dr.ghosh kuk
TRANSCRIPT
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Dr. H. J. Ghosh RoyProfessor, Institute of Management Studies & Research
M. D. University, Rohtak
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` Defined simply, it is . . .
New Entry
` That is, entering new or established markets withnew or existing goods and services.
` Entrepreneurship is the act of being anentrepreneur, which can be defined as "one whoundertakes innovations, finance and businessacumen in an effort to transform innovations intoeconomic goods".
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` Corporate Entrepreneurship
Firms capabilities to develop new goods or services and
manage the innovation process
` InventionCreating or developing a new product or process idea
` Innovation
Creating a commercializable product from invention
` Imitation
Adoption of innovation by a population of similar firms
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Entrepreneurs make things happen.
They are individuals who take a concept and convert it
into a reality. A product, policy or institution.
They become the champions of a new process, and
they are engines of change.
Individuals who carry out new combinations of meansof production - Schumpeter
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Engages in behaviour that is aimed at profitability and
growth-Carland
Establishes and manages a business for principal purpose
of profit and growth
Characterized by innovative behaviour
Will employ strategic management practices in the business
Business characterized by innovative strategic practices
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Different researchers have given different factors. The
factors can be classified as
1. Personality factors
o Motivation and emotion gives the drive and purpose
and self confidence
o High need for achievement
o Competitiveness main motivator
o Need for independence
o Behavioral characteristics- perseverance, determination,
take calculated risks, creativity, honesty and integrity,
initiative, taking responsibility
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2. Environmental factors
o Family background fathers ,career, inheritance
o Education not important, start at early age
o Work experience important
3. Action factors what entrepreneurs do
o Are creative and innovative
o Spot and exploit opportunities
o Find resources to exploit opportunitieso Manage risk, create capital
o are good net workers, determined
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Entrepreneurial Orientation mainly consists of 5
Dimensions-
` Innovativeness
` Risk Taking
` Proactiveness
` Competitive Aggressiveness
` Autonomy
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` A willingness to support creativity and
experimentation in introducing new products/services,
and novelty, technological leadership and R&D in
developing new processes; key is using creative
insights to achieve innovative solutions.
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` A tendency to take bold actions by venturing into the
unknown and/or committing a large portion of resources
to ventures with uncertain outcomes; key is to reduce
uncertainty by effective risk assessment.
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` A response to opportunities; occurs when a firm has an
opportunity-seeking, forward-looking perspective
characterized by introducing new products or services
ahead of the competition and acting in anticipation of
future demand.
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` A response to threats; refers to the intensity of a firm's
effort to outperform industry rivals, characterized by a
strong offensive posture or an aggressive responses to
competitor actions.
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` Independent action taken by entrepreneurial champions
or teams aimed at bringing forth a new venture and
carrying it through to completion.
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` The key to success with entrepreneurship and
innovation is moving from the invention of ideas to
effective commercialization and acceptance in the
marketplace
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Innovation is using new knowledge to transform
organizational processes or create commercially viable
products and services
Innovation is the initial commercialization of invention
by producing and selling a new product, service, or
process
Latest technology, results of experiments, creative
insights, competitive information
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` There are five disciplines for creating what customers
want
Identify important customer needs
Create solutions that fill those needs
Build innovation teams
Empower "innovation champions" who keep the effort on
track
Align the entire enterprise around creating value for
customers
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` Product Innovation
Efforts to create product designs
Applications of technology to develop new products
for end users
More radical and common during early stages of an
industrys life cycle
Associated with differentiation strategies
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` Process Innovations
Improving efficiency of an organizational process
Manufacturing systems and operations More likely to occur in later stages of an industrys life
cycle
Associated with cost leader strategies
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` Radical Innovation
Fundamental changes and breakthroughs
Evoke major departures from existing practices
Can be highly disruptive
Can transform or revolutionize a whole industry
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` Incremental Innovation
Enhance existing practices
Small improvements in products and processes
Evolutionary applications within existing paradigms
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` Sustaining Innovations
extend sales in an existing market, usually by enabling
new products or services to be sold at higher margins.
` Disruptive Innovations
overturn markets by providing an altogether new
approach to meeting customer needs.
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TimelyTimely
Difficult forDifficult forcompetitors to imitatecompetitors to imitate
Commercially exploitableCommercially exploitablewith present capabilitieswith present capabilities
Innovation and CompetitiveInnovation and Competitive
AdvantageAdvantage
CompetitiveCompetitiveAdvantageAdvantage
Provides significantProvides significantvalue to customersvalue to customers
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Fostering Entrepreneurial InnovationFostering Entrepreneurial Innovation
Internal Corporate VenturingInternal Corporate Venturing -------- Create ItCreate It
Three approaches:Three approaches:
Cooperating to Produce InnovationCooperating to Produce Innovation------ CoCo--Opt ItOpt It
Acquiring Innovative CapabilityAcquiring Innovative Capability------ Buy ItBuy It
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` Innovation is introduction of new ideas , goods, services
and practices which can be exploited commercially.
` Is conversion of knowledge and ideas into a benefit
` Innovation is the tool employed by entrepreneurs
` Entrepreneurship is the process by which new ventures
are created
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THANK YOU