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Lagu Lecture 1O =}8Entrepreneurship: Socio-economic and Personal Dimensions99Professor Rajendra K. Lagu Department of Electrical Engineering e-mail: rklagu@ee.iitb.ac.in Webpage: http://www.ee.iitb.ac.in/~rklagu *IU 0I]Why Entrepreneurship?Profound shift from  managerial to  entrepreneural economy Poster boys of the last 3 years: High Tech entrepreneurs  Rakesh Mathur, Gururaj Deshpande, Hemant Kanakia, Ajit Shelat, Huge value creation in a short period of time%F 1$Innovation: Crux of Entrepreneurship%%dWho is an entrepreneur? Company owner, small business operator Social crusader (Mahatma Gandhi, Mother Teresa) Invention vs. Innovation Innovation is the specific tool entrepreneurs use to exploit change as an opportunity Entrepreneur  new kid on the block. Must displace incumbents Product / Service ZWZZZZW Socio-Economic PerspectiveEnvision new product and service ideas Change the way people live, work, and spend time Create wealth using ethical means Contribute to the national GDP Generate employment Create heroes and role models  Personal DimensionsSo you want to be an entrepreneur, but do you possess what it takes to be one? Are entrepreneurs / leaders born or made? eGene?? Nurturing, training More than 7 Habits of Highly Effective EntrepreneursHzZZ5Zz5zM Inventory of qualities}Bad news: The list is LONG !! Good news: All most no single person has all of them Team where members complement each other Qualities and Traits"Ability to deal with uncertainty and surprises Tenacity, persistence, hard work Hands-on nature Face-to-face selling and customer interaction Leadership and vision Resourcefulness Outgoing persona, gregariousness Communication and motivational skills Indifference to prestige and position ##>Qualities and Traits continued&  Focus: set goals and priorities Adaptability, nimbleness Concern for details Risk taking ability Decision making with partial data Optimism Orientation: action, performance  Organizational Chart and RolesGoal of a Commercial FirmMission Statement:  We want to offer quality products at fair price and ensure customer satisfaction Maximize common share holders wealth Market Cap = Stock Price * No of Shares Always strive to increase stock price Unethical practices: Price rigging, worker safety (g'Sources of FinanceEquity (common stock, preferred stock) Loans: long term, short term Lease finance Inter corporate deposits Bank cash credit and overdraft limits Debentures Fixed deposits Grants from government agencies Supplier credit and deferred payments Credit cards ZModes of AcquisitionPrimary market:public issue, rights issue (flotation costs) Secondary market (listing costs) Private placement (individual or institution) Banks and mutual funds Pension funds, insurance companies Debenture issue Fixed deposits  How to compare various sources ?!!Holding period (Duration) Repayment terms Interest rate Other strings attached Pledges and collaterals Finance marketing costs and lead timeZ(Net Present Value (NPV) of an Investment))Horizon of interest: Typically 4  5 years Expected future cash flows: Dividends, interests Residual value at the end of horizon: Market price Risk-free rate of return: Government bonds Risk premium: Investor dependentZExample: Angel InvestmentThree to five year horizon No dividend / interest IPO Price is the residual value Risk-free rate of return: 5 % (Bonds, Treasury bills) Risk premium: 20-40% (Early stage investment) ;NPV of an Asset (Stock, Bond) Discounted Cash Flow Analysis<<!Stages in the Growth of a Company""Idea / Concept Prototype / Proof of the concept Incubation / Product development Organization building Scale up (alliances, partnerships) IPO: Initial Public OfferFunds Requirements<Idea / Concept: USD 10K Prototype: USD 50K Product development: USD 0.5M  2M Organization building: USD 8M-10M Scale up: USD 50M IPO: Initial Public Offer Sources of FundsIdea / Concept: Personal savings Prototype: Loan from friends and relatives Incubation: Angel / Early stage fund Organization building: VC, first round Scale up: Second round / growth/ scale up funds IPO: Investment bankers, underwriters "ZL  ` ` ̙33` 333MMM` ff3333f` f` f` 3` AU)@>?" dZ@ ?" d'Osd@   @ ` n?" dd@   @@``PR    @ ` ` p>> $.(  $  0` "  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     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