Entrepreneurship Development and Small Business Management BBA. VI Sem. Study Notes

Home , Karsanbhai Patel, Kris Gopalakrishnan

S.B.S.Government Post Graduate College, Rudrapur (Udham Singh Nagar)

Entrepreneurship Development and Small Business Management

BBA. VI Sem. Study Notes

Chapter 1 Introduction: Meaning of Entrepreneur, Entrepreneurship, and Intrapreneurship

Dr. P.N.Tiwari Associate Professor

Chapter 1 Introduction: Meaning of Entrepreneur, Entrepreneurship, and Intrapreneurship

(1) A person who sets up a business or businesses, taking on financial risks in the hope of profit.

(2) An entrepreneur is an individual who, rather than working as an employee, runs a small business and assumes all the risks and rewards of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes.

(3) One who organizes, manages, and assumes the risks of a business or enterprise.

(4) A person who starts a business and is willing to risk loss in order to make money.

(5) A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.

(6) The owner or manager of a business enterprise who, by risk and initiative, attempts to make profits

(7) One who starts a business or other venture that promises economic gain but that also entails / involves risks?

(8) A person who organizes and manages an enterprise, especially a business unit with huge initiative.

(9) Someone who risks their own capital in a business enterprise.

(10) An entrepreneur is someone that goes out and does the work to create something that didn’t exist before

(11) An entrepreneur is someone who mixes passion, innovation, and drive to turn a vision into a working business

(12) Entrepreneur is a person who takes an idea, product or service and does whatever is necessary to introduce it to the marketplace where it can produce revenue.

(13) The word entrepreneur originates from the French word, entreprendre, which means "to undertake." In a business context, it means to start a business.

In the year 1725 the word entrepreneur was first brought into economics by a social scientist named Richard Cantilion. The expert who invented the theory of entrepreneurship was David McClelland in 1961.

Various definition of Entrepreneur:

According to America Heritage Dictionary: “Entrepreneur is a person who organizes, operates and assumes the risk for business venture”

The Dictionary of Social Science has defined entrepreneur from functional viewpoint. According to it “entrepreneur is a person 1) who exercise the function or 2) initiating coordinating ,controlling or institute major change in a business enterprise and or 3) bearing those risk of operation which arise from the dynamic nature of society and imperfect knowledge of the future which can cast through transfer calculation or elimination

According to Encyclopedia of Britannica: “Entrepreneur as the individual who bears the risk of operating a business in the face of uncertainty about future condition and who is rewarded accordingly by his profit or losses”.

Richard cotillion says “Entrepreneur is the agent who purchased the means of production for combination into marketable product”.

So we can say that entrepreneur is a person who takes risk for establishing a new venture or business in order to create utility for the welfare of human being as well as for him of herself. She or he is always a person who seeks out opportunities and takes on challenges.

Other name of Entrepreneur 1. Administrator 2. Contractor 3. Executive 4. Manager 5. Producer 6. Backer 7. Businessperson 8. Founder 9. Industrialist 10. Organizer 11. Promoter 12. Undertaker

Examples of Entrepreneurs 1. Bill Gates, founder of Microsoft. There are probably not many people that have not been touched by one of his products, such as Microsoft Windows, Microsoft Office and Internet Explorer. 2. Steve Jobs, co-founder of Apple computers, which produces iPods and iPhones, as well as Apple TV. 3. Mark Zuckerberg, the founder of Facebook. 4. Pierre Omidyar, founder of eBay. 5. Arianna Huffington, founder of the Huffington Post, a well-known online news site. 6. Caterina Fake, co-founder of Flikr, which hosts images and videos on the Internet. Meaning of Entrepreneurship

(1)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 noticeable example of entrepreneurship is the starting of new businesses.

(2) Entrepreneurship is the willingness to take risks and develop, organize and manage a business venture in a competitive global marketplace that is constantly evolving. Entrepreneurs are pioneers, innovators, leaders and inventors. They are at the forefront of technological and social movements – in their fields, in their forward thinking, in their desire to push the envelope. They are dreamers and most importantly – doers.

(3) Entrepreneurship refers to the concept of developing and managing a business venture in order to gain profit by taking several risks in the corporate world. (4) Drucker defines entrepreneurship as the process of extracting profits from new, unique and valuable combinations of resources in an uncertain and uncertain environment.

(5) Entrepreneurship is the dynamic process of creating incremental wealth. The wealth is created by individuals who assume the major risks in terms of equity, time and/or career commitment or provide value for some product or service. The product or service may or may not be new or unique, but value must somehow be infused by the entrepreneur by receiving and locating the necessary skills and resources efficiently and effectively.

(6) In simple words, entrepreneurship is a process in which a person invests, design and run a small business setup on his own. An entrepreneur is not an employee; rather he or she takes risks and faces ups and downs of a business.

(7) Entrepreneurship is considered as of assuming the risk of an entrepreneur.

(8)According to Natheal Leff: Entrepreneurship is the capacity for innovation investment and expansion in new markets product and techniques.

(9)Webster highlights entrepreneurship as economic venture organizing and risk taking capabilities.

(10)According to S. S. kanaka:

Entrepreneurships is a process involving various actions to be taken to establish an enterprise. From the functional view point entrepreneurship is defined as the combination of activities such as perception of market opportunities gaining command over scarce resources purchasing input producing and marketing of product responding to competition and maintaining relation with political administration and public bureaucracy for concession licenses and taxes etc. There are various meanings given to the word entrepreneurship. The meanings are given to understand it in different point of views. These different meanings and concepts are listed below. 1-Starting a New Business: Entrepreneurship is a discipline of starting a new business.

2-Risk Taking: It is the willingness to bear /assume/ take risk on a new venture.

3-Profit Making: It is starting a new business if it has a considerable amount of profit.

4-Innovation and Invention: Entrepreneurship is about innovation and invention.

5-New Products and Services: It is the production of new products or services or processes that are not currently found in the market.

6-New Ways: It is establishing new ways of doing business by destroying the old and obsolete one.

7-Cause of Change: Entrepreneurship is searching for change, responding to change and taking the advantage of change as an opportunity.

8- Input: It is an important input for economic growth and employment opportunity.

9-Passion Expression: It is presenting various opportunities for expression and recognition of once passion for doing something new and different.

10-Decision Making: Entrepreneurship is concerned about the power of decision-making.

11-Opportunity Search: Entrepreneurship is the search of an alternate opportunity involving the formation of a new business.

12-Value Addition: It is concerned about value addition and creation to the business owner.

13-Job and Wealth Creation: Entrepreneurship is the means by which new business ventures are formed with their resulting job and wealth creation.

14- Bringing Resources Together: Entrepreneurship is the process of bringing together a unique package of resources to exploit an opportunity and create a value.

15- Choosing what you Like: Entrepreneurship is to be own boss, choosing and doing what you love most, choosing with whom to do business.

16-Fund Raising: It is raising capital for new business and taking actions to make an organization.

17-Organizing: It is organizing an enterprise to undertake new production process.

18-Vision: It is the process of having long-term vision.

19-Leadership: Entrepreneurship involves the ability to lead others effectively.

20- Motivation: It is the driving force to get things done.

21- Action: It is the ability to carry out things effectively.

Relationship between entrepreneur and entrepreneurship: Entrepreneurship Entrepreneur Entrepreneur is a person. Entrepreneurship is a process. Entrepreneur is an organizer. Entrepreneurship is an organization. Entrepreneur is an innovator. Entrepreneurship is an innovation. Entrepreneur is a risk bearer. Entrepreneur is a risk bearing. Entrepreneur is a motivator. Entrepreneur is a motivation. Entrepreneur is a creator. Entrepreneur is a creation. Entrepreneur is a visualizer. Entrepreneur is a vision. Entrepreneur is a leader. Entrepreneurship is a leadership. Entrepreneur is an imitator. Entrepreneurship is an imitation.

Intrapreneurship is a relatively recent concept that focuses on employees of a company that have many of the attributes of entrepreneurs. An intrapreneur is someone within a company that takes risks in an effort to solve a given problem.

An intrapreneur is an employee who is given the authority and support to create a new product without having to be concerned about whether or not the product will actually become a source of revenue for the company. Unlike an entrepreneur, who faces personal risk when a product fails to produce revenue, an intrapreneur will continue to receive a salary even if the product fails to make it to production.

Characteristics of an Intrapreneur

1. Intrapreneur conducts them in a highly ethical manner: Intrapreneurs conduct themselves in a highly ethical manner. Intrapreneurs put their personal emotions aside, and act with objectivity by doing what is right. Intrapreneurs recognize and encourage others for their involvement and contributions. They behave authentically and with utmost integrity. The value system of each Intrapreneur will eventually turn into the organization’s culture.

2. Intrapreneurs are less distracted: Time is a valuable entity. Intrapreneurs are aware of all the distraction / disturbance / interruption that could consume their valuable time. We are not short of distractions at workplaces in this day and age - Cell phones, Social media, Office gossips, etc. Intrapreneur stays away from any distractions that could potentially hinder their creativity at their respective workplaces. Lesser the distractions, better the creativity and productivity.

3. Intrapreneurs are Mentors: Mentoring is one of the best and proven forms of influence and knowledge sharing. Intrapreneurs are on the constant look out for mentors who can influence their creative vision. Intrapreneurs make great mentors as well. At the beginning of an opportunity, they are ready to share their knowledge with others. Organizations see dramatic improvements in the creativity and productivity with mentorship and knowledge sharing.

4. Intrapreneurs are Constant learners: Intrapreneurs are constant learners. Whether it is personal or professional growth, they constantly learn to better their art of being creative and productive. Intrapreneurs take not only proactive steps to identify their next learning step but also identify valuable things to learn in every situation. The more we learn, better we operate on a daily basis.

5. Intrapreneurs provide value to the organization: Intrapreneurs recognize that they are an investment to the Organization. So, they not only provide value to the Organization but also to themselves for their growth. Intrapreneurs

7 acknowledge that while their job duties provide measurable outcomes for the Organization, the way they discharge their functions with integrity provides overall value to the Organization. Intrapreneurs are indispensable human resources to an Organization, and it’s growth. Intrapreneurs take responsibility for their career and empower themselves to be creative for the organization’s good progress.

Entrepreneurship and Intrapreneurship: Advantages and Disadvantages

Advantages Entrepreneurship Intrapreneurship 1) You are your own boss - 1) Ability to stay in a friendly, well independency known environment 2) The income increases 2) Practicing your skills within an 3) You have the chance to be organization – lower risk original 3) Using companies resources, 4) You have part of excitement and good name, knowledge adventure 4) Access to customers, 5) There are a lot of possibilities infrastructure 6) Salary potential – you decide upon your own salary Disadvantages 1) Money pressure – giving up on 1) Reward may not be up to the security of a regular expectation paycheck 2) Innovation may not be 2) Less benefits as the business is appreciated accordingly new 3) You can be innovative but to a 3) Long working hours certain limit – you are not your 4) Mistakes are magnified own boss 5) All decisions must be made alone

Difference between Entrepreneur and Intrapreneur

No Bases of Entrepreneur Intrapreneur Difference 1 Meaning Intrapreneur refers to an Entrepreneur refers to a employee of the organization person who set up his own who is in charge of business with a new idea or undertaking innovations in concept. product, service, process etc. 2 Dependency An entrepreneur is An intrapreneur is dependent independent in his on the entrepreneur, i.e., the operations owner. 3 Raising of An entrepreneur himself Funds are not raised by the

Funds raises funds required for intrapreneur. the enterprise. 4 Risk Entrepreneur bears the risk An intrapreneur does not fully involved in the business. bear the risk involved in the enterprise 5 Operation An entrepreneur operates An intrapreneur operates from from out-side. within the organisation itself. 6 Approach Intuitive Restorative / inspiring 7 Use resources provided by the Resources Uses own resources. company. 8 Enterprise Newly established An existing one 9 Change and renew the existing Creating a leading position Works for organizational system and in the market. culture.

Perspectives of Entrepreneur / Entrepreneurship (Economist, Psychologist and Sociologist);

1. Economic Perspective: Economists like Richard Cantillon, Adam Smith, J.B. Say, Carl Manger, Joseph Schumpeter have explained the concept of entrepreneurship from the economic point of view . According to the economic approach entrepreneurship is the process of initiating a new venture by organizing the resources required and accepting the risk involved therein. Entrepreneurship and ultimately economic development takes place when the economic condition is favorable. An entrepreneur buys the factors of production at a certain price, converts them into products and sells them at an uncertain price. Thus, economists have emphasized two main aspects, viz. innovation and risk bearing. The entrepreneurs create new things, use new technology and find new sources of raw material, source of new markets and so on. By the innovation function entrepreneurs make available new products to the people and help to raise their standard of living.

2. Sociological Perspective: Sociologists have emphasized the impact of social system, ethics, values, customs, and perception on entrepreneurship. They hold that entrepreneurship flourishes in those societies, which recognize the services of entrepreneurs respect them and give approval to the business and wealth creation. According to them entrepreneur represent s society’s model personality.

3. Psychological Perspective: According to the psychological approach entrepreneurship is influenced by factors like high achievement, motive, self- reliance, creativity, desire to regain the lost status. The psychological approach is developed by Macmillan and Hansen.

Functions of Entrepreneurship:

1. To Prepare Plan: The first and foremost function of an entrepreneur is to prepare the plan or scheme of production i. e., the scale of production, types of goods to be produced and its quantity.

2. Selection of the Site: The entrepreneur makes the selection of the site for the factory to be installed. The place should be near the market, railway station or bus-stand. The selection of the place may be near the source of raw materials also. The selection of the place has an important bearing on the cost of production.

3. Provision of Capital: Capital is required to install a factory or an industry. Capital is required at all the stages of business. It is not necessary that the entrepreneur should invest his own capital. Therefore, he has to trace out a capitalist, to make provision for capital for the investment. He tries to obtain capital at the lowest possible rate of interest.

4. Provision of Land: After making provision of capital and selection of site, he has to arrange for land. Land is either purchased or hired.

5. Provision of Labour: In modern times, different types of labour are required to produce one type of commodity. The entrepreneur has to make provision for labour from different places.

6. Purchase of Machines and Tools: It is the function of the entrepreneur to purchase machines and tools in order to start and continue the production.

7. Provision of Raw Materials: It is the entrepreneur who makes provision for raw materials. He purchases the best quality of raw materials at the minimum cost. He also knows the sources of raw materials.

8. Co-ordination of the Factors of production: One of the main functions of the entrepreneur is to coordinate different factors of production in proper combinations, so that the cost of production is reduced to the minimum.

9. Division of Labour: The splitting up of production into different parts and entrusting them to different workers is also the function of an entrepreneur. Thus, the entrepreneur decides the level and type of division of labour.

10. Quality of Product: Keeping in view the competition in the market, the entrepreneur has to determine the quality of his product. He is to decide whether the goods produced should be of superior quality only or both of superior and ordinary qualities.

11. Sale of Goods: The responsibility of the entrepreneur is not only to produce goods but also to sell his produce. He employs a good number of salesmen to market the goods. He makes arrangement for publicity to push up the sales. He adopts both informative and persuasive methods to achieve his goal.

12. Advertisement: It is the duty of an entrepreneur to do advertisement explaining the superiority and quality of his goods through newspapers, magazines, radio, TV, etc. Advertisement is done to create and increase the demand or sale of his goods.

13. Search for Markets: The entrepreneur has to explore markets for his products. He produces goods in accordance with the consumers’ tastes which can be known from market trends.

14. Supervision: One of the main jobs of an entrepreneur is to supervise all the factors engaged in the production process. He has to supervise every little detail so as to ensure maximum production and economy.

15. Contact with the Government: The entrepreneur has to make contacts with the government because the modern production system is controlled by the government in several ways. A licence is taken before the start of production. The entrepreneur has to abide by certain rules and regulations of production and has to pay taxes regularly.

16. Payment to Factors of Production: The rewards of the various factors of production have to be decided by the entrepreneur. He makes payments to the landlord, labour and capitalist in the form of rent, wages and interest. Since payments to these factors of production constitute cost, so no entrepreneur wants to pay to a factor more than its productivity.

17. Quantity of Production: The entrepreneur determines the quantity of production keeping in view the demand for goods and the extent of market. How much goods are to be produced is the main decision taken by the entrepreneur.

18. Risk-Taking: Risk-taking is the most important function of an entrepreneur. He has to pay to all the other factors of production in advance. There are chances that he may be rewarded with a handsome profit or he may suffer a heavy loss. Therefore, the risk-bearing is the final responsibility of an entrepreneur.

19. Innovation: Innovation plays an important role in modern business. The entrepreneur makes arrangements for introducing innovations which help in increasing production on the one hand, and reducing costs, on the other. Innovations may take the form of the introduction of new methods in the process of production or introducing improvements in the existing methods. It

11 also includes discovery of new markets, raw materials and new techniques of production.

Significance of Entrepreneurship in Economic Development: 1. Entrepreneurship promotes capital formation by mobilizing the idle saving of the public. 2. It provides immediate large-scale employment. Thus, it helps reduce the unemployment problem in the country, i.e., the root of all socio-economic problems. 3. It promotes balanced regional development. 4. It helps reduce the concentration of economic power. 5. It stimulates the equitable redistribution of wealth, income and even political power in the interest of the country. 6. It encourages effective resource mobilization of capital and skill which might otherwise remain unutilized and idle. 7. It also induces backward and forward linkages which stimulate the process of economic development in the country. 8. Last but no means the least, it also promotes country’s export trade i.e., an important ingredient to economic development.

Points of Significance of Entrepreneurship in Economic Development; 1. Bringing more growth by production of value. 2. Accelerate the usage of factors of production. 3. Creation of employment opportunities. 4. Spreading of economic activities to various sectors. 5. Identifying new methods of growth. 6. Advancement of backward areas of society. 7. Improvement of the standard of living of various sections of society. 8. Bring socio- political transformation. 9. Create technical knowhow. 10. Culture of business improvement. 11. Expand industrial activities. 12. Change agent for varying markets and customers choice. 13. Create a culture of achievement. 14. Dispersal of economic power. 15. Great contribution to national income. 16. Controlling locally available resources. 17. Balanced regional development. 18. Reduce unrest and social tension. 19. Improvement in living standards. 20. Economic independence. 21. Coordinates factors of production. 22. Promotes capital formation. 23. Lessens concentration of economic power.

Importance of Entrepreneurship:

Entrepreneurship occupies an important status in the process of economic development of any country. Industrially advanced countries owe ( be obliged) and woo( encourage) the significance of entrepreneurship. Entrepreneurship is of great importance in underdeveloped countries for holding steady progress. The importance of entrepreneurship can be understood with the help of following points:

1) Voluntary initiation: Entrepreneurship is voluntary initiation of individuals of society. They conceive the business ideas, refine them, develop them and translate them into industrial activities. It is the voluntary initiation of such people which causes economic development of a country.

2) Balanced growth: In developing country like India, there is regional imbalance in respect of economic development. All regions or parts of the country are not equally developed. For development of such regions, industrial development is the prime factor . The entrepreneurship helps to achieve balanced regional development by starting small-scale industries there. It focuses on rural industrialization and development of local skill and market. Chandrapur district of Maharashtra, once undeveloped, has been developing now because of growing entrepreneurship there.

3) Capital formation: Entrepreneurship plays significant role in mobilizing savings of society towards industrial enterprises. The society invests its savings in the entrepreneurial activities. The capital formation helps to exploit natural resources to create markets and to carry on trade. It is an indisputable fact that without capital formation, economic development would be in danger.

4) Self-employment: The entrepreneurship facilitates self-employment. The enterprising people employ their physical and mental capabilities for their personal benefit. This helps to reduce the burden of growth in population on economic development of a country.

5) Employment generation: Entrepreneurship is job-creating and job-giving. The entrepreneurs establish business ventures which provide employment opportunities on large-scale. This is how entrepreneurship helps to reduce the unemployment problem which is the root cause of all social-economic problems. The opportunities of gainful employment abstains people from unlawful and criminal activities. Instead, they are given incentive to participate and contribute in productive and socially desirable activities.

6) Optimum utilization of natural resources: In the absence of entrepreneurship, the factors of production like land, labour ,money etc. would remain idle or unused. Through entrepreneurship, the natural resources and

13 factors of production are assembled and put to use through business organizations, and they are converted into production.

7) Variety of production and technology: Entrepreneurship plays an important role in developing a variety of products and technology. This leads to improve the standard of living of the people.

8) Change agent: Entrepreneurship is a change agent. It brings about change in prevailing socio-economic set up by conceiving and developing new ideas and putting them into action.

9) Export promotion: Entrepreneurship promotes a country’s export trade which is an important ingredient to economic development. The growing entrepreneurial activities in various sectors of economy improve the exports and build a favorable balance of trade. It explores markets abroad, improves quality of products suitable to world class standards and earns foreign exchange. Entrepreneurship also provides import substitution and saves forex earning.

10) Quality enhancement through Research and Development: Entrepreneurship gives boost to Research and Development activities. The entrepreneur takes efforts to make their products well-matched to the needs of foreign markets. This stimulates R & D activities.

11) Reduces the concentration of economic power: Entrepreneurship helps to reduce the concentration of economic power in a few hands and thereby inequalities of income. Entrepreneurs from all social strata undertake business activities and generate wealth. It stimulates the equitable distribution of wealth, income and political power.

12) Reduces the problem of brain-drain: If the best employment opportunities are not available in the home country, the talented people go abroad. It is called brain-drain which has adverse effect on a country’s economic development. The entrepreneurship provides scope for their talent in home country, offers good remuneration packages and prevents them from going abroad in search of employment. The entrepreneurship pools and develops the creative talent in the country.

13) Entrepreneurship brings social stability: Entrepreneurship achieves social stability by meeting the diverse demands of the society and ensuring regular supply of essential goods and services. The non- availability and short- supply of essential goods and services may cause social unrest which may endanger the social stability.

14) Economic development: Entrepreneurship spells the difference between ‘prosperity’ and ‘poverty’ among nations. The economic development of a country is quite impossible in the absence of entrepreneurship. Japan is the

14 place where entrepreneurs have achieved success by hard work as well as imagination and ability. The economic progress of USA and Western Europe also highlights the significance of entrepreneurship.

BARRIERS TO ENTREPRENEURSHIP

Entrepreneurial development is very slow in under developed and developing countries. This is due to the presence of several factors. Gunnar Myrdal pointed out that Asian societies lack entrepreneurship not because they lack money or raw material but because of their attitudes. These barriers to entrepreneurship are classified into three as follows:

A.ENVIRONMENTAL BARRIERS

Following are the important environmental barriers to entrepreneurship:

1) Non-Availability of Raw Material:-Non-availability of raw materials especially during peak season is one of the obstacles restrain entrepreneurship. This leads to competition for raw material.

2) Lack of Skilled Labour: -This is the most important resource in any organization. Unfortunately, desired manpower may not be available in an organization. This is either due to the lack of skilled labour or due to lack of committed or loyal employees in the organization.

3) Lack of Good Machinery:-Good machines are required for the production of goods, because of rapid technological developments, machines become obsolete very soon. Small entrepreneurs find it difficult to get large amount of cash for installing modern machinery.

4) Lack of Infrastructure:-Lack of infrastructure facilities is a major barrier to the growth of entrepreneurship particularly in under developed and developing economies. The infrastructural facilities include land and building, adequate and cheap power, proper transportation, water and drainage facilities etc.

5) Lack of Fund:-There are various methods by which an entrepreneur arranges for funds e.g., own savings, borrowings from friends and relatives, banks and other financial institutions. Many people do not enter into entrepreneurial activities because of lack of funds.

6)Other Environmental Barriers:-Lack of business education, Lack of motivation from government, corruption in administration, high cost of production etc. are the other environmental barriers that inhibit the growth of entrepreneurship in underdeveloped countries.

B. PERSONAL BARRIERS Personal barrier are those barriers that are caused by emotional blocks of an individual. Some of the personal barriers may be outlined as below:

1) Unwillingness to Invest Money:-Even though people have money, still they do not Come in entrepreneurship. They are not willing to take the risk of investing money in business.

2) Lack of Confidence:-Many people thing that they lack what it takes to become an entrepreneur. They feel that they could not master all the skills. Thus most people are reluctant to become entrepreneurs.

3) Lack of Motivation:-When an individual starts a new venture, he is filled with enthusiasm and drive to achieve success. But when he faces the challenges of real business or bears loss, or his ideas don’t work, he loses interest or motivation.

4) Lack of Patience:-The desire to achieve success in the first attempt or to become rich very soon is the prime motivating factor of modern youth. When such dreams do not come true, they lose interest. This gradually drives to fail in business.

5) Inability to Dream:-Entrepreneurs, who are short on vision or become satisfied with what they achieve, sometimes lose interest in further expansion/growth of business.

C SOCIAL BARRIERS The social attitude inhibits many people even from thinking of starting a business. The important social barriers are as follows.

1) Low Status:-The society things that entrepreneurs are the people who exploit the society. Thus the attitude of the society towards entrepreneurs is not positive.

2) Custom and Tradition of People:-Most people want a real job. Even parents who are entrepreneurs wouldn’t like their children to be entrepreneurs. Thus lack of support from society and family hinder the growth of entrepreneurs.

Life–sketch of various successful Indian Entrepreneurs

(1) Chandubhai Virani and his brothers started selling chips in a local cinema in Rajkot, and today their company Balaji Wafers has a 65% market share in five states, holding out against local and MNC competitors. They first tried the fertilizer business and then running a hostel, before settling on chips and snacks.

Adherence to quality helped them get early customers, followed by importing Japanese machines and taking loans to grow their factory.

(2) Dhirubhai Ambani India’s largest private sector company. Created an equity cult in the Indian capital market. Reliance is the first Indian company to feature in Forbes 500 list Dhirubhai Ambani was the most enterprising Indian entrepreneur. His life journey is reminiscent of the rags to riches story. He is remembered as the one who rewrote Indian corporate history and built a truly global corporate group. Dhirubhai Ambani alias Dhirajlal Hirachand Ambani was born on December 28, 1932, at Chorwad, Gujarat, into a Modh family. His father was a school teacher. Dhirubhai Ambani started his entrepreneurial career by selling “bhajias” to pilgrims in Mount Girnar over the weekends. After doing his matriculation at the age of 16, Dhirubhai moved to Aden, Yemen. He worked there as a gas-station attendant, and as a clerk in an oil company. He returned to India in 1958 with Rs 50,000 and set up a textile trading company. In 1992, Reliance became the first Indian company to raise money in global markets, its high credit-taking in international markets limited only by India’s sovereign rating. Reliance also became the first Indian company to feature in Forbes 500 list. Dhirubhai Ambani was named the Indian Entrepreneur of the 20th Century by the Federation of Indian Chambers of Commerce and Industry (FICCI). A poll conducted by The Times of India in 2000 voted him “greatest creator of wealth in the century”. Dhirubhai Ambani died on July 6, 2002, at Mumbai.

(3) Kailash Katkar Kailash Katkar.Founder Quick Heal Born in a small village at Rahimatpur in Maharashtra, Kailash Katkar worked his way to the top to be chairman and CEO of INR 200 Cr business. He is the man behind Quick heal technologies Pvt Ltd. He started with a job at local radio and calculator repair shop and later went ahead in 1990 to start his own calculator repair business. In 1993 he started a new venture, CAT computer services where around that time his younger brother Sanjay developed a basic model of antivirus software which helped in solving the biggest problem of computer maintenance at that time. Later in 2007 it was renamed as Quick Heal Technologies. He achieved all this without any formal education. (4) P C Mustafa (Coolie’s Son who Set Up 100 Crore Company with just 25,000 ) This is the story of a man who failed in Class 6, but went on to join the Regional Engineering College (now the National Institute of Technology), Calicut and the Indian Institute of Management-Bangalore. This is the story of a man who decided to become an entrepreneur and employ people from rural India.Today, fresh idli and dosa batter made by P C Mustafa’s company ID Fresh reaches homes in Bengaluru, Chennai, Pune, Mumbai, Delhi, Hyderabad, Mangaluru and even Dubai. Today, we produce around 50,000 kg in our plant. The total investment must be around Rs 4 crore (Rs 40 million) and our revenue

17 is Rs 100 crore (Rs 1 billion). When we became a Rs 100 crore company in October 2015, we celebrated in grand scale. We have grown from producing 10 packets a day in 2005, with just my cousin managing the kitchen, to 50,000 packets a day with 1,100 employees in 10 years.

(5) Karsanbhai Patel – Man behind NIRMA The ‘Nirma’ success story of how an Indian Entrepreneur took on the big MNCs and rewrote the rules of business. It was in 1969 that Dr. Karsanbhai Patel started Nirma and went on to create a whole new segment in the Indian domestic detergent market. During that time the domestic detergent market only had the premium segment and there were very few companies, mainly the MNCs, which were into this business. Karsanbhai Patel used to make detergent powder in the backyard of his house in Ahmedabad and then carry out door to door selling of his hand made product. He gave a money back guarantee with every pack that was sold. Karsanbhai Patel managed to offer his detergent powder for Rs. 3 per kg when the cheapest detergent at that time was Rs.13 per kg and so he was able to successfully target the middle and lower middle income segment. “Sabki Pasand Nirma” Nirma became a huge success and all this was a result of Karsanbhai Patel’s entrepreneurial skills. The best case of – Give your consumer what he wants, when he wants, where he wants and at the price he wants, selling will be done quite automatically. This is the marketing ‘mantra’ of Nirma. The company that was started in 1969 with just one man who used to deliver his product from one house to the other,today employs around 14 thousand people and has a turnover of more than $ 500 million. In 2004 Nirma’s annual sales were as high as 800000 tonnes.According to Forbes in 2005 Karsanbhai Patel’s net worth was $640 million and it’s going to touch the $1000 million mark soon.

(6) Prem Ganapathy – The Dosawala Prem Ganapathy, was stranded at the bandra station,when the person accompanying him left him and ran away. Prem had no local acquaintances or knowledge of the language. Out of pity, a fellow Tamilian guided him to a temple and appealed worshipers to contribute money for his return ticket to Chennai. Prem refused to go back and decided to work in Mumbai and started cleaning utensils in a restaurant. He appealed to his owner, to let him become a waiter as he was class 10 pass. The owner refused, because of regional politics and Prem bided his time till a neighborhood dosa restaurant opened and offered him a job from a dishwasher to a tea boy. Prem became a huge hit with the customers because of his excellent customer service, initiatives and relationship and brought business Rs. 1000 daily which was almost 3 times as compared to other tea boys. The life was good. A customer made him an offer. He was planning to open a tea shop in Vashi in Mumbai. He wanted Prem to be his 50 – 50 partner where the owner would invest the money while Prem would run the shop. The shop started doing

18 brisk business when the owner became greedy. It hurt him to share 50 % of the profit with Prem and he threw Prem out replacing him with an employee. Prem was made of a different material and he was never going to be defeated. He took a small loan from his uncle and with his brother, opened his own tea stall. Unfortunately the neighbourhood residents objected. He then started a hand cart but that also did not work out. He found a spot and set up a south Indian stall. He did not know a thing about dosas and idli but learnt by observation, trial and error. The dosa stall was a huge hit and flourished during the 5 years from 1992-1997. But why was the tiny dosa stall was was so successful in spite of competition from ubiquitous eateries prevalent in Mumbai. According to Prem it was its hygiene, proper appearances of the waiters and fresh ingredients which stood out as a difference. He saved a couple of lakhs of Rupees and instead of heading home he took the biggest risk of his life and opened a new shop near Vashi station and named it as Dosa Plaza. His Chinese plaza next to the Dosa Plaza flopped miserably and was shut down in 3 months. Undaunted, Prem realized some lessons from it. He applied those lessons in making Chinese cuisine in his dosas which worked very well. He got passionate and invented a variety of dosas with Chinese style like American Chopsuey, Schezwan Dosa, Paneer chilly, Spring roll dosa etc. The 108 types of Dosas in his menu gets him a lot of publicity. A chance encounter with a customer who was part of the team setting up a food court in a mall in New Bombay advised him to take a stall at the food court and again Prem was ready and willing to grow and expand. His vision was to grow by better offerings and better customer service. He also went to ad agencies to create the brand identity including the logo, brands, menu card, waiters dress etc. He started getting a lot of offers for franchising and had to find out the meaning of franchising and its modus operandi. Dosa Plaza currently has 26 outlets and 5 of them are company owned. It has 150 employees and a turnover of 5 crore. All the branches are connected and networked and there are training managers and proper manuals to maintain standard and uniform product and services. Merit is the only criteria; all the employees regardless of the caste or region are treated equally. They are loyal and have grown with the company. The original team of cooks which was the part of the first Dosa venture is still with Prem. Currently he is also getting enquiries from US and Europe for franchisees.

(7) Ramesh Babu, the barber who owns a Rolls Royce Bangalore resident Ramesh Babu, is a star in his own league who runs the business of cutting and styling hair. He is an ordinary businessman, with an extraordinary wealth. He is a billionaire and owns a rent-a-car fleet of 67 alternative cars. At the moment his fleet consists of around 200 cars, vans and mini-buses, including imported vehicles—a Rolls-Royce Silver Ghost, Mercedes C, E and S class and BMW 5, 6 and 7 series. He has a fleet of imported Mercedes vans and Toyota mini-buses.

“This is more of a passion,” he says. As for being a barber, “I will continue to be one as long as my hands are healthy.” Amazingly, Ramesh charges Rs 75000 a day for the Rolls and his usual clients are corporate bigwigs and visiting Bollywood and Tollywood stars.

(8) Vinod Khutal grew up near Indore and studied architecture, before studying computer science. An ad by game developer Gameloft on Naukri.com led him to a job in their Hyderabad office, where he eventually became a game designer. In 2009, he founded Twist Mobile, with apps such as Age Effect. He tied up with VServ to use their app-wrapper technology for ads embedded in apps. Success stories included becoming the first Asian company with 10 million downloads on Noki’s Ovi store. “Today’s killer app is tomorrow’s delete,” says Khutal, who has now branched out into Android and iPhone apps.

(9) Rohit Bhatt grew up in Udupi, Karnataka, and studied computer science. He started off with a Japanese company making Mac products. Exposure to Japanese passion, determination, pride and quality inspired him also to strike out on his own, in the area of Indian language computing. Rohit was also inspired by Taiwanese companies who started off with contract manufacturing then branched out with their own brands such as HTC and Acer. His company, Robosoft, also spawned product companies Global Delight (utility apps such as Camera Plus) and 99 Games (such as Wordsworth and ‘Dhoom 3’ games).

(10) Nand Kishore Chaudhary grew up in Churu, Marwar, and started off his carpet business with weavers from the ‘chamar’ caste, regarded as untouchables. Today, Jaipur Rugs is India’s biggest exporter of hand-knotted carpets. The company connects woven products directly to global markets, and employs a range of weavers, including tribal women. A focus on local inclusion and global trends led the company to be profiled as a case study by the late great Prof. C.K. Prahalad. (11) Verghese Kurien Verghese Kurien used his entrepreneurial skills to enrich not only himself but also all of India. The “Father of the White Revolution,” Kurien planned and implemented Operation Flood, the world’s largest agricultural development program, which turned India into the world’s largest milk producer. He helped make dairy farming a self-sufficient and sustaining industry. Kurien is also the founder of the Amul brand of dairy products, which invented milk powder processed from buffalo milk rather than cow milk. One of the world’s strongest proponents of cooperative movements, his work has lifted millions of Indians out of poverty. His birth anniversary is now celebrated as National Milk Day in respect of his great achievements.

List of successful Indian entrepreneurs

1) Dhirubhai Ambani : His methods may have been questionable but there is no doubt in anyone’s mind that Dhirubhai Ambani was one of India’s top

entrepreneurs. His sons Mukesh and Anil have followed his dreams and have made their companies one of the most valuable in India.

2) Laxmanrao Kirloskar : One of India’s earliest businessmen, Laxmanrao Kirloskar founded the successful Kirloskar group over a century ago. Today, the company is the world’s largest pump manufacturer by market capitalisation and is led by his great grandson Sanjay Kirloskar

3) Ajay Bilji launched India’s first multiplex in June 1997 at PVR Saket that transformed the way Indians looked at movies. Ever since, the company has expanded rapidly and become the largest cinema chain in India after acquiring Cinemax India last year

4) Anand Mahindra inherited a company that was into steel trading and has looked over the SUV manufacturing business that forms the largest revenue source of Mahindra and Mahindra. He is also a jazz enthusiast and pioneer of the Mahindra Blues festival.

5) Anil Aggarwal is the chairman of Vedanta Resources that was formed after his previous company Sterlite Industries was amalgamated with the family’s other companies. Today, the London-based Anil is one of the richest Indians in the world.

6) Azim Premji : Owner of over $17 billion in 2013 according to Forbes, Azim Premji has nurtured Wipro for more than four decades of diversification to emerge as one of the leading software companies in India today. Premji is also known for his philanthropic work.

7) Brijmohanlal MunjalThe founder of Hero Hondo motorcycles broke off the partnership with Honda about three years ago and faced the brunt of an economic slowdown but the company has still been going great guns. The entrepreneur is planning to take Hero bikes to Africa and Latin America next.

8) Anand Burman along with his brother Amit have revolutionised the Dabur company in their roles as chairman and vice-chairman respectively, so much so that the company is today India’s largest Ayurvedic medicine manufacturer. Take that, Baba Ramdev!

9) Deep Kalra : Makemytrip is synonymous with the online travel service industry that was founded by Deep Kalra in 2000. Today, the company has expanded beyond India and has offices in New York and Sydney and has consistently won awards for its performance and innovations.

10) Cyrus Poonawala : The founder of Serum Institute of India, Cyrus Poonawala’s company is the world’s largest producer of vaccines with over a

11) Gautam Adani is a self-made billionaire whose company Adani Group is among the largest power producers and largest private port owner. The first generation entrepreneur is ranked one of the most influential businessmen in his domain.

12) Gautam Thapar is the founder of Avantha Group who received the Ernst & Young Entrepreneur of the Year Award for Manufacturing in 2008.Gautam is also the chairman of Crompton Greaves and an avid golf promoter.

13) G M Rao’s GMR Group is a name to reckon with in the infrastructure space today with its interests in airports, power and roads. Founded in 1978, GMR has carried out successful infrastructure projects in several other countries as well.

14) Ardeshir and Pirojsha Godrej : Founded in 1897 by Ardeshir and Pirojsha Godrej and currently headed by Adi Godrej, the Godrej group of companies is one of the most well-known companies that has had interests in vegetable oil, beverages and even a 3D virtual world in its over century-old existence. © Godrej, Wikipedia

15) G R Gopinath,: Remember the good old days of Air Deccan? The airline was the brainchild of G R Gopinath, a retired captain of the Indian Army who changed the way Indians took to the skies with his low-cost airline Air Deccan in 2003. Gopinath is today involved with the cargo and logistics business.

16) arsh Mariwala’s company Marico is the country’s leading maker of hair oil and cooking oil. It’s flagship brands Saffola and Parachute are sold in 25 countries in Asia and Africa. Mariwala recently announced non-profit venture Ascent to mentor young entrepreneurs.

17) Jain Brothers, The Times Groupis the largest media company in India. Much of the credit for this goes to brothers Samir and Vineet Jain who took the brand from strength to strength through various endeavours to turn the company into a billion-dollar revenue generator staffing more than 11,000 employees

18) RD Tata may have been born in Paris but his greatest contribution to the world was creating the salt to software company Tata. In his lifetime, he created some of the most well-known companies such as Voltas, Tata Tea, Titan, Tata Motors and TCS and even Air India.

19) Kalanidhi Maran is a media baron who manages the influential Sun group that has interests in television channels, newspapers, DTH distribution as well

as FM radio. Maran also acquired Spice Jet in 2010. Maran also owns the IPL team Sunrisers Hyderabad.

20) Karsanbhai Patel is the promoter of Nirma detergents and became a multi-millionaire. After handing over the reign of the company to his sons, Karsanbhai is now expanding his education venture with Nirma University

21) Kallam Anji Reddy is the founder-chairman of Dr Reddy’s Labs and one of the first entrepreneurs in Indian pharmaceutical industry for which he was awarded the Padmabhushan by the Indian government.

22) Senapathy Gopalakrishnan, or Kris Gopalakrishnan as he is popularly called, is one of the seven founders of Infosys and current executive vice chairman of the company. He is also the President of India's foremost industry body Confederaton of Indian Industry for the current financial year.

23) K P Singh : DLF, the construction company run by K P Singh was instrumental in developing DLF City in Gurgaon. Singh’s autobiography, titled ‘Whatever the Odds: The Incredible Story Behind DLF’, was launched by influential thinker Jack Welch in 2011

24) Laskhmi Mittal’s company is one of the leading steel manufacturers in the world. He is one of the most powerful and richest men in the world and owns one of the most luxurious and expensive house in London.

25) Malvinder and Shivinder Singh took their father’s company to unparalleled heights before selling their stake in the company to Japanese company Daiichi Sankyo. Malvinder currently co-owns Fortis Healthcare and Religare Wellness

26) Mangal Prabhat Lodha founded Lodha Developers in 1980 that quickly became a name to reckon with in the realty sector. The company is currently building World One, the world’s tallest residential tower in Mumbai with a few choice flats being designed by Giorgio Armani himself.

27) Manmohan Shetty is the founder of Adlabs Films Ltd that grew to become one of the largest media and entertainment firms when he sold it to Reliance. Today, Shetty has shifted gears and is promoting entertainment theme park Adlabs Imagica.

28) Namit Malhotra : The CEO, chairman and founder of Prime Focus Ltd., Namit Malhotra built a visual effects company along with co-founder Merzin Tavaria in a garage in Mumbai. Today, the company is a leading name in Bollywood and Hollywood for creating special effects and 3D conversion

29) Nandan Nilekani Infosys co-founder Nandan Nilekani is the current chairman of the UPA government’s flagship programme Unique Identification Authority of India that aims to give Aadhaar cards to every citizen

30) N R Narayana Murthy : Perhaps the most well known entrepreneur in the list, N R Narayana Murthy founded Infosys and launched the second wave of economic reforms in the country apart from making India a preferred destination for software services

31)Allonji Shapoorji Mistry is a construction magnate and holds the single largest stake in Tata Sons along with companies such as Forbes Textiles and Eureka Forbes. His son Cyrus was recently appointed chairman of the Tata Group after Ratan Tata retired.

32)Prathap C Reddy is a cardiologist-turned-entrepreneur who founded Apollo Hospitals group, the first corporate chain of hospitals and was also conferred with the Padma Vibhushan in 2010. The company also began an insurance arm recently.

33) Rahul Bajaj is the patriarch of the Bajaj Group that gives close competition to Hero in the motorcycle space and also has a footprint in various other sectors. The group is also known for its philanthropic work begun by his grandfather Jamnalal Bajaj.

34) Rahul Bhatia set up IndiGo in 2006 with the help of an NRI friend and is today one of the most efficient low-cost airline in India with a lion’s share of the market share. With a licence to fly to international destinations, the company’s future is looking bright

35) Rakesh Jhunjhunwala who is popularly known as India’s Warren Buffett is one of the most exciting entrepreneurs for the current generation who want to emulate his success

36) Ronnie Screwvala began a modest TV company called UTV in the 90s that scaled on to become one of the largest film studios in the country, producing some of the best and biggest hits of the last decade before being acquired by Walt Disney.

37) Sachin and Binny Bansal are the founders of the megahit e-commerce venture Flipkart that was founded in 2007. Starting with books, the website now sells almost everything under the sun and will forever be known as the website that got middle-class Indians addicted to online shopping.

38) Sanjeev Bikhchandani : After leaving a cushy job doing marketing for Horlicks, Sanjeev Bikhchandani began Naukri.com that quickly became the

24 biggest job portal in India. Bikhchandani is a multi-millionaire today with over Rs 722 crore in his and his wife’s name.

39) The Ruia brothers founded Essar Group in 1969 and operate in the steel, oil and gas, power, shipping, communications and minerals in over five continents. The brothers were named as one of the richest Indians with a combined net worth of $7 billion in 2012

40) Shiv Nadar is an Indian entrepreneur who founded HCL Infosystems that saw his personal wealth zoom to $8.5 billion in 2012 and was awarded the Padma Bhushan in 2008 for his work in the IT field. His foundation takes an active interest in developing the education system in India.

41) Shyam Bhartia is the chairman of Jubilant Foodworks Ltd that holds the franchise rights for Domino’s Pizza in India, Nepal, Bangladesh and Sri Lanka as well as Dunkin’ Donuts in India. The profitable venture employs over 15,000 people and generates revenue to the tune of $100 million

42) Srichand Hinduja : From its humble beginnings in 1914 at Bombay, the Hinduja Group, led by chairman Srichand Hinduja and his brothers Gopichand, Prakash and Ashok employees more than 70,000 people across all continents and is one of the largest diversified groups in the world.

43) Subhash Chandra is one of the titans of the Indian media scene. He launched the nation’s first satellite TV channel Zee TV in 1992. As chairman of the Essel group, the entrepreneur now owns a newspaper, theme parks, DTH distribution, education and infrastructure development among others

44) Subrata Roy : It is unlikely any Indian has not heard of Sahara India Parivar run by Subrata Roy. The influential businessman is the founder and chairman of the company as well as IPL team Pune Warriors India, Aamby City Valley and also owns a 42.5% stake in F1 team Force India.

45) Sunil Mittal, the chairman and CEO of Bharti Enterprises, brought a new force to Bharti Airtel over the years, making it the world’s fourth largest mobile operator with operations in over 20 countries. His company also has interests in retail, financial services and the agri business.

46) Uday Kotak is the founder and 45% stakeholder in Kotak Mahindra Bank that has featured in Forbes Fab 50 list of companies three years in a row. Forbes estimated his wealth to be more than a $4 billion in 2012.

47) Venugopal Dhoot’s company Videocon has one of the highest brand recall among Indians. The electronics and appliances company ventured into the

25 telecom market and energy and oil ventures with mixed results. Dhoot is also an avid cricket fan, plays the flute and is an environment crusader

48) V G Siddhartha is the founder of Cafe Coffee Day. From humble beginnings, his popular youth hangout now has over 1400 centres across the country. He was awarded the Entrepreneur of the Year award in 2003 by Economic Times for ‘giving Indian consumers a new lifestyle experience that is within reach of the common man.'

49 ) Vijay Malia : The King of Good Times may be going through a rough patch after the grounding of Kingfisher Airlines but his larger-than-life lifestyle and interest in sports and fashion are still looked at with envy and aspiration by other entrepreneurs.

50) Vikas Oberoi is one of the most underrated personalities in the Indian realty sector. The face behind Oberoi Realty, the company is one of the few real estate giants to have any debt on its books and is one of the most reliable lifestyle construction firm in suburban Mumbai.

51) Vishal Gondal is the creator of Indiagames, one of the foremost gaming companies in the country. The unassuming Gondal loves running and travelling and sold his company to UTV some years ago. He was recently seen in The Pitch show on Bloomberg TV mentoring upcoming entrepreneurs.

52) Naveen Tewari has an enviable resume – IIT Kanpur, McKinsey, and Harvard Business School. In 2007, he decided to strike it out on his own and founded Inmobi. The company is today one of the biggest players worldwide in the mobile advertising market, and Tewari is worth Rs. 1668 crore.

53) Vijay Shekhar Sharma : From growing up in Aligarh to being lost in Delhi College of Engineering in his first year because he spoke no English, Vijay Shekhar Sharma has come a long way. The Paytm founder is currently worth Rs. 2824 crore.

54) Rahul Sharma started Micromax in 2000 with 3 other friends. The company’s gone through several restructurings over the years, finally settling in a model to sell smartphones at reasonable prices. Today, it’s worth Rs. 21,000 crore and Sharma’s net worth is a cool Rs. 4070 crore.

55) Rajaram : After graduating with an engineering degree from Anna University, Rajaram went on to do an MS and later an MBA from Booth School of Business. After working at Booz Allen Hamilton, he founded management consultancy and data analytics firm Mu Sigma in 2004. The company is currently valued at over $ 1 billion, and Rajaran’s stake makes him worth Rs. 17,800 crore and the richest Indian startup founder.

Entrepreneurial Motivating Factors: Internal and External Factors

(A) Internal Factors:

1. Desire to do something new.

2. Become independent.

3. Achieve what one wants to have in life.

4. Be recognized for one’s contribution.

5. One’s educational background.

6. One’s occupational background and experience in the relevant field.

(B)External Factors:

1. Government assistance and support.

2. Availability of labour and raw material.

3. Encouragement from big business houses.

4. Promising demand for the product.

Entrepreneurial Motivating Factors 1. To be my own boss 2. To be able to use my past experience and training 3. To prove I can do it 4. To increase my income 5. To provide jobs to family members 6. For my own satisfaction and growth 7. So I will always have job security 8. To build a business to pass on 9. To maintain my personal freedom 10. To be closer to my family 11. To have fun

1. Availability of Infrastructural Facilities 2. Dissatisfaction with current job 3. Economic Independence 4. Market Potential 5. Social Status 6. No other income sources available 7. Gaining respect from other 8. Seeking Challenging business venture 9. For self-esteem 10. Being entrepreneur was a lifelong goal 11. Freedom from supervision 12. Family business passed on 13. Responsibilities to run business due to death of member 14. To support family financially

Factors contributing to success of Entrepreneurs

1. Good management skills 2. Charisma: friendliness 3. Satisfactory government support 4. Appropriate training 5. Access to capital 6. Previous business experience 7. Support of family and friends 8. Marketing/sales promotion

9. Good product at competitive price 10. Good customer service 11. Hard work 12. Position in society 13. Maintenance of accurate records 14. Ability to manage personnel 15. Social skills 16. Political involvement 17. Reputation for honesty

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Reference Books: No. Title Author Publication 1 Entrepreneurial Development Vasant Himalaya Publishing – I, II & III Desai House, Bombay 2 Entrepreneurship Robert D The Tata McGraw Hill Hisrich Publication, New Delhi 3 Small Scale Enterprises and Vasant Himalaya Publishing Entrepreneurship Ecosystem Desai House, Bombay 4 Small Scale Enterprises and Vasant Himalaya Publishing Entrepreneurship Desai House, Bombay 5 The Dynamics of Vasant Himalaya Publishing Entrepreneurial Desai House, Bombay Development and Management 6 Theories of Entrepreneurship Vasant Himalaya Publishing Desai House, Bombay 7 Entrepreneurial Development Vasant Himalaya Publishing Desai House, Bombay 8 Entrepreneurship Management Vasant Himalaya Publishing Desai House, Bombay 9 Entrepreneurial Development C. B. Gupta Sultan Chand & Sons, New Delhi