ENTREPRENEURSHIP

IN BFSI

Prepared By:
Ms. Sneha Gupta
Unit 1: Concept of Entrepreneurship

Entrepreneurship mindset: Conceptual Framework, including

'Intrapreneurship', Women Entrepreneurs.
● Spotting Opportunities: Ideation, Preparing for a Survey
● Identification of Targets and Narrowing Down Scope (Ideation v/s
Viability)
● Roles of various organizations in fostering entrepreneurship and
intrapreneurship
● Management of the Entrepreneurial Process
● Solutions: For the Business as well as for the Client.
ENTREPRENEURSHIP
The word entrepreneur is derived from the French word
enterprendre, which means to undertake. This refers to those
who undertake the risk of new enterprises. Hence, an
entrepreneur is an individual who creates a new business,
manages it, bearing its risks and enjoying its rewards.
Entrepreneurship is a process of actions of an entrepreneur who
is always in search of something new and exploits such ideas
into gainful opportunities by accepting the risk and uncertainty
with the enterprise. It is the ability and readiness to develop,
organize and run a business enterprise, along with any of its
uncertainties in order to make a profit.
ENTREPRENEURIAL MINDSET
An entrepreneurial mindset is a set of skills that enable people
to identify and make the most of opportunities, overcome and
learn from setbacks, and succeed in a variety of settings. It is
a specific set of beliefs, knowledge, and thought processes that
drive entrepreneurial behavior.
KEY TRAITS OF AN ENTREPRENEURIAL MINDSET
1. Critical Thinking & Problem Solving
2. Flexibility & Adaptability
3. Communication & Collaboration
4. Comfort with Risk
5. Initiative & Self Resilience
6. Future Orientation
7. Opportunity Recognition
8. Creativity & Innovation
ENTREPRENEURIAL PROCESS
1. Identification of an opportunity: Every new venture begins with an idea.
The idea can be a description of a need or a problem coupled with a
concept of a possible solution. An entrepreneur always understands the
potential opportunities as well as is ready to embrace and apply new ideas
and combat new challenges.
2. Establishment of a vision: An entrepreneur always assesses the risks and
rewards associated with an idea and also keeps a check on the competitive
business environment to select the most feasible and profitable idea.
Strategies and plans are created to capitalize on the opportunity.
3. Building a Team: An entrepreneur needs to build a foundation team. This
team includes people who consistently work together for the
accomplishment of a common goal. They wish to turn the vision into
reality.
ENTREPRENEURIAL PROCESS
4. Gathering of important resources: A successful entrepreneur needs to
research and identify resources that are required for converting an idea
into a feasible venture. They need to come up with effective business plans
for attracting investors, partners, financial institutions, and so on.
5. Creation of new venture: After an entrepreneur is done with the
arrangement of all the required resources, he/she needs to establish a new
venture and run the business venture with utmost proficiency.
6. Adaptability & Growth: Monitoring and upgrading the organization
according to the ever-changing market scenario is quite important for an
entrepreneur. The adaptability of human resources along with sufficiency
of funds is necessary for surviving the dynamic business environment.
INTRAPRENEURSHIP
The term intrapreneur is a blend word of "internal" and
"entrepreneur," referring to employees within a company who
apply entrepreneurial skills like creativity, initiative and risk-
taking to their roles. Intrapreneurship is acting like an
entrepreneur within an established company. It’s creating a new
business or venture within an organization. Sometimes that
business becomes a new section, or department, or even a
subsidiary.
Google's "20% time," which encouraged employees to spend
20% of their time on side projects, led to the creation of
successful products like Google News and AdSense.
WOMEN ENTREPRENEURS
Women Entrepreneurs means a woman or a group of women
who initiate, organize and operate a business enterprise.
“An enterprise owned and controlled by woman having a
minimum financial interest of 51% of the capital and giving at
least 51% employment generated to women”
-By Government of India
WOMEN ENTREPRENEUR- CASE STUDY
Kiran Mazumdar Shaw, Founder of Biocon
Kiran graduated college in the late 1970s with a B.Sc. in Biology and Zoology. However,
her father’s work as the head brew master for one of the India’s largest beer companies
inspired her to change her career.
Shortly after, she headed to Australia to train as a brew master. Her intentions were to
return to India and obtain a job with her newfound knowledge. However, the Indian
brewing industry was heavily male dominated and employers refused to offer her a job.
Undeterred, she decided to start her own venture and began building her own
business from scratch. She met an Irish entrepreneur, Leslie Auchincloss, who was
looking for an Indian partner to produce enzymes – a role that suited her interest in
biology. Kiran launched Biocon India in 1978 as a joint venture with Ireland-based
Biocon Biochemicals, retaining a 70% stake in the company. She started the business in
the garage of her rented house in Bengaluru with a seed capital of Rs. 10,000.
Today, Biocon is India’s one of the largest biotech companies and Kiran Mazumdar-
Shaw is India’s first self-made female billionaire.
SPOTTING OPPORTUNITIES
• The first step is to recognize an opportunity which can be known
as opportunity seeking.
• The second step is to analyse the opportunity found which can be
known as opportunity screening.
• The final step is to act on the opportunity which can be known as
opportunity seizing.
SPOTTING OPPORTUNITIES
‘How to find the gap in an established market?’ by Dragan Sutevski
1. Start with your strengths
2. Find a niche in the existing market where there are unsolved
problems and where this strength could flourish.
3. See what is out there and improve.
4. Research the trends on the established market
IDEATION
Ideation encompasses the creative process of generating and
expressing new ideas that aims to solve a problem or provide a
more efficient way to do or accomplish something. It includes
developing new ideas, enhancing current ones, and determining
how to implement new ideas into practice.
Ideation is the third stage in the Design Thinking process where
the aim is to generate a large quantity of ideas whether absurd,
novel or strange that the team can then filter and cut down into
the best, most practical or most innovative ones in order to
inspire new and better design solutions and products.
COMMONLY USED TECHNIQUES OF IDEATION
1. Brainstorming: In a free-thinking environment, teams
approach a problem by such means as “How Might We”
questions. They produce a vast array of ideas, build on
others’ ideas and draw links between them to find potential
solutions.
2. Mind Mapping: It is a method of connecting ideas by
constructing relationship webs. Here the problem occupies
a central position and the issue stems from various
concepts or themes that link them to solutions or ideas.
3. Story Board: It stresses visual storytelling with key characters
as design, problem dynamics, and a path to a solution.
IDEATION ACTIVITY: 30 CIRCLES
Time: 5 minutes
How to:
•Take a sheet and draw 30 circles.
•Then draw recognisable objects in as many circles as possible.
That could be a pizza, clock, etc.
IDEATION ACTIVITY: 30 CIRCLES
How many circles did you fill up? Are there
any recognisable patterns or are any of the
ideas related, like several planets or
different sport balls. Did someone “break
the rules” by combining circles or using
them in an unexpected way?
PREPARING FOR A SURVEY
Survey research means collecting information about a group of
people by asking them questions and analyzing the results. To
conduct an effective survey, following steps can be taken:
1.Determine who will participate in the survey
2.Decide the type of survey (mail, online, or in-person)
3.Design the survey questions and layout
4.Distribute the survey
5.Analyze the responses
6.Write up the results
PREPARING FOR A SURVEY
• Formulate the questions clearly and grammatically correctly
• Keep it short and simple
• Do not use suggestive questions
• Try to avoid ambiguous/ problematic expressions
• Do not use negative questions like “What do you not prefer”
• Stay away from asking double-barreled questions
IDENTIFICATION OF TARGETS
A target market is a group of people that have been identified
as the most likely potential customers for a product because of
their shared characteristics, such as age, income, and lifestyle.
Identifying the target market is important in the development
and implementation of a successful marketing plan for any new
product. The target market can also influence a product's
specifications, packaging, and distribution.
NARROWING DOWN SCOPE (IDEATION v/s VIABILITY)
Business viability is measured by a business' potential for long-
term survival and the ability to sustain profits over a period of
time.
NARROWING DOWN SCOPE (IDEATION v/s VIABILITY)
The end goal of a design thinking process is to create a solution
that is desirable, feasible and viable. This means that a product
should satisfy the needs of a user, be feasible to implement and
have a financial model as well. During the bulk of the design
thinking process, focus shall be on desirability as one is
concerned with testing the ideas and validating the hypotheses
about the users. Towards the end of the project, however, one
should bring the focus to feasibility and viability so that the
solution can be sustainable.
NARROWING DOWN SCOPE (IDEATION v/s VIABILITY)
Creating a viable business is a two-part process. First, it means
creating a marketing strategy by knowing who you are, who you are
selling to, and who else is selling to them. Second, it means having
your financial house in order. It includes:
1.Unique selling proposition
2.Stable customer base
3.Competitive advantage
4.Cash stability
5.Continuing attention to financial status of the business
ROLE OF VARIOUS ORGANIZATIONS IN FOSTERING ENTREPRENEURSHIP:
The Government has set up specialized agencies to impart training and
development to entrepreneurs, so as to improve their knowledge, attitudes, and
skills:
1. Small Industries Development Organization (SIDO): It is a major
constituent of the Ministry of Micro, Small and Medium Enterprises of the
Government of India. It was set up in 1954; SIDO provides services to small
scale industries throughout the country by implementing a broad program
of activities and services like Entrepreneurship Development, Testing Centres,
R&D Services, Technical and managerial consultancy, Assistance for exports
etc.
2. National Small Industries Corporation Limited (NSIC): It is a Mini
Ratna government agency established by the Ministry of Micro, Small and
Medium Enterprises in 1955. It provides assistance by setting up incubation
centres & international technology fairs to provide aspiring entrepreneurs
and emerging small enterprises a platform to develop skills, identify
appropriate technology, provide hands-on experience on the working
projects, manage funds through banks, and practical knowledge on how to
set up an enterprise.
3. Entrepreneurship Development Institute of India (EDII): It is an autonomous
and not-for-profit institute set up in 1983. It is promoted by apex financial
institutions – the IDBI Bank Ltd., IFCI Ltd., ICICI Bank Ltd. and the State Bank of India
(SBI), with support from the Government of Gujarat. EDII has helped set up
Entrepreneurship Development Centres and Institutes to help potential and existing
entrepreneurs.
4. National Institute of Entrepreneurship and Small Business Development
(NIESBUD): It is a premier organization of the Ministry of Skill Development and
Entrepreneurship, engaged in training, consultancy, research and publication in
order to promote entrepreneurship and Skill Development.
5. Indian Institute of Entrepreneurship (IIE): It was established in the year 1993 in
Guwahati by the erstwhile Ministry of Industry (now the Ministry of Micro, Small and
Medium Enterprises), Government of India as an autonomous National Institute to
undertake training, research and consultancy activities in small and micro
enterprises focusing on entrepreneurship development.
6. Federation of Indian Micro and Small & Medium Enterprises (FISME): It is a
member of the National MSME Board and was initially born as the National Alliance
of Young Entrepreneurs (NAYE) in 1967 to provide an outreach and advocacy forum
for small industries in particular and entrepreneurship in general.
ROLE OF ORGANIZATIONS IN FOSTERING
INTRAPRENEURSHIP:
Organizations need to foster intrapreneurship or entrepreneurship
inside an organization to strengthen the enterprise thinking capability
and internal innovation culture. Pathways to foster an open
intrapreneurial work culture:
• Investing in continuous learning
• Nurturing curiosity
• Creating mentorship networks
• Providing recognition & incentives
• Banishing the ‘buts’
• Offering role flexibility
SOLUTIONS: FOR THE BUSINESS AS WELL AS FOR THE
CLIENT
A solution is an implementation of people, processes, information
and technologies in a distinct system to support a set of business or
technical capabilities that solve one or more business problems.
Value behind Business Solutions:
• Enhanced Data Management
• Standardized and Streamlined Processes
• Improved Data Security
• Optimized Expenses
SOLUTIONS: FOR THE BUSINESS
SOLUTIONS: FOR THE CLIENT
Customer service solutions are products or services that
businesses use to gain a deeper understanding of their
customers’ needs and expectations. They work to streamline
and improve customer communications, therefore increasing
customer satisfaction. Organizations that use them are more
likely to increase brand loyalty and profitability.
• Live chat window through social media, website, or mobile
app
• Phone Support
• Email
• Knowledge base (how-to articles, FAQs etc)
• Ticket system
 CANVA- MELANIE PERKINS
In 2007, Melanie Perkins was working a part-time job while studying in Perth, Australia,
teaching students how to use desktop design software. The software was expensive,
complex, and required a semester’s worth of instruction to learn how to use, prompting
Perkins to ask, “Is there a way this could be simpler and less expensive?”
Perkins’s goal to create an affordable, simple, online design tool was originally turned
down by over 100 investors—it wasn’t until three years into her pitching process that
Canva received its first investment.
Perkins credits this investment to a shift in her pitching strategy: She began leading with
the relatable problem Canva aims to solve.
“A lot of people can relate to going into something like Photoshop and being completely
overwhelmed," Perkins said in an interview for Inc. "It's important to tell the story,
because if your audience doesn't understand the problem, they won't understand the
solution."
Today, 60 million customers use Canva to create designs across 190 countries.
Perkins’s story reflects the importance of effectively communicating the value of a
business idea, as well as the tenacity and resilience required for entrepreneurial
success.