OWN YOUR BUSINESS PROGRAMME An Introduction To be

OWN YOUR BUSINESS PROGRAMME An Introduction To be Conducted by Entrepreneurship Development Institute of India Ahmedabad

Traits of an Entrepreneur § Entrepreneurs are Optimists - They radiate optimism and instill it into others around them § Entrepreneurs are Confident, Charismatic Energetic and Ambitious § They manage to attract people around them and energize and inspire them § Work energizes the Entrepreneurs and they are obsessed with their work

Who is an Entrepreneur An Entrepreneur is one who creates a new business in the face of Risk and Uncertainty for the purpose of achieving Profit and Growth by identifying significant opportunities and assembling the necessary resources to capitalize on them

The Entrepreneurial Profile § § § § § Desire for Responsibility Preference for Moderate Risk Confidence in their ability to succeed Desire for immediate feedback High level of Energy Orientation for the Future – Forward looking Skill at Organizing Value for Achievement over Money High Degree of commitment Tolerance and Flexibility

The Flip Side of an Entrepreneur § Can be over ambitious with a single goal of making profits § Entrepreneurs can be arrogant and overconfident § Can lose focus and miss out on details § Can become obsessed with competition § Tend to be manipulative and use people

The Benefits of Entrepreneurship • • • Opportunity to create your own Destiny Opportunity to Make a Difference Opportunity to Reach your full Potential Opportunity to Reap Impressive Profits Opportunity to be Recognized for your Efforts Opportunity to do What you Enjoy

Potential Drawbacks of Entrepreneurship • • Uncertainty of Income Risk of losing your entire Investment Long hours and hard work Lower quality of life till the business gets established • High level of stress • Complete responsibility • Discouragement and Disillusionment

What’s Feeding the Entrepreneurial Fire • • Entrepreneurs looked upon as Heroes Education in Entrepreneurship Demographic and Economic Factors Shift to a Service Economy Technological Advancements Independent Lifestyle E-commerce and the Internet International Opportunities

Ten Deadly Mistakes of Entrepreneurs • Management Mistakes – Lack of leadership qualities, sound judgment and necessary knowledge • Lack of Experience • Poor Financial Control • Weak Marketing Efforts • Failure to develop a Strategic Plan • Uncontrolled Growth – Expansion should be financed by profits generated or capital contributions from owners • Poor Location • Improper Inventory Control • Incorrect Pricing • Inability to make the Entrepreneurial Transition – Growth calls for Delegation of Authority

How to Avoid the Pitfalls • • • Know your Business in depth Develop a solid Business Plan Manage financial resources well Understand Financial Statements Learn to Manage People Effectively Keep in tune with yourself – Successful business requires constant presence and attention and effective time management • Passion for the Business, its products, its services and its customers and communities

What does an Entrepreneur Need § A Good Idea details them § A Premise the - and how one can change - § An Endorsement - § A Mentor difference Emerging from an eye for - A one sentence description of Business Idea – A Mantra An appreciation and acceptance of the idea from experienced, knowledgeable and like-minded persons Mentors can make the between the success and

The Entrepreneur’s Team The Five Cornerstones § The Technical Innovator – The brain behind the Business § The Delivery Specialist - The COO § The Sales Specialist - The Revenue Earner § The Financier § The Mentor is the fifth and the most important cornerstone

About EDI § EDI is a National Resource Institute engaged in Entrepreneurship, Education, Training and Research § An Autonomous Institution set up in 1983, sponsored by IDBI, IFCI, ICICI and SBI § Selected as a member of the ESCAP network of Centers of Excellence for HRD Research and Training § Website: ediindia. org

Own Your Business Program § Objective – Development of a Cost effective Replicable model for enterprise creation by young business enthusiasts with a fire in their belly § Facilitating participants in establishing their enterprises through training and counseling in their identified businesses § Guiding trainees to establish linkages with financial institutions, banks and other business support institutions § Facilitating vertical and horizontal linkages of trainees within their selected business segment

The Training Methodology § A week long customized Entrepreneurship Development Residential Program to be conducted at the sprawling EDI campus at Ahmedabad § Training through classroom lectures, case studies, business games, group exercises, interactions with successful entrepreneurs and industrial visits § Counseling-cum-guidance and follow up support up to six months for successful rolling down of the Business Plan § Counseling through E-mails but personal visits if necessary on payment

Start Your Business Program Course Content § § Charms of Becoming an Entrepreneurial Competencies Planning a small scale industry Availability of Financial Schemes and Govt. support § Business Opportunity Identification § Selecting viable and feasible business ideas § Conducting a market survey and market analysis

Course Content § § § § Entrepreneurial Motivation Training Soft skills for launching and managing a Business Plan Preparation Marketing management for small business Financial management for small business Accounts and Book keeping Managing Business Crises Business plan preparation and presentation by trainees § Summing up § Feedback and Valedictory

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