Entrepreneurship

Entrepreneurship vs. Small Business

Many people use the terms "entrepreneur" and "small business owner" synonymously. While they may have much in common, there are significant differences between the entrepreneurial venture and the small business. Entrepreneurial ventures differ from small businesses in these ways:

1.

Amount of wealth creation - rather than simply generating an income stream that replaces traditional employment, a successful entrepreneurial venture creates substantial wealth, typically in excess of several million dollars of profit.

2.

Speed of wealth creation - while a successful small business can generate several million dollars of profit over a lifetime, entrepreneurial wealth creation often is rapid; for example, within 5 years.
3.

Risk - the risk of an entrepreneurial venture must be high; otherwise, with the incentive of sure profits many entrepreneurs would be pursuing the idea and the opportunity no longer would exist.
4.

Innovation - entrepreneurship often involves substantial innovation beyond what a small business might exhibit. This innovation gives the venture the competitive advantage that results in wealth creation. The innovation may be in the product or service itself, or in the business processes used to deliver it.

Hina Shah, of Ahemdabad honored as BHARAT JYOTI AWARD in dec, 2008
In the past, this award has earlier been presented to luminaries like Beatified Mother Teressa, Vice President B.D. Jatti, Sarod Maestro Ustad Amjad Ali Khan, cricketer Sunil Gavaskar, celluloid evergreen stars Rajesh Khanna & Shammi Kapoor besides others.

link: http://icecd.org/director.html

Think! beside traditional subjects in MBA/ Management program

In this recession time affecting almost all sectors, one should think before going blindly for Finance, HR, Marketing, IT or other subjects and specialization in a management program. Some are Rural management, enterprise and entrepreneurship management and NGO management. They are the different courses and can really fetch with good career.

Entrepreneurship

Entrepreneurship is the lifeblood of the business world and good managers have the ability to spot business opportunities and come up with new ideas.

Many people are mistaken in thinking that entrepreneurial management is some kind of mystery. There are numerous books promising to improve the reader's management skills, but the same claims are seldom made about entrepreneurship as it is often considered as a talent or skill that can’t be taught. Thankfully, though, that’s not the case.

Any entrepreneurial manager is charged with the difficult task of turning a business idea into reality, either through starting a new business or injecting new life into an existing one. To help them along each step of the journey – from finding the idea in the first place through to its planning and implementation – the manager can draw inspiration from the experiences of others who have been on similar journeys before them.

As a means of entrepreneurship development, the footsteps of others can be followed and the entrepreneur can benefit from the wisdom of those who have found a route to success.

Entrepreneurship management demands innovation, as well as the marriage of profitability and growth.

Career in Rural Management

Apart from corporates, avenue open for rural management professional are the research institutes. There are also equal opportunities in agencies like United National and its subsidiary social research agencies. The main work for a rural management professional is planning systematic development of the region where one is working. Secondly, the person is expected to collect necessary data on topics like illiteracy rate, nourishment rate, development of women and social relevant information. These data are further classified into broader heads and many plans done accordingly. The entire development of any project depends on the rural development professional whose accuracy and perfection is of utmost importance. As far as United Nations is concerned, the organization through its other agencies like, United Nations International Children Education Fund. UNICEF and UNESCO contribute a lot to the rural development of India. These projects are assigned to individual parties and organizations specializing in the particular area. For the Government of India, there are plenty of projects both handled by the Central Government or the State Government. The states focus more agricultural front and that is where local expertise of the rural management professional is greatly required. The professional studies the topological area of the regions and the socio-economic distribution of the region. Through such one can plan an ideal mix of product description and fund allocation. Therefore, such planning needs meticulous calculations as any lacunae would damage the entire exercise. This also enhances skills in Business research and further can help in entrepreneurship also. http://icecd.org/diploma/index.html

Rural Management

Career opportunity in Rural management include challenging responsibilities in the rural co-operative sector, in development organizations, agri-business enterprises, areas related to micro-finance, food and agricultural marketing and management of agro products. During this recession period as the agro business is least likely to be hampered this managements are being highly in demand.