A presentation given to students Home Science department of RTM Nagpur University, Amravati road. The purpose of the presentation was to explain the concept of Entrepreneurship, Skills of entrepreneurs and ideas for food business.
2. Entrepreneur & Entrepreneurship
ï After finishing your graduation you will be at the
crossroads of life.
ï You will face the dilemma of choosing what you have to do
in life.
ï You can choose your career from two broad categories of
options â Wage Employment or Entrepreneurship.
ï The term âcareerâ signifies a continuous, ever evolving, ever
expanding opportunity for personal as well as business
growth and development.
ï We may define entrepreneurship as a career in your own
business [YOB] rather than wage employment [JOB].
ï If you opt for a job then you will work for others. In case
you opt for entrepreneurship you will be your own boss.
3. Definition of an Entrepreneur
ïâAn entrepreneur is a person who
undertakes to do a jobâ. The term
entrepreneur originated from a French
word âentreprendreâ was first coined
by Richard Cantillon (1755).
ïIn Malaysia, the term âusahawanâ is used
to mean entrepreneur.
4. Some Modern Definitions
ïHoward Stevenson (Harvard) â â.. The pursuit of
opportunity without regard to resources currently
controlled.â
ïW. Gibb Dyer, Jr. (BYU) â âThe founding of new
businesses is the essence of entrepreneurial activity.â
5. Development of Entrepreneurship
Theories
ïAdam Smith (1776) â An entrepreneur is a person
who acts as agent in transforming demand into
supply.
ïJean Baptiste Say (1803) â An entrepreneur is a
person who shifts resources from an area of low
productivity to higher productivity.
ïJohn Stuart Mill (1848) â An entrepreneur is a
prime mover in the private enterprise. The
entrepreneur is the fourth factor of
production.
6. Development of Entrepreneurship
Theories
ïCarl Menger (1871) â The entrepreneur acts as an
economic agent who transforms resources into
products and services. These transformation process
gives added value to the output.
ïJoseph Aloysius Schumpeter (1934) â The
entrepreneur is an innovator. The economy moves
through leaps and bounds because of the
innovations. This process is known as âcreative
destructionâ
ïAlfred Marshall (1936) â The process of
entrepreneurship development is evolutionary. The
entrepreneur is responsible for the evolution of sole
proprietorships into a public company.
7. Development of
Entrepreneurship Theories
ïIbnu Khaldun (Abdul Rahman Mohamed
Khaldun) â The entrepreneur is seen as a
knowledgeable individual and is instrumental
in the development of a city-state where
enterprises emerge.
ïDavid C. McLelland (1951) â The entrepreneur
is a person with a high need for achievement.
This need for achievement is the foundation of
the entrepreneurship process.
9. Why Entrepreneurship?
ïBeing your Own Boss
ïSelf-management is the motivation that drives many
entrepreneurs.
ïFinancial Success
ïEntrepreneurs are wealth creators.
ïJob Security
ïOver the past ten years, large companies have
eliminated more jobs than they have created.
ïQuality of Life
ïStarting a business gives the founder some choice over
when, where, and how to work.
12. Entrepreneurial Characteristics
ï Vision - entrepreneurs begin with an overall idea for how to make their
business idea a success
ï High Energy Level - a willingness to work hard
ï Need to Achieve - entrepreneurs work hard because they want to excel
ï Self-Confidence - fearlessness in the face of difficult odds
ï Tolerance for Failure - entrepreneurs are not easily discouraged
ï Creativity - entrepreneurs devise innovative ways to overcome difficult
problems and situations
ï Tolerance for Ambiguity - entrepreneurs take in stride uncertainties.
ï Internal Locus of Control - entrepreneurs believe they can control
their own fate
13. Starting A New Venture
ï Selecting a Business Idea
ï Find something you love to do and are good at doing
ï Can your idea satisfy a need in the marketplace?
ï Entrepreneurs must be sure that the idea they
choose has interest in the marketplace
Business Plan
14. Approaches to Entrepreneurship Development
ï a. The selective method/ approach
ï b. The shotgun Approach Marketing
strategy whereby (in contrast to rifle approach)
the aim is to cover as wide an area or population as
possible.
ï c. The multiplier method
ï d. Intervention as an approach
15. Food Industry
ïIf there is an industry that is unlikely to go down,
it is probably the food industry. Regardless of the
economic situation, weather or whatsoever,
people must eat. People might stop buying clothes
and jewelries but they will never stop eating. Also,
this is a business you can start in any locality or
region; whether Nigeria, Canada, USA, U.K,
Ghana, India, Singapore, etc. So if you are
interested in starting a food business, below are
some food business ideas to help you start or
expand your existing food business
17. Ten ways to find and test your food business idea
Here are ten places to start finding and testing your ideas for a food business.
1. Ask your local deli or farm shop what they would like to see on their shelves.
2. Social media â get on Twitter, Facebook and YouTube and ask people what
theyâre interested in. Upload photos and videos of different food ideas youâve
had and see which get the warmest response.
3. The media: TV, magazines and newspapers are a good indication of current food
trends. Listen to The Food Programme on BBC Radio Q, and check out great
food bloggers.
4. How can you improve upon existing products? Think in terms of
flavour and nutrition. Both are big selling points.
5. Attend food networking events, go to food shows, festivals, farmersâ markets.
Get to know local producers and feed off their enthusiasm.
6. Discover new ingredients in speciality shops and delis.
7. Make a list of everyday food and drink and think about how you could improve
on it. Do the same for your favourite meals â both homecooked and from
restaurants.
8. Explore the science of nutrition in a short course.
9. Sign up for advanced-level cookery lessons.
10. Ask family and friends. (And experiment on family and friends!)