Entrepreneurship 101: From Idea to Enterprise

Write a definition of an entrepreneur in your own words after reviewing the provided quote.

“An entrepreneur refers to the person who creates a new enterprise.”

Write a definition of entrepreneurship in your own words after reviewing the provided quote.

“Entrepreneurship is the process of creating a new enterprise with an aim of making profit.”

Write a definition of an enterprise in your own words after reviewing the provided quote.

“An enterprise refers to the business venture which is being created by the entrepreneur.”

Rate yourself on the following qualities, as mentioned by Surbhi: Commitment, Energy Level, Foresightedness, Desire for Responsibility, Risk-Taking Ability, Leadership & Managerial Skills, Value for Achievement, Open-mindedness, and Optimism.

Research and identify 1-2 entrepreneurs who embody *at least three* of the qualities mentioned by Surbhi. Note down their specific actions and decisions that demonstrate these qualities.

Provide a *real-world* example of how entrepreneurship functions as an economic activity, referencing a specific company or individual.

“Entrepreneurship is an economic activity in the sense that it involves commencement and operation of business enterprise for commercial purposes.”

Building on Surbhi's definition of innovation, brainstorm two innovative ideas for new products or services that address a specific, unmet need you've identified.

“Entrepreneurship involves creative thinking and conceiving new ideas and making efforts to turn that idea into product or service which has the potential to generate profit.”

Building on Surbhi's point about risk, identify at least *three* potential risks associated with one of your brainstormed ideas. Be specific and consider both internal and external factors.

“Risk and uncertainty are the inherent characteristics of business and so does the entrepreneurship.”

Explain how the pursuit of profit drives entrepreneurial activity, considering both the entrepreneur's personal motivation and the company's sustainability (as mentioned by Surbhi).

“The primary objective of entrepreneurship is to make profit which encourages the entrepreneur to work continuously. It is the reward for the efforts made and risk born by the entrepreneur.”

Describe the role of teamwork in a successful entrepreneurial venture, drawing on Surbhi's emphasis on collaboration and a common goal.

“In entrepreneurship teamwork plays a crucial role as it is a collaborative effort of the group to attain a common goal that is creation of enterprise so as to on profit.”

Brainstorm a business idea based on a *specific* problem you see in the world. Make it realistic.

“The first step to entrepreneurial process is idea generation wherein the entrepreneur identifies and analyzes business opportunities.”

Create a *simplified* business model canvas for your idea, focusing on the key elements: Value Propositions, Customer Segments, and Revenue Streams. Use specific details.

“After finalizing the idea the next step is to create an optimum business model.”

List the *most critical* resources needed to start your business (financial, human, material). Be realistic about what you need.

“Resourcing is one of the most important step in entrepreneurial process wherein the entrepreneur identifies the sources from where the funds can be raised.”

Develop a *basic* promotion plan for your product or service, focusing on a single, *primary* marketing channel. Be practical.

“Promotion nowadays is one of the ways to make something popular overnight.”

Describe the *single most important* initial step you would take to *actually* launch your business tomorrow.

“Actualization involves commencement and management of business operations after all the prior activities are performed and registration formalities are done.”

Consider *one plausible* exit strategy for your business after 5 years. Be realistic and think long-term.

“In harvesting the entrepreneur determines the future prospects and growth opportunities.”