One who is ready to take risk and play the role of an innovator in the field of new business, introduction

of technology and production methods and effectively organize human resources and agents of production and contribute meaningfully to the socio-economic development of the society.

An entrepreneur may not always be an innovator but an imitator who would be tempted to copy the success stories of others.

Work for others-climb up the ladder, or

Take risk and become an entrepreneur

It is precondition for sustained economic development of a country.

Have motivation to initiate new ventures using-knowledge, experience, money, management capability and take risk.

Francois Bernier: (1625-1688) French Physician traveled to Bengal.

Saw traders in Bengal export through land and sea-sugar, salt, rice, silk, cotton, jewelry, ivory to as far away place as Arabia and Iran Ship building was a major industry

Money lending was a big business (Gopinath Seth, Ramkrishna seth, Laxmikanth Seth, Shovaram Basak, Umichand, Jagath Set) European traders came and the local traders faced uneven competition from them. The effect of English Industrial Revolution of 18th. Century. From export of finished products we started exporting raw materials to feed the I/R

Pauperization of Bengal began Successive famines made capital accumulation impossible Bengal economy gradually passed on to the English traders and entrepreneurs. The existing small industries and businesses just broke down.

The growth of feudalism brought about a change in the social fabric of Bengal.

Partition brought displacement of people. What even entrepreneurship developed it happened in WB. Jamindari System (feudalism) was abolished in 1950. Some now had capital from the compensation paid to them by the government.

1955: First five year plan of Pakistan. New financial institution (IFC, HBFC, RRFC, ADFC, ADB, IDB) created. The local Bengali potential entrepreneurs did not get much assistance from them. Entrepreneurship was concentrated amongst the non-Bengalis of WP.

1. 2. 3. 4. 5.

New countries inherit new problems. Problem Rehabilitation Reconstruction Administration International Relations Economic Management

1972-75

Nationalization Abandoned Property-from shops to factories Political and Labour unrest

1975-81

Revision of investment policy Black money whitening De-Nationalization

1981-90
1. 2.

New Policy: Involvement of Private Sector Public sector focus on basic and heavy industries

1990s+
Beginning of a new entrepreneurial era New opportunities discovered, mostly in small and medium scale

-Cattle rearing -Nursery -Service -Embroidery -Food preservation -Fishing -Printing bamboo,

Poultry farming

-Furniture -Horticulture -Cane work -Tailoring -Small scale engineering -Glass blowing -Non traditional (alligator farm, mushroom, ceramic tiles)

Facilitator of new entrepreneurial era

General awareness Public mobility Informed and educated generation Demonstration Effect Change in attitude from being an employee to an employer Can do it generation.

Problems faced by entrepreneurs

Absence of proper policy decision Lack of proper financial support Lack of awareness of incentives provided by the government Lack of campaign about areas of entrepreneurship Lack of proper training facilities of entrepreneurs Lack of integrated package assistance/stimulating, support and sustaining activities needed for SMEs (Entrepreneurial Development Cycle.)

Entrepreneurial Development Cycle

Stimulatory

Entrepreneurial education Publicity for entrepreneurial opportunities Identification of potential entrepreneurs Motivational training for new entrepreneurs Identifying areas of operation Making available techno-eco information Organizing entrepreneurial forum

Entrepreneurial Development Cycle (Contd)

Support

Registration of unit with govt. agencies Arranging finance Providing utilities, land etc. Guiding procurement of equipments Guiding sourcing of raw materials Granting tax relief Offering management consultancy Help marketing products

Entrepreneurial Development Cycle (Contd)

Sustaining Help modernization Help expansion through diversification Additional financing Facilitating quality testing Help re-engineer products or services Help find additional market

Any Questions?

Copyright by Houghton Mifflin Company. All rights reserved.

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Copyright by Houghton Mifflin Company. All rights reserved.

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