entrepreneurship

1. New Venture Planning and Management
MEE1017
Dr. Atul Kumar
Assistant Professor (Sr)
School of Mechanical Engineering

2. Module: 1
Entrepreneurship; Definition and Types
Entrepreneurship as a career
Competencies and qualities of an entrepreneur
Opportunity Identification and Trend Identification
Factors affecting entrepreneurship
Forms of business organization- Advantages and disadvantages
Steps involved in business establishment - Factors to be considered in plant
location

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What Makes Startups Succeed?
There are five essential elements that lead to
successful startups
IDEA
TEAM &
Execution
BUSINESS MODEL FUNDING TIMING

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What Makes Startups Succeed?
[Based on a study by IdeaLab]
14%
24%
28%
32%
42%
Factors of
success
across
more than
200
companies
Time
Team &
Execution
Idea
Business
Model
Funding

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The Startup Realty
The grim reality is that most startups fail

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Why start up fails ?

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Why start up fails ?

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Why start up fails ?
 Too many startups begin with an idea for a product that they think
people want.
 They then spend months, sometimes years, perfecting that product
without ever showing the product to the prospective customer.
 When they fail to reach broad uptake from customers, it is often
because they never spoke to prospective customers and determined
whether or not the product was interesting.
 When customers ultimately communicate, through their indifference,
that they don't care about the idea, the start-up fails.

9. Opportunity identification
• An opportunity is a gap in a market or the possibility of doing
something both differently and better
• An opportunity is a favorable set of circumstances that creates
a need for a new product, service, or business
• The presence of unfulfilled needs and want and/or problems
motivates the entrepreneurs
• The entrepreneur later creates a business that is able to fulfill
the needs or want and/or solve the problem.
• Developing of the opportunities requires initiative, effort and
creativity.

10. How do you find opportunities
Listen to your customers
– what they saying about your industry, products and services.
– Have they used similar products and services before?
– What are their frequently asked questions?
– Experiences? Frustrations?
– Feedback and complaints?
Research your customers
Use market research to analyze your customers on multiple
levels. This will help you evaluate whether the demand for a
product/service is real, and whether expanding into a
potential new market is worthwhile for your company.

11. Look at your competitors
– Is there any established industry in your area?
–See what they doing and more importantly not
doing?
– Where are they falling down?
– What are they doing right?
– What makes customers go to them over you?
Get a high-level view of the market.
How do you find opportunities

12. Opportunity Analysis
 How the product or service is produced
 Technology behind the product or service
 Customers’ need and the buying behaviour
 Distributors and distribution channels
 human skills utilized within the industry
 How the product or service might be promoted to the
customer
 competitors: who they are, how they act and react

13. 1. Preparation
– knowledge and experience
– background of the business
– Technical and product knowledge
2. Incubation
– Consideration of a concept
– Consideration of a specific problem
3. Insight
– Accurate and deep understanding
The 5 stages for opportunity identification

14. The 5 stages for opportunity identification
4. Evaluation
– Investigation stage
– Feasibility
– Viability
– Prospects
– Profitability
5. Elaboration
– Detailed planning
– Reduces uncertainties
– Will reveal concept areas

15.  Dealing with trends and the future is one of the most
important tasks. It provides the basis for the
development of the innovation strategy for future.
 Creating a plan for future customer engagement is just
as important as creating a plan for the present.
 Nutritional trends are an example. In the upswing in the
1960s, fatty food was part of the quality of life. Today,
the trends are moving towards healthy eating and vegan
nutrition.
Trend identification

16. Ways to identify Trends