History of Entrepreneurship .. lets see wats on Wiki

The understanding of entrepreneurship owes much to the work of economist Joseph Schumpeter and the Austrian economists such as Ludwig von Mises and Friedrich von Hayek. In Schumpeter (1950), an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation. Entrepreneurship forces "creative destruction" across markets and industries, simultaneously creating new products and business models. In this way, creative destruction is largely responsible for the dynamism of industries and long-run economic growth. Despite Schumpeter's early 20th-century contributions, the traditional microeconomic theory of economics has had little room for entrepreneurs in its theoretical frameworks (instead assuming that resources would find each other through a price system).[2]
Conceptual and theoretic developments in entrepreneurship history. Adapted from Murphy, Liao, & Welsch (2006)
Some notable persons and their works in entrepreneurship history.

For Frank H. Knight (1967) and Peter Drucker (1970) entrepreneurship is about taking risk. The behavior of the entrepreneur reflects a kind of person willing to put his or her career and financial security on the line and take risks in the name of an idea, spending much time as well as capital on an uncertain venture. Knight classified three types of uncertainty.

* Risk, which is measurable statistically (such as the probability of drawing a red colour ball from a jar containing 5 red balls and 5 white balls).
* Ambiguity, which is hard to measure statistically (such as the probability of drawing a red ball from a jar containing 5 red balls but with an unknown number of white balls).
* True Uncertainty or Knightian Uncertainty, which is impossible to estimate or predict statistically (such as the probability of drawing a red ball from a jar whose number of red balls is unknown as well as the number of other coloured balls).

The acts of entrepreneurship is often associated with true uncertainty, particularly when it involves bringing something really novel to the world, whose market never exists. Before the Internet, nobody knew the market for Internet related businesses such as Amazon, Google, YouTube, Yahoo etc. Only after the Internet emerged did people begin to see opportunities and market in that technology. However, even if a market already exists, such as the market for cola drinks (which has been created by Coca Cola), there is no guarantee that a market exists for a particular new player in the cola category. The question is: whether a market exists and if it exists for you.

The place of the disharmony-creating and idiosyncratic entrepreneur in traditional economic theory (which describes many efficiency-based ratios assuming uniform outputs) presents theoretic quandaries. William Baumol has added greatly to this area of economic theory and was recently honored for it at the 2006 annual meeting of the American Economic Association.[2]

Entrepreneurship is widely regarded as an integral player in the business culture of American life, and particularly as an engine for job creation and economic growth. Robert Sobel published The Entrepreneurs: Explorations Within the American Business Tradition in 1974. Zoltan Acs and David B. Audrestch have produced an edited volume surveying Entrepreneurship as an academic field of research in the Handbook of Entrepreneurship Research: An Interdisciplinary Survey and Introduction.

Results for second round

The following teams have qualified for the final round of i2i 09:

North Zone:

Team Checkmate

Empezar Labs

Parichay

East Zone:

HelloDoctor 24x7

vNote

PeerBand

West Zone:

CarboFibre

Arth

CDS-Saakshar

South Zone:

Tecovate

V care

Aksharit

Copngratulations!!! please get in touch with your buddies asap.

Structure of a business plan

A little late for the day, but well... its a good article and may help the teams to polish the plans...

What goes into your business plan is very important. Here is a brief overview of the way a typical business plan would be organized. This is a professional document, and should have a balance between detail and clarity.   Remember, this plan is for your use, but will also be shown to banks and investors when you apply for funding or a loan.

		Cover Sheet - Basic business info here - be sure to include contact people and phone numbers.
		Table of Contents - This index can move readers in the right direction. Make sure that it is presented clearly.
		Executive Summary - Because this if often the first part that is read, it must make a statement in a hurry. The entire business plan is reduced to a few paragraphs. Be sure to focus on: selling advantage, future projections, business cash requirements, payback time table, and business mission.
		Business Context - Provide information that will give the reader an understanding of the larger market that you are in. Talk about growth potential, new products, and economic trends.
		Business Profile - Explain in detail about your business, trends, organizational structure, influential factors in the market, patterns of research and development, contracts, and operational procedures.
		Marketing Analysis - State who your customers are, your geographical range, growth potential, and customer satisfaction / customer service procedures.
		Challenges and Responses - You need to show that you have thought out what could happen with your market and how your business will respond. Focus on dealing with the competition, your weaknesses and corrections, legal issues, and staffing issues.
		Marketing Plan - This is probably the most important part of the plan. You need to have the following: a marketing strategy, pricing scheme, timetable for growth and development, marketing budget, guarantee policies, packaging and presentation, plan to test the effectiveness of your marketing, and knowledge of what certain media marketing costs.
		Financials - Yuck! Entrepreneurs tend to hate this section most. Bankers tend to look at it first. Spend some time here. You need a Profit and Loss Statement, Balance Sheet, and Cash Flow Statements (for next three years). If you don't know what these are, talk with your accountant and learn how to read these reports. Banks often look only at this section. Make your banker happy!
		Time Table - This part talks about when you need the financing to come into the plan, lists parts of the marketing campaign (including dates), and gives the scheduled dates of production (when you actually will deliver the goods/services).
		Summary of Needed Capital - Sum up why you want their money. Banks will usually loan money for equipment and raw materials or inventory (things they can sell off if you default).  Do not ask a bank for only "Operating Capital".
		Appendix - You could include footnotes, supporting documents, reports, biographies, graphs, copies of contracts, glossary of terms, and references. ref: http://www.womanowned.com/Growing/BusinessPlan/PlanParts.aspx

Start a Green Business

Make money and be earth-friendly with a green products business.
By Amanda C. Kooser

Even Wal-Mart sells organic cotton T-shirts these days, but you definitely don't have to be a retailing behemoth to take your business in a green or organic direction. In fact, entrepreneurs have an advantage when it comes to reaching customers who care about the cause as well as the products.

"It's a highly underrated opportunity for small business," says Dr. Karel J. Samsom, a specialist in environmental and sustainable entrepreneurship and author of Spirit of Entrepreneurship. A study by the Organic Trade Association shows that nonfood organic product sales reached $744 million in U.S. consumer sales in 2005, with supplements, personal care and household products leading the charge. For green entrepreneurs, passion is key, says Samsom: "People who are imbued with this kind of spirit have an incredible imagination to rebuild the value chain and inspire their customers in the process."

That passion is evident when talking to Jonelle Raffino, 41, of South West Trading Co. Inc., a Tempe, Arizona, business that specializes in earth-friendly, alternative fibers and textiles such as yarns made from bamboo, corn and even recycled crab shells. "This country is seeing that we need to challenge the idea of products that use fossil fuels," says Raffino, who co-founded the company in 2001 with her mother, Jonette Beck. Business is booming so much, they've expanded into ready-to-wear items, and they can barely keep up with demand for their line of plush Soy-Silk Pals toys.

Getting Started
If you dream of starting your own green products business, consider the following tips:

• Seek your niche. There are enough areas of open opportunity in green products that, chances are, you can find one that both fits your skills and a needed niche. "Find a way to express your own passion to others," says Dr. Samsom. Areas like cleaning supplies and cosmetics are natural fits for green products, but don't be afraid to look past the obvious.
• Be an example. "Show you believe in your product by changing other aspects of your life and business to support your own commitment to the earth-friendly lifestyle," says Raffino. This can include making green decisions when it comes to your suppliers and even your personal life. Make a point to recycle and check into using solar or wind power for your business. A green attitude overall will reflect well on your business.
• Educate. Green products customers are just as hungry for knowledge as they are for organic foods. "Understand the significance of your product and how it benefits the earth or conserves resources, know everything about it," says Raffino. If you've done your research, you can more effectively communicate the value of your product to your customers.
• Your customers are your best marketers. Green products is an area that can be heavily driven by word-of-mouth and by happy customers passing on their experiences to other people. "Get your customers to be your best promoters," says Samsom.
• Find colleagues who are on the same page. When it comes to employees, management staff and investors, you need to find people who share your passion. Colleagues that share your cause will be more invested in helping your business to blossom. It's not just about making money, it's also about making a difference in the world around you, one green product at a time.

Why you should not be an Entrepreneur [And why I am still an Entrepreneur!]

[Nikhil V, Founder of letshead.to shares few hard reality of being an entrepreneur - and yet, why he is still one! Being a college grad to launching a magazine to going bankrupt and bouncing back - do read his story!]

Everyone talks about how ‘cool’ and glamorous Entrepreneurship is. Its almost become like a fluffy parallel universe whose inhabitants have 5 arms, 4 legs and 3 eyes.

Since everyone is so seduced by entrepreneurship, let me take this opportunity to tell you why you should NOT be an entrepreneur.

Entrepreneurship is for fools

Its for people who believe so blindly in something, that nothing will stop them from achieving it. They could go mad, lose their marriages, break relations with family, give up their education - nothing will stop them.

An entrepreneur is someone who lives by the words ‘No Matter What’.

Isn’t it easier to be a sleaze? To give that hidden middle finger to your boss when he asks you to do something? To know fully well that your boss will get fired by his higher up if you are not productive? That its totally OK to not finish something? That you always have other options? That there is always an easier way out?

Entrepreneurship is for people who want to carry the weight of the world on their shoulders

Its for people who want to solve the world’s problems. Its for people who think it is upon them to be ‘The One’. People who are actually delusional enough to think that they are like Neo from the Matrix? That if they stop doing what they are doing, the world will crumble and lives will be lost.

Isn’t it easier for someone else to do the worrying? To chill out, relax and laugh at people stressing out? To know fully well that someone else will clean up your mess? That you left the world exactly the way it was, and did nothing to change it? Do you really want to be responsible for people’s salaries, happiness, and putting their children in a good school?

Entrepreneurship is for Visionaries

Its for people who don’t live in the present - people who think they can alter the course of destiny for the planet. People who always think there is a better way of doing something. People who can see the future, and stake their lives to make it a reality.

Isn’t it easier to just do what is told to you? To just finish the day’s tasks and forget about work till the next morning? To use the current solution, however inefficient it is? To only think about getting married, having kids and settling in life? To leave predicting the future to a palmist or an astrologer? After all Astrologers and Palmists have an easier job, they just predict the future and leave it - these mad entrepreneurs will actually go and make it happen.

Entrepreneurs are Fighters

Its for mad guys who like to fight till their last breath. For people who will keep on breaking - barriers, ceilings, impossibilities, resistance, competitors or whatever is thrown in the way. For people who will keep on punching till the opponent begs for mercy, no matter how much they themselves bleed. For those who just cant stay away from a challenge.

Why do you wanna get hurt? Why do you wanna break barriers? Isn’t it easier to just let people be, and barriers stop you? If something is impossible, why challenge it? Who gives a damn about competition anyway - its your boss’s problem!

Entrepreneurs make pots of Money

Its for those who want to create huge amounts of wealth. Enough for them to make a pile and swim in it. To be able to blow it up buying fancy cars and huge mansions. More importantly, its for those who want to create pots of wealth for those who work with them - to see their employees buy all these fancy things. Most importantly, To create funds, and give back to society and the economy.

Who cares about giving back to society? Why be so altruistic? Isn’t it enough to just find a better paying job, save properly and make sure your children study in good schools? Why bother about your colleagues?

Entrepreneurs change lives

Its for those who change the lives of people around them, and in the entire process have their own lives changed. For those whose lives are not the same once they embark on the journey. For those who grow into Superman, Batman, Shaktimaan and Hanuman all in one. Those who seek to attain mastery over their art because they have no choice but to be the best at it for their startups. For those who know that their team’s lives will not be the same once they are done with the startup.

Why do you want to be Shaktimaan? Why do you want to attain mastery over anything, when one can just Ctrl-C and Ctrl-V? Why do you want your life to change, when everything is so nice and normal?

Entrepreneurs are Survivors

Its for those who can be thrown into an island full of monkeys, devoid of human beings, and they will still manage to build a roaring business by finding a neighboring island with humans and export coconuts to them while having taught the monkeys the basics of economics, and living a luxurious life. For those mad guys who can survive a nuclear holocaust. For those who can turn the proverbial eskimo into a Ice cube franchisee. For those who can not only survive, but make the most of it.

Why look for opportunity when all you need is to survive? If there is a nuclear holocaust, then why not just accept it, and die the way god intends you to? Why struggle to breathe, when you can just slip into a peaceful happy sedated coma?

Ladies and Gentlemen. Entrepreneurship does all of this to you.

I was a confused 20 yr old who hated college. I was insecure about who I was, scared that I was wandering about aimlessly and had zero self confidence.

Then - I started a magazine! An industry that has a 90% plus failure rate - that too for a kid with no background in publishing, writing and no money! Sure, I could have started something a little more achievable, but being young and reckless comes with its madness.

So I started ‘Strange Brew’ - a 28-48 page full color magazine which ran for 6 issues and was a big hit with the readers but a mega flop with advertisers. And knowing nothing about funding, VCs and financing did not help at all! So the print magazine crashed, I burned with a massive debt, abused by the 20 odd ppl working with me, dumped by my girlfriend, almost got thrown out of home a million times and other unspeakables.

Today Strange Brew is relaunching as an online magazine having paid off all our debts, and is doing thriving business as a media company making videos for global companies, NGOs and other prominent clients. Its running itself with an awesome team, and I dont even need to be around for it to grow.

I started a company called Strange Labs and we run www.letshead.to which is a web concept that partners with Restaurants, Nightclubs, Cafes etc and we have a totally new way for them to get customers and do sales. I work with a team of 7 Superstars, and we will stop at nothing to grow it into a gazillion dollar venture. And my life absolutely rocks!

Entrepreneurship changed my life, and gave me much much more than I bargained for.

Are you up for it?

Something nice

Though many would have seen it before, as have I....

but it just seems so good everytime I watch it... this adds words to the "crazy one" in each entrepreneur... a salute to the spirit and the will of the entrepreneur:

What our Investment partner says about a VC pitch

Have a look at this , posted by Alok Mittal on one of his blogs

Canaan Entrepreneur Pitchbook

View SlideShare presentation or Upload your own. (tags: invest raise)