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Role of Family & Society in Developing Entrepreneurship

The document discusses the role of family, society, and government in developing entrepreneurship. It states that family support is a major motivating factor for entrepreneurship according to surveys. The family environment can help develop entrepreneurial skills. Society also plays a role through entrepreneurship education and encouraging creativity and innovation. Government agencies provide various programs and support services to promote entrepreneurship such as training, financial assistance, and helping entrepreneurs establish their businesses. Feasibility studies evaluate the potential success of new projects or businesses by analyzing factors like technical feasibility, economic costs and benefits, legal issues, operations, schedule, and market demand.

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Vijay Bala Devakumar
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2K views

Role of Family & Society in Developing Entrepreneurship

The document discusses the role of family, society, and government in developing entrepreneurship. It states that family support is a major motivating factor for entrepreneurship according to surveys. The family environment can help develop entrepreneurial skills. Society also plays a role through entrepreneurship education and encouraging creativity and innovation. Government agencies provide various programs and support services to promote entrepreneurship such as training, financial assistance, and helping entrepreneurs establish their businesses. Feasibility studies evaluate the potential success of new projects or businesses by analyzing factors like technical feasibility, economic costs and benefits, legal issues, operations, schedule, and market demand.

Uploaded by

Vijay Bala Devakumar
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Role of Family & Society in Developing Entrepreneurship

• Entrepreneurship is professional application of knowledge, skill &


competencies of monetizing a new idea by an individual or by a set of
people launching an enterprise or diversifying from an existing one
thus pursue to grow while generating wealth, employment and social
good.
• In a survey of 150 people 75 % said that the main motivating factor
for entrepreneurship is the Family support and counseling.
• The seed of entrepreneurship in an individual develops into roots right
in the family atmosphere.
• Certain type of family environment prepares family members for
certain type of business, profession or occupation
• Caste Structure and family organization , educational level and family
literacy rates determine a particular profession
• Tastes and preference of people property of ancestral people or his
own and the financial status a person enjoys , the capacity to take risks
Role of Society in Developing Entrepreneurship
• As a general habit entrepreneurship is assumed to be a useful habit as
well in all working activities and in life, because it allows improving
personal qualities like "creativity, spirit of initiative, responsibility,
capacity of confronting risks, independence."

• Entrepreneurship Education may tend to glorify entrepreneurs, whose


unselfish action innovation, jobs and wealth are to be owed

• Creativity – the ability to develop new ideas and to discover new ways
of looking at problems and opportunities.

• Innovation – the ability to apply creative solutions to problems or


opportunities to enhance or to enrich people’s lives.

• Availability of good infrastructure encourages entrepreneurship

• Economic Impact
– Contribution to exports, foreign exchange, trade and GDP
– Significant impact on urban employment
– Built the brand for India in the new knowledge economy
– Impacted growth in other industry sectors – Real-estate,
– Education, Construction, Retail, Hospitality etc
– Enhanced governance and efficiency
– Social Impact
• Raised aspirations for middle class India and its citizens
• Indirect employment at 3-4 jobs for every direct job
• Education sector - enhanced capacity and quality
• Expansion to Tier 2/3 cities
• New models of employment like Rural BPO
• Active CSR program

Entrepreneurship Development Training and other Support


Organizational Services
During boom many would like to take up enterprising works to gain profits,
but people have to earn money for their livelihood and for that many
government agencies attract people to start their own enterprises by giving
some concessions to mitigate the sufferings of an entrepreneur.
 Government Agencies under the Directorate of Industries and
commerce which is under the Ministry of Small and Medium
Enterprises does scientific methods to identify potential entrepreneurs
and thereafter promote entrepreneurship camps in different places by
 Conducting awareness creation programme about entrepreneurial
opportunities
 Programme to create new entrepreneur and train them on various
skills required to a particular industry (Textile, Handicrafts, Khadi
etc.)
 Programme for current entrepreneur – to develop the managerial
abilities.
 These programmes are target oriented like Technical Entrepreneur /
Production process specific like Jute products, food products in TN or
in AP etc.
 The Supportive organizations support in establishing , managing
enterprises.
 They help in promoting, maintaining and developing entrepreneurship
, Financial assistance from institutional sources, Accommodation in
Industrial Estates, Providing all inputs to SMEs at priority basis with
concessional prices by SIDCO.
 They also assist in modernization, diversification, growth , additional
financing quality testing providing information on marketing etc.
 Both the new and already existing entrepreneurs acc can approach for
any assistance from the supporting agencies.
PRE-FEASIBILITY AND FEASIBILITY STUDY

Feasibility study

Definition
Analysis and evaluation of a proposed project to determine if it (1) is
technically feasible, (2) is feasible within the estimated cost, and (3) will
be profitable. Feasibility studies are almost always conducted where
large sums are at stake. Also called feasibility analysis. See also cost benefit
analysis.

A feasibility study is an evaluation of a proposal designed to determine the difficulty in carrying


out a designated task. Generally, a feasibility study precedes technical development and
project implementation. In other words, a feasibility study is an evaluation or analysis of the
potential impact of a proposed project.

Technology and system feasibility


The assessment is based on an outline design of system requirements in terms of Input,
Processes, Output, Fields, Programs, and Procedures. This can be quantified in terms of
volumes of data, trends, frequency of updating, etc. in order to estimate whether the new system
will perform adequately or not. Technological feasibility is carried out to determine whether the
company has the capability, in terms of software, hardware, personnel and expertise, to handle
the completion of the project

Economic feasibility
Economic analysis is the most frequently used method for evaluating the effectiveness of a new
system. More commonly known as cost/benefit analysis, the procedure is to determine the
benefits and savings that are expected from a candidate system and compare them with costs. If
benefits outweigh costs, then the decision is made to design and implement the system. An
entrepreneur must accurately weigh the cost versus benefits before taking an action.

Cost-based study: It is important to identify cost and benefit factors, which can be categorized as
follows: 1. Development costs; and 2. Operating costs. This is an analysis of the costs to be
incurred in the system and the benefits derivable out of the system.

Time-based study: This is an analysis of the time required to achieve a return on investments.
The future value of a project is also a factor.
Legal feasibility
Determines whether the proposed system conflicts with legal requirements, e.g. a data
processing system must comply with the local Data Protection Acts.

Operational feasibility
Operational feasibility is a measure of how well a proposed system solves the problems, and
takes advantage of the opportunities identified during scope definition and how it satisfies the
requirements identified in the requirements analysis phase of system development. [1]

Schedule feasibility
A project will fail if it takes too long to be completed before it is useful. Typically this means
estimating how long the system will take to develop, and if it can be completed in a given time
period using some methods like payback period. Schedule feasibility is a measure of how
reasonable the project timetable is. Given our technical expertise, are the project deadlines
reasonable? Some projects are initiated with specific deadlines. You need to determine whether
the deadlines are mandatory or desirable.

Other feasibility factors


Market and real estate feasibility
Market Feasibility Study typically involves testing geographic locations for a real estate
development project, and usually involves parcels of real estate land. Developers often conduct
market studies to determine the best location within a jurisdiction, and to test alternative land
uses for given parcels. Jurisdictions often require developers to complete feasibility studies
before they will approve a permit application for retail, commercial, industrial, manufacturing,
housing, office or mixed-use project. Market Feasibility takes into account the importance of the
business in the selected area.

Resource feasibility
This involves questions such as how much time is available to build the new system, when it can
be built, whether it interferes with normal business operations, type and amount of resources
required, dependencies,

Cultural feasibility
In this stage, the project's alternatives are evaluated for their impact on the local and
general culture. For example, environmental factors need to be considered and these factors are
to be well known. Further an enterprise's own culture can clash with the results of the project.

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