ENTREPRENEURSHIP DEVELOPMENT PDF
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Entrepreneurship Development INTRODUCTION: An entrepreneur is one of the important segments of economic growth. Basically he/she is a person. this book contain broad discussion about entrepreneur, traits, types, characteristics, theories. Entrepreneurship myavr.info - Free download as PDF File .pdf), Text File ( .txt) or read online for free.
Our advisory services are backed by periodic valuation reports of different asset class and regular relevant information through newsletters, mailers, e-mails, sms's, etc. We follow a philosophy which focuses on doing the right things rather than merely doing things right, we also believe that monetary rewards do not take precedence over an ethical approach to our work. Peeping Kid Official Website: Edu Edge Official Website: Herd MS Official Website: Vipul Yadav designed own 4 websites… 1.
Gift Punch Official Website: Teemper Lifestyle Official Website: The Different Store Official Website: Gift Yaar Official Website: I asked total 24 questions to Mr. Vipul Yadav as per the stage of Entrepreneurship. The entrepreneur before starting a venture 5 questions were asked under this stage. What is your education background? I have completed my B. What previous work experience do you have before starting the venture? Actually I am new in this.
And also during my graduation I worked in one mobile shop. My job was to repair damaged mobile. As per my thinking it is not necessary to having such an experience to start own business. Just you have gut feelings and dedication. Did you have any role models when growing up?
If you asking me about very famous personality as a role model then No. I have no any specific role model to follow. But if your meaning is of familiar person as role model then Yes, My Idol my teacher is my role model. Did you do entrepreneurial things as a youth?
I am young today; I am just 26 years old. So whatever I did that are during my youth. Actually I liked mobile phone very much when I was Child and thinking about mobile every time. In fact I want to something different in telecommunication software.
When did you know you wanted to be an entrepreneur? During my graduation. Only I knew is wanted to become different. The Entrepreneur at the time of starting the business 8 Question were asked in this stage. What was your primary motivation for starting a business?
What were the factors that led you to start the venture? My Primary motivation is my Interest in IT sector. I want to be achieving some different stage in IT sector. Factors are not fixed. At the start of venture I focused on some Factors like: One story I want to tell you but I will not declare the name of person and name of company.
Only cost of Rs Company provided phones. At that time someone not earn commission so he withdrawn the contract from Indian Company and gave the contract to Foreign Company. That company charged Rs per one piece. That was not Ethical thing… So I want to produce some cheaper but quality products for India.
What were your goals at the time you started the venture? My primary goal was Cheaper and Quality product.
Give the web solution to the companies. And other goal was to start the Affordable and unique E- commerce hub. What sort of beliefs did you have eg. About employees, partners, banks, etc? About Employees: Self-employment is best in business.
But for more production and service employees are required but only thing is dedication. Partner should be trust worthy and hard working.
If you climb four steps then your partner should there at fifth step to welcome you. According to me banks are your official partner. If you want to get good loan from bank then your business plan should be perfect and most profitable.
My meaning is not that you make fake profitable business plan. Did you establish a lifestyle business, a rapid growth business, or what? Yes, I established rapid growth business. Yes of course my growth orientation changes over time. Every business should have this type of philosophy. What sort of resources not just financial did you have when you started the venture? What sort of network did you have?
RMB402 Entrepreneurship Development
Were there any special creative things you did to come up with the needed resources? Besides the financial thing I needed some good partner.
Which I discussed in earlier question. In this field network is necessary. I have network of family and friend initially. But I also focused on some business enterprises. Yes I came up with some creative thing and you can see creativity from our home page of Depasser Infotech.
Also you can see some creative product that we sell under the our E-Commerce website. How concerned were you with control when starting the venture?
It is good question. Of Course Control is necessary in any venture or project. First I decided to control my web solution forum alone but after started E-Commerce I just worried about controlling so I was going for searching some employees and Partner.
I am very weak in marketing so I really need marketing people for my business even at this time I also need. Did you write a business plan? No, I did not write business plan. In fact I was not aware with some management and finance philosophy. But in my future project and business Prepared by: As a management student you can join me and do financial planning for me. How long was a typical work day and work week when you first started your venture? At the starting of venture I did lots of hard work.
Even present days I do hard work. But it is necessary to do hard work at the time of starting. Not just hard work but sustainable hard work. Only thing is believe in believe in hard work. The entrepreneur as he or she grew the venture 6 questions were asked in this stage: How have your goals and values changed since starting the venture? General Rule in business in you should not change your goal and value in entire life of your business.
But I think in different way. You can change your goal as per the generation and scenario changed. You can change values of your business as per societal value changes. Did your risk orientation change as the venture grew? Yes, I feel more risk now than I felt when I started this journey. This is because of Competition increase in IT sector.
And as per my thinking India is the best place for the business because of population. Did the typical work week change as the venture grew? Yes of course as time changes you should change the pattern of the work and time of work. Did the assumptions you made when you first started the business prove to be wrong?
No, I did hard work behind my project and now I feel that no assumption of mine is wrong. What key mistakes did you make along the way? I did only one mistake and that is selection of partner.
I will tell you my partner is not fraud but he has no faith on me and my work. Were there some critical times when the business nearly failed?
Yes, When no one was with me and when my partner left me. But I did not lose my courage. The entrepreneur today and tomorrow 4 questions were asked. What would you do differently if you had to do it all over again? Only this is make combination of two mobile and make hybrid from these. Just joking. When I was started this venture I thought about that. One thing I want to do is Purchase the hardware from the china and Installed software that I make and form different and quality product which will be different from other products.
What key personal characteristics do you see in yourself that were especially important for your success? Very Interesting question and funny also. Funny in the sense you tell me that praise yourself but in indirect way. What are your plans for the future? In fact so many plans are running here and there in my mind. One is merging the hardware Imported and software My own and making unique mobile which will cheaper but with quality.
Develop my own software and form E-Commerce hub.
What advice based on your experience would you give to others? This is very tough question. It also presented its roles in skills acquisition, manpower development in a developing economy. It discussed the concepts of skills acquisition, and manpower development.
The paper also identified the manor challenges facing vocational education training, which also affects entrepreneurship development and concludes by suggesting way forward. Entrepreneurship, Development, Skills Acquisition, Manpower Development Introduction Now that many developing nations suffer severe economic depression, the chief concerns of the populace have always been to get standard jobs that guarantee adequate incomes to cover the needs of their families.
But how easy can it be when thousands of workers are being laid off? Now, if someone unexpectedly become unemployed, the greatest challenge would be; how to take vigorous actions to become either self-employed or to get another paid employment in a bigger, better establishment.
But, becoming self-employed would not be easy if the individual has no saleable skills. Skills acquisition and manpower development are the catchphrase of the vocational education training, which is that aspect of general education that aims at imparting skills to its recipients. The developing economy refers to those countries with low level of material wellbeing.
Entrepreneurship Development - ED Study Materials
They are usually classified based on their per capital income, life expectancy, rate of literacy and human development index. Okonkwo , http: Pp asserts that the key characteristics of a developing economy is the lack of significant industrialization relative to the population in addition to poor standards of living. Nimmyel stated that the low level of living hence are manifested qualitatively and quantitatively in form of low incomes, inadequate housing, poor-healthcare facilities with limited or no education, high infant mortality, low life and work expectancy and in many cases, a general sense of hopelessness.
However, in this type of economy, acquisition of skills through technical and vocational education training, which will make the citizens self-reliant and productive, is imperative as it will reduce unemployment, hunger and poverty.
Without available facilities in adequate and effective utilization of the adequate facilities by qualified technical teachers, the acquisition of needed skills, knowledge and experiences, which students can use in translating theoretical principles into practical design for problem solving in the society, remain an illusion Nimmyel, This is why this book is prepared to give better understanding of technical and vocational education training as a sustainable instrument for manpower development in a developing economy.
The free encyclopaedia defines a developing economy as a nation with low level of material well-being.
Internationally, there have not been an extensively accepted definition of the word and level of development may differ widely within the so called developing economy. The United Nations defines the developing economies countries as countries, which have not achieved significant degree of industrialization relative to their populations, which also have in most cases, a medium of low standard of living Wikipedia.
This is true, because, vocational education training is a fundamental instrument that can be used to furnish individuals with profitable skills to be self-reliant, contribute to and benefit from the economic growth and development.
The practical nature of technical and vocational education training and entrepreneurship makes them unique in content and approach, thereby requiring special care and attention. Technologists are supposed to solve societal problems in sustainable ways.
For them to do so, they need to be sufficiently informed in vocational education training concepts and its application of the theoretical principles to practical problems. The desire of the stakeholders to achieve this has been met by lots of challenges.
The inability to tackle the challenges over the years in many nations has put countries at a low level in technology and has perpetually made those nations developing economies. The difference between developed, developing and undeveloped countries rests on the ability of the developed countries to convert scientific ideas to useable technology while the developing and underdeveloped countries are yet to effectively do so. Manpower Development Manpower development on the other hand, is now commonly referred to as human resource or human capital development.
It requires an incorporated approach and addresses multidimensional aspects of employees, ranging from enhancing technical and interpersonal skills to creative thinking and leadership. This means that any nation that has a high output level has made manpower development an essential part of its dealing.
For developing economies to produce employees for workforce with high level of productivity, manpower development must not be left to chance. Ogbuanya noted that manpower development especially in developing economy demands conscious and deliberate planning with crystal clear vision and mission statement.
It is very clear that a developing nation can gain independence in production of its goods and services, investments, employment and rapid growth in business if that country has developed its manpower development through developing effective technical and vocational education training system. Skills Acquisition The developing economies are challenged with the problems of unemployment and youths involvement in criminal acts.
The graduates roam the streets in search for the white collar jobs, which are not readily available either in the http: Pp public or the private sectors. Majority of these graduates do not have any form of vocational skills that can help them out of these situations. A worthwhile skill acquisition will enable the individual to perform meaningfully in the industrial world.
People that have acquired useful skills can help themselves and as well live by it; they can at the same time help others by training them to acquire the same skill they have for money, thereby generating more income again. This then mean that skill acquisition is a means of providing oneself with requisite materials for a satisfactory living.
Every country in the world is faced with the challenges of improving the capacity of their workforce to respond to their national development needs and to the demands of a rapidly changing, more globally competitive world. Therefore, the future success of every nation, individual, enterprise and community is highly dependent on the existence and possession of transferable skills and ideas.
The recognition that the indispensable role that technical and vocational education training plays in equipping individuals with relevant skills and knowledge hence enabling people to effectively participate in socio-economic and technological innovation process cannot be over emphasized.
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Through skills development, people can better their chances of securing productive and profitable employments thereby sustainably increase their income levels and access to a quality life Umunadi, Innovative Skills: This sort of skills allows the individual to delve deeper, think of products, goods and services that are of importance to the society, which are not yet introduced into the society.
The main aim of development in a nation is to improve the living standards of the people through effective utilization of human and material resources; hence developing nations must be fully involved in the development of technical and vocational education training for self-reliance.
This according to Olateju will contribute positively to reduce poverty and hunger thereby boasting the economical and social status of any nation. Practical Skills: Practical skills are acquired only when the vocational teachers are practically sound to teach the students through practical methods. But surprisingly, many vocational education teachers uses lecture methods to teach the students and most times, the courses of study are theory based.
Self-Motivation Skills: Having acquired the innovative and practical skills, the study will be able to develop self motivation skills. Self-motivation skills deal with the ability to be moved such that the practical and innovative skills acquired can be put to production of goods and services. Self-motivation is the ability to be self confident with extra drive and commitment to make sure necessary steps are taken to make dreams of successful business a reality Umunadi, Without the self-motivation skills, the vocational education graduates would not be able to establish themselves or be self-employed.
In the world of struggle like ours, one must be motivated to be able to succeed. This is the role of the TVET teacher. Financial Resources Skills: This sort of skill includes knowing how to stretch the limit start up that you have, spending only when needed, identifying the best pricing structure for your business in order to get the best return for your products and services Fasehun, For one to establish an enterprise, spending frivolously must http: Pp be avoided.
Onwuchekwa and Olatunji concluded that TVET graduates who may wish to be self-employed are deeply skeptical to establish on their own for lack of capital or financial resource skills. This situation inhibits the survival of the few existing enterprises around.
Marketing Skill: This sort of skill involves thinking about how to reach the targeted audience for product and services. To achieve this, the curriculum planners must make sure that opportunities are made available for the vocational teachers to impart such skills in the students.
Time management skill: Administrative Skill: Studies has shown that why many vocational enterprises are not flourishing is because, majority of the owners of such enterprises lack administrative skills.
Many of them do not have records of how much money realized from the enterprise, how much cash to reinvest and how much gain made from an existing enterprise.
This is why many small scale businesses do not survive. The curriculum planners and the school administrators should adjust technical and vocational education training programme to accommodate administrative training such that students or graduates will be able to acquire such skill to be self-reliant.
Professional skill: Fasehun asserts that this sort of skill is very necessary for success in an enterprise. It is obtained in a cooperate arrangement between the school and the industries. It also involves the code of conduct, customer care technique and opportunity recognition. Ihekwoaba listed some skills that the TVET graduates must acquire to be self-reliant, enter the production business world to establish successful and thriving small scale enterprises in a developing economy.
Corbeff in his assertion noted that when people do not have work, they do not make money; thus, high unemployment leads to high level of poverty. Entrepreneurial studies and practice, however, can and should contribute to relieve modern day difficulties in a valuable way by injecting innovation into the mainstream management spectrum. But if this treatment is to be anything more than a nullifying fix, then the entrepreneurial discipline must develop some sound ideas which have relevance to practical concerns of contemporary societies.
The study of entrepreneurship encompasses a great deal of ideologies and involves so many disciplines. For this reason it offers a challenge but at the same time rewards the researchers in this field potentially. Looking into entrepreneurial opportunities; one can derive such through the definitions. Entrepreneurship and entrepreneurship training has several definitions but for the purpose of this study, entrepreneurship is defined as the pursuit of opportunity regardless of resource currently controlled Ashmore, In other words, it is the pursuit of opportunities beyond the resources one can control.
Entrepreneurship can be described as imaginative, creative and innovative response to the environment. Such response can take place in any area of human endeavor such as in building, woodwork, agriculture, education, social work and services of all types on the formation of small scale business unit within the informal sector. A simple definition of an entrepreneur is someone or group of people who initiate and manages enterprising novel profitable ventures which have risks of profit and loss.
Although, the corridor of profit and loss is only one channel of exploration leading to one lobby of debate, therefore, a more generalized definition is; An entrepreneur is someone or group of people who start and manages new enterprising business enterprise.
Entrepreneurship also involves initiative, innovation, assuming risks in order to make a profit; it involves the organization of factors of production to transform a business idea into profitable reality. It is about value generation Nweze, Okolie and Ituma, The entrepreneur as he or she grew the venture 4.
Flag for inappropriate content. Leakage of business secrets to trade competitors is a serious matter which should be carefully guarded against by an entrepreneur. Challengers - Who always look for new challenges. Availability of local agencies with trained personnel for entrepre neurial counselling and promotions. Thus, housewives and students are entrepreneurs when reallocating their time for housework or student activities. Click Download or Read Online button to get entrepreneurship global edition book now.
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