneurship and Small Business Development(NIESBUD)

,New Delhi It was established in 1983 by the Government of India. It is an apex body to supervise the
activities of various agencies in the entrepreneurial development programmes. It is a society under
Government of India Society Act of 1860.The major activities of institute are :i) To make effective
strategies and methods

ii) To standardize model syllabus for training

iii) To develop training aids, tools and manuals

iv) To conduct workshops, seminars and conferences

6. Indian Institute of Entrepreneurship(IIE)It was established by the Department of Small Scale Industries
and Agro and Rural Industries in1953.It is autonomous organization with its headquarters at
Guwahati. Its main objective is to undertake research ,training and consultancy activities in the
field of small industry and entrepreneurship.

7. National Alliance of Young Entrepreneurs(NAYE)

It has sponsored number of entrepreneurial development ache me in collaboration with various public sector
banks. The main objective of the scheme is to encourage young entrepreneurs to explore investment and self
–employment opportunities . It arranges for their training and assists them in procuring necessary finance.

8.Institute for Entrepreneurial Development (IED)

It was set up by the IDBI in association with other financial institutions, public sector banks and the State
Governments. The IEDs was set up to fulfil the entrepreneurial development needs of the industrially
backward States in the country.

9.Technical Consultancy Organisation (TCOs)

A network of TCOs has been established by All India Financial Institutions and State Government
throughout the country. These organizations have been set up to provide comprehensive package of services
to entrepreneurs in general and to small business entrepreneurs in particular. Their main functions include
the following:

i) Identifying potential industrial project.

ii) Preparing project reports, feasibility reports and pre-investment status.

iii. Identifying potential entrepreneurs.

iv. Providing technical and administrative support .

v. Conducting techno-economic studies of the projects.

10. Public Sector Banks.

Public sector banks in association with NAYE have been conducting entrepreneurial development
programmes. The main trust of these banks has been to identify potential entrepreneurs in rural and
backward areas.
4. Role and functions of NIESBUD.

A. Role of NIESBUD The National Institute for Entrepreneurship and Small Business Development

NIESBUD • The National Institute for Entrepreneurship and Small Business Development(NIESBUD) was
established in 1983 by the ministry of industry(now ministry of small scale industries), Govt of India, as an
apex body for coordinating and overseeing the activities of various institutions/agencies engaged in
entrepreneurship development particularly in the area of small industry and small business. Major Activities

The major activities of the Institute inter alia include:

• Training: The different kind of training programmes being organized by the Institute inter-alia include
Trainers’ Training Programmes (TTPs); Management Development Programmes (MDPs); Orientation
Programmes for Head of Departments (HoDs) and Senior Executives; Entrepreneurship Development
Programmes (EDPs); Entrepreneurship-cum-Skill Development Programmes (ESDPs) and specially
designed sponsored activities for different target groups.

• Research/Evaluation Studies: Besides the primary/basic research, the Institute has been undertaking
review/evaluation of different government schemes/programmes, training need assessment- Skill Gap
studies, industrial potential survey etc. The broad objective of these activities is the promotion of the MSME
Sector.

• Development of Course Curriculum/Syllabi: The Institute has developed Model Syllabi for organizing
Entrepreneurship Development Programmes. It also assists in Standardization of Common Training
programmes.

• Intellectual Property Facilitation Centre: The Intellectual Property Facilitation Centre, operational at the
Campus of the Institute under the auspices of the O/o DC (MSME) provides facilitation/assistance under one
roof to the units located in its vicinity for identification, registration, protection and management of
Intellectual Property Rights, as a business tool.

• The E-Module: EDP: The Institute has developed an E-learning Module (Hindi and English) for
Entrepreneurship Development Programmes. The course material of the Module has been incorporated in a
C.D. which is moderately priced. The Module has been launched in different States.

• E-learning Modules on Different Subjects: Eight e-learning Modules have been created on Cyber Security,
Communication Skills, Java Personality Development, Mathematical Modeling, Web Designing & Cloud
Computing.
• The Regional Centre, Dehradun: Undertakes Research and provides Training & Consultancy Services to
the beneficiaries specially those belonging to the states of Uttarakhand and Uttar Pradesh.

• Hand-holding for Enterprise Creation and Employment Assistance to the Trainees: The Institute provides
hand-holding services to candidates interested in self-employment and assists to find suitable wage
employment if they do not opt for self-employment. For the same, an interaction platform called Rojgar
Mela(s) is organized for prospective employees and trained persons.

• International Activities: The Institute conducts 8-weeks’ training programmes under the Fellowships of
the Ministry of External Affairs: ITEC/SCAAP/COLOMBO Plan for the participants from different
countries. Besides, the Institute also designs and conducts special /request training programmes for overseas
agencies and has also been assisting other countries through consultancy assignments primarily in assessing
the industrial potential of different Regions.

•Consultancy Services (National and International): Offering consultancy services in the area of
entrepreneurship especially for MSMEs. It Offers advice and consultancy to other Institutions engaged in
entrepreneurial training either in the Government or in the Private Sector. Advising Governments (both
Central & State) and foreign Governments as well in the area of entrepreneurship and MSMEs.

5. Role and function of DIC.

A. The District Industries Centres help in identifying suitable schemes for development of industrial
clusters, help prepare feasibility reports and also arrange facilities for procuring machinery, equipment as
well as credit.

Role of District Industries Centres (DICs)

The District Industries Centres (DICs) play a prominent role in developing and promoting industries in the
respective states. They are established by the Department of Commerce & Industry of the respective state.
This additional tier has helped industrial development to penetrate deeper into the rural areas of the country.

 Provide assistance for DIC programmes

 Single window clearance system

 Promote industries in rural areas

 Provide employment to people in both rural and urban areas

Functions of District Industries Centres (DICs)

 Preparation of industrial profile of the district – This helps in identifying the pros and cons
concerning setting up different industries in the district in consonance with the availability of
infrastructure, raw materials, labour and land in the area.

 Assist entrepreneurs in obtaining licenses – To set up an industrial unit, various types of licenses are
required- electricity board, no-objection certificate, water supply board, etc. These licenses are
facilitated by the District Industries Centres (DICs), making it easier for entrepreneurs to set up
industrial units in the respective district.

 Acting as the focal point of industrialization of the district – To make strides in the arena of
industrialization, the District Industries Centres (DICs) act as the focal point. From providing various
clearances and licenses to facilitating loans and granting awards, the District Industries Centres
(DICs) do it all.

 Opportunity guidance of entrepreneurs – Lack of knowledge about an existing opportunity does

more damage than the lack of opportunity. District Industries Centres (DICs) help in bringing to the
fore various opportunities to help entrepreneurs. This helps in generating employment opportunities
in addition to the industrialization of the district.

 Identify infrastructure facilities – For any area to develop, infrastructure facilities are a top priority
for identifying the potential that can be tapped from a certain area. Facilities such as electricity,
roads, warehouses, banking, quality testing facilities etc are identified by the District Industries
Centres (DICs).

 Prepare techno-economic feasibility report – The District Industries Centres (DICs) prepare the
techno-economic feasibility report that analyzes the performance of an industrial product, process, or
service to improve areas in need of it.

 Advise entrepreneurs on investments made – The District Industries Centres (DICs) advise
entrepreneurs on the various investments which they seek to make. In this manner, they provide
consultancy services that help entrepreneurs in making better decisions with respect to their
investments.
 ENTREPRENEURSHIP
Record – 2
Shorts :
1. E-Business Ventures
A. E-business consists of business and marketing processes conducted over computer networks. This can be
in a business-to-consumer or business-to-business environment.
First, make sure you understand what a business venture is. This type of entity aims to fill a gap in the
market. Its goal is to generate profit. The expectation of financial gain is accompanied by the risk of failure.
STARTING A BUSINESS VENTURE
First, come up with business venture ideas that match your skills and goals. Assess your budget and decide
how much you're willing to invest. Create a business venture plan and analyse your financing options. Next,
register your business name, get a tax ID from the IRS and apply for any licenses and permits that may be
required.
Also, consider the cost of marketing materials. Once your web design business is up and running, it's
important to promote it. This may involve pay-per-click marketing, search engine optimization, banner ads
and offline advertising, including business cards and flyers.
you can start growing your new business venture. How you'll do it depends on several factors, including
your budget, industry, short- and long-term goals, legal requirements and more.
Make sure you understand the risks and rewards associated with your new business. About 20 percent of
new companies fail during the year. Common mistakes, such as not researching the market and setting
unrealistic goals, can hold you back.
Set realistic goals for your business venture. No matter how great your idea is, it's unlikely that you'll have
success overnight. Trust yourself, but take calculated risks. If necessary, continue your education to expand
your skills and deliver better services.
Focus on building your brand and reputation. Promote your business venture locally and online. Attend
networking events in your city and connect with other entrepreneurs. Team up with industry professionals
and find a way to help each other succeed. For example, if you have a small fitness centre, join forces with
nutritionists, wellness centres or local stores that specialize in gym clothing.
2. Feedback and Performance of Trainees
A. Feedback And Performance Of Trainees:-
Follow-up is as important to take up follow -up measures after conducting entrepreneurial
development courses. some of the institutions in the country have introduced cards for each
trainee where progress is recorded from time to time. project leaders contract the entrepreneurs by personal
visits or otherwise to ascertain difficulties and to follow up their needs with the appropriate agencies regular
system of reporting should be developed to get feedback on the performance of entrepreneurs.
It has been envisaged that while the basic structure will remain the same the degree of emphasis could vary
in such areas as in plant training, theoretical training etc depending upon the requirements of the target
group
Economic activities are directly linked with the entrepreneurial level of a nation and therefore
entrepreneurship development is a critical input for industrial development training has been established.
Measures Of Entrepreneurial Performance
 Physical

Entrepreneurial
Market Based Financial
Performance

Stakeholders based

3. Role of IDBI
AIDBI is vested with the responsibility of co-ordinating the working of institutions engaged in financing,
promoting and developing industries. It has evolved an appropriate mechanism for this purpose. IDBI also
undertakes/supports wide-ranging promotional activities including entrepreneurship development
programmes for new entrepreneurs, provision of consultancy services for small and medium enterprises,
upgradation of technology and programmes for economic upliftment of the underprivileged.
Role of IDBI

 Providing technical and administrative assistance for promotion, management and expansion of
industry thus performing promotional and development functions.
 Direct Assistance: The IDBI grants loans and advances to industrial concerns. The bank guarantees
loans raised by industrial concerns in the open market from the State Co-operative Banks, the
Scheduled Banks, the Industrial Finance Corporation of India (IFCI) and other ‘notified’ financial
institutions.
 Indirect Assistance: Providing refinancing facilities to the IFCI, SFCs and other financial
institutions approved by the government. IDBI subscribes to the shares and bonds of the financial
institutions and thereby provide supplementary resources.
 Coordinating the activities of financial institutions for the promotion and development of industries.
 IDBI is the leader, coordinator and innovator in the field of industrial financing in our country. Its
major activity is confined to financing, developmental, co-ordination and promotional functions.
 Planning, promoting and developing industries with a view to fill the gaps in the industrial structure
by conceiving, preparing and floating new projects.

4. Entrepreneurial Spirit

A. An entrepreneurial spirit will help you take ownership of your job. It means looking at your tasks and
responsibilities and asking, “How could we do this better?”

You can create processes to work smarter or pitch new ideas that will help your organization. Before you
know it, you’ll have completely reshaped your current role for the better.

Characteristics :

 Natural leaders. They have an innate ability to inspire and bring out the best in people.
  Motivated by challenges. Every setback is an opportunity to learn, grow, and beat the odds.

 Doers, not sayers. Talk is cheap, and entrepreneurial people know it. They’re ready to roll up their
sleeves and get the job done.

 Quick but thoughtful when it comes to decision-making. They know how to find, process, and act
on the information they trust.

 Risk-taking people. Their optimism and fearlessness make them natural risk-takers — even if
they’re uncertain about the outcome.

 Ambitious dreamers. They aren’t happy with the status quo. True entrepreneurs have a better vision
for the future and will try to make it a reality.

 Resourceful. No amount is too little to get started. They’re ready to work with what they have until
more resources come later.

 Critical thinkers. They analyse and evaluate an issue carefully before forming a judgment.

 Excited to learn and grow. They relish new learning opportunities because it will make them more
well-rounded people and leaders.

 Optimistic when it comes to life and work. Optimism is a prerequisite for entrepreneurship. They
have to believe that things will work in their favour.

5. Problems of Women Entrepreneurs

A. Some of the problems faced by women entrepreneurs are as follows:

1. Problem of Finance:
Finance is regarded as “life-blood” for any enterprise, be it big or small. However, women entrepreneurs
suffer from shortage of finance on two counts.

2. Lack of Education:
In India, around three-fifths (60%) of women are still illiterate. Illiteracy is the root cause of socio-economic

problems. Due to the lack of education and that too qualitative education, women are not aware of business,
technology and market knowledge.

3. Male-Dominated Society:
Male chauvinism is still the order of the day in India. The Constitution of India speaks of equality between
sexes. But, in practice, women are looked upon as able, i.e. weak in all respects.

4. Low Risk-Bearing Ability:

Women in India lead a protected life. They are less educated and economically not self-dependent. All these

reduce their ability to bear risk involved in running an enterprise. Risk-bearing is an essential requisite of a
successful entrepreneur.
5. Limited Mobility:
Unlike men, women mobility in India is highly limited due to various reasons. A single woman asking for

room is still looked upon suspicion. Cumbersome exercise involved in starting an enterprise coupled with
the officials humiliating attitude towards women compels them to give up idea of starting an enterprise.

Essays

1. Designing Appropriate Training Programme

A. Important Steps To Design An Effective Training Program

1. Identify Purpose and Target Audience

Be clear about your training needs to be accomplished. The purpose of training must be clear and you should
have an idea about participants, to be able to deliver your training effectively. It would be better if you’ve
already worked out Training Needs Assessment.

2. Determine the Needs of Participants

There are different means to get this information:

 By means of written survey that you can conduct at the time of registration: Collect general
information, such as, education, level of income/knowledge, years of service/studies, and anything
that’s relevant for your training.
 By calling a random sample of registrants to note down general information: here, you can get
detailed information, such as suitable time and days of the week for training; option of accessibility
and more

3. Describe Goals and Objectives of Training

This step is related to your expectations from training. You need to plan activities for every part of training.
Choose appropriate training material and design evaluation procedures. Communicate program intent to
administrators or supervisors, and make sure that the training is aligned with the purpose intended.

4. Sketch the Content

Content outline is divided into three parts:

 Introduction: in which you have to establish constructive environment for learning

 Learning components: these are the tools to engage participants in different training activities
 Evaluation component: minimizes the gap between training and real life scenarios, to ensure all
participants feel satisfied.

5. Develop Instructional Activities

To make your training result-oriented there must be a variety of alternative strategies based on:

 Learning styles
  Adult learning principles
 Education level/work experience of participants
 Group size
 Trainer’s style
 Kind of information or skill to be provided

6. Develop Written Design for Training

A written document must include a detailed training program, along with the goals. It must also include
when and where each trainer will be introduced and who will flesh out major sections of training. The
written document will help you and your team to keep track of the entire training process.

7. Prepare Evaluation Form for Participants

The evaluation form will help you find out about:

 Knowledge, expertise and style of trainer

 How effective was the training
 Whether more training is required on the particular topic

8. Establish Follow-up Activities

Some strategies include:

 Mentoring,
 Booster sessions,
 Individual Coaching,
 Study groups,
 Ongoing communication between trainer and participants,
 Posting updates on websites and sending newsletters.

2. Training for New and Existing Entrepreneurs

A. Training for New and Existing Entrepreneurs

1) Lecture Method :
As the name suggests, lecture method involves providing information to the trainees orally. In case of any
doubt arising in the minds of trainees, clarification can be given spontaneously by the instructors.

2) Written Instructional Method :

When the training contents are to be used in the future by the trainees, this method is used and it is most
popular in case of standardized production system.

3) Individual Instruction :
In this method, only one person is chosen for providing entrepreneurial training. When a tough skill is to be
imparted in the candidate, this type. of training becomes very useful.
4) Group Instruction :
When the training is to be provided to the group of different individuals, this method is adopted particularly
when these persons have to perform the same type of activities and similar instructions are to be given to all
the candidates.

5) Demonstration Method :
This method is mainly useful when the physical exposure is to be imparted by the trainer. In this method, the
main focus is on providing practical knowledge rather than theoretical knowledge.

6) Meetings :
This method of training mainly involves the group of people to discuss the different issues faced by them.
They share their views, ideas and different conclusions are drawn on the basis of various alternatives and
suggestions.

7) Conference :
This method is generally used for imparting knowledge regarding new ideas and techniques to the trainees.
Here, conferences are organised and experts from different fields are called to share their knowledge and
experiences useful for the trainees.

3. Women Entrepreneurship
A. In short, women entrepreneurs are those women who think of a business enterprise, initiate it, organise
and combine factors of production, operate the enterprise and undertake risks and handle economic
uncertainty involved in running it.
or
Schumpeter – “Women entrepreneurs are those women who innovate, initiate or adopt a business activity”.
Women entrepreneurship - Need and Factors
1) Economic Necessity:
In business, the entry of women is relatively a new phenomenon. Because of the break-up of the joint family
system and the need for additional income for maintaining the living standards in the face of inflation or
rising prices, women have started entering the most competitive world of business.

2) Desire for High Achievement:

Another motive force compelling women to enter business world is their strong desire for high achievement
in their life.

3) Independence:
Another strong motive force compelling a woman to become an entrepreneur is to lead an independent life
with self-confidence and self-respect. The ownership and control of a successful business provides a woman
entrepreneur a prestigious status, personal reputation and a sense of independence in the society.

4) Government Encouragement:
The Government and non-government bodies have started giving increasing attention and encouragement to
women’s economic conditions through self- employment and business ventures.
5) Education:
Women have been taking up various kinds of technical, vocational, industrial, commercial and specialised
education so as to qualify themselves to be self-employed in some kind of trade, occupation, vocation or
business.

6) Model Role:
Women, like men, are also desirous of contributing their might to the economic development of their
country. Similarly, our women in India would like to play a key role model.

7) Family Occupation:
Family occupation is an important factor motivating a woman member to participate in the family business,
along with her husband and other members of the family.

8)Self Identity and Social Status:

Women desire to enjoy some social status and recognition in the society. Women entering business can
achieve such a position of self-identity and recognition of social status because they come in contact with
high level officers, ministers, authorities, and others holding high positions.

4. Entrepreneurship Sources and Methods of Ideas Planning and Development

A. Sources of New Ideas for Entrepreneurs

1. Customers

Prospective customers know best what they want and the habits/tastes that will be popular shortly. New
product or service ideas may come from customers’ reactions to the present product and the expected
product idea.

2.Distribution channels

Member of the distribution channels; intermediaries, transient customer preference, and possible
expectations may be a good business idea. Not only do channel members frequently have suggestions for
completely new products, but they can also help in marketing the entrepreneur’s newly developed products.

3.Research and Development

The entrepreneur’s own “research and development” is the largest source of new ideas. It may be a more
formal endeavor connected with one’s current employment or an informal laboratory in the private premises.
Formal institutional research and development are often better equipped, enabling the entrepreneur to
conceptualize and develop successful new product ideas.

4. Dream Approach

The big dream approach to coming up with a new idea requires that the entrepreneur dreams about the
problem and. Its solution- thinking big. Every possibility should be recorded and investigated without regard
to all the negatives involved or the resources required. In other words, ideas should be conceptualized
without any constraints until an idea is developed into a workable form.

5.Focus Groups
Focus groups are good sources of product ideas. A moderator leads a group of people through an open, in-
depth discussion rather than simply asking questions to solicit participant response; for a new product area,
the moderator focuses the group’s discussion in either a directive or a nondirective manner.

Methods of Ideas Planning and Development

1. Changes in the Environment - Entrepreneurial ideas arise from the changes that happens in the external
environment (physical, societal and industry environment) with entrepreneurial implications. An
entrepreneur must keenly observe and be vigilant to the reactions of the people to the changes in the external
environment.

2. Technological Discovery and Advancement - Discovery and advancement in the use of technology are
another good source of entrepreneurial ideas and opportunities. A person with entrepreneurial interest looks
at the possibility of business opportunities in any new discovery or advancement in technology.

3. Government's Thrust, Programs, and Policies - The programs and agenda of the Philippine
government intuitively address the needs of the Filipino people. Whenever there are changes in the policies
and programs of the government, new entrepreneurial ideas are likely born.

4. People's Interests - The interests, hobbies, and preferences of people are a rich source of entrepreneurial
ideas.
5. Past Experiences - Past experiences and exposure are also a good source of entrepreneurial ideas. The
expertise and skills developed by a person who has worked in a particular field may lead to the opening of a
related business enterprise.

5. New Venture Management

A. Entrepreneurship and New Venture Planning introduces participants to the process of identifying new
business opportunities, researching and developing a business concept and analysing the resources and
strategies necessary to implement it.

New Business Ventures is your essential introduction to the skills, concepts and actions you need to build a
successful new business venture. From exploring how to generate and develop game-changing
ideas, recruiting and managing the right team, to identifying and engaging with investors, you will master
every step of the entrepreneurial journey to success. This includes exploring ideas beyond the confines of
the classroom and putting theory into practice via real-world customer interaction and pitching to actual
investors.

You will learn how to think like an entrepreneur. You will also develop the acuity of vision, the agility and
the mindset to:

 Understand where the best ideas come from.

 Appreciate how inferior actors can successfully compete against superior actors.
 Know when growth can be crucial for survival, but might endanger it at the same time.
 Determine how entrepreneurs should think.
 Lean to navigate terms and processes needed to manage frequent entrepreneurial tasks such as
leading board meetings and raising venture capital.
New Business Ventures is a transformative learning experience that will equip you with everything you
need to build, scale and grow your ideas with confidence and clarity.

How you benefit

 Explore how to generate, identify and test new business ideas

 Learn how to attract and build a great team to drive your venture
 Build and transform your networking and relationship building skills to interact effectively and
confidently with investors and partners
 Discover how to organise, scale and grow your ventures
 Gain the knowledge to sell your idea effectively through pitching

Participant profile
The programme is specifically designed for:

 Leaders of high-growth start-ups who are ready to take their venture to the next level
 Executives/Senior managers who want to learn how to be more entrepreneurial and/or build an
entrepreneurial business culture
 Executives/Senior managers leading a venture within an organisation – executives charged with
driving intrapreneurial business development
 Entrepreneurs who want to start up a new business from scratch
 Investors and consultants working with start-ups and/or entrepreneurial business ventures.