Entrepreneurship-emerging Opportunities & Challenges

ENTREPRENEURSHIP Emerging Opportunities & Challenges DR. M. A. ZAHIR CHAIRMAN, SYNETIC BUSINESS SCHOOL, LUDHIANA

ENTREPRENEURSHIP ENTREPRENEURSHIP AND SELF EMPLOYMENT 

VERY IMPORTANT : INDIA’S ADVANTAGE

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Industrialization, Economic Development and Entrepreneurship go together

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TO BE DISCUSSED IN RIGHT PERSPECTIVE

INDIA’S SOCIO-ECONOMIC SCENARIO: 4 ASPECTS 

GROWTH: 7-9% (5.5% on an average for next 4 decades…..)

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FULL EMPLOYMENT: Quite a large number through SELF-EMPLOYMENT and Entrepreneurship – throughout the value chain: Suppliers, Logistics, Distribution, Trading, Services……

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RISING MIDDLE CLASS: With disposable income – New Needs, New demands, New Markets…..

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DEMOGRAPHIC FEATURES (POPULATION): 70% 35 years or less. Required : Education & Skill Developments

ENTREPRENEURSHIP & BUSINESS DEVELOPMENT SMEs & ENTREPRENEURSHIP GO TOGETHER

THERE ARE 5 ASPECTS:  RISK: There is no such thing as risk less strategy or business. RISK – RETURNS…Achievement Motivation 

CAPITAL : FINANCE OPERATIONS….

SIZE OF

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TECHNOLOGY : Latest OR Appropriate Conti…

ENTREPRENEURSHIP & BUSINESS DEVELOPMENT: 4.

MANAGEMENT:     

Planning & Control Cost Product Development Marketing Working Capital Management.

Conti…

ENTREPRENEURSHIP & BUSINESS DEVELOPMENT

5. INNOVATION : An Idea Economy

“Entrepreneurship is essentially a creative activity” ….Joseph A. Schumpeter 

Something New & Different [Research & Development]

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Recombination; New Linkages

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Examples: Condensed Milk, Neva Quilt, Nirma, Noodles (Maggi), Sachet Conti… (Affordability)

ENTREPRENEURSHIP & BUSINESS DEVELOPMENT:

INNOVATION 

ENTRY BARRIERS     

Patent or IPR Complex Technology / Know-how Large Investment Secret Formula / Process Branding

GROWTH VECTOR 

:

DIRECTION OF GROWTH 1. Market

Penetration 2. Product Development 3. Market Development 4. Diversification Concentric Conglomerate

BLUE OCEAN STRATEGY [W. ChanKim & Renee Mauborgne]

“….Creating Uncontested Market Space and Making the Competition Irrelevant: - Eg. NANO CAR

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New Emerging Segments/ Needs Niche Market : High End/ Low End Bottom of the Pyramid – Opportunities Outsourcing: Leveraging Brand Equity OEM – Ancilliarisation

ENTREPRENEURSHIP & FAMILY BUSINESS  Family

Values

 Professionalisation  Succession

Planning