KEY NOTE ADDRESS ON ENTREPRENEURSHIP Prof Dr Joyanta

KEY NOTE ADDRESS ON ENTREPRENEURSHIP Prof. Dr. Joyanta Kumar Roy, Ph. D Principal, Dumkal Institute of Engineering and Technology Murshidabad, W. B. & Chairman cum Managing Director System Advance Technologies Pvt. Ltd. Kolkata, W. B.

DID YOU KNOW ?

Life is about…

Creating Value Taking calculated risks Listening to your heart Realizing your aspirations ……….

So is Entrepreneurship

The Entrepreneur Objective: Discovering what it means to be an Entrepreneur

Enterprise “The process by which new businesses are formed and new products and services are created and brought to market. Enterprises are usually led by an entrepreneur. ”

Entrepreneur The word “Entrepreneur came from old French word “entreprendre” “An individual who has an idea which they develop by setting up a new business and encouraging it to grow. They take the risk and the subsequent profits that come with the success or the losses that come with failure. ”

Sole Proprietorships • Is the most common in the U. S. • This type of business is run by one person • They get all the money and the risk

Partnerships • Is run by two or more people • They share equally in the business • One in ten businesses in the country are Partnerships • If the business borrows money all owners share the debt

Company • Company is own by Share holders • Share holders buy into the company by purchasing equity • Share holders do not run the business • By law Company is treated like a person • Your risk is limited to the money you invested

Limited Companies • Most Limited Companies are very large and very expensive to run • They also pay high taxes

Competition Among Businesses • Perfect competition is when there are many buyers and sellers • A monopoly is the opposite of perfect competition • Oligopolies are when a few very large companies control an industry • Like the auto industry

Competition Among Businesses • Oligopoly has some control over prices • However competition protects consumers

ASSESSING MANGERIAL QUALITY OF AN ENTREPRENEUR EXCELLENT GOOD POOR 1. Character Honest Sincere 2. Involvement in the project Only Income Main Income Additional Income 3. Financial resources > Enough Borrow 4. Competence Knowledge + Experience Alert to Opportunity Quick grasp of problem Knowledge or Exp. Needs Guidance Needs explanation Neither 7. Drive & Energy Highly energetic Fairly energetic Avoids Hard work 8. Self confidence Strong self belief Faith in his abilities Kismeth! 5. Initiative 6. Intelligence Negligence Routines only Slow grasp

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