Entrepreneurship METHODIST COLLEGE OF ENGINEERING

Transcript:Entrepreneurship METHODIST COLLEGE OF ENGINEERING:
Entrepreneurship METHODIST COLLEGE OF ENGINEERING HYDERABAD TYPES OF ENTREPRENEURSHIP Small Business entrepreneurship: (Ex: grocery stores, hairdressers, consultants etc. ) Their definition of success is to feed the family and make a profit, not to take over an industry or build a $100 million business. Can’t provide the scale to attract venture capital, they fund their businesses via friends/family or small business loans. Scalable Startup entrepreneurship (Ex: Ola, uber) attract investment from venture capitalists Large Company Entrepreneurship Changes in customer tastes, new technologies, legislation, new competitors entirely new products sold into new customers in new market Social Entrepreneurship Creating products and services that solve social needs and problems Goal is to make the world a better place, not to take market share or to create to wealth for the founders Challenges 1. Developing the Vision and Business Idea: Developing the Vision and Business Idea: The ability to see what others cannot see While others see problems, an entrepreneur must see opportunities Identifying a problem Seeing an opportunity in the problem Coming up with a solution Forging the opportunity into a business idea Integrating the solution into a business plan Challenges 2. Poor market research Before you invest a single penny in your new business, you need to conduct market research Identify potential customers, Set realistic targets, develop suitable strategies A common problem for new businesses is that they overestimate the size of their potential market. Challenges 3. Detailed business plan. Business plan helps us to focus on the mission and scope of your business. Figure out exactly how the business will run Realistically project how much money the business will make Challenges 4. Raising Capital for Startup After developing an idea, the next challenge that the entrepreneurs are going to face when starting a business from scratch is that of raising capital. An entrepreneur is the only one that knows business idea to the core. Trying to convince investors about something that doesn’t exist is definitely a challenge. To overcome the challenge of raising capital, an entrepreneur must develop the ability to sell their idea and vision to potential investors Challenges 5. Developing a Business Team Most brilliant ideas and products never get funded because the entrepreneur is trying to raise capital as an individual. A business team is a vital, yet often ignored key to raising venture capital successfully. As an entrepreneur bound to have strengths and weaknesses. That is