ENTREPRENEURSHIP - Management Science II...

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Management Science II Dr.T.J.Kamalanabhan Indian Institute of Technology Madras MODULE 7 Entrepreneurship JOSEPH SCHUMPETER on Entrepreneurship A process where established ways of doing things are destroyed by the creation of new and better ways of getting things done. The process laid emphasis on: New Products New Production methods New Markets New Resources Entrepreneurship Process NEW PRODUCTS NEW NEW NEW PRODUCTION MARKETS RESOURSES METHODS 1
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Management Science II Dr.T.J.Kamalanabhan Indian Institute of Technology Madras PETER DRUCKER On Entrepreneurship: Entrepreneurship is purposeful innovation aimed at creating customers By creating utility By pricing By adaptation to the customers social and economic reality By delivering what represents true value to the customer Entrepreneurship Innovation Peter Drucker On Entrepreneurship: Innovation can be defined from the supply side (changing the yield of resources) or from the demand side (changing the value and satisfaction obtained from the resources by the consumer) . Systematic innovation consists in the purposeful and organized search for changes, and in the systematic analysis of the opportunities such changes might offer for economic or social innovation. UTILITY PRICING CUSTOMERS INNOVATION ENTREPRENEURSHI SOCIAL & ECONOMIC IMPACT VALUE 2
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Management Science II Dr.T.J.Kamalanabhan Indian Institute of Technology Madras Demand Side Other Definitions On Entrepreneurship The assumption of risk and responsibility in designing and implementing a business strategy or starting a business. The activity of assuming, organizing and managing risks of a business enterprise leading to: » Wealth creation » Innovation Changing The Yield of Resources Supply Side Changing the Value and Satisfaction Innovation From Resources 3
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Management Science II Dr.T.J.Kamalanabhan Indian Institute of Technology Madras Responsibility Risk Design Entrepreneurial Success Stories Arun Jain, Chairman & CEO of Polaris Software Lab Limited, emphasizes that it is quality consciousness which has made him one of the most highly successful first generation entrepreneurs. Madhuri Mathur, made the life of ladies in kitchen easier by bringing out the idea of a kitchen machine that would blend, chop, mince and grind that culminated into sumeet mixer. Shahnaz Husain introduced herbal cosmetics to the world. Her creams and lotions have found their way into salons in different parts of the globe. She has 650 salons at 104 countries. Organize Create a Business Enterprise 4
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