This book introduces readers and students to the entrepreneurial process. It is important as evidence has suggested that the probability of entrepreneurs’ success enhances when they thoroughly appreciate the components of the entrepreneurial process as well as how to effectively use them. The fact that nearly 33 percent of new firms fail within the first two years while twenty percent fail within four to five years of their existence makes it evident that while many people are highly motivated to start new firms, motivation alone is not sufficient, rather it should be coupled with relevant information, a strong business idea, a well-crafted business plan, and sound execution to maximize chances for success. This work offers an insightful and a practical guide to the process of launching and growing an entrepreneurial organisation with success. It will therefore serve as an important resource to students of Entreprenuership and to anyone interested in the field, academically or practically.
Author(s): Deependra Sharma
Publisher: Routledge
Year: 2022
Language: English
Pages: 296
City: London
Cover
Half Title
Title Page
Copyright Page
Foreword
Preface
Contributors List
Brief Contents
Table of Contents
Chapter 1: What is Entrepreneurship?
1.1: What is Entrepreneurship?
1.2: Why Become an Entrepreneur?
1.2.1: Be Their Own Boss
1.2.2: Pursue Their Own Ideas
1.2.3: Pursue Financial Rewards
1.3: Characteristics of Successful Entrepreneurs
1.3.1: Passion for the Business
1.3.2: Product/Customer Focus
1.3.3: Tenacity Despite Failure
1.3.4: Execution Intelligence
1.4: Common Myths About Entrepreneurs
1.5: Entrepreneurship’s Importance
1.6: Economic Impact of Entrepreneurial Firms on a Society and Country
Review Questions Based on Chapter
Applied Questions
References
Chapter 2: Entrepreneurship Process and Identifying Opportunities
2.1: Introduction
2.2: Entrepreneurship Process for New Business
2.2.1: Identifying and Recognizing Opportunities
2.2.2: Solving a Problem
2.3: Finding Gaps in the Marketplace
2.4: Sources of Generating Ideas
2.4.1: Existing Products and Services
2.4.2: Distribution Channels
2.4.3: Government
2.4.4: Research and Development
2.5: Techniques for Generating Ideas
2.5.1: Focus Groups
2.5.2: Brainstorming
2.5.3: Problem Inventory Analysis
2.6: Encouraging and Protecting New Ideas
2.7: Encouraging Creativity at the Firm Level and Protecting the Idea
Review Questions
Applied Questions
References
Chapter 3: Feasibility Analysis
3.1: Introduction: Feasibility Analysis
3.2: When to Conduct the Feasibility Analysis?
3.3: Benefits of the Feasibility Study
3.4: Feasibility Check Chart
3.5: Product/Service Feasibility Analysis
3.6: Industry/Target Market Feasibility Analysis
3.7: Organizational Feasibility Analysis
3.8: Financial Feasibility Analysis
Case Study
Questions for Discussion
Review Questions
Applied Questions
References
Chapter 4: Business Plan
4.1: Introduction
4.2: Benefits of A Business Plan
4.3: Business Plan Elements
4.3.1: Executive Summary
4.3.2: Contents of Executive Summary
4.3.3: Business Description
4.3.4: Product or Service Description
4.4: Mission Statement
4.5: Market Analysis
4.6: SWOT Analysis
4.7: Marketing Plan
4.7.1: Unique Selling Proposition
4.7.2: Pricing Strategy
4.7.3: Sales and Distribution Plan
4.7.4: Advertising and Promotion Plan
4.8: Financial Projections
4.8.1: Sales Forecast
4.8.2: Cash Flow Statement
4.8.3: Profit and Loss Statement
4.8.4: Balance Sheet
4.8.5: Break-Even Projection
4.9: Conclusions
4.10: Case Study
Review Questions
Applied Questions
References
Chapter 5: Industry and Competitor Analysis
5.1: Studying Industry Trends
5.2: Finding a Competitive Strategy and Developing New
5.2.1: Threats of New Entry
5.2.2: Threat of Substitution
5.2.3: Bargaining Power of Suppliers
5.2.4: Bargaining Power of Buyers
5.2.5: Competitive Rivalries
5.3: Gaining Competitive Intelligence
5.4: Understanding the Competitive Analysis Grid
5.5: Case in Point-EdTech Entrepreneurship
Case Questions
Review Questions
Applied Questions
Suggested Additional Reading
References
Chapter 6: Initial Ethical and Legal Issues Facing A New Firm
6.1: Introduction
6.2: Ethical & Legal Aspects of Entrepreneurship
6.2.1: Integrity
6.2.2: Organisational Spirit
6.2.3: Transparency
6.2.4: Accountability
6.3: Creating Strong Ethical Culture
6.4: Legal Issues Facing A New Firm
6.5: Selection of the Attorney/Lawyer
6.6: Founder’s Agreement
6.7: Obtaining Business Licences and Permits
6.7.1: Company or LLP Registration
6.7.2: GST Registration
6.7.3: Udyog Aadhar Registration
6.7.4: FSSAI License or Registration
6.7.5: Import Export Code
6.7.6: Shop and Establishment Act License
6.8: Forms of Businesses
6.8.1: Manufacturing Business
6.8.2: Service Business
6.8.3: Merchandising Business / Trading / Retailing
6.8.4: Sole Proprietorship
6.8.5: Partnership
6.8.6: Corporation
6.8.7: Cooperative
6.8.8: Entrepreneurial Story – 4: Shiv Nadar
Case Study
Questions for Discussion
Review Questions
Applied Questions
References
Chapter 7: Financial Viability of New Ventures
7.1: Introduction
7.2: Financial Statements and Financial Analysis
7.2.1: Financial Statements
7.2.2: Financial Analysis
7.3: Working Capital Management and Venture Capital
Case Let
Review Questions
Application Based Questions
References
Chapter 8: Building a New-Venture: Financing and Funding
8.1: Building a New Venture: Over View
8.2: Hiring Key Employees
8.3: Recruiting and Selecting New Employees
8.3.1: The Challenges Faced When Start-ups Hire New Employees
8.4: Understanding the Roles of the Board of Directors,
8.4.1: Roles of the Board of Directors
8.4.2: Recruitment of the Board Members
8.4.3: Adding a Member to the Board
8.5: Role of the Board of Advisors in A Startup
8.6: Role of Other Professionals in A Startup
8.7: Understanding the Various Sources of Personal Financing
8.7.1: The Various Sources of Personal Financing
8.7.2: Using up the Founder’s Own Savings
8.7.3: Re-mortgaging
8.7.4: Borrowing from Family and Friends
8.7.5: Making Use of Credit Cards
8.7.6: Going the Hard Way by Cutting Costs
8.8: Preparing to Raise Debt and Equity Financing
8.8.1: Debt Financing
8.8.2: Equity Financing
8.9: Understanding Angel Investors and How they Help Start-ups
8.9.1: Business Angels
8.10: Understanding Venture Capitalists and How They Help Startups
8.10.1: Venture Capitalist
8.10.2: How to Procure VC Financing?
8.11: Understanding How Business Incubators Help Startups
8.11.1: Business Incubators
8.12: Understanding Initial Public Offerings and Its Relevance in a New Venture
8.13: Understanding How Commercial Banks Help Startups
8.13.1: Commercial Banks
8.14: Understanding How Leasing Helps New Startups
8.14.1: Leasing for Start-Ups
8.15: The Different Sources of Debt Financing
8.15.1: Other Sources of Debt Financing
8.16: Understanding How Strategic Partnerships Helps New Ventures
Case in Point
Case 2
Case Questions
Review Questions
Applied Questions
Additional Reading
References
Chapter 9: Marketing Issues of New Venture
9.1: Introduction
9.2: Directing the Marketing Efforts-Mass Marketing Versus Micromarketing
9.2.1: Mass Marketing
9.2.2: Micromarketing
9.3: Choosing the Segment (s) to Target
9.4: Key Criteria for Choosing a Target Market
9.4.1: Target Market Selection Designs
9.4.2: Positioning a Market Offering
9.4.3: Positioning Errors
9.4.4: Building Brands
9.5: Key Terms Discussed / Summary
Review Questions
Applied Questions
Questions
References
Chapter 10: The Importance of Intellectual Property
10.1: Introduction
10.2: Stages of An Invention Cycle
10.3: Types of Intellectual Property (IP)
10.3.1: Copyrights
10.3.2: Industrial Property
10.3.3: Brief Information About Major Forms of IP
10.4: Who can Apply for a Patent?
10.5: The Process of Obtaining a Patent
10.6: Patent Infringement
10.7: Types of Trademarks
10.7.1: Various Classes of Trademarks
10.7.2: Trademarks Exclusions
10.7.3: The Process of Obtaining a Trademark
10.8: Copyrights
10.8.1: What is Protected by a Copyright?
10.8.2: How to Obtain a Copyright?
10.8.3: Copyright Infringement
10.8.4: Copyright & the Internet
Cases
Questions for Self Assessment
References
Additional Reading
Chapter 11: Challenges of Business Growth: Preparation and Evaluation
11.1: Appreciating the Nature of Business Growth
11.2: Staying Committed to a Core Strategy
11.3: Planning for Growth
11.4: Knowing and Managing the Stages of Growth
11.5: Challenges of Growth
11.6: Strategies for Firm Growth (Internal and External)
11.7: Exit Strategy
11.8: Franchising
Review Question
Applied Question
References
Chapter 12: Social Entrepreneurship
12.1: Introduction
12.2: Characteristics of Social Entrepreneur
12.3: Brief Description of Social Enterprise, Social Entrepreneurship and Social Entrepreneurs
12.4: Social Enterprise and Social Entrepreneurship
12.5: Types of Social Entrepreneurship
12.6: Importance of Social Entrepreneurship
12.7: Limitations of Social Entrepreneurship
12.8: Recent Trends in Social Entrepreneurship
12.9: Social Responsibilities of Entrepreneurs
12.10: Arguments Against Social Responsibilities of Entrepreneurs
12.11: Examples of Social Enterprises
Review Questions
References
Index
