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Eps Unit 1

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24 views31 pages

Eps Unit 1

ygssjsgsguguyhuh

Uploaded by

Vanshika Agrawal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Business & Startups

CONTENT
• Unit I: Overview, Idea Generation /
Evaluation:
• Startups and businesses,
• Types & stages of start-up,
• Idea generation strategies,
• Startup life cycle,
• Boot-strap financing,
• angels/VCs – elevator pitch,
• incubators and, business accelerators,
• entrepreneur’s mindset,
• General environment Analysis for
identifying opportunities.
Businessman Entrepreneur
Business Definition
• Business refers to an enterprising entity or
organization that carries out professional
activities. They can be commercial, industrial,
or others.
• For-profit business & non-profit
• Business ownership includes partnerships,
sole proprietorships, corporations, etc.
• Businesses can be small-scale or large-scale.
• Some of the biggest businesses in the world
are Amazon and Walmart.
What Is a Startup?

• Stages of operations
• Founded by one or more entrepreneurs
• Develops a product or service for which they
believe there is demand.
• Generally start with high costs and limited
revenue
• Founders normally finance their startups and
may attempt to attract outside
investment before they get off the ground.
• Sources include family and friends, venture
capitalists, crowdfunding, and loans.
• Startups must also consider where they'll do
business and their legal structure.
Key traits of entrepreneurs
• Passion: Entrepreneurs are often driven by a deep passion for
their business or idea. This passion fuels their perseverance
and dedication, helping them overcome obstacles and stay
motivated.

• Resilience: The ability to bounce back from failures and


setbacks is crucial. Entrepreneurs face numerous challenges,
and resilience helps them navigate through difficult times and
learn from their mistakes.

• Innovativeness: Creativity and a willingness to think outside


the box are essential. Entrepreneurs often find unique
solutions to problems and come up with new products or
services that meet market needs.
Key traits of entrepreneurs
• Risk-Taking: Entrepreneurs are willing to take calculated risks.
While they don't shy away from uncertainty, they also carefully
assess potential rewards and consequences before making
decisions.

• Vision: Having a clear vision for the future and setting


long-term goals is vital. Entrepreneurs need to see the big
picture and work towards achieving their objectives, even if the
path isn't always clear.

• Adaptability: The ability to adapt to changing circumstances


and pivot when necessary is crucial. Markets and industries can
shift quickly, and entrepreneurs must be flexible to stay
relevant.
Key traits of entrepreneurs
• Self-Motivation: Entrepreneurs are often self-starters who don't rely on
external motivation. They set their own goals, create their own schedules,
and push themselves to achieve their objectives.

• Networking Skills: Building a strong network of contacts, mentors, and


partners is important for success. Entrepreneurs need to connect with
others to gain support, advice, and opportunities.

• Financial Acumen: Understanding financial management, including


budgeting, forecasting, and managing cash flow, is essential. Entrepreneurs
must ensure their ventures are financially viable and sustainable.
Creativity and Innovation
1. Cultivating a Creative Mindset
Curiosity and Learning:
- Lifelong Learning : Entrepreneurs continuously seek knowledge through books, courses, and experiences. They
keep abreast of industry trends and innovations.
Questioning Norms : They often question the status quo and explore "what if" scenarios, leading to new ideas and
solutions.

Risk-Taking:
- Embracing Failure : Viewing failure as a learning opportunity rather than a setback helps entrepreneurs take
bold steps and innovate without fear.
- Experimentation : They frequently experiment with new ideas and approaches, accepting that not all will
succeed but each will provide valuable insights.
Creativity and Innovation
2. Leveraging External Influences
Networking:

- Collaborations : Working with diverse teams and networking with other professionals can spark
new ideas through shared experiences and knowledge.

- Mentorship : Seeking guidance from experienced mentors can provide new perspectives and
insights that foster creativity.

Market Insights:

- Customer Feedback : Engaging with customers to understand their needs and pain points can
lead to innovative solutions tailored to market demands.

- Competitive Analysis : Analyzing competitors' strengths and weaknesses can inspire new
approaches and highlight opportunities for differentiation.
Creativity and Innovation
3. Implementing Practical Strategies
Structured Creativity:
- Brainstorming Sessions : Regular brainstorming sessions, both
individual and team-based, can generate a wealth of ideas.
Mind Mapping : Visual tools like mind maps help in organizing thoughts
and exploring connections between ideas.

Innovation Processes:
- Design Thinking : This user-centric approach involves empathy, ideation,
prototyping, and testing to develop innovative solutions that meet users'
needs.
- Lean Startup Methodology : Focusing on building a minimum viable
product (MVP), testing it in the market, and iterating based on feedback
allows for rapid innovation and development.
Creativity and Innovation
4. Creating an Innovative
Environment
Culture of Innovation:
- Encouraging Creativity : Creating a work
culture that encourages and rewards creativity
helps foster an innovative mindset among team
members.
- Flexible Workspaces : Designing
workspaces that promote collaboration and
spontaneous idea sharing can enhance creative
thinking.
Creativity and Innovation
4. Creating an Innovative
Environment
Resource Allocation:
- Investment in R&D : Allocating resources
to research and development enables continuous
innovation and improvement of products and
services.
- Technology and Tools : Utilizing the latest
technologies and tools can streamline processes
and inspire new ways of solving problems.
Creativity and Innovation
5. Personal Development and Self-Care

Mindfulness and Relaxation:


- Mindfulness Practices : Techniques such
as meditation and mindfulness can clear the
mind and enhance creative thinking.
Creativity and Innovation
5. Personal Development and Self-Care

Mindfulness and Relaxation:


- Work-Life Balance : Maintaining a
healthy work-life balance ensures sustained
creativity by preventing burnout and
maintaining high energy levels.
Entrepreneurs develop risk-taking ability through

1. Education and Training: Formal


education in business, finance, and
management can provide
entrepreneurs with a foundational
understanding of risk management.
Workshops and seminars on
entrepreneurship also help in
understanding risks involved in
starting and running a business.
Entrepreneurs develop risk-taking ability through

2. Experience: Practical experience


is invaluable. By starting small and
gradually taking on bigger
challenges, entrepreneurs learn to
assess and manage risks effectively.
Each venture, whether successful or
not, provides lessons that enhance
their risk-taking ability.
Entrepreneurs develop risk-taking ability through

3. Mentorship: Guidance from


experienced mentors can help
entrepreneurs navigate the
uncertainties of starting a business.
Mentors can share their own
experiences, highlight potential
pitfalls, and offer strategies for
managing risk.
Entrepreneurs develop risk-taking ability through

4. Networking: Building a
strong network of peers,
advisors, and industry experts
can provide support and insights.
This network can offer different
perspectives on risk and how to
handle it.
Entrepreneurs develop risk-taking ability through

5. Market Research: Thorough market research reduces


uncertainty. Understanding the market, competitors, and
customer needs helps entrepreneurs make informed
decisions and minimize risks.

6. Financial Planning: Sound financial planning, including


budgeting, cash flow management, and securing funding,
helps entrepreneurs prepare for potential risks. Having a
financial cushion or backup plan can mitigate the impact
of unforeseen challenges.
Entrepreneurs develop risk-taking ability through

7. Learning from Failures: Embracing failure as a learning


opportunity rather than a setback helps entrepreneurs build
resilience. Analyzing what went wrong and how to avoid similar
mistakes in the future strengthens their risk-taking ability.

8. Innovation and Adaptability: Being innovative and adaptable


allows entrepreneurs to pivot when necessary and seize new
opportunities, even if they come with risks. Flexibility in their
approach helps them navigate changing circumstances.
Entrepreneurs develop risk-taking ability through

9. Calculated Risk-Taking: Entrepreneurs learn to take


calculated risks by evaluating the potential benefits
against the possible downsides. They use tools like
SWOT analysis (Strengths, Weaknesses, Opportunities,
Threats) to assess risks and make informed decisions.

10. Building Confidence: Confidence in their abilities and


their vision enables entrepreneurs to take bold steps. This
confidence often comes from a combination of
knowledge, experience, and a positive mindset.
Customers
• Deliver Quality Products/Services:
o Ensure that your products or services meet or exceed
customer expectations.

• Excellent Customer Service:


o Provide timely and helpful responses to customer inquiries
and complaints.
• Engage with Customers:
o Use social media, newsletters, and other communication channels to
stay in touch.

• Transparency and Trust:


o Admit mistakes and take responsibility, showing customers that
you value their trust.
Suppliers
• Clear Communication:
o Share forecasts and plans to help suppliers
manage their inventory and production.

• Mutual Respect:
o Acknowledge and appreciate their contributions
to your business success.

• Build Long-term Relationships:


o Treat suppliers as partners rather than mere vendors.

• Timely Payments:.
o Negotiate fair terms and conditions that benefit both parties.
Competitors
• Healthy Competition:
o Focus on improving your own products and services rather
than undermining competitors.

• Networking and Collaboration:


o Look for opportunities to collaborate on industry-wide
initiatives that benefit all players.

• Market Insights:
o Learn from your competitors by observing their strategies
and customer interactions.

• Respect Intellectual Property:


o Respect their innovations and expect the same in return.
Government
• Compliance:
o Stay informed about relevant laws, regulations, and
industry standards.

• Advocacy and Participation:


o Participate in industry groups and chambers of commerce
to stay connected with government policies.

• Transparency and Reporting:


o Maintain accurate records and submit required reports and
taxes on time.

• Community Engagement:
o Engage in community development and social
responsibility initiatives.

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