The term engineer is derived from a Latin root ingenium. Inginium means a talent, natural capacity or clever invention. Even the term ingenious is used to mean the same. In early stages of human history, military organization needed to invent new ways to overcome enemy and to "engineer" means to overpower them. However, engineering as a profession was first organized in France during 18th century when engineerining corps were formed to oversee the construction and maintainance of roads, bridges, fortification, and other civilian construction. An institute was formed to train members. United states and Britain followed this with establishing engineering institutions in thier respective countries.
Chapter 06: Towards Management
In today's class a general case was established for studying management course. Human beings are capable of using language to communicate their desires or wants. Any such expressed wants can be met by others. Market is the place where one expresses a want or comes to know about existing or an emerging wants. Economics is the system concerned with production, demand, supply and consumption of human wants. A general term given for things that meet needs of humans is goods, services.
Business is a process of identifying new needs and building a system for developing products and services to satisfy those needs. Identifying new needs for the first time and converting that into a business is called entrepreneurship. Management is the process of supplying those goods and services on regular basis.
For instance in 1970's Microsoft identified need for software (OS) and made a business sense out of it. In the mid 1990's Sabeer Bhatia identified a need for email services and created Hotmail. In the late 1990's Google recognized need for "search", invented an algorithm and built a business around that. Such examples endless.
In the management part, course covers the ideas and concepts associated with management and functions that that make up the management process: Planning, organizing and staffing, Controlling and directing
Chapter 05 Project Feasibility
Finding a successful business idea is a challenge. An alert mind can find a business idea from many sources. Some of the traditional sources of business ideas are
Market Feasibility
Feasibility study is a detailed work of collection of data analysis and conclude the feasibility of that operation.
For instance production feasibility study will use data such as production capacity of machinery to answer the question " can we produce required quantities of products, in required time frame with given cost constraints?
Market feasibility study includes
- Magazines
- Trade Journals
- Financial institutions
- Government & Commercial organization
Market Feasibility
Feasibility study is a detailed work of collection of data analysis and conclude the feasibility of that operation.
For instance production feasibility study will use data such as production capacity of machinery to answer the question " can we produce required quantities of products, in required time frame with given cost constraints?
Market feasibility study includes
- Nature of market
- Cost of production
- selling price and profit
- Demand
- Market share
- Target Market
- Location of Plant
- Construction of factory, plant and its size
- Availability of raw material
- Selection of Machinery
- Utilities
- Production capacity
- Staff requirements
- Technical viability
- Total cost of project
- Source of capital
- Subsidiary sources for additional finances
- Financing for future development of business
- Break even analysis
- Estimation cash and fund flow
- Return on Investment
- proposed balance sheet
- Cost of Labour and Technology
- Location- will the people in the neighbourhood accept your plant there ( Remember Nano case in West Bengal)
- Social problem-
- Pollution - pollution concern - remember kaiga project
- Other Problems
Chapter 05: Project - Errors, Appraisal
Project formulation is an important and a crucial stage in project preparation. The success of any project almost always depends on the quality of thought put during project formulation. Some of the mistakes that can occur during project evaluation are
Project appraisal is a process of testing a projects feasibility. The different criteria used for project appraisal are
- Product selection- wrong product selection may lead to failure of entire project
- Capacity utilization estimates- under utilization of production capacity may lead to cost hikes
- Market Study- mistakes in market study may lead to wrong product selection, wrong demand estimations
- Technology selection- appropriate technology must be chosen- wrong selection may have implications for cost, non-availability of spare parts
- Location selection- choosing a location where government schemes provide additional benefits is good choice; a location away from raw material or market may add up unnecessary cost
- Selection of ownership form: wrong choice of ownership form may fail to attract enough resources
Project appraisal is a process of testing a projects feasibility. The different criteria used for project appraisal are
- Economic analysis- essentially asking the question : will this project make profit ?
- Financial analysis- how much money needed, in what quantities, during what phase of the project and ensure cash flow
- Technical Feasibility- adequacy of technology used to meet expected production targets
- Managerial competence- ability of managers to have control on project during its entire life cycle
- Market analysis-finding demand- confirming it- estimating
Chapter 05: PERT and network Analysis
Once a project is accepted for implementation, the next job is work out its detailed schedule. The implement schedules are worked out in terms of months, weeks, days and hours. There are many tools to evolve the sequential steps to be followed in a project implementation and also monitor the progress of project on similar basis.
The important of such tools is that they help in identifying hidden stages for project estimates. These estimates have a great impact in deciding the completion dates for projects.
NETWORK ANALYSIS:
Network is a set of symbols connected with each other in sequence. Each step indicates a stage in the project and its completion indicates the progress. They also show the dependencies such as which activity follows the other activity(s) and how delay in one or more them may affect project progress.
There are many network analysis tools available. Some of the well known are
PERT- Project Evaluation and Review Technique
CPM- Critical Path method
PERT
Developed in a missile project during 1950's. PERT helps implementers to find and sequence activities and helps them reduce time and other resource costs
In PERT- first all activities are listed- sequence and relationship between them established and critical activities are determined.
PERT helps in determining expected time of project completion
PERT limitations include that it is very expensive for reviewing
CPM
Developed by Dupont during 1950's.
CPM differentiates Planning and Scheduling
Planning determines activities to be carried out and
Scheduling introduces time frames to each activities
Advantages
CPM advantage is that it makes control easy for management
It Helps better planning
Disadvantages
CPM assumes that there is a standard time for completion of each activity
It is not a dynamic control tool
Chapter 05: Project Report - RBI Guide lines
A project implementation needs many resources such as finance. In order to seek finance from investors an entrepreneur must develop a detailed project plan. A document describing a project details in terms of any investment proposals is called PROJECT REPORT. To be useful to all concerned audiences such as government agencies, statutory bodies banks must contain a stated minimum information. RBI has recommended the following items to be included in any project report.
RBI recommended items to be included in PROJECT REPORT
RBI recommended items to be included in PROJECT REPORT
- General Information- project feasibility- industry background
- Preliminary Analysis of Alternatives- describes issues such as demand and supply scenarios, availability of alternate/substitute technologies etc
- Project Description- brief description of technology, products/services of project intends to produce
- Marketing Plans- how to reach intended target market
- capital requirements and costs- money needed and how is that spent
- Operating requirements and costs- money needed to run a project on day -to -day basis is called operating costs - such as rent, salary for employees
- Financial analysis- investments, returns, depreciation, balance-sheet, ROI
- Economic Analysis- social relevance and profitability of the project
Chapter 05: Project: Identification,Selection. Formulation
The process of identifying a candidate idea for developing into a project is called Project Identification. This is a systematic process and some times it may be a serendipitous act.
Sources of Project ideas
The process of studying a selected project further with reference to investment decisions is called project formulation. It considers issues such as relevance and feasibility of the project. It involves a step-by-step procedure to investigate and develop project further.
Sources of Project ideas
- Observation
- Trade and Professional magazines
- Bulletin of Research organizations
- Government sources
- Technology
- Equipment
- Investment
- Location
- Market
The process of studying a selected project further with reference to investment decisions is called project formulation. It considers issues such as relevance and feasibility of the project. It involves a step-by-step procedure to investigate and develop project further.
Chapter 05: Preparation of Project: Meaning, definition & Classification
An entrepreneurial idea must be documented by including details such as scope of idea, required resources etc. Such a document that details the idea, scope and potential of an entrepreneurial idea is called a Project Report. The process of developing a project report is called "Preparation of Project"
Definition:
A Project is a methodically evolved work plan devised to achieve specific objective within a specified period of time.
Projects vary in size, scope, nature , duration of completion and resource requirements.
Classification of Projects:
There are numerous criteria for classifying projects into different categories.
A project is said to be quantifiable in case its components can be described in numbers and results can be measured in numbers
Eg. Power generation, National High way projects
On the contrary, Projects such as health care, education, awareness campaign are examples of non-quantifiable projects
Projects can be classified based on the sector to which they belong and are called sectoral projects
Education
- Transport
- Food processing project
Other criteria for classifying projects are as follows
capital intensive ( more money is needed)
- Labour intensive ( more people are needed e.g. garment)
- Demand based
- Supply based
- Size and Scale - small, medium and large
Chapter 04: Institutional Support - Institutions - II
1. Industrial credit and investment corporation of India (ICICI)
- set up in 1955 with the objective of developing small and medium industries in private sectors.
- Its issue capital has been subscribed government, private institutions and public
- Functions: provide assistance by way of rupee and foreign currency loans, underwriting and direct subscription to shares
- It guarantees loans from other private investment sources
- NSIC started in 1955 with the objective of promoting and developing SSI through out the country.
- Functions include: providing machinery on hire purchase, assisting, marketing and exports, training of personnel
- The objective is development of various small-scale units in different areas. SIDO is a nodal agency to identify the needs of SSI units, coordinating and monitoring the policies and programmes
- Its functions include Co-ordination, industrial development, management activities
- help SSI get updated with various information related to the small-scale industries activities
- IDBI established in 1964 as a subsidiary to RBI to coordinate the activities of various financial institutions. In 1976 it was made an autonomous institution
- It has established small scale Industrial Fund ( SSIF) and also National Equity Fund Scheme ( NEFS) to support equity to tiny and small industries
- It provided a financial assistance to the tune of Rs 1,500 crores during 1987-88.
- set up 1989 in response to a demand from small scale industries for an apex level institution for promotion, financing and development of small scale industries
- Functions include refinancing and discounting bills, direct participation in equity type of loans
- support technology support, upgradation, quality improvement, exports ...
- set up in 1948 to provide financial assistance to medium and large- scale industries.
- In 1951 the scope was extended to small scale industries
- There are 18 SFC in different states. In Karnataka it is KSFC
- It provides term loans to various small categories of business. The loans are based on security such as land, bonds
- set up in 1948 .
- It exten
ds financial assistance to industries through rupee and foreign currency loans, underwriting - Recently it has started new promotional policies such as interest subsidy scheme for women entrepreneurs.
Chapter 04: :Institutional Support : Insitutions- 1
1. State Small Industries Development Corporation (SSIDC)
- SSIDC was started in 1956 in all states ( KSSIDC in Karnataka)
- Objective is to take care of growth and development of needs of village industries, tiny industries and small industries
- New industrial policy has made SSIDC responsible to meet marketing needs of SSI
- At present there are 18 SSIDC in India
- Established by central Government in 1954.
- The objective is to coordinate between different departments for the development of SSI
- The SSIB director reports to the government on various activities taken in this regard
- DIC started in 1978 to provide integrated service at district level
- Functions include: conducting industrial potential surveys,prepare action plans for implementation, guide entrepreneurs relating to selection and procuring of machinery
- There are about 430 DIC's in India
- Established to provide consultancy services as a package under single roof. IDBI,ICICI are examples
- Functions include : identify potential industrial projects; evaluation of projects, provide turn key services; undertake market services
- set up provide training and consultancy to small entrepreneurs
- There are 28 SISI and 30 branch SISI set up
- Functions include: serve as an interface between state and central governments; trade and market information, project profiles; provide workshop facilities
Chapter 04:: Institutional Support
Entrepreneurship is a challenging endeavour. Starting an enterprise requires different resources and facilities. Finance is an important resource. Building infrastructure required for enterprise is the job of government. Government takes this job by establishing a set of specialised institutions to take care of the needs of entrepreneur. This is called institutional support.
Types of Institutional Support
Since India has a federal structure- both state and central governments have established institutions to support entrepreneurs
Types of Institutional Support
Since India has a federal structure- both state and central governments have established institutions to support entrepreneurs
- State Level Institutions
- State Directorate of Industries
- Small scale Industries development Corporation (SSIDC)
- District Industries Centre
- State Finance Corporation ( e.g. KSFC)
- Technical Consultancy Organization (TCO's) e.g. TECSOK
- State Industrial area development Board (SIADB) etc
- Department of Small Scale Industries ( DSSI)
- Small Scale Industies Board (SSIB)
- Small Industries Development Organization (SIDO)
- National Small Industries Corporation (NSIC)
- Industrial credit and Investment Corporation of India ( ICICI)
- Industrial Finance Corporation of India (ICFI)
Chapter 03: Intellectual Property Rights: Forms
Business needs to protect its "assets" from its competitors. Otherwise competition will copy and derive business benefits from its assests.Today business assets have become intangible in nature. In other words, business assets today eiether "ideas" or "idea based" products. Idea-based assets are called " Intellectual" properties.The legal frame work that protects these "intellectual" assets is called " Intellectual Property Rights" or "IPR"
Forms of IPR
- Patents: for protecting inventions
- Copy rights: for protection of publications such as " books" "music"
- Industrial design: for protecting industrials design such as a machine or a tools
- Layout designs- for protectig factory and other layouts
- Circuit layouts- for protecting IC designs
Chapter 02: Government Policy, IPR and LPG
Goverment Policy Towards SSI
Indian Goverment recognizing the importance of SSI's contribution to national economic development has taken many policy initiatives and started many schemes. Such policy statements are called Industrial Policy Resolutions(IPR)s. Here are some of the important IPR's
Liberalization, privatization and Globalization policies have opened up Indian market to global players. Foriegn investement (FDI) is increasing and is created a new category of business areas. It has helped exporting SSI products and also to create Joint ventures. Sectors such as BPO are increasing in numbers
Indian Goverment recognizing the importance of SSI's contribution to national economic development has taken many policy initiatives and started many schemes. Such policy statements are called Industrial Policy Resolutions(IPR)s. Here are some of the important IPR's
- IPR 1948 - recognised that SSI is useful in harnessing local resources and thus contribute to national income
- IPR 1956- Reserved 128 items for exclusive production under SSI; set up Small Scale Industries Board (SSIB); started "Industrial estate policy"; DIC- District Industry Centre created
- IPR 1977- classified SSI into - Cottage and House hold industries, Tiny sector, and SSI
- IPR 1980- increased ceiling to Tiny industries ( 1 - 2 lakhs), Small scale industries ( 10-20 lakhs and ancillaries ( 15-25 Lakhs); DIC replaced by " Nucleus Plants"
- IPR 1990- created opportunities for wage and self-employement; invesement ceiling increased for all categories; 836 items under reservation
- IPR 2000- Prime Minister Rozgar Yozna ( PMRY) started
- IPR 2005-06- SSI in service sector recognized;
Liberalization, privatization and Globalization policies have opened up Indian market to global players. Foriegn investement (FDI) is increasing and is created a new category of business areas. It has helped exporting SSI products and also to create Joint ventures. Sectors such as BPO are increasing in numbers
Chapter 02:GATT and WTO
In order to help trade among different countries and continents, the international community has come together, discussed and agreed upon certain policies to be adopted. Such policies are called treaties.
GATT:
General Agreement and Trade & Tarifs (GATT) is an international trade treaty. It was signed in 1947 by a group of 123 countries. It is a multi-lateral global initiatives. Multi-lateral treaty allows countries to trade between two or group of countries. GATT has no enforcing powers. Many barriers such a legal, language issues, distances causes bottlenecks in the formulation and implementation of GATT. Trade disputes took long times to settle.
WTO:
WTO ( World Trade Organization) was created in 1995 as a successor to GATT and was intended to overcome its limitations. It intends to facilitate multi-lateral trade agreements and hopes to eliminate tariffs. WTO has the following objectives
- harnessing world's resources to increase income and standard of livings, creation of employments
- Create equality among rich and poorly developed countries and share growth
- Keep track of trade related activities, member countries inform WTO about their trade agreements
WTO and India
India is a member of GATT and WTO since their inception. India has taken active role and participation in international trade associations. It is also a member of G-21. By such participation India can ensure safeguards against any unilateral agreements between developed countries.
Chapter 02: SSI : Scope, reservation and advantages
Scope of SSI:
Indian economy is in growth mode and there is lot of scope for starting SSI. The following are some of the segments that have huge potential.
Indian economy is in growth mode and there is lot of scope for starting SSI. The following are some of the segments that have huge potential.
- Manufacturing activities
- Servicing/repairing services
- Construction services
- Retailing activities
- Wholesale Business
In order to encourage Indian entrepreneurs taking up SSI initiatives the government has reserved the following sectors.
- Food and Allied Industries
- Clock and Watches
- Metal cabinets
- Textile products
- Boats and Trucks body building
Role of SSI in Economic Development
The development of SSI creates jobs and hence increase in per-ca pita income. This in turn increases standards in living. In final form increases nation's GDP. Thus SSI play an important role in the nation's economic development
Advantages of SSI
- Need small capital
- Need simple machinery
- Use under utilized resources and employ under employed population
- SSI can cater to local requirements and can be based on locally available resources and labour
- May be export oriented and earn foreign exchange
Chapter 02::Ancillary & Tiny Industry
The IPR 1977 categorised SSI into three categories
Ancillary Industry: Ancillary industries are small industries having investment in fixed assets, plant and machinery not exceeding Rs. 75 lakhs and engaged in
- SSI
- Ancillary Industry
- Tiny Industry
Ancillary Industry: Ancillary industries are small industries having investment in fixed assets, plant and machinery not exceeding Rs. 75 lakhs and engaged in
- manufacturing of parts, components, sub assemblies
- rendering of services, supplying, rendering or proposing to supply or render 30% production of total services, to other units of for production of other articles
- should not be subsidiary of or owned or controlled by any other undertaking
Chapter 02: Small Scale Industry (SSI)
Entrepreneurship leads to industrialization. A Nation's prosperity can only be created by way of encouraging more people to be become entrepreneurs. One of the most popular forms of business shaped by an entrepreneurial process is small scale industry or SSI. International agencies such as IMF and governments world over are encouraging SSI. India since independence in 1947, has taken many steps to speed up economic growth by formulating encouraging policies towards SSI
Definitions of SSI
An SSI unit is defined based on the following criteria
- Land used/building
- Investment made
- Number of workers employed
- Production process employed ( power/no power)
In 1955, any enterprise within an investment less than Rs. 5 lakhs in land and machine, employing upto 100 workers was treated as SSI. In case SSI is used power ( electric) then the limit on employee strength was 50
With effect from 1997, the investment limit is raised to Rs. 3 Crores
Other definitions of SSI
Conventional definition: includes cottage and handicraft industries that employ conventional labour-oriented methods to produce conventional products mainly in the rural areas. Examples: Handloom, handicrafts
Operational Definition: "all undertakings having an investment in fixed assets in plant and machinery, whether held on ownership terms or lease or hire-purchase, not exceeding Rs. 60 lakhs" is considered a SSI for policy purpose
National Income Accounting : "A Unit engaged in manufacturing, servicing, processing, preservation of goods having investment in plant and machinery, at an original cost not exceeding Rs. 60 Lakhs.
Characteristics of SSI
- Small capital investment
- Owned by a single or at most 2 persons engaged in production
- Mostly family owned
- Work specialization is not well known
- Funded by owner's savings or short term loans
- Face tough competition
- Exploitation of HR and tural resources
Need and Rationale for SSI (why do people and nation need SSI)
- Innovation
- Self-expression and satisfaction
- Caters to Individuals taste and style
- Strengthnes the nation socially, economically
- spread over wide areas
Objectives ( Goals of SSI)
- Employment creation
- Improvement of output, income and better standards of living
- Elimination of economic backwardness
- Import substitution
- reduce regional imbalance
Class 03: Barriers to Entrepreneurship
Entrepreneurship is a welcome way to all. By becoming an entrepreneur can contribute to his immediate community and nation at large. However, there are certain factors that act as barriers in one person becoming an entrepreneur. Here is a list of some of the important barriers
- Lack of Capital : Traditionally finance has been the biggest barriers to entrepreneurs. However in the recent past growing markets have brought in many financing institutions into action - banks, governments, venture capitalist are now more willing to extend financial assistatance to budding entrepereneurs
- Lack of technical knowledge
- Non-availability of raw materials and resources
- Government regulations : Government regulations concerned with import/exports, ;license regime in the past acted as barriers. Now government regulations have become increasingly liberal
- Obsolescence of technology or business idea
- Unstable and unpredictable markets
- Globalization and entry of foreign companies
- Fear of risk
Class 03: Stages of Entrepreneurship
Entrepreneurial process demands a systematic approach. The following are the main stages of an entrepreneurial journey
- Identification of an opportunity
- Evaluation of the opportunity
- Project Plan preparation
- Determination and organizing the resources
- Managing the Enterprise
Class 03: Types of Entrepreneurship
Entrepreneurship is process of exploiting an economic opportunities. As such a particular form of entrepreneurship can assume many shapes, sizes and can be classified as such. In his book, Better India. Better World, N R Murthy calls a village shop keeper an entrepreneur. Here are some the type of entrepreneurship.
- Technical Entrepreneurship
- Trade entrepreneurship
- Retail entrepreneurship ( Reliance Fresh, More for you )
- Agricultural entrepreneurship
- Rural Entrepreneurship
- Urban entrepreneurship
and many more
Class 03: Functions of Entrepreneur
Entrepreneurship is all about creating a new business and making it a success. The entrepreneurial process entails three distinct kinds of functions to be carried out by the entrepreneurs.
Management Functions:
Function to be carried to run entrepreneurial enterprise
- Planning
- organizing
- Staffing
- Controlling
- Motivating
Additional Functions
A new enterprise depending on the progress it makes or challenges it needs to face, entails the following functions
- Expansion- growing business - ( see Yahoo has bought Maktoob )
- Diversification- entering into a new segment ( Nokia has entered Laptop business)
- Employee issues - recruitment/attrition
- Co-ordination with external world
While entrepreneurship is a universal phenomenon, any instance of it happens in a local conditions. In developing countries such as India, entrepreneurs may have to deal with following functions
- Management of scare resources ( talent, raw material)
- Dealing with Public ( eg. Tata's challenge in West Bengal)
- Engineering
- New products
- Parallel opportunities
Class 02: Process of Entrepreneurship
From concept to market, the entrepreneurship process takes places in the following phases.
- Identifying an opportunity
- Establish a vision
- Persuade Others
- Gather resources- financial, Human, others
- Create new venture
- Change and adapt with time
- Challenges faced by entrepreneurs
- Planning - technical feasibility and economic viability
- Implementation
- Production
- Labour Management
- Marketing Management
- Financial Management
- Administrative Management
Class 02: Entrepreneurship Defined
Concept of Entrepreneurship
The process of creating a new Enterprise is called "entrepreneurship". It is the propensity of the mind to calculate risks with confidence to achieve predetermined business or industrial objectives.
Entrepreneurship may be defined as a process of action an entrepreneur undertakes to establish an enterprise
More specifically, entrepreneurship is a function of
- foreseeing investment and production opportunity,
- organizing an enterprise to undertake a new production process,
raising capital, and hiring labour, - arranging for the supply of raw material, and selecting managers for day-today operations of the enterprise
Entrepreneur
An individual who bears the risk of operating a business in the face of uncertainty about the future conditions
Characteristics of an entrepreneur
- Creativity
- Innovation
- Dynamism
- Leadership
- Team Building
- Achievement motivation
- Problem solving ability
- Goal orientation
- Risk taking
- Commitment
Class 02: Entrepreneurship Examples
According to Peter Drucker, an entrepreneur searches for the changes, responds to that change, and converts that into a economic opportunity. Here are some examples
- In mid 90's Sabeer Bhatia and his partner, Jack Smith noticed that more people are coming online and they need email service. At that time only employees of an organization had email accounts. The other alternative was to use paid e-mail services from companies such as AOL. They sensed an opportunity in offering web-based free email service as a business and started hotmail
- In the late 90's, Larry Page and his partners noticed that more companies and people are publishing information on the web, and there is need to organize this web information and help people to find relevant information on the web. They built a search engine and it is known as Google
- In 2000's, Capt Gopinath noticed that there is a need for " low cost no frills domestic airline that offers cheap air tickets for various cities and popular sectors in India". He started Air Deccan
Class 02: Introduction to Entrepreneurship
Entrepreneurship is gaining importance these days. With the advent of global economy and supporting liberalization process, this is one of the best time for entrepreneurial ventures. Engineering students need to know about this because combined with their technical education and contemporary economic atmosphere, they represent one of the best category to consider entrepreneurship as a professional choice. Entrepreneurship is a process of undertaking a risky venture for an anticipated economic reward. Entrepreneurship has been existing in human business for long time although in different forms and degrees. Broadly we can identify the elements of entrepreneurship in the followings
- Trades who is to buy at certain prices and hope to sell at uncertain, higher prices. e.g. buy grains from farmers and sell in markets
- Inventors seeking financial support to establish business based on their inventions. Thomas Edison commercialising his phone invention
- Wealth creators who used to adopt existing technologies to create a value chain. Iron and oil industrialists of 19th century
- Innovators who create an entirely new business such as Hot mail and Google Founders
BENEFITS of Entrepreneurship's
- every successful industry set up by an entrepreneur acts as a "seed of economic growth" resulting in economic fruits
- creates jobs- enhances standards of living
- Earns revenue for Government
- Helps regional development
EMPIP: Class 01: Introduction to the Course
Welcome to Class Summary
The Entrepreneurship, Management and protection of Intellectual properties (EMPIP) is a commonly prescribed course for all branches of engineering under autonomy course. The course covers the contents that answers the following CORE questions.
- How do you find a new economic value and create a new business? (Entrepreneurship)
- How do you run a business ? ( Management)
- How do you protect "wealth producing " properties of the business ( Protection of Intellectual properties)
The detailed course content is as follows
Entrepreneurship
- Introduction to entrepreneurship
- Small scale industries
- Institutional support
- Preparation of Project
- Engineering Management
- Planning, forecasting and decision making
- Organizing & staffing
- Motivating
- Controlling
Protection of Intellectual properties
- Introduction to Intellectual properties
- Patents
- Copyrights
- Trademarks
- Industrial designs
- Term paper
Complete syllabus and Course Details and Evaluation scheme
You may send u r questions or querries as comments to these posts
Class 29(30.03.2009) Women Entrepreneurship
Women constitute 50% of world population and 47% of Indian population. As such there is an increase in the number of women- a direct result of education - entering entrepreneurial line.
Women Entrepreneurship Defined:
- Women entrepreneurship may be defined as " a woman or group of women who initiate, organize and run a business enterprise"
- Government of India defines woman Enterprise as an " enterprise owned and controlled by a woman having minimal financial participation of 51% of the capital and giving at least 51% of employment generated in the enterprise to women"
Problems faced by Women entrepreneurship
In addition to general problem faced by any entrepreneur- women entrepreneur face the following additional problems
- Finance - women do not have property in their name to use as collateral, some bank do not consider women credit worthy
- Lack of education
- Limited Mobility- Women mobility is limited compared to men in India- working late, night shifts are not accepted easily
- Family ties- some roles such as home work and taking care of family members in home and children in case of married woman act as hurdles
Industries Promoted by Women Entrepreneurs
- Agarbatti Manufacturing
- Handicrafts
- Apparels/Ready made garments
- Catering services
- Florists and Beauty parlours
Entrepreneurship Development Programmes
Government and other agencies have taken up the job of providing training and development to budding entrepreneurs. The Entrepreneurship Development Institute of India ( EDI), Ahmadabad is one such institute.
Class 28: Entrepreneur Process
From concept to market, the entrepreneurship process takes places in the following phases.
- Identifying an opportunity
- Establish a vision
- Persuade Others
- Gather resources- financial, Human, others
- Create new venture
- Change and adapt with time
Challenges faced by entrepreneurs
- Planning - technical feasibility and economic viability
- Implementation
- Production
- Labour Management
- Marketing Management
- Financial Management
- Administrative Management
Scope of Entrepreneurship in India
India is on the brink of economic explosion. With globalization process on and supporting liberalization followed by Indian government- it is opening up a range of entrepreneurial opportunities for young generation. Even FDI entering India and venture capitalist willing to invest in new businesses, now is the best time for any entrepreneurial venture
Class 27: Entrepreneurship..
Concept of Entrepreneurship
The process of creating a new Enterprise is called "entrepreneurship". It is the propensity of the mind to calculate risks with confidence to achieve predetermined business or industrial objectives.
Entrepreneurship may be defined as a process of action an entrepreneur undertakes to establish an enterprise
More specifically, entrepreneurship is a function of
The process of creating a new Enterprise is called "entrepreneurship". It is the propensity of the mind to calculate risks with confidence to achieve predetermined business or industrial objectives.
Entrepreneurship may be defined as a process of action an entrepreneur undertakes to establish an enterprise
More specifically, entrepreneurship is a function of
- foreseeing investment and production opportunity,
- organizing an enterprise to undertake a new production process,
- raising capital, and hiring labour,
- arranging for the supply of raw material, and selecting managers for day-today operations of the enterprise
An individual who bears the risk of operating a business in the face of uncertainty about the future conditions
Characteristics of an entrepreneur
- Creativity
- Innovation
- Dynamism
- Leadership
- Team Building
- Achievement motivation
- Problem solving ability
- Goal orientation
- Risk taking
- Commitment
Class 25: Entrepreneurship: Introduction
Entrepreneurship is gaining imporatance these days. With the advent of global economy and supporting liberalization process, this is one of the best time for entrepreneurial ventures. Engineering students need to know about this becasue combined with thier technical education and contemporary economic atompshere, they represent one of the best category to consider entrepreneurship as a professional choices
Entrepreneurship is a processing of undertaking a risky venture for an anticipated economic reward. Entrepreneurship has been existing in human business for long time although in different forms and degrees. Broadly we can identify the elements of entrepreneurship in the followings
Entrepreneurship is a processing of undertaking a risky venture for an anticipated economic reward. Entrepreneurship has been existing in human business for long time although in different forms and degrees. Broadly we can identify the elements of entrepreneurship in the followings
- Trades who is to buy at certain prices and hope to sell at uncertain, higher prices. e.g. buy grains from farmers and sell in markets
- Inventors seeking financial support to establish business based on their inventions. Thomas Edison commercialising his phone invention
- Wealth creators who used to adopt existing technologies to create a value chain. Iron and oil industrialists of 19th century
- Innovators who create an entirely new business such as Hot mail and Google Founders
BENIFITS of Entrepreneurships
- every successful industry set up by an entrepreneur acts as a "seed of economic growth" resulting in economic fruits
- creates jobs- enhances standards of living
- Earns revenue for Government
- Helps regional development
Class 24: PART -B : Entrepreneurship
Management and Entrepreneurship consists of two parts. Part A is about Management, and Part B is about Entrepreneurship.
In Part B we have the following Units
UNIT-5: Entrepreneurship: In this unit we shall study the phenomenon of entrepreneurship, its process, entrepreneur, importance of entrepreneurship and also characteristics of entrepreneurs.
UNIT -6 : covers small scale industries- entrepreneurial activity takes some organizational form- small scale industries are usually one of them
UNIT-7: Institutional Support- covers various institutions such as EDI and financial one which are supporting entrepreneurs.
UNIT 8: deals with all stages concerned with concept to market of a business idea and preparing a business project plan
In Part B we have the following Units
UNIT-5: Entrepreneurship: In this unit we shall study the phenomenon of entrepreneurship, its process, entrepreneur, importance of entrepreneurship and also characteristics of entrepreneurs.
UNIT -6 : covers small scale industries- entrepreneurial activity takes some organizational form- small scale industries are usually one of them
UNIT-7: Institutional Support- covers various institutions such as EDI and financial one which are supporting entrepreneurs.
UNIT 8: deals with all stages concerned with concept to market of a business idea and preparing a business project plan
Class 22: Leadership
Leadership in one of the way to influence people behaviour in organizations.
Definition of Leadership by Drucker
"Leadership is the lifting of man's vision to higher sights, the raising of man's performance to a higher standard, the building of man's personality beyond its normal limitations "
Functions of leader
Definition of Leadership by Drucker
"Leadership is the lifting of man's vision to higher sights, the raising of man's performance to a higher standard, the building of man's personality beyond its normal limitations "
Functions of leader
- Goal-setting
- Planning
- Execution
Approaches to leadership
- Traits approach- qualities of a leader
- Behavioural Approach
- Contigency Approach
Class 21: Coordination
Modern enterprises use " division of labor", "specialization" and "departmentalization" as organizing principles. This leads to the scattering of activities needed to produce one product- say car into many departments. One department produces Chassis, the next paints it and the third fits wheels and tyres and so on. In other words, departments depend on each other to complete production.
Coordination is the process of managing the interdependence in work situations
Need for Coordination
- Division of labour
- Interdependence of units- pooled, sequential and reciprocal
Techniques of coordination
- Rules, procedures and policies
- Planning
- Hierarchy
- Direct contact
- Task force
- committe
Requisites for Cordination
- Direct contact
- Early start
- continuity
- Dynamism
- Clear cut objectives
- Simplified organiztion
Difficulties in Cordination
- Differences in Goal orientation
- Differences in Time orientation
- Differences in Interpersonal orientation
- Differences in Formality of structure
Class 20: Communication
Communication is a process of exchanging information. This information can be of any form and format and may included - data, fact, suggestions, opinion and even emotion. Communication is important because it the mechanism through an organization is channelises orders and feedback
Communication can be classified based on the following.
Uses of Communication
Communication is used in the following processes.
- Recruitment
- Orientation
- Performance
- Evaluation
- Projecting image- brand building
- Decision process
Communication can be classified based on the following.
- Formal or informal - official or through informal networks
- Directions- Downward- from higher up to subordinates, upward- from subordinates to higher ups, Horizontal - between equal ranking employees and external - with outside agencies
- Media - Oral and written
Communication process
Communication process consists the following steps
- sender ( who has a message to send)
- encoding ( idea into language form)
- transmission- using channel to send message
- receiver
- decoding
- feedback- acknowledgement and seeking clarification
Class 19: Motivation Theories
Motivation theories explain why and how of motivation. They try to uncover the factors that motivate people and also degree to which people get motivated. Understanding of motivation theory is essential both as a manager and employee.
There are six major motivation theories.
- Maslow's Hierarchy of needs theory
- Herzberg's Two factor theory
- McClelland's Achievement theory
- Victor Vroom's Expectancy theoy
- Adam's Equity Theory
- Skinner's Behavior Modification Theory
- Maslow's Hierarchy of needs theory -identifies six basic needs- basic physiological needs,security needs,social, esteem and self actualisation needs
- Herzberg's Two factor theory - identifies two factors - maintainance or hygiene needs and motivator
- McClelland's Achievement theory- identifies three major needs- affiliation needs, achievement needs, power needs
- Victor Vroom's Expectancy theory- identifies expectancy of the individual as the basic motivating factor- someone will be motivated enough provided he is interested in the task given and plus has some expectancy of success associated with it
- Adam's Equity Theory - This theory suggest that people want them to be treated on par with others- for works that demand similar efforts- they want to be rewarded equally
- Skinner's Behavior Modification Theory - This theory states that people repeat those behaviour that are awarded and discard those set of behaviours that are punished. It consists of positive reinforcement (repetition), negative reinforcement ( avoid) , punishment
Class 18: Motivation, its nature and determinants
Definition of Motivation
Motivation is the process of channelizing a person's inner drives so that he wants to accomplish the goals of the organization.
Nature of Motivation
Motivation is the process of channelizing a person's inner drives so that he wants to accomplish the goals of the organization.
Nature of Motivation
- Individuals differ in their motivation
- Sometimes the individual himself in unaware of his motivation
- Motivation change
- Motivations are expressed differently
- Motivation is complex
- The Individual
- Organizational climate
- Exogenous variables
Class 17:(13.03.09) Directing & Controlling
Planning and Organising functions represent preparation stage. Planning provides agenda- ie plans and Organizing provides structure and staffing to match that agenda. Now is the time to implement the plans.
Implementation of plans starts with Directing and Controlling Function. Directing the process and techniques of issuing order in order to carry out work to realise business objectives stated in plans.
Directing consists of
Implementation of plans starts with Directing and Controlling Function. Directing the process and techniques of issuing order in order to carry out work to realise business objectives stated in plans.
Directing consists of
- Issuing orders
- Motivating and Leading people towards goals
In order to be successful in directing function , here are the following requirements.
- Harmony of objectives
- Unity of command
- Communication
- Direct supervision
- Follow up
To be effective orders must be
- clear and complete
- compatible with organizational objectives
- Compatible with group and individual objectives
- operational
- Force
- Paternalism
- Bargain
- Cooperation
class 16: Making Committes effective
Committes are extensively used in organizations. They have highest frequency of usage both in business and government.
Advantages of Committes are
Advantages of Committes are
- Representations- all HOD's take part
- Pooling of Knowledge and experience- diversity of committes members
- Provide exposure to all other issues
- Impersonal in nature
Making Committes Effective
- Keep number of members to a minimum
- Authority and agenda should be spelt out
- Meeting should be conducted in planned manner
- Periodic review
Class 15: Factors to be considered in organizing
A final decision in choosing an appropriate type of organization depends on the following factors
- Specialisation
- Coordination
- Economy
- Whole task
Type of Organization structure
- Mechanistic organization- formal structure of hierarch
- Organic or behavioural structure - flexible structure
- Collateral organizations
- Virtual organizations- connected by IT
- Committees
Class 14 : Departmentalisation
The process of divinding an organiztion into different working units is called departmentalization. Departmentalization can be done on the following basis
- Functional - production, finance
- Products- consumer products, industrial products
- Customers- civilian, military
- Regions or territory- North, South
- Divisional - Time, process
- Combined- a combination of product and territory
- Matrix- a combination of functional and product
Class 13 : Span of Management
Span of Control
One of the prime objectives of organizing process is to establish hierarchy. In simple terms hierarchy describes reporting structure-who is the superior and who are its subordinates. The next question to be asked in organizing process is determining an appropriate number of people to be reported to any given authority or superior.
The number of people who report to any given authority is called span of control.
For example : The span of control of our Principal is 7 HODs + 4 Deans + One Manager = 12
The span of control of our HOD is 24.
Experts vary in suggesting appropriate number for span of control. Some say the ideal number is 3-6 and some suggest as many as 20. Of course span of control depends on many factors such as nature of work, geograpgical spread of subordinates etc
Graicunus theory of span of control
According to him span of control must be determined by the following factors
- Direct one-to-one relationships
- Direct group relationships
- Cross-relationships
Class 12:(27.02.2009) Principles of Organizing
Principles of Organizing
Principles of organizing proposed by E F L Brench provides a set of guidelines or points to be considered during the process of organizing. They are
- Objectives
- Specialization
- Span of control
- Exception
- Scalar Principle
- Unity of Command
- Delegation
- Responsibility
- Authority
- Responsibility
- Flexibility
Departmentalization
Departmentalization is the process of horizontally segmenting a group of activities into a unit or division within an organization. The following are some of the factors that can be used for departmentalization
- Functions - in this an organization is divided into different departments based on the function carried out. Example are production deprtment, Finance department etc
- Product- based on products - For example Hindustan Lever has different departments based on different products - detergents, Soaps, Chemical, Toileters , Johnson & Johnson has divisions- Children products, Surgicals, Microsoft has different products such as Operating Systems, Office products, databases
- Customers - in this category customer base is used as the basis for departmentalization such as Militarty customer, Civilian customers, Commerical customers A bank may divide it customers as business customers and individual customers
- Territory or region or Time - such as Railways, Indian Airline or Air India
Class 11( 26.02.09) Organizing
Organizing is the second function of management. The end of planning is the production of "agenda" for the enterprise to carry out. The process of establishing a mechanism to implementing plans is called Organizing.
- Organizing has been defined a rational co-ordination of activities to meet objectives.
- It is also a process of determining activities, grouping them into jobs and establishing hierarchy,authority, responsibility and relationships ( who should lead) among positions within an enterprise
The basis of organizing process is objectives set by the planning process. These objectives are converted into activities, these activities are grouped into jobs and these jobs are assigned to employees and hierarchy established among these employees. The hierarchy includes establishing positions.
For example: The objective of SDM CET college is offering Technical education. In order to realize we identify two fundamental activities
- Teaching- grouped into departments such as CIVIL and hierarchy such as HOD
- Administrating- support services - admission, exam etc
An enterprise can be organized for the benefit of targets. Here are different types
- owners
- members-such as unions
- clients- colleges, hospitals
- General Public- government departments- eg. Hubli Dharwad One
In a hierarchy- number of people reporting to a particular authority is called Span of Control
For instance, with 4 deans and 7 HOD’s reporting to him, Our principal has a span of control 0f 11.
Class 10: (25.02.09) Decision Making
The entire planning process is nothing but a decision-making activity. A decision-making is an activity for choosing. A decision-making process - involves (1) purpose for decision-making, )2) generating of choices or alternatives that are likely to meet that purpose, and (3) establishing a criteria for making the choice. In an organization decision-making occasion arises- generally either when it encounters (a) problem-solving situation, or/ and (2) exploit a new opportunity.
Depending on the nature of decision making situations- it may involve one or more decision-makers ( a group, team, management etc)
There are two types of decisions in an organization
- Programmed Decisions: Programmed decisions are taken with the application of a policy- For instance - admitting a student to a course. This kind of decision is also called Pragmatic decision
- Non-Programmed Decision: are those decisions that involve novel situations or those decision that have no precedence
The outcome of a decision may be certain, uncertain or risky
In case a decision-maker is using a subset of all possible choices open to him- he is said to be making bounded rationality decision
Some of the challenges faced by decision-maker include
- Insufficient information
- non-cooperative environment
- incompetence
Class 9: (24.2.2009) Types of Plans
Every activity or initiative in an organizzations begins with planning. Durability of a plan depends on its utility. Based on the utility plans are classified as
- Single use Plans : plans made for an occasion such as a programme or event are called Single use plans. Budgets belongs to this category
- Standing Plans-Plans that are made once and used for a longer period are called standing plans- These consists of - Policies, Procedures, Methods and Rules
Policy: provide a broad direction or a top level approach - for example- Licensing policy, advertising policy
Procedure : provide a way to apply policy in some situations
Methods: provide one or more ways in which you can avail a service allowed in policy. For instance - one can obtain degree certificate either in person or in absence
Rules: Restrictions that are applied within a policy
Class No:8 (20.02.09) Planning
The Unit 2 : Planning.
Planning is primary function in the management process. It is the first and foremost functions because it planning that leads to other functions of management. In simple term planning is about deciding
- what to do (determining action(s))
- when to do ( determines timing for those actions)
- how to to ( determining a method or approach)
- who has to do ( assigning the job)
The Nature of planning
Given that all above activities are part of planning process - we determine the nature of planning process. It is evident that planning is
- an intellectual process i.e the planner uses his/her experience, intellect, education in planning
- a decision-making process- generating choices, evaluating them, choosing one and committing
- a continuous process- planning has to be carried out in real-world- any change in real-world causes changes in planing process
- adopts principle of navigational changes- planning process accommodates changes in various forms such as modification, complete changes
Why planning is necessary?
Planning has the following benefits
- It avoids risks and uncertainty- thinking carried out during planning anticipates risks and and finds round about measures to minimize them
- it leads to success- a planned venture is always better than one that is based on intuition
- it helps to focus on organizational goals- planning is all about determining business goals
- it facilitates controlling- provides basis for control measures
The following steps are generally involved in planning process
- Establishing set of goals to be achieved
- Establishing Planning premise
- Deciding the planning period or horizon
- Finding alternative course of actions
- Evaluating and selecting a course of action
- Measuring and controlling the implementation
Forms of plans
Plans can be of different forms depending on the time-frame of their scope.
- Strategic plan: A long term planning considering a 5-10 years ahead. A plan that only provides direction
- Tactical plan : plans that provide more specific details such as actions, groups and timings
- Operational Plans: short term plans for daily or weekly or even monthly duration
Class 7: Neo-Classical and Modern Approaches to Management
Classical theories focused on "work " and "organizations". They treated business enterprise as "technical " and "commercial" entities. The neo-classical approaches- Human Relation movements stressed that business is a "social system" and as such much attention should be accorded to "humans" working in the enterprise. The Hawthorne experiments conducted by Dr. Elton Mayo tested worker productivity in relation to physical conditions such as illumination, working hours, rest pauses, and social settings. The experiments conducted were
- Illumination experiments
- Relay assembly test room
- Interview Programme
- Bank wire room test
These studies concluded that factors such as informal groups, peer attitude have impact on individual productivity.
Behavioural Models proposed by Maslow, McGregor tried to study workers in terms of their behaviour. Maslow proposed a theory of hierarchy of needs which stated that human needs can be represented in hierarchy and people needs change to next level of hierarchy as soon as current level of needs are met. At the lowest level of needs are (1) Physiological Needs- comprising of food, shelter . The next level (2) Security needs - which consists of job , social and other securities, the next in the line is (3) Esteem needs- refer to those needs perceived to be desirable by the individual or group and the last stage is (4) Self actualization needs that have inner motive from the individual.
Modern approaches.
These approaches take a comprehensive view at management process. They include
- Quantitative approach- data based analysis and decision approach
- System approach- focusses on inter-related issues among various elements invovled
- Contigency approach- a ad-hoc approaches
Class No:6 (17.2.09) Administrative Management by Henri Fayol
Henri Fayol, a French industrialist took more holistic approach towards management. Unlike Taylor who focused only on "shop floor" production activities, Fayol took a comprehensive approach and identified the following dimensions of business.
- Technical
- Commercial
- Financial
- Accounting
- Security
- Administrative
- Planning
- Organizing
- Controlling
- Commanding
- Co-ordinating
- Division of work
- Authority and responsibility
- Discipline
- Unity of Direction
- Unity of Command
- Centralization
- Order
- Remuneration
- Subordinating individual interest to group interest
- Scalar chain
- Equity
- Stability of tenure of personnel
- Initiative
- Esprit de corps (team spirit)
Class 5:(16.2.09) Development of Management Thought
Management is a tool for organized efforts. There are well known historical examples such as pyramid,Taj Mahal, Great Wall of China to name few, the construction of which might not be possible without some kind of organized efforts. In other words can we origin of management thought and management principles in action in those constructions. Outwardly it looks so, however a deeper look at them shows that constructions of these took inordinately more time and consumed resource in great quantities. In other words these constructions were not subject to time and resource constraints and hence they can be said to use management principles in true spirit.
The real need for management practice came during industrial age. Until then human society was simple, mostly centred around villages, work was simple and carried out by individuals or families such as carpenters. With the invention of steam engines, a host of applications were found. Ships fitted with steam engines were no more at the mercy of winds- but can travel much faster than winds. Locomotives allowed people to travel across country. The steam engine created a new object: factory. The factory moved production away from home and family members. In order to organize work in this new production setting- Division of work was proposed. In addition a new approach - management was needed to control and direct production efforts at these factories.
Development of management thought can be broadly traced under following categories
- Classical approaches consisting contributions from Taylor, Fayol and Weber
- Human Relations Models
- Modern approaches consisting of system approaches, quantitative approaches and contingency approaches
Taylor's Scientific Management
Taylor was a mechanist and as such knew details about working conditions of employees and their attitude towards work. He was the first person to insist "systematic approach" towards organizing production work. He came out with following principles which is famously known as "Scientific Management"
- Time and Motion study
- Differential Payment
- Drastic reorganization of supervision
- Scientific recruitment of employees
- Intimate relation between employees and owners
Class 4: Management as a process.............. Revision
Management is also seen from "process" perspective. In the real world situations management functions do not necessarily follow a strict sequence - Planning through controlling. These functions could play on each other and many of them- planning, organizing in a dynamic manner. Changes in planning may demand alternatives in organizing and feedback from control function may lead to changes in planning stage. Hence management can be regarded as a process in which different functions interplay among themselves creating a circular cause and effect phenomenon.
The terms Administration and management are some times used interchangeably. However some experts do differentiate between them. According to them administration involves "thinking" and is concerned with things such as policy making etc. Management is about "doing", "executing" or "carrying out" actions implied by administration. As such they identify two different processes- administrative management and operative management. Peter Drucker is of opinion that management is used when process is sensitive to "economic consequences" while administration is used when economic matters are not of prime concerns such as military and government processes.
Management is a behavioural science and as such is not exact in its predictions. It is more like political science or psychology than physics. Management is also not a profession in the true sense of the word since entry into professional management does not require any formal qualification in management. This is in contrast to medical or law profession where basic qualification is a must.
A successful business needs to be transferred to next generation sooner or later. This is called "succession". If a business is transferred to a family member then it is called "family management" and on the other hand, if an outside professional assumes the reins of the business it is called "professional management"
Class No 3: Levels of Management, Managerial skills
Management function pervades across the enterprise and works at all levels. However the position of an individual within the organization's hierarchy determines the nature and content of his or her managerial position. The lowest level of management is called first-line of management which consists of people such as foreman, sales executives etc. The next level of management is called middle-level management which consists of people such as production managers, process engineers etc. Middle management consists of a great bulk of any organization. The next level of management is called Top-Management which the highest powered group in a given organization. In case of a business top management consists of Board of directors, CEO, President etc.
Examples:
SDM Educational Society:
Top Management: Board of Governors
Middle Management: Heads of institutions such as principals/directors
First-Line management : Heads of departments, faculty etc
Managerial skills
Management work demands skills in people. Skill is an ability to translate knowledge into action. The nature of skills needed depends on the work on hand and this itself depends on the level of management. In general three are three categories of skills expected.
Conceptual skills are expected from TOP management. Conceptual skills are those that understand business environments, opportunities that are emerging and conceptualise "business realities" into a business plan
Example: In the 1990's Infosys formulated a new paradigm of business that combines low cost capital, cheap labour, and high profitable market into one profitable model of business called Global Delivery Model
Google came out with a AdSense, Adwords and built a profitable business around that
Human Resources skills are those skills that help managers to get best out of their work force. These include among other things ability to understand people's motives, desires, expectations, tendencies, working styles and to get best performance from them. These skills are required by middle management.
Technical skills are those that help business produce products or services. These skills gained through professional education such as engineering or medicine.
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