4. Thematic Apperception Test (TAT)
For twenty seconds, you will see a picture on the screen. Then you will be given five minutes to write a story
about what you have seen.
While writing, you may consider the following questions to build up the story:
• What is happening? Who are the people?
• What has happened in the past that led up to this situation?
• What is being thought? What is wanted? By whom?
• What will happen? What will be done?
You should try to make the stories interesting and dramatic and elate them to a human situation instead
merely describing the picture.
Your overall time for writing one story is 5 minutes.
7. How to Discuss the stories
• Desire to reach achievement goal.
• Strong indications of presence of motive/need.
-Specific accomplishment
-Reference to personal status
• Activity design to lead to an achievement goal (Act)
• Anticipation of success or failure in relation to the goal
• Obstacles of blocks
• Help from another person
• Feelings or emotions, associated with goal attainment positive imagery
• Achievement theme
8. An example
• Here is a picture in which Mr. Reddy is explaining to Mr. Sharma how became a successful small-scale
industrialist. Mr. Sharma is listening very careful and is also thinking of his own life. He thinks that he
should also start a small manufacturing unit of auto components (valves). But he has doubts about
how to proceed.
• He has some basic idea of the field and some basic knowledge but he has no practical experience of
manufacturing valves. He is a little nervous. His second problem is of finance. He knows of some
friends in govt. dept. who provide funding for entrepreneurs but he is also worried about how to get
relevant training. He has some plans of going for some training at some entrepreneurship
development institutes or enroll for some course. He is also planning to visit some industries in Hubli
Dharwad engaged in such manufacturing.
• He is imagining of establishing his company…the name of the company…when he will get break
even point and start making profit and how he will expand his business.
8
10. Entrepreneurship
• The word "entrepreneur" comes from the French verb “entreprendre”,
meaning “to do something” or "to undertake"
∙ Entrepreneurship refers to a process wherein an individual or a small group
of partners strike out on an original path to create a new business. It is a process of
economic value creation, bearing uncertainty for greater returns.
∙ An entrepreneur is an individual who creates a new business (taking it from an
idea to realization), bearing most of the risks and enjoying most of the
rewards.
∙ The entrepreneur is commonly seen as an innovator, a source of new
ideas, goods, services, and business/or procedures.
12. What are entrepreneur traits?
Some of the most important entrepreneurial traits are:
• Risk taking ability
• Achievement orientation
• Internal locus of control
• Resilience/Persisting nature
• Innovative
• Competitive
• Visionary and Leadership quality
• Ethical in nature
• Open-Minded
• Flexible.
• Passion
13. Startups
∙ As per Eric Ries “A startup is a human institution designed to deliver a new
product or service under conditions of extreme uncertainty”
(http://www.startuplessonslearned.com/2010/06/what-is-startup.html)
∙ New firms which are in ‘infancy’ stage are often popularly referred to as
startups.
∙ Blank (2012) defines a startup as a temporary organization designed to search for a
repeatable and scalable business model.
∙ Startups depend on rapid growth focusing on new, innovative skills.
14. Entrepreneurs
– Recognize opportunities where others
see chaos or confusion
– Are aggressive catalysts for change
within the marketplace
– Challenge the unknown and
continuously create the future
15. Entrepreneurial Orientation
EO is measured by the following major factors.
• Risk-taking − Risk-taking is a key characteristic linked with
entrepreneurship. It is the risk that individuals take by working for
themselves rather than being employed. It is the tendency to take the
uncharted path of being avant-garde in building a strategy.
• Pro-activeness − Pro-activeness illustrates the nature of entrepreneurial
actions to gauge the future opportunities, both in regard to products or
technologies and in sync with markets and consumer demand.
16. Entrepreneurial Orientation
• Innovativeness − Innovativeness refers to the introduction of different types of products or
services in the market. Entrepreneurs are innovative by the very fact of their entry into the
market. In the concept of EO, innovativeness mainly emphasizes the importance of technological
leadership to the company, and also some changes in the company’s product lines.
• Competitive aggressiveness − Competitive aggressiveness is a company’s action of engaging
with its competitors. It distinguishes between the companies that shy away from direct
competition from other companies that aggressively competes in their competitors’ target
markets.
• Autonomy − Autonomy refers to the independent action of an individual or a team in bringing
forth an idea or a vision and carrying it through to completion without being demotivated or
dominated by overly stringent organizational bottlenecks.
17. Characteristics of Entrepreneurship
• Ability to take a risk- Starting any new venture involves a considerable amount of failure risk. Therefore, an
entrepreneur needs to be courageous and able to evaluate and take risks, which is an essential part of being an
entrepreneur.
• Innovation- It should be highly innovative to generate new ideas, start a company and earn profits out of it.
Change can be the launching of a new product that is new to the market or a process that does the same thing
but in a more efficient and economical way.
• Visionary and Leadership quality- To be successful, the entrepreneur should have a clear vision of his new
venture. However, to turn the idea into reality, a lot of resources and employees are required. Here, leadership
quality is paramount because leaders impart and guide their employees towards the right path of success.
• Open-Minded- In a business, every circumstance can be an opportunity and used for the benefit of a
company. For example, Paytm recognised the gravity of demonetization and acknowledged the need for online
transactions would be more, so it utilised the situation and expanded massively during this time.
• Flexible- An entrepreneur should be flexible and open to change according to the situation. To be on the top,
a businessperson should be equipped to embrace change in a product and service, as and when needed.
18. What are entrepreneur traits?
• Some of the most important entrepreneurial traits are:
i. Risk taking ability
ii. Passion
iii.Persisting nature
iv. Innovative
v. Leading from the front
vi.Ethical in nature
19. • The willingness to take calculated risks—
in terms of time, equity, or career.
• The ability to formulate an effective venture team; the creative skill
to marshal needed resources.
• The fundamental skills of building a solid business plan.
• The vision to recognize opportunity where others see chaos,
contradiction, and confusion.
Entrepreneurship : Essential ingredients
include:
20. Entrepreneurial Ecosystem
• "Ecosystem" refers to the elements – individuals, organizations or institutions – outside the individual
entrepreneur that are conducive to, or inhibitive of, the choice of a person to become an entrepreneur, or
the probabilities of his or her success following launch. Organizations and individuals representing these
elements are referred to as entrepreneurship stakeholders. Stakeholders are any entity that has an interest,
actually or potentially, in there being more entrepreneurship in the region.
• Entrepreneurship stakeholders may include government, schools, universities, private sector, family
businesses, investors, banks, entrepreneurs, social leaders, research centers, military, labor representatives,
students, lawyers, cooperatives, communes, multinationals, private foundations, and international aid
agencies. In order to explain or create sustainable entrepreneurship, one isolated element in the ecosystem
is rarely sufficient.
• Regions which have extensive amounts of entrepreneurship, - Silicon Valley, Boston, New York City,
Israel, Bangalore, Hyderabad, Gurgaon, Pune etc. have very rich and supportive ecosystems.
31. Entrepreneurial Ecosystem
Entrepreneurship
Ecosystem
• Government
• Infrastructure
• Association
• Organization
Innovation Station
– ENVC Club of
CMSBS
• Industry
• Partners
• Sponsors
• Mentors
Alumni
Chenraj Roychand
Centre for
Entrepreneurship
CRCE – Incubation
Centre
Kalpavriksha
Accelerator Program
• University Credits
• Seed Funding
• Valuation & Equity
• Program Fee
Sponsorship
32. Start-up Ecosystem
A recent report on the state of
startups in the country from Inc42
in the year 2022 has divulged the
following information.
• 2022 marked a milestone year
for the Indian startup economy.
• From its first ever unicorn in
2011, the ecosystem witnessed
its 100th startup unicorn in 2022.
• Collectively, these 100 Indian
unicorns have raised over $90
Bn, and have a combined
valuation of about $333 Bn.
32
33. Do Something for Your School -
• created a class scheduling app
Create a Service for Your Peers
• Create a student-professor web interface that makes communication more direct!
• Create a cleaning service.
• Rent/PG information
• Become a Social Media Influencer
• online video editor,
• Personal Training
• early morning yoga classes or evening fitness camps for students and professionals.
• Tutoring
• individual sessions or group classes.
• advertise your services online and through social media,
Niche Blogging
Marketing Firm
• start with helping local businesses, startups, and personal brands to promote their brand on social media,
• voice-over services
Web Design & Development
Writing Editing and Proofreading
• writing, editing, and proofreading services
• Fiverr, EssayWriters.net, DigitalPoint Forums.
Opportunities for starting up
34. Opportunities for starting up
∙ Device setup
∙ Devices Repair Services.
∙ Become an online personality
∙ Traditional food/dresses/artforms
∙ Jewellery designing
∙ Artistry
∙ Handmade gifts
∙ Gift Wrapping Services
∙ Pet Sitting Services
35. • Entrepreneur is derived from the French
entreprendre, meaning “to undertake.”
– The entrepreneur is one who
undertakes to organize, manage, and
assume the risks of a business.
– Although no single definition of
entrepreneur exists and no one profile
can represent today’s entrepreneur,
research is providing an increasingly
sharper focus on the subject.
The Evolution of Entrepreneurship
37. Entrepreneurship – Schools of thought
• Effectuation process
• Opportunity
identification
process
• Context dependent
phenomenon
38. Austrian School
• So-called Austrian economics, which was founded by scholars at the
University of Vienna 150 years ago (hence the name), is an
alternative approach to understanding the economy that embraces
entrepreneurship and even sees it as the driving force of the market.
• economy is a dynamic process of entrepreneurship and innovation,
• their focus is on value creation, uncertainty, and how producers
constantly adjust and attempt to meet changing consumer
preferences.
39. Austrian School
• 1. Consumer sovereignty
• all production aims to ultimately satisfy consumers in some sense by
providing them with value.
• the value lies in their complete experience, not just what you sell.
2. Value determines price and costs are a choice
The entrepreneur's job is to figure out at what price their product is
attractive, and then choose a cost structure that allows for profit. In
other words, the price is a guess based on what value consumers see
in the product. The only choice is cost: how to produce at costs below
the selling price and, ultimately, whether to produce.
40. Austrian School
• 3. Entrepreneurship is about creating tomorrow
• individual entrepreneurs choose costs in the present to produce a
product that must be sold in the near or distant future, whatever the
market situation might be. That's the uncertainty borne by the
entrepreneur.
• 4. Seek to be a good monopolist
• Every innovation is by definition a new, unique offering and therefore
also a monopoly
• Austrians think of competition differenlty: It is about figuring out how
to provide the best value experience possible.
41. The Origin of the Concept
• French economist Richard Cantillon is generally accredited with being the first
to coin the phrase in the context of what we view today as entrepreneurship in
about 1730.
• He associated entrepreneurs and entrepreneurship with risk taking propensity.
Loosely, he defined entrepreneurship as self-employment of any sort, and
entrepreneurs as risk takers.
• According to Cantillon, entrepreneurs generate value by purchasing goods at
present prices expecting price rise and hence profit in future. in the process they
undertake risk as they decide to sell at uncertain prices in the future.
• He visualized the entrepreneur as a bearer of uncertainty (Cantillon,
1755/1931).
42. The Origin of the Concept
• Many scholars credit Jean-Baptiste Say for coining the term
‘entrepreneur’ who conceptualized the entrepreneurs as organizers
and leaders of the economy.
• He considered entrepreneurs to be change champions who move
resources from lower productivity zone to higher productivity zone
creating value in the process for themselves and for the economy
as a whole.
43. The Origin of the Concept
• Later on, Joseph Schumpeter’s approach towards understanding
of entrepreneurship (mostly based on economic determinants)
was the first major milestone in the evolution of the concept.
Schumpeter defined entrepreneurship as “the assumption of risk
and responsibility in designing and implementing a business strategy or
starting a business” (Schumpeter, 1949).
• He defined entrepreneurs as innovators who implement
entrepreneurial change (through creative disruptions) within
markets. To quote Schumpeter, “the entrepreneur is the
innovator who implements change within markets through the
carrying out of new combinations” (Schumpeter, 1934).
44. The Origin of the Concept
• He added the dimension of entrepreneur as innovator to
the earlier criteria of risk taking and self-employment
while defining entrepreneurship. Innovation was the core
focus area in the Schumpeterian approach.
• Entrepreneurs start new profit-seeking business ventures
and act as the catalysts through infusion of innovations
and creative destructions in the economy. Schumpeter’s
contribution proved to be a major milestone in the
evolutionary path of entrepreneurship theorization.
45. The Origin of the Concept
• Many of the early scholars on entrepreneurship like Richard
Cantillon, Schumpeter (1954), J.W. Gough (1969), R.D.
Hisrich and M.P. Peters (1995) have all emphasized on
entrepreneurs as actors who assume financial, psychological,
and social risk to create new enterprises.
• Keeping the risk propensity at the core, the term
entrepreneur has been defined as “a person who undertakes
and operates a new enterprise or venture, and assumes some
accountability for the inherent risks” (Gough, 1969).
46. The Origin of the Concept
• Creation of a new enterprise remained another central criterion while
defining entrepreneurs and entrepreneurial process in many studies.
Entrepreneurship is defined as the act of founding a new company,
were none existed before (Howell,1972).
• This perspective of viewing entrepreneurship as an act of creating new
business remained central theme in many other studies (like Draheim,
K. P., 1972; Mescon, T. & Montanari, J., 1981; Low & MacMillan, 1988
etc.).
47. Entrepreneurship and Individual Level Factors
• ‘The great men theory of entrepreneurship’
professes that successful entrepreneurs are outstanding
individuals who were born with the special, natural
talents and brilliant minds that distinguish them from
common masses and inevitably enable them to achieve
great success.
48. Contd.
• Single trait approach analyzes entrepreneur’s personality through a dominant trait
like achievement orientation (based on David McClelland’s concept of
achievement motivation - an inner desire to excel and strive for personal
accomplishments) or risk-taking propensity (Timmons et al, 1985)
• or high internal locus of control- based on the personality measure of ‘locus of
control’ developed by Rotter (1966).
• Entrepreneurs are people who take moderate and calculated risks. Also, driven by
strong internal locus of control, they carry the strong self-belief and are convinced
that events are contingent on their own behaviour that they can make things happen
as they wish- they can create their own destiny.
49. Contd.
• As per the personality perspective, the entrepreneur is assumed to be possessing a
particular personality, a distinctly describable set of qualities and behaviours. Gartner
proclaimed ‘once an entrepreneur, always an entrepreneur’ (Gartner, 1988; p12).
Emphasizing about the personality aspects in entrepreneurship, it is often stated, ‘it is
impossible to discern the dancer from the dance’ (Carland et al, 1988).
• The concept of ‘human capital’ is relevant in this regard. Human capital has been
defined as the knowledge, skills, and abilities of persons, which come from their
education, training, and experience (Becker 1993). It consists of resources possessed by
the individual, who can use and dispose them off with his/her own freedom (Lin, 2001).
50. Contd.
• A major part of individual level factors is the life-experiences and the learning
associated with those experiences which shape the idea generation and later activities
of the entrepreneur.
• Previous entrepreneurial experience has been found to be positively related to the
probability of entry into entrepreneurship and in exploiting the opportunity to
optimum (Davidsson and Honig, 2003).
51. Entrepreneurship as a Process and Practice
• Entrepreneurship has sometimes been considered to be more of a
process-oriented phenomenon which is concerned with the
process of change, emergence, and creation (Hartmann, 1959;
Bruyat & Julien, 2000).
• This perspective, with focus on process, differentiates
entrepreneurial activity from the relatively static area of
‘management’.
• A strong case has been advocated in this regard asserting that
investigations on entrepreneurship should not focus on what it is,
but how it is enacted (Hisrich & Peters, 1995).
52. Innovative Practice
• Peter Drucker added another perspective that entrepreneurship is an
innovative practice which involves exploring, recognizing, adopting
and maximizing opportunities.
• ‘Innovation’ is the tool used by entrepreneurs in this regard, to maximize
opportunities and add values to their services (Drucker 1986).
• Emphasizing this dynamic viewpoint of entrepreneurship, it was proposed
that “entrepreneurship is a practice” and it begins with the ‘act’ of
creation of a new organization (Drucker, 1985).
• As per this perspective, entrepreneurship embodies the creation of a new
organization and that any individual who starts a new business venture is
an entrepreneur; even those that fail to make profitable venture.
53. Entrepreneurship as Opportunity Exploration
• In the evolution of the concept of entrepreneurship literature, the study of opportunities has attained
prime importance. The search of opportunities; the discovery and exploitation of opportunities;
and the role of individuals involved in this process of discovery and exploitation is another way of
understanding entrepreneurial process (Shane and Venkataraman 2000).
• The focus of entrepreneurship in earlier approaches was to understand ‘the entrepreneur and his
acts?’, while the ‘opportunity-based approach’ made a paradigm shift in the sense that now the
presence of lucrative opportunities became critical and emphasis was now given to understand
how certain enterprising people make best use of these available opportunities and convert them into
profitable opportunities (Venkataraman 1997).
• ‘Entrepreneurship opportunity’ has been defined ‘situation in which new goods, services, raw
materials, markets and organizing methods can be introduced through the formation of new
means, ends, or means-ends relationships’ (Eckhardt and Shane, 2003, p. 336).
54. Effectuation
• Another related way of looking at entrepreneurship was to consider it as
the creative outcome of the efforts of the essential agent - entrepreneur,
who is an effectuator or an imaginative actor (Sarasvathy, 2001).
• According to this perspective of effectuation, entrepreneurial firms are
created when proper meeting happens between human imagination and
human aspirations.
• The entrepreneur tries to make the most of the available opportunities
and chooses the most appropriate means from amongst those at his/her
disposal in order to give shape to the enterprise of his/her imaginations.
This effectuation process propounds that before products, firms and
markets there is human imagination affecting the results.
55. Bricolage
• The concept of ‘bricolage’ (first given by Levi-Strauss in 1962) is also worth
mentioning in this regard. Bricolage is a French word (the word is derived
from the French verb ‘bricoler’ meaning "to tinker") that means the process of
improvisation in a human endeavor.
• It refers to making the best of available resources by combining them in novel
ways to solve problems {Levi-Strauss (1966) mentioned in Yujuico (2008)}.
So, the individual is not the silent and passive receiver of all the contextual
factors but keeps tinkering with the context to get the best out of it.
56. Entrepreneurship and the Contextual Factors
• In the entrepreneurial discourses, one set of scholars give primacy to
individual level factors while assessing the journey and success or failure of a
firm, while others analyze these in terms of the context in which the firm
originates and operates.
• The individualistic group argue the success of entrepreneurial activities
depends on the ability of entrepreneurs (Banjo and Doren, 2013). On the other
hand, those who give primacy to context contend that it is the ecosystem and
supporting systems and institutions in the firm’s external environment which
play predominant role in entrepreneurial development (Georgios et al., 2013).
57. Contd.
• According to the proponents of contextual and ecosystem-oriented
conceptualization of entrepreneurship, the business activities and decisions
of entrepreneurs are thought to be rooted in their contextual factors.
• In this framework, entrepreneurship is defined as a context dependent
process through which individuals and teams create wealth by bringing
together unique packages of resources to exploit marketplace opportunities
(Ireland et al., 2003).
• According to Welter (2011, p. 165), ‘…economic behavior can be better
understood within its historical, temporal, institutional, spatial, and social
contexts, as these contexts provide individuals with opportunities and set
boundaries for their actions’.
58. Social Context of Entrepreneurship
• Economic performance of an enterprise is highly reliant upon
underlying social and institutional structures.
• Social networks are prominent element of these structures.
• Societies across the globe have been using these social and
institutional structures and networks for diverse reasons in a
variety of ways.
• “Guanxi” in China and “Wasta” in the Arab world are two
popular illustrations of social networks with numerous benefits
to the members.
59. Contd.
• Guanxi can be interpreted as “connections”, “relationships” or “networks”. It has a fundamental
role in Chinese ethos. Guanxi is a network of associations, which a member can depend upon in
case of need and through which she/he can exert influence. Guanxi is based on mutual trust and a
sturdy bonding and expects certain obligations and the exchange of favours. It is a fundamental
aspect of doing business in China.
• The Arabic countries have historically revealed the use of networks for social capital access
through an arrangement called Wasta. Wasta is an Arabic word that is often understood as “clout”
or “whom you know”. It denotes one’s networks and contacts which may be used to get things
done, exchange favours and make impact on transactions. Whether it is a business transaction or
social exchange or administration related work, networks and connections generate influence
(achieved as being part of Wasta networks) often make things much simpler and quicker.
60. Contd.
• Japanese auto industries and Italian knitwear industries, are good illustrations on how
personal ties based on trust rather than commercial contracts proved so effective in business
growth in these industries by making expectations more predictable and reducing monitoring
costs (Uzzi, 1997).
• The supplier-manufacturer relationships in the Japanese auto industry share “thick”
information in form of tacit and proprietary know-how (Helper,1990). There ample
evidences of fruitful coordination among successful entrepreneurial business networks
promoting knowledge transfer and learning (Larson, 1992 and Lazerson,1995).
• Arrighetti and Lasagni (2010) analysed the effect of various social conditions on the Italian
firms with regard to their innovativeness and found that innovative firms tend to be part
of social cluster in certain provinces of Italy which were characterized by higher levels of
‘positive social capital’, construed as high adherence to social norms, expected community
behavior and high social interactions.
62. 62
Activity : Your Local Heroes - Transformed Your Country/World
Interactive session on Country Specific: Your Local Heroes
Team
No
Local Entrepreneurs Local Entrepreneurs Local
Entrepreneurs
1
2
3
4
5
6
7
8
9
10
65. • Entrepreneurship is more than the
mere creation of business:
– Seeking opportunities
– Taking risks beyond security
– Having the tenacity to push an
idea through to reality
• Entrepreneurship is an integrated
concept that permeates an individual’s
business in an innovative manner.
Entrepreneurship: A Mindset
67. The Entrepreneurial Process
• Opportunity driven
• Driven by a lead entrepreneur and an
entrepreneurial team
• Resource parsimonious and creative
• Dependent on the fit and balance among these
• Integrated and holistic
77. The Startup Analysis Canvas
Part 1: Value Proposition
• Problem
• Competition
• Product-Market Fit
Part 3: Market Strategy
• Price
• Placement
• Promotion
Part 2: Team Strategy
• Founders
• Advisers
• Partners
Part 4: Financial Strategy
• Revenue Model
• Cost Model
• Sales Model
• Funding Model
#3:Method: For twenty seconds, the participants will see a picture on the screen. The participants have to create and write a story based on the picture.
TAT is based on McClelland's Motivation Theory states that every person has one of three main driving motivators: the needs for achievement, affiliation and power. (15 minutes)
#21:Mind mapping for Entrepreneurial Ecosystem is unique in contributing meaningfully to the myriad struggles that startups face. Mind mapping can help founders conceptualize both the big picture and the small details of their new environment. Their teams remain agile and adaptable. They can embrace and explore unknowns and ambiguity with more confidence. Assessing who the players are in the ecosystem (Entrepreneurship – Government, Leadership, Financial Capital, Success stories, Culture, Supports, Human Capital, Finance, Market, Policy, Network and Non-Governmental Institutions etc.,) and what they’re doing not only helps in point out those resources to others but it helps to identify gaps.
#61:Entrepreneurship Changed Your Country/State/Region (15 minutes)
Method: Interactive session on Local entrepreneurs of their region, each group can identify two or three entrepreneurs who made positive changes in their community/region.
#62:Each team has to come out with three Entrepreneurs of their choice who have transformed their World, Country, State and Region.
#63:1. Lakshmi Mittal – Indian Steel Magnate
2. Dhirubhai Ambani: Founder Chairman of Reliance Industries Limited
3. Ratan Tata: Former chairperson of Tata Group
4. N. R. Narayana Murthy: co-founder of Infosys
5. Shiv Nadar: Founder and chairperson of HCL Infosystems
6. Azim Premji: Former chairman of Wipro Industries
7. Adi Godrej: Chairman of the Godrej Group
8. Ramesh Agarwal: Founder and chairman of the Dainik Bhaskar Group
