UNI
T1
ENTREPENUERI
ALMANAGEMENT
MEANI
NG
Ent
r
epr
eneur
i
almanagementi
st
he pr
act
i
ce ofgi
v
i
ng t
he i
nnov
at
i
on i
nher
enti
n
ent
r
epr
eneur
shi
pamor
esol
i
dmanagementst
r
uct
ur
e.Manynew ent
r
epr
eneur
shav
e
i
deasf
orbusi
nessest
heywantt
ost
ar
t
,
orpr
oduct
st
heywantt
ocr
eat
e,
butdon'
tknow
how t
omanageasmal
lbusi
nessef
f
ect
i
v
el
y
.Howev
er
,managi
nganew v
ent
ur
eand
managi
nganexi
st
i
ngcompanyr
equi
r
esdi
f
f
er
entmet
hodsandpr
i
nci
pl
es.Thr
ough
ent
r
epr
eneur
i
almanagement
,y
oucanmanageagr
owi
ngbusi
nesswi
t
houtl
i
mi
t
i
ngt
he
cr
eat
i
v
i
t
yorpassi
onofast
ar
t
up.
Def
i
ni
t
i
on
Ent
r
epr
eneur
shi
pi
st
heabi
l
i
t
yandr
eadi
nesst
odev
el
op,or
gani
zeandr
unabusi
ness
ent
er
pr
i
se,al
ongwi
t
hanyofi
t
suncer
t
ai
nt
i
esi
nor
dert
omakeapr
of
i
t
.Themost
pr
omi
nentexampl
eofent
r
epr
eneur
shi
pi
st
hest
ar
t
i
ngofnewbusi
nesses.
Theent
r
epr
eneuri
sdef
i
nedassomeonewhohast
heabi
l
i
t
yanddesi
r
et
oest
abl
i
sh,
admi
ni
st
erandsucceedi
nast
ar
t
upv
ent
ur
eal
ongwi
t
hr
i
skent
i
t
l
edt
oi
t
,
t
omakepr
of
i
t
s.
Thebestexampl
eofent
r
epr
eneur
shi
pi
st
hest
ar
t
i
ngofanew busi
nessv
ent
ur
e.The
ent
r
epr
eneur
sar
eof
t
enknownasasour
ceofnewi
deasori
nnov
at
or
s,andbr
i
ngnew
i
deasi
nt
hemar
ketbyr
epl
aci
ngol
dwi
t
hanewi
nv
ent
i
on.
Char
act
er
i
st
i
csofEnt
r
epr
eneur
shi
p:
Notal
lent
r
epr
eneur
s ar
e successf
ul
;t
her
e ar
e def
i
ni
t
e char
act
er
i
st
i
cs t
hatmake
ent
r
epr
eneur
shi
psuccessf
ul
.Af
ewoft
hem ar
ement
i
onedbel
ow:

Abi
l
i
t
yt
ot
akear
i
sk-St
ar
t
i
nganynewv
ent
ur
ei
nv
ol
v
esaconsi
der
abl
eamountof
f
ai
l
ur
er
i
sk.Ther
ef
or
e,anent
r
epr
eneurneedst
obecour
ageousandabl
et
o
ev
al
uat
eandt
aker
i
sks,
whi
chi
sanessent
i
al
par
tofbei
nganent
r
epr
eneur
.

I
nnov
at
i
on-I
tshoul
dbehi
ghl
yi
nnov
at
i
v
et
ogener
at
enewi
deas,
st
ar
tacompany
andear
npr
of
i
t
soutofi
t
.Changecanbet
hel
aunchi
ngofanewpr
oductt
hati
s
newt
ot
hemar
ketorapr
ocesst
hatdoest
hesamet
hi
ngbuti
namor
eef
f
i
ci
ent
andeconomi
cal
way
.

Vi
si
onar
yandLeader
shi
pqual
i
t
y
-Tobesuccessf
ul
,
t
heent
r
epr
eneurshoul
dhav
e
acl
earv
i
si
onofhi
snew v
ent
ur
e.Howev
er
,t
ot
ur
nt
hei
deai
nt
or
eal
i
t
y
,al
otof
r
esour
cesandempl
oy
eesar
er
equi
r
ed.Her
e,l
eader
shi
pqual
i
t
yi
spar
amount
becausel
eader
si
mpar
tandgui
det
hei
rempl
oy
eest
owar
dst
her
i
ghtpat
hof
success.

OpenMi
nded-I
nabusi
ness,
ev
er
yci
r
cumst
ancecanbeanoppor
t
uni
t
yandused
f
ort
hebenef
i
tofacompany
.Forexampl
e,Pay
t
mr
ecogni
sedt
hegr
av
i
t
yof
demonet
i
zat
i
onandacknowl
edgedt
heneedf
oronl
i
net
r
ansact
i
onswoul
dbe
mor
e,
soi
tut
i
l
i
sedt
hesi
t
uat
i
onandexpandedmassi
v
el
ydur
i
ngt
hi
st
i
me.

Fl
exi
bl
e-Anent
r
epr
eneurshoul
dbef
l
exi
bl
eandopent
ochangeaccor
di
ngt
ot
he
si
t
uat
i
on.Tobeont
het
op,abusi
nessper
sonshoul
dbeequi
ppedt
oembr
ace
changei
napr
oductandser
v
i
ce,
asandwhenneeded.

Know y
ourPr
oduct
Acompanyownershoul
dknow t
hepr
oductof
f
er
i
ngsand
al
sobeawar
eoft
hel
at
estt
r
endi
nt
hemar
ket
.I
ti
sessent
i
alt
oknow i
ft
he
av
ai
l
abl
e pr
oductorser
v
i
ce meet
st
he demands oft
he cur
r
entmar
ket
,or
whet
heri
ti
st
i
met
ot
weaki
tal
i
t
t
l
e.Bei
ngabl
et
obeaccount
abl
eandt
henal
t
er
asneededi
sav
i
t
al
par
tofent
r
epr
eneur
shi
p.

Cr
eat
i
onofEmpl
oy
ment
-Ent
r
epr
eneur
shi
pgener
at
esempl
oy
ment
.I
tpr
ov
i
desan
ent
r
y
l
ev
el
j
ob,
r
equi
r
edf
orgai
ni
ngexper
i
enceandt
r
ai
ni
ngf
orunski
l
l
edwor
ker
s.

I
nnov
at
i
on-I
ti
st
hehubofi
nnov
at
i
ont
hatpr
ov
i
desnewpr
oductv
ent
ur
es,
mar
ket
,
t
echnol
ogyandqual
i
t
yofgoods,et
c.
,andi
ncr
easet
hest
andar
dofl
i
v
i
ngof
peopl
e.

I
mpactonSoci
et
yandCommuni
t
yDev
el
opment
-Asoci
et
ybecomesgr
eat
eri
f
t
heempl
oy
mentbasei
sl
ar
geanddi
v
er
si
f
i
ed.I
tbr
i
ngsaboutchangesi
nsoci
et
y
andpr
omot
esf
aci
l
i
t
i
esl
i
kehi
gherexpendi
t
ur
eoneducat
i
on,bet
t
ersani
t
at
i
on,
f
ewersl
ums,a hi
gherl
ev
elofhomeowner
shi
p.Ther
ef
or
e,ent
r
epr
eneur
shi
p
assi
st
st
heor
gani
zat
i
ont
owar
dsamor
est
abl
eandhi
ghqual
i
t
yofcommuni
t
y
l
i
f
e.

I
ncr
easeSt
andar
dofLi
v
i
ng-Ent
r
epr
eneur
shi
phel
pst
oi
mpr
ov
et
hest
andar
dof
l
i
v
i
ng ofaper
sonbyi
ncr
easi
ng t
hei
ncome.Thest
andar
d ofl
i
v
i
ng means,
i
ncr
easei
nt
heconsumpt
i
onofv
ar
i
ousgoodsandser
v
i
cesbyahousehol
df
ora
par
t
i
cul
arper
i
od.

Suppor
t
sr
esear
chanddev
el
opment
-New pr
oduct
sandser
v
i
cesneedt
obe
r
esear
chedandt
est
edbef
or
el
aunchi
ngi
nt
hemar
ket
.Ther
ef
or
e,
anent
r
epr
eneur
al
sodi
spensesf
i
nancef
orr
esear
chanddev
el
opmentwi
t
hr
esear
chi
nst
i
t
ut
i
ons
anduni
v
er
si
t
i
es.Thi
spr
omot
esr
esear
ch,
gener
alconst
r
uct
i
on,
anddev
el
opment
i
nt
heeconomy
.
Ent
r
epr
eneur
Anent
r
epr
eneuri
sani
ndi
v
i
dualwhocr
eat
esanewbusi
ness,
bear
i
ngmostoft
her
i
sks
andenj
oy
i
ngmostoft
her
ewar
ds.Thepr
ocessofset
t
i
ngupabusi
nessi
sknownas
ent
r
epr
eneur
shi
p.Theent
r
epr
eneuri
scommonl
yseenasani
nnov
at
or
,
asour
ceofnew
i
deas,
goods,
ser
v
i
ces,
andbusi
ness/
orpr
ocedur
es.
Ent
r
epr
eneur
spl
ayakeyr
ol
ei
nanyeconomy
,usi
ngt
heski
l
l
sandi
ni
t
i
at
i
v
enecessar
y
t
oant
i
ci
pat
eneedsandbr
i
ngi
nggoodnew i
deast
omar
ket
.Ent
r
epr
eneur
shi
pt
hat
pr
ov
est
obesuccessf
uli
nt
aki
ngont
her
i
sksofcr
eat
i
ngast
ar
t
upi
sr
ewar
dedwi
t
h
pr
of
i
t
s,
f
ame,
andcont
i
nuedgr
owt
hoppor
t
uni
t
i
es.Ent
r
epr
eneur
shi
pt
hatf
ai
l
sr
esul
t
si
n
l
ossesandl
esspr
ev
al
encei
nt
hemar
ket
sf
ort
hosei
nv
ol
v
ed.
1
0I
mp
or
t
a
n
tRol
e
sofa
nEn
t
r
e
p
r
e
n
e
u
r
1.I
ni
t
i
at
i
ngandl
eadi
ngbusi
nessact
i
v
i
t
i
es
I
ni
t
i
at
i
ngandgr
owi
ngabusi
nesst
oi
t
smat
ur
i
t
yi
sat
r
adi
t
i
onalr
ol
ef
orent
r
epr
eneur
s.
Associ
et
i
espr
ogr
ess,peopl
er
egul
ar
l
ydev
el
opnew needst
hatanent
r
epr
eneurcan
sat
i
sf
ywi
t
ht
hei
rbusi
nessi
deas.Thi
sbusi
nessi
deacanpr
ov
i
deei
t
herser
v
i
cesor
pr
oduct
st
hatwoul
dbenef
i
tt
hecommuni
t
y
.
I
dent
i
f
y
i
ngagapandpl
anni
nghow t
o addr
essi
thel
psent
r
epr
eneur
si
ni
t
i
at
enew
busi
nessv
ent
ur
esatanyoppor
t
uni
t
y
.Theymustunder
st
and ev
er
yaspectoft
he
busi
ness,i
ncl
udi
ngmaki
ngcr
i
t
i
caldeci
si
ons,set
t
i
ngagoodexampl
ef
orempl
oy
ees
andr
esol
v
i
ngconf
l
i
ct
s.
2.Al
l
ocat
i
ngempl
oy
ees'
dut
i
es
Fr
om t
heonsetofabusi
ness,anent
r
epr
eneurneedst
oal
l
ocat
et
hei
rempl
oy
ees'
r
esponsi
bi
l
i
t
i
esef
f
ect
i
v
el
y
.Hi
r
i
ngqual
i
f
i
edandcompet
entst
af
fr
equi
r
esagr
eatdealof
car
e,
especi
al
l
yf
orsmal
lbusi
nesses.Anent
r
epr
eneuri
sal
sor
esponsi
bl
ef
oror
gani
zi
ng
a busi
ness st
r
uct
ur
e and env
i
r
onmentt
hathel
ps each empl
oy
ee maxi
mi
ze t
hei
r
pot
ent
i
al
.The success of a busi
ness v
ent
ur
e of
t
en r
el
i
es on i
t
s empl
oy
ees'
cont
r
i
but
i
ons.
3.For
ecast
i
ngbusi
nesschanges
Mostbusi
nessesf
acesomeki
ndofuncer
t
ai
nt
yast
heydev
el
op.Anent
r
epr
eneur
'
sr
ol
e
i
nt
hi
saspecti
st
oant
i
ci
pat
eanychal
l
engesandaddr
esst
hem asqui
ckl
yaspossi
bl
e.
For
ecast
i
ngi
si
mpor
t
antbecausei
thel
pst
heent
r
epr
eneurmakedeci
si
onssuchas
r
educi
ngori
ncr
easi
ngst
ockf
orapr
oduct
,
pr
ocur
i
ngupdat
edsof
t
war
eormaki
ngcr
edi
t
acqui
si
t
i
ondeci
si
ons.
4.Cr
eat
i
ngj
obs
Whenanent
r
epr
eneurset
suporexpandsabusi
ness,t
heydeci
dewhi
chempl
oy
ees
t
heyneedt
ohi
r
e.Ent
r
epr
eneur
sconsi
derf
act
or
ssuchaswhoov
er
seespr
ocessesand
who can f
ul
f
i
l
ladmi
ni
st
r
at
i
v
et
asks.Ev
en when an ent
r
epr
eneurdoesnotdi
r
ect
l
y
empl
oyst
af
ft
owor
ki
naphy
si
call
ocat
i
on,t
heymayst
i
l
lneedt
oconsi
derpeopl
ewho
canwor
kasaser
v
i
cepr
ov
i
der
,
asof
t
war
esal
esper
sonorapr
ogr
ammer
.
5.I
dent
i
f
y
i
ngbusi
nessoppor
t
uni
t
i
es
Ent
r
epr
eneur
sr
egul
ar
l
yseekoutoppor
t
uni
t
i
est
hatcangr
ow orboostsal
esf
ort
hei
r
busi
ness.Theyi
dent
i
f
ywhi
chpr
oductt
oaddandwhi
chmar
kett
oexpandt
o.An
ent
r
epr
eneurshoul
dl
i
st
ent
ot
hei
rpot
ent
i
alcl
i
ent
sandf
i
ndoppor
t
uni
t
i
est
odev
el
op
t
ai
l
or
edpr
oduct
st
hatcat
ert
ot
hei
rcl
i
ent
s'
needs.
6.Cr
eat
i
ngandshar
i
ngweal
t
h
St
ar
t
i
ngabusi
nessi
nv
ol
v
esanet
wor
kofact
i
v
i
t
i
es.Whet
heranent
r
epr
eneurr
unsa
smal
lbusi
nessoper
at
ororanest
abl
i
shedcompany
,manyspendmoneyf
r
om sav
i
ngs
andgai
ncapi
t
alf
r
om f
ami
l
y
,f
r
i
endsorbankswhent
heyst
ar
tout
.I
nv
est
or
sof
t
enl
ook
f
or
war
dt
oi
nv
est
i
ngi
nsmal
lbutpot
ent
i
al
l
yv
i
abl
ebusi
nesses,whi
l
el
ender
sgr
owt
hei
r
ownbusi
nessesbyear
ni
ngi
nt
er
estf
r
om capi
t
alext
endedt
oent
r
epr
eneur
s.Thecy
cl
e
ofsuchf
undmobi
l
i
zat
i
oncanhel
pt
hel
ocal
economybui
l
dweal
t
h.
7.I
mpr
ov
i
ngt
hest
andar
dofl
i
v
i
ng
Economi
esar
eusedt
omeasur
el
i
v
i
ngst
andar
ds.Thesel
i
v
i
ngst
andar
dscani
mpr
ov
e
t
hr
ough t
he dev
el
opment
s orser
v
i
ces t
hatan ent
r
epr
eneurbr
i
ngs t
hr
ough t
hei
r
busi
ness.
I
nnov
at
i
onst
hatcanr
educet
hecostofcr
eat
i
ngapr
oductal
sor
educest
hepr
oduct
'
s
pr
i
cewhi
l
eal
l
owi
ngt
hebusi
nesst
omai
nt
ai
nt
hesamepr
of
i
t
s,
whi
chal
l
owscust
omer
s'
t
ospendl
essmoney
.Whenpeopl
esav
emoneybyacqui
r
i
ngapr
oductatacheaper
pr
i
ce,
t
heycanuset
hesav
i
ngsf
orot
herpur
poses.Thi
si
sani
ndi
cat
i
onofani
mpr
ov
ed
st
andar
dofl
i
v
i
ng.
8.Taki
ngupandr
educi
ngbusi
nessr
i
sk
Whenent
r
epr
eneur
sst
ar
tabusi
ness,t
heyspendt
i
meanal
y
zi
ngandr
esear
chi
ngt
o
makesur
et
hei
ri
deassucceed.An ent
r
epr
eneur
'
sr
ol
ei
st
o el
i
mi
nat
et
her
i
skof
busi
nessf
ai
l
ur
ebyt
aki
ngmeasur
est
or
educeasmuchr
i
skaspossi
bl
e.
9.Bui
l
di
ngst
r
at
egi
cpar
t
ner
shi
ps
Anent
r
epr
eneurmustcr
eat
eabusi
nessenv
i
r
onmentwher
epar
t
ner
shi
pscant
hr
i
v
e,
whi
chhel
pst
hei
rbusi
nesssucceed.Gener
at
i
ngandcl
osi
ngnew busi
nessl
eadsi
san
essent
i
alent
r
epr
eneur
i
alski
l
l
.An ent
r
epr
eneurshoul
d maxi
mi
ze t
hei
rmar
ket
i
ng
capaci
t
y
,spendt
i
met
al
ki
ngt
oqual
i
f
i
edpot
ent
i
alpar
t
ner
sandr
egul
ar
l
ycal
lev
er
y
pr
ospect
.Cr
eat
i
ngst
r
at
egi
cpar
t
ner
shi
pscanhel
pent
r
epr
eneur
smakebet
t
erdeci
si
ons
f
ort
hei
rcompanyandev
enobt
ai
nmor
ecapi
t
al
.
10.Di
gi
t
al
i
zi
ngbusi
nessoper
at
i
ons
Becauset
echnol
ogyev
ol
v
essoqui
ckl
y
,abusi
nesspr
oductorser
v
i
cecanber
ender
ed
obsol
et
eduet
onewt
echnol
ogy
'
sent
r
y
.Anent
r
epr
eneuri
sr
esponsi
bl
ef
orcont
i
nuousl
y
updat
i
ngt
het
echnol
ogyt
heyusei
nt
hei
rbusi
nesspr
ocessesoract
i
v
i
t
i
es.Ent
r
epr
eneur
r
ol
esr
egar
di
ngt
echnol
ogyi
ncl
ude:
QUALI
TI
ESOFAGOODENTREPRENEUR
1.Hav
i
ngav
i
si
on,
agoal
Agoodent
r
epr
eneuri
sal
way
sset
t
i
nggoal
s.Mor
ei
mpor
t
ant
l
y
,agoodent
r
epr
eneur
askskeyquest
i
ons:
whatv
i
si
ondoIhav
ef
ormybusi
ness?WhydoIwantt
obecomean
ent
r
epr
eneur
?I
fy
ou’
v
emanagedt
oshapeav
i
si
on,
y
ou’
l
lknowhowt
okeepy
ourey
eon
t
het
ar
gett
hr
oughouty
ourv
ent
ur
et
oent
r
epr
eneur
shi
p.
2.Bei
ngdet
er
mi
ned,
per
sev
er
i
ngandpat
i
entt
oo
Det
er
mi
nat
i
on and per
sev
er
ance and of
t
en l
i
st
ed as f
act
or
si
nt
he success of
ent
r
epr
eneur
i
al
pr
oj
ect
s!Ther
ehasnev
erbeenasuccessst
or
ywi
t
houtset
backs,
f
ai
l
ur
e,
ef
f
or
t
,
ahuntf
orsol
ut
i
onsandot
hersur
pr
i
ses1.
Soi
fy
out
endt
of
earf
ai
l
ur
eandt
hr
owupy
ourhandswi
t
houtaf
i
ght
,ent
r
epr
eneur
shi
p
mi
ghtnotbef
ory
ou.Fai
l
ur
ehappensal
lt
het
i
me,andwhat
’
si
mpor
t
anti
sdr
awi
ngout
t
hel
essonst
hatwi
l
l
hel
py
ouf
or
geahead.
3.Taki
ngact
i
onandknowi
nghowt
omakechoi
ces
Deci
dedl
y
,ent
r
epr
eneur
sar
eact
i
onor
i
ent
ed.Agoodent
r
epr
eneuri
sn’
tt
het
y
pet
owai
t
unt
i
lt
hi
ngsgett
hemsel
v
esr
ol
l
i
ng.I
fy
ouwoul
dsayy
ouneedt
oactt
osucceed,y
ou’
r
e
headedi
nt
her
i
ghtdi
r
ect
i
on!
Fr
om her
eonout
,
i
fy
ouhav
et
heent
r
epr
eneur
i
al
knack,
y
ouwi
l
l
becapabl
eofuphol
di
ng
y
ourr
esponsi
bi
l
i
t
i
esbymaki
ngdeci
si
ons–onsmal
l
,st
r
at
egi
c,orev
er
y
daymat
t
er
s.
Ev
eni
fsomet
i
mesy
oumayneedt
omakequi
ckdeci
si
onswi
t
hat
r
aceofdoubtor
uncer
t
ai
nt
y
…
4.I
magi
ni
ng,
bei
ngcr
eat
i
v
eandf
l
exi
bl
e
Abov
eal
l
el
se,
anent
r
epr
eneuri
sani
nv
ent
or
,
pushi
ngbackbor
der
sandseei
ngnol
i
mi
t
s.
Notonl
ydot
heybr
i
ngt
hei
ri
ni
t
i
ali
deat
ol
i
f
e,butt
hei
rcr
eat
i
v
emi
ndsenabl
et
hem t
o
adj
ustandenhancei
tal
ongt
heway
.
Asabuddi
ngent
r
epr
eneur
,i
fy
oucani
dent
i
f
ywi
t
ht
hat
,y
ou’
l
lbeabl
et
ocountony
our
i
magi
nat
i
ont
ogety
ouroutofst
r
essf
ulci
r
cumst
ancesandadaptt
onewsi
t
uat
i
onst
o
guar
ant
eet
hecont
i
nui
t
yofy
ourpr
oj
ect
/
busi
ness.Cr
eat
i
v
i
t
ygi
v
esy
ouar
ealedgeon
t
hecompet
i
t
i
on,
newunt
appedmar
ket
sandnewcl
i
ent
el
e.
5.Notf
ear
i
ngchal
l
engesanddar
i
ngt
ot
akecer
t
ai
nr
i
sks
I
fy
oudeci
det
ol
aunchy
ourownbusi
ness,t
her
e’
sahi
ghl
i
kel
i
hoodear
l
yt
i
meswi
l
lbe
t
oughandpr
of
i
t
swi
l
lbel
ow.I
nor
dert
osetoutoft
hi
snew adv
ent
ur
e,y
oumustbe
pr
epar
edt
ot
aket
hatr
i
skandst
epout
si
dey
ourcomf
or
tzone.
Donotbel
i
ev
ear
i
skt
akeract
swi
t
houtt
hi
nki
ng.Sur
e,
agoodent
r
epr
eneuri
sn’
taf
r
ai
dof
t
aki
ngr
i
sks–hav
i
ngi
dent
i
f
i
edenv
i
r
onment
alt
hr
eat
sanddet
ect
edt
heoppor
t
uni
t
i
esup
f
orgr
absbef
or
ehand!
6.Hav
i
ngahungerf
orl
ear
ni
ngandbei
ngcur
i
ous
Ent
r
epr
eneur
shav
eav
i
scer
alandi
nsat
i
abl
eneedt
oal
way
sdi
gf
ar
t
her(
f
ort
hemsel
v
es
andt
hei
rempl
oy
ees)
.Theynat
ur
al
l
yv
er
ycur
i
ousandont
hel
ookout(
whoknows,
may
bet
hey
’
l
lf
i
nd t
hei
rnexti
deai
nt
hepagesofawai
t
i
ng r
oom magazi
ne!
)
.An
ent
r
epr
eneur
’
scur
i
osi
t
yhel
pst
hem chal
l
enget
hei
rowni
deas.Soasky
our
sel
ft
hi
s:am I
pr
epar
edt
ogobey
ondt
hef
earoft
heunknown?I
fso,y
oucanshopar
oundf
ornew
i
deast
opi
ckupon.
7.Bei
ngpassi
onat
e
St
ar
t
i
ngabusi
nessi
sacompl
exunder
t
aki
ngandt
her
oadt
oent
r
epr
eneur
shi
phasi
t
s
shar
eofpi
t
f
al
l
s.Bei
ngpassi
onat
ei
sapower
f
ulmot
ort
okeepy
oumov
i
ngf
or
war
d:
passi
onpushesy
out
odogoodwor
k,
hav
ef
un,
andnotgi
v
eupt
ooqui
ckl
y
.
8.Seei
ngbi
gbutaccept
i
ngt
ost
ar
tsmal
l
Youneeddr
eamst
osucceed.I
fy
out
hi
nki
t
’
si
mpossi
bl
e,y
ouwi
l
lnotr
eacht
heendof
y
ourquest
.Ent
r
epr
eneur
sconst
ant
l
yseeknew ambi
t
i
ousgoal
sf
ort
hemsel
v
esand
di
f
f
i
cul
tpr
oj
ect
st
ogeti
nv
ol
v
edi
n.
9.bei
ngabl
et
owor
ki
nat
eam anddel
egat
et
asks
Dur
i
ngy
ourj
our
ney
,y
ou’
l
lneedt
oseekoutt
heski
l
l
sy
oudon’
tpossessi
nassoci
at
es,
par
t
ner
s,empl
oy
eesandser
v
i
cepr
ov
i
der
s,orper
hapssi
mpl
ydel
egat
ei
fy
ouwantt
o
f
ocusy
ourener
gyont
hei
mpor
t
antj
obs.
Todoso,
y
ouneedt
obeabl
et
oshar
ey
ourv
i
si
onandcommuni
cat
eef
f
ect
i
v
el
yi
nor
der
t
oconv
i
nceot
her
s,ov
er
seeandmoni
t
ort
hei
rwor
k,mot
i
v
at
et
hem,et
c.Youal
soneed
t
oknowhowt
oj
uggl
ebet
weent
asks/
j
obs/
meet
i
ngs…
10.Di
sci
pl
i
ned
Successf
ulent
r
epr
eneur
sar
ef
ocusedonmaki
ngt
hei
rbusi
nesseswor
k.Theyel
i
mi
nat
e
al
lhi
ndr
ancesand di
st
r
act
i
ons t
ot
hei
rgoal
s and out
l
i
ne t
act
i
cs t
o accompl
i
sh
t
hem.Theyf
ocusont
heday
t
odayoper
at
i
onsoft
hei
rbusi
nesswi
t
houtdi
sr
egar
di
ng
t
hei
rl
ongt
er
m goal
s.Successf
ulent
r
epr
eneur
sar
edi
sci
pl
i
nedenought
ot
akest
eps
ev
er
ydayt
owar
dt
heachi
ev
ementoft
hei
rgoal
sandobj
ect
i
v
es.
11.Conf
i
dent
Onequal
i
t
yofasuccessf
ulent
r
epr
eneurt
hatpeopl
equi
ckl
ynot
i
cei
st
hei
rconf
i
dence.
Thef
ounderofsay
sent
r
epr
eneur
sdon’
taskquest
i
onsaboutwhet
hert
heycansucceed
orwhet
hert
heyar
ewor
t
hyofsuccess.Theyar
econf
i
dentwi
t
ht
heknowl
edget
hatt
hey
wi
l
l
maket
hei
rbusi
nessessucceed.Theyexudet
hatconf
i
dencei
nev
er
y
t
hi
ngt
heydo.
12.OpenMi
nded
Ent
r
epr
eneur
sr
eal
i
zet
hatev
er
yev
entandsi
t
uat
i
oni
sabusi
nessoppor
t
uni
t
y
.I
deasar
e
const
ant
l
ybei
nggener
at
edaboutwor
kf
l
owsandef
f
i
ci
ency
,peopl
eski
l
l
sandpot
ent
i
al
new busi
nesses.Theyar
econst
ant
l
yl
ooki
ngf
ornew way
st
oi
mpr
ov
et
hecur
r
ent
sy
st
emsandpr
ocesses.Ent
r
epr
eneur
shav
eanuncannyabi
l
i
t
yt
oenv
i
si
onapr
oduct
t
hatwi
l
lsol
v
eapr
obl
em,
ev
ent
houghi
tmaynotcur
r
ent
l
yseem possi
bl
e.Theyhav
et
he
abi
l
i
t
yt
ol
ookatev
er
y
t
hi
ngar
oundt
hem andf
ocusi
tt
owar
dt
hei
rgoal
s.
13.Sel
f
st
ar
t
er
Sel
f
st
ar
t
er
st
endt
obemor
esuccessf
ulbecauseoft
hei
ri
nnat
eabi
l
i
t
yt
omanaget
hei
r
t
i
meandcont
r
olt
hei
rper
f
or
mance.I
fsomet
hi
ngneedst
obedone,
ent
r
epr
eneur
sknow
t
heyshoul
dst
ar
ti
tt
hemsel
v
es.Theysetpr
oj
ectpar
amet
er
sandar
epr
oact
i
v
e,not
wai
t
i
ngf
orsomeonet
ogi
v
et
hem per
mi
ssi
on.Ent
r
epr
eneur
sl
ookf
orsol
ut
i
ons,l
i
ke,t
o
makest
ar
t
i
ngt
hei
rbusi
nessl
esscompl
i
cat
edandot
herpr
ocessest
hatcanr
educe
compl
i
cat
i
onsi
nt
hewor
kpl
ace.
14.Compet
i
t
i
v
e
Manycompani
esar
ef
or
medbecauseanent
r
epr
eneurknowst
hatt
heycandoaj
ob
bet
t
ert
hananot
her
.Theyneedt
owi
natt
hespor
t
st
heypl
ayandneedt
owi
natt
he
busi
nessest
hatt
heycr
eat
e.Anent
r
epr
eneurwi
l
lhi
ghl
i
ghtt
hei
rowncompany
’
st
r
ack
r
ecor
dofsuccess.Toexceli
nbusi
ness,ent
r
epr
eneur
shav
et
heabi
l
i
t
yt
oexpl
or
eal
lof
t
hei
ropt
i
onsandr
emai
naggr
essi
v
ei
npur
sui
ngt
hei
rgoal
s.Theyar
ewi
l
l
i
ngt
oaccept
anychal
l
engest
hatmaycomet
hei
rwayi
nor
dert
oexcel
ev
enmor
e.
15.Cr
eat
i
v
e
A successf
ulent
r
epr
eneuri
s cr
eat
i
v
e and al
way
sl
ooks att
he bi
g pi
ct
ur
e.Thei
r
cr
eat
i
v
i
t
yandv
i
si
onof
t
enl
eadt
ot
hei
nv
ent
i
onanddi
scov
er
yofnewt
hi
ngs.Theset
r
ai
t
s
r
equi
r
eanent
r
epr
eneurt
ot
aket
hei
ri
deasanddr
eamsi
nt
oaphy
si
calf
or
m.Onef
acet
ofcr
eat
i
v
i
t
yi
sbei
ngabl
et
omakeconnect
i
onsbet
weenseemi
ngl
yunr
el
at
edev
ent
sor
si
t
uat
i
ons.Ent
r
epr
eneur
sof
t
encomeupwi
t
hsol
ut
i
onswhi
char
et
hesy
nt
hesi
sofot
her
i
t
ems.Theywi
l
lr
epur
posepr
oduct
st
omar
kett
hem t
onewi
ndust
r
i
es.Theymustal
so
bewi
l
l
i
ngt
ost
epout
si
det
hei
rcomf
or
tzonei
nor
derf
ort
hei
ri
deast
ocomet
of
r
ui
t
i
on.
Somet
i
mest
hesei
nv
ent
i
onsr
esul
ti
nnew t
echnol
ogi
esandadv
ancement
st
hatcan
cr
eat
ebr
eakt
hr
oughsi
ni
ndust
r
i
es.
16.Det
er
mi
ned
Ent
r
epr
eneur
sl
ookatdef
eatasanoppor
t
uni
t
yf
orsuccess.Theyar
edet
er
mi
nedt
o
makeal
loft
hei
rendeav
or
ssucceed,so t
heywi
l
lt
r
yand t
r
yagai
n unt
i
li
tdoes.
Successf
ulent
r
epr
eneur
sdonotbel
i
ev
et
hatsomet
hi
ngcannotbedone.Ther
ef
or
e,
one
qual
i
t
yofasuccessf
ulent
r
epr
eneuri
sdet
er
mi
nat
i
on.Theypossesst
hedet
er
mi
nat
i
on
t
oper
sev
er
et
hr
oughal
loft
heupsanddownsofbusi
nessi
nor
dert
oachi
ev
et
hei
r
goal
sanddr
eams.
17.St
r
ongpeopl
eski
l
l
s
Ent
r
epr
eneur
s use st
r
ong communi
cat
i
on ski
l
l
st
o sel
lpr
oduct
s and mot
i
v
at
e
empl
oy
ees.Mostsuccessf
ulent
r
epr
eneur
sknow how t
omot
i
v
at
et
hei
rempl
oy
eesso
t
hebusi
nessgr
owsov
er
al
l
.Theyar
ev
er
ygoodathi
ghl
i
ght
i
ngt
hebenef
i
t
sofany
si
t
uat
i
onandcoachi
ngot
her
st
ot
hei
rsuccessi
sagr
eatwebsi
t
et
opi
ckupnewski
l
l
s.
Thewebsi
t
ehasmul
t
i
pl
epr
of
essi
onalcour
sespeci
f
i
cal
l
yf
orbusi
nessandl
eader
shi
p
t
r
ai
ni
ng.
18.St
r
ongwor
ket
hi
c
Hi
ghl
y
successf
ulent
r
epr
eneur
sar
eal
way
swi
l
l
i
ngt
oputi
nt
henecessar
yef
f
or
t
.They
ar
el
eader
st
hatsetast
r
ongexampl
et
oot
her
s,especi
al
l
yi
nt
hesenseofur
gencyand
r
esponsi
bi
l
i
t
y
.Thesuccessf
ulent
r
epr
eneurwi
l
lof
t
enbet
hef
i
r
stper
sont
oar
r
i
v
eatt
he
of
f
i
ceandt
hel
astonet
ol
eav
e.Theywi
l
lcomei
nont
hei
rday
sof
ft
omakesur
et
hatan
out
comemeet
st
hei
rexpect
at
i
ons.Thei
rmi
ndi
sconst
ant
l
yont
hei
rwor
k,
whet
hert
hey
ar
ei
noroutoft
hewor
kpl
ace.
19.Passi
on
Oneoft
hemosti
mpor
t
antqual
i
t
i
esofasuccessf
ulent
r
epr
eneuri
spassi
on.They
genui
nel
yl
ov
et
hei
rwor
k.Theyar
ewi
l
l
i
ngt
oputi
nt
hoseext
r
ahour
st
omaket
he
busi
nesssucceedbecauset
her
ei
saj
oyt
hei
rbusi
nessgi
v
eswhi
chgoesbey
ondt
he
money
.Thesuccessf
ulent
r
epr
eneurwi
l
lal
way
sber
eadi
ngandr
esear
chi
ngway
st
o
maket
hebusi
nessbet
t
er
.Theyar
ewi
l
l
i
ngt
oputi
nt
hei
rt
i
meandef
f
or
tt
ol
ear
nnew
t
echni
quesorappl
i
cat
i
onsi
nor
dert
ost
ayaheadoft
hei
rcompet
i
t
or
s.Theymakesur
e
t
hatt
heyar
eal
way
sl
ear
ni
ngnew t
hi
ngsaboutt
hei
ri
ndust
r
yt
okeepabr
eastofnew
dev
el
opment
sandbeasef
f
i
ci
entaspossi
bl
e.
Ent
r
epr
eneur
spl
ayasi
gni
f
i
cantr
ol
ei
neconomi
cdev
el
opmentofacount
r
y
.
Hepr
omot
est
hepr
osper
i
t
yofanat
i
onbyhi
si
nnov
at
i
onanddy
nami
cl
eader
shi
pSki
l
l
s.
Hecr
eat
esweal
t
h,
opensupempl
oy
mentoppor
t
uni
t
i
esandf
ost
er
st
heot
hersegment
s.
Accor
di
ngt
oHar
bi
son,ent
r
epr
eneur
sar
epr
i
memov
er
sofi
nnov
at
i
on,gr
owt
handas
such,
ent
r
epr
eneur
shi
pi
sady
nami
cf
or
ce.Ther
ol
eandsi
gni
f
i
canceofanent
r
epr
eneur
ar
eexpl
ai
nedbel
ow:
1.Br
i
ngi
ngEconomi
cGr
owt
handPr
osper
i
t
y
:Ent
r
epr
eneurbr
i
ngeconomi
cgr
owt
hand
pr
osper
i
t
yi
nt
hecount
r
yt
hr
oughgener
at
i
onofempl
oy
mentoppor
t
uni
t
i
es,capi
t
aland
weal
t
hcr
eat
i
on,
i
ncr
easi
ngpercapi
t
ai
ncomeandGDP,
i
mpr
ov
ementi
nqual
i
t
yofl
i
f
eby
r
ai
si
ngt
hest
andar
dofl
i
v
i
ng,gr
owt
hofi
nf
r
ast
r
uct
ur
alf
aci
l
i
t
i
es,f
or
war
dandbackwar
d
l
i
nkagesi
nsoci
et
y
,
dev
el
opmentofbackwar
dr
egi
ons,
economi
ci
ndependence.Geor
ge
gi
l
derobser
v
es,“
The‘
her
oi
ccr
eat
i
v
i
t
yofent
r
epr
eneurcamet
oseem essent
i
alt
oour
economi
c wel
l
bei
ng i
n a gl
obaleconomy
”
.Baumback and Mancuso wr
i
t
e,“
I
n
under
dev
el
opednat
i
ons,ent
r
epr
eneur
sof
t
enhol
dt
hekeyt
oeconomi
cgr
owt
hf
ora
whol
esoci
et
y
.Soent
r
epr
eneuri
snotadi
r
t
ywor
doraf
astbuckoppor
t
uni
st
,
but
,
r
at
her
t
hebackboneoft
hecapi
t
al
i
stsy
st
em”
.
2.Br
i
ni
ngSoci
alSt
abi
l
i
t
yandBal
ancedRegi
onalDev
el
opment
:Ent
r
epr
eneur
spl
aya
cr
uci
aland uni
que r
ol
ei
n br
i
ngi
ng aboutsoci
alst
abi
l
i
t
y and bal
anced r
egi
onal
dev
el
opmentt
hr
ough absor
pt
i
on ofwor
kf
or
ce i
ni
ndust
r
i
es,r
emov
alofpov
er
t
y
,
i
mpr
ov
i
ng heal
t
h and educat
i
on f
aci
l
i
t
i
es,cr
eat
i
ng f
ai
r compet
i
t
i
on,equi
t
abl
e
di
st
r
i
but
i
on ofi
ncome,cr
eat
i
on ofsoci
ali
nf
r
ast
r
uct
ur
es,empower
i
ng women and
weakersect
i
onsoft
hesoci
et
yandsuppl
yofqual
i
t
at
i
v
egoodsandser
v
i
cesAl
t
hough
ent
r
epr
eneur
sar
ecr
i
t
i
ci
z
edassel
fi
nt
er
est
edexpl
oi
t
er
s,
Adam Smi
t
h,
whi
l
er
ecogni
zi
ng
t
hatt
heydosomegoodf
orsoci
et
y
,par
t
l
yr
ef
l
ect
edt
hi
sv
i
ew whenhewr
ot
ei
nThe
Weal
t
hofNat
i
ons:“
I
nspi
t
eoft
hei
rnat
ur
alsel
f
i
shnessandr
apaci
t
y
,t
hought
heymean
onl
yt
hei
rconv
eni
ence,t
hought
hesol
eendwhi
cht
heypr
oposef
r
om t
hel
abour
sofal
l
t
het
housandst
heyempl
oybet
hegr
at
i
f
i
cat
i
onoft
hei
rownv
ai
nandi
nsat
i
abl
edesi
r
es
t
heyar
el
edbyahi
ddenhand,andwi
t
houti
nt
endi
ngi
t
,wi
t
houtknowi
ngi
t
,adv
ancet
he
i
nt
er
estofsoci
et
y
”
.
3.I
nnov
at
ori
n Economi
c Gr
owt
h:bybr
i
ngi
ng new i
deas,combi
nat
i
ons,pr
oduct
s
t
echni
ques,or
gani
zat
i
ons,new mar
ket
s,maki
ng f
ul
luse oft
echni
calknowl
edge,
bal
ancedgr
owt
h,
sy
st
emat
i
ci
nnov
at
i
on,
t
echnol
ogi
caladv
ancement
,
i
mpl
ement
at
i
onof
mechani
cal
ski
l
l
s,
anent
r
epr
eneurpl
ayv
er
ycr
uci
al
r
ol
ei
nencour
agi
ngent
r
epr
eneur
shi
p
andeconomi
cdev
el
opment
.Pet
erDr
uckerwr
i
t
es,“
Justasmanagementhasbecome
t
hespeci
f
i
cor
ganofal
lcont
empor
ar
yi
nst
i
t
ut
i
onsandt
hei
nt
egr
at
i
ngor
ganofour
soci
et
yofor
gani
zat
i
ons,so i
nnov
at
i
on and ent
r
epr
eneur
shi
p hav
et
o become an
i
nt
egr
all
i
f
esust
ai
ni
ngact
i
v
i
t
yi
nouror
gani
zat
i
ons,oureconomy
,andoursoci
et
y
”
.He
f
ur
t
hersay
st
hatt
he emer
gence ofa t
r
ul
yent
r
epr
eneur
i
aleconomyi
st
he most
si
gni
f
i
cantandhopef
ul
ev
entt
hathav
eoccur
r
edi
nr
ecenteconomi
candsoci
al
hi
st
or
y
.
4.Cr
eat
i
on ofEmpl
oy
mentOppor
t
uni
t
i
es:Ent
r
epr
eneur
s pl
aya si
gni
f
i
cantr
ol
ei
n
gener
at
i
onofempl
oy
mentoppor
t
uni
t
i
esbyest
abl
i
shi
ngnew uni
t
si
nmanuf
act
ur
i
ng,
t
r
adi
ngandser
v
i
cesect
or
s,l
ay
i
ngemphasi
sonsmal
lscal
ei
ndust
r
i
es,ut
i
l
i
zi
ngt
he
sur
pl
us l
abourf
or
ce i
nv
ar
i
ed i
ndust
r
i
aland/
orser
v
i
ce act
i
v
i
t
i
es,uphol
di
ng sel
f
empl
oy
mentasacor
eobj
ect
i
v
e.Ent
r
epr
eneuri
nt
egr
at
esr
esour
cesandt
echnol
ogi
es
i
nt
opr
of
i
t
abl
ebusi
nessv
ent
ur
esandcr
eat
esj
oboppor
t
uni
t
i
es.
5.I
ncr
easePr
oduct
i
v
i
t
ywi
t
hModer
nPr
oduct
i
onSy
st
em:Pl
ayani
mpor
t
antr
ol
ei
n
r
ai
si
ngpr
oduct
i
v
i
t
y
.JohnKeudr
i
ckwr
i
t
es,“
Hi
gherpr
oduct
i
v
i
t
yi
schi
ef
l
yamat
t
erof
i
mpr
ov
i
ng pr
oduct
i
on t
echni
ques,and t
hi
st
aski
st
heent
r
epr
eneur
i
alf
unct
i
on par
excel
l
ence”
.Two key
st
o hi
gherpr
oduct
i
v
i
t
y ar
er
esear
ch and dev
el
opmentand
i
nv
est
menti
nnew pl
antandmachi
ner
y
.Butt
her
ei
sacl
osel
i
nkbet
weenR&Dand
i
nv
est
mentpr
ogr
ammes,
wi
t
hahi
gherent
r
epr
eneur
i
ali
nputi
nt
obot
h”
.Geor
geGi
l
deri
n
TheSpi
r
i
tofEnt
er
pr
i
sesai
dt
hat
:“
Ent
r
epr
eneur
sar
ei
nnov
at
or
swhoev
okedemand’
.
Theyar
emaker
sofmar
ket
s,cr
eat
or
sofcapi
t
al
,anddev
el
oper
sofoppor
t
uni
t
yand
pr
oducer
s of new t
echnol
ogy
. They seek t
he uni
que pr
oduct
,t
he mar
ket
i
ng
br
eakt
hr
ough,t
hest
ar
t
l
i
ngnew,f
eat
ur
eort
henov
eldesi
gn.Theychanget
echni
cal
f
r
ont
i
er
sandr
eshapepubl
i
cdesi
r
es.Theycr
eat
eweal
t
handempl
oy
ment
.Theyt
ake
except
i
ont
ot
her
ecei
v
edv
i
ew t
hatcompani
esshoul
dbemar
ketl
ed.Theyl
eadt
he
mar
ket
”
.
6. Expor
t Pr
omot
i
on and I
mpor
t Subst
i
t
ut
i
on: Li
ber
al
i
zat
i
on,pr
i
v
at
i
zat
i
on and
gl
obal
i
zat
i
on[
LPG]hasopenedt
hear
enaofexpor
tpr
omot
i
onandi
mpor
tsubst
i
t
ut
i
on
t
o ent
r
epr
eneur
s by est
abl
i
shi
ng i
ndust
r
i
es pr
oduci
ng i
mpor
tsubst
i
t
ut
i
on goods,
est
abl
i
shnew i
ndust
r
i
es,especi
al
l
yf
orexpor
t
,pr
oduct
s,expl
or
at
i
onofnew gl
obal
mar
ket
s,
ear
ni
ngf
or
ei
gnexchanger
eser
v
es,
ut
i
l
i
zi
ngt
heav
ai
l
abl
epr
oduct
i
v
er
esour
ces,
achi
ev
i
ngsel
f
r
el
i
ancei
npr
oduct
i
onofasmanygoodsaspossi
bl
e,ent
r
epr
eneur
,ar
e
pl
ay
i
ngapi
v
otr
ol
ei
nexpor
tpr
omot
i
onandi
mpor
tsubst
i
t
ut
i
on.
7.Ent
r
epr
eneurPl
ay
s a Rol
e ofCat
al
y
t
i
c Agent
:As Joseph Schumpet
ersay
s,
ent
r
epr
eneur
’
st
aski
s“
cr
eat
i
v
edest
r
uct
i
on”
.Hedest
r
oy
st
ocr
eat
enew t
hi
ngs.He
changesandt
r
ansmut
esv
al
ues.Hesear
cheschangeandr
espondst
oi
t
.Hei
sachange
cr
eat
or
.Ral
phHar
wi
t
zwr
i
t
esi
nhi
sbookReal
i
t
i
esofPr
of
i
t
abi
l
i
t
y
’
,“
Theent
r
epr
eneur
makesahappeni
ng,want
spi
eceofact
i
on,i
st
hegr
owt
hman.Wi
t
houthi
mt
her
ei
sno
happeni
ng,
noact
i
on,
andnogr
owt
h”
.
8.Augment
i
ngandMeet
i
ngLocal
Demands:
Ent
r
epr
eneur
sal
sopl
ayasi
gni
f
i
cantr
ol
ei
n
augment
i
ng l
ocal demands and meet
i
ng t
hem sat
i
sf
act
or
i
l
y
. Towar
ds t
hi
s
ent
r
epr
eneur
sf
ocus t
hei
r at
t
ent
i
on t
o manuf
act
ur
e ser
v
i
ce t
hr
ough i
ndi
genous
t
echnol
ogy
,
ski
l
l
,
r
esour
cesandex
per
i
ences.
9. Rei
nv
ent
i
ng Ent
r
epr
eneur
i
alVent
ur
e:An ent
r
epr
eneur wor
kt
o r
ei
nv
ent hi
s
ent
r
epr
eneur
i
alv
ent
ur
e.He knows t
hatchange and i
nnov
at
i
on i
s good f
orhi
s
or
gani
zat
i
on.PaulWi
l
kenobser
v
es,“
Ent
r
epr
eneur
shi
pi
sadi
scont
i
nuousphenomenon,
appear
i
ngt
oi
ni
t
i
at
echangesi
nt
hepr
oduct
i
onpr
ocessandt
hendi
sappear
i
ngunt
i
li
t
r
eappear
st
oi
ni
t
i
at
eanot
herchange”
.Zol
t
anAcswr
i
t
es,“
Ent
r
epr
eneur
sst
i
rupt
he
wat
er
sofcompet
i
t
i
oni
nt
hemar
ketpl
ace.Theyar
e‘
agent
sofchangei
namar
ket
economy
”
.
10.Economi
cDev
el
opment
:Ent
r
epr
eneur
shi
p act
i
v
i
t
ycont
r
i
but
est
ot
he economi
c
dev
el
opmentofa nat
i
on.Due t
o ent
r
epr
eneur
shi
p,new and i
nnov
at
i
v
e mat
er
i
al
s,
pr
oduct
s,t
echnol
ogi
es,pr
ocesses ar
e dev
el
oped.Thi
si
ncr
eases pr
oduct
i
on and
di
st
r
i
but
i
onofgoodsandser
v
i
ces,
r
esul
t
i
ngi
ngr
owt
handdev
el
opmentoft
henat
i
on.
Dev
el
opedcount
r
i
esl
i
keJapan,USA,Ger
many
,et
c.
,owet
hei
reconomi
cdev
el
opment
t
ot
hecont
r
i
but
i
onoft
hei
rent
r
epr
eneur
s.Wi
t
houtt
hei
nnov
at
i
v
er
ol
eofent
r
epr
eneur
s,
economi
cdev
el
opmentofanat
i
onwoul
dgethamper
ed.
11.Soci
alDev
el
opment
:Ent
r
epr
eneur
spl
ayani
mpor
t
antr
ol
ei
nsoci
aldev
el
i
pmentofa
nat
i
on.Pr
of
essi
onaland successf
ulent
r
epeneur
sr
ecogni
zeand r
espond t
o soci
al
dev
el
opmentneedsoft
hesoci
et
y
.
Theent
r
epr
eneur
scont
r
i
but
ef
undst
owar
dssoci
aldev
el
opmentact
i
v
i
t
i
esl
i
keheal
t
h,
educat
i
on,and communi
t
y dev
el
opmentact
i
v
i
t
i
es.They al
sp gener
at
e new and
i
nnov
at
i
v
ei
deast
oenhancesoci
al
dev
el
opmenti
nt
hesoci
et
y
.
12.Regi
onalDev
el
opment
:Theent
r
eper
neur
ssetupi
ndust
r
i
esnotonl
yi
nur
banar
eas,
butal
soi
nbackwar
dsar
eas.Duet
ogov
er
nmenti
ncent
i
v
essuchascashsubsi
dy
,t
ax
hol
i
day
,dut
yconcessi
ons,et
c.
,ent
r
epr
eneur
s ar
ei
nduced t
o setup i
ndust
r
i
es i
n
backwar
dar
eas.Asar
esul
tofsuchi
ni
t
i
at
i
v
eont
hepar
tofent
r
epr
eneur
s,
t
hebackwar
d
ar
easgetdev
el
opednotonl
yeconomi
cal
l
ybutal
sosoci
al
l
y
.
13.Dev
el
opmentofmanager
i
al
capabi
l
i
t
i
es:
Thebi
ggestsi
gni
f
i
canceofent
r
epr
eneur
shi
pl
i
esi
nt
hef
actt
hati
thel
psi
ni
dent
i
f
y
i
ng
anddev
el
opi
ngmanager
i
alcapabi
l
i
t
i
esofent
r
epr
eneur
s.Anent
r
epr
eneurst
udi
esa
pr
obl
em,i
dent
i
f
i
esi
t
sal
t
er
nat
i
v
es,compar
est
heal
t
er
nat
i
v
esi
nt
er
msofcostand
benef
i
t
si
mpl
i
cat
i
ons,
andf
i
nal
l
ychoosest
hebestal
t
er
nat
i
v
e.
Thi
sexer
ci
sehel
psi
nshar
peni
ngt
hedeci
si
onmaki
ngski
l
l
sofanent
r
epr
eneur
.Besi
des,
t
hesemanager
i
alcapabi
l
i
t
i
esar
eusedbyent
r
epr
eneur
si
ncr
eat
i
ngnew t
echnol
ogi
es
and pr
oduct
si
n pl
ace of ol
dert
echnol
ogi
es and pr
oduct
sr
esul
t
i
ng i
n hi
gher
per
f
or
mance.
14.Cr
eat
i
onofor
gani
sat
i
ons:
Ent
r
epr
eneur
shi
pr
esul
t
si
nt
ocr
eat
i
onofor
gani
sat
i
onswhenent
r
epr
eneur
sassembl
e
and coor
di
nat
e phy
si
cal
,human and f
i
nanci
alr
esour
cesand di
r
ectt
hem t
owar
ds
achi
ev
ementofobj
ect
i
v
est
hr
oughmanager
i
al
ski
l
l
s.
15.I
mpr
ov
i
ngst
andar
dsofl
i
v
i
ng:
Bycr
eat
i
ngpr
oduct
i
v
eor
gani
sat
i
ons,
ent
r
epr
eneur
shi
phel
psi
nmaki
ngawi
dev
ar
i
et
yof
goodsandser
v
i
cesav
ai
l
abl
et
ot
hesoci
et
ywhi
chr
esul
t
si
nt
ohi
gherst
andar
dsofl
i
v
i
ng
f
ort
hepeopl
e.
Possessi
onofl
uxur
ycar
s,comput
er
s,mobi
l
ephones,r
api
dgr
owt
hofshoppi
ngmal
l
s,
et
c.ar
epoi
nt
er
st
ot
her
i
si
ngl
i
v
i
ngst
andar
dsofpeopl
e,
andal
lt
hi
si
sduet
ot
heef
f
or
t
s
ofent
r
epr
eneur
s.
16.Capi
t
alFor
mat
i
on:Ent
r
epr
eneur
sf
aci
l
i
t
at
ecapi
t
alf
or
mat
i
oni
nt
hecount
r
y
.The
ent
r
epr
eneur
spr
ov
i
deempl
oy
mentt
ot
hepeopl
e.Theempl
oy
eessav
eapar
toft
hei
r
i
ncome.Theent
r
epr
eneur
sal
sosav
eapar
toft
hei
rpr
of
i
t
s.Thesesav
i
ngsl
eadt
o
i
nv
est
ment
.I
nv
est
menti
nt
ur
nf
aci
l
i
t
at
escapi
t
alf
or
mat
i
on,i
.
e.
,pr
oduct
i
onofcapi
t
al
goods,
whi
chcanbeusedf
orf
ur
t
herpr
oduct
i
onofconsumergoodsandser
v
i
ces.
17.ConsumerWel
f
ar
e:Ent
r
epr
eneur
shi
pact
i
v
i
t
yf
aci
l
i
t
at
esconsumerwel
f
ar
e.Duet
o
i
nnov
at
i
v
ei
deas,consumer
scanenj
oynew andbet
t
ert
y
pesofgoodsandser
v
i
ces.
Al
soduet
oempl
oy
ment
,pur
chasi
ngpoweroft
hepeopl
ei
ncr
eases,r
esul
t
i
ngi
nmor
e
demandf
ornew andbet
t
ert
y
peofgoods.Ther
ef
or
e,t
hest
andar
dofl
i
v
i
ngoft
he
soci
et
yi
mpr
ov
es.
Ty
pes
1.Ont
heBasi
sofEconomi
cDev
el
opment
:Cl
ar
enceDanhofcl
assi
f
i
edent
r
epr
eneur
s
i
nt
of
ourgr
oupsont
hebasi
sofeconomi
cdev
el
opment
.
A.I
nnov
at
i
ng Ent
r
epr
eneur
s:Thi
st
y
pe of ent
r
epr
eneur
shi
pi
s char
act
er
i
zed by
aggr
essi
v
eassembl
ageofi
nf
or
mat
i
onandt
heanal
y
si
sofr
esul
t
sder
i
v
i
ngf
r
om nov
el
combi
nat
i
onoff
act
or
sofpr
oduct
i
on.Ent
r
epr
eneur
sf
al
l
i
ngi
nt
hi
scl
assar
egener
al
l
y
aggr
essi
v
e i
n exper
i
ment
at
i
on and exhi
bi
t
ed shr
ewdness i
n put
t
i
ng at
t
r
act
i
v
e
possi
bi
l
i
t
i
esi
nt
opr
act
i
ce.Theyar
et
heent
r
epr
eneur
swhohav
ecr
eat
i
v
eandi
nnov
at
i
v
e
i
deasofst
ar
t
i
nganew busi
ness.Ani
nnov
at
i
ngent
r
epr
eneurseest
heoppor
t
uni
t
yf
or
i
nt
r
oduci
nganewt
echni
queoranewpr
oductoranewmar
ket
.Hemayr
ai
semoneyt
o
l
aunchanent
er
pr
i
se,assembl
et
hev
ar
i
ousf
act
or
s,andchooset
opexecut
i
v
esandt
he
sett
heor
gani
zat
i
ongoi
ng.Schumpet
er
’
sent
r
epr
eneurwasoft
hi
st
y
pe.I
nnov
at
i
v
e
ent
r
epr
eneur
st
hus,r
esul
t
si
nt
hecr
eat
i
onofsomet
hi
ngnew.Theyar
et
hecont
r
i
but
or
s
t
ot
heeconomi
cdev
el
opmentofacount
r
y
.I
nnov
at
i
ngent
r
epr
eneur
sar
ev
er
ycommonl
y
f
r
ondi
nundev
el
opedcount
r
i
es.Ther
ei
sdear
t
hofsuchent
r
epr
eneur
si
ndev
el
oped
count
r
i
es.I
nnov
at
i
ngent
r
epr
eneur
spl
ay
edt
hekeyr
ol
ei
nt
her
i
seofmoder
ncapi
t
al
i
sm,
t
hr
ought
hei
rent
er
pr
i
si
ngspr
i
t
,hopeofmoney
maki
ng,abi
l
i
t
yt
or
ecogni
zeandexpl
oi
t
oppor
t
uni
t
i
es,
et
c.
B.Adopt
i
v
e orI
mi
t
at
i
v
e Ent
r
epr
eneur
:Ther
ei
s a second gr
oup ofent
r
epr
eneur
s
gener
al
l
yr
ef
er
r
edasi
mi
t
at
i
v
eent
r
epr
eneur
s.Thei
mi
t
at
i
v
eent
r
epr
eneur
scopyoradopt
sui
t
abl
ei
nnov
at
i
onsmadebyt
hei
nnov
at
i
v
eent
r
epr
eneur
s.Theydoesnoti
nnov
at
et
he
changes hi
msel
f
. They onl
y i
mi
t
at
es t
echnol
ogy i
nnov
at
ed by ot
her
s. Such
ent
r
epr
eneur
sar
epar
t
i
cul
ar
l
yi
mpor
t
anti
ndev
el
opi
ngcour
t
i
er
sbecauset
heycont
r
i
but
e
si
gni
f
i
cant
l
yt
ot
hedev
el
opmentofsucheconomi
es.I
mi
t
at
i
v
eent
r
epr
eneur
sar
emost
sui
t
abl
ef
ort
hedev
el
opi
ngr
egi
onsbecausei
nsuchcount
r
i
espeopl
epr
ef
ert
oi
mi
t
at
e
t
het
echnol
ogy
,knowl
edgeandski
l
lal
r
eadyav
ai
l
abl
ei
nmor
eadv
ancedcount
r
i
es.I
n
hi
ghl
ybackwar
dcount
r
i
est
her
ei
sshor
t
ageofi
mi
t
at
i
v
eent
r
epr
eneur
sal
so.Peopl
ewho
cani
mi
t
at
et
het
echnol
ogi
esandpr
oduct
st
ot
hepar
t
i
cul
arcondi
t
i
onspr
ev
ai
l
i
ngi
n
t
hesecount
r
i
esar
eneeded.Somet
i
mes,t
her
ei
saneedt
oadj
ustandadoptt
henew
t
echnol
ogi
est
ot
hei
rspeci
alcondi
t
i
ons.I
mi
t
at
i
v
eent
r
epr
eneur
shel
pt
ot
r
ansf
or
mt
he
sy
st
em wi
t
ht
hel
i
mi
t
edr
esour
cesav
ai
l
abl
e.Howev
er
;t
heseent
r
epr
eneur
sf
acel
esser
r
i
sksanduncer
t
ai
nt
yt
heni
nnov
at
i
v
eent
r
epr
eneur
s.Whi
l
ei
nnov
at
i
v
eent
r
epr
eneur
sar
e
cr
eat
i
v
e,
i
mi
t
at
i
v
eent
r
epr
eneur
sar
eadopt
i
v
e.
C.Fabi
an Ent
r
epr
eneur
:The t
hi
r
dt
y
pe i
s Fabi
an ent
r
epr
eneur
.By nat
ur
et
hese
ent
r
epr
eneur
sar
eshyandl
azy
.Thi
st
y
peofent
r
epr
eneur
shav
enei
t
herwi
l
lt
oi
nt
r
oduce
new changesnordesi
r
et
oadoptnew met
hodsofpr
oduct
i
oni
nnov
at
edbyt
hemost
ent
r
epr
eneur
s.Theyf
ol
l
ow t
hesetpr
ocedur
es,cust
oms,t
r
adi
t
i
onsandr
el
i
gi
ons.They
ar
enotmuchi
nt
er
est
edi
nt
aki
ngr
i
skandt
heyt
r
yt
of
ol
l
ow t
hef
oot
st
epsoft
hei
r
pr
edecessor
s.Usual
l
yt
heyar
esecondgener
at
i
onent
r
epr
eneuri
nabusi
nessf
ami
l
y
ent
er
pr
i
se.
D.Dr
oneEnt
r
epr
eneur
:Thef
our
t
ht
y
pei
sDr
oneent
r
epr
eneur
swhor
ef
uset
ocopyor
useoppor
t
uni
t
i
est
hatcomeont
hei
rway
.Theyar
econv
ent
i
onali
nt
hei
rappr
oachand
st
i
ckt
ot
hei
rsetpr
act
i
cespr
oduct
s,pr
oduct
i
onmet
hodsandi
deas.Theyst
r
uggl
et
o
sur
v
i
v
enott
ogr
ow.Theymaybet
er
medasLaggar
ds.I
nsuchcasest
heor
gani
zat
i
on
l
oosesmar
ket
,t
hei
roper
at
i
onsbecomeuneconomi
calandt
heymaybepushedoutof
t
hemar
ket
.
2.Ont
heBasi
sofTy
peofBusi
ness:Undert
hi
scat
egor
ywecancl
assi
f
yent
r
epr
eneur
s
asdescr
i
bedbel
ow:
A.Busi
nessEnt
r
epr
eneur
s:Theyar
et
heent
r
epr
eneur
swhoconcei
v
eani
deaf
oranew
pr
oductorser
v
i
ceandt
hencr
eat
eabusi
nesst
omat
er
i
al
i
zet
hei
ri
deai
nt
or
eal
i
t
y
.They
t
apt
heent
i
r
ef
act
orofpr
oduct
i
ont
odev
el
opanewbusi
nessoppor
t
uni
t
y
.Theymayset
upabi
gent
er
pr
i
seorasmal
lscal
ebusi
ness.Whent
heyest
abl
i
shsmal
lbusi
nessuni
t
s
t
heyar
ecal
l
edsmal
lbusi
nessent
r
epr
eneur
s.I
namaj
or
i
t
yofcases,ent
r
epr
eneur
sar
e
f
oundi
nsmal
l
t
r
adi
ngandmanuf
act
ur
i
ngbusi
ness.
B.Tr
adi
ngEnt
r
epr
eneur
:Ther
eent
r
epr
eneur
sunder
t
aket
r
adi
ngact
i
v
i
t
i
esandar
enot
concer
nedwi
t
ht
hemanuf
act
ur
i
ngwor
k.Theyi
dent
i
f
i
espot
ent
i
al
i
t
yoft
hei
rpr
oducti
n
mar
ket
s,
st
i
mul
at
esdemandf
ort
hei
rpr
oductl
i
neamongbuy
er
s.Theymaygof
orbot
h
domest
i
candov
er
seast
r
ade.Theseent
r
epr
eneur
sdemonst
r
at
edt
hei
rabi
l
i
t
yi
npushi
ng
manyi
deasaheadwhi
chpr
omot
edt
hei
rbusi
ness.
C.I
ndust
r
i
alEnt
r
epr
eneur
:I
ndust
r
i
alent
r
epr
eneuri
sessent
i
al
l
yamanuf
act
ur
erwho
i
dent
i
f
i
est
heneedsofcust
omer
sandcr
eat
espr
oduct
sorser
v
i
cest
oser
v
et
hem.Hei
s
pr
oduct
or
i
ent
edwhost
ar
t
st
hr
oughani
ndust
r
i
aluni
tt
ocr
eat
eapr
oductl
i
keel
ect
r
oni
c
i
ndust
r
y
,
t
ext
i
l
euni
t
,
machi
net
ool
s.
D.Cor
por
at
eEnt
r
epr
eneur
:Theseent
r
epr
eneur
susedhi
si
nnov
at
i
v
eski
l
li
nor
gani
zi
ng
andmanagi
ngacor
por
at
eunder
t
aki
ng.Acor
por
at
eunder
t
aki
ngi
saf
or
m ofbusi
ness
or
gani
sat
i
onwhi
chi
sr
egi
st
er
edundersomest
at
ut
eorActl
i
keat
r
ustr
egi
st
er
edunder
t
heTr
ustAct
,
oracompanyr
egi
st
er
edundert
heCompani
esAct
.Thesecor
por
at
ewor
k
assepar
at
el
egalent
i
t
y
.Hei
st
husani
ndi
v
i
dualwhopl
ans,dev
el
opsandmanagesa
cor
por
at
ebody
.
E.Agr
i
cul
t
ur
alEnt
r
epr
eneur
:Agr
i
cul
t
ur
alent
r
epr
eneur
s ar
et
hose who under
t
ake
agr
i
cul
t
ur
al act
i
v
i
t
i
es as t
hr
ough mechani
z
at
i
on, i
r
r
i
gat
i
on and appl
i
cat
i
on of
t
echnol
ogi
est
opr
oducet
hecr
op.Theycov
erabr
oadspect
r
um oft
heagr
i
cul
t
ur
al
sect
orandi
ncl
udeagr
i
cul
t
ur
eandal
l
i
edoccupat
i
ons.
3.Accor
di
ngt
ot
heUseofTechnol
ogy
:Theappl
i
cat
i
onofnew t
echnol
ogyi
nv
ar
i
ous
sect
or
soft
henat
i
onaleconomyi
sessent
i
alf
ort
hef
ut
ur
egr
owt
hofbusi
ness.Wemay
br
oadl
ycl
assi
f
yt
heseent
r
epr
eneur
sont
hebasi
soft
heuseoft
echnol
ogyasf
ol
l
ows:
A.Techni
calEnt
r
epr
eneur
s:Wi
t
ht
hedecl
i
neofj
oi
ntf
ami
l
ybusi
nessandt
her
i
seof
sci
ent
i
f
i
candt
echni
cali
nst
i
t
ut
i
ons,t
echni
cal
l
yqual
i
f
i
edper
sonshav
eent
er
edt
hef
i
el
d
ofbusi
ness.Theseent
r
epr
eneur
smayent
erbusi
nesst
ocommer
ci
al
l
yexpl
oi
tt
hei
r
i
nv
ent
i
onsanddi
scov
er
i
es.Thei
rmai
nasseti
st
echni
calexper
t
i
se.Theyr
ai
set
he
necessar
ycapi
t
alandempl
oyexper
t
si
nf
i
nanci
al
,l
egal
-mar
ket
i
ngandot
herar
easof
busi
ness.Thei
rsuccess depends upon how t
hey st
ar
tpr
oduct
i
on and on t
he
accept
anceoft
hei
rpr
oduct
si
nt
hemar
ket
.
B.Nont
echni
calEnt
r
epr
eneur
:Nont
echni
calent
r
epr
eneur
sar
et
hosewho ar
enot
concer
nedwi
t
ht
het
echni
calaspect
soft
hepr
oductorser
v
i
cei
nwhi
cht
heydeal
.They
ar
econcer
nedonl
ywi
t
hdev
el
opi
ngal
t
er
nat
i
v
emar
ket
i
ngandpr
omot
i
onal
st
r
at
egi
esf
or
t
hei
rpr
oductorser
v
i
ce.
C.Pr
of
essi
onalEnt
r
epr
eneur
:Pr
of
essi
onalent
r
epr
eneuri
san ent
r
epr
eneurwho i
s
i
nt
er
est
edi
nest
abl
i
shi
ngabusi
nessbutdoesnothav
ei
nt
er
esti
nmanagi
ngi
taf
t
er
est
abl
i
shment
.A pr
of
essi
onalent
r
epr
eneursel
l
soutt
heexi
st
i
ngbusi
nessongood
r
et
ur
nsandst
ar
t
sanot
herbusi
nesswi
t
hnew i
dea.Suchanent
r
epr
eneuri
sdy
nami
c
andconcei
v
esnewi
deast
odev
el
opal
t
er
nat
i
v
epr
oj
ect
s.
4.Accor
di
ngt
oMot
i
v
at
i
on:
Mot
i
v
at
i
oni
st
hemai
nf
or
cet
hatpr
omot
est
heef
f
or
t
soft
he
ent
r
epr
eneurt
oachi
ev
ehi
sgoal
s.Anent
r
epr
eneuri
smot
i
v
at
edt
oachi
ev
eorpr
ov
ehi
s
excel
l
encei
nt
hei
rper
f
or
mance.Accor
di
ngt
omot
i
v
at
i
onwecancl
assi
f
yent
r
epr
eneur
as:
.
A.Pur
eEnt
r
epr
eneur
:Apur
eent
r
epr
eneuri
st
heonewhoi
smot
i
v
at
edbypsy
chol
ogi
cal
economi
cal
,et
hi
calconsi
der
at
i
ons.Heunder
t
akesanent
r
epr
eneur
i
alact
i
v
i
t
yf
orhi
s
per
sonal
sat
i
sf
act
i
oni
nwor
k,
egoorst
at
us.
B.I
nducedEnt
r
epr
eneur
:Thi
st
y
peofent
r
epr
eneuri
sonewhoi
nducedt
ot
akeupan
ent
r
epr
eneur
i
alt
ask due t
ot
he pol
i
cy r
ef
or
ms oft
he gov
er
nmentt
hatpr
ov
i
des
assi
st
ance,i
ncent
i
v
es,concessi
onsandot
herf
aci
l
i
t
i
est
ost
ar
tav
ent
ur
e.Mostoft
he
smal
lscal
eent
r
epr
eneur
sbel
ongt
ot
hi
scat
egor
yandent
erbusi
nessduet
of
i
nanci
al
,
t
echni
calandsev
er
alot
herf
aci
l
i
t
i
espr
ov
i
dedt
ot
hem byt
hev
ar
i
ousagencyofGov
t
.t
o
pr
omot
e ent
r
epr
eneur
shi
p.Today
,i
mpor
tr
est
r
i
ct
i
ons and al
l
ocat
i
on ofpr
oduct
i
on
quot
ast
osmal
l
uni
t
shav
ei
nducedmanypeopl
et
ost
ar
tasmal
l
scal
euni
t
.
C.Mot
i
v
at
edEnt
r
epr
eneur
:New ent
r
epr
eneur
sar
emot
i
v
at
edbyt
hedesi
r
ef
orsel
f
f
ul
f
i
l
l
ment
.Theycomei
nt
obei
ngbecauseoft
hepossi
bi
l
i
t
yofmaki
ngandmar
ket
i
ng
somenewpr
oduct
sf
ort
heuseofconsumer
s.Theyar
emot
i
v
at
edt
hr
oughr
ewar
dl
i
ke
pr
of
i
t
.
5.Accor
di
ngt
oGr
owt
h:Thei
ndust
r
i
aluni
t
sar
ei
dent
i
f
i
edashi
ghgr
owt
h,medi
um
gr
owt
handl
ow gr
owt
hi
ndust
r
i
esandassuchwehav
e‘
Gr
owt
hEnt
r
epr
eneur
’and
‘
SuperGr
owt
hEnt
r
epr
eneur
.
’
A.Gr
owt
hEnt
r
epr
eneur
:Henecessar
i
l
yt
akesupahi
ghgr
owt
hi
ndust
r
yandchoosesan
i
ndust
r
ywhi
chhassust
ai
nedgr
owt
hpr
ospect
s.Gr
owt
hent
r
epr
eneur
shav
ebot
ht
he
desi
r
eandabi
l
i
t
yt
ogr
owasf
astasl
ar
geaspossi
bl
e.
B.Super
Gr
owt
hEnt
r
epr
eneur
:Thi
scat
egor
yofent
r
epr
eneur
si
st
hosewhohav
eshown
enor
mousgr
owt
hofper
f
or
mancei
nt
hei
rv
ent
ur
e.Thegr
owt
hper
f
or
mancei
si
dent
i
f
i
ed
byt
hehi
ght
ur
nov
erofsal
es,
l
i
qui
di
t
yoff
unds,
andpr
of
i
t
abi
l
i
t
y
.
6.Accor
di
ngt
oEnt
r
epr
eneur
i
alAct
i
v
i
t
y
:Basedonent
r
epr
eneur
i
alact
i
v
i
t
y
,
ent
r
epr
eneur
s
ar
ecl
assi
f
i
edasnov
i
ce,
ser
i
al
,
andpor
t
f
ol
i
oent
r
epr
eneur
.
A.Nov
i
ce Ent
r
epr
eneur
:A nov
i
ce i
s someone who has st
ar
t
ed hi
s/
her f
i
r
st
ent
r
epr
eneur
i
alv
ent
ur
e.A nov
i
ce ent
r
epr
eneuri
s an i
ndi
v
i
dualwho has no pr
i
or
busi
nessowner
shi
pexper
i
enceasabusi
nessf
ounder
,i
nher
i
t
orofabusi
ness,ora
pur
chaserofabusi
ness.I
ti
snotsi
mi
l
art
oear
l
yst
ar
t
er
;anov
i
cecanal
sobea50y
ear
ol
dwi
t
hov
er25y
ear
sofexper
i
encei
nt
hei
ndust
r
y
.
B.A Ser
i
alEnt
r
epr
eneur
:A Ser
i
alEnt
r
epr
eneuri
ssomeonewhoi
sdev
ot
edt
oone
v
ent
ur
eatat
i
mebutul
t
i
mat
el
yst
ar
t
smany
.I
ti
st
hepr
ocessofst
ar
t
i
ngt
hatexci
t
est
he
st
ar
t
er
.Oncet
hebusi
nessi
sest
abl
i
shed,t
heser
i
alent
r
epr
eneurmayl
osei
nt
er
estand
t
hi
nkofsel
l
i
ngandmov
i
ngon.
C.Por
t
f
ol
i
o Ent
r
epr
eneur
:A por
t
f
ol
i
o ent
r
epr
eneuri
san i
ndi
v
i
dualwho r
et
ai
nsan
or
i
gi
nalbusi
nessandbui
l
dsapor
t
f
ol
i
oofaddi
t
i
onalbusi
nessest
hr
oughi
nher
i
t
i
ng,
est
abl
i
shi
ng,orpur
chasi
ngt
hem.Apor
t
f
ol
i
oent
r
epr
eneurst
ar
t
sandr
unsanumberof
busi
nesses.I
tmaybeast
r
at
egyofspr
eadi
ngr
i
skori
tmaybet
hatt
heent
r
epr
eneuri
s
si
mul
t
aneousl
yexci
t
edbyav
ar
i
et
yofoppor
t
uni
t
i
es.Al
so,t
heent
r
epr
eneurmaysee
somesy
ner
gi
esbet
weent
hev
ent
ur
es.
7.Ot
herEnt
r
epr
eneur
s:
A.Fi
r
st
Gener
at
i
onEnt
r
epr
eneur
s:Thi
scat
egor
yconsi
st
soft
hoseent
r
epr
eneur
swhose
par
ent
sorf
ami
l
yhad notbeen i
nt
o busi
nessand wasi
nt
o sal
ar
i
ed ser
v
i
ce.The
boomi
ngeconomyofI
ndi
ahasl
edt
oamul
t
i
t
udeofbusi
nessoppor
t
uni
t
i
es,andwi
t
h
der
egul
at
i
on,i
thasbecomeeasi
ert
osetupbusi
nesses.Al
so,wi
t
hachangei
nt
he
mi
ndsetoft
hemi
ddl
ecl
ass,i
ti
snow mor
eaccept
abl
et
obecomeanent
r
epr
eneur
.A
f
i
r
st
gener
at
i
on ent
r
epr
eneuri
sonewho st
ar
t
san i
ndust
r
i
aluni
tbymeansofan
i
nnov
at
i
v
eski
l
l
.Hei
sessent
i
al
l
yani
nnov
at
or
,combi
ni
ngdi
f
f
er
entt
echnol
ogi
est
o
pr
oduceamar
ket
abl
epr
oductorser
v
i
ce.
B.Moder
n Ent
r
epr
eneur
:A moder
n ent
r
epr
eneuri
s one who under
t
akes t
hose
busi
nesseswhi
chgowel
lal
ongwi
t
ht
hechangi
ngscenar
i
oi
nt
hemar
ketandsui
t
st
he
cur
r
entmar
ket
i
ngneeds.
C.WomenEnt
r
epr
eneur
s:Womenasent
r
epr
eneur
shav
ebeenar
ecentphenomenoni
n
I
ndi
a.Thesoci
alnor
msi
nI
ndi
ahadmadei
tdi
f
f
i
cul
tf
orwoment
ohav
eapr
of
essi
onal
l
i
f
e.Now t
hi
shaschanged.Pr
ogr
essi
v
el
awsandot
heri
ncent
i
v
eshav
eal
soboost
ed
t
hepr
esenceofwomeni
nent
r
epr
eneur
i
alact
i
v
i
t
yi
ndi
v
er
sef
i
el
ds.I
n1988,f
ort
hef
i
r
st
t
i
me,
t
hedef
i
ni
t
i
onofWomenEnt
r
epr
eneur
s’
ent
er
pr
i
sewasev
ol
v
edt
hatt
er
medanSSI
uni
t
/
i
ndust
r
y
r
el
at
edser
v
i
ceorbusi
nessent
er
pr
i
se,managedbyoneormor
ewomen
ent
r
epr
eneur
si
npr
opr
i
et
ar
yconcer
ns,
ori
nwhi
chshe/
t
heyi
ndi
v
i
dual
l
yorj
oi
nt
l
yhav
ea
shar
ecapi
t
alofnotl
esst
han51percentaspar
t
ner
s/shar
ehol
der
s/di
r
ect
or
sofa
pr
i
v
at
el
i
mi
t
edcompany/member
sofacooper
at
i
v
esoci
et
y
,
asaWomanEnt
er
pr
i
se.
D.NascentEnt
r
epr
eneur
:Anascentent
r
epr
eneuri
sani
ndi
v
i
dualwhoi
si
nt
hepr
ocess
ofst
ar
t
i
nganewbusi
ness.
E.Habi
t
ual
Ent
r
epr
eneur
:
Ahabi
t
ual
ent
r
epr
eneuri
sani
ndi
v
i
dual
whohaspr
i
orbusi
ness
owner
shi
pexper
i
ence.Thenascentent
r
epr
eneurcanei
t
herbeanov
i
ceorahabi
t
ual
ent
r
epr
eneur
.
F.Li
f
est
y
l
eEnt
r
epr
eneur
s:
Li
f
est
y
l
eent
r
epr
eneur
shav
edev
el
opedanent
er
pr
i
set
hatf
i
t
s
t
hei
ri
ndi
v
i
dualci
r
cumst
ancesandst
y
l
eofl
i
f
e.Thei
rbasi
ci
nt
ent
i
oni
st
oearani
ncome
f
ort
hemsel
v
esandt
hei
rf
ami
l
i
es.
G.Soci
alEnt
r
epr
eneur
:Soci
alent
r
epr
eneuri
sonewhor
ecogni
zest
hepar
tofsoci
et
y
whi
chi
sst
uckandpr
ov
i
desnewway
st
ogeti
tunst
uck.Bei
tdedi
cat
edef
f
or
t
sf
orchi
l
d
upl
i
f
t
ment
,f
i
ght
i
ng f
ort
he conser
v
at
i
on ofAssam’
sr
ai
nf
or
est
s,wor
ki
ng f
ort
he
bet
t
er
mentoft
hebl
i
ndori
ni
t
i
at
i
v
est
oempowerwomen,t
heent
r
epr
eneur
’
spassi
oni
s
v
er
y st
r
ong.Fr
eedom,weal
t
h,exposur
e,soci
almobi
l
i
t
y and gr
eat
er i
ndi
v
i
dual
conf
i
dencear
edr
i
v
i
ngt
hi
shugewav
eofsoci
ali
nnov
at
i
onandent
r
epr
eneur
shi
p.Af
t
er
al
lar
et
i
r
edwi
t
ht
heI
nef
f
i
ci
encyofgov
er
nment
sandt
hei
ndi
f
f
er
enceofcor
por
at
e,and
wantt
omakeachangeandt
hi
si
st
hecaseev
er
y
wher
e.61
St
agesofEnt
r
epr
eneur
shi
p
St
age1:TheBi
r
t
hofYourSt
ar
t
Up:Thi
si
st
hebegi
nni
ngoft
heent
r
epr
eneur
shi
pcy
cl
e
ofanent
r
epr
eneur
.I
ti
sf
i
l
l
edwi
t
hmi
xedemot
i
onsofexci
t
ement
,
t
hr
i
l
l
andf
earal
l
att
he
samet
i
me.I
ti
st
i
mey
ouar
eseeki
ngi
ndependencei
nt
hebusi
nesswor
l
dandr
eadyt
o
cr
eat
ey
ourownnamei
nt
hemar
ket
.Youhav
ehadami
l
l
i
ondol
l
ari
deaf
ory
ourst
ar
t
up,
buty
ouar
enotqui
t
esur
ehow t
oexecut
ei
tatt
hi
sst
age.Buty
ouhav
eacl
earv
i
si
on
andacl
earmi
ssi
on.
St
age2:Sur
v
i
v
i
ngandGr
owi
ngYourBusi
ness:Thi
si
st
hest
agewher
ey
ouhav
e
successf
ul
l
yl
aunchedy
ournew company
,andnow y
ouar
el
ooki
ngf
orst
r
at
egi
est
o
sur
v
i
v
ei
nt
hei
ndust
r
y
.Someent
r
epr
eneur
sl
ookf
ori
nv
est
or
swhocoul
df
undt
hei
rst
ar
t
upswhi
l
esomeot
her
schoset
ost
ayi
ndependent
.Bot
hhav
et
hei
rpr
osandcons.Whi
l
e
choosi
ngt
ost
ayi
ndependentwi
l
lgi
v
ey
oumor
epowerandcont
r
olov
ery
ourst
ar
t
up,
i
t
wi
l
lputy
oui
nat
r
i
ckyf
i
nanci
alsi
t
uat
i
on.Themai
nai
m oft
hi
sst
agei
ssur
v
i
v
al
.You
hav
et
osel
ectwhati
sbestf
ory
ou.
St
age3:
TheHy
perSt
age:
Wheny
ourcompanyi
sseei
nghy
pergr
owt
hsuddenl
y
,
y
ouwi
l
l
notbei
ncont
r
oloft
heout
comes.Att
hi
sst
age,
manyst
ar
t
upsgoi
nt
ot
r
oubl
ebecause
ent
r
epr
eneur
sst
ar
tget
t
i
ngov
erconf
i
denthav
i
ngseensuccess.Theyf
eelt
hatt
her
ei
s
not
hi
ngt
heycoul
ddowr
ong.Thosewhogetcockyatt
hi
sst
ageendupbei
ngbl
i
ndsi
ded.
Someent
r
epr
eneur
sst
ar
tcel
ebr
at
i
ngandenj
oy
i
ngi
nt
hi
sst
ageandcompl
et
el
yf
or
get
aboutt
hei
rdesi
r
edgoal
sandmi
ssi
ons.Tosur
v
i
v
et
hi
sst
age,y
ouhav
et
obest
abl
e.
Yourst
ar
t
uphast
obest
abl
e.
St
age4:ThePr
i
meSt
age:Wheny
ourcompanyhascr
ossedt
hepoi
ntofsur
v
i
v
aland
st
abi
l
i
t
yt
hati
swhenr
eal
successi
sr
eached.Thi
si
st
hemor
epr
edi
ct
abl
egr
owt
hphase.
I
ti
sbestt
ost
ayi
nhi
sphaseasl
ongasy
oucan.Your
eal
i
zet
hatot
herbusi
nessesand
compani
escanmakey
oust
r
ongerbecauset
heyt
hemsel
v
esar
est
r
ongenough.You
st
ar
tt
oexpl
or
epar
t
ner
shi
pswi
t
hot
hercompani
es.Youf
or
mi
nt
erdependedr
el
at
i
ons
wi
t
hot
hersuccessf
ulcompani
es.Thi
skeepsy
ourcompanyi
ni
t
spr
i
meandenhances
y
ourgr
owt
hoppor
t
uni
t
i
es.
St
age5:Agi
ngandEar
l
yDecl
i
ne:Asi
t
uat
i
onmi
ghtcomeupwher
eoneoft
hemost
si
gni
f
i
cantf
acesofy
ourcompanymov
esoutory
ourpar
t
ner
shi
pswi
t
hot
her
sdont
wor
kout
.Someoneel
semi
ghthav
ecomeupwi
t
habet
t
eri
deai
nt
hemar
ket
,andy
our
i
deami
ghthav
ebecomeusel
ess.Thi
sl
eadst
oy
ourbusi
nessandcompanybei
ng
di
sr
upt
ed.Att
hi
sst
age,y
oucandooneoft
wot
hi
ngs:Youcanei
t
herr
est
ar
ty
our
j
our
neyt
ounwi
ndwhaty
oubegan,
ory
oucandi
sr
upty
ourcompany
.
St
age6:I
l
l
nessandRapi
dDecl
i
ne:Thi
sphaseshoul
dbeexpect
edi
fy
ouar
et
ool
at
ei
n
f
i
gur
i
ngoutt
heear
l
ysi
gnsofdecl
i
ne.Thi
shappenswheny
ourt
eam i
snol
ongersur
e
whatt
heyar
esupposedt
odo,ori
ti
sunabl
et
of
i
xt
hepr
obl
emst
hatcomeup.I
fy
ou
don’
tt
akeact
i
oni
mmedi
at
el
y
,i
twi
l
ll
eadt
of
ear
s,uncer
t
ai
nt
i
esanddoubt
sset
t
i
ngi
n.
Thecompanyi
ssur
et
of
ai
l
anddecl
i
nei
fnoact
i
oni
st
aken.
St
age7:Deat
h:Ther
ear
et
i
meswhennomat
t
erhowhar
dwewor
kt
omakeast
ar
t
up
wor
k,
i
tj
ustf
ai
l
s.Somet
i
mesy
ouar
esodeepi
nt
ot
hehol
et
hathasbeencr
eat
edduet
o
bankr
upt
cyorr
est
r
ai
nedcashf
l
ow,
t
hatt
her
ei
snowayt
odi
gy
our
sel
fout
.Att
i
mesl
i
ke
t
hese,t
hebestopt
i
oni
st
oshuty
ourbusi
nessdownbecausei
ti
sl
eadi
ngnowher
e.
Takei
tdownbef
or
ei
tt
akesy
oudownwi
t
hi
t
.
Ent
r
epr
eneur
i
al
Cul
t
ur
e
Ther
e ar
e many adv
ant
ages t
o wor
ki
ng f
orsomeone el
se i
ncl
udi
ng secur
i
t
y
,a
guar
ant
eedpay
check,andbei
ngabl
et
o“
t
ur
nof
f
”att
heendoft
heday
.Yett
her
ear
e
al
sobenef
i
t
st
ocul
t
i
v
at
i
ngasenseofowner
shi
pamongy
ourt
eam member
s,
i
ncl
udi
ng
asenseofur
gency
,awi
l
l
i
ngnesst
ot
r
ynew t
hi
ngs,andanappet
i
t
ef
orf
ast
ergr
owt
h.
Ul
t
i
mat
el
y
,y
ouwanty
ourt
eam t
ocomeupwi
t
hnew i
deas,buty
oual
sowantt
ohel
p
t
hem f
eel
empower
edt
oactont
hosei
deas.
1.Hi
r
eAspi
r
i
ngEnt
r
epr
eneur
s
I
t
’
snocoi
nci
dencet
hataspi
r
i
ngent
r
epr
eneur
sar
eat
t
r
act
edt
ot
hest
ar
t
upenv
i
r
onment
.
Theset
y
pesar
eeagert
ogai
nexper
i
enceandt
endt
oseeoppor
t
uni
t
i
esi
nmar
ket
sor
t
he i
ndust
r
ywher
e ot
her
s don’
t
.Br
i
ng t
hem i
n,and empowert
hem t
of
l
ex t
hei
r
ent
r
epr
eneur
i
al
muscl
eswi
t
hi
ny
ouror
gani
zat
i
on.
2.MakeEmpl
oy
eesFeel
Li
kePar
t
ner
s
Gi
v
eev
er
y
onei
ny
ourcompanyequi
t
y
,
andmot
i
v
at
et
hem t
ov
i
ewy
ourcompanyast
hei
r
company
.Your
eal
l
yneedt
obel
i
ev
et
hatev
er
y
oneaty
ourcompanyi
sy
ourpar
t
nerand
t
r
eatt
hem t
hatway
.
3.EmpowerandEncour
ageEmpl
oy
ees
Empowery
ourempl
oy
eeswi
t
hmor
er
esponsi
bi
l
i
t
i
es,andencour
aget
hem t
omake
deci
si
onsont
hei
rown.Encour
agecr
eat
i
v
i
t
y
,r
ewar
dy
ourempl
oy
eeswhent
heymake
goodbusi
nessdeci
si
onsanduset
hei
rmi
st
akesasl
ear
ni
ngoppor
t
uni
t
i
es.
4.BeOpent
oMi
cr
of
ai
l
ur
es
It
r
yt
ocr
eat
eanenv
i
r
onmenti
nwhi
chempl
oy
eesknowt
hatIam opent
omi
cr
of
ai
l
ur
es
i
nt
hemacr
opur
sui
tofsuccess.I
fpeopl
ear
eaf
r
ai
dt
ot
aker
i
sks,t
henwear
en’
tgoi
ng
t
ogr
owasqui
ckl
yorsmar
t
l
yaspossi
bl
e.Butpeopl
edon’
tal
way
sbel
i
ev
et
hatmaki
ng
mi
st
akesi
sOK.Ist
r
i
v
et
ogi
v
et
hem pr
ooft
hati
ti
s,
sot
heycanl
etgoofanyf
ear
sand
t
r
ynewway
sofget
t
i
ngt
hej
obdone.
5.Gi
v
eI
ncent
i
v
est
oEmpl
oy
ees
What
’
si
ni
tf
ort
hem?I
ft
hey
’
r
epr
oact
i
v
e,got
heext
r
ami
l
eandr
eal
l
yi
mpacty
our
companyposi
t
i
v
el
y—whatdot
heygetoutofi
t
?I
ncent
i
v
escani
ncl
uder
ai
ses,
bonuses
(
t
i
meof
f
,
apai
dhol
i
day
,
et
c.
)
,
st
ockopt
i
ons,
pr
omot
i
onsandev
enpubl
i
cr
ecogni
t
i
onof
one’
sef
f
or
t
s.
6.LeadbyExampl
e
Youneedt
ol
eadbyexampl
e,t
akeaf
ewr
i
sks,andt
henl
ett
hosei
deasmat
er
i
al
i
ze.I
n
somecases,y
ourr
i
skswi
l
lf
ai
l
;y
ouneedt
oshow y
ourt
eam t
hatf
ai
l
ur
ei
sOK.They
shoul
dembr
acei
t
,
f
ai
l
f
astandgetbackoni
t
.Theonl
ywayy
ourempl
oy
eeswi
l
l
f
eel
l
i
ke
t
aki
ngr
i
sksi
si
ft
heyknow t
hatf
ai
l
i
ngwi
l
lnotbel
ookedati
nabadl
i
ght
.Justmake
sur
eeachf
ai
l
ur
eonl
yhappensonce
7.Gi
v
eEmpl
oy
eesaVoi
ce
Bygi
v
i
ngempl
oy
eesv
oi
ces,l
i
st
eni
ngt
ot
hei
ri
deasandi
mpl
ement
i
ngt
hem,y
oucan
encour
ageacul
t
ur
eof“
i
nt
r
apr
eneur
s.
”Seei
ngt
hatt
heyar
eani
nt
egr
alpar
toft
he
company— whet
heri
t
’
ssav
i
ngmoneybyusi
ngadi
f
f
er
entv
endororcr
eat
i
nganew
pr
ocesst
ost
r
eaml
i
nepr
oduct
i
on—wi
l
l
gi
v
et
hem pr
i
dei
nt
hecompany
.
8.MakeI
tSaf
et
oShar
eI
deas
Cr
eat
eacul
t
ur
ewher
enew i
deasar
ewel
comedandnotshutdown.Youwantev
er
y
empl
oy
eet
of
eell
i
keshecanmakeadi
f
f
er
encewi
t
hheri
dear
at
hert
handependont
he
f
ounderormanagementt
eam f
ort
henextbi
gi
dea.Encour
agey
ourt
eam t
oshar
eof
t
en
andopenl
yt
oencour
agei
nt
r
apr
eneur
shi
p.–
9.Gi
v
eEmpl
oy
eesOwner
shi
p
Tocr
eat
eacul
t
ur
eofi
nt
r
apr
eneur
s,y
ouhav
et
ogi
v
eempl
oy
eesowner
shi
pofpr
oj
ect
s
andf
ol
l
owt
hei
rr
ecommendat
i
ons.Weencour
ageanent
r
epr
eneur
i
almi
ndsetbyhav
i
ng
empl
oy
eest
aket
ur
nsbei
ng“
Sensei
”andl
eadi
ngapr
of
essi
onaldev
el
opmentt
r
ai
ni
ng
sessi
on.Addi
t
i
onal
l
y
,ev
er
yempl
oy
eei
sexpect
edt
ot
akeapr
oj
ectf
r
om st
ar
tt
of
i
ni
sh
ev
er
yquar
t
er
.
10.AskThem f
orThei
rRecommendat
i
on
Near
l
yal
l
empl
oy
eescanpr
esenti
nf
or
mat
i
on;
r
ockst
ar
swi
l
l
pr
epar
ear
ecommendat
i
on.
Whent
eam member
sbr
i
ngbacki
nf
or
mat
i
on,askt
hem,“
Whatdoy
out
hi
nk?
”You’
l
l
cr
eat
eacul
t
ur
eoft
hi
nki
ngbey
ondt
hecur
r
entst
ept
owar
dnextst
epsandi
mpl
i
cat
i
ons.
I
t
’
st
hef
i
r
stst
ept
owar
dcr
eat
i
ngi
nt
r
apr
eneur
s.
11.Cr
eat
eaSt
ar
t
upCul
t
ur
e
I
fy
ouwantt
ohav
ei
nt
r
apr
eneur
si
ny
ouror
gani
zat
i
on,
y
ouneedt
of
ost
eranat
mospher
e
ofent
r
epr
eneur
shi
p.Thi
scanbedonet
hr
oughar
t
i
cl
esy
oushar
ewi
t
ht
het
eam,
weekl
y
meet
i
ngs and,mosti
mpor
t
ant
l
y
,ment
or
shi
p.Cr
eat
i
ng a l
i
br
ar
y ofbooks about
ent
r
epr
eneur
shi
p hel
ps as wel
l
.I
fy
ou cr
eat
e and pr
omot
et
he cul
t
ur
e,t
he
ent
r
epr
eneur
i
al
spi
r
i
twi
t
hi
ny
ourempl
oy
eeswi
l
l
beempower
ed.
UNI
T2
SWOTANALYSI
S
[
S]ForSt
r
engt
hs:
Twof
act
or
scont
r
i
but
et
oy
ourst
r
engt
hs:
abi
l
i
t
yandr
esour
cesav
ai
l
abl
e.
Abi
l
i
t
yi
sev
al
uat
edon3count
s:
1.Ver
sat
i
l
i
t
y
:
y
ourabi
l
i
t
yt
oadaptt
oanev
erchangi
ngenv
i
r
onment
.
2.Gr
owt
h:
y
ourabi
l
i
t
yt
omai
nt
ai
nacont
i
nui
nggr
owt
h.
3.Mar
ket
s:
y
ourabi
l
i
t
yt
openet
r
at
eorcr
eat
enewmar
ket
s.
Thest
r
engt
hofr
esour
ceshast
hr
eedi
mensi
ons:
1.Av
ai
l
abi
l
i
t
y
:
y
ourabi
l
i
t
yt
oobt
ai
nt
her
esour
cesneeded.
2.Qual
i
t
y
:
t
hequal
i
t
yandupt
odat
enessoft
her
esour
cesempl
oy
ed.
3.Al
l
ocat
i
on:
y
ourabi
l
i
t
yt
odi
st
r
i
but
er
esour
cesbot
hef
f
ect
i
v
el
yandef
f
i
ci
ent
l
y
.
[
W]ForWeaknesses:
Yourweaknessesar
edet
er
mi
nedt
hr
oughf
ai
l
ur
es,
def
eat
s,
l
ossesandi
nabi
l
i
t
yt
omat
ch
upwi
t
ht
hedy
nami
csi
t
uat
i
onandr
api
dchange.Theweaknessesmayber
oot
edi
nl
ack
ofmanager
i
al
ski
l
l
s,
i
nsuf
f
i
ci
entqual
i
t
y
,
t
echnol
ogi
cal
backwar
dness,
i
nadequat
e
sy
st
emsorpr
ocesses,
sl
owdel
i
v
er
i
es,
orshor
t
ageofr
esour
ces.Ther
ear
et
hr
ee
possi
bl
eout
comest
ot
heanal
y
si
sofy
ourweaknesses.
1.Cor
r
ect
i
onofani
dent
i
f
i
eddef
ect
.
2.Pr
ot
ect
i
ont
hr
oughcov
er
upandpr
ev
ent
i
onst
r
at
egi
est
or
educet
heexposur
eofy
our
weaknesses.
3.Aggr
essi
ont
odi
v
er
tt
heat
t
ent
i
onf
r
om y
ourweaknesses.
[
O]ForOppor
t
uni
t
i
es:
Oppor
t
uni
t
i
esar
eabundant
.Youmustdev
el
opaf
or
mul
awhi
chwi
l
l
hel
py
oudef
i
ne
whatcomeswi
t
hi
nt
heambi
tofanoppor
t
uni
t
yt
of
ocusont
hosear
easandpur
sue
t
hoseoppor
t
uni
t
i
eswher
eef
f
ect
i
v
enessi
spossi
bl
e.Thef
or
mul
amustdef
i
ne
pr
oduct
/
ser
v
i
ce,
t
ar
getmar
ket
,
capabi
l
i
t
i
esr
equi
r
edandr
esour
cest
obeempl
oy
ed,
r
et
ur
nsexpect
edandt
hel
ev
el
ofr
i
skal
l
owed.
Weaknessesofy
ourcompet
i
t
i
onsar
eal
sooppor
t
uni
t
i
esf
ory
ou.Youcanexpl
oi
tt
hem
i
nt
wof
ol
l
owi
ngway
s:
1.Mar
ket
i
ngwar
f
ar
e:
at
t
acki
ngt
heweakl
eader
’
sposi
t
i
onandf
ocusi
ngal
l
y
ouref
f
or
t
s
att
hatpoi
nt
,
ormaki
ngasur
pr
i
semov
ei
nt
oanuncont
est
edar
ea.
2.Col
l
abor
at
i
on:
y
oucanusey
ourcompl
ement
ar
yst
r
engt
hst
oest
abl
i
shast
r
at
egi
c
al
l
i
ancewi
t
hy
ourcompet
i
t
or
.
[
T]ForThr
eat
s:
Ext
er
nal
t
hr
eat
sar
i
sef
r
om pol
i
t
i
cal
,
economi
c,
soci
al
,
t
echnol
ogi
cal
(
PEST)f
or
ces.
Technol
ogi
cal
dev
el
opment
smaymakey
ourof
f
er
i
ngsobsol
et
e.Mar
ketchangesmay
r
esul
tf
r
om t
hechangesi
nt
hecust
omerneeds,
compet
i
t
or
s’
mov
es,
ordemogr
aphi
c
shi
f
t
s.Thepol
i
t
i
cal
si
t
uat
i
ondet
er
mi
nesgov
er
nmentpol
i
cyandt
axat
i
onst
r
uct
ur
e.
PROBLEMSFACEDBYENTPRENEURSHI
P
1.Fi
nanci
ng
2.LackofPl
anni
ng
3.Hi
r
i
ngt
her
i
ghtt
al
ent
4.Ef
f
ect
i
v
emar
ket
i
ngwi
t
hi
nal
i
mi
t
edbudget
5.Sel
f
doubtanduncer
t
ai
nt
y
6.Deal
i
ngwi
t
hcr
i
t
i
ci
sm
7.At
t
r
act
i
v
eCust
omer
s
8.Maki
ngDeci
si
ons
9.Ti
meManagement
10.
Of
f
i
ceI
nf
r
ast
r
uct
ur
e
1.Fi
nanci
ng
Get
t
i
ngf
undsf
ory
ourbusi
nessi
soneoft
hemai
ni
ssuest
hatal
lbusi
nessesf
aceand
hav
et
ot
ackl
et
osur
v
i
v
e.Whi
l
ey
oumi
ghthav
esav
edi
ni
t
i
al
moneyt
ost
ar
tabusi
ness,
i
t
won’
thel
py
ousur
v
i
v
ef
orl
ong.St
eadycashf
l
ow i
scr
uci
alf
orbusi
nessest
oendur
e,
andy
oual
way
sneedt
ohav
eext
r
af
undst
ot
akecar
eofr
ai
nyday
s.
Youneedt
oensur
ey
ouhav
eawel
l
pr
epar
edbusi
nessst
r
at
egyaheadoft
i
me,whi
ch
consi
st
soff
undssetasi
def
ort
hewor
st
casescenar
i
o.Remember
,wheny
ouar
enew
i
nbusi
ness,y
ouwi
l
lcer
t
ai
nl
yhav
er
est
r
i
ct
edaccessi
bi
l
i
t
yoff
unds,andal
sohencey
ou
hav
emuchl
essr
oom f
orer
r
or
.
2.LackofPl
anni
ng
I
t
’
si
mpr
essi
v
et
henumberofst
ar
t
upsf
ai
l
ssi
ncet
hey“
f
ai
l
edt
or
emember
”t
odot
he
pl
anni
ng.Orper
hapst
heydi
dst
r
at
egi
ze,y
ett
heydi
dnotcov
eral
lt
hebases.Key
l
ocat
i
onsl
i
kesal
es,dev
el
opment
,andf
undi
ngar
en’
taf
t
er
t
hought
s.Theyneedt
oal
l
bel
ongt
oy
ourbusi
nesspl
anr
i
ghtf
r
om t
hest
ar
t
.Notj
ustt
hat
,howev
er
,y
our
equi
r
et
o
pr
epar
ef
ort
hei
mpor
t
antt
hi
ngsy
oucannotpr
epar
ef
or
,
al
so.Thati
s,
ev
eni
fy
oucannot
pl
anf
orev
er
ypossi
bi
l
i
t
y
,y
our
equi
r
et
or
ecogni
zewhaty
ou’
r
emostl
i
kel
yt
odowhen
(
noti
f
)ev
ent
st
akeanunf
or
eseent
ur
n.
3.Hi
r
i
ngt
her
i
ghtt
al
ent
Par
t
i
cul
arabi
l
i
t
i
esar
ei
mpor
t
antnotj
ustf
ory
ourbusi
nesst
o endur
ebutf
ort
he
expansi
on.Recogni
zi
ngt
hespeci
f
i
cabi
l
i
t
i
esy
our
equi
r
e– aswel
lasexact
l
yhow t
o
obt
ai
nt
hosecr
uci
ali
ndi
v
i
dual
saboar
d–coul
dbet
hei
dent
i
f
y
i
ngconsi
derj
usthowwel
l
y
ourst
ar
t
upgr
ows.Hol
dupsi
ndi
scov
er
i
ngt
hebestempl
oy
eesar
eexpensi
v
e.Fora
smal
lgr
oup,t
he empl
oy
mentpr
ocedur
e consumes i
mpor
t
antt
i
me t
hatcoul
d be
i
nv
est
edi
nv
ar
i
ousot
herl
ocat
i
onsofbusi
ness,y
etont
heot
herhand,nothav
i
ngt
he
r
i
ghtpeopl
e can pr
oduce ext
r
eme bot
t
l
enecks and al
so del
ayt
he r
ol
l
outofnew
pr
oduct
sorser
v
i
ces.Thi
si
soneoft
hei
ssuest
hatnost
ar
t
upcanaf
f
or
d,
par
t
i
cul
ar
l
yi
n
t
heear
l
yday
s.
4.Ef
f
ect
i
v
emar
ket
i
ngwi
t
hi
nal
i
mi
t
edbudget
Somest
ar
t
upsassumet
heycani
gnor
emar
ket
i
ngst
r
at
egi
esent
i
r
el
yandhopet
hat
wor
dofmout
hwi
l
lbesuf
f
i
ci
ent
.Bei
ngast
ar
t
up,
i
t
’
sessent
i
alt
ocr
eat
ev
i
si
bi
l
i
t
yamong
y
ourconsumer
s.Ef
f
ect
i
v
emar
ket
i
ngt
echni
queswi
t
hi
nal
i
mi
t
edbudgetshoul
dbe
madet
or
eachy
ourt
ar
getaudi
ences.Yeti
t
’
sani
ncor
r
ectexpect
at
i
ont
opl
acey
our
conf
i
dencei
ncl
i
ent
sf
i
ndi
ngy
ouunl
essy
oumakeacol
l
ect
i
v
ei
ni
t
i
at
i
v
et
ogr
ow t
hem
wi
t
hapr
oper
l
yst
r
uct
ur
edst
r
at
egyt
opr
omot
ey
ourst
ar
t
up.
5.Sel
f
doubtanduncer
t
ai
nt
y
Forf
i
r
st
t
i
meent
r
epr
eneur
s,
deal
i
ngwi
t
ht
heuncer
t
ai
nt
i
esoft
hev
ent
ur
ecanbeat
ough
t
ask.Theent
r
epr
eneur
scanof
t
enf
eel
ul
t
i
mat
el
yr
esponsi
bl
ef
ort
hesuccessorf
ai
l
ur
e
oft
hei
rv
ent
ur
e.Ther
ear
eal
somanydet
our
sanddev
i
at
i
onsf
r
om t
hei
ni
t
i
al
pl
an.Al
l
of
t
hi
scant
akeat
ol
l
ont
heent
r
epr
eneur
.TheVUCAenv
i
r
onmentt
hatmostnew
busi
nessesoper
at
ei
nshoul
dbeaccept
edast
her
eal
i
t
yandt
hechangesaccept
ed
wi
t
houtmuchr
esi
st
ance.Ent
r
epr
eneur
sshoul
dr
emai
ncal
m andt
r
uet
ot
hei
rv
i
si
on.
6.Deal
i
ngwi
t
hcr
i
t
i
ci
sm
Wheny
ouar
eanent
r
epr
eneur
,
cr
i
t
i
ci
sm comesasapar
tandpar
cel
oft
hej
ob.Ev
er
y
deci
si
onoft
heent
r
epr
eneurcanbemetwi
t
hcr
i
t
i
ci
sm byt
het
eam,
par
t
ner
s,
i
nv
est
or
s,
cust
omer
s,
andev
ent
hei
rf
ami
l
y
.Ev
enest
abl
i
shedent
r
epr
eneur
ssuchasRat
anTat
a
mustdeal
wi
t
ht
hi
s.Thekeyi
naccept
i
ngcr
i
t
i
ci
sm i
st
osepar
at
et
hewast
ef
r
om t
he
t
r
ul
yhel
pf
ul
f
eedbackt
hatcanpr
ov
ev
al
uabl
e.Oncey
ouhav
eev
al
uat
edt
hecr
i
t
i
ci
sm f
or
i
t
sv
al
i
di
t
y
,
y
oucanev
enaskt
of
ol
l
owupquest
i
onst
hatcanhel
py
ouunder
st
andt
he
cr
i
t
i
ci
sm bet
t
er
.Youmayev
enbeappr
eci
at
edf
ort
hi
sorf
i
ndsomeusef
ul
i
nsi
ght
.
7.At
t
r
act
i
v
eCust
omer
s
Get
t
i
ngcust
omer
sf
ory
ourpr
oductorser
v
i
cecanbet
hedi
f
f
er
encebet
weensuccess
andf
ai
l
ur
ef
orabusi
ness.Manybusi
nesseshav
est
ar
t
edwi
t
hpower
f
ul
i
deashowev
er
coul
dnotsur
v
i
v
esi
mpl
ybecauset
heyf
ai
l
edt
or
eacht
her
i
ghtcust
omer
s.Ther
ear
e
sev
er
al
way
sofr
eachi
ngt
her
i
ghtcust
omer
s,
howev
ersoci
al
medi
aandSEOhav
e
pr
ov
ent
obeusef
ul
t
ool
sf
ormost
.Theent
r
epr
eneurshoul
di
nv
estt
i
mei
n
under
st
andi
ngt
hecust
omerexpect
at
i
onsandi
fneededl
ev
er
aget
hei
rnet
wor
kt
or
each
t
hecust
omer
s.
8.Maki
ngDeci
si
ons
Deci
si
onmaki
ngi
nabusi
nesssi
t
uat
i
oncanbedaunt
i
ng,
especi
al
l
ywhent
her
ear
eso
manyt
hi
ngsr
i
di
ngoneachdeci
si
on.Ent
r
epr
eneur
scanf
aceadi
l
emmawhi
l
emaki
nga
deci
si
on,
especi
al
l
ywhent
heyhav
el
i
mi
t
edi
nf
or
mat
i
on.Ent
r
epr
eneur
smustal
soguar
d
t
hemsel
v
esagai
nstget
t
i
ngov
er
l
yi
nv
ol
v
edi
ndeci
si
onmaki
ngandcausi
ngadel
ay
whi
chmaydel
ayt
hepr
ogr
ess.Theycandel
egat
et
hesmal
l
erdeci
si
onst
ot
hei
rt
eam of
exper
t
sandaskt
hem t
ocomeupwi
t
hal
t
er
nat
i
v
esbef
or
eev
al
uat
i
ngopt
i
onsandf
i
nal
l
y
deci
di
ng.
9.Ti
meManagement
Ev
ent
hebestent
r
epr
eneur
sst
r
uggl
et
omanaget
hei
rt
i
mepr
oper
l
y
.Ast
heyt
akeup
r
ol
esoutoft
hei
rexper
t
i
se,
t
heycanf
i
ndi
tchal
l
engi
ngt
ogett
hi
ngsdone.The
chal
l
engesof
t
enpopupwhent
heent
r
epr
eneur
shav
et
odeal
wi
t
hconf
l
i
ct
i
ngpr
i
or
i
t
i
es
andmustl
etgooft
hei
rper
f
ect
i
oni
stst
r
eakt
omov
et
hebusi
nesspr
ocessal
ong.
Pl
ot
t
i
nggoal
sandmaki
ngschedul
escanbeal
i
f
esav
erher
e.Al
l
t
hatt
heyneedt
odoi
s
ensur
et
hatt
hei
rsmal
l
ergoal
st
i
eupwi
t
ht
hel
ar
gergoal
sandy
ourbusi
nessv
i
si
on.
10.Of
f
i
ceI
nf
r
ast
r
uct
ur
e
Yourwor
kpl
acer
entandassoci
at
edcost
sar
et
hef
i
r
stt
hi
ngst
haty
oushoul
dl
ookat
wheny
oust
ar
tt
hi
nki
ngofcut
t
i
ngcost
s,especi
al
l
ywhenst
ar
t
i
nganew busi
ness.
Cowor
ki
ngspacesal
l
ow busi
nessowner
sandst
ar
t
upst
ooper
at
ei
naf
ul
l
y
equi
pped
wor
kpl
ace wi
t
houtwor
r
y
i
ng aboutset
t
i
ng up t
hei
rown pr
i
v
at
e wor
kpl
aces.One
si
gni
f
i
cantbenef
i
tofcowor
ki
ngi
st
hati
ti
st
hebestmet
hodt
ooper
at
ei
nawor
kpl
ace
wi
t
hmi
ni
malf
i
nanci
ali
nv
est
ment
.Byoper
at
i
ngi
nacowor
ki
ngspace,y
oucanr
uny
our
busi
nesswi
t
hf
ewerexpensesascont
r
ast
edt
oset
t
i
ngupanewwor
kpl
ace.
I
NTRAPENEUR
The empl
oy
er pr
ov
i
des such passi
onat
e j
ob cr
af
t
er
s,al
so known as i
nsi
de
ent
r
epr
eneur
s,t
he r
esour
ces and capabi
l
i
t
i
es needed t
o compl
et
et
he pr
oj
ect
.
I
nt
r
apr
eneur
sal
sogett
hef
r
eedom andf
l
exi
bi
l
i
t
yt
owor
kwi
t
houtwor
r
y
i
ngaboutt
he
r
i
sksorr
ewar
ds.Par
toft
hei
rt
aski
nv
ol
v
esexpl
or
i
ngcompanypol
i
ci
es,anal
y
zi
ng
mar
kett
r
ends,
andmaki
ngchangest
oori
nt
r
oduci
ngnewconcept
s.
Let
’
shav
eal
ookatsomeoft
hemostdesi
r
abl
echar
act
er
i
st
i
csofasuccessf
ul
i
nt
r
apr
eneur
:
Cur
i
osi
t
y
I
t
’
st
hecur
i
osi
t
yt
oknowbey
ondt
heobv
i
oust
hatl
eadst
hem t
owantt
oi
nnov
at
e.
Cr
eat
i
v
i
t
y
I
nt
r
apr
eneur
s,
i
ngener
al
,
ar
ehi
ghl
ycr
eat
i
v
epeopl
e.Theyt
hr
i
v
eont
heconst
antneedt
o
cr
eat
enewandi
nnov
at
i
v
esol
ut
i
onst
hatgoundet
ect
edbybi
gor
gani
zat
i
ons.
Pr
oact
i
v
e
whatmakesI
nt
r
apr
eneur
sst
andoutf
r
om t
her
estoft
hecr
owdi
st
hei
reager
nessand
abi
l
i
t
yt
obepr
oact
i
v
ei
nst
eadofr
eact
i
v
e!
Passi
onat
e
Hav
i
ngapassi
onf
ort
hi
ngsi
sessent
i
al
f
orent
r
epr
eneur
sandI
nt
r
apr
eneur
sal
i
ke.The
passi
onf
orpur
sui
ngagoal
andseei
ngt
hr
oughi
t
scompl
et
i
onmakesoneasuccessf
ul
i
nt
r
apr
eneur
.
Vi
si
onar
y
Onl
yat
r
uev
i
si
onar
ycanmakeasuccessf
ul
i
nt
r
apr
eneur
.Oneneedst
ohav
et
heknack
t
ohav
eav
i
si
onaboutt
hecompany
’
sf
ut
ur
et
owor
kbackwar
dsandt
ur
ni
ti
nt
oar
eal
i
t
y
!
Sel
f
conf
i
dence
Justl
i
keanent
r
epr
eneur
,
ev
enani
nt
r
apr
eneurwi
l
l
hav
eal
otofpeopl
et
el
l
t
hem t
hey
can’
tdoi
t
;
howev
er
,
t
heyneedt
ost
ayi
nt
hei
rconf
i
dence,
cont
i
nuet
ohav
ef
ai
t
hi
n
t
hemsel
v
esandkeepcar
r
y
i
ngon!
Pr
oduct
i
v
e
Thi
sonegoeswi
t
houtsay
i
ng,
butal
i
f
eofani
nt
r
apr
eneur
,
especi
al
l
yi
nt
hebegi
nni
ng,
r
equi
r
est
hem t
obeont
hei
rt
oesandt
hei
rpr
oduct
i
v
ebestconst
ant
l
y
!
Adapt
abl
e
Asani
nt
r
apr
eneur
,
t
her
ewi
l
l
const
ant
l
ybeev
ol
v
i
ngsi
t
uat
i
ons.I
nsuchanenv
i
r
onment
,
bei
ngadapt
abl
ei
sal
mostanessent
i
al
at
t
r
i
but
e,
ori
tcanbecomedi
f
f
i
cul
tf
oronet
o
pur
suet
hi
ski
ndofr
ol
eandgai
nsuccessi
ni
t
.
Net
wor
ki
ngski
l
l
s
Hav
ey
ouev
ermetorknownofanent
r
epr
eneurwhodoesnotnet
wor
kordoesn’
tknow
atl
easthal
fadozenpeopl
ef
r
om t
hei
ndust
r
yon1stnamebasi
s?Pr
obabl
ynot
!Thi
s
t
r
ai
ti
sasi
mpor
t
antf
orani
nt
r
apr
eneuraswel
l
t
ol
i
ai
sewi
t
hv
ar
i
ouspeopl
eacr
oss
net
wor
ksf
ort
hebestr
esul
t
sf
ort
hei
rpr
oductorser
v
i
ce!
Resi
l
i
ence
Lastbutoneoft
hemostcr
uci
al
onesi
st
ober
esi
l
i
ent
!Ther
ewi
l
l
beobst
acl
est
hr
ownat
y
ou,
l
ef
t
,
r
i
ghtandcent
r
e,
buty
ouhav
et
oknowhowt
of
al
l
andgetbackup!Posi
t
i
v
el
y
t
akecr
i
t
i
ci
sm andwor
koni
ti
nst
eadofl
et
t
i
ngi
tbey
ourdownf
al
l
!
DI
FFERENCEBETWEENENTPRENEURANDI
NTRAPRENEUR
BASI
SFOR
COMPARI
SON
ENTREPRENEUR
I
NTRAPRENEUR
Meani
ng
Ent
r
epr
eneurr
ef
er
st
oa
per
sonwhosetuphi
sown
busi
nesswi
t
hanewi
deaor
concept
.
I
nt
r
apr
eneurr
ef
er
st
oanempl
oy
ee
oft
heor
gani
zat
i
onwhoi
si
nchar
ge
ofunder
t
aki
ngi
nnov
at
i
onsi
n
pr
oduct
,
ser
v
i
ce,
pr
ocesset
c.
Appr
oach
I
nt
ui
t
i
v
e
Rest
or
at
i
v
e
BASI
SFOR
COMPARI
SON
ENTREPRENEUR
I
NTRAPRENEUR
Resour
ces
Usesownr
esour
ces.
User
esour
cespr
ov
i
dedbyt
he
company
.
Capi
t
al
Rai
sedbyhi
m.
Fi
nancedbyt
hecompany
.
Ent
er
pr
i
se
Newl
yest
abl
i
shed
Anexi
st
i
ngone
Dependency
I
ndependent
Dependent
Ri
sk
Bor
nebyt
heent
r
epr
eneur
hi
msel
f
.
Takenbyt
hecompany
.
Wor
ksf
or
Cr
eat
i
ngal
eadi
ngposi
t
i
oni
n Changeandr
enewt
heexi
st
i
ng
t
hemar
ket
.
or
gani
zat
i
onal
sy
st
em andcul
t
ur
e.
CHALLENGESANDPROBLEMSFACEDBYWOMENENTREPRENEURSI
NI
NDI
AWHI
LE
STARTI
NGABUSI
NESS
1.Fewersect
or
sar
eWomenf
r
i
endl
y
Despi
t
et
hepol
i
ci
esandmeasur
est
opr
omot
egenderequal
i
t
y
,menst
i
l
ldomi
nat
e
I
ndi
a’
sent
r
epr
eneur
i
alecosy
st
em.Accor
di
ngt
oar
ecentr
epor
t
,mostwomenowned
busi
nessesi
nt
hecount
r
yoper
at
ei
nl
owr
ev
enuesect
or
s,whi
l
emencont
r
olt
hemor
e
pr
of
i
t
abl
esect
or
sl
i
kemanuf
act
ur
i
ng,
const
r
uct
i
on,
andt
hel
i
ke.
Themal
ecent
r
i
cnat
ur
eofmanyi
ndust
r
i
esal
sof
or
ceswomenent
r
epr
eneur
st
ooper
at
e
i
nsect
or
st
hatar
ehi
st
or
i
cal
l
ycal
l
ed“
womenf
r
i
endl
y
”
,suchaseducat
i
on,appar
el
,and
beaut
ycar
e,
amongot
her
s.I
tl
i
mi
t
st
hei
rexper
i
ence,
oppor
t
uni
t
i
es,
andcapabi
l
i
t
i
est
oa
si
gni
f
i
cantext
ent
.
2.LackofSoci
al
andI
nst
i
t
ut
i
onal
Suppor
t
Mostwomenbusi
nessowner
sdon’
tgett
hesoci
alsuppor
tt
heyr
equi
r
et
oki
ckst
ar
t
t
hei
rbusi
nessf
r
om f
ami
l
i
es,peer
s,andi
mmedi
at
eecosy
st
ems.Lackofment
or
shi
p
f
r
om t
hebusi
nesscommuni
t
yi
sal
sooneoft
hemai
nchal
l
engesf
acedbywomen
ent
r
epr
eneur
si
nt
hecount
r
y
.
Thecasei
snodi
f
f
er
entwheni
tcomest
oi
nst
i
t
ut
i
onalsuppor
t
.Thought
her
ear
e
schemesf
orpr
omot
i
ngf
emal
eent
r
epr
eneur
shi
p,manywomendon’
tr
ecei
v
et
i
mel
y
gui
danceorhel
pf
r
om aut
hor
i
t
i
es.Theabsenceofapr
opersuppor
tnet
wor
kadv
er
sel
y
i
mpact
st
hei
rconf
i
denceandabi
l
i
t
yt
ot
aker
i
sks.
3.PoorFundi
ngPr
ospect
s
Asunf
ai
rasi
tmi
ghtsound,t
hef
undi
ngscenei
nI
ndi
ahasmassi
v
egenderbi
ases.
Womenl
edbusi
nessesi
nt
hecount
r
yl
ackaccesst
ocapi
t
alduet
ot
hepr
ej
udi
cesof
i
nv
est
or
s and ot
herf
act
or
s.Accor
di
ng t
o ar
epor
tbyI
nnov
en Capi
t
al
,ofal
lt
he
compani
est
hatr
ecei
v
edf
undi
ngi
n2019,
onl
y12%hadatl
eastonef
emal
ef
ounder
.
ManyVCf
i
r
msandangeli
nv
est
or
sar
er
el
uct
antt
oi
nv
esti
nwomenl
edbusi
nesses,
whi
l
ebanksandf
i
nanci
ali
nst
i
t
ut
i
onsconsi
derwomenl
esscr
edi
t
wor
t
hy
.Mor
eov
er
,
manyI
ndi
anwomendon’
thav
epr
oper
t
yorasset
si
nt
hei
rname,whi
chcomesupasa
pr
obl
em whi
l
eappl
y
i
ngf
orcol
l
at
er
al
l
oansorpr
i
v
at
ef
i
nanci
ng.
4.LackofAccesst
oPr
of
essi
onal
Net
wor
ks
Li
mi
t
edaccesst
opr
of
essi
onalnet
wor
ksi
sanot
heroneoft
hebasi
cpr
obl
emsof
womenent
r
epr
eneur
si
nI
ndi
a.Accor
di
ngt
ot
heGoogl
eBai
nsur
v
ey
,f
emal
ebusi
ness
owner
sar
el
essi
nt
egr
at
edwi
t
hf
or
malandi
nf
or
malnet
wor
ks.Thesur
v
eyf
ur
t
her
i
ndi
cat
est
hatov
er45% ofur
bansmal
lbusi
nessowner
ssuf
f
erduet
oi
nsuf
f
i
ci
ent
av
enuesofnet
wor
kdev
el
opment
.
St
udi
esal
soshow t
hatmostoft
heexi
st
i
ngpr
of
essi
onalnet
wor
ksar
edomi
nat
edby
men,maki
ngi
tdi
f
f
i
cul
tf
orwoment
oaccessornav
i
gat
esuchspaces.Consequent
l
y
,
t
heymi
ssoutonoppor
t
uni
t
i
est
ogr
ow t
hei
rbusi
ness,f
i
ndcol
l
abor
at
or
sandv
endor
s,
andbui
l
dsoci
al
capi
t
al
.
5.Pr
essur
et
oSt
i
ckt
oTr
adi
t
i
onal
GenderRol
es
Pat
r
i
ar
chycondi
t
i
onsbot
h men and women t
o pl
aycer
t
ai
n def
i
ned genderr
ol
es.
Womenar
eexpect
edt
ocook,dodomest
i
cchor
es,r
ai
seki
ds,car
ef
ort
heel
der
l
y
,and
t
hel
i
ke.Juggl
i
ngf
ami
l
i
alandpr
of
essi
onalr
esponsi
bi
l
i
t
i
esi
sachal
l
engei
ni
t
sel
f
,and
ev
enmor
esowheny
ousetoutt
obui
l
dabr
and.
Thepr
essur
et
ost
i
ckt
ot
r
adi
t
i
onalgenderr
ol
esi
samongt
hemai
nchal
l
engesf
acedby
womenent
r
epr
eneur
s.Of
t
en,
t
heyar
easkedt
ogi
v
eupent
r
epr
eneur
shi
pandt
akeupan
“
easy
”pr
of
essi
ont
hathel
pst
hem f
ocusmor
eonf
ami
l
yandki
ds.What
’
smor
e,a
womanwhochooseshercar
eerov
erot
hert
hi
ngsi
sl
ookeddownupon.
Al
soRead:
Pr
obl
emsEnt
r
epr
eneur
sf
acedwhi
l
est
ar
t
i
ngast
ar
t
up
6.LackofanEnt
r
epr
eneur
i
al
Env
i
r
onment
Ent
r
epr
eneur
shi
pi
sal
ongj
our
neyt
hati
nv
ol
v
esal
otofl
ear
ni
ng,unl
ear
ni
ng,and
upski
l
l
i
ng.Anenv
i
r
onmentt
hatexudesast
r
ongent
r
epr
eneur
i
alspi
r
i
ti
scr
uci
alf
ora
per
sont
obecomeasuccessf
ulbusi
nessowner
.Howev
er
,manywomenof
t
ensuf
f
er
f
r
om t
hel
ackofsuchapr
oduct
i
v
eenv
i
r
onment
.
Tobegi
nwi
t
h,manywomenar
ef
or
cedt
omanaget
hei
rbusi
nessesf
r
om homeduet
o
f
ami
l
i
alr
esponsi
bi
l
i
t
i
es.Consequent
l
y
,
t
heyl
oseoutonoppor
t
uni
t
i
est
ogoout
,
i
nt
er
act
wi
t
ht
hebusi
nesscommuni
t
y
,andbui
l
dt
hei
rmar
ketaccess.I
tal
soi
mpedest
hei
r
l
ear
ni
ngoppor
t
uni
t
i
es,
accesst
or
esour
cesandment
or
s,
andmor
e.
7.Li
mi
t
edMobi
l
i
t
y
Li
mi
t
edmobi
l
i
t
yi
soneoft
hebasi
cpr
obl
emsofwomenent
r
epr
eneur
si
nI
ndi
a.They
cannott
r
av
elal
oneorst
ayathot
el
sf
orbusi
nesspur
poseswi
t
houtwor
r
y
i
ngabout
saf
et
y
.What
’
smor
e,manyhot
el
si
nI
ndi
ast
i
l
ldon’
tal
l
ow woment
ochecki
nunl
ess
accompani
edbyaman!
Thoughmanyf
i
nanci
al
l
yi
ndependentwomenhav
est
ar
t
edi
nv
est
i
ngi
nv
ehi
cl
es,t
he
numberofwomenowni
ngmot
or
i
zedv
ehi
cl
esi
nI
ndi
ai
sst
i
l
lf
ewert
hanmen.Al
lt
hese
f
act
or
scomet
oget
hert
or
est
r
i
ctt
hemobi
l
i
t
yoff
emal
ebusi
nessowner
s.
8.LackofEducat
i
on
Oneoft
hebi
ggestcr
edent
i
al
sf
oramoder
nent
r
epr
eneuri
shav
i
ngpr
i
orexper
i
encei
n
r
unni
ngasuccessf
ul
busi
ness.Tosuppl
ementt
hel
ackofexper
i
encei
nr
unni
nga
busi
nesst
heent
r
epr
eneurshoul
dhav
epr
of
essi
onal
exper
i
enceofwor
ki
ngi
nt
he
r
el
ev
anti
ndust
r
yorabusi
nessmanagementdegr
ee.Unf
or
t
unat
el
yi
nI
ndi
a,
t
he
educat
i
onofwomendoesnotgeti
t
sduei
mpor
t
ance.Thi
sr
esul
t
si
nmanybuddi
ng
f
emal
eent
r
epr
eneur
sl
acki
ngt
heeducat
i
onr
equi
r
edf
orr
unni
ngasuccessf
ul
busi
ness.
Aswomenar
eget
t
i
ngaccesst
ohi
ghereducat
i
on,
t
heyar
el
ev
el
i
ngt
hepl
ay
i
ngf
i
el
d.
9.LowRi
skBear
i
ngAbi
l
i
t
y
I
nor
dert
oi
nv
esti
nandr
unasuccessf
ul
busi
ness,
t
heent
r
epr
eneurneedst
obeabl
et
o
bearsomei
nher
entr
i
sk.Womenof
t
endonothav
ef
i
nanci
al
f
r
eedom anddonothav
e
pr
act
i
cei
nmaki
ngi
ndependentdeci
si
ons.Theyal
sol
ackconf
i
dencei
nt
hei
rown
deci
si
ons,
whi
chmakest
hem r
i
skav
er
se.Thi
si
sgr
adual
l
ychangi
ngaswi
t
heach
passi
nggener
at
i
onwomenar
et
aki
ngchar
geoft
hei
rf
i
nancesandmi
t
i
gat
i
ngt
her
i
sks.
10.Bal
anci
ngResponsi
bi
l
i
t
i
esbet
weenFami
l
y&Busi
ness
Fami
l
yi
sof
t
enseenasanext
ensi
onofwomen.I
ti
sexpect
edf
r
om mar
r
i
edwoment
o
ent
ermot
her
hoodwi
t
hi
nacer
t
ai
nageandal
sopl
ayamaj
orr
ol
ei
nr
ear
i
ngt
hei
rchi
l
dr
en.
Thi
sal
sol
eadst
ot
hey
oungmot
her
shav
i
ngt
ot
akeabr
eakf
r
om t
hei
rcar
eer
sand
pr
i
or
i
t
i
zet
hei
rf
ami
l
i
es.Runni
ngabusi
nessi
sademandi
ngt
askt
hatof
t
enput
swomen
i
nconf
l
i
ctwi
t
ht
hei
rf
ami
l
ycommi
t
ment
sandev
enmakest
hem f
eel
gui
l
t
yabout
pr
i
or
i
t
i
zi
ngt
hei
rbusi
ness.
11.St
i
f
fCompet
i
t
i
on
Themoder
neconomi
cenv
i
r
onmentandmar
ketcondi
t
i
onshav
emadet
hecompet
i
t
i
on
bet
weenbusi
nessesf
i
er
ce.Theyf
acechal
l
engesf
r
om t
hei
rcompet
i
t
or
saswel
l
as
compet
i
t
i
onwi
t
hi
nt
hei
rbusi
nessf
orl
eader
shi
p.Theyneedt
opr
ov
et
hei
rwor
t
hi
ness
ev
er
yst
epoft
hewayt
ot
hei
rcol
l
eaguesandi
nv
est
or
st
ogai
nt
hei
rconf
i
dence.They
al
soneedt
omanageal
otofout
putwhi
l
eusi
ngl
i
mi
t
edr
esour
cesf
ort
hesur
v
i
v
al
of
t
hei
rbusi
ness.
12.Li
mi
t
edI
ndust
r
yKnowl
edge
Manyi
ndust
r
ysect
or
ssuchasmanuf
act
ur
i
ngar
est
i
l
l
seenasmen’
sf
or
t
e.Womendo
nothav
eaccesst
ot
hei
ndust
r
ycont
act
s,
mechani
sms,
andknowhowt
hatar
e
necessar
yf
orr
unni
ngt
hebusi
nesssuccessf
ul
l
y
.Despi
t
et
hegr
adual
br
eaki
ngof
st
er
eot
y
pes,
t
her
ei
sst
i
l
l
agener
al
l
ackofexposur
ei
nt
hesear
eas.Bei
ngeducat
edi
n
STEM di
sci
pl
i
nes(
sci
ence,
t
echnol
ogy
,
engi
neer
i
ng,
andmat
hemat
i
cs)canbr
i
dget
he
gapt
hatwomanent
r
epr
eneur
scur
r
ent
l
yf
ace.Di
gi
t
al
l
i
t
er
acyhasal
sobr
oughtt
he
r
ev
ol
ut
i
oni
nempower
i
ngwoment
ogai
nt
her
i
ghtt
ool
si
ngai
ni
ngt
her
i
ghtknowl
edge.
Al
soRead:
7Usef
ul
St
ar
t
upTi
psf
orWomenEnt
r
epr
eneur
s
13.Mi
ssi
ngRol
eModel
s
Oneoft
hebi
gchal
l
engest
hatbuddi
ngwomenent
r
epr
eneur
sf
acei
st
hatt
heydonot
hav
eenoughposi
t
i
v
er
ol
emodel
s.Becauseoft
hel
ackofr
ol
emodel
s,
i
ti
sdi
f
f
i
cul
tf
or
t
hem t
ov
i
sual
i
zehowwoul
dsuccessl
ookl
i
ke.Theyal
sohav
edi
f
f
i
cul
t
yf
i
ndi
ngwomen
ment
or
sandcoacheswhocangr
oom t
hem andpr
ov
i
demeani
ngf
ul
f
eedback.They
al
sost
r
uggl
et
of
i
ndi
nsi
ght
f
ul
ar
t
i
cl
esandl
i
t
er
at
ur
et
hatcanpr
ov
i
dei
nsi
ght
si
nt
ot
hei
r
pr
of
essi
onal
andper
sonal
chal
l
enges.
14.Soci
al
Const
r
uct
Duet
ot
hel
ongst
andi
ngpat
r
i
ar
chal
t
r
adi
t
i
oni
nt
hecount
r
y
,
genderr
ol
eshav
ebeen
st
r
i
ngent
l
ydesi
gned.Thewomenhav
ebeenconf
i
nedt
oasuppor
t
i
v
er
ol
eandi
ti
snot
expect
edf
r
om t
hem t
ot
akeal
eadi
nt
hebusi
nessandpr
of
essi
onal
wor
l
d.Al
t
hought
hi
s
v
i
ewi
schangi
ng,
i
tst
i
l
l
causesf
r
equentconf
l
i
ct
sandr
i
f
t
si
nt
hesoci
al
l
i
f
eofbuddi
ng
womenent
r
epr
eneur
s.Ther
ear
est
i
l
l
per
si
st
i
ngnegat
i
v
est
er
eot
y
pest
hatwomenar
e
notf
i
tf
orl
eader
shi
pr
ol
es,
whi
chneedt
obebr
oken.
15.Saf
et
yConcer
ns
Thepoorst
at
eofl
awandor
derhasgi
v
enr
i
set
ocr
i
meagai
nstwomen.Thehost
i
l
eand
r
i
sky env
i
r
onmentposes ser
i
ous chal
l
enges f
orwomen ent
r
epr
eneur
s who need
mobi
l
i
t
yt
omanaget
hei
rbusi
nessv
ent
ur
es.Thi
sl
i
mi
t
st
hewomenf
r
om r
eachi
ngmany
l
ocat
i
onsont
hei
rownandsomet
i
mesnecessi
t
at
est
hecompanyofamanf
orsi
mpl
y
t
hei
rsaf
et
y
.Wi
t
hi
mpor
t
antl
aw r
ef
or
ms,v
i
gi
l
antl
aw enf
or
cement
,andanef
f
ect
i
v
e
j
udi
ci
alsy
st
em,
t
hesi
t
uat
i
oncanbesuf
f
i
ci
ent
l
yi
mpr
ov
edt
ocr
eat
easaf
erenv
i
r
onment
f
orwomenat
t
empt
i
ngt
oent
erent
r
epr
eneur
i
al
r
ol
es.
SOURCESOFFI
NANCE
1.Fundi
ngf
r
om Per
sonal
Sav
i
ngs
Fundi
ngf
r
om per
sonal
sav
i
ngsi
st
hemostcommont
y
peoff
undi
ngf
orsmal
l
busi
nesses.Thet
woi
ssueswi
t
ht
hi
st
y
peoff
undi
ngar
e1)howmuchper
sonal
sav
i
ngs
y
ouhav
eand2)howmuchper
sonal
sav
i
ngsar
ey
ouwi
l
l
i
ngt
or
i
sk.
I
nmanycases,
ent
r
epr
eneur
sandbusi
nessowner
spr
ef
erOPM,
or“
ot
herpeopl
e’
s
money
.
”Thef
ourf
undi
ngsour
cesbel
owar
eal
l
OPM sour
ces.
2.Busi
nessLoans
Debtf
i
nanci
ngi
saf
ancywayofsay
i
ng“
l
oan.
”Cr
edi
tuni
onsandbanksof
f
erf
undi
ng
t
haty
oumustr
epayov
ert
i
mewi
t
hi
nt
er
est
.Thi
scancomei
nt
hef
or
m ofaper
sonal
l
oan,
at
r
adi
t
i
onal
busi
nessl
oan,
ordi
f
f
er
entl
oansbasedont
het
y
peofassety
ouneed
t
opur
chase(
e.
g.
,
f
orequi
pment
,
l
and,
orv
ehi
cl
es)
.
Youmustpr
ov
et
ot
hel
endert
hatt
hel
i
kel
i
hoodofy
oupay
i
ngbackt
hebankl
oansi
s
hi
gh,
andmeetanyr
equi
r
ement
st
heyhav
e(
e.
g.
,
hav
i
ngcol
l
at
er
al
i
nsomecases)
.Wi
t
h
abankl
oan,
y
oudonotneedt
ogi
v
eupequi
t
y
.Howev
er
,
onceagai
n,
y
ouwi
l
l
hav
et
opay
i
nt
er
estal
ongwi
t
ht
hepr
i
nci
pal
.
3.Fr
i
ends&Fami
l
y
Abi
gsour
ceoff
undi
ngf
orent
r
epr
eneur
si
sf
r
i
endsandf
ami
l
y
.Theycanpr
ov
i
de
f
undi
ngi
nt
hef
or
m ofdebt(
y
oumustpayi
tback)
,
equi
t
y(
t
heygetshar
esi
ny
our
company
)
,
orev
enahy
br
i
d(
e.
g.
,
ar
oy
al
t
ywher
ebyt
heygetpai
dbackv
i
aaper
cent
age
ofy
oursal
es)
.
Fr
i
endsandf
ami
l
yar
eagr
eatsour
ceoff
undi
ngsi
ncet
heygener
al
l
yt
r
usty
ouandar
e
easi
ert
oconv
i
ncet
hanst
r
anger
s.Howev
er
,
t
her
ei
st
her
i
skofl
osi
ngt
hei
rmoney
.And
y
oumustconsi
derhowy
ourr
el
at
i
onshi
pwi
t
ht
hem mi
ghtsuf
f
eri
ft
hi
shappens.
4.Angel
I
nv
est
or
s
Angel
i
nv
est
or
sar
egener
al
l
yweal
t
hyi
ndi
v
i
dual
sl
i
kef
r
i
endsandf
ami
l
ymember
s;
y
ou
j
ustdon’
tknowt
hem (
y
et
)
.Atpr
esent
,
t
her
ear
eabout250,
000pr
i
v
at
eangel
i
nv
est
or
si
n
t
heUni
t
edSt
at
est
hatf
undmor
et
han30,
000smal
l
busi
nesseseachy
ear
.
Mostoft
heseangel
i
nv
est
or
sar
enotmember
sofangel
gr
oups.Rat
hert
heyar
e
busi
nessowner
s,
execut
i
v
esand/
orot
hersuccessf
ul
i
ndi
v
i
dual
st
hathav
et
hemeans
andabi
l
i
t
yt
of
unddeal
st
hatar
epr
esent
edt
ot
hem andwhi
cht
heyf
i
ndi
nt
er
est
i
ng.
Net
wor
ki
ngi
sagr
eatwayt
of
i
ndanangel
i
nv
est
orf
ory
ourbusi
ness.
5.Vent
ur
eCapi
t
al
Vent
ur
ecapi
t
al
f
undi
ngi
sasui
t
abl
eopt
i
onf
orbusi
nessest
hatar
ebey
ondt
hest
ar
t
up
per
i
od,
aswel
l
ast
hosewhoneedal
ar
geramountofv
ent
ur
ecapi
t
al
f
orexpansi
onand
i
ncr
easi
ngmar
ketshar
e.Vent
ur
ecapi
t
al
i
st
sandVCf
i
r
msar
epr
of
essi
onal
i
nv
est
or
s
t
hatar
emor
ei
nv
ol
v
edwi
t
hbusi
nessmanagement
,
andt
heypl
ayasi
gni
f
i
cantr
ol
ei
n
set
t
i
ngmi
l
est
ones,
t
ar
get
s,
andgi
v
i
ngadv
i
ceonhowt
oensur
egr
eat
ersuccess.
6.Gov
er
nmentgr
ant
sandsubsi
di
es
Gov
er
nmentagenci
espr
ov
i
def
i
nanci
ngsuchasgr
ant
sandsubsi
di
est
hatmaybe
av
ai
l
abl
et
oy
ourbusi
ness.TheCanadaBusi
nessNet
wor
kwebsi
t
epr
ov
i
desa
compr
ehensi
v
el
i
st
i
ngofv
ar
i
ousgov
er
nmentpr
ogr
amsatt
hef
eder
al
andpr
ov
i
nci
al
l
ev
el
.
7.Bankl
oans
Bankl
oansar
et
hemostcommonl
yusedsour
ceoff
undi
ngf
orsmal
l
andmedi
umsi
zed
busi
nesses.Consi
dert
hef
actt
hatal
l
banksof
f
erdi
f
f
er
entadv
ant
ages,
whet
heri
t
'
s
per
sonal
i
zedser
v
i
ceorcust
omi
zedr
epay
ment
.I
t
'
sagoodi
deat
oshopar
oundandf
i
nd
t
hebankt
hatmeet
sy
ourspeci
f
i
cneeds.
I
ngener
al
,
y
oushoul
dknowbanker
sar
el
ooki
ngf
orcompani
eswi
t
hasoundt
r
ack
r
ecor
dandt
hathav
eexcel
l
entcr
edi
t
.Agoodi
deai
snotenough;
i
thast
obebackedup
wi
t
hasol
i
dbusi
nesspl
an.St
ar
t
upl
oanswi
l
l
al
sot
y
pi
cal
l
yr
equi
r
eaper
sonal
guar
ant
ee
f
r
om t
heent
r
epr
eneur
s.
FI
XEDCAPI
TAL
Fi
xedcapi
t
al
i
ncl
udest
heasset
s,
suchaspr
oper
t
y
,
pl
ant
,
andequi
pmentt
hatar
e
neededt
ost
ar
tupandconductbusi
ness,
ev
enatami
ni
mal
st
age.
Thesour
cesoff
i
xedcapi
t
al
orl
ongt
er
mf
i
nancear
e:
1.I
ssueofEqui
t
yandPr
ef
er
enceshar
es.
2.I
ssueofRi
ghtshar
es.
3.Pr
i
v
at
epl
acementofshar
es.
4.I
ssueofdebent
ur
es.
5.Ter
ml
oans.
6.Ret
ai
nedear
ni
ngs.
7.Leasef
i
nanci
ng
Sour
ce1.I
ssueofshar
es
I
ssueofshar
esi
st
hemosti
mpor
t
antsour
ceoff
i
xedcapi
t
al
.Mostcompani
escol
l
ect
f
i
xedcapi
t
al
byi
ssui
ngshar
es.
Gener
al
l
y
,
t
her
ear
et
wot
y
pesofshar
es,
t
hesear
edepi
ct
edbel
ow.
Theset
wot
y
pesofshar
esar
ebr
i
ef
l
ydescr
i
bedasf
ol
l
ows:
(
i
)Equi
t
yshar
e:
1.Equi
t
yshar
ecar
r
i
esowner
shi
pr
i
ght
soft
hecompany
,
andi
tdoesn'
tcar
r
yaf
i
xedr
at
e
ofdi
v
i
dend.
2.Equi
t
yshar
esar
emor
epopul
art
hanpr
ef
er
enceshar
es.Thef
acev
al
ueofanequi
t
y
shar
ei
sdeci
dedbyt
hecompany
.
3.Thi
sshar
ei
sal
socal
l
edor
di
nar
yshar
e.Thi
si
sbecauseshar
ehol
der
sar
et
her
eal
owner
soft
hecompany
.
4.Theshar
ecapi
t
al
i
sal
socal
l
edr
i
skycapi
t
al
.Thi
si
ssobecauset
her
ei
snoguar
ant
ee
f
orget
t
i
ngadi
v
i
dend.Si
mi
l
ar
l
y
,
i
ft
hecompanywi
ndsuporshutdown,
t
her
ei
sno
guar
ant
eef
orget
t
i
ngr
epay
mentofcapi
t
al
.
(
i
i
)Pr
ef
er
enceshar
e:
Apr
ef
er
enceshar
ecar
r
i
esowner
shi
pr
i
ght
soft
hecompany
,andi
tcar
r
i
esaf
i
xedr
at
e
ofdi
v
i
dend.
Apr
ef
er
enceshar
ehast
womai
nadv
ant
agesov
erequi
t
yshar
esv
i
z.
;
1.Theygetaf
i
xedr
at
eofdi
v
i
dendbef
or
et
heequi
t
yshar
es,
and
2.I
ft
hecompanywi
ndsuporshutdown,
t
heygetr
epay
mentofcapi
t
al
bef
or
et
heequi
t
y
shar
es.
Sour
ce2.I
ssueofRi
ghtshar
es
Ri
ght
si
ssueofshar
esmeanst
hecompanyi
ssuesshar
est
oi
t
sexi
st
i
ngshar
ehol
der
s.
Accor
di
ngt
opr
ov
i
si
onsofl
aw,acompanymustf
i
r
sti
ssueshar
est
oi
t
sexi
st
i
ngshar
ehol
der
s.
I
ft
heexi
st
i
ngshar
ehol
der
sdonotwantt
obuyt
heshar
es,
t
hent
hecompanycansel
li
t
s
shar
est
ot
heout
si
der
s.
Theexi
st
i
ngshar
ehol
der
sar
egi
v
enf
i
r
stpr
ef
er
encet
obuyt
hecompany
'
sf
r
eshi
ssueof
shar
es.
I
nanev
entofr
i
ght
si
ssueofshar
es,t
heshar
ecapi
t
ali
ncr
easesbutt
henumber
sof
shar
ehol
der
sdonoti
ncr
ease.
Gener
al
l
y
,
r
i
ght
si
ssuei
sv
er
yeconomi
cal
t
ocol
l
ectf
i
xedcapi
t
al
.
Sour
ce3.Pr
i
v
at
epl
acementofshar
es
Pr
i
v
at
epl
acementofshar
esmeanst
hecompanysel
li
t
sshar
esdi
r
ect
l
yt
oasmal
l
gr
oupofi
nv
est
or
sl
i
kebank,i
nsur
ancecompani
es,f
i
nanci
ali
nst
i
t
ut
i
ons,
mut
ualf
unds,
et
c.
Her
e,
t
hecompanydoesnotsel
l
t
heshar
est
ot
hepubl
i
c.
I
ti
sav
er
ysi
mpl
eandeconomi
calmet
hodasi
tdoesnoti
nv
ol
v
ei
ssueofapr
ospect
us,
noneedofbr
oker
sandunder
wr
i
t
er
s,
et
c.
Fi
xedcapi
t
al
i
sal
socol
l
ect
edf
r
om pr
i
v
at
epl
acementofshar
es.
Sour
ce4.I
ssueofdebent
ur
es
Debent
ur
er
epr
esent
st
he bor
r
owed capi
t
aloft
he company
.Fi
xed capi
t
ali
s al
so
col
l
ect
edf
r
om i
ssueofdebent
ur
es.
Debent
ur
e hol
der
s geti
nt
er
estf
ort
he capi
t
alcont
r
i
but
i
on made byt
hem t
ot
he
company
.
Debent
ur
ehol
der
sar
et
hel
ongt
er
ml
ender
soft
hecompany
.
Sour
ce5.Ter
ml
oans
Ter
ml
oansar
esecur
edorunsecur
edl
oansobt
ai
nedbyt
hecompany
.Thecompany
hast
opayi
nt
er
estont
heset
er
ml
oans.
Thecompanyget
st
er
ml
oansf
r
om banksandf
i
nanci
al
i
nst
i
t
ut
i
onsl
i
keDeut
sche,
HSBC,
YES,
I
CI
CI
,
HDFC,
AXI
S,
andsoon,
bysubmi
t
t
i
ngi
t
spr
oj
ectanal
y
si
sr
epor
t
.
Theshar
ehol
der
sdonotl
oseowner
shi
pcont
r
ol
oft
hecompanybyobt
ai
ni
ngt
er
ml
oans.
Fi
xedcapi
t
al
i
sal
socol
l
ect
edf
r
om t
er
ml
oans.
Sour
ce6.Ret
ai
nedear
ni
ngs
Ret
ai
nedear
ni
ngsi
sapar
tofundi
st
r
i
but
edpr
of
i
t
sear
nedbyt
hecompany
.Si
nce,
t
he
companydoesnotdi
st
r
i
but
eal
l
ofi
t
spr
of
i
t
st
ot
heshar
ehol
der
s.
Companysav
esapar
t
ofi
t
spr
of
i
t
s.Thi
ssav
edpr
of
i
ti
scal
l
edr
et
ai
nedear
ni
ngs,
sel
f
f
i
nanci
ngorpl
oughi
ng
backofpr
of
i
t
s.
I
ti
sv
er
yeconomi
cal
becausenoi
nt
er
estpay
menti
st
obe
made.
Ret
ai
nedear
ni
ngsi
st
hecheapestsour
ceoff
i
xedcapi
t
al
.
Sour
ce7.Leasef
i
nanci
ng
I
nl
easef
i
nanci
ng,
t
her
ear
et
wopar
t
i
es,
v
i
z;
1.Lessor
,
whoi
st
heownerofanasset
,
and
2.Lessee,
whoi
st
heuserofanasset
.
Thel
essori
st
heownerofanasset
.Lessorgi
v
est
heassetonal
easebasi
st
ot
he
l
essee.Thel
esseeusest
heassetandi
nr
et
ur
n,pay
sr
entf
orusi
ngt
hatassett
ot
he
l
essor
.
The l
essorand l
essee ent
eri
nt
o an agr
eement
.Thi
s agr
eementi
s cal
l
ed l
easeagr
eement
.
Thel
esseeneednotspendsmoneyf
orpur
chasi
ngt
heasset
s.Lesseehi
r
es(
t
akes)t
he
assetonal
easeorr
entsot
hathe/
shecanuset
heav
ai
l
abl
emoneyf
orwor
ki
ngcapi
t
al
r
equi
r
ement
s.
Leasef
i
nanci
ngi
sv
er
ysi
mpl
eandeconomi
cal
.
So,
t
hesear
et
hesour
cesoff
i
xedcapi
t
al
orl
ongt
er
mf
i
nance.
Themai
nchar
act
er
i
st
i
csorf
eat
ur
esoff
i
xedcapi
t
al
ar
el
i
st
edasf
ol
l
ows:
1.Pur
chaseoff
i
xedasset
s.
2.Pr
omot
i
onandexpansi
onofbusi
ness.
3.Lowl
i
qui
di
t
y
.
4.Per
manenti
nnat
ur
e.
5.Pr
i
mar
ysour
ces.
6.Amountoff
i
xedcapi
t
al
.
7.Longt
er
m needsofbusi
ness.
8.Sour
ceofweal
t
handr
i
sk.
9.Sour
ceofpr
of
i
t
.
10.
Appr
eci
at
i
onanddepr
eci
at
i
on.
11.
Mi
scel
l
aneousf
eat
ur
es.
1.Pur
chaseoff
i
xedasset
s
Fi
xedcapi
t
ali
scapi
t
al
i
nv
est
edi
nf
i
xedasset
s.I
not
herwor
ds,i
ti
scapi
t
alusedf
or
pur
chasi
ngf
i
xedasset
s.
Thef
i
x
edasset
scanbegr
oupedundert
womai
ncat
egor
i
es,
v
i
z
.
,
1.Tangi
bl
ef
i
xedasset
si
ncl
udesl
and,
bui
l
di
ng,
pl
ant
,
machi
ner
y
,
et
c.
2.I
nt
angi
bl
ef
i
xedasset
si
ncl
udespat
ent
s,
copy
r
i
ght
s,
goodwi
l
l
,
soon.
2.Pr
omot
i
onandexpansi
onofbusi
ness
Fi
xed capi
t
ali
sr
equi
r
ed f
orpr
omot
i
ng busi
nessand i
t
sanci
l
l
ar
y(
suppl
ement
ar
y
)
act
i
v
i
t
i
es.
Al
ongwi
t
hpr
omot
i
on,f
i
xedcapi
t
alal
sohel
psi
nt
heexpansi
on,moder
ni
zat
i
onand
di
v
er
si
f
i
cat
i
onofbusi
ness.
3.Lowl
i
qui
di
t
y
I
ngener
al
,
t
hedef
i
ni
t
i
onofl
i
qui
di
t
ycanbest
at
edasf
ol
l
ows:
“
Any
t
hi
ngwhi
chi
seasi
l
ysal
eabl
ei
nt
hemar
ketandget
sanexpect
edv
al
ue(
pr
i
ce)i
s
sai
dt
obel
i
qui
dabl
e.Thati
s,
i
thasal
i
qui
di
t
y
.
”
Lowl
i
qui
di
t
ymeanssomet
hi
ng,
whi
chi
snoteasi
l
yr
eal
i
zabl
e(
i
.
e.sal
eabl
e)
.
Fi
xedcapi
t
ali
susedt
oacqui
r
e(
pur
chase)f
i
xedasset
s.Theseasset
shav
eal
ow
l
i
qui
di
t
ybecauset
heyar
enoteasi
l
ysal
eabl
e.
4.Per
manenti
nnat
ur
e
Fi
xedcapi
t
alhasal
ongl
ast
i
ngexi
st
ence.I
ti
sper
manenti
nnat
ur
e.I
tcannotbe
wi
t
hdr
awnf
r
om t
hebusi
ness.Howev
er
,i
tcanbewi
t
hdr
awnonl
ywhent
hebusi
ness
cl
osesorshut
sdown(
i
.
e.l
i
qui
dat
es)
.
5.Pr
i
mar
ysour
ces
Pr
i
mar
ysour
cesoff
i
xedcapi
t
al
ar
eshar
es,
debent
ur
esandl
ongt
er
ml
oans.
I
nt
heaccumul
at
edi
.
e.t
ot
al
f
i
xedcapi
t
al
,
1.Theowner
sf
undscomef
r
om shar
es.
2.Thef
i
xedbor
r
owedf
undscomef
r
om debent
ur
es.
3.Thel
ongt
er
ml
oansar
eobt
ai
nedf
r
om f
i
nanci
al
I
nst
i
t
ut
i
ons.
Oft
heabov
et
hr
eesour
ces,
shar
esar
et
hemai
nsour
ceoff
i
xedcapi
t
al
.
6.Amountoff
i
xedcapi
t
al
Theamountoff
i
xedcapi
t
al
dependsont
hef
ol
l
owi
ngf
act
or
s:
1.Nat
ur
eofbusi
ness.
2.Si
zeofcompanyoror
gani
zat
i
on.
3.Locat
i
onofbusi
ness.
4.Busi
nessr
el
at
edi
nf
r
ast
r
uct
ur
ef
aci
l
i
t
i
es.
5.Met
hodsofpr
oduct
i
on.
7.Longt
er
m needs
Fi
xedcapi
t
ali
susedt
omeett
hel
ongt
er
m needsoft
hebusi
nesssomeofwhi
char
e
l
i
st
edbel
ow.
1.Amal
gamat
i
on.
2.Mer
ger
.
3.For
ei
gncol
l
abor
at
i
on.
4.Shar
i
ngorl
easi
ngoft
echnol
ogi
es.
8.Sour
ceofweal
t
handr
i
sk
Fi
xedcapi
t
al
i
sasour
ceofweal
t
h.Howev
er
,
i
ti
sal
soasour
ceofr
i
sk.Thi
si
sbecausei
t
causes:
1.Depr
eci
at
i
onoff
i
xedasset
s.
2.Out
f
l
owofi
nt
er
estcost
.
3.Nor
mal
r
epai
r
sandmai
nt
enances.
4.Cont
i
ngenci
esanduncer
t
ai
nt
i
esat
t
achedt
ot
hebusi
ness.
9.Sour
ceofpr
of
i
t
Pr
of
i
ti
st
hedi
f
f
er
encebet
weensal
epr
i
ceandcostofpur
chase.
Fi
xedasset
sar
eal
sosour
cesofpr
of
i
t
.Theseasset
shel
pi
near
ni
ngpr
of
i
tt
hr
ought
he
sal
eofpr
oduct
s.
Howev
er
,f
i
xed asset
s cannotear
n a pr
of
i
tby t
hemsel
v
es.They t
ake hel
p of
f
ol
l
owi
ngf
act
or
sofpr
oduct
i
ont
oear
nt
hepr
of
i
t
:
1.Rawmat
er
i
al
s.
2.Labour
.
3.I
nf
r
ast
r
uct
ur
ef
aci
l
i
t
i
escov
er
i
ngsuppl
yofel
ect
r
i
ci
t
y
,
f
uel
,
wat
er
,
et
c.
10.Appr
eci
at
i
onanddepr
eci
at
i
on
Themeani
ngoft
wot
er
msv
i
z.
,
appr
eci
at
i
onanddepr
eci
at
i
onar
econt
r
ar
yt
oeachot
her
.
Thei
ri
ndi
v
i
dual
meani
ngi
sst
at
edbel
ow.
1.Appr
eci
at
i
onmeansani
ncr
easei
nt
hev
al
ueofanassetbei
ngused.
2.Depr
eci
at
i
oni
ndi
cat
esadecr
easei
nt
hev
al
ueofanassetbei
ngused.
Fi
xedasset
scanunder
goei
t
heranappr
eci
at
i
onordepr
eci
at
i
onov
eraper
i
odoft
i
me.
Thev
al
ue(
pr
i
ce)ofsomef
i
xedasset
sl
i
kel
andappr
eci
at
eaf
t
ersomeper
i
odoft
i
me.
Howev
er
,t
hev
al
ueofot
herf
i
xedasset
ssuchasbui
l
di
ng,machi
ner
y
,f
ur
ni
t
ur
e,et
c.
,
depr
eci
at
eaf
t
ersomeper
i
odoft
i
me.
11.Mi
scel
l
aneousf
eat
ur
es
Mi
scel
l
aneousf
eat
ur
esoff
i
xedcapi
t
al
ar
easf
ol
l
ows:
 F
i
xedcapi
t
al
i
mpr
ov
esf
i
nanci
al
anal
y
si
s.



I
tpr
ov
i
desal
ongt
er
m busi
nessst
abi
l
i
t
y
.
I
thel
psi
nget
t
i
ngt
er
ml
oans.
I
tal
soi
mpr
ov
esequi
t
ycapi
t
al
r
at
i
o.
WORKI
NGCAPI
TAL
Wor
ki
ngcapi
t
al
i
sr
equi
r
edbyal
l
busi
nessest
osuppor
tdai
l
yoper
at
i
onsandact
i
v
i
t
i
es,
whi
chi
ncl
udeobl
i
gat
i
onsandexpendi
t
ur
e,
andi
sasi
gni
f
i
cantcomponentof
oper
at
i
onal
l
i
qui
di
t
y
.I
naddi
t
i
ont
of
i
xedasset
s,
suchasapl
antandmachi
ner
y
,
equi
pment
,
andpr
oper
t
y
,
wor
ki
ngcapi
t
al
i
sanessent
i
al
componentofoper
at
i
onal
capi
t
al
.
Tounder
st
andwor
ki
ngcapi
t
al
bet
t
er
,
l
etusf
i
r
stt
r
yt
ocompr
ehendt
hephr
aseswor
ki
ng
capi
t
al
shor
t
f
al
l
andshor
t
t
er
m bor
r
owi
ngs.I
nt
hei
rf
i
nanci
al
st
at
ement
s,
busi
nesses
descr
i
becur
r
entasset
sandcur
r
entl
i
abi
l
i
t
i
espr
oj
ect
edt
ober
ecogni
zedorr
esol
v
ed
dur
i
ngt
her
egul
aroper
at
i
ngcy
cl
e,
i
.
e.
,
12mont
hsaf
t
ert
hebal
ancesheetdat
e.That
’
s
t
heor
i
gi
noft
henot
i
onofwor
ki
ngcapi
t
al
.
Ty
pesofWor
ki
ngCapi
t
al
1.Per
manentWor
ki
ngCapi
t
al
Thi
si
sanot
hert
er
mf
orf
i
xedwor
ki
ngcapi
t
al
.Thet
er
m“
per
manentwor
ki
ngcapi
t
al
”
r
ef
er
st
ot
hebar
emi
ni
mum cur
r
entasset
snecessar
yt
okeepaf
i
r
m sol
v
ent
.Thesi
zeof
f
i
xedwor
ki
ngcapi
t
al
i
spr
opor
t
i
onal
t
ot
hemagni
t
udeandgr
owt
hoft
hebusi
ness.Most
oft
het
i
me,
l
ongt
er
mf
i
nanci
al
opt
i
onsar
eusedt
ogetf
i
xedwor
ki
ngcapi
t
al
.
2.Var
i
abl
eWor
ki
ngCapi
t
al
I
ti
ssi
mpl
yt
heamounti
nv
ol
v
edi
nacompanyent
er
pr
i
sef
orabr
i
efper
i
od.Addi
t
i
onal
l
y
,
i
tmaybet
houghtofasi
ncr
easedwor
ki
ngcapi
t
al
ut
i
l
i
zedt
oadj
ustf
orpr
oduct
i
onand
sal
esoper
at
i
onsv
ar
i
at
i
ons.I
nI
ndi
a,
v
ar
i
abl
ewor
ki
ngcapi
t
al
i
ssomet
i
mesr
ef
er
r
edt
o
ast
empor
ar
ywor
ki
ngcapi
t
al
.
3.Reser
v
eMar
gi
nWor
ki
ngCapi
t
al
I
ti
saddi
t
i
onal
moneynecessar
yt
ocov
erunknownf
ut
ur
er
i
sks.I
ti
sal
sor
ef
er
r
edt
oas
“
cushi
onwor
ki
ngcapi
t
al
”si
ncei
tassi
st
si
nmi
t
i
gat
i
ngunj
ust
i
f
i
edbusi
nessr
el
at
edr
i
sks,
al
l
owi
ngbusi
nessest
ocont
i
nueoper
at
i
ngdur
i
ngacr
i
si
s.
4.Seasonal
Var
i
abl
eWor
ki
ngCapi
t
al
Af
i
r
m needsaddi
t
i
onal
wor
ki
ngcapi
t
al
t
hr
oughoutt
hepeakseasonst
of
ul
f
i
l
l
cl
i
ent
demand.Busi
nessowner
sf
r
equent
l
yseekf
ur
t
herf
i
nanci
al
ai
di
nt
hesei
nst
ances.I
n
I
ndi
a,
t
hewor
ki
ngcapi
t
al
ar
r
angedi
nt
hi
smanneri
sr
ef
er
r
edt
oasseasonal
wor
ki
ng
capi
t
al
.
6.Regul
arWor
ki
ngCapi
t
al
Per
manentwor
ki
ngcapi
t
al
i
st
y
pi
cal
l
ynecessar
yf
ort
heusual
cour
seofbusi
nesst
o
guar
ant
eet
hewor
ki
ngcapi
t
al
cy
cl
er
unssmoot
hl
y
.Thet
er
m“
r
egul
arwor
ki
ngcapi
t
al
”
r
ef
er
st
ot
hesmal
l
estamountaf
i
r
mr
equi
r
est
oconducti
t
sdai
l
yact
i
v
i
t
i
es.
7.Speci
al
Var
i
abl
eWor
ki
ngCapi
t
al
Thi
sf
or
m ofwor
ki
ngcapi
t
al
i
sbestdef
i
nedast
headdi
t
i
onal
wor
ki
ngcapi
t
al
r
equi
r
edby
af
i
r
mt
oaddr
essspeci
f
i
ccondi
t
i
ons.Theuni
quev
ar
i
abl
ewor
ki
ngcapi
t
al
canbeused
f
orv
ar
i
ouspur
poses,
l
i
kef
undi
ngt
hei
nt
r
oduct
i
onofnewgoods,
f
i
nanci
ngmar
ket
i
ng
campai
gns,
anddi
sast
ermanagement
.
8.Gr
ossWor
ki
ngCapi
t
al
Thet
er
m“
gr
osswor
ki
ngcapi
t
al
”r
ef
er
st
ot
het
ot
al
v
al
ueofabusi
ness’
scur
r
entasset
s
(
asset
sconv
er
t
i
bl
et
ocashwi
t
hi
nay
earorl
ess)
.Cash,
account
sr
ecei
v
abl
e,
i
nv
ent
or
i
es,
shor
t
t
er
mi
nv
est
ment
s,
andmar
ket
abl
esecur
i
t
i
esal
l
const
i
t
ut
egr
osswor
ki
ngcapi
t
al
.
9.NetWor
ki
ngCapi
t
al
I
ti
s,
wi
t
houtadoubt
,
acr
i
t
i
cal
sour
ceofoper
at
i
ngcapi
t
al
.Theamountbywhi
chaf
i
r
m’
s
t
ot
al
asset
sexceedi
t
scur
r
entobl
i
gat
i
onsi
sr
ef
er
r
edt
oasnetwor
ki
ngcapi
t
al
.I
nsi
mpl
e
t
er
ms,
t
hi
si
st
hedi
f
f
er
ent
i
al
bet
weent
heent
i
r
ecur
r
entasset
sandcur
r
entl
i
abi
l
i
t
i
esofa
cor
por
at
i
on.
SHORTTERM SOURCESOFWORKI
NGCAPI
TAL
Shor
t
t
er
m sour
cesofcapi
t
al
mayf
ur
t
herbedi
v
i
dedi
nt
ot
wocat
egor
i
es–I
nt
er
nal
Sour
cesandExt
er
nal
Sour
ces.
Theshor
t
t
er
mi
nt
er
nal
sour
cesofwor
ki
ngcapi
t
al
i
ncl
udepr
ov
i
si
onsf
ort
axand
di
v
i
dends.Thesear
eessent
i
al
l
ycur
r
entl
i
abi
l
i
t
i
est
hatcannotbedel
ay
edbey
ondapoi
nt
.
Al
l
compani
esmakeasepar
at
epr
ov
i
si
onf
ormaki
ngt
hesepay
ment
s.Thesef
undsar
e
av
ai
l
abl
ewi
t
ht
hecompanyunt
i
l
t
hesepay
ment
sar
emade.Hence,
t
hesear
ecal
l
edt
he
i
nt
er
nal
sour
cesofwor
ki
ngcapi
t
al
.Howev
er
,
t
hi
sv
al
uei
sr
el
at
i
v
el
ysmal
l
andt
husnot
t
hatsi
gni
f
i
cant
.
Ont
heot
herhand,
t
heshor
t
t
er
m ext
er
nal
sour
cesofwor
ki
ngcapi
t
al
i
ncl
udecapi
t
al
f
r
om ext
er
nal
agenci
esl
i
kebanks,
NBFCs,
orot
herf
i
nanci
al
ent
i
t
i
es.Someoft
he
pr
i
mar
ysour
cesofshor
t
t
er
m ext
er
nal
sour
cesofwor
ki
ngcapi
t
al
ar
el
i
st
edbel
ow:

Loansf
r
om Commer
ci
al
Banks:
Busi
nesses,
most
l
yMSMEs,
cangetl
oansf
r
om
commer
ci
al
bankswi
t
horwi
t
houtof
f
er
i
ngcol
l
at
er
al
secur
i
t
y
.Ther
ei
snol
egal
f
or
mal
i
t
yi
nv
ol
v
edexceptcr
eat
i
ngamor
t
gageont
heasset
s.Repay
mentcanbe
madei
npar
t
sorl
umpsum att
het
i
meofl
oanmat
ur
i
t
y
.Att
i
mes,
banksmay
of
f
ert
hesel
oansont
heper
sonal
guar
ant
eeoft
hedi
r
ect
or
sofacount
r
y
.They
gett
hesel
oansatconcessi
onal
r
at
es;
hencei
ti
sacheapersour
ceoff
i
nanci
ng
f
ort
hem.Howev
er
,
t
hef
l
i
psi
dei
st
hatget
t
i
ngt
hi
sl
oani
sat
i
meconsumi
ng
pr
ocess.

Publ
i
cDeposi
t
s:
Manycompani
esf
i
ndi
teasyandconv
eni
entt
or
ai
sef
undsf
or
meet
i
ngt
hei
rshor
t
t
er
mr
equi
r
ement
sf
r
om publ
i
cdeposi
t
s.I
nt
hi
spr
ocess,
t
he
compani
esi
nv
i
t
et
hei
rempl
oy
ees,
shar
ehol
der
s,
andt
hegener
al
publ
i
ct
o
deposi
tt
hei
rsav
i
ngswi
t
ht
hecompany
.Aspert
heCompani
esAct1956,
compani
escanadv
er
t
i
set
hei
rr
equi
r
ement
sandr
ai
semoneyf
r
om t
hegener
al
publ
i
cagai
nsti
ssui
ngshar
esordebent
ur
es.Thecompani
esof
f
erhi
gheri
nt
er
est
r
at
est
hanbankdeposi
t
st
oat
t
r
actt
hegener
al
publ
i
c.Thebi
ggestoft
hi
ssour
ce
off
i
nanci
ngi
st
hati
ti
ssi
mpl
eandcheaper
.Howev
er
,
i
t
sdr
awbacki
st
hati
tmay
notbeav
ai
l
abl
edur
i
ngt
hedepr
essi
onandf
i
nanci
al
st
r
i
ngency
.

Tr
adeCr
edi
t
:
Compani
esgener
al
l
ysour
cer
awmat
er
i
al
andot
heri
t
emsf
r
om
suppl
i
er
soncr
edi
t
.Theamountpay
abl
et
ot
hesesuppl
i
er
si
sal
sot
r
eat
edasa
sour
ceofwor
ki
ngcapi
t
al
.Usual
l
y
,
t
hesuppl
i
er
sgr
antt
hei
rbuy
er
sacr
edi
tper
i
od
of3t
o6mont
hs.Thus,
t
heypr
ov
i
de,
i
naway
,
shor
t
t
er
mf
i
nancet
ot
he
pur
chasi
ngcompany
.Theav
ai
l
abi
l
i
t
yoft
r
adecr
edi
tdependsonv
ar
i
ousf
act
or
s
l
i
ket
hebuy
er
’
sr
eput
at
i
on,
f
i
nanci
al
posi
t
i
on,
busi
nessv
ol
ume,
anddegr
eeof
compet
i
t
i
on,
amongot
her
s.Howev
er
,
whenabusi
nessav
ai
l
st
r
adecr
edi
t
,
i
t
st
andst
ol
oset
hebenef
i
tofcashdi
scount
,
whi
cht
heywoul
dear
ni
ft
heymake
t
hepay
mentwi
t
hi
n7t
o10day
sofmaki
ngt
hepur
chase.Thi
sl
ossofcash
di
scounti
st
r
eat
edasani
mpl
i
ci
tcostoft
r
adecr
edi
t
.

Bi
l
l
Di
scount
i
ng:
Justasbusi
nessbuy
sgoodsoncr
edi
t
,
t
heyof
f
ercr
edi
tt
ot
hei
r
buy
er
s.Thecr
edi
tper
i
odmayv
ar
yf
r
om 30day
st
o90day
sandsomet
i
mes
ext
ends,
ev
enupt
o180day
s.Dur
i
ngt
hi
sper
i
od,
t
hecompanyf
undsgetbl
ocked,
whi
chi
snotgood.I
nst
eadofwai
t
i
ngt
hatl
ong,
sel
l
er
spr
ef
ert
odi
scountt
hese
bi
l
l
swi
t
habankorNBFC.Thef
i
nanci
al
ent
i
t
ychar
gessomeamountas
commi
ssi
on,
cal
l
ed‘
di
scount
’
andmakest
hebal
ancepay
mentt
ot
hesel
l
er
s.
Thi
sdi
scountcompensat
est
hem f
ort
het
i
megapbet
weendi
sbur
si
ngand
col
l
ect
i
ngt
hemoneyont
hemat
ur
i
t
yoft
hebi
l
l
.Thi
s‘
di
scount
’
char
gedbyt
he
banki
st
r
eat
edast
hecostofr
ai
si
ngf
undst
hr
ought
hi
smet
hod.Busi
nesses
wi
del
yuset
hi
smet
hodf
orr
ai
si
ngshor
t
t
er
m capi
t
al
.

BankOv
er
dr
af
t
:
Somebanksof
f
er
t
hei
rest
eemedcust
omer
sandcur
r
entaccount
hol
der
saf
aci
l
i
t
yt
owi
t
hdr
awacer
t
ai
namountofmoneyov
erandabov
et
he
f
undshel
dbyt
hem i
nt
hei
rcur
r
entaccountwi
t
ht
hebank.Thebankchar
ges
i
nt
er
estont
heamountov
er
dr
awnandt
heper
i
odi
ti
swi
t
hdr
awn.Theov
er
dr
af
t
f
aci
l
i
t
yi
sal
sogr
ant
edagai
nstsecur
i
t
i
es.Thebankset
st
hi
sl
i
mi
tandi
ssubj
ect
t
or
ev
i
si
onany
t
i
me,
dependi
ngupont
hecust
omer
’
scr
edi
t
wor
t
hi
ness.

Adv
ancesf
r
om Cust
omer
s:
Oneef
f
or
t
l
esswayt
or
ai
sef
undst
omeet
t
heshor
t
t
er
mr
equi
r
ementi
st
oaskcust
omer
sf
orsomepay
menti
nadv
ance.Thi
s
adv
anceconf
i
r
mst
heor
derandgi
v
esmuchneededcasht
ot
hebusi
ness.No
i
nt
er
esti
spay
abl
et
ot
hecust
omerf
ort
hi
sadv
ance.Ev
eni
fanybusi
nesspay
s
i
nt
er
est
,
i
ti
sv
er
ynomi
nal
.Hence,
t
hi
si
soneoft
hecheapestsour
cesofr
ai
si
ng
f
undst
omeetcompani
es’
shor
t
t
er
m wor
ki
ngcapi
t
al
r
equi
r
ement
s.Howev
er
,
t
hi
si
spossi
bl
eonl
ywhent
hecust
omer
sdonotchooset
het
er
msofsel
l
er
s.
LONGTERM SOURCESOFWORKI
NGCAPI
TAL
Whent
hecompani
esr
equi
r
ef
undsf
ormor
et
hanoney
ear
,
i
tmakessenset
ogof
or
l
ongt
er
m sour
ces,
ast
heyar
egener
al
l
ycheapert
hanshor
t
t
er
m sour
ces.
Li
keshor
t
t
er
m sour
ces,
l
ongt
er
m sour
cesmayal
sobecl
assi
f
i
edasi
nt
er
nal
and
ext
er
nal
sour
ces.Ret
ai
nedpr
of
i
t
sandaccumul
at
eddepr
eci
at
i
onar
ei
nt
er
nal
sour
ces
whol
l
year
nedandownedbyt
hecompanyi
t
sel
f
.Thesef
undsar
eav
ai
l
abl
et
oa
companywi
t
houtanydi
r
ectcost
.
Theext
er
nal
sour
cesofl
ongt
er
m sour
cesofwor
ki
ngcapi
t
al
ar
el
i
st
edbel
ow:

Shar
eCapi
t
al
:
TheCompanymayr
ai
sef
undsbyof
f
er
i
ngt
hepr
ospect
i
v
e
shar
ehol
der
sast
akei
nt
hei
rbusi
ness.Theseshar
esmaybehel
dbyt
hegener
al
publ
i
c,
banks,
f
i
nanci
al
i
nst
i
t
ut
i
ons,
orev
enot
hercompani
es.Ther
esponse
dependsonsev
er
al
f
act
or
s,
i
ncl
udi
ngt
hecompany
’
sr
eput
at
i
on,
t
heper
cei
v
ed
pr
of
i
tpot
ent
i
al
,
andgener
al
economi
ccondi
t
i
on.I
nr
et
ur
n,
t
hecompanyof
f
er
s
di
v
i
dendst
ot
hei
rshar
ehol
der
s,
whi
chal
ongwi
t
ht
hef
l
oat
i
ngcost
,
i
st
r
eat
edas
t
hecostofsour
ci
ng.Howev
er
,
t
hecompanyi
snotl
egal
l
yboundt
opayt
hi
s
di
v
i
dend.Al
so,
nor
ul
epr
escr
i
beshowmuchdi
v
i
dendi
st
obegi
v
en.Al
l
t
hi
s
makest
hi
sav
er
ycheapsour
ceofwor
ki
ngcapi
t
al
.But
,
i
nr
eal
i
t
y
,
most
compani
esdonotuset
hi
sf
ormeet
i
ngt
hei
rwor
ki
ngcapi
t
al
needs.

Longt
er
m Loans:
Al
socal
l
edWor
ki
ngCapi
t
al
Loans,
t
hesel
ongt
er
ml
oansmay
bet
empor
ar
yorl
ongt
er
m.Thel
ongt
er
m her
ei
sgener
al
l
y84mont
hs(
7y
ear
s)
ormor
e.Thi
sl
oani
snott
akenf
orbuy
i
ngl
ongt
er
m asset
sori
nv
est
ment
sandi
s
usedt
opr
ov
i
dewor
ki
ngcapi
t
al
t
omeetacompany
’
sshor
t
t
er
m oper
at
i
onal
needs.Exper
t
sadv
i
seusi
ngl
ongt
er
m sour
cesf
orper
manentneedsandshor
t
t
er
m sour
cesf
ort
empor
ar
ywor
ki
ngcapi
t
al
needs.

Debent
ur
es:
Li
keshar
es,
debent
ur
esal
soi
ncl
udegener
at
i
ngmoneyf
r
om t
he
gener
al
publ
i
c,
f
i
nanci
al
i
nst
i
t
ut
i
ons,
andot
hercompani
es.Howev
er
,
unl
i
ke
shar
es,
i
nt
hecaseofdebent
ur
es,
t
hecompanyhast
odecl
ar
et
hei
nt
er
estt
hey
wi
l
l
payt
ot
hei
rl
ender
sopenl
y
.Thecompanyi
sl
egal
l
yboundt
opayt
heagr
eed
i
nt
er
est
.So,
her
e,
i
ft
hef
undsar
eunusedorev
eni
ft
hecompanyr
unsi
nt
ol
osses,
t
heyhav
et
opayt
hel
ender
s.
SOCI
ALENTREPRENEURSHI
P
Soci
al
ent
r
epr
eneur
shi
pi
st
hepr
ocessbywhi
chi
ndi
v
i
dual
s,
st
ar
t
upsandent
r
epr
eneur
s
dev
el
opandf
undsol
ut
i
onst
hatdi
r
ect
l
yaddr
esssoci
al
i
ssues.Asoci
al
ent
r
epr
eneur
,
t
her
ef
or
e,
i
saper
sonwhoexpl
or
esbusi
nessoppor
t
uni
t
i
est
hathav
eaposi
t
i
v
ei
mpact
ont
hei
rcommuni
t
y
,
i
nsoci
et
yort
hewor
l
d.
QUALI
TI
ES
1.Heal
t
hyI
mpat
i
ence
Asoci
al
ent
r
epr
eneurshowsaheal
t
hyi
mpat
i
encewi
t
ht
hewayt
hi
ngsar
e,
accor
di
ngt
o
DukeUni
v
er
si
t
y
’
sFuquaSchool
ofBusi
ness,
i
nar
epor
tbyi
t
sCent
erf
orAdv
ancement
ofSoci
al
Ent
r
epr
eneur
shi
p.
CASEnot
est
hatsoci
al
l
ymi
ndedent
r
epr
eneur
swantt
ochanget
hi
ngsr
i
ghtaway
,
know
i
tcanbedone,
andar
esomet
i
mesf
r
ust
r
at
edt
hatbur
eaucr
acyandt
hel
ackofpol
i
t
i
cal
wi
l
l
,
amongot
her
s,
i
mpedeonsoci
al
changest
hatcoul
dbenef
i
tt
hemasses.
2.Zeal
Soci
al
l
yor
i
ent
edent
r
epr
eneur
si
nt
er
l
ockzeal
andpassi
on,
especi
al
l
yatt
hei
ni
t
i
al
st
agesofashor
t
t
er
m pr
oj
ectorl
ongt
er
mi
ni
t
i
at
i
v
e.Theyt
endt
obel
i
ev
e
whol
ehear
t
edl
yi
nt
hei
rpr
oj
ect
s,
andt
her
ef
or
ei
ti
snotunusual
f
ort
hem t
ol
og80hour
weeks.
Thi
schar
act
er
i
st
i
ci
sal
soseeni
nbusi
nessent
r
epr
eneur
s,
whoi
ni
t
i
al
l
ywor
kt
i
r
el
essl
y
ont
hei
ri
ni
t
i
at
i
v
es.
3.Thedesi
r
et
oChangeOt
her
s
Att
hecor
eofev
er
ysoci
al
ent
r
epr
eneuri
sanunwav
er
i
ngwi
l
l
i
ngnesst
ochangeot
her
s,
especi
al
l
ypeopl
ewi
t
hwhom heorshewor
ks.
Thatdesi
r
et
oal
t
ermi
ndset
sal
soext
endst
opeopl
ei
npower
,
asseen,
f
orexampl
e,
i
n
t
hecaseofMohammedYunus,
t
hef
ounderoft
heGr
ameenBank,
whi
chdi
dsomucht
o
r
ev
ol
ut
i
oni
zet
hewor
l
dofmi
cr
of
i
nanceandenabl
el
endi
ngt
opr
ev
i
ousl
y
di
senf
r
anchi
sedpopul
at
i
ons.
4.Commi
t
mentt
oI
mpr
ov
eSoci
al
Wel
f
ar
e
Soci
al
ent
r
epr
eneur
sar
esoci
al
l
ycommi
t
t
edf
i
r
standf
or
emost–t
hati
sanobr
ai
ner
.
Butwhatdi
f
f
er
ent
i
at
est
hem f
r
om,
say
,
acompanyengagi
ngi
nCSR,
i
st
hei
rabi
l
i
t
yt
o
f
ul
l
ydev
ot
et
hei
rt
i
me,
ener
gyandmeagerr
esour
cest
omakesur
et
hi
ngsact
ual
l
y
changef
ort
hebet
t
er
.
Abusi
nesscanusecor
por
at
esoci
al
r
esponsi
bi
l
i
t
y(
CSR)–whi
chent
ai
l
sev
er
y
t
hi
ng
f
r
om char
i
t
abl
edonat
i
onst
ocommuni
t
ywor
k–t
oi
mpr
ov
esoci
al
wel
f
ar
e,
butcr
i
t
i
cs
al
sopoi
ntoutt
hatsomef
or
pr
of
i
tent
i
t
i
esuseCSRasapubl
i
cr
el
at
i
onst
ool
.
5.I
nnov
at
i
on
I
nnov
at
i
oni
spr
esenti
nt
hemi
ndsofsuccessf
ul
soci
al
ent
r
epr
eneur
s.Theyembr
ace
t
echnol
ogyf
ul
l
y
,
f
i
ndi
ngnewway
st
omaket
hi
ngs,
del
i
v
erpr
oduct
sandser
v
i
ces,
heal
peopl
e,
i
mpr
ov
et
hei
rl
i
v
es…y
ounamei
t
.
Thei
deai
st
ouseexper
t
i
seandcompet
enceacqui
r
edi
nt
hebusi
nesswor
l
dt
ochange
mi
ndset
sandi
mpr
ov
eorsav
et
hel
i
v
esofmi
l
l
i
onsar
oundt
hewor
l
d.
6.Pr
act
i
cal
i
t
yWhenSol
v
i
ngPr
obl
ems
Soci
al
ent
r
epr
eneur
shi
phasnopr
of
i
tmot
i
v
e,
butt
hatdoesnotmeansoci
al
ent
r
epr
eneur
sdon’
tpayat
t
ent
i
ont
obudget
ar
yconst
r
ai
nt
s.
I
nf
act
,
t
heydo–andmostoft
hem al
way
sseekef
f
ect
i
v
eandef
f
i
ci
entway
st
ooper
at
e
t
hei
ror
gani
zat
i
ons.Theyhav
et
o,
ot
her
wi
se,
t
heywi
l
l
v
ani
shasf
astast
heyappearon
t
hei
rsoci
al
andeconomi
cl
andscape.
Thebot
t
om l
i
nei
st
hatcompet
entsoci
al
ent
r
epr
eneur
sf
i
ndsmar
tway
st
osol
v
e
pr
obl
emswi
t
houtbr
eaki
ngt
hei
rbank–whi
ch,
agai
n,
i
snotr
eal
l
yt
hecasebecauset
hey
don’
thav
et
hatmuchmoneyt
ost
ar
twi
t
h,
andt
her
ef
or
et
her
ei
snor
eal
bank.
7.Ri
skTaki
ng
Ri
skt
aki
ngi
sessent
i
al
i
nsoci
al
ent
r
epr
eneur
shi
p–andi
nanyki
ndofent
r
epr
eneur
shi
p,
f
ort
hatmat
t
er
.
I
tt
akesaspeci
al
mi
ndsett
owakeuponedayandsayy
ouwantt
ochanget
hi
ngsi
nt
hi
s
wor
l
d.Ther
i
skbecomesev
engr
eat
eri
fy
ouhav
enomoney
,
don’
thav
eaposhsoci
al
backgr
ound,
l
eav
ey
ourdayj
ob,
orembar
konapr
oj
ectt
hatcoul
dcosty
ouy
our
l
i
v
el
i
hood…orev
eny
ourl
i
f
e.
8.Phi
l
ant
hr
opi
cBent
Asoci
al
ent
r
epr
eneurgener
al
l
yhasaphi
l
ant
hr
opi
cbent
,
meani
ngheorshei
snot
necessar
i
l
ydr
i
v
enbymoneyorf
ame.
Al
so,
heorshet
endst
odi
st
r
i
but
ewhat
ev
erpr
of
i
t
sar
emadet
ot
hesoci
al
l
y
di
sadv
ant
aged,
orr
ei
nv
estt
heexcesscashi
nt
heor
gani
zat
i
on.
Thei
deai
st
ogr
owt
heent
i
t
ybyenl
i
st
i
ngmor
epeopl
e,
somor
epeopl
ecanbeposi
t
i
v
el
y
af
f
ect
ed,
mor
el
i
v
escanbesav
ed,
andmuchmor
esoci
al
v
al
uecanbecr
eat
edi
nt
he
l
ongt
er
m.
9.Fai
t
hi
nTeam Wor
k
Teamwor
ki
sessent
i
al
f
orsoci
al
ent
r
epr
eneur
s.I
nasect
ori
nwhi
cht
her
eof
t
eni
snot
enoughmoney
,
r
esour
cesorexper
t
i
se,
t
heonl
yr
esour
cesav
ai
l
abl
ear
epeopl
e–and
t
i
me,
i
fy
oucancal
l
i
tar
esour
ce.
Ther
ef
or
e,
soci
al
ent
r
epr
eneur
shi
pr
ev
ol
v
esar
oundt
heconceptofcr
owdsour
ci
ng,
t
appi
ngi
nt
oat
eam off
ai
t
hf
ul
wor
ker
sal
ongwi
t
hv
ol
unt
eer
sscat
t
er
edar
oundt
hewor
l
d
t
oi
dent
i
f
ywor
t
hypr
oj
ect
s,
f
undt
hem andunder
t
aket
hem.
UNI
T3
Ent
r
epr
eneur
shi
pDev
el
opmentPr
ogr
am
Ent
r
epr
eneur
shi
p Dev
el
opmentPr
ogr
amme (
EDP)i
s a pr
ogr
amme whi
ch hel
ps i
n
dev
el
opi
ng ent
r
epr
eneur
i
alabi
l
i
t
i
es.Theski
l
l
st
hatar
er
equi
r
ed t
or
un abusi
ness
successf
ul
l
yi
sdev
el
opedamongt
hest
udent
st
hr
ought
hi
spr
ogr
amme.Somet
i
mes,
st
udent
smayhav
eski
l
l
sbuti
tr
equi
r
espol
i
shi
ngandi
ncubat
i
on.Thi
spr
ogr
ammei
s
per
f
ectf
ort
hem.Thi
spr
ogr
ammeconsi
st
sofast
r
uct
ur
edt
r
ai
ni
ngpr
ocesst
odev
el
op
ani
ndi
v
i
dualasanent
r
epr
eneur
.I
thel
pst
heper
sont
oacqui
r
eski
l
l
sandnecessar
y
capabi
l
i
t
i
est
opl
ayt
her
ol
eofanent
r
epr
eneuref
f
ect
i
v
el
y
.
Obj
ect
i
v
esofEnt
r
epr
eneur
i
al
Dev
el
opmentPr
ogr
amme(
EDP):
1.Tomakepeopl
el
ear
ncompl
i
ancewi
t
hl
aw.
2.Todev
el
opandf
or
t
i
f
yent
r
epr
eneur
i
al
qual
i
t
y
,
i
.
e.
,
mot
i
v
at
i
onorneedf
or
achi
ev
ement
.
3.Todev
el
opsmal
l
andmedi
um scal
eent
er
pr
i
sesi
nor
dert
ogener
at
eempl
oy
ment
andwi
dent
hescopeofi
ndust
r
i
al
owner
shi
p.
4.Toi
ndust
r
i
al
i
zer
ur
al
andbackwar
dsect
i
onsoft
hesoci
et
y
.
5.Tounder
st
andt
hemer
i
t
sanddemer
i
t
sofbecomi
nganent
r
epr
eneur
.
6.Toi
nv
est
i
gat
et
heenv
i
r
onment
al
set
upr
el
at
i
ngt
osmal
l
i
ndust
r
i
esandsmal
l
busi
nesses.
7.Todesi
gnpr
oj
ectf
ormanuf
act
ur
i
ngapr
oduct
.
8.Toi
ncr
easet
hesuppl
yofent
r
epr
eneur
sf
orqui
cki
ndust
r
i
al
dev
el
opment
.
9.Topr
epar
ei
ndi
v
i
dual
st
oacceptt
heuncer
t
ai
nt
yi
nv
ol
v
edi
nr
unni
ngabusi
ness.
10.
Todev
el
opmanager
i
al
ski
l
l
samongsmal
l
ent
r
epr
eneur
sf
ori
mpr
ov
i
ngt
he
per
f
or
manceofsmal
l
scal
ei
ndust
r
i
es.
11.
Toof
f
erpr
of
i
t
abl
eempl
oy
mentoppor
t
uni
t
i
est
oeducat
edy
oungmenand
women.
12.
Toexpandt
hesour
cesofent
r
epr
eneur
shi
p.
Rol
esofEDP
AnEnt
r
epr
eneur
shi
pDev
el
opmentPr
ogr
ammepr
i
mar
i
l
ypl
ay
sf
ourr
ol
est
ohel
pan
i
ndi
v
i
dual
t
obecomeanent
r
epr
eneur
.Theyar
e:
St
i
mul
at
or
yRol
e:I
tai
msati
nf
l
uenci
ngpeopl
ei
nl
ar
genumbert
obet
heent
r
epr
eneur
.
Thi
si
ncl
udes:
1.dev
el
opi
ngmanager
i
al
,
t
echni
cal
,
f
i
nanci
al
,
andmar
ket
i
ngski
l
l
2.i
ncul
cat
i
ngper
sonal
i
t
yt
r
ai
t
s
3.pr
omot
esandr
ef
or
msent
r
epr
eneur
i
al
behav
i
orandv
al
ues
4.i
dent
i
f
y
i
ngapot
ent
i
al
ent
r
epr
eneurappl
y
i
ngsci
ent
i
f
i
cmet
hods
5.mot
i
v
at
i
onal
t
r
ai
ni
ngandbui
l
di
ngapr
operat
t
i
t
ude
6.st
r
engt
heni
ngt
hemot
i
v
eofaper
sonandgi
v
i
ngr
ecogni
t
i
on
7.t
hev
al
uabl
eknowhowoft
hel
ocalpr
oduct
sandt
hepr
ocesseshel
pi
nt
hesel
ect
i
on
ofpr
oduct
s,
pr
epar
at
i
onofpr
oj
ectr
epor
t
s

Suppor
t
i
v
eRol
e:
I
thel
psi
nt
hef
ol
l
owi
ngway
s:
1.r
egi
st
r
at
i
onoft
hebusi
ness
2.pr
ocur
ementoff
und
3.I
ncubat
i
onsuppor
t
4.Team bui
l
di
ngandt
eam dev
el
opmentsuppor
t
5.Ment
or
shi
pandgui
dancef
r
om i
ndust
r
yexper
t
s
6.Pr
ov
i
di
ngt
axr
el
i
ef
,
subsi
dy
,
gov
er
nmentschemeset
c.
7.gui
dancei
npr
oductmar
ket
i
ng
8.suppor
tf
ormanagementconsul
t
ancy

Sust
ai
ni
ngRol
e:
I
tai
msatpr
ov
i
di
nganef
f
ect
i
v
esaf
eguar
dt
obusi
nessest
osust
ai
n
agai
nstt
hecut
t
hr
oatmar
ketcompet
i
t
i
on.Thi
si
ncl
udes:
1.hel
pi
nmoder
ni
zat
i
on,
expansi
on,
anddi
v
er
si
f
i
cat
i
on
2.addi
t
i
onal
f
i
nanci
ngf
orf
ur
t
herdev
el
opment
3.Gl
obal
Net
wor
ki
ngOppor
t
uni
t
i
es
4.cr
eat
i
ngnewmar
ket
i
ngpr
ocesses
5.hel
pi
ngaccesst
oi
mpr
ov
edser
v
i
cesandcowor
ki
ngcent
er
s

Soci
oeconomi
cRol
e:
I
tai
msatupgr
adi
ngt
hesoci
oeconomi
cst
at
usoft
hepubl
i
cand
i
ncl
udes:
1.i
dent
i
f
y
i
ngent
r
epr
eneur
i
al
qual
i
t
i
esi
npr
act
i
cal
i
t
y
2.cr
eat
i
ngempl
oy
mentoppor
t
uni
t
i
es
3.concent
r
at
i
onofi
ndust
r
i
esbysuppor
t
i
ngr
egi
onal
dev
el
opmenti
nabal
ancedmanner
4.f
ocusi
ngont
heequal
di
st
r
i
but
i
onofi
ncomeandweal
t
hoft
henat
i
on

5.channel
i
zi
ngt
hel
at
entr
esour
cesf
orbui
l
di
nganent
er
pr
i
se
PhasesofEnt
r
epr
eneur
i
al
Dev
el
opmentPr
ogr
amme(
EDP):
1)Pr
eTr
ai
ni
ngPhase:
Thi
sst
epcanbeconsi
der
edast
hei
nt
r
oduct
or
yphasei
nwhi
cht
heent
r
epr
eneur
shi
p
dev
el
opmentpr
ogr
ammesar
el
aunched.Awi
despect
r
um ofact
i
v
i
t
i
esar
eper
f
or
medi
n
t
hi
sphasear
cdescr
i
bedbel
ow:
i
)I
dent
i
f
i
cat
i
onofsui
t
abl
el
ocat
i
onwher
et
heoper
at
i
onscanbei
ni
t
i
at
edl
i
keadi
st
r
i
ct
.
i
i
)Sel
ect
i
onofani
ndi
v
i
dual
asacour
secoor
di
nat
ororpr
oj
ectl
eadert
ocoor
di
nat
et
he
EDPact
i
v
i
t
i
es.
i
i
i
)Or
gani
sat
i
onofbasi
ci
nf
r
ast
r
uct
ur
al
f
aci
l
i
t
i
esr
el
at
edt
ot
hepr
ogr
amme.
i
v
)Conduct
i
ngt
heenv
i
r
onment
al
scanni
ngori
ndust
r
i
al
sur
v
eyi
nor
dert
ol
ookf
orbet
t
er
busi
nessoppor
t
uni
t
i
es.
v
)Looki
ngf
ort
heassi
st
anceofv
ar
i
ousagenci
essuchasDI
Cs,
banks,
SI
SI
,
NSI
C,
DM
andsoon.
v
i
)Conduct
i
ngi
ndust
r
i
al
mot
i
v
at
i
onal
campai
gnst
oi
ncr
easet
henumberofappl
i
cat
i
ons.
2)Tr
ai
ni
ngPhase:
Themai
nf
unct
i
onofanyEDPi
st
oi
mpar
tt
r
ai
ni
ngt
of
ut
ur
eent
r
epr
eneur
sandgui
di
ng
t
hem f
orest
abl
i
shi
ngt
heent
er
pr
i
se.Thenor
mal
dur
at
i
onoft
heent
r
epr
eneur
shi
p
dev
el
opmentpr
ogr
ammei
s46weeksandi
ti
susual
l
yaf
ul
l
t
i
mecour
se.Theobj
ect
i
v
es,
t
r
ai
ni
ngi
nput
sandt
hecent
r
eoff
ocusar
eexpl
ai
nedi
nt
hepr
ogr
ammedesi
gn.
Commonl
y
,
i
ti
sconsi
der
edt
hatt
het
r
ai
neesdonothav
eenoughi
nf
or
mat
i
onaboutt
he
changebecauseofwhi
chnewpr
ogr
ammei
spr
epar
ed.Eacht
r
ai
neeshoul
dappr
ai
se
hi
msel
fatt
het
er
mi
nat
i
onoft
het
r
ai
ni
ngpr
ogr
ammet
ohav
eacl
earv
i
ewabouthi
s/
her
f
ut
ur
eendeav
our
s.
Tr
ai
ni
ngPhase-Pr
ogr
ammeDesi
gn
Obj
ect
i
v
es
Focus
I
nput
s
Pr
omot
i
ngand
sust
ai
ni
ngt
heski
l
l
sof
r
epr
eneur
.
ent
r
epr
eneur
shi
pand Ent
bui
l
di
ngup
t
heconf
i
dence.
Ent
er
pr
i
se
abl
i
shment
Hel
pi
ngi
nest
abl
i
shi
ng est
Cr
eat
i
ngent
er
pr
i
se.
t
henewent
er
pr
i
se
t
hr
oughdeci
si
onmaki
ng.
Successf
ul
and
pr
of
i
t
abl
eoper
at
i
onof
ent
er
pr
i
se.I
ndust
r
i
al
exposur
ePer
f
or
mi
ng
pr
of
i
t
abl
eand
successf
ul
oper
at
i
ons,
exposur
e
v
ar
i
ousi
ndust
r
i
al
knowl
edge.




Ent
er
pr
i
se
management
,
f
i
r
st
handknowl
edgeof
f
act
or
yl
ay
out
,
busi
nesssi
t
es,
et
c.
I
nf
or
mat
i
onr
el
at
edt
o
f
act
or
yl
ay
out
,
pl
ant
l
ocat
i
on,
or
gani
sat
i
on
managementandso
on.
Behav
i
or
al
i
nput
s.
Busi
nessoppor
t
uni
t
y
gui
dance,
i
nf
or
mat
i
onand
pr
oj
ectpl
anni
ngi
nput
s,
t
echni
cal
i
nput
s.Gui
di
ng
f
orenabl
i
ngbusi
ness
oppor
t
uni
t
i
es.i
nf
or
mat
i
on
andpr
oj
ectpl
anni
ngand
t
echni
cal
opi
ni
ons.
Managementi
nput
s,
pl
ant
v
i
si
t
/
i
npl
antt
r
ai
ni
ng
Managementsuggest
i
ons
i
ndust
r
i
al
v
i
si
tort
r
ai
ni
ng.
3)Post
Tr
ai
ni
ngPhase:
Thi
sphasei
sal
sor
ef
er
r
edast
hephaseoff
ol
l
owupassi
st
ance.I
nt
hi
sphase,
t
he
candi
dat
eswhohav
ecompl
et
edt
hei
rpr
ogr
ammesuccessf
ul
l
yar
epr
ov
i
dedpost
t
r
ai
ni
ngassi
st
ance.Thi
sphasei
sv
er
yi
mpor
t
antasaf
t
ert
hecompl
et
i
onoft
r
ai
ni
ng
pr
ogr
amme,
mostoft
heent
r
epr
eneur
sf
aceal
otofhar
dshi
pi
nt
hebusi
nesspl
an
i
mpl
ement
at
i
on.Thus,
wi
t
ht
hehel
pofv
ar
i
ouscounsel
l
i
ngsessi
ons,
t
het
r
ai
ni
ng
or
gani
sat
i
onst
r
yt
oext
endt
hei
rsuppor
tt
ot
r
ai
nees.Member
sl
i
keSt
at
eFi
nanci
al
Cor
por
at
i
on,
commer
ci
al
banks,
t
r
ai
ni
ngi
nst
i
t
ut
i
onsandDi
st
r
i
ctI
ndust
r
i
esCent
r
e
const
i
t
ut
edal
l
t
oget
hert
oassi
stt
heent
r
epr
eneur
sont
hebasi
sofment
i
onedgoal
s:
Toassi
stt
r
ai
neesi
nameani
ngf
ul
mannersot
hatt
r
ai
neescanr
eal
i
zet
hei
rbusi
ness
pl
an.
Toanal
y
set
hedev
el
opmentmadebyt
r
ai
neesi
nt
hepr
oj
ecti
mpl
ement
at
i
on.
Toev
al
uat
et
hepost
t
r
ai
ni
ngappr
oach.
Topr
ov
i
deescor
tser
v
i
cest
ot
het
r
ai
neeswi
t
ht
hehel
pofv
ar
i
ouspr
omot
i
onal
and
f
i
nanci
al
i
nst
i
t
ut
i
ons.












Commonl
y
,
t
hesef
ol
l
owupact
i
onmeet
i
ngsar
econduct
edaf
t
erev
er
yt
hr
eey
ear
sof
t
r
ai
ni
ngcompl
et
i
onandt
het
ool
susedf
ort
hef
ol
l
owupar
e:
Post
al
quest
i
onnai
r
es.
Tel
ephoni
cf
ol
l
owup.
I
ndi
v
i
dual
cont
actbyt
het
r
ai
ner
.
Team meet
i
ngs.
Anumberofgov
er
nmentandpr
i
v
at
ei
nst
i
t
ut
i
onsar
epr
ov
i
di
ngassi
st
ancei
nI
ndi
at
o
ent
r
epr
eneur
s.Someoft
hem ar
el
i
st
edbel
ow:
Smal
l
I
ndust
r
i
esDev
el
opmentOr
gani
zat
i
on(
SI
DO)
,
Commer
ci
al
Banks,
Nat
i
onal
Al
l
i
anceofYoungEnt
r
epr
eneur
s(
NAYE)
,
Nat
i
onal
I
nst
i
t
ut
ef
orEnt
r
epr
eneur
shi
pandsmal
l
Busi
nessDev
el
opment(
NI
ESBUD)
,
Ent
r
epr
eneur
shi
pDev
el
opmentI
nst
i
t
ut
eofI
ndi
a(
EDI
)
,
I
ndi
aI
nv
est
mentCent
r
e(
LI
C)
,
Smal
l
scal
ei
ndust
r
i
al
Dev
el
opmentBankOfI
ndi
a(
SI
DBI
)
,
and
Techni
cal
Consul
t
ancyOr
gani
zat
i
on(
TCO)
.
I
mpor
t
anceofEnt
r
epr
eneur
i
al
Dev
el
opmentPr
ogr
amme(
EDP):
Thei
mpor
t
anceofEDPi
sasf
ol
l
ows:
1)For
mat
i
onofEmpl
oy
mentOppor
t
uni
t
i
es:
Ent
r
epr
eneur
i
al
dev
el
opmentpr
ogr
ammesgener
at
eempl
oy
mentoppor
t
uni
t
i
esi
nt
he
dev
el
opi
ngandunder
dev
el
opedcount
r
i
es.I
tassi
st
sandencour
agesi
ndi
v
i
dual
st
o
est
abl
i
sht
hei
rownbusi
nessandenabl
et
hem t
obecomesel
f
empl
oy
ed.Byset
t
i
ngup.
sev
er
al
busi
nessent
er
pr
i
ses,
EDPal
socr
eat
esabundantj
oboppor
t
uni
t
i
esf
orot
her
peopl
e.
2)Pr
ov
i
desAdequat
eCapi
t
al
:
Al
ar
geamountofcapi
t
al
i
sr
equi
r
edt
oset
upabusi
nessent
er
pr
i
se.Thi
sf
i
nanci
al
assi
st
ancei
spr
ov
i
dedbyv
ar
i
ousEDPagenci
es.EDPsi
nst
r
uctt
hedev
el
opmentbanks
suchasI
CI
CI
,
I
DBI
,
I
FCI
,
SI
DCs,
et
c.
,
t
ot
akei
ni
t
i
at
i
v
ei
npr
omot
i
ngent
r
epr
eneur
shi
p.
3)Pr
operUt
i
l
i
zat
i
onofLocal
Resour
ces:
Newent
r
epr
eneur
sut
i
l
i
z
et
heav
ai
l
abl
el
ocal
r
esour
cesi
nt
hemostef
f
ect
i
v
eway
.Thi
s
ut
i
l
i
zat
i
onofr
esour
cespl
ay
sani
mpor
t
antr
ol
ei
nt
hedev
el
opmentofapar
t
i
cul
arar
ea
orr
egi
onatmi
ni
mum cost
.EDPs.
gui
de,
educat
eandt
eacht
heent
r
epr
eneur
st
oexpl
oi
t
t
hel
ocal
r
esour
cesef
f
i
ci
ent
l
y
.
4)I
ncr
easedPerCapi
t
al
I
ncome:
Ent
r
epr
eneur
shav
et
heabi
l
i
t
yt
oor
gani
set
hef
act
or
sofpr
oduct
i
onandut
i
l
i
zet
hem i
n
t
hemostpr
oduct
i
v
emannerbyest
abl
i
shi
nganent
er
pr
i
se.Thi
sdev
el
opmentl
eadst
o
i
ncr
easedpr
oduct
i
on,
empl
oy
mentandweal
t
hgener
at
i
on.Asar
esul
t
,
ov
er
al
l
pr
oduct
i
v
i
t
yandpercapi
t
al
i
ncomeoft
heeconomyi
sr
ai
sed.
5)I
mpr
ov
edSt
andar
dofLi
v
i
ng:
EDPspr
ov
i
del
at
estt
echnol
ogi
esandi
nnov
at
i
v
emet
hodst
oent
r
epr
eneur
swhi
chhel
ps
t
hem t
opr
oducel
ar
gequant
i
t
yofpr
oduct
satl
owercost
.Thi
sal
soenabl
es
ent
r
epr
eneur
st
oexpl
oi
tt
heav
ai
l
abl
er
esour
cesandpr
oducequal
i
t
ypr
oduct
s.Thi
s
aut
omat
i
cal
l
yl
eadst
oi
mpr
ov
edst
andar
dofl
i
v
i
ng.
6)Economi
cI
ndependence:
EDPsst
r
engt
hent
heent
r
epr
eneur
st
opr
oducev
ar
i
et
yofpr
oduct
si
nl
ar
gequant
i
t
i
esat
compet
i
t
i
v
epr
i
ces.I
tal
sohel
psanent
r
epr
eneurt
odev
el
opsubst
i
t
ut
esofi
mpor
t
ed
pr
oduct
swhi
chpr
ev
ent
st
hecount
r
yf
r
om bei
ngdependentonot
herf
or
ei
gncount
r
i
es.
I
tal
sosav
esf
or
ei
gnexchangeoft
hecount
r
y
.
7)Pr
ev
ent
i
ngI
ndust
r
i
al
Sl
ums:
Mostoft
hedev
el
opedi
ndust
r
i
al
ar
easar
ef
aci
ngpr
obl
emsr
el
at
edt
oi
ndust
r
i
al
sl
ums.
Thi
sl
eadst
oov
erbur
deni
ngofpubl
i
cameni
t
i
esandal
soaf
f
ect
st
heheal
t
hofpeopl
e
adv
er
sel
y
.EDPsof
f
er
ssev
er
al
subsi
di
es,
i
ncent
i
v
es,
i
nf
r
ast
r
uct
ur
al
suppor
tand
f
i
nanci
al
gr
ant
st
onewent
r
epr
eneur
sf
orest
abl
i
shi
ngt
hei
rbusi
nesses,
t
hus,
pr
ev
ent
i
ng
t
hegr
owt
hofi
ndust
r
i
al
sl
ums.
8)Reduci
ngSoci
al
Tensi
on:
Amaj
or
i
t
yofy
oungst
er
sandeducat
edi
ndi
v
i
dual
soft
hesoci
et
yar
ei
nt
hest
at
eof
soci
al
unr
estandt
ensi
on.Thi
ssoci
al
t
ensi
onr
est
r
i
ct
st
hem f
r
om f
i
ndi
ngt
her
i
ght
di
r
ect
i
oni
nt
hei
rcar
eer
s.Mostoft
hest
udent
sf
eel
f
r
ust
r
at
edaboutnotget
t
i
ngaj
ob
af
t
ert
hecompl
et
i
onofeducat
i
on.I
nsuchsi
t
uat
i
ons,
EDPshel
pspeopl
ebypr
ov
i
di
ng
t
hem pr
opergui
dance,
assi
st
ance,
t
r
ai
ni
ngandsuppor
tf
orest
abl
i
shi
ngnewent
er
pr
i
ses
andbusi
nesses,
Asaconsequence,
soci
al
t
ensi
oni
sr
educedast
heygener
at
esel
f
empl
oy
mentoppor
t
uni
t
i
es.
9)Faci
l
i
t
at
i
ngOv
er
al
l
.Dev
el
opment
:
EDPsf
aci
l
i
t
at
eent
r
epr
eneur
shi
pwhi
chhel
psi
nt
heov
er
al
l
dev
el
opmentoft
hesoci
et
y
bypr
oduci
ngnewpr
oduct
s,
i
nnov
at
i
v
eser
v
i
ces,
l
owcostconsumergoods,
j
ob
oppor
t
uni
t
i
es,
i
ncr
easi
ngt
hest
andar
dofl
i
v
i
ng,
andov
er
al
l
pr
oduct
i
v
i
t
y
.Thi
sf
aci
l
i
t
at
es
i
nt
heov
er
al
l
dev
el
opmentoft
heeconomyandt
hecount
r
y
.
Ent
r
epr
eneur
shi
pDev
el
opmentPr
ogr
amme–Cour
seCont
ent
sandCur
r
i
cul
um ofEDPs
Thecour
secont
ent
sofanEDPshoul
dbef
or
mul
at
edaspert
heobj
ect
i
v
esoft
heEDPs.
I
tshoul
dconsi
stoft
hef
ol
l
owi
ng:
1.Gener
alAppr
oacht
oEnt
r
epr
eneur
shi
p:Thepar
t
i
ci
pant
sshoul
dbegi
v
enexposur
e
aboutt
heconcept
ualf
r
amewor
kofent
r
epr
eneur
shi
pr
ol
e,expect
at
i
on,Ent
r
epr
eneur
i
al
env
i
r
onmentet
c.I
nnov
at
i
v
ebehav
i
ourr
el
at
edi
ssuesshoul
dbef
ocusedt
oenl
i
ght
ent
he
ent
r
epr
eneur
s aboutt
hei
rf
ut
ur
e chal
l
enges and pr
ospect
s.Besi
des,dev
el
opment
agenci
esshoul
dt
r
yt
odesi
gnappr
opr
i
at
est
r
at
egi
esenabl
i
ngt
hepot
ent
i
alent
r
epr
eneur
t
ot
ackl
edi
f
f
er
entr
i
ski
nher
enti
nani
nnov
at
i
onact
i
v
i
t
y
.Theser
i
sksar
easf
ol
l
ows:
(
i
)Techni
calr
i
sks– t
her
i
skofnotknowi
ngenoughaboutt
het
echni
calpr
ocesses,
mat
er
i
al
set
c.
(
i
i
)Economi
cRi
sks–t
her
i
skofmar
ketf
l
uct
uat
i
onsandchangesi
nr
el
at
i
ont
or
aw
mat
er
i
al
set
c.
(
i
i
i
)Soci
al
Ri
sks–t
her
i
ski
nher
enti
nt
hedev
el
opmentofnewr
el
at
i
onshi
p.
(
i
v
)Env
i
r
onment
alRi
sks – r
i
sk whi
ch r
esul
tf
r
om env
i
r
onment
alchanges i
nt
he
manager
’
s wor
k as an out
come of t
he new act
i
v
i
t
y
. Mor
eov
er
,pr
ospect
i
v
e
ent
r
epr
eneur
sshoul
dbegi
v
enadet
ai
l
edi
nf
or
mat
i
onwi
t
hr
egar
dt
of
aci
l
i
t
i
esgener
al
l
y
pr
ov
i
ded by t
he gov
er
nment and ot
her agenci
es i
nv
ol
v
ed i
n pr
omot
i
on of
ent
r
epr
eneur
shi
p.
2.Mot
i
v
at
i
onalTr
ai
ni
ng:Mot
i
v
at
i
onalt
r
ai
ni
ng i
nput
sar
emeantf
ordev
el
opi
ng t
he
mot
i
v
at
i
on ofpot
ent
i
alent
r
epr
eneur
s and t
hei
rent
er
pr
i
se bui
l
di
ng ski
l
l
s.Besi
des,
mot
i
v
at
i
onali
nput
sal
soi
ncl
udepsy
chol
ogi
calgames,
t
est
s,
goalset
t
i
ngexer
ci
ses,
r
ol
e
pl
ay et
c.The mot
i
v
at
i
onali
nput
s wi
l
lbe ai
med ati
ncr
easi
ng t
he par
t
i
ci
pant
s,
under
st
andi
ngoft
heent
r
epr
eneur
i
alper
sonal
i
t
yandent
r
epr
eneur
i
albehav
i
orandbr
i
ng
aboutt
hr
ough sel
f
st
udy
,changes i
n sel
f
concept
,v
al
ue,ski
l
l
st
her
ebyl
eadi
ng t
o
posi
t
i
v
eent
r
epr
eneur
i
albehav
i
or
.Themaj
ormot
i
v
at
i
onali
nput
smaybegi
v
eni
nt
he
begi
nni
ngoft
het
r
ai
ni
ngpr
ogr
ammeonf
ul
lt
i
mebasi
st
hought
hel
ear
ni
ngef
f
ect
ed
t
hr
ought
hem wi
l
lber
ei
nf
or
cedandusedt
hr
oughoutt
het
r
ai
ni
ngpr
ogr
amme.The
under
st
andi
ngoft
heent
r
epr
eneur
i
alper
sonal
i
t
yandbehav
i
orwi
l
lbesuppl
ement
ed
t
hr
oughi
nt
er
f
acewi
t
honeort
wosuccessf
ul
aswel
l
asnotsosuccessf
ul
ent
r
epr
eneur
s.
3.Dev
el
opi
ngManagementSki
l
l
s:Pr
ospect
i
v
eent
r
epr
eneur
sshoul
dbegi
v
enexposur
e
i
ndi
f
f
er
entt
y
pesofmanagementpr
obl
ems.I
twoul
dshar
pent
hei
rmanagementski
l
l
s.
Themanagementpr
obl
emst
akedi
f
f
er
entf
or
msandt
hemanagementpat
t
er
nsar
e
pecul
i
art
ot
hesi
t
uat
i
on.So,t
r
ai
ni
ngf
orexposi
ngmanager
i
alski
l
l
swi
l
lbear
r
angedi
n
keepi
ng t
hesi
t
uat
i
onalr
equi
r
ement
s.Howev
er
,manager
i
alaspect
sshoul
di
ncl
ude
pr
oduct
i
on pl
anni
ng, l
abour l
aws, cost anal
y
si
s, f
i
nanci
al account
i
ng, sel
l
i
ng
ar
r
angement
s,
t
axat
i
onl
awset
c.
4.Tr
ai
ni
ngf
orPr
oj
ectManagement
:Pr
oj
ecti
nput
sar
er
equi
r
edt
ohel
pt
hepot
ent
i
al
ent
r
epr
eneur
st
odev
el
opt
hei
rpr
oj
ecti
deasi
nt
obankabl
epr
oj
ect
s.Theyshoul
dbe
gi
v
enacquai
nt
ancewi
t
ht
hei
ndust
r
i
aloppor
t
uni
t
i
esi
nt
hear
eaandal
sonecessar
y
gui
danceonpr
oductsel
ect
i
on.Necessar
yknowl
edgeaboutpr
oj
ectf
easi
bi
l
i
t
y
,v
i
abi
l
i
t
y
andi
mpl
ement
at
i
onshoul
dal
sobegi
v
ent
ot
hepot
ent
i
alent
r
epr
eneur
s.Underpr
oj
ect
pr
epar
at
i
on,t
echni
calf
easi
bi
l
i
t
yi
ncl
udessel
ect
i
onoft
echnol
ogy
,av
ai
l
abi
l
i
t
yofr
aw
mat
er
i
al
s,sel
ect
i
on of l
ocat
i
on and si
t
e,av
ai
l
abi
l
i
t
y of pl
ant and machi
ner
y
,
i
nf
r
ast
r
uct
ur
ef
aci
l
i
t
i
es,r
oads,t
r
anspor
t
,power
,manpower
/
per
sonnelr
equi
r
ement
.
Si
mi
l
ar
l
y
,
mar
ketanal
y
si
s,
l
ev
el
ofcompet
i
t
i
on,
capi
t
al
cost
,
wor
ki
ngcapi
t
al
r
equi
r
ement
,
est
i
mat
edcostofpr
oduct
i
on,pr
oj
ect
edsal
esv
ol
ume,pr
of
i
t
abi
l
i
t
yest
i
mat
es,expect
ed
r
at
eofr
et
ur
n,pr
oj
ect
edcashf
l
owsandbr
eakev
enanal
y
si
sar
edi
f
f
er
entaspect
st
hat
hav
et
obei
ncor
por
at
edi
nassessi
ngt
hecommer
ci
alv
i
abi
l
i
t
yoft
hepr
oj
ect
.Suf
f
i
ci
ent
exposur
ei
snecessar
ywi
t
hr
egar
dt
of
i
nanci
ngoft
hepr
oj
ect
.Fi
nanci
ngar
r
angement
gener
al
l
yi
ncl
udessour
cesoff
i
nanci
ng,pr
omot
er
’
scont
r
i
but
i
on,l
ev
elofi
nst
i
t
ut
i
onal
f
i
nanci
ng,seedcapi
t
al
,i
nv
est
mentsubsi
dyet
c.Pr
ospect
i
v
eent
r
epr
eneur
sshoul
dbe
i
nst
r
uct
edaboutt
hei
mpor
t
anceoft
i
mel
yi
mpl
ement
at
i
onofpr
oj
ect
.Theyshoul
dbe
gi
v
en pr
opert
r
ai
ni
ng aboutschedul
i
ng ofv
ar
i
ousact
i
v
i
t
i
es,pr
ov
i
si
on f
oref
f
ect
i
v
e
super
v
i
si
onandneedf
orav
oi
di
ngdel
ayandconsequentcostescal
at
i
on.
5.St
r
uct
ur
alAr
r
angement
:Tr
ai
ni
ngi
nput
sal
soai
m atf
ami
l
i
ar
i
zi
ngt
hepar
t
i
ci
pant
s
aboutt
hepr
oposedst
r
uct
ur
alar
r
angementf
ort
hebusi
nessori
ndust
r
i
aluni
t
.They
shoul
d be gi
v
en adequat
e f
ami
l
i
ar
i
zat
i
on about gov
er
nment pol
i
cy r
egar
di
ng
dev
el
opmentofi
ndust
r
i
es,especi
al
l
ywi
t
hr
egar
dt
osmal
lscal
ei
ndust
r
i
es,r
egi
st
r
at
i
on
andl
i
censi
ngpr
ocedur
es,f
or
msofor
gani
zat
i
onl
i
kepr
opr
i
et
ar
y
,par
t
ner
shi
p,pr
i
v
at
e
companyandJoi
ntSt
ockCompany
,
i
nst
i
t
ut
i
onal
set
upet
c.
6.Suppor
tSy
st
em:I
nmostoft
hecases,par
t
i
ci
pant
sar
egener
al
l
yf
i
r
stgener
at
i
on
ent
r
epr
eneur
sandt
heydonotknow aboutt
hegov
er
nmentandi
nst
i
t
ut
i
onalsuppor
t
sy
st
em.Suppor
tsy
st
em mayal
sobeusedasmot
i
v
at
i
onali
nput
st
oencour
aget
he
par
t
i
ci
pant
s aboutt
hei
rf
ut
ur
e pr
ospect
s.They shoul
d be f
ami
l
i
ar
i
zed wi
t
ht
he
i
ncent
i
v
es/
concessi
onsav
ai
l
abl
e,t
axi
ncent
i
v
es,t
axhol
i
day
,backwar
d/
zer
oi
ndust
r
i
es
di
st
r
i
ct
sconcessi
ons,sof
tl
oanscheme,speci
alschemesf
ort
echni
ci
anset
c.Thi
s
shoul
dbef
ol
l
owedbyacquai
nt
i
ngt
hem wi
t
hpr
ocedur
ef
orappr
oachi
nggov
er
nment
depar
t
ment
sandagenci
es,
appl
y
i
ngf
orandobt
ai
ni
ngt
heseconcessi
onsf
r
om t
hem.
7.Fact
or
yVi
si
t
s/
I
nPl
antTr
ai
ni
ng:Pr
act
i
calex
posur
ei
sal
sonecessar
y
.Dependi
ng
upon t
hei
rpr
oduct
st
he pot
ent
i
alent
r
epr
eneur
s mayf
eelt
he need t
o gai
n mor
e
knowl
edgeaboutt
hepr
oduct
i
onpr
ocesset
c.byv
i
si
t
i
ngsomeoft
hesi
mi
l
aruni
t
si
n
pr
oduct
i
on.Fort
hi
s pur
pose,f
act
or
yv
i
si
t
s may hav
et
o be ar
r
anged.Si
mi
l
ar
l
y
,
ent
r
epr
eneur
swhosel
ectr
el
at
i
v
el
ysophi
st
i
cat
edpr
oduct
swi
l
lbeexpect
edt
ohav
ea
goodi
deaoft
hepr
oductandt
hepr
ocessf
aci
l
i
t
i
esshoul
dbear
r
angedf
ori
npl
ant
t
r
ai
ni
ngorpr
ot
ot
y
pedev
el
opmentonexcept
i
onal
basi
s.
I
deagener
at
i
onori
deat
i
oni
st
heactoff
or
mi
ngi
deas.I
ti
sacr
eat
i
v
epr
ocesst
hat
encompassest
hegener
at
i
on,dev
el
opmentandcommuni
cat
i
onofnew t
hought
sand
concept
s,
whi
chbecomet
hebasi
sofy
ouri
nnov
at
i
onst
r
at
egy
.
I
deagener
at
i
oni
sdescr
i
bedast
hepr
ocessofcr
eat
i
ng,
dev
el
opi
ngandcommuni
cat
i
ng
abst
r
act
,
concr
et
eorv
i
sual
i
deas.
I
t
’
st
hef
r
ontendpar
toft
hei
deamanagementf
unnel
andi
tf
ocusesoncomi
ngupwi
t
h
possi
bl
esol
ut
i
onst
oper
cei
v
edoract
ual
pr
obl
emsandoppor
t
uni
t
i
es.
Asment
i
oned,
i
deasar
et
hef
i
r
stst
ept
owar
dsmaki
ngi
mpr
ov
ement
.Wemaki
ng
pr
ogr
essasi
ndi
v
i
dual
humanbei
ngsdependsonnewi
deas.Fr
om t
heper
spect
i
v
eofan
i
ndi
v
i
dual
,
newi
deascanhel
py
out
omov
ef
or
war
di
fy
ouf
eel
st
uckwi
t
hat
askorar
e
unabl
et
osol
v
eacer
t
ai
npr
obl
em.
1.PastWor
kExper
i
ence:
I
fy
ouhav
ebeenwor
ki
ngsomewher
ef
ort
hepastf
ewy
ear
s,
y
ouhav
eobv
i
ousl
ybeen
doi
ngsomet
hi
ngr
i
ghtt
ost
i
l
l
beont
hepay
r
ol
l
.Dur
i
ngt
hi
st
i
me,
y
ouhav
egai
ned
exper
i
encei
ny
ourf
i
el
dandbeenpr
of
essi
onal
l
yexposedt
ov
ar
i
ousot
herf
i
el
ds.You
hav
edev
el
opedcont
act
sbot
hwi
t
hi
ny
ourcompanyandal
soel
sewher
ei
nt
hei
ndust
r
y
.
Youhav
epi
ckedupski
l
l
sandmayal
sohav
er
ecei
v
edt
r
ai
ni
ngi
naspeci
al
i
zedsubj
ect
.
2.Hobbi
esandI
nt
er
est
s:
Ienv
ypr
of
essi
onal
at
hl
et
esbecauset
heymakeal
i
v
i
ngoutofwhatt
heyl
ov
edoi
ng.
JohnMcEnr
oemademi
l
l
i
onspl
ay
i
ngt
enni
sandmanymor
emi
l
l
i
onscomment
at
i
ngon
i
tandmostofushav
et
opayt
opl
ayt
enni
s.Li
f
ecanbev
er
yunf
ai
r
.
3.St
r
engt
hsandAbi
l
i
t
i
es:
Besur
et
oal
l
owy
ourbusi
nesst
oexpl
oi
ty
ourst
r
engt
hsandabi
l
i
t
i
esandt
ost
eercl
ear
ofy
ourweaknesses.Li
sty
ourst
r
engt
hsandweaknesses.Asky
ourf
r
i
endsandr
el
at
i
v
es
t
ohel
py
ouwi
t
ht
hel
i
st
.
4.Fr
i
endsandFami
l
y
:
Consul
t
i
ngf
r
i
endsandf
ami
l
ymember
scanbeagr
eati
deat
ol
ookf
ori
deas.Those
cl
oset
oy
oumi
ghthav
eal
sot
houghtofst
ar
t
i
ngabusi
ness.Youcant
akeadv
ant
ageof
t
hei
rwor
kexper
i
enceandi
nt
er
est
st
ogener
at
ei
deasandt
heywoul
dal
sobeusef
ul
i
n
t
heanal
y
si
soft
hesei
deas.
5.Di
st
r
i
but
i
onChannel
s:
Ther
et
ai
l
er
sandt
hedi
st
r
i
but
or
sar
et
hepeopl
ecl
osestt
ot
heconsumer
.Nooneknows
mor
et
hant
hem,
whatt
heconsumerwant
sandwhati
she/
sheget
t
i
ngr
i
ghtnow.Most
di
st
r
i
but
or
sdeal
wi
t
hawi
dev
ar
i
et
yofpr
oduct
ssot
hei
rexper
i
encemaybeacr
oss
i
ndust
r
i
es.
6.Tr
av
el
:
I
deasmaydev
el
opwheny
out
r
av
el
t
odi
f
f
er
entpar
t
soft
hecount
r
yort
odi
f
f
er
ent
count
r
i
esandseedi
f
f
er
entway
sofdoi
ngt
hi
ngsorpr
oduct
st
hatmaywor
kathome.
Tr
av
el
makesy
ouawar
eoft
heal
t
er
nat
i
v
es.
7.BooksandMagazi
nes:
Youcanpi
ckupal
otf
r
om busi
nesspubl
i
cat
i
onsandper
i
odi
cal
s.Theywr
i
t
eoncur
r
ent
t
r
endsi
ni
ndust
r
y
,
bestpr
act
i
ces,
l
egal
i
ssues,
andgener
al
busi
nessenv
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