Enterpreneurship

8/9/2016
Chapter 2 Learning Objectives
• To know about different type of start-ups.
Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

• To understand the term entrepreneurship and how to inculcate
Entrepreneurship Development in entrepreneurial culture in an organization.
Emerging Markets • To know about the difference between corporate culture and
entrepreneurial culture, and apply these differences to identify
enterprises following these cultures.
• To learn about what makes someone to become entrepreneur.
• To know as to what it means to take-up entrepreneurship as a
career option and how to go about it?
• To understand meaning and implications of knowledge driven
entrepreneurship.
Contd…
Entrepreneurship: Creating and Leading an Entrepreneuria l Organization Author: Arya Kumar Entrepreneurship: Creating and Leading an Entrepreneuria l Organization Author: Arya Kumar
Learning Objectives Start Ups……
• To know why youth is suited for entrepreneurship? • Face great challenges for their sustainable growth.

• To know about opportunities and the role that educational
institutions play in entrepreneurship development. • A high-tech startup company is a startup venture that specializes
in technology driven solutions to the pain points of customers.
• To understand the relationship between entrepreneurship and
strategic management.
• Technology driven start-ups normally produce high returns to
• To be aware of mistakes that start-ups make and how to take investors and their promoters.
certain precautions for not letting it happen.
• To know about emerging entrepreneurship trends in the global
knowledge economy.
Type of Start-ups Intrapreneur
Defined Traits
Start ups having high

Gazelles potential for growth • A person within a large • Usually possess most of the
corporation who takes direct traits as entrepreneurs such as
Have a backbone of responsibility for turning an commitment, conviction, zeal,
Foundation investment on research
idea into a profitable finished initiative and insight.
and development
product through assertive risk-
Achieve a modest
taking and innovation.
Type of Life Style growth mainly because
of their nature of • Practice of entrepreneurship by
Start-ups business and market employees within an
potential organization.
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Entrepreneurship versus Intrapreneurship Entrepreneurship versus Intrapreneurship

Intrapreneurship—Entrepreneurship within an existing
organization.
• Follows dream with • Able to get others to
decisions. Decisions agree to help achieve

• Independence, dream.
opportunity to create • Independence and ability
Primary Motives to advance in the
and money.
corporate rewards. • Self and customers • Self, customers and
• Survival and achieving
Who Serves sponsors
5-10 year growth of • Depending on urgency to
Time Orientation meet self-imposed and
business.
corporate timetable. • Entrepreneurial small- • Entrepreneurial small-
business, professional, or Family History business, professional or
• Direct involvement • Direct involvement more farm background. farm-background.
Activity than delegation
• Transactions and deal
• Moderate risk taker • Moderate risk taker making as basic Relationship with • Transactions within
Risk relationship hierarchy.
• Attempts to hide risky others
• Deals with mistakes and
failures Failures and projects from view until
Mistakes ready.
Entrepreneurial Background Requirements of Creating Intrapreneurial

Culture in an Organization
Childhood Family Environment


• Empowerment of people to make decisions.
• Rewarding the kind of behaviour you want to see.
Education • Create a learning culture where it is OK to make mistakes.

Personal Values
Age • Give people ownership of their ideas and the opportunity to try
them out.
Work History
Difference Between Corporate Culture and Why One Become Entrepreneur?

Entrepreneurial Culture
Corporate Culture Entrepreneurial Culture • Freedom and independence
• Organization structure is • Flat organizational structure with

hierarchical. networking. • Earning potential/Earn lot of money
• Reward system that encourages • Work and task viewed as fun. • To use creativity and personal skills
conservative decision making. • Employees work beyond office
• Riskier decisions are not hours to complete tasks. • To overcome challenges
entertained. • Employees are encouraged to
• Adhere to instructions and directions experiment and take risk. • Community booster/Job provider
received. • Freedom to do work is allowed.
• Ensure that no mistakes are made. • Genuine mistakes are tolerated. • To strengthen resume
• Failure is not tolerated. • Failure is taken in aright spirit.
• Network builder
• Initiative taking is not encouraged. • Employees are encouraged to take
• One is expected to wait for initiative. • To be an inspiration and example for others
instructions. • Employees can work beyond
• Employees are expected to work defined boundaries. • Create wealth for family and society
within their boundaries
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Entrepreneurship as Career Option Difference Between Working for Others and as

Entrepreneur
Working for Self-
Working for Others

University
Entrepreneurs hip Entrepreneur
Graduates educ ation on
Plac ements
& Post c ampus · Dependent on others · Independent
Graduates
· Follow boss · Follow self
Career means to thes e
Few get jobs they s tudents : Continuous · Fixed and secured earning · Variable earning that is not assured
proces s of learning,
love and like
ever evolving, ever
growing opportunity for · Have a choice for alternate jobs in · Have a choice of alternate self-owned
personal as well as
bus iness growth and private, government or public sector businesses—industry, trade, services.
development.
Majority get jobs they don’t
like · Risk consequences are absorbed by · Outcome of risk to be faced by self
§ Join incubators
to fine tune the organization and not self · Lot of scope to be creative and
ideas
§ Start a venture
§ Continue with job
· Little scope to unfold creativity innovative
along with
venture · Job seekers · Job providers
· Contributes indirectly to wealth · Contributes to wealth creation
creation
Entrepreneurship as a Career Option Knowledge Driven Entrepreneurship
Push Factors Pull Factors


• Intellectual property and its impact that would play a critical role
• Job dissatisfaction • High need for independence
for breeding entrepreneurship.
• Difficulty in finding • To satisfy the dream of having
employment high financial rewards
• Insufficient salary • Opportunity to deal with all • Organizations would be flatter with self-managing knowledge
• Inflexible work schedule aspects of a business workers contributing to the growth of business entities.
• Deserving employee getting • Vision to leave a long lasting
superseded in promotion mark
• Team effort to solve problems or undertake projects.
• Cross-boundary learning and knowledge flow would dominate.

aryakumar@ent repreneurship pearson
16
So Can Entrepreneurship Be Taught? Can Entrepreneurship Be Taught?
• Most entrepreneurs and investors seem to think the answer is Another perspective
"no“. • If you ask, most entrepreneurs will tell you that the reason they
started out was because the urge to start became so strong that
• Most academicians and students think the answer is "yes." they just had to give up what they were doing and dive into it.
Business can be taught Hardly anybody will say that they started a company because they
Risk-taking cannot be taught attended a course in entrepreneurship.
• Born entrepreneurs can be taught how to become better • Entrepreneurship may not be taught but it can certainly be
businesspeople. But businesspeople cannot be taught how to endured!!!
become entrepreneurs.
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8/9/2016
Entrepreneurs are Born or Made? Why Youth is Suited for Entrepreneurship?
• Entrepreneurs could be created through teaching, training and

• Technologically precocious

counseling interventions.
• Not fearful of change and failure
• Requires developing an ecosystem that encompasses building
required and conducive economic, legal, cultural, social, and • Think differently
psychological environment that facilitates promotion of
• Street smarts
entrepreneurship.
• Passionate, inquisitive and challenging
• Inculcating and developing personal and behavioral traits and
competencies amongst prospective entrepreneurs. • Are independent and consider them as free agents
And Why are You Best Suited for Women Entrepreneurship

Entrepreneurship?
• Plays a critical role in economic growth, particularly at the grass

roots level.
• Young • Provides greater prosperity to the small scale entrepreneurs.
• Independent • Provides employment and economic independence to women.
• Energetic • Improves social, educational and health status of women.
• Dynamic • Arguments in favour of women entrepreneurship
• Adaptive Economic argument which focuses on utilization of human
• Creative resources forming around 50 per cent of the population.
• Technically sound Social argument which deals with development of self-esteem
• Passionate to achieve and a sense of the ‘self’ for creation of an entrepreneurial society
transcending the gender divide.
Differences Between Women Differences Between Women

Entrepreneurs and Male Entrepreneurs Entrepreneurs and Male Entrepreneurs
Achievement • Male entrepreneurs drive to control their own Professional • Male have broad experience while women
Motivation future by making things happen. Women Experience largely having administrative and service
entrepreneurs are motivated by frustration in industry.
the present job or family circumstances. Personality Traits • Both male and female entrepreneurs are found
to be energetic, goal oriented, passionate and
Basic Departure • Male is more dominated by existing occupation independent. However women entrepreneurs
Points that facilitates the new venture creation, while are more balanced, firm, soft spoken and
women usually plunge into entrepreneurship firm.
because of frustration in the present job or Strength of the • Women entrepreneurs have a tendency to
home environment. Business focus on building a business that could be self
propelling while men builds a business in
Funding Sources • Male depends upon variety of funding sources which he remains inescapable.
while women largely on personal savings.
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8/9/2016
Differences Between Women Facilitating Women Entrepreneurship

Entrepreneurs and Male Entrepreneurs
Facilitating finance

Ego and Its • Men have a strong ego coupled with greater pride
Implications on compared to women.
Business
Scalability and Wealth • For women entrepreneurs, wealth is not the primary
Creation objective , while for men it is.
Facilitating
Tendency Towards Women
• Women entrepreneurs prefer respond to lower risk
Entrepreneurship
Risk and Profits opportunities, and happy with lower returns as compared to
men.
Instruments Facilitating
to support education and
regional training
networks
Key Advantages that Small and Medium Key Advantages that Small and Medium
Enterprises Provide Enterprises Provide
• Provide increased employment opportunities per unit of • Contribute in promotion of entrepreneurship culture at local levels.

investment. • Cater to local consumer needs in a more cost-effective manner.
• Contribute substantially to export promotion.
• Help in improving well-being and standard of living of local people.
• Facilitate innovation, technological development that contributes
• Dependence on limited market size providing inbuilt stability.
to making the economy flexible.
• Gestation period to achieve breakeven level is low. • Small size providing scope for specialization to develop upon niche
• Easy to be spread in rural and semi-urban areas, that results in markets.
balanced regional development.
Contd…
Reasons for Greater Opportunities in the Reasons for Greater Opportunities in the
MSME Sector for Start-up Ventures MSME Sector for Start-up Ventures
• Low capital requirements to enter into entrepreneurial venture. • Extensive network of institutions providing training—technical and
managerial.
• Favourable government policies that provide support system.
• Tooling and testing facilities and support.
• Reservation of certain products to be exclusively manufactured by
small scale sector. • Export promotion incentives.
• Easy availability of funds at concessional rates coupled with • Availability of domestic demand because of accelerated growth in
availability of subsidies. the economy.
• Favourable policies for procurement of raw materials and • Increasing demand for exports.
machinery.
• Growth requirements for ancillary units in India and abroad.
Contd…
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8/9/2016
SME’s—Promotional Measures by International Entrepreneurship

Government
• Extension services.

• International entrepreneurship involves carrying out business
• Credit facilities at concessional rates from banks and financial
activities across national border to respond to customer needs
institutions.
outside the country by availing opportunities outside the country.
• Setting up of industrial estates that provide sheds along with
infrastructure facilities.
• Training facilities in different aspects of setting up a business
entity.
• Support for marketing of products and services.
• Incentives to set up units in backward areas.
• Technical consultancy services.
• Export promotion programmes.
International Entrepreneurship— Broad Strategies to Enter into Foreign

Challenges Markets

• Management practices and style. • Exporting It involves providing products manufactured in one
• Strategic issues that need to be appropriately responded to. country to customers located in another country.
• Alternative strategies and their implications to enter in other
countries. • Non-equity arrangement Without equity stake entering into
• Process to take decision for entering into international markets. foreign market through licensing, turnkey projects and
• Ethical practices and propensities across nations and their management contracts.
implications to business.
• Country-specific risk associated with change in government
regulations. • Direct foreign investment It involves setting up business
establishment in foreign country by way of wholly owned foreign
subsidiary, joint ventures with minority and majority equity stakes.
Entrepreneurship and Strategic Mistakes Start-ups Make

Management
• Strategic entrepreneurship is the integration of entrepreneurial • Single founder or not having a good team.
and strategic dimensions to design, develop and implement • Entering into a business without ensuring competitive advantage.
entrepreneurial strategies that create wealth.
• Weak planning and wrong assessment of market potential.
• It is the insight using strategic perspective that enables • Underestimating the cost and overestimating the price.
entrepreneurs to identify appropriate opportunities and respond
• Not having financial prudence.
to by establishing sustainable competitive advantage.
• Lack of financial tie-ups and awareness on approvals required.
• Entrepreneurial and strategic actions are complementary, not • Failure due to wrong or non-ethical purchasing decisions.
interchangeable.
• Production lacunae.
• Lack of flexibility and over obsession to an idea.
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8/9/2016
Managing Start-ups During Downturn Entrepreneurship–Emerging Trends in the

Global Knowledge Economy

• Don’t get disturbed and panicy! • Ventures in the 21st century have to thrive on change and
uncertainty by having horizontal structure rather than hierarchical
• Conserve cash and initial profits earned. structure, so as to be innovative.
• Strength on knowledge and information through leveraging the
• Focus on productivity improvement . strength of people.
• Companies would be making investments for talent management
• Regularly communicate and share your concern with employees. so as to increase the strategic impact of their people and
information on their bottom line.
• 21st century the whole business emphasis is likely to be shifted to
knowledge based management practices that will have a
foundation based on collaboration.
Indian Attitude Towards Entrepreneurship Indian Attitude Towards Entrepreneurship
• A great entrepreneurial optimism is seen in India now, more than • Access to information has been the biggest factor contributing to

ever before. the global mindset in Indian entrepreneurs.
• A largest chunk of the India’s population is in the 18–35 age • The other factor is the global flow of capital, which enables people
group, and that is the age in which people are the least afraid to to go wherever the money is.
take risks.
• Government policies and organizations like NEN (National
• On the other hand, India’s greatest liability is the corruption in its Entrepreneurial Network) who are actively promoting
system, which is a big dampener to entrepreneurship. entrepreneurship.
Entrepreneurship Mindset Cultivating Mindset
Awareness
Mindset
Cultivating Understanding
Affirmation Mindset
Entrepreneurship
Attitude
Entrepreneurial
Leadership Disassociation
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8/9/2016

Chapter 2 Learning Objectives

• To know about different type of start-ups.

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Learning Objectives Start Ups……

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Type of Start-ups Intrapreneur

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Start ups having high

Entrepreneurship versus Intrapreneurship Entrepreneurship versus Intrapreneurship

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Entrepreneurial Background Requirements of Creating Intrapreneurial

Childhood Family Environment

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

• Rewarding the kind of behaviour you want to see.

Education • Create a learning culture where it is OK to make mistakes.

Difference Between Corporate Culture and Why One Become Entrepreneur?

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

• Organization structure is • Flat organizational structure with

Entrepreneurship as Career Option Difference Between Working for Others and as

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Entrepreneurship as a Career Option Knowledge Driven Entrepreneurship

Push Factors Pull Factors

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

• Cross-boundary learning and knowledge flow would dominate.

So Can Entrepreneurship Be Taught? Can Entrepreneurship Be Taught?

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Entrepreneurs are Born or Made? Why Youth is Suited for Entrepreneurship?

• Entrepreneurs could be created through teaching, training and

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

And Why are You Best Suited for Women Entrepreneurship

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Differences Between Women Differences Between Women

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Differences Between Women Facilitating Women Entrepreneurship

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

SME’s—Promotional Measures by International Entrepreneurship

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

International Entrepreneurship— Broad Strategies to Enter into Foreign

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Entrepreneurship and Strategic Mistakes Start-ups Make

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

• Lack of flexibility and over obsession to an idea.

Managing Start-ups During Downturn Entrepreneurship–Emerging Trends in the

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Indian Attitude Towards Entrepreneurship Indian Attitude Towards Entrepreneurship

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

Entrepreneurship Mindset Cultivating Mindset

Copyright © 2012 Dorling Kindersley (India) Pvt. Ltd.

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