Introduction

With the active involvement of Institute Innovation Council (setup under Ministry of HRD Initiative) of Tecnia Institute of Advanced Studies (TIAS Delhi ), one of the Premier NAAC accredited “A” Grade Institute duly approved by AICTE, Ministry of HRD, Govt. of India & affiliated to Guru Gobind Singh Indraprastha University, Delhi; Recognized under Section 2(f) of UGC Act, 1956; ISO 9001:2015 & ISO 14001:2015 Certified Institute. Established in 1998 in country’s capital, as an professional education center for MBA, BBA, BA(JMC) & BCA programmes, with an aim to provide technical knowledge required for career development of young generation for imparting quality education. IIC is also instrumental for setting up of ED Cell: Tecnia Incubator, so as “To become Job Creator and not to be Job Seekers”.

An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative. The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to help launch a new venture or enterprise and accept full responsibility for the outcome. Jean-Baptiste Say, a French economist, is believed to have coined the word “entrepreneur” in the 19th century – he defined an entrepreneur as “one who undertakes an enterprise, especially a contractor, acting as intermediary between capital and labour”. A broader definition by Say: “The entrepreneur shifts economic resources out of lower and into higher productivity and greater yield.”

Entrepreneurship means different things to different people. Conceptually and in practice, the term hints of no stereotypical model. Yet its very etymology – derived from the French ‘entrepreneur which literally means, ‘to undertake’– indicates the minimum characteristics of an entrepreneur. Entrepreneurship is the processes of creating or seizing an opportunity. The American Heritage Dictionary defines an entrepreneur to be “a person, who organizes, operates and assumes the risk of ventures.” Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses. In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation’s ability to succeed in an ever changing and increasingly competitive global marketplace.

GENESIS

Every institute has some very outstanding students in various fields. Some students are bright in academics while some excel in sports. There are some who are have a better practical knowledge than the others and then there are some students who are meant to be the next Dhirubhai Ambani. Perhaps it can also be the case that every student might have the potential of being an Ambani but are lacking the required impetus that is necessary to be provided. TIAS has founded a special committee meant for those students who wish to overtake the Ambani’s and perhaps become the first Bill Gates of India. The Entrepreneurship Development Committee has been founded with the sole purpose of helping these students achieve their goals of founding their own successful business. “The aptitude of entrepreneurship should be cultivated right from the beginning and in the educational environment both in the schools and the colleges. We must teach our student to take calculated risks for the sake of larger gain, but within the ethos of good business. They should also cultivate a disposition to things right. The teachers and administrators as role models are very important. The inner being must be illuminated by righteousness. This capacity will enable them to take up challenging tasks later” – Dr. A.P.J Abdul Kalam Transforming ideas into economic opportunities is the crux of entrepreneurship. The role of entrepreneurship and an entrepreneurial culture in economic and social development has often been underestimated. Over the years, however, it has become increasingly apparent that entrepreneurship does indeed contribute to economic development. Entrepreneurs produce solutions that fly in the face of established knowledge, and they always challenge the status quo. They are risk-takers who pursue opportunities that others may fail to recognize or may even view as problems or threats. Whatever the definition of entrepreneurship, it is closely associated with change, creativity, knowledge, innovation and flexibility-factors that are increasingly important sources of competitiveness in an increasingly globalized world economy. Thus, fostering entrepreneurship means promoting the competitiveness of businesses. Entrepreneurship development is the key factor to fight against unemployment.

WHAT IS ENTREPRENEURSHIP?

Entrepreneurship means different things to different people. Conceptually and in practice, the term hints of no stereotypical model. Yet its very etymology – derived from the French ‘entrepreneur which literally means, ‘to undertake’– indicates the minimum characteristics of an entrepreneur. Entrepreneurship is the processes of creating or seizing an opportunity. The American Heritage Dictionary defines an entrepreneur to be “a person, who organizes, operates and assumes the risk of ventures.” Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses. In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation’s ability to succeed in an ever changing and increasingly competitive global marketplace. Entrepreneurship Development refers to the process of enhancing entrepreneurial skills through structure training and institution-building programmes. Skills acquired may not be immediately applicable but could useful in the long term.

WHY IS ENTREPRENEURSHIP IMPORTANT?

Research suggests that entrepreneurship provides a positive contribution to economic growth. Entrepreneurship can also play a positive role in delivering health, education and welfare services. Ways To Promote Entrepreneurship Education and training should contribute to encouraging entrepreneurship, by fostering the right mindset, awareness of career opportunities as an entrepreneur.

OBJECTIVES OF POLICY

1. To develop entrepreneurial skills that may contribute to the success of the students’ practical learning experience.
   1. To develop and explain the meaning of entrepreneurship.
   2. To recognize and examine some of the factors that influence entrepreneurs.
   3. To distinguish and illustrate the characteristics of an entrepreneurial venture.
   4. To compare and contrast entrepreneurship.
   5. To explain and show the relationship of entrepreneurship education to the individual, community, and society as a whole.
2. To assess opportunities at home, school, and in the community and to develop those opportunities by applying personal experience, knowledge, and expertise.
   1. To give examples of and outline the common characteristics of an entrepreneur.
   2. To summarize the personal entrepreneurial skills and demonstrate these skills in a variety of situations.
   3. To give examples of the interpersonal skills desirable in an entrepreneur and to use those skills within the classroom.
   4. To select and illustrate critical and creative thinking skills needed to solve problems and set goals.
   5. To summarize and evaluate the practical skills each student possesses that may be useful in entrepreneurial ventures.
   6. To compare and contrast the personal and practical skills of each student on an individual basis to produce a realistic profile of strengths.
   7. To outline and compose a goal or set of goals to be accomplished within the near future drawing from the personal and practical skills identified earlier.
3. To generate and assess ideas to be partnered with a legitimate opportunity at home, school, or in the community.
   1. To identify and explain an entrepreneurial opportunity.
   2. To differentiate between an opportunity and an idea.
   3. To recognize the conditions that may give rise to an opportunity.
   4. To generate a list of entrepreneurial opportunities in a number of commercial and non-commercial situations.
   5. To devise and justify a set of criteria upon which an opportunity may be judged.
   6. To evaluate opportunities based on an analysis of factors and to make a decision to support or reject the opportunity based on an appropriate set of criteria.
   7. To select the best opportunity based on an evaluation and to justify reasons for the decision.
4. To investigate the types of resources and sources that may be used to evaluate and plan an entrepreneurial venture.
   1. To describe an idea and relate it to the nature of innovation.
   2. To compile a variety of entrepreneurial ideas related to entrepreneurial opportunities using various techniques.
   3. To analyze obstacles and explain how these obstacles may impede creative thinking and generation of new ideas.
   4. To evaluate ideas related to an opportunity and devise alternatives to support or reject the idea based on an appropriate set of criteria.
   5. To make conclusions regarding the best idea to match a defined opportunity and to justify reasons for the decision.
5. To develop a venture plan that can be used as a planning tool for a specific potential opportunity and idea.
   1. To outline and explain the reasons why research and the examination of resources is necessary to the success of an entrepreneurial venture.
   2. To identify the purpose and examine the value of marketing research including primary and secondary research.
   3. To design and explain a checklist or framework for conducting research.
   4. To outline and predict the capital, human, and financial resources that may have to be considered in  the establishment of an entrepreneurial venture.
   5. To classify and explain the various forms of business ownership that may have to be considered in the creation of an entrepreneurial venture.
   6. To identify and predict the types of regulatory systems in place that will affect the creation of an entrepreneurial venture.
   7. To outline and analyze the types of resources and research that are necessary to evaluate and plan an entrepreneurial venture.
6. To explore the career choices available to the entrepreneur.
   1. To recognize the importance of planning and give examples of how planning can overcome problems.
   2. To organize and explain a general planning framework to be used before the completion of a venture plan.
   3. To define a venture plan and explain its function and importance.
   4. To outline a venture plan using a suggested step-by-step approach and apply it to a venture of the student’s choice.
   5. To analyze the venture plan process and select the important tools that may assist in future venture creations.
   6. To explain the benefits of a venture plan after working through the process of preparing a plan.
7. To review the entrepreneurial process focusing on the benefits and common problems and pitfalls of entrepreneurship. 8. To relate the process of creating a venture that includes skills, abilities, and risks encountered and show the relationship that entrepreneurship may have to career choices and working lives.

SCOPE

The following are the scopes that the committee aims to accomplish in every academic year:

1. Identify and advise on the type of business the individuals / groups can carry out based on Competencies and Skill assessment
2. Inspiring Entrepreneurship feeling through seminars, workshops, e-week on campus etc…
3. Provide Facilities (Infra structural / Office / Labs etc…) for budding entrepreneurs
4. Guest Lectures from Practicing Entrepreneurs from other Institutes.
5. Interface / Linkage with Entrepreneur Training Institutes
6. Advise on Legal – Statutory requirements
7. Advise on execution of Business Ideas / Projects
8. Assist Market Research – Survey to identify possible Business Opportunities

ACTIVITIES

1. Activities are targeted, purposeful teaching and learning moments.
2. Activities usually lead into or are timely to where students are in an exploration process or in a project.
3. Activities can be completed in a short period of time
4. Activities should not stand alone, in that the activity completed should be put into context of student work
5. Activities target specific key features, program content
6. Activities target one phase predominantly of the learning and evaluation process but may touch on other phases
7. Activities are context independent, context is provided by student explorations and/or projects
8. Activities often leave traces of learning, or student work, which facilitates the evaluation process

ROLE OF THE ENTREPRENEURSHIP DEVELOPMENT COMMITTEE

The roles of the committee are to advise, assist, support, and advocate the entrepreneurship development strategies. Committee also provides specifications for entrepreneurship and helps to ensure find out the best entrepreneurs from our students. An entrepreneurship committee’s role is not to “Rubber Stamp” what already exists, but to offer suggestions for improvements that will help the students to grow and expand like a entrepreneur. We at TIAS therefore not only make the future managers but, also sow the seeds for generating future entrepreneurs. TIAS with the motto social transformation through dynamic education provide the students with the perfect blend of knowledge and dynamism so as to groom them into successful entrepreneurs

1. To create an entrepreneurship culture in the institution by conducting Entrepreneurship Development Programmes, Entrepreneurship Awareness Camps and Entrepreneurship Motivation Camps.
2. To conduct courses in Entrepreneurship for Management & IT students and organizing skill development training programmes for upcoming entrepreneurs.
3. To create and develop knowledgeable, enterprising and effective entrepreneurs.
4. Committee will be involved in various activities of creating, fostering and promoting the spirit of entrepreneurship among the students.
5. The Committee will work with the ideology of educating, mentoring and providing enterprising resources to budding entrepreneurs.
6. Committee will organize various entrepreneurship-oriented events such as workshops, seminars, business plan contests, social entrepreneurship issues’ solutions and so forth.
7. Committee will assist in arranging the funds to the students who have a marketable idea or project and aspire to start their own ventures.
8. Contribute to the development of an individual’s creativity and initiative.
9. Committee to develop an entrepreneurship and development strategy.
10. Areas to be considered in Strategy: • Entrepreneurship Awareness & Orientation. • Entrepreneurship Skills and Training. • Business Starts-up/Entry Strategies. • Business development services & institutions. • Business support services & institutions.
11. Activities build competency

ROLE OF THE ENTREPRENEURSHIP DEVELOPMENT COMMITTEE

Believing in the maxim that the economic greatness of a country is fueled by the strength and vitality of its entrepreneurs, the Entrepreneurship Development Committee shall aim at identifying and nurturing the latent entrepreneurial spirit of students, to provide them with opportunities for excellence, to help them build financial security by designing and implementing innovative, practical, efficient and effective entrepreneurial solutions that create sustainable economy, to create a successful business and a significant realizable value for self, community and nation.

1. The first and foremost work of the committee is to identify the students who have right kind of skill and want to become an entrepreneur.
2. If additional training or skill development is required, committee will arrange the same for them.
3. After choosing the type of work i.e. servicing, manufacturing, trading etc. by the students the committee  will to develop a business plan.
4. Committee will help in searching, identifying the market needs in the area of business.
5. Committee will guide the would be entrepreneur in setting up the business after arranging finance and location of work.
6. If there is a need committee will guide for hiring the staff and managing the accounts beside using innovative technology,
7. Finally committee will familiarize the young entrepreneur about legal, ethical and social obligations in his business and provide the tips for growing in the today’s market.

HOW TO JUDGE

1. Creativity.
2. Innovation.
3. Need for Achievement.
4. Decision Making.
5. Risk Taking.
6. Leadership.
7. Business Planning.
8. Perseverance
9. Initiative
10. Positive Self Concept
11. Analytical Ability.
12. Independence.

AN ENTREPRENEUR SHOULD HAVE FOLLOWING QUALITIES

a) Desire for responsibility
They should feel personally responsible for the success of the venture.

b) Moderate risks
They should take calculated risk but not blind risk taking.

c) Confidence in their ability to succeed.
They are optimists and they are always confident that they will successed.

d) High level of Energy
They can work for long hours and hard work is the rule of their life.

e) Future orientation
They have long term as well as short term vision. They search for opportunities.

f) Skills at organizing
They are Organizers par Excellence. They believe in team work

g) High degree of Commitment
They are committed to their job.

h) Tolerance for Ambiguity/ Flexibility
They are flexible. They can handle Changes quickly and adept to new environment without any difficulty.

WHAT SUCCESSFUL ENTREPRENEURS DO?

1. Shares common attitudes & behavior with their team.
2. Work hard – long hours.
3. Driven by intense commitment & dedication.
4. Sees “ cup half full” & not “half empty”.
5. Strives for integrity & ethics.
6. Desire to be competitive, excel & win.
7. Always believes in “Win-Win” strategy.
8. Dissatisfied with status quo.
9. Seeks opportunities.
10. Uses failure as a tool for learning.
11. Achieves perfection & effectiveness.
12. Takes personal responsibility.
13. Looks to achieve something.
14. Par excellence organiser.
15. Desire to Excell others.
16. Always Assumes Leadership.
17. Motivates his team & gives them credit
18. Looks after personal problems of his team
19. Always adopts professionalism.
20. Has ”Bi focal” vision.

PROCESS

1. Communication Skills
2. Business Skills
3. Mathematical Skills
4. Analytical Skills
5. Human Resource Development
6. Latest Technologies Areas
7. Personality Development
8. Workshop/Seminar/EDPs/Orientation Program etc.
9. Industrial Visit (For Practical Exposure to Students, if found necessary)

1. If not then find out the area where (s)he is lacking.
2. It yes then it comes to post-training activity.

RESPONSIBILITIES

FACULTY: The key to a successful Entrepreneurship Development Committee is the faculty. The faculty should be enthusiastic and willing to take on extra responsibilities.

SECRETARY: This person should act as the liaison between the Institute and the community and maintain a close working relationship with members of the committee. The secretary also may assist the chairperson in setting the tone of the committee activities. S(He) will be with the minutes recorder.

THE RESPONSIBILITIES OF THE SECRETARY ARE:

1. keep records of the attendance of members at meetings
2. keep a record of discussion and recommendations
3. maintain a permanent record file of Entrepreneurship Development Committee activities
4. arrange for meeting space
5. notify members and guests of meeting time/location
6. prepare and mail information to committee members and others associated with the committee
7. prepare and forward necessary correspondence
8. provide statistical information about the committee work and prepare progress reports
9. accompany the committee chairperson to visit Institute personnel and explain committee actions.

COMMITTEE CHAIRPERSON:

1. the chairperson may be elected directly into that position, or the vice chair may be elected to serve as the next chairperson
2. be a representative from business or industry, elected by the committee members
3. be sensitive to the views of the members
4. be able to listen critically
5. be reasonable
6. exercise good judgment and fairness
7. be able to work closely with the members
8. spend more time than other members on the affairs of the committee
9. be well informed
10. to preside at the meetings of the Committee
11. to serve as a chairperson of the Entrepreneurship Development Committee
12. to appoint special committee as the need arises, which may include persons other than committee members
13. to meet with the secretary to prepare an agenda prior to a forthcoming meeting
14. arrange for special presentations

RECOMMENDED RESPONSIBILITIES INCLUDE:

1. establish meeting dates and calling meetings to order
2. plan the meeting agenda
3. encourage a relaxed atmosphere conducive to productive discussion
4. plan committee activities and providing sufficient background information when needed
5. maintain personal contacts with members and Institute personnel
6. approve all announcements, notices, and other information sent to committee members
7. preside over all meetings, leading discussions, and bring closure on key points of discussion

COMMITTEE MEMBERS:

1. be an active participant of the group
2. be sensitive to the views of the members
3. be able to listen critically
4. exercise good judgment and fairness
5. serve on special committee as the need arises