Entrepreneurship

Life is about
• Creating value
• Taking calculated risks
• Listening to your heart
• Realizing your aspirations
t

So is …….
Entrepreneurship

Are entrepreneurs
unique?
www.bgconsult.eu

Some are still in school
Anshul Samar
Age: 13
Does homework regularly
Plays Computer games
Fights with his sister
Also an entrepreneur ……..
CEO Elementeo www.elementeo.com
Anshul invented a board game called
Elementeo, to teach kids about
chemistry.

Some are in college
www.bgconsult.eu
Mark Zuckerberg
Age: 22
Hangs out with friends
Lives in a rented apartment
Drives a bicycle
Also an entrepreneur ……….
CEO Facebook
www.facebook.com

Some sold garbage
(still became millionaire)
Tom Zsaky
Age: 27
Coolest entrepreneur of the year
(acc. to Inc.com)
CEO TerraCycle
www.terracycle.net
makes fertilizer using worms
Revenue 5 million dollar

Some started at home
Jared Isaacman
Age: 23
CEO United Bank Card
Transaction processing company.
Manages 45.000 clients daily
Revenue 58 million dollar

Some save lives
www.bgconsult.eu
Elizabeth Holmes
Age: 21
CEO Theranos
(www.theranos.com)
Deals with nanotech & micro
fluids. Saves lives from
adverse drug reactions

Some teach at Varna Economic
University
Fred Westenberg
Age: 47
Nominated for Entrepreneur of the
Year Harderwijk, Holland 2009
Westenberg Holding (since 1993)
Main Activity: Engineering, Real Estate
BGHold (since 1998)
Main Activity: IT, Real Estate

By-Vijay Kamboj
Ph-9466500020

Lakshmi N mittal
• Lakshmi N mittal:- steel tycoon lakshmi niwas mittal is the
richest indian in the world, with an estimated wealth of $25
billion. He resides in london, has his company registered in
the Netherlands, but still holds an indian passport. L N Mittal
left India in the mid 1970’s to start his career. He was send to
Indonesia by his father to shut down the family’s ailling steel
plant and sell the land. Instead, young lakshami mittal saw an
opportunity and turned the plant around. Mittal acquire a 1.3
million tonne, Iscot Steel plant in Trinidad & Tobago , which
was loosing $100,000 a day. One year of mittal style
management and it was making profits. That move helped
him to get into America. He is the chairman and chief
executive officer of ArcelorMittal

Lakshmi N mittal
• The mexican government seeing the success that
mittal made of Iscot, asked him to take over their
ailling steel plants in 1992. But it was not all the
smooth. In 1994 mittal had differences with his
brother and father, and went on to form his own
company. The following year Mittal entered the
European market, acquiring the 5 million tonne
Kazakh steel plant, Karmet. In 2005 Mittal steel
become the world’s largest steel maker when he took
over the US’s largest steel producer-the international
steel group.

Nandan Nilekani Nilekani
• Nandan Nilekani is the CEO and managing director of Infosys
Technologies. He, along with N R Narayana Murthy and five
others, co-founded India's IT jewel, Infosys. Born in Bangalore to
Durga and Mohan Rao Nilekani, he graduated from the Indian
Institute of Technology, Bombay. He became the chief executive
officer of Infosys in March 2002. He now leads the company
with Narayana Murthy having retired in August 2006. After
graduation, he met Narayana Murthy, who then led Patni
Computer Systems's software group, seeking a job. Murthy
hired the young engineer. That was the beginning of a
relationship that was to create Indian corporate history.

Nandan Nilekani
In 2006, he was awarded the Padma Bhushan by the
Government of India. He is regarded
by Time magazine as one of the 100 most influential
people in the world in its issue of May 2006.

Azim Hashim Premji
• Azim Hashim Premji, the chairman of Wipro
Technologies, is one of the richest Indians. He is an
icon among Indian businessmen, especially in the
software industry. Born on July 24, 1945, Premji was
studying Electrical Engineering at Stanford University,
USA when due to the sudden demise of his father, he
was called upon to handle the family business at the
age of 21. Wipro was then Western Indian Vegetable
Products, a small cooking oil company.

Azim Hashim Premji
• Premji diversified into bakery fats, ethnic ingredient
based toiletries, hair care soaps, baby toiletries,
lighting products and hydraulic cylinders. And then
shifted focus from soaps to software. He transformed
Wipro into one of India's most successful IT
companies. Under Azim Premji's stewardship, Wipro
has grown from a fledgling Rs 70 million oil company
into an IT giant with a turnover of $2.4 billion and an
employee strength of 57,000.

Sunil B Mittal
• Sunil B Mittal is chairman and managing director of
Bharti group. Bharti is India's largest GSM-based
mobile phone service. Son of a politician, he built his
Bharti group, along with two siblings, into India's
largest mobile phone operator in just ten years.
Vodafone and SingTel both own stakes in recently
renamed flagship Bharti Airtel. The group also has
partnerships with Axa for insurance and with the
Rothschild family for exporting fruits and vegetables.

Sunil B Mittal
• He plans to go into retailing along with the world's la
The 49-year-old has always been a pioneer. A first
generation entrepreneur, he started his first business
in 1976 with a capital investment of Rs 20,000. He
decided not to be a politician and set up a small
bicycle business in Ludhiana. By 1979, Sunil Mittal
realised that his ambitions could not be fulfilled in
Ludhiana, so he moved out to Mumbai. He initially
founded a number of trading concerns, and
established the first company to manufacture push
button telephones in India.

Kumar Mangalam Birla
• Kumar Mangalam Birla, born on June 14, 1967, is
among the richest persons in India and the eighth
youngest billionaire outside India. He is chairman of
the Aditya Birla Group, one of India's largest business
groups. Some of the AV Birla group's companies are:
Grasim, Hindalco, UltraTech Cement, Aditya Birla
Nuvo and Idea Cellular. He took over as chairman of
the group in 1995, at the age of 28, after the sudden
demise of his father, Aditya Birla.

Kumar Mangalam Birla
• When he took charge, there were doubts about his
ability to handle the giant business house, but he
proved all naysayers wrong. In the 11 years that he
has led the group, he has won admiration,
recognition and praise for his management acumen
and contribution to the industry. Under his
leadership, the group has consolidated its position in
existing businesses and ventured into cellular
telephony, asset management, software and BPO. He
is a chartered accountant and also holds an MBA
from the London Business School.

Rahul Bajaj
• Rahul Bajaj is the chairman of the Bajaj Group, which
ranks among the top 10 business houses in India. He
is one of India's most distinguished business leaders
and internationally respected for his business
acumen and entrepreneurial spirit. He took over the
reins of Bajaj group in 1965. Under his leadership,
the turnover of the Bajaj Auto the flagship company
has risen from Rs 72 million to Rs 46.16 billion. The
initiation of liberalisation in India posed great
challenges for Bajaj Auto.

Rahul Bajaj
• Liberalisation brought the threat of cheap imports
and FDI from top companies like Honda. Rahul Bajaj
became famous as the head of the Bombay Club,
which opposed liberalisation . The scooter sales
plummeted as people were more interested in
motorcycles and the rival Hero Honda was a pioneer
in it. The recession and stock market collapse of 2001
hit the company hard and it was predicted that the
days of Bajaj Auto were numbered. However,

Rahul Bajaj
• Bajaj Auto re-invented itself, established a
world-class factory in Chakan, invested in R&D
and came up with Bajaj Pulsar Motorcycle.
Bajaj Pulsar is currently a leader in its
segment. Recently, Rahul Bajaj was elected to
Rajya Sabha from Maharashtra.

OR …..
Wanna Join the elite league of
entrepreneurs?
www.bgconsult.eu

IF SO ………
www.bgconsult.eu
Keep ‘em open

Who is a Entrepreneur............
End Previous Next

INTRODUCTION
• “ An entrepreneur is one who always searches
for changes , responds to it and exploits it as
an opportunity” – Peter F.Drucker
• Entrepreneurship is a dynamic activity which
helps the entrepreneur to bring changes in the
process of production , innovations in
business , new ideas and usages of resources ,
establishing new markets etc.

Meaning and Evolution concept of
Entrpreneur
• The word Entrepreneur derived from the
French verb “entrprendre” which means to
undertake.
• In 16th century , the Frenchmen who
organizes and led military expeditions were
referred to as “entrepreneurs”
• In early 18th century French economist
Richard Cantillon used the word entrepreneur
to business.

Cantillon, Joseph Scumpter, Peter
Drucker

• According to Joseph Schumpeter “An entrepreneur in an advanced
economy is an individual who introduces something new in the
economy a method of production not yet tested by experience in the
branch of manufacture concerned, a product with which consumers
are not yet familiar , a new source of raw materials or of new markets
and the life”.
• Cantillon defined entrepreneur as “The agent who buys factors of
production at certain prices in order to combine them into a product
with a view to selling it at uncertain prices in future”.
• “An entrepreneurship is the person who bears risk, unites various
factors of production , to explore the perceived opportunities in
order to evoke demand, create wealth and employment”

According to Joseph Schumpter Functions of an
Entrepreneur
• Introduction of new product
• Introduction of new methods of production
• Development of new markets and finding
fresh sources of raw materials and
• Making changes

Characteristics of entrepreneur:
• Action oriented , highly motivated and ready to
take risk at all levels to achieve the goal.
• Should have unwavering determination and
commitment.
• Creativeness and result oriented , hard working
• Accepts the responsibility with enthusiasm
• Self confident , dedicated and self disciplined
• Both thinker and doer, planner and worker
• Future vision , intelligent , imaginative and self
directed

Qualities of an entrepreneur
• Success and achievement
• Risk bearer
• Opportunity explorer
• Planner
• Stress taker
• Facing uncertainties
• Independent
• Flexible
• Self confident
• Motivator

Functions of an Entrepreneur
PRIMARY FUNCTION OTHER FUNCTION FUNCTIONS IMPORTANT
FOR DEVELOPING THE
COUNTRIES
1.planning 1. Diversification of
Production
Management of scarce
resources
2.Organising 2. Expansion of the
enterprise
Dealing with public
3.Decision Making 3.Maintaining co-ordial
employer and employee
relations
Engineering
4.Management 4. Talking labour problems 4. New product
Development
5. Innovation 5. Co-Ordination with
outside agencies
5. Parallel opportunities
6. Risk bearing , Leading , 6. Marketing ,

Types Of Entrepreneur
• According to the type of business
i.) Business entrepreneur
ii.) Trading entrepreneur
iii.) Industrial entrepreneur
iv.) Corporate entrepreneur
v.) Agricultural entrepreneur
Vi.) Retail entrepreneur
vii.) Service entrepreneur

(b) According to the use of technology
• Technical Entrepreneur or non technical
entrepreneur
• Professional entrepreneur
• Low tech or high tech entrepreneur

(c)According to Motivation
• Pure entrepreneur
• Induced entrepreneur
• Motivated entrepreneur
• Spontaneous entrepreneur

(d) According to growth
• Growth entrepreneur
• Super growth entrepreneur
(e) According to the stages of development
• First Generation entrepreneurs
• Modern entrepreneur
• Classical entrepreneurs

(f)According to the area
• Urban entrepreneur
• Rural Entrepreneur
(g) According to age and gender
• Young entrepreneur
• Old entrepreneur
• Male entrepreneur
• Female entrepreneur

(h) According to the Scale of Operation
• Small scale entrepreneurship
• Medium scale entrepreneurship
• Large scale entrepreneurship

(i) Other Type
• Professional and non professional
entrepreneur
• Modern entrepreneur
• Traditional entrepreneur
• Skilled and non – skilled entrepreneur
• Forced entrepreneur
• Inherited entrepreneur
• National or International entrepreneur. etc

Intrapreneur
• Intrapreneurship is the entrepreneurship with in an existing
business structure.
• It is used to bridge the gap between science and market place.
• Existing business will have financial resources , necessary skills
to carry out business , the marketing and distribution system
to commercialise the innovation.
• But many times in bureacratic structure , due to the focus on
short – term profits and a highly structured organization ,
prevent creativity and development of new products

Elements of intrapreneurship
• New business venturing
• Innovations
• Self – renewal
• Proactiveness

Brief comparison of intrapreneurs,
entrepreneurs and managers
Point Intrapreneur Entrepreneur Manager
1. Goal
Management
Independent
,innovative new
ideas
Independent ,
starts new venture
and leads direct
involvement
Delegates and
supervises more
than direct
involvement
2. status Not concerned
about traditional
status , but wants
recognition.
Not concerned
about status
Concerned about
status symbol
3. Risk Owns moderate risk Bears all the risk
and uncertainty
Does not bear any
risk
4. Rewards Gets fixed rewards
for his work. Many
gets for his
innovations
Since there is risk ,
he may get profit or
loss depending his
innovations
Work for salary for
his service which is
fixed and definite
5. Innovative Innovative Very innovative Need not be
innovat
ive. He manages

Characteristics of entrepreneurship
• Innovation
• Risk-taking
• Skillful management
• Organisation
• Decision Making
• Making the enterprise a success

• Early period
• Middle ages
• 17th century
• 18th and 19th Century
• 20th century

Development of Entrepreneurship
• The development of entrepreneurship started
in the olden days.
• Ancient people invented wheel, fire by
robbing stores , spears to hunt animals , new
ways and means of cultivation etc.
• Then came the era of boats and ships opening
the doors of trade at far places. The invention
of steam engine revolutionized sea and land
transportation

• Colt who invented fire power for weapons, whitney who
invented ‘gin’ which revolutionized spinning of cotton and
Morse’s telegraph that changed the life of communication.
• During 20th century foundation of modern industry was laid
. America became the leading industrial country. American
steel industry was founded by Andrew corregie ,Henry Ford
started automobiles in a very big way.
• Contemporary period of entrepreneurship began with
innovators such as Mc Cosmic ,who revolutionized
mechanical reaper in agriculture ,Alexander Graham Bell
who invented telephone , thomas alva Edison who invented
electric bulb, Gillet who invented safety razor etc.

STAGES IN ENTREPRENEURIAL PROCESS
• Identification of an opportunity
• Evaluation of the opportunity
• Preparation of the business plan
• Determination and organizing the resources
• Management of the enterprise

Role of Entrepreneur in Economic
Development
• Innovation plays very important role in economic
growth both in developing new products or services
and stimulating idea of investment in new venture.
• Entrepreneur bridges the gap between science and
the market place , creating new enterprises and
brings new products and services into the market.
• Those activities of an entrepreneur significantly
effect the economy of an area by building economic
base and providing jobs.

Entrepreneurship in India
• It started as family business known to be around
1850s with the starting of cotton mill in Bombay.
• From then on ,entrepreneurship had grown in all
directions from cotton mill to manufacture , to
services , electronic goods , health care , exports and
imports , information technology, education ,
transport , space technology etc.

Past:
• The following points are noteworthy with respect to the
entrepreneurship in the
(i.) Manufacture and supply of a product was based on demand. The
traders used to book orders from the required people and get
them from the producer.
(ii) All the members of the family were involved in the business from
planning to manufacture stage and finally selling them.
(iii) The industrial activity was controlled by the cast system. For
example , weavers used to weave cloths , goldsmiths used to
make ornaments , formers used to produce food products etc.
(iv) The skill of any enterprise was inherited from ancestors.
(v) The trade activity was dependent on caste system

Present:
• There is tremendous growth of industries and services
over last 50-60 years.
• Banking ,automobiles , software development ,
petrochemicals, cement, steel , communication etc are
some of major modern entrepreneurship areas,
where lot of innovations had taken place.
• Some of the highly talented entrepreneurs of india are
: G.D.Birla , J.R.D Tata , Aditya Birla , Godrej , Jamnalal
Bajaj , Wadia, Hindujas , Azim Prem ji of wipro ,
Narayan Murthy of Infosys, dhirubai ambani of
Reliance , Karanbhai Patel of Nirma etc.

Barriers of Entrepreneurship
(i.) Lack of Capital
(ii.) Lack of technical knowledge
(iii.) Economic Business cycles
(iv.) Non-availability of raw materials and
resources.
(V) Government regulations
(VI)Obsolescence of technology or idea
(VII) Unstable and unpredictable market
(VIII)Globalisation and entry of foreign goods
(IX)Risk

Top 10 Women
Entrepreneur of India

Mallika Srinivasan
Position: Director TAFE (Tractor and Farm
Equipment)
10
For more detail: http://explore10.blogspot.in/2014/01/top-10-women-entrepreneur-of-india.html

Priya Paul
Position: Chair Person, Appejay Park Hotels
9

Sulajja Firodia Motwani
Position: JMD, Kinetic Motors
8

Neelam Dhawan
Position: MD, HP-India
7

Simone Tata
Position: Chair Person, Trent Limited
6

Indu Jain
Position: Founder President: The Ladies
wing of FICCI and Chair Person: The
Bharatiya Jnanpith Trust
5

Chanda Kochar
Position: MD and CEO: ICICI Bank
4

Kiran Mazumdar Shaw
Position: CMD, Biocon
3

Naina Lal Kidwai
Position: Country Head, HSBC Bank
2

Indra Nooyi
Position: Chairman and CFO: PepsiCo.
1

Women Entrepreneurs
• Women Entrepreneur may be defined as “a women or group of
women who initiate , organize and run a business enterprise”
• Government of India has defined women entrepreneur as "An
enterprise owned and controlled by a woman having minimum
financial participation of 51% of the capital and giving at 51% of
employment generated in the in the enterprise to women”
• As an entrepreneur, a women has to perform all the functions
involved in establishing an enterprise. These include idea
generation and screening , determination of objectives , project
preparation ,product analysis, completion of promotional
formalities, raising funds , procuring man power and other
resources and operation of business.

Functions of women entrepreneur
(i.) Exploration of the prospects of starting a new
business.
(ii.) Pool up the resources
(iii.) Establish the industrial enterprise
(iv.) Manage the business
(v) Development of strategies
(vi) To assume risk and uncertainty
(vii) To develop business and business decision
(viii) Motivation
(ix) Supervision and Leadership

Problems of women entrepreneurs
(i) Problem of finance
(ii) Lack of education
(iii) Limited mobility
(iv) Family ties
(v) Scarcity of raw materials
(vi) Stiff competition
(vii)Low –risk bearing capacity
(viii)Social problems
(ix) Male domination

Steps to be taken to develop women
entrepreneurship
• Though government is giving lot of support through institutions like
National Bank for Agriculture and Rural Development (NABARD). Non-
Government Organisations (NGO’s), Nationalised banks, the issue of
women entrepreneurship is not improved
The following steps may be taken to develop/improve women
entrepreneurship.
(i) Provide basic education and establish special institutions to train women
entrepreneurs.
(ii) Conduct special workshops to women for better awareness
(iii) Liberal financial support to motivate women entrepreneurs
(iv) Favourable credit policies to women
(v) provide better marketing help to women entrepreneurs
(vi) Establish self –help Groups (SHGs) , Voluntary agencies and social
welfare organizations for women entrepreneurs
(vii) Provide concessions to women entrepreneurs

Entrepreneurship Development
Programme(EDP)
• EDP Focuses on identifying entrepreneurship
qualities of an individual , providing required
training , Preparing related project reports ,
Preparing the entrepreneurs to manage finance
, production ,technology marketing and
infrastructure facilities.

Objectives of EDP
(i) To develop and Strengthen their entrepreneurial
quality
(ii) To analyse environmental set up relating to small
industry and small business.
(iii) To select product.
(iv) To formulate project report for a product.
(v) To know the good and bad in becoming entrepreneur
(vi) To appreciate the need of entrepreneurship
(vii) To understand the process and procedures and
formalities involved in setting up enterprise.

(viii) To give the knowledge of source of help ,
concessions and help available for starting a
small-scale industry.
(ix) To acquire the basic skills
(x) To let the entrepreneur to set or reset the
objectives his business or service.

Entrepreneurship

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