Mppsc, Paper-4, Part-B, Unit-1, Process of Entrepreneurship: Creativity, Ideas Generation, Analysis & Business Plan

§Process of Entrepreneurship:- "It is the process of starting & developing a company with the aim of developing something new to market."

Following pivotal process of Entrepreneurship-

1) Creativity- 

×} It signifies the art of giving birth to novel ideas.

×} It is the driver of innovation & significant factor in the development of individual, personal, entrepreneurship & social base.

×} It is a necessary behaviour which is valued in the organisation.

×} It is the non-stop process which requires parties to work & constantly improve ideas & solution.

×} As per Srica, "Creativity is a treasure & a basic motivator of success."

Importance of Creativity-

×} It is one of the most required skills nowadays.

×} The importance of creativity in business is also helps employers to gain compititive advantages.

×} It helps in boosting the personality of employees.

2) Idea Generation-

 ×} It is first stage of new idea.

×} In this stage, an entrepreneur recognises that an opportunity exists in the environment.

Techniques-

×} Brain storming 

×} Ideas

×} Motivation 

×} Vision 

×} Inspiration 

×} Scamper 

×} Imagination 

Steps in Idea Generation- 

×} Gather raw materials 

×} Blend information together 

×} Share your idea

Importance

×} Exploring new opportunities 

×} Continuous innovation through idea generation 

3) Analysis-

×} More interest & curiosity , the need is adjudged by entrepreneur & he starts looking for the answer to implement the ideas.

×} In interpreneurship, involving as - Opportunity Analysis, Market Analysis, Feasibility Analysis & Other Important Analysis Skills.

1) Opportunity Analysis- 

×} Identifying Feasible Ideas

×} Business Development Plan

×} SWOT Analysis 

2) Market Analysis-

×} Understanding the target marketing 

×} Market size & potential 

×} Compititive Analysis 

×} Industry Analysis 

3) Feasibility Analysis-

×} Assessing Viability 

×} Evaluating Key Areas 

×} Developing A Business Plan 

4) Other Important Analytical Skills-

×} Data Analysis 

×} Predictive Modelling 

4) Business Plan- 

×} It is an official documents that outlines a business core activities, objectives & roadmap to achieve its goal.

×} It helps a business focus on its short term & long term goals & outlines the specific steps needed to achieve them.

×} It attracts investors & sells them the ideas of your business.

×} Major components of business plan- 

1) Mission & vision statement 

2) Goals & objectives

3) Capital Requirements 

×} It involves current status of organisation.

Way forward-

×} Build your skills & knowledge base.

×} Find & understand a market.

×} Securing finding

×} Build your business