Successful Entrepreneurs of Indian Origin: a Case Study

SUCCESSFUL ENTREPRENEURS OF INDIAN ORIGIN: A CASE STUDY

A THESIS Submitted by L. SURESH MALLYA for the award of the Degree of DOCTOR OF PHILOSOPHY

DEPARTMENT OF MANAGEMENT STUDIES, Dr. M.G.R. EDUCATIONAL AND RESEARCH INSTITUTE UNIVERSITY (Declared under section 3 of the UGC Act, 1956) CHENNAI - 600 095

AUGUST 2011

BONAFIDE CERTIFICATE

This is to certify that the research work titled “ Successful Entrepreneurs of

Indian Origin: A Case Study ” is the bonafide work of L. Suresh Mallya

(Reg. No. MNG 007 D 001), who carried out the research under my supervision. Certified further, that to the best of my knowledge, the work reported herein does not form part of any other thesis or dissertation on the basis of which a Degree or award was conferred on earlier occasion on this or any other candidate.

DECLARATION

This is to certify that the thesis titled, “Successful Entrepreneurs of Indian

Origin: A Case Study” submitted by me to the Dr. M.G.R. Educational and

Research Institute University for the award of the degree of Ph.D is a bonafide record of research work carried out by me under the supervision of

Dr. N.R.V. Prabhu. The contents of this thesis, in full or in parts, have not been submitted to any other institute or university for the award of any degree or diploma.

SUCCESSFUL ENTREPRENEURS OF INDIAN ORIGIN A CASE STUDY

ABSTRACT

An organization comes into existence only because of the efforts put in by an individual, who would be prepared to assume responsibility of leading the enterprise with him. For that, the individual must have special quality that is known as entrepreneurship.

Entrepreneurship as an economic activity emerges and functions in sociological and cultural environment. It could be conceived as an individual’s free choice activity or a social group’s occupation or profession.

The entrepreneurs perform vital function in economic development of a nation. They have been referred to as the human agents needed to mobilize capital, to exploit natural resources, to often develop innovative products or concepts, to create markets and to carry on business. It may be construed that the entrepreneurial contribution spells the difference between prosperity and poverty among nations.

A successful entrepreneur is always aware of the new developments and changes that take place around him in the society and is prepared to adapt to the changing needs of the society. He is the central point, around whom all other factors of production, productive resources and techniques shall revolve. He integrates talent, abilities and drives to transform the resources into profitable ventures.

Studies on entrepreneurs have revealed that personality and cultural or social factors are related to entrepreneurial behaviour. Traits such as self confidence, creativity, persistence, calculated risk taking capacity, 5 determination, need for achievement, individuality, leadership, versatility, optimism and liking for challenges characterize the entrepreneurial person.

A person who has a business of his own is called an entrepreneur. But what differentiate an entrepreneur from a successful entrepreneur are his achievements in the field of his business.

Expected outcome of the study

• To explore the traits of Indian entrepreneurs

• To differentiate successful Indian entrepreneurs from entrepreneurs

• To trace the success stories of selected successful Indian entrepreneurs

• To identify their winning strategies for success in business

• To summarize the findings of the study and establishing as bench mark

for future entrepreneurs to be successful

Methodology of the Study

Primary and Secondary data: Interview and secondary sources were referred in this case study method. Out of the available entrepreneurs in India, these few (fifty) successful entrepreneurs, who had their investment options from their own sources, were considered for this study.

Based on the hypothesis proposed as above, a sample of fifty successful

Indian entrepreneurs is carefully selected for the study. The methodology chosen is case study method; their history is studied in depth, the factors deciphered as to identify their secret of success. 6

Suggestions are made to resolve the various issues relating to entrepreneurship in small scale industries. The suggestions are given categorically to the government, to the banks and other financial institutions and to the entrepreneurs.

ACKNOWLEDGEMENT

My profound thanks and deep sense of gratitude are due to my

Supervisor and Guide, Dr. N.R.V. Prabhu, for his committed supervision and guidance to acquire right perception and perspective for carrying out this research. But for his patience and time spared for discussion, I would never have been able to complete this thesis.

Thanks to Dr. S. Ramalingam , Head of the Department, Department of

Management Studies, for his encouragement and valuable suggestions. I also sincerely acknowledge the patience, support, unstinted cooperation and service rendered by my wife.

I also take this opportunity to thank honorable Chancellor,

Mr. A.C. Shanmugham , for his motivation and encouragement. I also owe my sincere thanks to Dean (Research) for providing the infrastructure and help to carry out the research. I am grateful to all the staff colleagues of my department for their kind assistance at every stage of this thesis work.

L. Suresh Mallya

TABLE OF CONTENTS

ABSTRACT iv-vi

LIST OF TABLES

1. Table 3.0 Distribution of the type of entrepreneurs' 63 families

2. Table 3.1 Entrepreneurs’ Ambitions 65

3. Table 3.2 Reasons compelling entrepreneurs to enter 66 industry

4. Table 3.3 Factors facilitating entrepreneurship 68

5. Table 3.4 Distribution of expectations stimulating the 69 entrepreneurs’ desire to start industry

6. Table 3.9 Reasons for the dissatisfaction with the 70 location of unit

7. Table 4.22 Usefulness of attending Entrepreneurship 71 Development Programme

CHAPTER 1 INTRODUCTION

1.1 Meaning of Entrepreneurship 1 2 1.2 Importance of Entrepreneurship 4 1.3 Classification of Entrepreneurs 5 1.4 Characteristics of successful entrepreneurs

6 1.5 Entrepreneurial scenario in India 6 1.6 Growth of Entrepreneurs 7 1.7 Relevance of study

8 1.8 Need for the study

8 1.9 Scope of the study 9 1.10 Expected outcome of the study 9 1.11 Methodology of the Study

9 1.12 Limitations of the study

1.13 Scope and organisation of the thesis 10

CHAPTER 2 REVIEW OF RELATED LITERATURE

2.1 Introduction 11

2.2 Review of Related Studies 11

CHAPTER 3 RESEARCH METHODOLOGY

3.1 Methodology 58

3.1.1 Research design 58

3.1.2 Research questions 59

3.1.3 Scope and limitations of the study 60

3.1.4 Climate and concept for the study 61

3.1.5 Presentation of the study 63

3.1.6 Entrepreneurs' ambitions 63

3.2 Reasons compelling entrepreneurs to enter industry 65

3.3 Factors facilitating entrepreneurship 67

3.4 Expectations of entrepreneurs 68

References 72

CHAPTER 4 CASES STUDIED 73

CHAPTER 5 FINDINGS AND SUGGESTIONS 167

BIBLIOGRAPHY 202

VITAE i-iii

CHAPTER 1

INTRODUCTION

1.1 MEANING OF ENTREPRENEURSHIP

The definition of entrepreneurship has been debated among scholars, educators, researchers, and policy makers since the concept was first established in the early 1700’s. The term “entrepreneurship” comes from the French verb “entreprendre” and the German word “unternehmen”, both mean to “undertake”. Bygrave and Hofer in1891 defined the entrepreneurial process as ‘involving all the functions, activities, and actions associated with perceiving of opportunities and creation of organizations to pursue them’. Joseph Schumpeter introduced the modern definition of ‘entrepreneurship’ in 1934. According to Schumpeter, “the carrying out of new combinations we call ‘enterprise’,” and “the individuals whose function it is to carry them out we call ‘entrepreneurs’.” Schumpeter tied entrepreneurship to the creation of five basic “new combinations” namely: introduction of a new product, introduction of a new method of production, opening of a new market, the conquest of a new source of supply and carrying out of a new organization of industry.

Peter Drucker proposed that ‘entrepreneurship’ is a practice. What this means is that entrepreneurship is not a state of being nor is it characterized by making planes that are not acted upon. Entrepreneurship begins with action, creation of new organization. This organization may or may not become self- sustaining and in fact, may never earn significant revenues. But, when individuals create a new organization, they have entered the entrepreneurship paradigm.

Entrepreneur is a borrowed word from the French language that refers to a person who undertakes and operates a new venture, and assumes some 13 accountability for the inherent risks. Being in business or being an entrepreneur is about taking risks and confronting challenges.

Entrepreneurs build companies that are specifically crafted to exploit a particular opportunity. This gives them an advantage over older companies that were designed in response to challenges of the past and must change to adapt to today’s requirements. Entrepreneurs can build new companies. They can also rejuvenate existing companies via buyouts and turnarounds. They can also build new companies inside existing companies, which can be called corporate entrepreneurship.

1.2 IMPORTANCE OF ENTREPRENEURSHIP

The basic concept of entrepreneurship entails an effective and deliberate inner urge to take risk in terms of uncertainties and an intuition. In short, an entrepreneur shows sagacity to jump into untested waters and face the consequences, with a strong self conviction that he will successfully encounter the sharks and befriend the dolphins.

The common definition for an entrepreneur is a person, who organizes, manages, and takes the risk of running a business or enterprise. The entrepreneurs perform vital function in economic development of a nation. They have been referred to as the human agents needed to mobilize capital, to exploit natural resources, to often develop innovative products or concepts, to 14 create markets and to carry on business. It may be construed that the entrepreneurial contribution spells the difference between prosperity and poverty among nations.

The importance of entrepreneurs to progress cannot be more succinctly expressed than the statement – no entrepreneur, no development. The inactivity or scarcity of entrepreneurs has for sometimes been the factor seen by many Asian countries as a major hindrance to economic development. The availability of abundant natural resources, skilled and unskilled labour, and capital has not proven itself sufficient enough to result in a surge of entrepreneurial zeal among the people.

One of the important inputs in any economic development of a country is entrepreneurship. More the entrepreneurship activities, better the development. Entrepreneurship is the life blood of any economy and it applies more to a developing economy like India. The areas of development are:

• Taking to higher rate of economic growth by creation of value.

• Speed up the process of industrial use of the factors of production.

• Creation of employment opportunities.

• Dispersal of economic activities to different sectors of economy and identifying new avenues of growth.

• Development of backward and tribal areas.

• Better social changes.

• Improvement of the standard of living of different weaker sections in the society.

• Bring socio - political change in the society. 15

• Develop technological know-how.

• Improve culture of business and expand commercial activities.

• Act as a change agent to meet the requirements of the changing markets and customer preferences.

• Develop a culture of achievement orientation.

1.3 CLASSIFICATION OF ENTREPRENEURS

In the early phases of economic development entrepreneurs will have initiative to start new ventures and find innovative ways to start new enterprise. New products, new techniques and new markets are found out by innovative entrepreneurs. It is innovative entrepreneurs who built the modern capitalism. The enterprising spirit of the innovative entrepreneurs opens new markets and develops enterprises.

There is a second group of entrepreneurs generally referred to as initiative entrepreneurs who copy or imitate suitable innovations made by the innovative entrepreneurs. They also contribute to the development of the economy especially in underdeveloped countries. The adaptation is mainly due to suit the local conditions. They bring industries to the poorer countries.

The third type is Fabian entrepreneur. By nature these entrepreneurs are shy and lazy. They follow the set procedures, customs, traditions and religions. They do not venture to take risks. Usually they are second generation entrepreneurs in a business family enterprise.

The fourth type is Drone entrepreneurs who refuse to copy or use opportunities that come on their way. They are conventional in their approach and stick to their set practices, products, production methods and ideas. They may be termed laggards. In such cases the organization loses market and may be pushed out of the market. 16

1.4 CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS

Entrepreneur is a human being, who conceives in his mind an industrial enterprise. For this purpose he provides considerable efforts for fructifying his dream. It is a purposeful penetrating action for initiating, promoting and managing the economic activity or activities for the production and distribution of wealth. There should be a person with a mind, heart and intention to combine them all and convert them into production or creation of goods and services wanted by the people. It is the entrepreneur who has to come forward to execute these activities related to production with the sole purpose of satisfying the customer.

Studies on entrepreneurs have revealed that personality and cultural or social factors are related to entrepreneurial behaviour. Traits such as self confidence, creativity, persistence, calculated risk taking capacity, determination, need for achievement, individuality, leadership, versatility, optimism and liking for challenges characterize the entrepreneurial person.

A person who has a business of his own is called an entrepreneur. But what differentiate an entrepreneur from a successful entrepreneur is his achievements in the field of his business. 17

1.5 ENTREPRENEURIAL SCENARIO IN INDIA

During post independence era, entrepreneurship has begun to grow faster. The Government of India has spelt through industrial policy statements steps for rapid and balanced industrialization of the country. The government recognizes the vital role of the private sector in accelerating industrial development especially after the economic liberalization in 1991.

The government pursues the following objectives:

• To maintain a proper distribution of economic power between public and private sectors.

• To disseminate the entrepreneurial acumen concentrated in a few dominant communities to a large number of industrially potential people of varied social strata.

• To encourage the spirit of industrialization by spreading entrepreneurship from the existing centres to other cities, towns and villages.

• To achieve the above objectives the government has decided to encourage the development of small scale units. It provides various incentives and concessions to SSI in the form of capital, technical know how, markets and land to establish industrial units particularly in the backward areas of the country.

1.6 GROWTH OF ENTREPRENEURS

The business history of India comes out with names of successful entrepreneurs such as Tata, Birla, Modi, Dalmia, Kirloskar and others who started their enterprises in a small way and made a good fortune. Post liberalization we have witnessed the latest generation of entrepreneurs such as 18

Ambani, Ruia, Azim Premji, Murthy, Siva Nadar etc. Scanning their personal characteristics show certain prominent traits:

• Willingness to work hard and to persevere even if the business is in the verge of failure.

• Having a strong desire to achieve high goals in business.

• Undying optimism for a future and not disturbed by others and follow their own route.

• Independent and not guided by the current problems besieging them.

• Good foresight to visualize the likely changes in the business and taking timely actions accordingly.

• Ability to bring together all the resources required for starting the enterprise.

• Initiating research and innovative activities to cater to changing needs of customers.

1.7 RELEVANCE OF STUDY

The study of entrepreneurship has relevance today, not only because it helps entrepreneurs better fulfill their personal needs but because of the economic contribution of the new ventures. More than increasing national income by creating new jobs, entrepreneurship acts as a positive force in economic growth by serving as the bridge between innovation and market place. Although government gives great support to basic and applied research, it has to have great success in translating the technological innovations to products or services. Although intrapreneurship offers a promise of marriage of those research capabilities and business skills that one expects from a large 19 corporation, the results have not been spectacular. This leaves the entrepreneur, who frequently lacks both technical and business skills, to serve as the major link in the process of innovation, development, and economic growth and revitalization. The study of entrepreneurship and education of potential entrepreneurs are essential parts of any attempt to strengthen this link so essential to a country’s economic well-being.

1.8 NEED FOR THE STUDY

Modern India is in need of substantial growth of the industrial and agricultural sectors for her march towards a global power and to successfully meet the social obligations such as poverty alleviation, raising standard of living, and meaningful employment to all. The role of entrepreneurs in this aspect is highly significant. Indian entrepreneurs have been instrumental in shaping the destiny of millions by providing them employment in their enterprises, venturing into untested arena, and introducing innovative business strategies. This naturally draws our attention to investigate as to how Indian entrepreneurs succeed in their ventures and the essence of such enquiry can be used as benchmark for budding and aspiring entrepreneurs.

1.9 SCOPE OF THE STUDY

The Indian entrepreneurs selected for study are based on the conditions that they have started their career either as low level employees of some organizations or started their venture with their own meagre investments. They are their own masters, in the sense that they did not have back up from their family members either in the form of financial support or inheritance of family wealth. They started their own enterprise with a humble beginning, and slowly and steadily picked up their business purely due to their entrepreneurship qualities. They faced hardships in course of their growth, but never gave up. The ingenuity and the spirit of entrepreneurship always kept up their hopes and confidence and eventually proved to be successful entrepreneurs. 20

1.10 EXPECTED OUTCOME OF THE STUDY

• To explore the traits of Indian entrepreneurs

• To differentiate successful Indian entrepreneurs from entrepreneurs

• To trace the success stories of selected successful Indian entrepreneurs

• To identify their winning strategies for success in business

• To summarize the findings of the study and establishing as bench mark for future entrepreneurs to be successful

1.11 METHODOLOGY OF THE STUDY

Based on the hypothesis proposed as above, a sample of fifty successful Indian entrepreneurs is carefully selected for the study. The methodology chosen is case study method; their history is studied in depth, the factors deciphered as to identify their secret of success.

1.12 LIMITATIONS OF THE STUDY

Due to time constraint, the researcher could not undertake extensive journeys for data collection. The difficulty in identifying the qualified entrepreneurs in India to meet the conditions laid down in the hypothesis, led to a sample size of fifty only. Hence, the result drawn out of the study is likely to have some error or bias. Nevertheless, the research findings are expected to throw light on specific factors for success and can act as guidelines for the future generation of entrepreneurs. 21

1.13 SCOPE AND ORGANISATION OF THE THESIS

For reasons best known to be explained in the ensuing chapters, it was decided that this exploratory study of the successful entrepreneurs may best be undertaken through a content analysis of undisguised and published cases in the descriptive methodology. A total of fifty such cases were identified and analyzed, few of them were interviewed with a view to corroborating the case data with the interview data.

In all, therefore, the samples consisted of around hundred ventures got reduced to fifty. The findings of the study and the review of the relevant literature are arranged in five chapters. It may be noted that in presenting the findings, I have deviated slightly from the convention of summarizing all the research literature on the topic in one chapter, and have spread them over different categories, depending on the sub-topics to which the findings discussed in the respective chapters are related.

The second chapter comprehensively reviews the literature related to this study. Chapter III explains the methodology which is a combination of the case method and the survey method (popularly known as the case survey (method). In the next chapter, namely Chapter IV, provides some empirical support for the paradigm of strategic choice (as opposed to that of environmental determinism) underlying the theoretical model as proposed in the earlier chapters. Following the discussions, in Chapter V, narrates the process of identifying successful entrepreneurs with their entrepreneurial heuristics and thumb rules so identified with findings and conclusions.

CHAPTER 2

REVIEW OF RELATED LITERATURE

2.1 INTRODUCTION

Several studies have been made in India and abroad on specific aspects of the field of entrepreneurship. The researcher is interested in presenting here a few studies from India and abroad relevant to the objectives of the present study, namely, to identify the success factors behind the successful Indian entrepreneurs.

2.2 REVIEW OF RELATED STUDIES

J.S. Saini and B.S. Rathore (2001) in their book titled Entrepreneurship: Theory and Practice, deal with entrepreneurial philosophy, where the success of entrepreneurs has been discussed. According to the authors, success of an entrepreneur depends on the entrepreneur’s willingness to hold responsibility for his own work. Though the risk of failure is always present, he takes risks by assuming responsibility for his actions. Learning from past experiences will help channel his actions to obtain better results and persistent efforts will yield success for sure.

Bholanath Dutta (2009) in his book, Entrepreneurship Management: Texts & Cases, deals in detail on the factors influencing entrepreneurship, viz., education, legality, infrastructure, finance, procedures, IT and communication, rapid changes, size of the firm, R & D and technology, stakeholders and globalization. The author has elucidated the characteristics of a successful entrepreneur at length. According to him, there are many critical factors contributing success such as skills, innovative mind, providing completeness to the factors of production, decision making, creative personality, plan making, 23 dynamic leadership, creator of wealth, self confidence and ambitiousness, risk bearing, and adventurous mind.

S.S.Khanka (2009) in his book Entrepreneurship Development illustrates the personal characteristics of successful entrepreneurs as hard work, desire for high achievement, high optimism, independence, foresight, good orgainising capacity, and innovativeness. According to the author, success of a small enterprise is, to a great extent, attributed to the success of the entrepreneur himself.

David H. Holt (2000) in his book Entrepreneurship: New Venture Creation has dealt in detail about the success factors for entrepreneurs. Holt says at the top of the success factor list is the “Entrepreneurial Team” comprising of partners, associates or extensive network of advisors.

A typical successful entrepreneur has an average education, in his thirties, and has solid job experience. Most technical entrepreneurs tend to start businesses closely related to what they did in previous career positions. Holt is emphasizing the point that success is closely related to a solid knowledge base and substantial experience in related field of operations. Moreover, they will also have well developed social and business relationships and therefore, have a strong foundation for building a team or support network.

Mary Kay Copeland (2010) in her article, Strategies of a Successful Entrepreneur: Nature or Nurture, in MBA Review, has deliberated on the characteristics of a successful entrepreneur. According to the author, the behaviours and personality characteristics that leading researchers have found in effective and successful entrepreneurs are – self confidence, risk taking capacity, discerning power, inquisitiveness, tolerance of ambiguity and uncertainty, creativeness, resourcefulness, affinity for autonomy and control, opportunism, optimism, action-orientedness, intuitiveness, persuasion, adaptation, resilience, tenacity and courage. 24

Translating these attributes into behaviours is believed to increase an entrepreneur’s effectiveness. These include – total commitment, determination and perseverance, drive to achieve and grow, orientation to goals and opportunities, taking initiative and personal responsibility, veridical awareness and a sense of humour, seeking and using feedback, internal locus of control, tolerance of ambiguity, stress and uncertainty, calculative risk taking and risk sharing, low need for status and power, integrity and reliability, decisiveness, urgency and patience, learning from failure, team builder and hero maker.

Mahima Rai (2010) in her article, Horning Entrepreneurial Skills: Role of B Schools, in MBA Review, enumerates the characteristics of a successful entrepreneur – self confidence and optimism, extra-ordinary energy and diligence, ability to take calculated risks, strong urge to achieve and creativity, ability to respond positively to challenges, leadership qualities, flexibility and adaptability, responsive to suggestions/criticism, initiative, resourcefulness and perseverance, independent minded with ability to get along well with others, perception and foresight, versatile knowledge of the market, government rules etc. The common thread in all entrepreneurial ventures is that the leaders driving these organizations have the ability to identify opportunity and create an organization to carry it through the creation of value for them.

Sujatha Mukherjee (2010) in her article, Profiling the Urban Women Micro-entrepreneurs in India, in the Journal of Entrepreneurship Development, draws the picture of an entrepreneur as a) a person who assumes the risk associated with uncertainty b) an adventurer who undertakes risks, brings together the capital and labour required for the work c) an innovator d) a decision maker e) an economic leader f) a manager or a superintendent g) an organizer and coordinator of economic resources h) an owner i) a contractor j) a referee and k) a locator of resources for alternative uses. According to the author, being entrepreneurial involves combining personal characteristics and financial means and resources within an environment to set up a business. 25

Lakshman Prasad and Subhasish Das (2008) in their book Entrepreneurial Climate: An Assorted Coverage make an intensive study on entrepreneurship involving psychological as well as socio-cultural milieu, viewing entrepreneurs as innovators. The integrated behavioural framework, suggests the pooling of traits such as achievement orientation, strategic vision, personal resourcefulness, innovativeness and opportunity seeking at high intensities in non-restrictive environment to give rise to an enterprise.

Some surveys conducted by the authors on the subject of identifying entrepreneurial traits bring out a host of some distinguishing features of successful entrepreneurs. They are: leadership and vision, creativity, dynamism, team building spirit, commitment and goal orientation, and problem solving temperament.

Dr. A. Peter (2004) in his book Youth Entrepreneurship Everywhere explains youth entrepreneurship as a process of turning ideas into opportunities and opportunities into successful businesses through the practical application of one-to-one mentoring model, entrepreneurship awareness-building skills, personal empowerment skills, entrepreneurial/enterprise skills, business planning skills, business management skills, support services availing skills and business improvement skills.

The author substantiates through the example of a growing child that enormous entrepreneurial potentials are hidden inside every youth. The hidden treasures are the entrepreneurial potentials hidden inside every youth waiting to be utilized. The author says that we are all entrepreneurial in nature, because everyone has been born with many entrepreneurial skills such as courage, creativeness, initiative, self-confidence, self-motivation, risk-taking, failure managing, persistence etc.

R. Nagendran, Dr. K. Banumathy and Dr. N.R.V.Prabhu (2002) in their book Entrepreneurship Management and Development of Small Business 26 explain the characteristics of successful entrepreneurs. A successful entrepreneur is always aware of the new developments and change that take place around him in the society and is prepared to adapt to the changing needs of the society. He is the pivot around which all other factor of production, productive resources, and techniques should revolve. He combines talents, abilities and drive to transform the resources into profitable undertakings.

According to the authors, studies on entrepreneur have revealed that personality and cultural or social factors are related to entrepreneurial behaviour. Cross cultural studies covering India, Japan, Guinea, Malaysia, Mexico, Philippines and Indonesia indicate that traits such as self confidence, creativity, persistence, calculated risk taking capacity, determination, need for achievement, initiative taking flexibility, individuality, leadership, versatility, optimism and liking for challenge, characterize the entrepreneurial person.

Priti Krishnan (2007) in ICFAI Business School Case Studies on Entrepreneurship narrates the qualities of an entrepreneur in the overview as: he takes risks and is innovative, opportunistic, creative, flexible, dynamic and growth oriented. However, each of these facets is neither conclusive nor definitive. For example, a common notion that entrepreneurs are only those individuals who start their own companies, neither Jack Welch of GE or Ray Kroc of McDonalds did that. But few would deny that they are entrepreneurs. This reflects that not all are the same. Although they share some common characteristics, every entrepreneurial style is unique in its own way.

B. Badhai (2001) in his book Entrepreneurship for Engineers defines entrepreneur as a person who has already started an enterprise or who is in the process of starting one. The author enlists the characteristics of an entrepreneur in Indian conditions as – need for achievement, risk taking attitude, need to influence others, ability to sense opportunities, positive self concept, level of expectation, initiative, inclination to accept challenges, independent thought 27 and action, problem solving attitude, inclination for searching environment, time boundness, sense of dissatisfaction, result orientation, influence to get through bureaucratic red tapism, financial soundness etc.

Poornima M Charantimath (2008) in her book Entrepreneurship Development and Small Business Enterprises narrates some of the characteristics that every successful entrepreneur must possess in adequate measure. They are – creativity, innovation, dynamism, leadership, team building, achievement motivation, problem solving, goal orientation, risk taking and decision making ability and commitment. According to the author, ideas usually evolve through a creative process whereby imaginative people bring them to reality, nurture them and develop them successfully. The creative process for an idea involves five stages – germination, preparation, incubation, illumination and verification.

Thomas W. Zimmerer and Norman M. Scarborough (2006) in their book Essentials of Entrepreneurship and Small Business Management, describe entrepreneur as a person who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them.

Although research studies have identified several characteristics entrepreneurs tend to exhibit, according to the authors, none of them has isolated a set of traits required for success. Nevertheless, they have given a brief summary of the entrepreneurial profile for success. They are – desire for responsibility, preference for moderate risk, confidence in their ability to succeed, desire for immediate feedback, high level of energy, future orientation, skill at organizing and value for achievement for money. The authors have supplemented other characteristics frequently exhibited by 28 entrepreneurs as high degree of commitment, tolerance of ambiguity, flexibility and tenacity.

The authors make a summary about the entrepreneurial personality at the end of their research, which says that entrepreneurs are not of one mold; no one set of characteristics can predict who will become entrepreneurs and whether or not they will succeed. Anyone, regardless of age, race, gender, colour, national origin, or any other characteristics can become an entrepreneur. Entrepreneurship is not a mystery; it is a practical discipline. It is not a genetic trait; it is a skill that most people can learn.

Robert D. Hisrich, Michael P. Peters and Dean A. Shepherd (2007) in their book on Entrepreneurship have identified a few capabilities or personal characteristics that an entrepreneur should possess. According to him, the entrepreneur should have adequate commitment, motivation and skills to start and build a business. The entrepreneur must determine if the management team has the necessary complementary skills to succeed. Some key characteristics of a successful entrepreneur are: a) Motivator – an entrepreneur must build a team, keep it motivated and provide an environment for individual growth and career development. b) Self-confidence – entrepreneurs must have belief in themselves and the ability to achieve their goals. c) Long-term involvement – an entrepreneur must be committed to the project with a time horizon of five to seven years. d) High energy level – success of an entrepreneur demands the ability to work long hours for sustained periods of time. e) Persistent problem- solver – he must have an intense desire to complete a task or solve a problem, creativity is an essential ingredient. f) Initiative – he must be able to set challenging but realistic goals. g) Moderate risk taker and learn from failures. These personal traits go a long way in making an entrepreneur successful. However, no entrepreneur possesses total strength. In such cases, he acquires and/or associates and thus strengthens his enterprise. 29

James J. Berna (1960) brings us to the issue of the appropriate criteria for evaluating entrepreneurial activity in under-developed countries. A country with little or no industrial tradition can hardly produce innovators capable of substantial transformations without first producing and in large numbers, the humbler type of entrepreneur. This type of entrepreneurship is a complex phenomenon involving numerous sub-functions. Chief among these sub- functions are business promotion, capital provision, and risk-bearing, technical innovation and adaptation, and business management. The list of sub-functions enumerated brings out clearly the fact that entrepreneurship is basically a type of human skill, or more accurately a combination of skills and abilities. The most important of these are organizational and administrative ability, some degree of business and technical knowledge, alertness to opportunity, willingness to accept change and the psychological capacity to assume risk.

According to James J. Berna, a true entrepreneur besides possessing functional qualities must also possess a broad personality which helps in developing initiative and drive to accomplish great tasks and face challenges squarely. The author has stressed the following qualities of a good entrepreneur:

1. He is an enterprising individual, is energetic, hardworking, resourceful, aware of new opportunities and able to adjust himself to changing conditions with ease and willingness to assume risks involved in change.

2. He is interested in an advancing technology and in improving the quality of his product or service.

3. He is interested in expanding the scale of his operation by reinvesting his earnings.

4. He visualizes changes and adapts to changing conditions. 5. He is a firm believer in planning and systematic work. 6. He works for the society at large and for the good of his fellow-beings. 30

The above qualities sum up, what is usually implied from the phrase, the “spirit of enterprise”. It is difficult to conceivers of a first-rate industrial entrepreneur who is not adaptable to change, anxious to grow large and improve technologically. Entrepreneurship appears as a personal quality which enables certain individuals to make decision with far-reaching consequences. The personal qualities that contribute to the success of an entrepreneur are motivation towards achievement, creativity and clarity among others.

James J. Berna narrates James T. McCrory’s study on a small industry in a North Indian town. In contrast to industrial entrepreneurs of a mercantile background, McCrory found that the craftsman-entrepreneur he encountered had “all the qualities of good entrepreneur”. These qualities he describes as follows: They live frugally and save. They are highly skilled themselves or employ skilled personnel. They are quality conscious, able to make improvements in techniques on their own, quick to learn from others. As entrepreneurs, they are tenacious to the extreme. When one industrial venture fails, their first act is to begin scrapping together savings for another. As manufacturers, they are versatile and resourceful with the few resources at their command. If they cannot buy a machine, they will build it themselves. If they cannot reproduce a technique, they will improvise one of their own. Most are as sensitive to new demands and market changes as their information and their circumstances permit.

Based on his findings, McCrory has laid emphasis on such qualities as to live frugally and save, tenacity of purpose, versatility and resourcefulness as the main attributes of entrepreneurs. His further observation is that there are neither technological nor organizational reasons why small industrial firms of this type should not grow steadily and without losing the identity into medium or even large firms. 31

H. Nandan (2007) in his book Fundamentals of Entrepreneurship highlights on the ultimate success in any entrepreneurial endeavour. According to him, the success depends on the personality, that is to say, the composite characteristics, of the entrepreneur. The entrepreneurial personality denotes the totality of the entrepreneur’s individual character traits, including attitude, habits, emotional tendencies and behavioural patterns. In fact, extraordinary personal traits not only constitute entrepreneurs, but also serve to identify them from others.

Entrepreneurial function requires certain distinctively special qualities and skills. Individuals aspiring to become successful entrepreneurs are expected to possess distinctive abilities, rather than the requisite qualities and skills, to achieve their desired goals. Studies have revealed that all entrepreneurs crowned with success do not and need not necessarily possess a specified range of exactly similar attributes. In other words, no two entrepreneurs will have ever their competencies absolutely identical in nature, intensity and combination. However, a belief strongly held by many suggests that most entrepreneurs commonly share quite a few distinctive qualities and skills that are not evident in average people.

The primary attributes said to be closely associated with the most enterprising individuals are: a) inquiring mind studying the business environment and looking for opportunities to penetrate into the market, and b) unceasing alertness adjusting business strategies so as to reach their targets. Entrepreneurs, in particular, have foresightedness to ascertain market trends and the ability to assess consumer needs and wants for change. Entrepreneurs understand that in the struggle to gain ground or to survive in a competitive free market economy, the need for innovations becomes all the more important. In short, the successful entrepreneurs possess such characteristics as creative frame of mind, desire to break away from the age-old traditional practices, think deeply of varied untried ideas aimed at creating new means of 32 production, new devices, products or services, conceptualize new ideas, and possess independent energetic spirit to translate their thoughts into realities. They decide very clearly what they want, determine the course of action and prioritise the steps they must execute. They are able to assemble the required resources, risk uncertainties and face challenges.

Owner-entrepreneurs exercise persevering attention, clear thinking and good judgement in dealing with day-to-day operations. They have interest and knowledge in practical business matters, and power to grasp and sort out problems. They are adept in coping with difficult situations and dealing with all sorts of people. Most entrepreneurs possess sound health, dynamic leadership, emotional stability and organizing ability. Above all, the noteworthy typical personality traits commonly possessed by the vast majority of entrepreneurs include sharp intelligence, keenness of perception in practical business matters, optimism, determination, high level energy, persuasiveness, single-mindedness and hard work.

Entrepreneurship Development Institute of India (EDI-I) (unpublished data), in its reference book, Developing New Entrepreneurs, draws a detailed picture about an ideal entrepreneur and keeps certain standards as yardstick for identifying future successful entrepreneurs. The most frequently cited personal variables found to be predictable in successful entrepreneurs which the EDI-I selection process attempts to identify include the following: need to achieve, moderate and calculated risk-taking, initiative and independent, problem solving, hopeful about future and high level of aspiration, time boundness, tendency to analyze the environment, and desire to influence.

An international research project to identify and validate the entrepreneurial traits and competencies, in which EDI-I participated, identified Personal Entrepreneurial Characteristics (PECs) by studying the tasks, 33 activities and behaviour of successful and average entrepreneurs of India, Malawi and Ecuador.

The important entrepreneurial competencies which emerged as relevant for success in entrepreneurial career among all the three countries include: a) Achievement cluster: initiative; seeing and acting on opportunities; persistence; information seeking; concern for high quality work; commitment to work contracted; efficiency orientation. b) Thinking and problem solving cluster: systematic planning; problem solving. c) Personal maturity cluster: self confidence. d) Influential cluster: persuasion; use of influence strategies. e) Directing and controlling cluster: assertiveness.

The findings of the research also suggested that most of these PECs are cross - culturally common, irrespective of personal background of the entrepreneurs, their social status, values, culture and the level of economic growth of the society. This research showed strong evidence that the success of an entrepreneur in a small business hinges upon these PECs which include a cluster of competencies pertaining to achievement motivation – the concept used by EDI-I in the selection adopted and spread to other parts of the country.

Based on the studies made on the characteristics/traits of personalities of successful entrepreneurs, S.B. Srivastava (1992) in his book A Practical Guide to Industrial Entrepreneurs says that some of the qualities are inherent, but others are most acquired. Broadly speaking, four qualities are the most important ones, i.e., intelligence, motivation, knowledge and opportunity. While intelligence is inherent, knowledge is generally gained by a continuous 34 process. The dynamic and successful entrepreneurs generally create their own opportunities; the government is, however, greatly instrumental in creating a basic infrastructure and opportunities. The qualities of entrepreneurs may further be sub-divided as under:

Capacity to take risk, capacity to work hard, desire for deferred consumption, capacity to take advantage of an external situation, imagination, emulation, initiative, sociability and flexibility, inventive ability and knowledge – both informative and technical.

Meredith Geoffrey G, Nelson Robert E, and Neck Philip A (1983) in their article, The Practice of Entrepreneurship in this book by S.B. Srivastava describe that entrepreneurs are people who have the ability to see and evaluate business opportunities, to gather the necessary resources, to take advantage of them and to initiate appropriate action to ensure success. The following list of characteristics and traits provides a working profile of entrepreneurs:

Characteristics Traits

Self confidence Confidence, independence, individuality, optimism. Task result-oriented Need for achievement, profit oriented, perseverance, determination, hard work, drive, energy, initiative Leadership Leadership, behaviour, gets along with others, responsive to suggestions & criticism Originality Innovative, creative, flexible, resourceful, versatile, knowledgeable Future oriented Foresight, perceptive

A person may not have all these qualities, but the more one has, greater is the chance of being an entrepreneur.

S.K. Bhattacharya and M.M.P. Akhouri (1975) in their article Profile of a Small Industry Entrepreneur in this book by S.B. Srivastava, declare the following aspects as important components of entrepreneurial profile:

1. Entrepreneurs have high need for achievement

2. They take calculated and moderate risks

3. They have high personal efficacy

4. They possess leadership qualities

5. They show high commitment to task

6. They are good at team work

7. They have good planning ability

8. They have sound decision making ability

Understanding entrepreneurial traits and qualities enable identification and selection of entrepreneurs and developing suitable programmes for upgrading their knowledge and skills and developing the right motivation in them to take up enterprises of their own and manage them well.

David C. McClelland, (1961) in The Achieving Society, in the book by S.B. Srivastava, has pointed out that successful entrepreneurs are characterized by a) an unusual creativeness b) a propensity of risk-taking c) a strong need for achievement. An entrepreneur possesses the following attributes:

1. Likes to take personal responsibility

2. Likes to take moderate risks

3. Wants to know the result of his efforts

4. Tends to persist in the face of adversity 36

5. Tends to be innovative

6. Is oriented towards future

7. Tends to be mobile and is not completely satisfied

T. Venkateswara Rao, Udai Pareek and Prayag Mehta (1978) declare in their compiled handbook Developing Entrepreneurship, Learning Systems that every entrepreneur may not have all the characteristics as generally believed to have. In fact, there is no research to indicate this. However, it may be that the more these characteristics are present in a person, the more effective he is likely to be an entrepreneur.

Generally, every entrepreneur is assumed to possess the good qualities as enumerated below: a) Need for achievement b) Need for influencing others c) Sense of efficacy d) Risk taking e) Openness to feedback and learning from experience f) Need for independence g) Hope to success h) Expectation from employees i) Competition and collaboration j) Flexible authority relationship m) Concern for society n) Social consciousness o) Dignity of labour and p) Saving for future.

The authors raise a pertinent question whether entrepreneurship is a package of characteristics. The portrayal of entrepreneurial characteristics so far is likely to give an impression that he represents a special type of person and that everyone cannot be a entrepreneur. This is not true, though. The characteristics listed so far are based on several studies and experience and most of them are not conclusive.

Nonetheless, an entrepreneur would certainly be different from the non- entrepreneur in terms of his psychological and social dispositions. But he need not have all these characteristics together. There is no evidence to indicate that an entrepreneur cannot be successful without some of these characteristics. 37

Entrepreneur with strengths in creative abilities may emerge successful without possessing many of these characteristics. Answers to questions like what are the optimal combinations of characteristics needed to an entrepreneur are not clearly available. The evidence only points to some dominant traits in successful entrepreneurs. In such situations, certain generalisations could, however, be made. a) The traits described earlier can be developed in people through psychological education c) Presence of these traits increase probability of an entrepreneur emerging out successful.

P. Saravanavel (1991) in his book Entrepreneurship Development: Principles, Policies and Programmes, depicts the right qualities of a true entrepreneur. An entrepreneur should be one who bears, innovates or initiates and organizes the business. As successfully he performs such functions to the extent he justifies his existence. Whether he performs such functions effectively is determined by the nature of quality control, cost reduction, improved industrial relations, profit earning and the like. All these are possible if the entrepreneur is especially a talented person and he possesses the following qualities in him:

1. Capacity to assume risk and possessing self confidence

2. Technological knowledge, alertness to new opportunities, willingness to accept change and ability to initiate.

3. Ability to marshal resources

4. Ability to organize and administer

A study of European entrepreneurs in the 19 th century at the time of Industrial Revolution reveals that a typical entrepreneur was found more self- centered than others. He believed in breaking up the old traditions and establishing new traditions. Such an entrepreneur was found highly ambitious. 38

He had the will to conquer, the impulse to fight and succeed and a tendency to prove himself superior to others.

A true entrepreneur, besides possessing functional qualities mentioned above, must possess the broad personality contours which help him in developing initiative and drive to accomplish such tasks which he decides from time to time. In an early period, an economist like J.B. Say observed that an entrepreneur must possess the following special qualities: He must have “judgement, perseverance and the knowledge of the world as well as of business. He is called upon to estimate, with tolerable accuracy, the importance of specific product, the probable amount of demand, and the means of its production; at another buy or order the raw material, collect labourers, find consumer, and give at all times a rigid attention to order and economy, in a word, he must possess the art of superintendence and administration.

Joseph Prokopenko and Igor Pavlin (1992) draw a rather not so rosy picture about the entrepreneurship development activities in public enterprises. In view of the limited entrepreneurial practices and opportunities inside the public sector, in particular in socialist economies in the past, a systematic effort should be made to develop endogenous entrepreneurship. Many researchers of western business, among them for example, Peter Drucker, point out that entrepreneurship and entrepreneurs can be developed through conscious action. According to this view, the development of entrepreneurs and entrepreneurship can be stimulated by a set of supporting institutions, by deliberate innovative action stimulating change, and above all charging the management of existing corporations with the responsibility of new products and spin-off firms by giving full support to capable individuals and entrepreneur groups. While the role of the individual with innovative ideas and sufficient drive is still emphasized, the purposeful and systematic management of this process is also of key importance. As a result, different methods for the development of entrepreneurship have been tried, ranging from entrepreneurial training courses 39 at different educational levels and management/employee buy-outs, to new business incubators.

B.S. Rathore and S.K. Dhameja (2000) outline the challenges the future entrepreneurs have to face in this century through their book Entrepreneurship in the 21 st Century. The future entrepreneurs will have to face considerable challenges and severe competition not only from domestic industries, but also from enterprises of global nature. With liberalization, the Indian entrepreneur is facing competition from the global players even in such areas like consumer products which recently had some protection.

The future entrepreneurs have to be prepared through training and exposure for planning and launching an enterprise. Another task which is important in serving the entrepreneur of the 21 st century is the creation of suitable data banks in technology and services available, arranging of technical tie-ups between competent open minded entrepreneurs existing within the country and with entrepreneurs/investors in other selected developed and developing countries.

Centre for Entrepreneurship Development (unpublished data) in its preparatory notes on Entrepreneurship and Small Business Management, describes successful entrepreneur as one who is always aware of the new developments and change that take place around him in the society and is prepared to adapt to the changing need of the society. He is the pivot around whom all other factors of production, productive resources and techniques should revolve. He combines talents, abilities and drive to transform the resources into profitable undertakings.

Studies on entrepreneurship have shown that personality and cultural/social factors are related to entrepreneurial behaviour. Cross cultural studies covering India, Japan, Guinea, Malaysia, Mexico, the Philippines and Indonesia indicate that traits such as self-confidence, creativity, persistence, 40 calculated risk taking ability, determination, need for achievement, initiative taking, flexibility, individuality, leadership, versatility, optimism and liking for challenge, characterize the entrepreneur person.

The knowledge of entrepreneurial competence has been sharpened over the last three decades. The following is a list of major competencies that contribute top performance: Taking initiative, seeing and acting on opportunities, persistence, information seeking, concern for high quality of life, commitment to work contract, efficiency orientation, systematic planning, problem solving, self-confidence, assertiveness, persuasion, use of influence strategies, monitoring and concern for employee welfare.

S.V.S. Sharma (1979) in his book Developing Entrepreneurship: Issues and Problems, narrates a detailed description on the characteristics of successful entrepreneurs and draws comparison with the unsuccessful entrepreneurs among other issues. Research on entrepreneurship indicates a gradual convergence of interest in the factors that contribute to successful entrepreneurship and has attempted to answer the following questions.

1. What are the individual or psychological characteristics of an entrepreneur?

2. Is there any typical social background which characterizes an entrepreneur?

3. Are most of the successful entrepreneurs drawn from particular occupational groups?

Attempts have been made by social scientists to find answers to the above questions. The vast amount of research which has been generated as a result of tremendous interest in the field of entrepreneurship and entrepreneurial behaviour is generally related to sociological and socio- psychological aspects of entrepreneurship. 41

A study of personality factors of successful and unsuccessful entrepreneurs (Alladin, M.T., 1979) at the SIET Institute covering 16 dimensions of personality revealed that successful entrepreneurs were found to be significantly more social, emotionally stable and more assertive than unsuccessful ones. The findings were also suggestive of a trend indicating that successful entrepreneurs were less suspicious but more apprehensive than unsuccessful ones. However, on dimensions like intelligence, expedient vs. conscientiousness, sly vs. venturesome, tough-minded vs. tender-minded, practical vs. imaginative, far-sighted vs. shrewd, conservative vs. experimenting, group dependent vs. self-sufficient and relaxed vs. tense, the differences between successful and unsuccessful entrepreneurs were found to be negligible.

On the final analysis, the role of the characteristics associated with the success of entrepreneurship – personal, social and psychological, individually or in combination, stands out significantly. And it appears possible and perhaps necessary to develop ways and means of identifying potential entrepreneurs who could be encouraged and supported on a selective basis. It is not suggested that one could arrive at a universally applicable and invariant portrait of an entrepreneur. But what is advocated is the view that in every society some people possess entrepreneurial qualities to a greater degree than others. And these people have to be involved to take advantage of developmental activity. While entrepreneurial behaviour can be readily identified as a common pattern, the underlying roots of such behaviour seem to vary from culture to culture. A more conclusive picture will emerge only out of well planned research efforts in different countries, individually and in coordination.

Meredith Geoffrey G, Nelson Robert E, and Neck Philip A (1982) in their book The Practice of Entrepreneurship describe the features of entrepreneurs. They are action oriented, highly motivated individuals who take risks to achieve goals. Most entrepreneurs have definite goals and expectations. 42

The clearer the goals are, the more likely they are to achieve them. Every person is a unique individual and no two persons are alike. All people have had different past experiences, are living in different life situations, have different commitments and responsibilities, and have different life goals. The previous experiences of an entrepreneur are usually broad and varied and determine his present life situation. Most entrepreneurs have modeled themselves on another; probably older entrepreneur and close identification with such a “role model” will lead to the acquisition of entrepreneurial behaviour and skills.

The current job and the financial and family circumstance, as well as other factors, help to determine the attitude towards being entrepreneurial. He has various obligations and commitments to himself and to others, including his family, employer and employees, friends and other community members. If he has too many commitments and responsibilities outside his work, he will find it difficult to be entrepreneurial. In planning for the future he has to be realistic in determining those things that can be changed and those that cannot. His past experiences should help him to understand better his present situation.

To some extent, success as an entrepreneur depends on their willingness to accept responsibility for their own work. Even though the risk of failure is always present, entrepreneurs take risk by assuming responsibility for their actions. Some entrepreneurs succeed only after experiencing many failures. Entrepreneurs have a sound mental outlook on life. They are matured individuals who have developed a way of viewing all experiences in a healthy manner. Entrepreneurs are people who know how to find satisfaction in work and are proud of their accomplishments.

Successful entrepreneurs are successful leaders, whether they lead a few employees or a few thousands. By the very nature of their work, entrepreneurs are leaders because they must seek opportunities, initiate projects; gather the 43 physical, financial and human resources needed to carry out projects; set goals for themselves and others; and direct and guide others to accomplish goals.

Kalpana Vaish (1993) in her book Entrepreneurial Role of Development Banks in Backward Areas quotes Prof. Schumpeter on his views on entrepreneurs. According to him, supply of entrepreneurs depends on the rate of profit and social contract. Profit induces the prospective entrepreneur to get into the business and start new activities. But this does not necessarily imply that the entrepreneur is concerned only with pecuniary profits. He is basically an innovator, with an achievement motive which aspires for something more than money. It is for such entrepreneurs to function effectively that the necessary entrepreneurial culture and a social climate conducive to industrialization are needed.

Development of entrepreneurship involves identification of potential entrepreneurs, training them and developing in them the characteristics or abilities required for entrepreneurial success and providing support to the trained entrepreneurs in all subsequent stages of actual enterprise building.

S.B. Verma (2005) in Entrepreneurship and Employment: Strategies for Human Resource Management, highlights the role of entrepreneurship on economic development. Entrepreneurship as an economic activity emerges and functions in sociological and cultural setting. It could be conceived of as an individual free choice activity or a social group’s occupation or profession. In Indian context, entrepreneurs hail either from communities which are traditionally endowed with entrepreneurial qualities or those from traditionally non-entrepreneurial group. Further, entrepreneurship may result in basic, partial or total transformation in the client community.

The entrepreneur in this context is defined as one who could start a new activity or a new enterprise which is a deviation from his traditional family occupation or profession. Entrepreneurship can also be thought of as a creative 44 activity. The entrepreneur is an innovator who introduces something new into the economy – a method of production not yet tested, a product with which consumers are not familiar, a new source of raw material, or a new market hitherto unexplored and other similar innovations.

Dr. B.S. Patil (2009) in his book on Social Entrepreneurship draws in detail the role and responsibilities of social entrepreneurs. Any definition of social entrepreneurship should reflect the need for a substitute for the market discipline that works for business entrepreneurs. The definition combines an emphasis on discipline and accountability with the notions of value creation taken by Say, innovation and change agent from Schumpeter, pursuit of opportunity from Drucker, and resourcefulness from Stevenson. In brief, this definition can be stated as follows:

Social entrepreneur plays the role of change agents in the social sector by:

1. Applying a mission to create and sustain social value

2. Recognizing and relentlessly pursuing new opportunities to serve that mission

3. Engaging in a process of continuous innovation, adaptation and learning

4. Acting boldly without being limited by resources currently in hand

5. Exhibiting heightened accountability to the constituencies served and for the outcomes created

Social entrepreneurship describes a set of behaviours that are exceptional. These behaviours should be encouraged and rewarded in those who have the capabilities and temperament for this kind of work. Social entrepreneurs are one special breed of leaders and they should be recognized as such. We need them to help us find new avenues towards social improvement. 45

Dilip Gangopadhyay (2001) in his book Enterprise and Entrepreneurs draws our attention on the intense relationship between them, and highlights the importance of entrepreneurship for the economic growth of a country. Entrepreneurship is a variable, depending on the country’s resolution for economic growth and its scope is limited by the agenda under the national policy. In regard to our country, it is encouraged towards:

a) Social justice b) Removal of imbalance amongst the regions and dispersal of entrepreneurial activities in backward rural areas c) Equitable distribution of income by way of creating jobs for the unemployed d) Substantial addition to the GNP and off late e) Techno-economic reliance through economic liberalization and industrial globalization by way of turning mixed economy into market economy.

Once the role and functions of an entrepreneur are understood properly, the qualities which must be present or need to be developed to undergo the entrepreneurial process with success should be determined. Such qualities termed as characteristics are:

Capacity to take risk, capacity to work hard, capacity to search, capacity to exalt competence, capacity for creative thinking, capacity to influence and persuasion, quality consciousness and desire for deferred consumption.

Mario Rutten and Carol Upadhya (1997) in their book Small Business Entrepreneurs in Asia and Europe, Towards a Comparative Perspective, highlight the general features of entrepreneurs engaged in Asia and Europe. The authors quote Harvey (1989) and others who have argued that the growth of small scale and rural based entrepreneurial classes throughout Asia and Europe may be related to the profound transformation which has taken place in the capitalist world system during the last two decades. Many of the small enterprises, both manufacturing and service-oriented, are linked to larger companies through sub-contracting relations. 46

Most studies on entrepreneurs have found social networks to be central to their functioning and this is true of European as of Asian businessmen. If social networks are viewed in a broader sense as a kind of ‘social capital’, then their ubiquity among business entrepreneurs can be better understood. The creation of social capital is essential not only for successful business dealings and the enhancement of prestige, but also for insurance against an uncertain future.

Naunihal Singh (2003) has written his book Effective Entrepreneurial Management from a definite and pragmatic point of view that stated, is this: Neither innovative genius, nor hard work, nor even luck is in itself a guarantee for corporate success. Assuming that all these are present in the new venture in at least trace quantities, the missing catalytic element often seems to be what we might call the ‘entrepreneurial state of mind’. It might be characterized as a degree of tough-mindedness that stops somewhere short of combativeness, a confidence in one’s intuitive as well as one’s rational faculties, a capacity to think tactically on one’s feet, as well as to plan strategically in the business school sense; an aptitude that senses timely action based on sometimes inadequate information, ahead of prolonged fact-finding; a mental set stressing integration of many facts into action plans, rather than endless differentiation and analysis.

A Hand Book for New Entrepreneurs (1986) (unpublished data) prepared by EDI-I faculty and experts give their version of entrepreneurship. It is not a matter of heritage; it is entirely a manifestation of such potentialities that any individual born in any caste, community and class can have. As such, any person having a certain set of behavioural traits and mental aptitudes in him/her can become an entrepreneur. Besides, there is no need for such person to be groomed from the very childhood for becoming an entrepreneur. Even if he/she is grown up, has worked on a different line, and has developed these 47 traits or aptitudes, he/she can be groomed and developed as an entrepreneur through counseling and motivational measures.

In order to know at first hand the factors which have led to the promotion of entrepreneurship in small scale industry sector, a study was conducted by B.S. Batra (2002). This led to an in-depth analysis of the socio- economic profile of entrepreneurs and the various factors of promotion, success or failure of entrepreneurs.

There are a number of factors which motivate a person to enter into industry. There are internal as well as external factors. Among the external factors, incentives to set up the new units prompted many to enter into entrepreneurial activity. Heavy demand for the product, high profit margin and other external factors motivated them to start the business units in the states. Among the internal factors, strong urge to do some independent job accounted for a major chunk. The analysis of personality factors indicated that competencies of entrepreneurs and risk taking ability have been a major motivating factor.

Many factors generally affect the growth of entrepreneurs. These include previous occupation, family background, caste, education, technical know-how, financial position, government help, and personality of entrepreneurs. These factors affect the process of industrial growth. Thus, in order to promote industrial growth and development, it becomes necessary to create a conducive climate which helps in promoting entrepreneurship.

The entrepreneurial spirit, as described by various studies and experiences on the subject involves not only desire to gain monetary benefits, but also an admixture of an utmost need for achievement and all the motivations evident in a high achiever. Long term involvement with a goal which the entrepreneur has set for himself creates the need to persist with the undertaking even in the face of number of barriers. 48

The advanced countries have made spectacular performance on the basis of industrial entrepreneurship. The Asian region presents a similar underdevelopment. In India, most of the industrialized states have shown a high rate of industrial growth during the last many decades. There is predominance of small scale units which have shown a tendency of growth. The states have plenty of small scale enterprises, but there are a few persons who have entered medium and large scale sectors. However, the entrepreneurs have matched their counterparts in developed regions in risk bearing capacity and their entrepreneurial skills. It is true to a large extent that whatever the various states have been able to achieve is mainly due to the efforts of the entrepreneurs.

The entrepreneurs in low capital base depended mostly on family funds while those in medium capital base tried to tap some nearby sources like friends and relatives. However, more than half of the persons in high capital base got resources from governments as well as various financial institutions. The business families supply more entrepreneurs than any other type. The persons from business families are directly or indirectly exposed to family businesses which make them familiar with business practices. The families with business occupation provided large number of entrepreneurs.

Neal Thornberry (2006) describes the entrepreneurial philosophy in his book Lead like an Entrepreneur. The entrepreneurial half of the entrepreneurial leadership requires the wearing of an entrepreneurial hat on a day-to-day basis. Some people refer to this focus as a “mindset” or ‘philosophy” or perhaps a lens through which a leader tends to consistently view his corporate world. It is more fruitful to view this as a mindset than as an inherent or inborn characteristic, since people can learn to wear this hat.

Simply defined, this mindset is a way of thinking and acting that is entrepreneurial in nature and manifests itself in number of outwardly 49 observable behaviour. Unlike a trait, mindset can be learnt by most people if they have a desire to do so. What separates most organizational managers from entrepreneurial leaders is desire. Some people have this desire naturally, but we have seen others, employed in large corporations, get it through a combination of education, personal development, and well designed compensation and motivational strategies.

The entrepreneurial mindset involved the following 10 qualities:

Internal locus of control, Tolerance for ambiguity, Willingness to hire people smaller than oneself, A consistent drive to create, Build or change things, Passion for an opportunity, A sense of urgency, Perseverance, Resilience, Optimism and Sense of humour about oneself.

Entrepreneurship is about opportunity identification, development and capture. This is the be-all and end-all. This is what entrepreneurs do and why they are called so. What separates most of us from successful entrepreneurs is that they are willing to spend the time and energy to go through this process. The process is not magic; it can be learnt. A clear discipline is involved in turning an idea into an opportunity. Companies which wish to rekindle their entrepreneurial spirit need to create an environment in which managers become impassioned about an idea to the point that they are willing to pursue it even if there are obstacles.

G.R. Basotia and K.K. Sharma (1999) explain the role of entrepreneurs in developing enterprises in their handbook on entrepreneurship development. An entrepreneur has to coordinate and control various factors of production for achieving a given objective. All factors are equally important for making the enterprise a success. Various departments should work in coordination with one another and organizational and financial planning should be properly determined. Modern business has become complex and complicated. The improvement in technology and changing consumer preferences are creating 50 more challenges for the entrepreneurs. All aspects of an enterprise – production, financing, marketing etc., should be properly arranged and coordinated to make an enterprise successful. Some pre-requisites for the success of an enterprise are: Setting objectives, Proper planning, Sound organization, Proper location and lay out of plant, Marketing and distribution and Dynamic leadership.

J. Gayathri (2009) quotes Tata, Birla, Modi, Dalmia, Kirloskar and others as examples of successful entrepreneurs, who started their business enterprises with small size and good fortunes. Success or otherwise of a small enterprise, is to a great extent, attributed to the success or otherwise of the entrepreneur himself. What makes them successful? Whether they have anything in common in their personal characteristics? The scanning of their personal characteristics shows that there are certain qualities of entrepreneurs which are found usually prominent in them. The principle characteristics identified are: hard work, desire for high achievement, highly optimistic, independence, foresight, good organizing and innovative mind.

Chris Boulton and Patrick Turner (2006) in their book Mastering Business in Asia, concentrate on the essential qualities required for a person to succeed in entrepreneurial venture in Asian region. The fact that there are wide variations between entrepreneurial activities in different countries, even taking into account the distinction between necessity-based and opportunity-driven entrepreneurs opens up the whole subject area of what factors influence people to become entrepreneurs and stimulate entrepreneurial activity.

You are more likely to become an entrepreneur if someone in your environment is or has become one. Your environment includes more than just your family, and so it can also be said that if there is a strong entrepreneurial community where you were brought up or even a cluster of towns in your area, then this can also encourage you to think of becoming an entrepreneur. 51

Global Entrepreneurship Monitor (GEM) report found that post secondary or graduate education are twice likely to be involved in an entrepreneurial firm than those with less education. GEM report found that another of three statistically significant contributing factors to high levels of entrepreneurial activity was a belief on the part of the individual that he possessed the skills necessary to start and manage a business. People who believed this were on average five times more likely to be engaged in entrepreneurship.

This finding can be taken together with the third of the three significant favourable factors, which was perception of business opportunities, those who could see good opportunities were three times more likely to be an entrepreneur than the rest. Another major factor influencing the level of entrepreneurial activity was how easy or difficult it was to become an entrepreneur – in other words, the level of official and administrative burden that an entrepreneur has to cope with. Also other factors to be reckoned with were costs an entrepreneur had to face, both at the start up and during the operation of the business and the availability of funding for entrepreneurial activities.

Neeta Baporikar (2002) establishes the role of entrepreneurs in the economic and industrial development of countries through her book Entrepreneurship and Small Industry. Entrepreneur is not an inventor. The large number of innovations would have all gone waste had they not been made commercially viable by the entrepreneurs. That is why entrepreneurs are given the credit for the success of the Industrial Revolution. What qualities or traits are required to be a successful entrepreneur? While t is difficult to answer this question definitely, it appears that a successful entrepreneur has the following qualities: Willingness to take sacrifices, leadership, decisiveness, confidence in the project, marketing orientation, and strong ego. 52

Sathish Khanna (2004) in his book The Rising Indiapreneur: Instilling Entrepreneurial Skills discovers the unique characteristics demanded for an entrepreneur to succeed in Indian business environment. Entrepreneurs are the crux of the economy of any country. In order to succeed in the era post-WTO, a new culture is required in India to fill this lacuna. It is not that we lack the required resources or skills for faring better than what we already are. On the contrary, its people are more than well qualified.

Even the definition of an entrepreneur has to undergo change. Earlier, any one who started a business with his own money or loan money- irrespective of the merits of the project was nomenclatured as an entrepreneur. Many times, he was just launching the project because there were fiscal subsidies being offered by the government or the project had duty protections or that easy loan money was available. For some, it was an opportunity to siphon off money. Some started a particular business because others were making profits in that business – the so-called entrepreneur could hire some employees and literally steal the technology and customer base to copy the project. In the process, he neither made the intended profit for himself nor did he allow the original player to continue making profits, based on his being the actual entrepreneur.

This was an era of “Destructive Construction”. Most investments made in those days are stagnating or losing the value. Some good investments have gone towards the destructive mode too through value erosion.

It is time to deliberately destroy businesses which have taken in huge national resources, bred inefficiently and are no more capable of withstanding global competition. Such destruction will be a “Constructive Destruction” and hereafter new businesses based on global competitive merits will have to be constructed. These should find opportunities within India and abroad. This will 53 be “Constructive Construction” and those who contribute this mode of creation will be the entrepreneurs who will be able to restore respect for themselves.

Dr. Vasanth Desai (2008) in his book Small Scale Industries and Entrepreneurship, comments that the characteristics of an entrepreneur that contribute to success are the result of his achievement motivation. A successful entrepreneur is a person who has started the business where there was none before. He is essentially an enterprising individual who is able to recognize the potential profitable opportunity and who initiates to produce marketable products by combining the various technologies and through organizing together the people, finance, material resources marketing tools, in order to ultimately translate the idea in the minds to physical realities. In short, entrepreneur is a person who initiates, establishes, maintains and expands a new enterprise. He is basically an innovator, creator and accomplisher.

According to research studies, there are more than fifty personality traits and all these traits, attributes and attitudes constitute the characteristics of a successful entrepreneur. Though all the characteristics cannot be found in a single entrepreneur yet the presence of greater number of these characteristics in an individual makes him an entrepreneur and only then it is possible for him to be successful to achieve the goals of entrepreneurship. Some of the characteristics or qualities of a successful entrepreneur are as follows: Need for achievement, Risk taking, Need for independence, Sense of effectiveness, Social consciousness, Need for extension, Optimistic, Open minded, Non- fatalist, Low affiliation, Pragmatist, Aggressive, Commitment and conviction, Capacity to analyze, Initiative, Hopeful, Efficiency, Technical competence, Good judgement, Intelligence, Leadership qualities, Self-confidence, Energy, Creativeness, Fairness, Honesty, tactfulness and Emotional stability.

An entrepreneur who has a high level of administrative ability, mental ability, human relations ability, communication ability and technical 54 knowledge stands a much better chance of success than his counterpart who possesses low levels of these basic qualities. Brilliant men with first class degrees from universities hesitate becoming entrepreneurs because one thing they cannot be taught is coping with human emotions.

V.S. Patvardhan (1990) in his research study on Growth of Indigenous Entrepreneurship conducted a detailed study on B.D. Gareware, and his entrepreneurial growth as apart of a study of prominent families from Maharashtra who have been involved in business and industrial activity. The author throws light on the personality of B.D. Gareware (BDG), his motivation, the environment in which he grew up, his uncanny business sense to exploit the opportunities at the right time, the manner in which he reacted to the changing economic and social environment, the factors responsible for his decision making in the process of expanding of his business, entrepreneurial aspects of his philosophy pertaining to management, personal relations, product choice, and developing expansion and diversification.

BDG is known to be extremely careful and choosy while selecting his executives, train and mould them, test them, and then repose full trust in them once they come out successful according to his expectations. Creating leadership quality within his executives and cultivate a sense of confidence among them has been one of his fondest activities in the running of his different companies. Though a non-technician, he likes to learn by himself and remains a shade better than his best technical personnel. He has experimented successfully by creating a mix of hereditary and professional management in two of his companies. He is able to generate a sense of belonging and identity within the organization among the employees with whom he used to work. He spares no efforts and pains to nurture quality consciousness as a way of life.

BDG always believes in the kind of process of growth of the personnel providing them avenues for promotion and encouraged active labour 55 participation in ownership and management of his companies. He would encourage his executives to take up responsibilities and gave credit for their achievements. He would endeavour to know the problems of his employees, show understanding and strive to create an atmosphere in which they would be satisfied and happy.

The overall thinking or philosophy as regards management of his companies has been based on futuristic approach laced with practical conservatism. Management by ‘hunches’ is perhaps a unique feature of his business decisions. He continuously looks around for something new by way of products and market. He is perceptive of the market and of the emerging competition and not sentimental in being attached to particular products. Single minded devotion to the objective set before oneself and perseverance also can be counted as important contributory characteristic of BDG. He is imbued with the true entrepreneurial spirit to take up challenges and pursued them with a practical approach. He is a man of vision and persistent and willing to put up in any amount of hard work.

Through the detailed and painstaking study of the personality traits, qualities and practices of B.D. Gareware, the author has illustrated the living example of a successful entrepreneur and the important attributes required for success.

R. Setty (2004) draws our attention towards the potential and challenges for women to become entrepreneurs. Woman has been the economic partner of man in several fields but when it comes to entrepreneurship, man seems, outwardly, at any rate, to dominate the entrepreneurial world. Entrepreneurship is not simply a masculine job as army or navy. She, too, is equally endowed with the psychological qualities and managerial abilities that matter in successful entrepreneurship. Sometimes, the environment and opportunities are 56 the same for both man and woman. But interestingly, the entrepreneurial activity in the traditional developing societies has been restricted to man.

In general, the potential woman entrepreneur may be a teacher, a nurse, a secretary or any woman stuck in a job that does not fulfill her or which does not bring sufficient income. The entrepreneurial woman is simply the woman who wants to start her own business. The promotion of entrepreneurship among women depends very much on the organization, education, simulation, and motivation of the clientele through concerted and systematic approach, focusing on the individuals and groups. This objective can be achieved gradually through working with people and demonstrating with possibilities of women venturing into entrepreneurial activities, accompanied with adequate rewards – development and social growth.

Pankaj Kumar and P.N. Sharma (2009) in their article Development of Women Entrepreneurs in India: With special reference to Bihar, draws the picture of women aspiring to become entrepreneurs. The emergence of entrepreneurship in a society depends upon to a great extent on the economic, social, religious, cultural and psychological factors prevailing in the society. Emergence of women entrepreneurship has been an important development in advanced countries and even in developing countries in recent years.

Today we find women in different types of industries, traditional as well as non-traditional. What motivates women to aspire for career in business is an interesting thing to explore and analyse. According to McClelland and Winter, motivation is a critical factor that leads towards entrepreneurship. This apart, the challenge and adventure to do something new, liking for business, and wanting to have an independent occupation are some of the attractive leverages for women. These factors indicate a relatively deeper commitment to entrepreneurial profession on the part of the entrepreneur. Responsibility thrust due to death or incapacitation of near ones, tax benefit for self and for relations 57 are the push factors. In addition, special qualifications achieved for running concern, identifying the demand for the market, external motivation, employment to needy and destitute to set up an ancillary unit, business already in the family, are some of the factors which give stimulus to women entrepreneurs to start business.

S.K. Dhameja (2002) narrates the opportunities, performance, and problems experienced by women entrepreneurs with reference to our country. In India, from the very beginning, women have been managers of the kitchen and have solely dominated the area of household activities. Today, non- traditional enterprises are easily managed by women and are done efficiently with them as the decision makers. They are flourishing well as consultants, publishers, exporters, manufactures, designers, interior decorators and the like.

The hidden entrepreneurial potential of women has gradually been changing with the growing sensitivity to the role and economic status in society. Women are increasingly being conscious of their existence, their rights and their work situations. Today, women entrepreneurs represent a group of women who have broken away from the beaten path and are exploring new avenues of economic participation. Among the reasons for women to run organized enterprises are their skill and knowledge, their talents and abilities in business and a compelling desire to do something positive.

Women entrepreneurs are regarded as persons who accept a challenging role to quench their personality needs and to become economically independent by making suitable adjustments in both family and social life. They are constantly on the look out for new and innovative ways which lead to strong economic participation. Their adeptness, skill and knowledge, their acumen in business and a pushing desire to do something positive are among the reasons for women to establish and manage organized industries and take up challenging ventures. 58

Mark Casson (1982) says that the entrepreneur needs to be a generalist rather than a specialist. In other words, it is important for entrepreneur to be reasonably proficient in all aspects of decision making, rather than very proficient in some aspects but inadequate in others. Entrepreneur who is deficient in some qualities in principle hire delegates who have these qualities. The entrepreneur and the delegate complement each other and can take decisions successfully as a unit. In order to hire complementary qualities the entrepreneur needs some additional qualities of his own, namely, delegation skills and organization skills.

The difficulty of screening and devising incentives is far greater for some qualities than others. Among these scarce qualities, the most difficult to screen for are imagination and foresight. It follows that these qualities are essential to the successful entrepreneur. Beside these qualities, however, the entrepreneur also needs either to be himself a generalist, so that he can discharge his function without delegation or possess delegation and organizational skills.

All entrepreneurial qualities are to extent innate. However, not all of them are entirely innate. Some can be enhanced by training or simply be experienced. For example, analytical ability and computational skill can be enhanced at school and university, while practical knowledge and search skills can be enhanced by general experience of every day life. Entrepreneurial careers will be strongly influenced by the desire to enhance qualities which are scarce, yet difficult to obtain through delegation because of the problem involved in screening for them. Of the two indispensable qualities mentioned above, imagination is almost entirely innate, while foresight, though some extent innate, can be enhanced by a varied experience. Delegation skill and organization skill though not essential are highly desirable whenever large scale decision making is contemplated. These too are qualities which can be enhanced through experience. 59

Dr. Nagendra P Singh (1985) says there have been several studies which highlight that the entrepreneur is a person who bears, innovates or initiates and organizes the business. His existence can be justified with effective performance of various functions related to his role. Entrepreneurial skills can be acquired and inculcated among the entrepreneurs, provided he possesses certain qualities identifiable through his overt behavioural manifestation.

Significant identifiable traits of entrepreneurs are:

High empirical value Observed and experienced traits

Need for achievement Dignity of labour

Need for influencing others Strong will power

High sense of efficiency High self esteem

Change proneness Tactful competition

Degree of self perceived readiness Exploitative and opportunistic

Overall modernity Creative

Business and financial background Imaginative

A review of entrepreneurial characteristics has indicated 57 traits of the entrepreneur on the basis of several researches and past experiences. It suggests that presence of any or most of the characteristics should define the entrepreneur.

Ratna Ghosh, Meenakshi Gupta and S. Dian Dhar (1998) in their article, Women and Entrepreneurship in India, describe the research project undertaken by The Centre for Management Development in Trivandrum titled Management Skills for Rural Enterprises: A Field Investigation. The project involved motivating, training and assisting men and women towards developing independent business ventures. This study focused on the 60 experiences of women who started micro-enterprises. Based on the quantitative analysis of the data obtained from questions administered to 73 women who invested in small scale industries, an attempt was made to develop a profile of women entrepreneurs and draw out some implications for study.

Profile of woman entrepreneur - It is evident that she is not one of highly qualified persons but is in whom knowledge combined with experience and circumstances have helped her to succeed in her endeavour. Age and marital status have important roles to play in success. The typical woman entrepreneur is married with less than 3 children and over 32 years of age. She could be from either a nuclear or joint family. In any case, she should have both the advantages and disadvantages in terms of personal independence and household support. Her initial investment range is quite high when compared to her economic background. She is able to obtain sufficient funds from the Government to set up a small lucrative business which would give her economic independence and higher social status because of increase in family income.

Characteristically from a lower – middle class family, the woman entrepreneur has a father or husband who is at least a matriculate and works in the service sector. Yet she has succeeded in establishing herself as an individual proprietor and has been encouraged to do so by her family members. Employing mostly females, she has male support for handling the outside transactions.

Among the several reasons for becoming an entrepreneur, need for economic independence and self- fulfillment is quiet strong. Although she herself is keen on her project and how she will implement it, she clearly needs male support both at home in terms of a conducive home environment as well as her entrepreneurial work. Societal and cultural values impinge upon her outside her home, making her difficult to operate in male spheres of activity. 61

She is obliged to make her work and home environments fit to run smoothly and pleasantly.

Jasmer Singh Saini (2005) in his book Entrepreneurship Development: Programmes and Practices, quotes Kilby (1971) who says entrepreneur perform four tasks: a) Exchange relationship b) Practical administration c) Management control d) Technology. All these fields of activities involve entrepreneur in decision making under conditions of uncertainty. Thus the entrepreneur under Kilby’s proposed framework would involve a) A determination of the types and degrees of uncertainty confronting the performance of a particular operation b) The ability to make appropriate decisions necessary for the goal achievement.

Kilby concludes, entrepreneurial performance in those roles involving exchange relationships and practical administration is vigorous and effective. On the other hand, entrepreneurs typically do not apply themselves with equal intensity to their tasks in the realms of management control and technology. Deficiencies in these latter areas represent in many instances the operational bottlenecks to indigenous individual development.

Dr. C.B. Gupta and Dr. N.P. Srinivasan (1999) quote Jeffrey Timmons (1985) who conducted research on entrepreneurial traits and identified following traits: Total commitment, determination and perseverance, Drive to achieve and grow, Opportunity and goal orientation, Taking initiative and personal responsibility, Persistent problem solving, Realism and a sense of humour, Seeking and using feedback, Internal locus of control, Calculated risk taking and risk seeking, Low need for status and power, and Integrity and reliability.

The trait approach to entrepreneurship is useful. By developing a profile of a successful entrepreneur, it becomes possible to spot and develop entrepreneurs. But we do not know which traits are necessary for 62 entrepreneurial success. Many traits used to describe entrepreneurs also apply to many managers. The trait approach lacks specificity and is not applicable to all cultures. Another difficulty is that traits lists are all positive. Thus, the trait approach is not fully satisfied.

Prof. Tandon (1975) has described the following qualities of a true entrepreneur – capacity to assume risk, technical knowledge and willingness to change, ability to marshall resources, and ability to organization and administration. Historically there is a long list of entrepreneurs who are instrumental in introducing new methods, products, new markets and new forms of industrial organization. Such people were drawn from all strata of society. But they had common characteristics. They were men who valued business as a means and sign of achievement, they were people who appreciated the possibility of innovation and they were people who tried to overcome the resistances and obstacles in the way of doing new things. Their motive was to increase profit and improve efficiency by reducing costs. They were the great figures of the Industrial Revolution in England, who earned their reputation as innovators and organizers. They fulfilled in person the functions of the capitalist, financier, manager, merchant and salesman.

Renu Arora and Dr. S.K. Sood (2004) in their book Entrepreneurial Development explain that an entrepreneur should possess all such characteristics with the help of which he can perform successfully. He should be: calculated risk taker, innovator, organizer, creative, achievement motivated, self confident, socially responsible, optimistic, quipped with capability to drive, blessed with mental ability, human relations ability, communication ability, decision making, business planning, visionary, ability to spot and exploit opportunity and courage to face adversities.

Marc J. Dollinger (2003) in his book Entrepreneurship: Strategies and Resources, draws out in detail how the modern day entrepreneur is different 63 from the older ones. If entrepreneurship is one of the hot labels today, it is because the concept of being an entrepreneur has changed. 15 years ago, an entrepreneur might have been described as a business version of a John Wayne cowboy who steered his business through the rodeo of commerce without the help of training or education and without the assistance of bankers or other experts. Entrepreneurs were once seen as small business founders with a strong independent streak and may be a flair for the dramatic actions. Entrepreneurs were once born, not made.

Things are different now. What is emerging today is a class of professional entrepreneurs who rely more upon their brains than their guts and who have been trained to use both methods and technology to analyse the business environment.

The author has given a comparison of traits of old and new entrepreneurs as:

Then Now Small business founder True entrepreneur Boss Leader Lone ranger Net worker Secretive Open Self reliant Inquisitive Seat of the pants Business plan Snap decisions Consensus Male ownership Mixed

According to Bill Wetzel, Professor at University of New Hampshire, the old type entrepreneur of business founders was thought primarily to be about learning a living, while today’s entrepreneur has the intention of building a significant company that can create wealth for him and the investors. 64

The new entrepreneur comes from different sources too. Many of them are corporate track drop outs, pushed out by downsizing or lured out by the quest for status, big money, or control of their personal lives. Globalisation has many small start-ups to compete against with big businesses.

Academia has contributed to the creation of this new professional entrepreneur class too. Harvard Business School which once had 3 or 4 professors teaching courses about small business now has 17 full time faculties in its entrepreneurial studies programme. Staffing at other colleges and universities reflect the same trend. The content of many finance, marketing and other business courses has also been adjusted to reflect new concerns about development methods. The new class of entrepreneurs do not just do, they understand what they are doing.

Sathish Taneja and Dr. S.L. Gupta (2001) in their book Entrepreneur Development: New Venture Creation explain the characteristics and role demands of entrepreneurs. The wide range in the nature of business and the entrepreneurs who have started and run them make generalisations about their characteristics at best, risky and at worst, something misleading. For example, product-oriented business is significantly different from service -oriented ones. Technical entrepreneurs have been found to have different educational background than non-technical and service entrepreneurs. Further, the requirement to build a large enterprise are different and more demanding than the personal requirements needed for setting up a small scale enterprise or even a franchise.

Entrepreneurial characteristics can be developed, such as goal setting and certain role requirements such as knowledge of particular business can be learnt. A person in his twenties launching his part-time/full-time venture may start a small proprietorship or partnership concern. Early success in such enterprises provides valuable learning. The experiences gained provide a 65 platform to build a larger, more complex and demanding venture on a later date.

For the entrepreneur as well as prospective partner and investor, the question of the nature and extent of one’s entrepreneurial potential is paramount. The criteria identified can be a useful guide to help identify major shortcomings or a fatal flow that could make pursuit of an entrepreneurial career a failure, rather than a success. It can assist in determining if there is a reasonable chance of launching a successful venture to suit an individual’s goals, values, and needs or not.

Investigations have identified 14 dominant characteristics of successful entrepreneurs:

Need to achieve – desire to be a winner Perseverance – quality to stick to it Moderate risk taker – prefer middle of the road Use of feedback – knowing how they perform Facing uncertainty – tolerance for ambiguity and unfamiliar situations Stress takers – posses drive and energy Self confidence – faith in their abilities Initiative seeking – responsibility Positive self concept – aware of one self and internal locus of control Motivators – possess interpersonal skills Flexibility – flexible in decisions Independence – dislikes working for others Analytical ability – unaffected by personal likes and dislikes Ability to find and explore opportunity

It is not enough to possess a large and intense level of these entrepreneurial characteristics. In addition, certain conditions, pressures and 66 demands are inherent in the role of entrepreneurship. These role requirements have important implications for a person’s suitability to entrepreneurship and for the eventual success of a new venture. While successful entrepreneurs may share several characteristics in common with successful persons in others careers, their preference for and tolerance of the combination of requirements, unique to the entrepreneurial role, is a major distinguishing feature. There are some important role requirements of an entrepreneur – accommodation to the venture, total immersion and commitment, economic values, integrity and reliability.

R. Kumaresan (2009) in his book, Entrepreneur versus Entrepreneurship Development, makes a detailed listing of the qualities required by an entrepreneur for successful management of his enterprise. Entrepreneur is a human being who has his dignity, self respect, values, sentiments, aspirations and dreams apart from economic status. If we analyse the business history of India and the persons who have emerged as successful entrepreneurs namely Tata, Birla, Kirloskar, Ambani and TVS Iyengar, we can find that there are some common qualities of entrepreneurs – capacity to take risk, capacity to work hard, above average intelligence and wide knowledge, self motivation, vision and foresight, willingness to differ consumption, imagination, initiation and emulation, inventive ability and sound judgement, flexibility and sociability, desire to take personal responsibility, desire to seek and use feedback, persistence in the face of adversity, innovativeness and future- orientation, mobility and drive, creative thinking, strong need for achievement, ability to marshall resources, high degree of ambition, will to conquer and impulse to fight and will to prove superior to others.

Dr. Bhawna Bhatnagar and Ankur Budhiraja (2009) quote Vasant Desai who has defined the modern entrepreneur. According to Vasant Desai, “the entrepreneur brings in overall change through innovation for the maximum social good. Human values remain sacred and inspire him to serve the society. 67

He has firm belief in social betterment and he carries out his responsibility with conviction. In the process, he accelerates personal, economic as well as human development. The entrepreneur is a visionary and integrated man with outstanding leadership qualities. With a desire to excel, the entrepreneur gives top priority to research and development. He always works for the well being of the society. More importantly, entrepreneurial activities encompass all fields/sectors and foster a spirit of enterprises for the welfare of mankind.”

Based on the above definition, we can conclude that a modern entrepreneur tries to keep himself updated by way of evaluating new situations and analyzing his environment to explore new prospects, takes risk and then arranges for necessary resources to start his enterprise.

P. Vijaya Banu (2006) gives the characteristics about entrepreneur as named by various authors:

Organizer – Say

Capitalist – Adam Smith

Innovative – Schumpeter, Drucker

Change agent – Young

Risk taker – Webster, Walker, Knight

Opportunist – Drucker, Dewing

Decision maker – Danhof

Visionary – Hisrich

Leader – Hisrich

Dreamer – Luther

Problem solver – Hagen

High achiever – McClelland 68

If we go through the business history of India, we come across the names of persons who have emerged as big successful entrepreneurs - for example, Tata, Birla, Modi, Dalmia, Kirloskar, Ramasamy, TVS Iyengar, and Anantharamakrishnan. When we study about them we find besides twelve characteristics of the entrepreneurs as enumerated above, several other characteristics in them. They are: hard work, time/speed, self reliance, communicator, motivator, initiative, discipline, will power, optimistic, strategist, sound knowledge, technical knowledge, self confidence, passion, flexibility, assertiveness, independent, creativity, human relations, involvement, pride, adaptability, values, foresight, conviction, dynamism, courage, high energy level, dreamer, determination and commitment. 69

CHAPTER 3

RESEARCH METHODOLOGY

3.1 METHODOLOGY

The present study is descriptive in nature. The researcher made an attempt to find out the demographical composition of the samples and to analyze their perceptions on the ways and means of entrepreneurship . The case study method reveals their attributes towards their perception on individualistic patterns in their uniqueness on entrepreneurial ventures.

3.1.1 Research design

According to the population enumeration of the census of India, the population of entrepreneurs in each state stood at a measureable percentage. In this connection, it may be mentioned that the problems of social engineering and population growth has given impetus for the growth of entrepreneurship. Hence, the scope of the present study has been confined to these people alone. It comprises 50 samples (estimated) of successful entrepreneurs which have been selected on random basis. The method of sampling adopted here is Stratified Random Sampling with the list of entrepreneurs as sampling frame and the sample size is determined on the basis of a Pilot Survey (taking 10 entrepreneurs). As a matter of fact, entrepreneurs of Indian origin have gained a lot of significance on account of several factors particularly due to their large number of population in absorbing the labour force. The research samples were further confined to micro-level by the researcher’s concentration on only successful entrepreneurs.

The formula used is n = Za 2 x S 2 e2 70

Where, n = sample size e = marginal error/permissible error α

Za = standard variate at "a" level

S = standard deviation.

In the selection of the sample units for the purpose of the study, those with less than 5 years of existence and not in business at present have been completely ignored. It had also been ensured to give representation to different types of business houses.

The data for the study have been collected mostly from the primary sources. An elaborate interview schedule was prepared for administering among the entrepreneurs. For the purpose of conversing the questions, one entrepreneur for each business shall be selected irrespective of the fact that some are partnership firms and some are private limited companies.

Apart from these, secondary data have also been collected from different Government Departments like Department of Commerce & Industries, District Industries Centers, Department of Economics and Statistics, State Industrial Development Corporation, etc. The data so collected have been tabulated and analyzed properly with their level of achievement.

3.1.2 Research questions

1. Entrepreneurship development in any state is very slow and far below than the all Indian average.

2. The industrial growth in a state has been on low growth path mostly due to more industrial failures in the small scale sector. 71

3. Lack of demand for products, scarcity of working capital and above all, infrastructure bottlenecks are the main factors for entrepreneurial backwardness in any given state.

4. Improper project planning, lack of industrial conception, absence of entrepreneurial class adoptive to competitive and changing market forces and corrupt bureaucracy have also added to the problem of sickness in small scale industries.

3.1.3 Scope and limitations of the study

The study conducted has the following scope and limitations:

(i) The scope of the present study has been confined to Indian nationals only.

(ii) Field survey was conducted during 2009 - 2011.

(iii) As the findings and conclusions of this study are based on data collected from the selected entrepreneurs in the study area, it cannot be generalized for the entire nation.

(iv) The methodology followed and tools employed in the analysis of the data involved certain merits as well as demerits of their own and also reflect the limitations of the database.

(v) Data pertaining to capital, borrowings and time devoted by entrepreneurs were gathered from the selected entrepreneurs directly. There were no proper records maintained at the individual or firm level. Thus the information given by the sample units may not be accurate. However, utmost care was taken by the researcher to ensure accuracy, by adopting cross checking methods.

3.1.4 Climate and concept for the study

It is proposed to analyse the factors that have motivated and facilitated the entrepreneurship development for study. What makes a man is mostly his environment and his attitudes. The prevailing social-economic, psychological and the cultural factors naturally influence a man and act as a source of inspiration to make a successful living in the society.

Environment and attitudes are not two different separable entities. The former influences the latter and vice-versa. But the attitudes of people exert more influence on the environment. Sometimes, man becomes a prisoner of the environment of which he is the creator. Here again, the attitudes of man are not static. They are ever changing. Man constantly endeavours to conceive new and better ideas and indulges in experimenting on them. This process guides to changed attitudes and changed environments.

The level of economic development differs from one country to another country because the people of these countries are placed in different socio- economic setting with different attitudes. Wytinsky remarks that if it was possible to transplant overnight all the factories of Michigan, Ohio and Pennsylvania to India without changing the economic attitudes of the people, two decades later, the country would be as poor as it is now. He felt that the main source of India's weakness lies in the human factor. What are lacking are not innate abilities or technical skills in her people but it is the lack of initiative or interest in improving their economic status.

The paradox of the abundance of innate abilities, the lack of enterprising qualities in India is well exemplified by Ram K. Vepa. He cited the example of Bihar, Orissa, Assam and Madhya Pradesh which are endowed with rich natural resources and have, in the past, produced amazing achievements both artistic and cultural. He cited the temples at Konark, Bhubaneshwar and Khajuraho which speak in volumes about the skills of the master-craftsmen and 73 the culture of the people of those areas in the past but which remained backward. Even today, these states remain backward despite massive investment in public sector projects there since the beginning of the era of planning in India.

As such, of all the attitudes, innovation, risk taking and future planning are the most important: from the point of view of industrial development. It is the entrepreneur who acts as a 'spark plug' to transform the economic scene and brings a sense of dynamism into it. Entrepreneurs like any other careerists are not born but they are made. Career depends upon several factors other than the attitudes of the careerist himself. The attitudes of others like his family members, friends and relatives and the government would exert influence into the career making. Entrepreneurship is no exception. Entrepreneurs are not only a product of their ambitions, but also those of the aspirations of their family members, friends and the nation.

Certain compulsions also, at times, push them to the entrepreneurial roles. The encouragement and help received from Government and non- governmental agencies are some of the important factors instrumental to the emergence of entrepreneurship. It is proposed in this chapter to enquire into the entrepreneurs' ambitions, the compelling forces, the sources of motivation, the facilitating factors, etc.

Table 3.0 shows the distribution of the type of entrepreneurs' families. 84 of the total entrepreneurs (79.2 per cent) were in joint life families at the time of starting their units and 22 (20.8 per cent) were in nuclear families. 74

Table 3.0

District Type of Families

Joint Nuclear Total

Total Count 84 22 106

% within Religion 79.2 20.8 100

% within Families 100 100 100

% of Total 79.2 20.8 100

Source: Field Survey

3.1.5 Presentation of the study

The study has been presented in five chapters: Chapter I deals with the concept of entrepreneurship and its relationship with economic development, the emerging trends of small scale industry, objectives of the study and research design. The second chapter comprehensively reviews the literature related to this study. Chapter III explains the methodology which is a combination of the case method and the survey method (popularly known as the case survey (method). In the next chapter, namely Chapter IV, provides some empirical support for the paradigm of strategic choice (as opposed to that of environmental determinism) underlying the theoretical model as proposed in the earlier chapters. Following the discussions, in Chapter V, narrates the process of identifying successful entrepreneurs with their entrepreneurial heuristics and thumb rules so identified with findings and conclusions.

3.1.6 Entrepreneurs' ambitions

Ambitions motivate men. Ambition is an index of one's own resourcefulness. It activates men, broadens their vision and makes the life more meaningful. Ambition is not something which is akin to greed or windfall. 75

Greed results in disaster and windfall makes one a speculator. Like an individual, a nation or a region may have their own ambitions or aspirations which speak of their resourcefulness. Galbraith further explained that because the people of Asian and African nations are lacking in ambition, they are lagging behind others in development.

Ambition is the wrench of all motives. The intentions and initiative of a man are motivated by his ambitions. The importance of ambition in life can be justified by the common saying "aimless life is a goalless game." Hence, their aspirations and means to reach their goal is much more important than the man himself. However, ambitions differ from one person to another person depending upon the characteristics, priorities, etc. which they have set for themselves. Sometimes, personal ambitions may come in the way of achieving national aspirations. Well conceived notions, careful planning, calculated risk taking, timely decision-making and swift execution make the ambition meaningful and fruitful and hence the achievement of nation's economic growth and development.

As regards the entrepreneurs’ ambitions, the entrepreneurs were asked to rank in order of importance, any three of five given ambitions. The ambitions marked by them were ranked by weighted score by according three points to the ambitions ranked first, two points to the ambitions marked second and one point to the ambition ranked third. On the basis of the percentage of total weighted score of each ambition, overall ranking was made. As can be observed from Table 3.1, the ambition of “gaining independent living or self- employment” was ranked first. “To make money” received second rank, and to “to gain social prestige” was the third ranked ambition.

"To fulfill the desire of myself/my father/my wife" was the fourth ranked ambition. The "other" ambition ranked fifth which includes the desire to do something new or creative, self- employment to youths, etc. It is clear 76 from the above analysis that the entrepreneurs had mainly the ambition of gaining independent living or self-employment, making money, gaining social prestige and fulfilling the desires of himself and his family. It is also to be noted that basically there was only a slight, just an inter-changing, difference in the ambitions of entrepreneurs in respect of the top three ambitions.

3.2 REASONS COMPELLING ENTREPRENEURS TO ENTER INDUSTRY

Sometimes the compulsion rather than the ambition leads the man to success. At times, the initial aspirations and the opportunities may clash with each other. Then the destiny is shaped none other than by the compulsions encountered by the individual. Sometimes, one may be thrown out of his job all of a sudden or he may remain unemployed for long time after his education. There are also cases of people who start as tiny industry as a diversification of economic interests and ultimately making lakhs of rupees and providing 77 employment to others in hundreds. Such is the importance of the element of compulsion in everyday life. Hence, it is thought appropriate to examine the reasons that might have compelled the entrepreneurs to pursue entrepreneurship.

Table 3.2 shows the compulsion number one that has compelled the entrepreneurs was the diversification of economic interests (31.3 per cent). 'Unemployment' was the number two compulsion that has driven 23.5 per cent of the entrepreneurs to the industry whereas 'dissatisfaction' with the previous job held has shaped the destiny of 21.8 per cent of the entrepreneurs to become industrialists. Compelling reason that ranked fourth is making use of idle funds (12.6 per cent).

It may be interesting to note that 6 entrepreneurs had no compelling reason to start industry. Moreover, 40 entrepreneurs had not mentioned any number two compelling reason. Likewise, 35 entrepreneurs did not find any number three compelling reason to start industry.

It is not an easy task to differentiate between one's ambition and compulsion. What is an ambition for one entrepreneur may be a compulsion for another. It is the entrepreneurs' attitudes that ultimately make the difference.

3.3 FACTORS FACILITATING ENTREPRENEURSHIP

Ambitions or compulsions alone may not make an entrepreneur. Sometimes, the encouragement he got from his family members or his friends and relatives, the experience he gained in employment, the skills he acquired or inherited etc., also facilitate the exercise of entrepreneurship. Many factors may come up in the way of starting an industry. For example, encouragement of the family elders is very much needed in the process of starting a unit. If they are reluctant, quite naturally, it is difficult to expect support from others including entrepreneur's wife. Moreover, first generation entrepreneurs generally face strong opposition from their parents as occupation pursued by the family so far is different from what is going to be done by the entrepreneur. Therefore, an attempt has been made to examine whether there were any such facilitating factors.

Table 3.3 demonstrates the factors facilitating the emergence of entrepreneurship. Previous experience in manufacturing was rated highest (33.2 per cent) of all the facilitating factors. The next important factor facilitating entrepreneurship was the encouragement of family members/relatives/friends (26.5 per cent). Success stories of entrepreneurs were ranked as the third important factor (15.6 per cent). Closely followed, acquired or inherited professional and technical skills were rated as the fourth factor facilitating the entrepreneurship. 79

It is clear from the analysis that there are at least two important factors facilitating entrepreneurship apart from a few others. They are previous experience in manufacturing and encouragement of family members/ relatives / friends. These two were ranked first and second most important factors.

3.4 EXPECTATIONS OF ENTREPRENEURS

Expectations of the entrepreneurs which stimulated their desire to jump into entrepreneurship and the degree of fulfillment of such expectations are enquired in this section. It is quite natural that many of the entrepreneurs expect a lot from the state government and other non-government agencies. Whether 80 these expectations get fulfilled or not, they initiate a useful function in stimulating the desire of the entrepreneur to start a firm.

In this study, a long list of possible expectations or aspirations are given to the entrepreneurs and asked to mark any expectation or expectations that had stimulated their desire to enter industry.

Table 3.4 shows the distribution of the expectations. Even though a long list of expectations is given to the entrepreneurs, 19.6 per cent (11 out of 56 entrepreneurs) and 28 per cent (14 out of 50 entrepreneurs) admitted that they had no expectations as such. Many of the entrepreneurs (73 out of the total 106) expected financial assistance from State Government, State Industrial 81

Development Corporation (SIDCO) and other state and national agencies. Expectation of getting technical assistance from the government/non- government agencies ranked second (7.6 percent), whereas expectation of availability of skilled labour was ranked third (6.6 percent). Only 3 entrepreneurs expected getting of ancillary relation with large firms.

Reasons for dissatisfaction from 21 entrepreneurs who are not satisfied with the location of their unit are solicited. Table 3.9 observed the reasons for their dissatisfaction. Inadequate common facilities were rated highest as reason number one by 16 out of 21 dissatisfied entrepreneurs. To be more precise, lack of water supply, erratic power condition and more specially, lack of testing laboratory for raw-materials and products are some of the inadequate common facilities availed by the entrepreneurs. The second reason was inaccessibility to markets (rated 17.1 percent) by entrepreneurs.

The usefulness of attending EDPs from 39 entrepreneurs is also enquired. Table 4.22 shows the responses from the entrepreneurs. 71.8 per cent of those entrepreneurs who had taken training programmes (28 out of 39) found that EDPs are very useful to their enterprises while 17.9 per cent rated it as useful. Only 5.1 per cent rated attending EDPs as not useful. It can thus be concluded that attending some sort of entrepreneurial training can go a long run in the smooth functioning of the small units.

3.1.7 REFERENCES

1. Davenport Robert W., Financing the small Manufacturing in Developing Countries, McGraw Hill Book Company, New York, 1967, pp. 12-13.

2. Gupta S.K., 'Entrepreneurship Development Training Programme in India', Small Enterprise Development', Vol. 1, No.4, December 1990.

3. John Kenneth Galbraith, "Economic Development' Harvard University Press, Cambridge, 1969, P. 15.

4. Mc Cleland D.C. & Winter D.G., 'Motivating Economic Achievement', The Free Press, New York, 1969.

5. Ram K. Vepa, "Entrepreneurship for Development of Backward Areas," National Productivity Council, New Delhi, 1973, PP. 14 -15.

6. Wytinsky, India: The Awakening Giant, P. 187

CHAPTER 4

CASES STUDIED

1. AJAY PIRAMAL -PIRAMAL ENTERPRISES LIMITED

Ajay Piramal is the Chairman of Piramal Enterprises Limited, India. From owning what was then an almost defunct textile company, Piramal today is the Chairman of Rs.4,000 crore group, comprising Nicholas Piramal, the fourth - largest pharmaceutical company in India, Morarjee Weaving and Spinning and Gujarat Glass.

In 1988, he heard from a friend that Nicholas Laboratories, an Australian MNC that was exiting India, is up for sale. There were many large suitors but Piramal decided to meet Mike Barker, the man in charge of selling the company, and told him that he had no track record, was only 33, but was confident of achieving his dream of putting Nicholas among the top five pharma companies in India (from 48th at that time). Barker laughed with disbelief but decided to sell the company to him after hearing out the "young and untried entrepreneur's" turnaround plan. He took the company to a place among the top five pharmaceutical companies in India through a string of overseas acquisitions like the Indian subsidiaries of Roche, Boehringer Mannheim, Rhone Poulenc, ICI and Hoechst Research Centre.

Piramal says proudly that a decade later he went to see Barker in retirement in Kenya armed with Nicholas' annual report which showed that the company was among the top five pharma companies in India. Ajay Piramal draws his inspiration from “Foot prints on the sands of time”. This story, writes Business Standard, has acted as a guiding spirit for him.

2. AMAR BOSE - BOSE CORPORATION

Amar Gopal Bose born in 1929 is the Founder Chairman of Bose Corporation. An American electrical engineer of Bengali descent, he was listed on the 2007 Forbes 400 with a net worth of $1.8 billion. The child of an Indian Bengali father and white American mother, Bose was born and raised in Philadelphia, Pennsylvania. Bose graduated from Abington Senior High School and entered the Massachusetts Institute of Technology, graduating with a BS in Electrical Engineering in the early 1950s. Bose spent a year in Eindhoven, Netherlands, in the research labs at NV Philips Electronics and a year in Delhi, India, as a Fulbright student. He completed his Ph.D. in electrical engineering from MIT, writing a highly mathematical thesis on non- linear systems.

Following graduation, Bose took a position at MIT as an Assistant Professor. He focused his research on acoustics, leading him to invent a stereo loudspeaker that would reproduce, in a domestic setting, the dominantly reflected sound field that characterizes the listening space of the audience in a concert hall.

Bose was awarded significant patents in two fields which, to this day, are important to the Bose Corporation. These patents were in the area of loud speaker design and non-linear, two-state modulated, Class-D, power processing.

To found his company in 1964, for initial capital, he turned to angel investors including his MIT thesis advisor and Professor, Dr. Y. W. Lee (who invested his life savings on the effort). Today, the Bose Corporation is a multifaceted entity with more than 12,000 employees, worldwide, that produces products for home, car, and professional audio, as well as conducts basic research in acoustics, automotive systems, and other fields. In addition to running his company, Bose remained a Professor at MIT until 2000. 86

3. S. ANANTHARAMAKRISHNAN – AMALGAMATION GROUP

Sivasailam Anantharamakrishnan (1905–1964), affectionately called "J" was an Indian industrialist and business tycoon who founded and led the Amalgamations Group of industries from 1945 to 1964.

EARLY YEARS WITH SIMPSON AND COMPANY

Anantharamakrishnan joined Simpsons Group, a British-owned South Indian business conglomerate as Secretary in 1935. He became one of the three directors and the only Indian director (the other two being European) in the board of Simpsons group when Sir Alexander MacDougall, Chairman of Simpson's, and W.W. Ladden, Managing Director of the Company founded a holding company in 1938. Anantharamakrishnan's induction marked the partial Indianization of Simpsons group which was, till then, completely owned by Europeans. The very next year, it was converted into a public limited company. This eventually became the Amalgamations Group in 1941.

EXPANSION OF THE AMALGAMATIONS GROUP

In 1922, John Oakshott Robinson of Spencer's had purchased the Madras newspaper The Madras Mail and the Higginbotham's and merged the companies with his printing company Associated Printers and the Spencer's to form the Associated Publishers. In 1945, Anantharamakrishnan purchased Associated Publishers on behalf of Amalgamations and added the new companies to the group. According to popular Chennai historian S. Muthiah, the successful takeover was the result of an overheard conversation at a Hotel Connemara. This takeover is regarded as over of the biggest business deals of post-colonial Madras.

During the period 1938–1955, the group also promoted a finance company called Simpson and General Finance, an advertising company (Madras Advertising Company), Wheel-Precision Forgings, Speed-a-way and 87

Wallaces Castwright. India Piston was established in 1949. Addison Paints and Chemicals were established in 1947. With Indian independence and Indianization of commercial establishments in the country, the Europeans in the board left handing the company to Indians. Consequently, Anantharamakrishnan became the Chairman of the Amalgamations group in 1953. Anantharamakrishnan died an untimely death on April 18, 1964 at the age of fifty-nine.

4. ANIL AGARWAL – VEDANTA GROUP

Agarwal has travelled a long way, from the Patna lad who left school at 15 to founder, Chairman of the $10 billion conglomerate Vedanta Resources.

“One of the most thrilling moments of my life was the day I got my first cycle,” reminisces Anil Agarwal, founder Chairman of the London Stock Exchange-listed mining and metals conglomerate with a market cap of $10 billion. The cycle, a gift from his father, a fabricator of grills and gates in small-town Patna in the 1960s, meant the youngster could ride to his municipal school in style, instead of making the daily 10 km hike on foot. Much later, Agarwal graduated to a Vespa scooter, but never made it to college. Agarwal came to Mumbai as a scrap-metal dealer in 1976, going on to build an empire in copper, zinc, aluminium and iron ore, recently venturing into power generation.

Vedanta Resources was the only Indian group to go for a primary listing on the London Stock Exchange in 2003 and its subsidiary, Sterlite Industries, was listed on NYSE in 2007 in the largest IPO in the US by an Indian company. The tipping point came in 2003. Frustrated with the licence raj regime and the constraints of raising capital in India, Agarwal had earlier moved to London. From a British newspaper he learnt that Brian Gilbertson, the South African dealmaker who engineered the $57 billion takeover of BHP 88 by Billiton in 2001 to create the world’s largest mining group, had fallen out with the merged leadership.

So Agarwal made a cold call, just like that: “I always take a chance. I told Gilbertson that I would like him to help me list my company.” In turn, Gilbertson asked about his hobbies, and Agarwal recollects, “I told him that my hobbies are whatever the other man wants. Gilbertson said, ‘I do cycling.’ I replied, ‘I do cycling too’.” The pair biked 60 km from Oxford to London, with Agarwal trailing. Agarwal reflects, “Some strength helped me cover that distance. Gilbertson came to India, checked out all our assets and was impressed. I offered him a good package and he became Chairman.” Vedanta subsequently attracted others on the board—P. Chidambaram, the late Sir David Gore-Booth and Michael Fowle, Chairman, KPMG—and the company successfully listed on the London Stock Exchange. With this, Agarwal became a global player in mining and metals in less than a decade.

When Agarwal came to Mumbai for the first time as a 20-year-old, he was fascinated by Narendra Desai, Chairman, Apar Group, the doyen of the aluminum industry at that time. Thirty years later, the two still meet over a cup of tea every week and share a bond that transcends business. Agarwal says, “He is a follower of the Hare Krishna movement. From him I learnt that you can be an industrialist and also be a bhakt .”

In 1993, Ranjit Pandit, now Managing Director, General Atlantic, had just moved back to Mumbai from New York, to open McKinsey and Co.’s India practice, which he chaired. In inimitable Agarwal style, Pandit got a call out of the blue, with Agarwal describing Sterlite as a small company which had a lot to learn. From then on, Pandit has been a regular sounding board. He says: “Look at the power generation company he’s going to list. It has just 1,000MW, but he’s growing it to 10,000MW, and his valuation is based on that”. 89

The person who has perhaps most influenced Agarwal’s recent thinking is an American, Steve Elbaum, Chairman, Superior Cables, inspired Agarwal’s 2006 $1 billion pledge to set up the Vedanta University, a world-class university, on a 3,200 ha site in Orissa. Says Agarwal: “I want to spend 20% of my time on philanthropy, building lasting institutions the way American industrialists have done. That’s my passion now”. His critics say the real motivation is Vedanta’s interests in Orissa, which holds the world’s fourth largest bauxite deposits—the mining of these has been opposed by some environmentalists and tribals, resulting in Norway’s Government Pension Fund divesting its small holding in Vedanta.

5. AZIM PREMJI - WIPRO

Achievements: Azim Premji has several achievements to his credit. In 2000, the Asia week magazine voted Premji among the 20 most powerful men in the world. He was among the 50 richest people in the world from 2001 to 2003 as listed by Forbes. In April 2004, Time magazine rated him among the 100 most influential people in the world. In 2005, the Indian Government honoured Azim Premji with the Padma Bhushan. Chairman of Wipro Technologies; one of the richest Indians for the past several years; his success story is a source of inspiration to a number of budding entrepreneurs.

He was studying Electrical Engineering from Stanford University, USA, when due to sudden demise of his father he was called upon to handle the family business. He took over the reins of family business in 1966 at the age of 21 years.

At the first general meeting of the company attended by Azim Premji, a shareholder doubted Premji’s ability to handle business at such a young age and publicly advised him to sell his shareholding and give to a more mature management. This spurred him and made him all the more determined to make Wipro a success story. And the rest is history. When Azim Premji occupied 90 the hot seat, Wipro dealt with in hydrogenated cooking fats and later diversified into bakery fats, ethnic ingredient based toiletries, hair care soaps, baby toiletries, lighting products and hydraulic cylinders. Thereafter Premji made a focused shift from soaps to software. Under his leadership Wipro has metamorphosed from a Rs.70 million company in hydrogenated cooking fats to a pioneer in providing integrated business, technology and process solutions on a global delivery platform. Today, Wipro Technologies is the largest independent R&D service provider in the world. Under his leadership, the fledgling US$ 2 million hydrogenated cooking fat company has grown to a US$1.76 billion IT Services organization serving customers across the globe. In the past two years Wipro has also become the largest BPO services provider, based in India. Wipro’s growth continues be driven by its core values.

Wipro was the first Indian Company to embrace Six Sigma, the first Software Services Company in the world to achieve SEI CMM Level 5 and it also became the world’s first organization to achieve PCMM Level 5 (People Capability Maturity Model). Premji equates Quality with Integrity – both being non-negotiable.

In the year 2001, Premji established Azim Premji Foundation, a not-for- profit organization with a vision of significantly contributing to quality universal education to build a just, equitable and humane society. This means every child receiving quality education. Although one of the richest Indians, he flies economy class and is happiest when hiking, reading or discussing the foundation he has set up to promote primary education.

“Excellence endures and sustains. It goes beyond motivation into the realms of inspiration. Excellence can be as strong a uniting force as solid vision. What is excellence? It is an unending great journey all about going a little beyond what we expect from ourselves. I have found that excellence is not so much a battle you fight with others, but a battle you fight with yourself, 91 by constantly raising the bar and stretching yourself and your team”, Azim Premji.

HOW DOES ONE CREATE EXCELLENCE IN AN ORGANIZATION?

First , we create an obsession with excellence. We must dream and think of excellence not only with our mind but also with our heart and soul. Let us look outside, at the global standards of excellence in quality, cost and delivery and let us not rest until we surpass them.

Second , we need to build a collective self-confidence, because excellence requires tremendous faith in one's ability to do more and in a better way. Unless, we believe we can do better, we cannot.

Third , we must understand the difference between perfection for its own sake and excellence. Time is of essence. Excellence is about doing the best we can and speed lies in doing it quickly. These two concepts are not opposed to each other; in fact, speed and timeliness are important elements of quality and excellence.

Fourth , we must realise that we cannot be the best in everything we do. We have to define what our own core competencies are and what we can outsource to other leaders. Headaches shared are headaches divided.

Fifth , we must create processes like Six Sigma, CMM or ISO that enable excellence. Use them because they are based on distilled wisdom and it is imperative that we use the most modern tools to keep processes updated.

Sixth , we must create a culture of teaming (Quality). Cross-functional teams that are customer facing can cut through an amazing amount of bureaucracy, personal empire building and silos and deliver savings that spreads to the rest of the organization and teaming becomes a way of life. 92

Seventh , invest in excellence for the future. Future always seems to be at a distance. But it comes upon you so suddenly that it catches you by surprise, if not shock. We must certainly trim our discretionary expenses, but must ensure that our investments in strategic areas lead to excellence are protected.

Finally , excellence requires humility. This is especially needed when we feel we have reached the peak of excellence and there is nothing further we can do. We need an open mind to look at things in a different way and allow new inputs to come in. The great man then shared some tips for success:

• Have the courage to think big; never compromise on fundamental values;

• Build up self-confidence, always look ahead and have the best around you;

• Have an obsessive commitment to quality; play to win; and

• Leave the rest to the force beyond.

6. BHAI MOHAN SINGH - RANBAXY LABORATORIES LIMITED

Bhai Mohan Singh, founder of pharmaceutical giant Ranbaxy Laboratories, can be called as the doyen of pharmaceutical industry in India. Bhai Mohan Singh was born in 1917 in Rawalpindi district. Bhai Mohan Singh began his business career in the construction business during the Second World War. He started business as a moneylender. Ranbaxy was started by his cousins Ranjit Singh and Gurbax Singh. Ranbaxy’s name was a fusion of Ranjit and Gurbax’s names. When Ranbaxy defaulted on a loan, Bhai Mohan Singh bought the company on August 1, 1952, for Rs.2.5 lakhs.

Bhai Mohan Singh collaborated with Italian pharma company Lapetit Spa and later on bought it. He made his mark in the pharmaceuticals industry in the late 1960s when he launched his first superbrand, Calmpose, which was 93 an imitation of Roche’s valium. He established an R&D facility at Mohali and launched one blockbuster pill after the other, such as Roscillin, Cifran, etc.

Ranbaxy Laboratories Ltd went public in 1973. Bhai Mohan Singh also co-founded Max India with his youngest son, Analjit Singh. As a pioneer of India's pharmaceuticals industry, 89-year-old Bhai Mohan Singh was the survivor of many a courtroom and boardroom battles, be it to regain hold over the company or to claim rights to products and patents.

Bhai Mohan Singh died on March 27, 2006. He was the ex-Vice President of the New Delhi Municipal Corporation (NDMC). For his contribution in civic matters he was awarded the Padma Shri. For his contribution to the industrial development of Punjab, the Punjab Government named an industrial township near Ropar after him.

7. BRIJMOHAN LAL MUNJAL - THE HERO GROUP

Achievements: Chairman of Hero Group; honoured with Ernst & Young Entrepreneur of the Year in 2001. Today, the Hero Group is the largest manufacturer of two-wheelers in the world and B.M.Munjal is the man credited with its success.

His journey began in 1944 at the age of 20. He along with his three brothers moved from his birthplace Kamalia in Pakistan to Amritsar. The brothers started supplying components to the local bicycle business. After partition in 1947, the family was forced to move to Ludhiana. In 1952, Munjals made a shift from supplying to manufacturing. They started manufacturing handlebars, front forks and chains. In 1956, the Punjab state government announced the issue of 12 new industrial licenses to make bicycles in Ludhiana. The Munjal brothers cashed on this opportunity. Soon Hero Cycles started giving well established players such as Raleigh, Hind Cycles and Atlas 94

Cycles a run for their money. The Hero Cycle was comparatively cheaper and was sturdy and reliable. It gave the customers value for their money.

In 1984, Japan’s Honda, the largest manufacturer of motorcycles elicited interest in collaborating with the Hero Group to manufacture motorcycles in India. Even after the collaboration has broken, the Hero Group is the largest manufacturer of motorcycles in the world.

SEEDING A DREAM

The founder and patriarch of the $ 2.8 billion Hero Group is a classic first generation entrepreneur. He is a man who started small, dreamt big and used a combination of grit and perseverance to create one of the country's largest corporate groups and the World's No.1 two wheeler company.

BUILDING RELATIONSHIPS

When Brijmohan and his brothers started out, there was no concept of organized dealer networks. Companies just produced, and most dealers functioned like traders. Brijmohan changed the rules of the business by trusting his gut instincts; introducing business norms that were ahead of their time, and by investing in strategic relationships. "Thanks to the relationships that we have nurtured so passionately in the Hero Family, the younger generations of some of our bicycle dealers have become dealers of Hero Honda. These relationships have survived through generations - through bad times and good times'' the patriarch now reminiscences.

STAYING AHEAD

In the 1980s, when all two-wheeler companies in India opted for two- stroke engine technology, Brijmohan preferred a four-stoke engine - a technology that dramatically increased fuel efficiency and reduced 95 maintenance costs. This technology was one of the biggest reasons for Hero Honda's stupendous success.

A CORPORATE CITIZEN

The Ludhiana Stock Exchange owes its existence to Brijmohan's vision as does the Ludhiana Flying Club. He has also set up the not-for-profit Dayanand Medical College and Hospital - an institute now rated as one of the best medical colleges in India, in terms of infrastructure, quality of staff and alumni profile.

By 1971, the Munjals had set up a rim-making division for Hero Cycles and launched another company called Highway Cycles that would make freewheels -- it was then that Brijmohan Lal restructured and streamlined Hero’s rapidly expanding business. Within a span of 6-7 years, production at the Hero Cycles plant doubled and in 1975 it became the largest manufacturer of bicycles in India.

He worked on two premises; first that all four brothers, the original four brothers, had an equal stake in all the Munjal companies. The second premise was that any Munjal who wanted to work, had to have a business to run. Now what did that mean? That meant that between the 1980s, 1990s and 2000, the business began to expand and to diversify -- they went into textile spinning, they went into financial services . . . although not all of these succeeded.

They had also integrated vertically right up to a cold-rolling steel mill. But the biggest and the most important factor in all this was their continuous growth in the auto components' segment, and this would become perhaps the Munjal's key competitive strength.

Brijmohan Munjal is steady in his dedication towards his work. With the widespread network of 5,000 dealers across the country, the Hero Group today is a conglomerate with an annual turnover of Rs.10,000 crore. Highs and 96 lows, rewards and backlashes have all been a part of the Hero Group's corporate story, but downfalls did not discourage them, nor did losses kill their spirit of entrepreneurship.

8. CHETAN MAINI: REVA ELECTRIC CAR

Chetan Maini began building toy cars and planes when he was eight. And, with some nifty workmanship, he has turned his hobby into an innovative business. He serves as Chief of Technology & Strategy Officer and Deputy Chairman of Mahindra REVA Electric Vehicle Co Ltd. (alternative name is REVA Electric Car Company Private Ltd.), a joint venture between Maini Group of Bangalore and AEV LLC, USA. Mr. Maini has over 14 years experience with electric vehicles during the course of which he has developed over 6 electric, solar and hybrid-electric vehicles in India and US. At Stanford, he served as the project leader.

In this regard, Chetan Kumar Maini, the former owner of Reva Electric Cars is a lucky man to have built a remote-controlled toy car at the age of 8, and won a school prize in the sixth standard. Later, he started building toy planes and go-carts with a scooter engine. As a mechanical engineering student, he built solar and hybrid cars. And, finally, he designed and built a battery-operated car - India's first electric car, the Reva. He just takes three weeks to put together a model. Today, Maini picks up most of his ready-to- assemble kits from shops in Bangalore for Rs.6, 000 to 12,000 apiece.

His childhood fascination for cars led him to pursue a mechanical engineering degree from the University of Michigan. Maini's fascination for hybrid vehicles really took off during his postgraduate days at Stanford. He spent a lot of time researching green technologies and companies that were working in that space. 97

"In my college days, we were four friends who were working on a solar car together. We were always looking at starting a company, especially in the electric vehicles space," he says. That is how he ended up working for a company called Amerigon, which was working on the electric vehicle technology. And that is where the idea of Reva was born.

When Maini introduced Reva in India in 2001, the auto market looked at his electric car with amusement, some even indulged him by taking test rides, but few took the car seriously. In late-2006, the company received an investment of $20 million from Draper Fisher Jurveston and Global Environment Fund to help Reva's strategic growth globally.

9. DEEPAK PAREKH – HDFC

He is a Chartered Accountant. Mr. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales). He is designated as Chartered Financial Accountant from England and Wales. Mr. Parekh received a Bachelor of Economics of Bombay University and holds a Financial Chartered Accountant degree from England and Wales.

Mr. Parekh joined Housing Development Finance Corporation in a senior management position in 1978 and served as its Managing Director from 1985 to 1993. He is an eminent banker and a renowned financial expert in the country. He served as the unofficial Crisis Consultant to the Government of India. He began his career with Ernst & Young Management Consultancy Services in New York.

HDFC has reached where it is today because of sheer hard work and shared vision.

Mr. Parekh was awarded the Padma Bhushan in 2006 for his contribution in the field of trade and industry. On January 24, 2008, Mr. Parekh was awarded the lifetime achievement award by Finance Asia for his 98 contribution towards the banking/financial sector in Asia in 2003. He was also the first recipient of the Qimpro platinum award for Quality for his contributions to the services sector and the youngest recipient of the prestigious corporate award for lifetime achievement from the Economic Times. He has won several other awards including 'Hall of Fame' award by Outlook Money Magazine in 2005 and Best Non Executive Director award by the Asian Centre for Corporate Governance in 2006.

10. DHIRUBHAI AMBANI – RELIANCE GROUP

Achievements : Dhiru Bhai Ambani built India’s largest private sector company. He 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. Dhirajlal Hirachand Ambani was born in 1932, at Chorwad, Gujarat, into a Modh family. His father was a school teacher. Ambani started his entrepreneurial career selling “bhajias” to pilgrims in Mount Girnar over the weekends.

After doing his matriculation at the age of 16, Ambani 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. Assisted by his two sons, Mukesh and Anil, Dhirubhai built India’s largest private sector company, Reliance India Limited, from scratch. Over time his business has diversified into a core specialization in petrochemicals with additional interests in telecommunications, information technology, energy, power, retail, textiles, infrastructure services, capital markets and logistics.

Dhirubhai revolutionized capital markets. From nothing, he generated billions of rupees in wealth for those ho put their trust in his companies. His 99 efforts helped create an ‘equity cult’ in the Indian capital market. With innovative instruments like the convertible debenture, Reliance quickly became a favourite of the stock market in the 1980s.

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 20 th century by the Federation of Indian Camber of Commerce and Industry. A poll conducted by the Times of India in 2000 voted him ‘greatest creator of wealth in the century’.

He is the man behind Reliance Industries, whose empire extends from petrochemicals to textiles. With his vision and astute leadership, Ambani has succeeded in established Reliance as one of the largest private sector company in India. Dhirubhai Ambani has received global adulation for his success. In a recent poll conducted by Asia week, he was selected as one of the 5 most powerful people in Asia. He has been profiled by Times of India in their section-Indian of the Century. He was awarded the Wharton School Daan’s medal for his contribution as a leader to international business, world economy and political policy.

11. EKTA KAPOOR - BALAJI TELEFILMS

Achievements : Creative Director of Balaji Telefilms; awarded with Ernst & Young Start up Entrepreneur of the Year award in 2001. Ekta Kapoor can be aptly called the reigning queen of Indian television industry. The serials produced by her company are a great hit with the masses and are dominating all the major T.V. channels.

Ekta is the daughter of former Bollywood superstar Jeetendra and sister of the current Bollywood hero Tusshar Kapoor. Ekta did her schooling from 100

Bombay Scottish School and later on joined Mithibai College. She was not interested in academics and on the advice of her father ventured into TV serial production at the age of 19. Her company has produced more than 25 serials and each one is being shown, on an average, four times a week on different channels. Ekta Kapoor’s serials have captured the imagination of the masses. She has broken all previous records of TV serial production and popularity in India.

Ekta Kapoor has produced and co-produced numerous soap operas, television series and movies. Today, Ekta Kapoor dominates Indian television, producing more than eight television soaps for STAR Plus, India's leading general entertainment channel.

She has traversed a long way, pushing through a host of odds that have stood her way since her first musical game show Dhum Dhamaka went on air around 1994.

The self-confessed control freak has moved on to making films, though the factor continues in her life, stronger than ever. From the small screen to the big, she still courts controversy with the way she deals with some of the subjects in her serials; she still hires and fires people.

Though her dreams appeared to shatter as her creative products flopped on the small screen, her confidence in herself and her belief in the Almighty saw her pulling off success with a hilarious comedy show "Hum Paanch". After that there has been no looking back for this young wizard of Indian television.

Today, Balaji is no more a private limited enterprise but a public limited company. And no prizes for guessing how much sweat, toil and labour the largest and youngest single producer of television software in the history of India's entertainment industry has put in. 101

Despite the popularity of her soaps, Ekta has received a lot of criticism for her controversial and bold scenes, the portrayal of female characters, false sophisticated sets and repetitive, frivolous plots. In the short span of her career this young entrepreneur of India has achieved many awards and civic honours. She was chosen to lead the Confederation of Indian Industries' (CII) entertainment committee. Truly, it is not Ekta Kapoor alone for the bull's eye success of Balaji Telefilms, rather there is a strong team of more than 300 professionals who are sincerely working behind the scenes and so the familiarity must have gone to the company and its team and not Ekta alone.

12. GALLA RAMACHANDRA NAIDU – AMARARAJA BATTERIES

Dr. Ramachandra Naidu Galla born in1938 is an Indian industrialist, the founder of the Amara Raja Group of companies. He is married to Aruna Kumari Galla, a minister in the Andhra Pradesh state government.

CAREER

Galla was born in the village of Petamitta in Chitoor District, Andhra Pradesh. He did his bachelors in Electrical Engineering at Jawaharlal Nehru University in Anantapur, then took a masters degree at the Regional Engineering College, Rourkela and a second masters degree at Michigan State University. After leaving Michigan, he worked for US Steel, and then as a consulting engineer on the design of power plants.

He returned to India in the 1980s, when he founded Amara Raja Batteries in Chitoor; the group spun off a number of subsidiaries, including Galla Foods and Mangal Precision Products. The group currently has an annual turnover of Rs.1900 crore.

Dr. Ramachandra N. Galla is the patriarch of an illustrious business family of Andhra Pradesh, Gallas, who have established a name for themselves by successfully setting up Amara Raja Batteries. Dr. Galla started his career as 102 an Electrical Engineer in US Steel Corporation, USA moved on to Sargent & Lundy, USA as a Consulting Engineer for the Designing of Nuclear & Coal Fired Power Plant. He initiated various projects in these corporations & mastered the ropes of this competitive business in a very short time. However, he soon discovered that his natural inclination was serving his country and as a logical sequel he gravitated towards Chittoor his native place in India. Dr. Galla laid the foundation of Amara Raja batteries in 1985 in Chittoor.

Dr. Galla's finest hour as a businessman came in 1998 when he was presented Best Entrepreneur of the Year 1998 ” – by Hyderabad Management Association, Hyderabad. He has been bestowed with honorary doctorate degrees from Jawaharlal Nehru Technical University in 2008 at Hyderabad & Sri Venkateswara University in 2007 at Tirupati. He has also been conferred with “The Spirit of Excellence” award by Academy of Fine Arts, Tirupati, and various other prestigious awards.

He is passionate about a corporate’s responsibility to society as well as championing eco-friendly business practices. Dr. Galla has established various charitable trusts. He is dedicated to rural development and improving the economic conditions of the farmers in Chittoor District, Andhra Pradesh.

13. GAUTAM ADANI - ADANI GROUP

Gautam Adani born in 1962 is the Chairman of the Adani Group, a leading trading and export company of India. In September, 2010 Forbes magazine announced that Adani is the 6th richest person in India with a personal wealth of US $10 billion as of March, 2011. He is the first billionaire from the city of Ahmedabad.

Gautam Adani was born in Ahmedabad, India, to Shantilal and Shantaben Adani in a Gujarati Jain family. He set out for Mumbai to make a living with only a few hundred rupees at the age of 18. He studied at the Seth 103

C. N. Vidyalya School in Ahmedabad and later on at Gujarat University. Adani is a University dropout; he studied till his second year for a Bachelor's Degree in Commerce.

He worked in Mumbai as a diamond sorter at Mahindra Bros. After working there for two years, Adani, 20 at that time, set up his own diamond brokerage outfit at Zaveri Bazaar and made his first lakh.

In 1981, one year later, his elder brother Mansukhbhai, bought a plastics unit in Ahmedabad and asked Gautam to run it. This marked the beginning of Adani's foray into global trading by beginning to import polyvinyl chloride (PVC), a key raw material for manufacturing plastics. After the economic liberalization, the import duty on various goods was slashed, and profits of Adani Exports, then his flagship company, grew immensely.

In the first half of the 1990s, the American multinational Cargill and the small Indian company Adani Group joined hands for a project to produce and export salt from Gujarat. The Americans exited the proposed partnership citing management and control differences, leaving the Indian partner with 5,000 acres of land for which it had no use. Gautam Adani could have been in trouble. But he saw there an opportunity. Call it prescience, providence or a good gamble. In place of the captive jetty to export the salt, now stands Mundra Port, India’s largest private port. The surrounding land is home to the largest multi-product special economic zone in the country. These crown jewels on the Gujarat coastline stand testimony to Adani’s business acumen. He started with an investment of Rs.5 lakh in 1988, and his group’s current turnover is Rs. 7,000 crore.

Adani soon saw an opportunity to import plastic and break the monopoly of the local manufacturers. Adani Exports Ltd was formed in 1988 as a partnership firm. The company went public in the mid 1990s, by which time it had expanded to coal and scrap metal businesses. Says Pranav Adani, 104 his nephew and Managing Director of Adani Wilmar: “What separates him from the rest is that he can see 5-7 years ahead.”

Mundra was the fountainhead of the group’s activity—the locus of all expansion that followed. After building the port, Adani added backward and forward links to complete the chain. As the port became active, he realized that there would be need for power and began importing coal. This was the seed for his foray into power and energy sector.

The transition of his flagship company, Adani Enterprises, would be more spectacular. From a trading house with around Rs.22, 000 crore revenue, it is set to become an infrastructure conglomerate with more than Rs.42, 000 crore revenue by 2012. “Adani Group can make India and Indian infrastructure happen,” says Uday Kotak, Vice-Chairman and MD, Kotak Mahindra Bank.

Adani Enterprises is among the top five players in every business it is into, says a research report by the financial services firm IDFC-SSKI. Currently, it is the largest trading house in India and the largest private sector player in coal trading with 20 million tonnes contracts in 2008-09. It is also the largest private company in power trading. Adani plans to emulate the success in his newer ventures. He has earmarked investments of over Rs.25, 000 crore over the next three years. “What people accomplish in 10 years, my father wants to do in two,” says Karan.

Adani Group’s entry into power generation thus becomes an automatic extension. It is also the most ambitious. It will determine the group’s fate and its rise to the top echelons of Indian industry. But Adani has a clear-cut plan. “With the development of power plants, we will be vertically integrated and drawing synergistic benefits among the Adani Group companies for capturing value across the entire chain,” he says. 105

Does Adani function purely as an instinctive entrepreneur or is there a process to his ambition? “Three years ago we were not in the power business. But when the State Electricity Act gave way to deregulation, we entered the business,” say Pranav and Karan.

14. GHANSHYAM DAS BIRLA – BIRLA GROUP

Achievement: Laid the foundations of the Birla Empire; founder of the Federation of Indian Chambers of Commerce and Industry (FICCI).

Ghanshyam Das Birla is the man who laid the foundation of the Birla Empire. He was a close associate of Mahatma Gandhi and advised Gandhiji on economic policies. He was the most important pre-Independence contributor to the Indian National Congress. He is also popularly known as the builder of Birla Mandirs.

Born in 1894, G.D. Birla was a native of Pilani. His grandfather Shiv Narayan Birla was a traditional marwari moneylender. Ghanshyam Das Birla entered the business arena during the time of First World War. He established a cotton mill in Sabzi Mandi, and later on established Keshoram Cotton Mills. Along with cotton mills he diversified to jute business and shifted his base to Calcutta city in Bengal, the world's largest jute producing region. He established Birla Jute Mills in Bengal, much to the consternation of established European merchants.

In 1919, with an investment of Rs.50 lakhs, the Birla Brothers Limited was formed and a mill was set up in Gwalior. In 1930s, G.D. Birla set up Sugar and Paper mills. In 1940s, he ventured into the territory of cars and established Hindustan Motors. After independence, Ghanshyam Das Birla invested in tea and textiles through a series of acquisitions of erstwhile European companies. He also expanded and diversified into cement, chemicals, rayon and steel tubes. 106

After independence, the Birlas expanded their business and started production in many fields. Near Mirzapur, he, in collaboration with Caesar, an American friend, set up an Aluminum Plant Hindalco. Ghanshyam Das Birla also founded several educational institutions. Birla Institute of Technology and Sciences (BITS) Pilani has today evolved into one of India’s best engineering schools. He also established many temples, planetariums, and hospitals.

In 1957, he was awarded India’s second highest civilian honour, the "Padma Vibhushan" by the Government of India. G.D. Birla award for scientific Research has been established to encourage scientists for their contribution in the various fields of scientific research in his honor. The Birla family is one of the foremost business houses in India. During the decades of 70`s and 80`s, Birla brothers were among the topmost Industrial Houses of India. Their businesses vary from petrochemicals and textiles to automobiles and Infocomm.

Ghanshyam Das Birla died in 1983 at the age of 90.

15. GOENKA. R.P. – RPG GROUP

Rama Prasad Goenka MP is the founder and currently Chairman Emeritus of the RPG Group, one of India's leading industrial houses. With a turnover of more than Rs.8000 crore last year, the RPG Group's core business activities include power (CESC, which supplies power to the city of Kolkata); Tyre (CEAT, a leading Indian tyre company); power transmission (KEC International, the world's second largest EPC power transmission company), retailing (Spencer's, India's largest organized retail chain), entertainment (Saregama India, India's oldest music company) and technology (which embraces life sciences and IT).

Born in Kolkata in 1930, Rama Prasad Goenka was educated at the famed Presidency College, where he came in touch with some outstanding 107 teachers of his time and picked up an abiding interest in history and economics. Soon after his graduation, Rama Prasad Goenka became associated with the Indian jute industry. At a very young age as Chairman of Indian Jute Mills Association, he played a leading role in underscoring the need for modernizing the traditional industries.

The RPG Group was set up in 1980 with jute, cable and carbon black, with a turnover of Rs.70 crore. He, found time to have a stint at Harvard University and later took pioneering steps to invite the renowned IMD at Lausanne to India and set up the International Management Institute in Delhi, where he continues as Chairman. Rama Prasad Goenka is a former Chairman of the Federation of Indian Chambers of Commerce and Industry (FICCI) and Chairman of the Confederation of Asia Pacific Chambers of Commerce & Industry, where he continues as a Member of the Advisory Board.

Currently a Rajya Sabha member of the Parliament, R.P. Goenka is deeply involved in social work. He is a Trustee of the Jawaharlal Nehru Memorial Fund and a Trustee of the Indira Gandhi Memorial Trust. He is also a trustee of the Rajiv Gandhi Foundation. Rama Prasad Goenka has taken abiding interest in education, particularly higher education and served as Chairman of Board of Governors of this Institute for two terms, during which IIT Kharagpur was rated the country's No. 1 engineering education institute by India Today.

During his colourful business career spanning more than five decades, Rama Prasad Goenka served many public institutions. He is a former Director of the Central Board of Reserve Bank of India, General Insurance Company of India, Steel Authority of India and Industrial Development Bank of India.

In recognition of his unique services, the Emperor of Japan bestowed on him his country's highest honour for a Foreigner "The Order of the Sacred Treasure Gold and Silver Star". The Institute of Advanced Studies in Education 108

Deemed University (IASE), Rajasthan has already honoured him with a D. Litt (Honoris Causa) for his contribution to industry and his deep involvement in social work.

16. JEYSINGH THOMAS - AVT GROUP

Born at Idayankudi near Tirunelveli, Mr. Jeysingh Thomas did his graduation in the MCC and a post graduation in business in UK. He established the first commercial plant tissue culture lab in India in 1984. He remained a role model for budding entrepreneurs in agriculture.

DIVERSE BUSINESSES

Mr. Thomas became the Chairman of AV Thomas group in 1968 after his father’s demise. Established in 1925, the group is involved in diverse businesses including tea, coffee, rubber, spices, leather goods, food ingredients and natural extracts, medical appliances, treated rubber wood, shipping and warehousing, agency services and plant technology. He employs more than 11, 000 people.

Habib Hussain, one of the executives on the board of A.V. Thomas Group, said Mr. Jeysingh Thomas had a sharp business mind. He made friends for life and kept his word.

17. JINDAL, O.P. - JINDAL GROUP

Shri Om Prakash Jindal more popularly known as O.P. Jindal was born in 1930 to a farmer late Netram Jindal of village Nalwa of district Hisar in Haryana. Since his childhood the young Jindal had interest in technical work. He started his industrial career with a small bucket-manufacturing unit in Hisar. In 1964, he commissioned a Pipe Unit Jindal India Limited, followed by a large factory in 1969 under the name Jindal Strips Limited. 109

At present, there are twenty factories under the flagship of the Jindal Organization, which are worth over Rs.17, 500 crores, under whose umbrella, thousands of families directly or indirectly benefit themselves.

O.P. Jindal was the Chairman of the Jindal Organization. In 2004, Jindal was conferred the prestigious "Life Time Achievement Award" for his outstanding contribution to the Indian Steel Industry by the Bengal Chamber of Commerce & Industry. According to the latest Forbes' List, O.P. Jindal has been ranked 13th amongst the richest Indians of the country and placed 548th amongst the richest persons of the world.

His life's mission was to help others particularly the common man in every possible way. Shri Jindal was known for his unassuming generosity and donates crores of rupees annually not only to known but also to needy strangers. Numerous social and religious institution of India also received liberal donations from Shri Jindal for noble causes.

Jindal's philosophy was that without the upliftment of weaker and backward sections of society our dream of being a leading nation of the world shall remain unfulfilled. To realize this conviction he was motivated into politics. Like industry in politics too, he had a successful story to tell. He received tremendous support and co-operation of the people and became a Member of the Haryana Legislative Assembly in 1991. In 1996, he was elected as a Member of Parliament in the 11th Lok Sabha from the Kurukshetra Parliamentary Constituency of Haryana with a landslide victory.

The life journey of Jindal from a farmer's son to a successful industrialist, a philanthropist, a politician and a leader would serve as a great source of inspiration for generations to come. 110

18. JOHN YESUDHAS, V.F. – WAVETEL

Yesudhas began his career as a marketing executive in 1998 with a salary of Rs.3500. In 2000, he decided to freelance as a dealer. With the money he made, he started a shop in a tiny 250 sq. ft. space in Plaza Centre, Chennai. Thus was born Wavetel – in rather humble surroundings.

Today, in a decade, Wavetel is the number one retailer of mobile phones in South India. At the beginning of 2008, Wavetel had eight branches. Then in August 2009 – Wavetel had 23 outlets – 22 in Chennai and one in Chengelpet, near Chennai. Wavetel created two records – the first by clinching the highest number of phones sold on an opening day at their Valsaravakkam branch, in Chennai. They sold 367 phones that day, which is a national record. The second is their exclusive mobile retail shop in Chengelpet. It is the largest individual telecom store in the country, spread over a space of 3400 sq. ft.

Wavetelmobile.com, the brand’s website is hugely popular among customers. The website gets an astounding 80, 000 hits a day. Another web- based initiative by John is wavetelsms.com. It is one of the few websites which gives customers the option of sending unlimited free sms-es. Today the company employs approximately 300 people and their turnover has been increasing steadily. John has ambitious plans for the brand saying, “We are in the process of talks with foreign investors for equity investment to go national. We are looking towards having a pan Indian presence.”

John is understandably proud of brand Wavetel – after all, from being a small player in the market, today it is a brand to contend with in the south. Wavetel also bagged South India’s Number One Retailer Award for the 2008 - 09 financial year. Riding the crest of success, John and Wavetel are surfing to a bigger and brighter future.

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19. KALLAM ANJI REDDY - DR REDDY'S LABS

Achievements : Founder Chairman of Dr. Reddy’s Group of Companies, awarded with the Padmashri in 2001, Dr. K. Anji Reddy is a pioneer in pharmaceutical research in India. Dr. Reddy served in the PSU Indian Drugs and Pharmaceuticals Limited from 1969 to 1975. He was the founder-Managing Director of Uniloids Ltd., from 1976 to 1980 and Standard Organics Ltd., from 1980 to 1984. Dr. Reddy is a serving member of the Prime Minister’s Council on Trade & Commerce, Government of India, and has been nominated to the Board of National Institute of Pharmaceutical Education and Research.

Kallam Anji Reddy is an Indian entrepreneur in the pharmaceutical industry, the founder of Dr Reddy's Labs. He spent his early years in the village of Tadepalli in Guntur district, Andhra Pradesh, where his father grew turmeric. Reddy graduated from the local high school and went on to get his first Bachelor of Science degree from A.C. College at Guntur in 1958. Dr. Reddy holds a B.Sc.-Tech in Pharmaceuticals and Fine Chemicals from Bombay University and a Ph.D., in chemical engineering from the National Chemical Laboratory, Pune.

It was the first company to take up drug discovery research in India. In 2001Dr. Reddy’s Labs became the first Asian pharmaceutical company outside Japan to be listed on the New York Stock Exchange. The company has revenues of $ 546 million is India’s second largest pharmaceutical company.

Dr. Reddy is also a philanthropist. He is the founder-Chairman of Dr. Reddy’s Foundation for Human & Social Development, a social arm of Dr. Reddy’s, which acts as a catalyst of change to achieve sustainable development.

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20. KARSANBHAI PATEL – NIRMA

Dr. Karsanbhai Khodidas Patel born in 1945, in Gujarat, is an Indian industrialist, founder of the Rs.2500 crore Nirma group with major interests in detergents, soaps and cosmetics. He has interests in education, and founded a leading engineering college, the Nirma Institute of Technology. He is sometimes referred to as Dr. K.K. Patel.

LIFE

Born into a farmer family from north Gujarat, Karsanbhai finished his B.Sc. in Chemistry at age 21 and worked as a lab technician, first in the New Cotton Mills, Ahmedabad, of the Lalbhai group and then at the Geology and Mining Department of the state Government. In 1969, Karsanbhai set up Nirma, (named after daughter Nirupama) selling detergent powder. This was an after-office business - the one-man company would bicycle through the neighbourhoods selling handmade detergent packets door to door. At a price of Rs.3 per kg, (one third the price of leading detergents), it was an instant success.

After three years, Karsanbhai felt confident enough to quit his job. Later he said: the lack of any such precedent in my family made the venture fraught with fear of failure. But farmers from North Gujarat are known for their spirit of enterprise. Karsanbhai set up shop at small workshop in an Ahmedabad suburb. The Nirma brand quickly established itself in Gujarat and Maharashtra.

The high quality and low price of the detergent made for great value. Fueled by housewife-friendly advertisement jingles, Nirma revolutionized the detergent market, creating an entirely new segment for economy detergent powder. At the time, detergent and soap manufacture was dominated by multinational corporations with products like Surf by Hindustan Lever, priced around Rs.13 per kg. Within a decade, Nirma was the largest selling detergent 113 in India. Since production was labour intensive, Nirma also became a leading employer. Made without some phosphates, Nirma was also somewhat more environment friendly.

After establishing its leadership in economy-priced detergents, Nirma entered the premium segment, launching toilet soaps Nirma bath and Nirma beauty soap, and premium detergent Super Nirma detergent. Ventures into shampoo and toothpaste were not successful, but the edible salt Shudh is doing well. Nirma beauty soap is one of the leading toilet soaps, behind Lifebuoy and Lux. Overall Nirma has a 20% market share in soap cakes and about 35% in detergents. Nirma also has successful operations in neighbouring countries.

In 1995, Karsanbhai started the Nirma Institute of Technology in Ahmedabad, which grew into a leading engineering college in Gujarat. An Institute of Management followed, with the entire structure being consolidated under the Nirma University of Science and Technology in 2003, overseen by the Nirma Education and Research Foundation. The Nirma labs education project, aimed at training and incubating entrepreneurs, was launched 2004.

Karsanbhai's two sons and son-in-law are now at leading positions in the Nirma organization: Rakesh K Patel (MBA) looks after procurement and logistics, Hiren K Patel, chemical engineer and MBA, heads marketing and finance, while Kalpesh Patel is in human resources.

AWARDS

In 2001, Karsanbhai was awarded an honorary doctorate by Florida Atlantic University, recognizing his exceptional entrepreneurial and philanthropic accomplishments.

In 1990, the Federation of Association of Small Scale Industries of India (FASII), New Delhi, awarded him the 'Udyog Ratna' award. The Gujarat Chamber of Commerce felicitated him as an 'Outstanding Industrialist of the 114

Eighties'. He has served twice as Chairman of the Development Council for Oils, Soaps and Detergents.

21. KIRAN MAZUMDAR-SHAW - BIOCON LTD

Achievements: Chairman & Managing Director of Biocon Ltd., India’s largest biotechnology company. In 2004, she became India’s richest woman. Kiran Mazumdar was born in Bangalore. She did her schooling at Bishop Cotton Girls School and Mount Carmel College at Bangalore.

After completing her B.Sc in Zoology from Bangalore University in 1973, she went to Ballarat University in Melbourne, Australia and qualified as master brewer in 1974. Her professional career kick-started immediately and she joined Carlton and United Beverages as a trainee brewer. Four years later she changed tracks to join the Irish company Biocon Bio-chemicals Limited as a Trainee Manager. Not quite content with being just an employee, the same year Mazumdar Shaw took the bold step of founding Biocon India in collaboration with the parent company Biocon Bio-chemicals. In retrospect, calling it a bold step seems to be an understatement as her capital investment was a paltry Rs.10, 000. Banks were hesitant to give loans to her as biotechnology was a totally new field at that point of time and she was a woman entrepreneur, which was a rare phenomenon.

HER DETERMINATION

Her initial operations included developing a process to extract papain, an enzyme from papaya. This fermentation process made way to develop processes for many other industrial enzymes. By 1990, Biocon India became proficient enough to start an in-house research programme, in solid substrate fermentation technology, which allowed it to produce enzymes from pilot to plant level. Mazumdar Shaw, however, was not satisfied. The visionary in her saw that Biocon had potential to enter the field of biopharmaceuticals. She, 115 thus, initiated strategic research programs. In 1994, Biocon established Syngene International Private Limited as a Custom Research Company (CRC) under the stewardship of Kiran Mazumdar Shaw. In 2000, Biocon established Clinigene, India's first Clinical Research Organisation (CRO).

Today, Biocon is recognized as India’s pioneering biotech enterprise. In 2004, Biocon came up with an IPO and the issue was over-subscribed by over 30 times. Post-IPO, Kiron Mazumdar held close to 40% of the stock of the company and was regarded as India’s richest woman with an estimated worth of Rs.2,100 crore. She is a much sought after biotech pioneer who has been referred to as "India's Biotech Queen" by The Economist and "India's mother of invention" by New York Times.

Besides her hectic professional life, Mazumdar Shaw has also penned a coffee table book titled 'Ale and Arty'. She has made sure that Biocon has an active corporate social responsibility and is active in the field of public health and education. She also heads the Vision Group on Biotechnology for the state of Karnataka and was instrumental in making Bangalore a ‘Biotech Hub’.

WINNER TAKES IT ALL

It is difficult to ignore such achievements, and Mazumdar Shaw’s efforts have been duly acknowledged. She has been the recipient of several awards over the years. These include ET Businesswoman of the Year, Best Woman Entrepreneur, Model Employer, Ernst & Young’s Entrepreneur of the Year award for Life Sciences & Health Care in 2002, Leading Exporter, Outstanding Citizen, Technology Pioneer, the Lifetime Achievement Award from the Indian Chamber of Commerce in 2005, and the Wharton Infosys Business Transformation Award in 2006. The Government of India conferred her with Padmashri (1989) and Padma Bhushan (2005). But the award she values the most is the MV Memorial, one named after the great engineer and visionary Sir M. Vishweshwariah. 116

22. KISHORE BIYANI – PANTALOON

Kishore Biyani is the Chairman of the Company. He is a commerce graduate with a post-graduate diploma in marketing management. He has over 25 years of experience in the field of manufacturing and retailing of ready- made garments. Over the years, he has led the emergence of Pantaloons Retail as the leading retailer in the country. He has received several awards including the 'CEO of the Year - 2001', 'the most Admired Retailer of the Year 2004', the 'Retail Face of the Year - Images Retail Awards 2005' and the 'E&Y Entrepreneur of the Year Services 2006'.

Pantaloon's Kishore Biyani has become India's largest retailer, but still has several aces up his John Miller shirtsleeves. And now that he has set himself the task of retaining control of the largest retail space in the country, he would not let anyone - suppliers or international promoters included - catch him slacking.

Unlike most people, Kishore Biyani makes no bones about his simplicity. He believes in taking quick decisions. The deal with Bennett, Coleman & Co was done in seven days flat. He has never met V. Banga of Unilever in his life, and leaves the task of relationship building to his managers. Biyani has not always played in the big league. Having quit the family business, which supplied denim to Arvind Mills, in 1987, he collected Rs.7 lakh and set up a small plant that produced 200 trousers a day.

In the crowded market of ready-mades, Biyani learned his first lesson - to be heard, you need to shout louder than the rest. As a result, though the turnover for his Bare brand was only Rs.7 lakh in the first year, he spent Rs.16 lakh advertising it. He also added John Miller shirts to his portfolio. This year, Pantaloon will spend Rs.85 crore advertising its various store formats. 117

The shift from manufacturing to retail was the critical point in Biyani's career. Distribution costs were the reason brands were snuffed out in the market, so Biyani decided to rewrite the rules of the game. In 1993, he experimented with a small store format, and Pantaloon Shoppe was launched in Panjim, Goa, "where we could make mistakes without anyone noticing them".

From the shoppe to the large store format in 1998 - this time in Kolkata ("If you can conquer Kolkata, you can conquer other markets too. Calcuttans, contrary to perception, have money and are loyal customers. They are emotional people and get emotionally attached to a brand.") - was a carefully crafted plot. And he was proved right when the Kolkata Pantaloon store became a raging success and Biyani stepped on to the turf as a super retailer.

Other professionals have wondered where Biyani picked up the tricks of the retailing trade. Some he learned from his own mistakes, he admits. Others he picked up from the big boys of international retail. Biyani was not above picking up the gauntlet and launched Big Bazaar, a hypermarket in Mumbai as a gamble; financing it mostly through a loan. To India's surprise, the format worked and the rest is history. He goes personally to people's homes, talks to local community leaders and spends weeks walking streets of bazaars to get a feel of what products should be stacked in a new store.

The year 2004-05 has been eventful for Pantaloon Retail as it crossed the Rs 1,000-crore target. But there have been other watershed years, such as 1997 when it launched its first departmental store, Pantaloons, in Kolkata and 2002, when it opened its first departmental store, Big Bazaar. Today, Pantaloon is poised to don a new look with a new corporate identity. From the `Knowledge Group,' it will be now known as the `Future Group' with a new logo (a human palm print) with the message `India tomorrow.'

The Rs.1,100-crore retail company has been moving at a scorching pace straddling almost all possible segments in retail (fashion, food, general 118 merchandising, home, leisure, entertainment, finance, beauty, wellness and e-tailing), exploring new areas and formats. His passion is ‘observing’ and he enjoys watching Hindi drama and cinema. He is a compulsive reader.

23. KOCHOUSEPH CHITTILAPPILLY -V GUARD

Kochouseph Chittilappilly: “I started my business 30 years back at very small level with only two workers. At that time when I was working as a supervisor my ambition was to earn more so I started a small industry. Slowly and steadily the industry started growing but I believe the main reason was the quality of products for our growth story.”

Aged 56 years, is a post graduate in Physics from Calicut University. He started his career as a Supervisor in an electronics company, where he worked for three years. In the year 1977, he started a SSI Unit engaged in the manufacturing and selling of electronic voltage stabilizers.

He is one of the founder promoters and has motivated the company to succeed in its business. He has been the Managing Director of the company since its inception and has taken the company to its current levels of stature and recognition with his experience and vision. He is the recipient of numerous awards, which were bestowed on him for his exemplary performance in business. Among them are Business Man of the Millennium 2000 from Rashtra Deepika, Tourism Man of the year from Destination Kerala and Samman Pathra Award for top income tax payer from Honourable Union Minister of State for Finance. As the Managing Director, Mr. Kochouseph has been the main driving force behind the company’s sustained growth. Finding capital was difficult; banks were not impressed by his proposal, and refused to fund him. Nevertheless, in 1977 an undeterred Chittilappilly ventured into stabiliser manufacturing with an investment of one lakh rupees that his father gave him. With just two employees, all that he could make were two stabilisers a day. 119

Today, Chittilappilly is one of the most successful businessmen in Kerala. His Rs.165-crore V-Guard group is a household name in the state, with its flagship stabilisers and a host of products such as water pumps, water heaters, UPS, wiring cables and starters. V-Guard employs more than 4,000 people directly and indirectly. The group includes V-Star creations, makers of apparel ranging from designer churidars to lingerie, and the Veega Land amusement park.

“I believe that the achievements of V-Guard group are not entirely due to my abilities. I realise that our managers, staff and other associates have played a major role in bringing V-Guard to this level,” he says. No wonder he has set apart four percent of the equity for his 700-odd employees.

24. MOHAN SINGH OBEROI - OBEROI GROUP

Achievements: Founder of the Oberoi Group of Hotels; honoured with the Padma Bhushan in 2001. M.S. Oberoi can be aptly termed as the father of the Indian hotel industry.

M.S.Oberoi was born in 1898, in the erstwhile undivided Punjab, now in Pakistan. He did his early schooling in Rawalpindi and completed his graduation from Lahore. In 1922, to escape the epidemic of plague, he came to Shimla, and got a job of a front desk clerk at the Cecil hotel at a salary of Rs.50 per month. He was a quick learner and shouldered many additional responsibilities along with the job of desk clerk. Hs diligence prompted Mr. Clarke to request Oberoi to assist him when he acquired Clarke’s hotel, where he gained first hand experience in all aspects of hotel operations.

In 1934, M.S.Oberoi acquired the Clarke’s Hotel from his mentor, by mortgaging his wife’s jewellery and all his assets. In 1938, he signed a lease to takeover operations of the five hundred rooms of Grand Hotel in Calcutta, which was up for sale following a cholera epidemic. In 1943, M.S.Oberoi 120 acquired the controlling interest in the Associated Hotels of India which owned the Cecil, and Corstophans in Shimla, and the Maidens and the Imperial in Delhi, and a hotel in Lahore, Murree, Rawalpindi and Peshawar. He thus became the first Indian to run the largest and the finest hotel chain.

In 1959, the Oberoi group became the first group to start flight catering operations in India. In 1965, M.S.Oberoi opened the first modern five star international hotel in the country, the Oberoi Intercontinental, in Delhi. In 1966, he established the prestigious Oberoi School of Hotel Management, recognized by the International Hotel Association in Paris. The Oberoi group opened the 35 storey International Sheraton in Mumbai. Oberoi was the first to employ women in the hospitality sector. Today, the Oberoi group owns or manages 37 luxury and first class international hotels in seven countries. M.S. Oberoi was elected to the Rajya Sabha in 1962 and in 1972. He was also elected to the Lok Sabha in 1968.

He was the recipient of many awards and honours. In 1943, he was conferred the title of Rai Bahadur by the British Government. Other honours include admission to the Hall of Fame by the American Society of Travel Agents; Man of the World by the International Hotel Association, New York; named by Newsweek as one of the “Elite Winners of 1978” and the PHDCCI Millennium award in 2000. M.S.Oberoi was honoured with the Padma Bhushan in 2001.

It is not often acknowledged that M.S.Oberoi, Chairman of an empire of 29 hotels spanning most of the world’s landmass is also the man who pioneered India as a brand, way back when it was only a bazaar of begging bowls and exotica. At 90, he looked back in something close to awe and said, “I often wonder how I did it.”

Life served his lemons regularly but with even greater regularity did the Rai Bahadur make lemonade. 121

The story of the Rai Bahadur is all the more impressive because there was nothing in his background to suggest that he would be able to create the world class ambience and sophistication for which the group is celebrated now that he would be able to foresee India’s current positioning in the global market, while doffing a deferential hat to history when it was demanded.

25. NARAYANA MURTHY, N. R. – INFOSYS

Achievements : One of the founders of Infosys Technologies Ltd., chosen as the World Entrepreneur of the Year in 2003 by Ernst & Young, Narayana Murthy is the Non- Executive Chairman and Chief Mentor of Infosys Technologies Ltd. He is a living legend and an epitome of the fact that honesty, transparency, and moral integrity are not at variance with business acumen. He set new standards in corporate governance and morality when he stepped down as the Executive Chairman of Infosys at the age of 60.

Born in 1946, N.R. Narayana Murthy is B.E. in Electrical Engineering from the University of Mysore and M. Tech from IIT Kanpur. He began his career with Patni Computer Systems in Pune. In 1981, he founded Infosys with six other software professionals. In 1987, Infosys opened its first international office in USA.

With the liberalization of the Indian economy in 1990s, Infosys grew rapidly. In 1993, the company came up with its IPO. In 1995, Infosys set up development centres across cities in India and in 1996 it set up its first office in Europe in Milton Keynes, UK. In 1999, Infosys became the first company to be listed on NASDAQ. Today, Infosys has a turn over of more than $2 billion and has an employee strength of over 50, 000. In 2002, Infosys was rated No.1 in the Best Employers in India 2002 survey conducted by Hewitt and in the Business World’s survey of India’s Most Respected Company conducted in the same year. 122

He has received many honours and awards. In June 2000, the Asia week magazine featured him in a list of Asia’s 50 Most Powerful People. In 2001, Narayana Murthy was named by TIME/CNN as one of the 25 most influential global executives. He was the first recipient of the Indo-French Forum Medal and was voted the World Entrepreneur of the Year 2003 by Ernst & Young. The Economist ranked Narayana Murthy as eighth on the list of the 15 most admired global leaders (2005) and he also topped the Economic Times Corporate Dossier list of India’s most powerful CEOs for two consecutive years - 2004 and 2005.

As founder Chairman and CEO of Infosys Technologies, he heads the country’s successful Silicon Valley- style start up, one that is right at the forefront of India’s charge on the global software market. With 4800 employees, 11 software development centers in India and 13 overseas offices, Infosys is a world class act, deriving 97 % of its revenues from exports.

In the past five years Infosys has grown at breath taking speed: sales grew at a compounded annual rate 74 per cent and profits by 78 per cent, a performance that puts Infosys way ahead of its peers. It created history by becoming the first Indian registered company to list on an American stock exchange-NASDAQ–with an issue of two million American Depository Shares that raised $ 70 million. Infosys pioneering step has paved the way for other Indian IT companies.

At Patni Computer Systems (PCS), Mumbai-based company, as head of software, he recruited six professionals who were to eventually partner him in his first experiment of creating wealth namely Nilekani, S. Gopalkrishnan, Ashok Arora, N.S. Raghavan, K. Dinesh and S. Shibulal.

When he mooted the idea of creating a software supplier leveraging Indian skills and aimed at overseas markets, they readily bought into the concept. Infosys Consultants was formed in July 1981 with the pooled savings 123 of the seven partners of Rs.10, 000/- mostly borrowed from their wives. Murthy’s HDFC- financed Shivajinagar apartment in Pune was the first registered office.

A chance encounter on a plane with K.S.N. Murthy of KSIIDC brought Murthy to Bangalore and within a fortnight Infosys had the money–Rs.52 Lakh to buy its first computer. According to Murthy, the big breakthrough for Infosys came with economic liberalization after 1991. The Company’s turnover, a mere Rs.5 crore then, grew 100 folds since.

26. NARESH GOYAL - JET AIRWAYS

Achievements : Founder Chairman of Jet Airways; recipient of the first MB Munjal award for Excellence in Learning & Development in the private sector category in 2006. He also figures in the Forbes list of Indian billionaires.

Naresh Goyal completed his graduation in Commerce in 1967. Goyal started working in the airline industry right after college in his great uncle's marketing agency for Lebanese International Airlines. His salary was so low -- $40 per month -- that he had to sleep on the floor of his office. But he moved up the ranks quickly, becoming a publicist for the airline and from there, moving on to other international airlines. From 1967 to 1974, he learnt the intricacies of the travel business through his association with several foreign airlines.

In 1974, Naresh Goyal founded Jet Air Pvt. Ltd., to look after the Sales and Marketing operations of foreign airlines of India. His mother sold her own jewelry to give him money to start the business. He was involved in developing studies of traffic patterns, route structures, and operational economics and flight scheduling. His rich and varied experience made him an authority in the world of aviation and travel. 124

In 1991, when the government opened the airline industry to private competition, Goyal jumped at the opportunity. Naresh Goyal took advantage of the Open Sky Policy of the Government of India and set up Jet Airways for the operation of scheduled air services in the domestic sector in India. Jet Airways started commercial operations in 1993. In 2005, Jet Airways came up with an IPO and it was a huge success.

Today, the net worth of the Jet Airways promoter is over Rs.8, 100 crore, which makes him the sixth richest Indian as per the Business Standard Billionaire Club.

Goyal, however, has not forgotten his humble past, a reason why he remains modest and avoids the limelight. For e.g. minutes after announcing his decision to buy Air Sahara for Rs.2,225 crore - a deal, which gives him control over almost half of India's domestic aviation airspace - Goyal refuses to give it much importance and said, "It's no big deal. I am neither happy nor excited. Such acquisitions have been the way of life in the west."

The modesty has been interpreted in many ways. While his associates say it shows that the man has his feet firmly on the ground, others say it's his way of avoiding controversies. He has been doing precisely that ever since he got into the civil aviation industry 36 years back. He also has clear ideas about which way to go. For example, he thinks low cost airlines are just a myth in India.

Along with Jet’s meteorite rise, Naresh Goyal also rose in the entrepreneurial arena. He has won several honours and accolades. These include Entrepreneur of the Year Award for Services from Ernst & Young in 2000, Distinguished Alumni Award-2000 for meritorious and distinguished performance as an Entrepreneur, Outstanding Asian-Indian award for leadership and contribution to the global community given by the Indian 125

American Centre for Political Awareness, Aerospace Laurels for outstanding contribution in the field of Commercial Air Transport twice, in 2000 and 2004.

27. DR. PRATAP C REDDY - APOLLO HOSPITAL GROUP

Dr. Pratap C Reddy is a doctor and a businessperson credited with establishing the first chain of corporate hospitals in India-the Apollo Hospitals Group. He currently holds the post of Executive Chairman in the group. Dr. Reddy is a cardiologist with international experience. He worked at the Missouri State Hospital, U.S.A. where he also had the distinction of heading multiple research programmes.

Apollo Hospitals is one of the most famous chain based hospitals in India. It is the largest health care provider in Asia and third largest in the world. It has hospitals in India, Sri Lanka, and Bangladesh and has presence in gulf countries as well. Dr. Reddy has been successful in attracting the cream of Indian doctors from developed countries like the US and UK. For his efforts, Apollo Hospital is recognized as one of the finest in the world – at par with the hospitals in the First World countries. Initially there were lot of constraints, but that did not stop Dr. Reddy from pursuing his entrepreneurial dreams. In 1983, he set up the first centre in Chennai and then it followed by setting up of a consultancy body, The Indian Hospital Corporation. He then commissioned two more care centres in India. This set up a trend for other corporate health cares in India. From then onwards, it was an upswing for the Apollo group. It presently has over 22 centres in major metros in India and has a combined turn over of 100 million dollars.

He started on his mission for providing quality health care in India in the eighties. It is believed that he was spurred by his failure to provide critical care to a patient in the U.S. The patient died as a result. This incident prompted him to start world-class affordable health care facilities in India. 126

Apollo Hospitals proved that Indian doctors are no less than the best in the world by successfully operating on a complicated cadaver transplant. Having successfully steered Apollo hospitals in a number of locations through out India, Dr. Reddy went on to expand operations throughout Asia. His more recent initiative is to create a virtual Apollo centre, which is available anywhere, at any time. This is a web based Apollo initiative. He successfully implemented Telemedicine Technology in India which will be a key enabler in transforming health care delivery in India.

The Apollo Group opened its first clinic in Dubai in 1999. He also has plans for SAARC countries. He has plans for opening secondary health centers in India. His new projects include 'Med-varsity'-a virtual medical university providing total access to medical experts and 'MEDNET'-a hospital systems management package. Dr. Reddy has many more dreams like setting up rural hospitals. He recognized 23 sites in the semi urban areas. He started a clinic in his native village to serve as a model for similar such projects for the Apollo group to emulate throughout India. Dr. Reddy was awarded the Padma Bhushan in 1991.

28. RAMNATH GOENKA - INDIAN EXPRESS GROUP

Ramnath Goenka was born in 1904 in Darbhanga district of Bihar. He belonged to a Marwari business family. He completed his primary education in Varanasi. At the age of 15, he came to Chennai to learn the ropes of the business by venturing into the trade of yarn and jute.

At the age of 22, he was nominated as the member of Madras Legislative Council by the British Government. He founded the Indian Express in 1936, and in 1941, he was elected President of the National Newspaper Editors’ Conference. 127

In 1948, Daily Tej partnered with Ramnath Goenka to publish Indian News Chronicle, English daily, from New Delhi. He published several revolutionary articles in The Indian Express. In 1948 he published an English daily named Indian News Chronicle along with his friend Lala Deshbandhu Gupta. Ramnath Goenka merged Indian News Chronicle with The Indian Express after the death of Lala Deshbandhu Gupta.

During emergency he raised his voice against Indira Gandhi. He was against the congress till his death. Ramnath Goenka was close to Janatha party and helped the party in drafting election strategy. Ramnath Goenka died in Mumbai after prolonged illness in 1991.

29. RAMOJI RAO – RAMOJI CITY

Cherukuri Ramoji Rao, better known as Ramoji Rao, is an Indian businessman and media entrepreneur. He is head of the Ramoji Group which owns, among other things, the world's largest film production facility, Ramoji Film City. Rao Cherukuri was born in Gudivada, Krishna District, Andhra Pradesh, into an agricultural family. Some of the companies owned by the Ramoji group include Margadarsi Chit Fund, Eenadu newspaper, ETV, Priya Foods, Usha Kiron Movies and as mentioned above, the Ramoji Film City near Hyderabad. He is also the Chairman of Dolphin group of hotels in Andhra Pradesh.

Spread across 2,000 acres, the Ramoji Film City is the biggest of its kind in the world. The Film City where you can get ''everything from a pin to an aeroplane’’ is Ramoji Rao's biggest project till date and is being developed as the 'Disneyland' of India. He visualizes it as the ''gateway of tourism in India''. 128

30. RANGANATHAN, C. K. - CAVINKARE

C K Ranganathan, Chairman and Managing Director of CavinKare, has shown the world it is possible to beat the multinationals even in the most difficult market of fast moving consumer goods. Ranganathan's journey, which started from a small town of Cuddalore in Tamil Nadu, has been an amazing one. A business which he started with only with Rs.15, 000 is now worth Rs.500 crore. He learnt the first entrepreneurial lessons from his father, Chinni Krishnan, who started a small-scale pharmaceutical packaging unit, before moving on to manufacture pharmaceutical products and cosmetics.

HIS FATHER, HIS INSPIRATION

His father, Chinni Krishnan, an agriculturist, was also into pharmaceutical business. When he was in the fifth standard, he had a lot of pets -- more than 500 pigeons, a lot of fish and a large variety of birds. He used to earn pocket money out of pet business at that time. Perhaps, the entrepreneurial spirit in him showed its first streak.

THE ORIGIN OF THE CONCEPT OF SACHETS

His father had come out with the sachet concept, when he entered college, a couple of years prior to his father’s demise. He felt liquid can be packed in sachets as well. When talcum powder was only in tin containers, he was the one who sold it in 100 gm, 50 gm and 20 gm packs. When Epsom salt came in 100 gm packets, his father brought out salt sachets of as low as 5 gm.

'Whatever I make, I want the coolies and the rickshaw-pullers to use. I want to make my products affordable to them,' he used to say. Selling things in sachets was his motto as he said, 'this is going to be the product of the future.' But his father could not market the concept well. He moved from one 129 innovation to another but never thought of marketing strategies. He was a great innovator, but a poor marketer.

JOINING THE FAMILY BUSINESS

After his father's death, his brothers took charge of the family business. In 1982, when he joined them after his studies, they had launched Velvette Shampoo. Within eight to nine months, Ranganathan left the business because his ideas clashed with theirs. As he was in the manufacturing unit, he did not know anything about marketing or finance but, his inferiority complex notwithstanding, he was somehow confident of doing business better.

STARTING HIS OWN BUSINESS WITH RS.15, 000

For a week, Ranganathan could not make up his mind as to what business to do. He knew only two things; making shampoo and rearing pets. He did not want to venture into the shampoo business as it would initiate a fight with his brothers. However, he decided to do the same later as he could only make shampoo.

He rented a house-cum-office for Rs.250 a month against an advance of Rs.1, 000. He took another place for the factory for a rent of Rs.300 a month and against an advance of Rs.1, 200. He bought a shampoo-packing machine for Rs.3, 000.

HOW CHIK SHAMPOO WAS BORN

Ranganathan named it Chik Shampoo after his father. The product did not succeed immediately; he learnt many things during the process. In the first month, he could sell 20,000 sachets and from the second year, started making profits. He moved to Chennai in 1989 but his manufacturing unit continued to be in Cuddalore. It took him three years to get the first loan because banks asked for collateral. But one particular bank gave him a loan of 130

Rs.25,000 which he rotated and later upgraded to Rs.400,000, Rs.15 lakh and so on.

“You know what the bank manager wrote in our loan application? This person does not have any collateral to offer but there is something interesting about this SSI unit. Unlike others, this company pays income tax. I must say my business never looked back because I was very particular about paying income tax”, he says.

STRATEGIES THAT MADE CHIK SHAMPOO NO. 1 IN SOUTH INDIA

When Chik entered the market, Velvette Shampoo was being marketed aggressively by Godrej. But a scheme of his became extremely successful -- he exchanged five sachets of any shampoo for a Chik Shampoo sachet, free. Later, he altered the scheme -- he started giving one free Chik Shampoo sachet in lieu of five Chik Shampoo sachets only. Soon, consumers started asking for Chik sachets only. The sales went up from Rs.35, 000 to Rs.12 lakh a month.

When he introduced jasmine and rose fragrances, his sales went up to Rs.30 lakh per month and with actor Amala as the model, his sales rose to Re.1 crore a month. Each idea of his was rewarded by his customers. His market share increased and in 1992, he became the numero uno in South India. It took nine years for him to overtake my brothers' business.

HOW CHIK SHAMPOO CONQUERED THE RURAL MARKET

Multinational companies sold products in big bottles and not in sachets and they sold only from fancy stores. They did not look at the small kirana stores, nor did they look at the rural market. Ranganathan went to rural areas of South India where people hardly used shampoo. He showed them how to use it 131 through a live demonstration on a young boy. He asked the assembled to feel and smell his hair.

Next he planned Chik Shampoo-sponsored shows of Rajnikanth's films. He showed advertisements in between, followed by live demonstrations. He also distributed free sachets among the audience after these shows. This worked wonders in rural Tamil Nadu and Andhra Pradesh. After every show, His shampoo sales went up three to four times. Today, the Indian rural market is growing at a pace double than that of the urban market.

LAUNCHING MEERA HERBAL POWDER

He continued with Chik Shampoo for seven years before venturing into anything else. Meera Herbal powder was actually not his idea. Shaw Wallace already had a herbal product but it was marketed very poorly. He felt there was a demand for herbal products and he made a good product. In the third month itself, he topped the market. In six months, he had 95 per cent market share, while Shaw Wallace had only 4-5 per cent.

HOW BEAUTY COSMETICS BECAME CAVINKARE

As he planned to expand to new products, he thought the name Beauty Cosmetics would be restrictive. In 1998, he ran a contest among his employees for a name and one of them suggested CavinKare; with C and K spelt in capitals. C K, his father's initials. Cavin in Tamil means beauty and grace.

PERFUMES FOR THE POOR

He wanted to cater to those who cannot afford (high priced) perfumes. Good perfumes came at a huge price -- they were beyond the means of ordinary people. He decided to come out with a Rs.10 pack Spinz. He was successful in that too. 132

Ranganathan has great admiration for those who fight against all odds and attain success. C. K. Ranganathan, is a successful entrepreneur and venture philanthropist. He has set an ambitious sales target of Rs.5, 000 crore by 2012.

31. RAO , G.M . - GMR GROUP

G M Rao, a mechanical engineer, is the founder Chairman of GMR Group-global Infrastructure major. The Group is well diversified and professionally managed with focus on business verticals of Airports, Energy, Highways and Urban Infrastructure including SEZs, apart from interests in Agri-business.

Born in 1950 in a small town of Rajam in the Srikakulam district of Andhra Pradesh, G M Rao established the GMR business empire starting from a single jute mill in Rajam in 1978. Within a decade, he successfully established three green field power plants in the country, one each in the state of Tamil Nadu, Karnataka and Andhra Pradesh. Under his guidance, the Group is now developing several power projects in various parts of the country and is expanding its activities to other countries.

G M Rao expanded the Group’s presence in the infrastructure sector by leading the Group’s foray into highways. The Group has already completed two greenfield road projects and four more projects are nearing completion.

G M Rao has today successfully established GMR Group, as one of the leading infrastructure organisations in the country. Rao was the largest shareholder in the country’s leading 75-year-old private sector Vysya Bank, which has been successfully transformed into a modern technology driven and hugely successful financial enterprise. For his visionary approach and outstanding contribution to ING Vysya Bank for a period of two decades as its Director and Chairman, the Bank in September 2006 conferred on him the status and title of ‘Chairman Emeritus’. 133

He was chosen as the ‘Entrepreneur of the year’ at the Economic Times Awards for Corporate Excellence 2006 – 07. The award has been given to him in recognition of his exemplary entrepreneurial spirit and potential in breaking into the big league of top infrastructure organisations in India. He has also been awarded the ‘Most Promising Entrant to the Big League’ by CNBC TV18 at its ‘Indian Business Leader Awards 2007’.

While a set of seven core values define the GMR Group’s distinct organization culture, Rao has also spearheaded a “Family Constitution” model for the group. In line with this, over a period of time, the members of the family would provide only the strategic inputs and investment needs and counselling for all the businesses and activities of the Group.

“Most of the people had no idea how to deal with that sudden turn of events. But GMR decided to take advantage of a new growth area – the power sector – and soon acquired the licence for a power project in Tamil Nadu, the Basin Bridge power plant in Chennai, which became the first to be developed by the group,” says BVN Rao, a long time friend and now chairman of the energy vertical.

GMR, who cut his entrepreneurial teeth with a jute yarn facility in Rajam, went on to display his talent in sugar and other agri-businesses, ferro- alloys, IT and banking before he finally decided to zero in on infrastructure. Setting up a jute yarn facility taught him a great deal about teamwork and taking his fellow workers along. His banking experience is what he treasures the most. “Turning around non-performing assets and building confidence among customers after a total change in the top management was not easy. We were dealing with public money,” he says.

GMR, unlike most family-run businesses, has also put in place a succession plan in the form of a family constitution, which has been revealed to shareholders as well, to ensure transparency in operations. On criticism 134 about the family’s role in his companies, GMR has a confident answer: “It’s run by family professionals. Almost 70% of the listed companies on BSE are family-run businesses anyway.”

But even at 61, GMR, has merely written the preface of his entrepreneurship story, it seems. He is now poised to enter the big league and if early indications are anything to go by, getting awards too could become a habit.

32. RAUNAQ SINGH - APOLLO TYRES

Raunaq Singh, a first generation entrepreneur, in his leisure time would often recount his days after partition and how he built his business empire from scratch. He along with 13 others had to camp in a single room in Delhi’s Gole market after partition. A job in a spice shop, Munilal Bajaj & Co, did help him to somehow survive but could not contain his entrepreneurial instinct.

Born in1922, at Daska in Pakistan, Raunaq Singh learnt the elementary lessons of business skills while being employed as a salesman of a steel pipes merchant in Lahore earning Rs.8 a month — a princely amount in those times. The seeds of entrepreneurship were planted when Raunaq Singh cashed in on an opportunity thrown up by the dearth of water pipes in the areas around Lahore. The profits he, thus, earned were ploughed back in the form of setting up his own business in steel pipes.

Having sold his wife’s jewellery for about Rs.8, 000 in Old Delhi’s Chandni Chowk in November 1947, Singh went to Calcutta to try his luck. Singh set up his office at 85, Netaji Subhash Road; first to start spice trade but later founded Bharat Steel Pipes. The rise of Raunaq Singh is considered in the corporate world as a rags-to-riches story. He related his pre-independence enterprise to his friends, in Lahore, how he sold old pipes to a customer for double its price that too by getting an advance from him. His trademanship 135 could be seen in procuring water pipes without investing a single rupee. His first deal of Rs.1, 000 was the beginning of his fortune in steel pipe trade.

Like any other Indian living in what became Pakistan post- independence, Singh also faced the brunt. But his resilience helped in re- building an enterprise. Says Mr. Harish Bhasin, Chairman HB group, “from selling tubes he dreamt of a tube factory and made it possible. Even when Apollo Tyres was taken over by the government, he fought tooth and nail and later he was reinstated in the company.” His corporate friends give credit to his political connections.

His organizational skills could be seen in shaping three apex associations, FICCI, Assocham and FIEO, the only person to do so. CII president Ashok Soota remembers him as “a first generation entrepreneur committed to the industry association movement in India.”

FICCI recalls Singh’s tenure as president during 1989-90 as year of transformation for both the Indian economy as well as for the organization. Even during the early years of economic liberalization when India Inc was apprehensive of the globalization process, Raunaq Singh commented in his President’s report: “India of the 90s is ready to face the challenges of change”.

His business rival Mr. Hari Shankar Singhania Chairman, JK Industries, says: “As a person he was very amiable, full of wit and humour and he would put many a serious matter into simple earthy language sorting out...

RAUNAQ SINGH, THE CHARISMATIC FIRST GENERATION ENTREPRENEUR

The noted industrialist, Raunaq Singh, who died at the age of 79 presided over a business empire with a turnover of about Rs.2, 700 crores. A doyen of the post-partition era of industry, he rose rapidly from being a mere trader to a corporate giant with his flagship company Apollo Tyres. 136

The Apollo group of companies now includes Bharat Gears, Raunaq International, Raunaq Automotive Components and Menarini Raunaq Pharma and has over 9,000 employees.

Mr. Raunaq Singh laid the foundation of his tyre manufacturing empire about 40 years ago and set the stage for India to become a major tyre producer. As a doyen of the business community in northern India as well as due to his expertise in the automotive sector, the Government decided to appoint him as the first Chairman of Maruti Limited. He has also held senior positions in the Exim Bank, Export Credit Guarantee Corporation and the Indo-German Consultative Group.

The CII President, Ashok Soota, said with Mr. Singh's passing away, the country had lost an eminent and charismatic first generation entrepreneur. Mr. Raunaq Singh represented the first group of post-partition businessmen in the country. Hailing from an ordinary background and starting as a steel trader, he went on to establish a group with a turnover of over $525 million.

Raunaq Singh was a powerful figure in corporate India. He was the former President of the Federation of Indian Chambers of Commerce and Industry, the Associated Chambers of Commerce and Industry of India, the PHDCCI, and numerous other trade bodies.

Raunaq Singh’s corporate journey from Lahore to New Delhi, first as a steel tube merchant, then as a steel tubes manufacturer and finally as the founder of Apollo Tyres, has been the stuff of corporate folklore.

33. SABEER BHATIA - HOTMAIL

Bhatia intended to get his engineering degree and go home to work. His mother was a bank manager, and his father, Chief Administrative Officer at Defense Research Organization. Bhatia grew up, like most Indian kids, presuming that starting a company is impossible unless you are a superman. 137

As a graduate student at Stanford University, Bhatia was drawn to meetings where he heard entrepreneurs like Sun Microsystems’s Scott McNealy and Apple’s Steve Wozniak. Bhatia’s impression was that they really were fairly ordinary intelligent guys. When he graduated, he took a job as a hardware engineer at Apple Computer. Soon he started attending cocktail parties of a group of Indian born entrepreneurs in Silicon Valley, where he met many successful older Indian men. And again they seemed like such ordinary guys.

Bhatia needed $300, 000 to create a working version of the e-mail programme. He shopped around his business plan and another for a Net-based personal database to 19 venture capitalists – with no success. Then he met Steve Jurvetson of Draper Fisher. Jurvetson who was interested but skeptical of Bhatia’s revenue estimates and dismissed the projections outright, but Bhatia insisted, “You do not believe we are going to do that?” for their $300, 000 upfront, the firm wanted a 30 percent stake. Bhatia offered 15 percent. Negotiations seemed to be going nowhere. The next day Jurvetson agreed 15 percent.

Bhatia and his colleague Smith quit their jobs at Apple Computer and opened a tiny office in Fremont, California. By June, they were running out of money, but the product would be ready to launch in a month. Another venture capitalist, Dough Carlisle, was interested in investing, but Bhatia knew that if he and Smith launched the service first, they would keep more control of the company they created. He convinced a bank to loan them $100, 000.

In 1996, Bhatia and Smith launched their company, called Hotmail. The morning of the launch, Bhatia and Smith wore hip beepers, programmed to flash every hour with the number of new subscribers. The first users found Hotmail all by themselves, then e-mailed their friends: a hundred users in the first hour, 200 the next hour, 250 in the third. By the time Sabeer went back to 138

Doug Carlisle to say in effect okay. Hotmail had 100, 000 subscribers and a valuation of $18 million.

Hotmail began to deliver news and other internet content into the e-mail boxes of its subscribers. This was nothing new, but the way the money flowed was. The sites supplying the content took the position. “Hey, if you want our news for free, then you would better pay us.” But Bhatia wanted the sites to pay Hotmail for the privilege of having its content run. Surprisingly, the businesses agreed to these terms, and soon Hotmail was growing so fast that some content providers could not handle the traffic that came in from Hotmail. Every morning, he scoured the internet for signs of competition. It was six months before the first appeared.

He had always been concerned that Hotmail could be copied. Microsoft came biding to buy Hotmail in 1997. Six company executives flew down and offered Bhatia a figure that would have put tens of millions of dollars in his pocket. He rejected it; a week later they were back, and every week thereafter for two months. They asked Bhatia to go over and talk to Bill Gates. After a tough bargain the deal was stuck worth a walloping $400m. Bhatia remained the company’s top executive after it became a subdivision of Microsoft’s Web Essentials. By then Hotmail had 144 employees.

So, is Bhatia lucky or is he great? He refuses to give the credit to anything other than the culture of the Valley itself: Where two 27 year guys get $300, 000 from men they had just met. Two 27 year old guys who had no experience with consumer products, never started a company, never managed anybody, no experience even in software. All they had was the idea.

In 1999, Sabeer Bhatia quietly left Microsoft to begin a new venture called Arzoo.com, a web site that brings information technology experts and corporations together to solve technology related problems on the internet. His 139 goal is to create the world’s largest network of human intellectual capital on the web.

34. SARATH BABU – FOOD KING

Humble beginnings seldom pay. But Sarath Babu will not buy that. For this young entrepreneur, rags-to-riches is not just another adage. It is his very first foundation of success. From a slum in Chennai to the top echelons of academia with an enrolment in chemical engineering at BITS Pilani and IIM- A, and now as the steward of his Food King Catering business, Sarath has come a long way. His humility perhaps made him reject several high-brow offers from MNCs after his MBA. That, in a way, was the genesis of Food King Catering - with paltry Rs.2, 000 seed money.

Today, his food business spans six locations with a Rs.9-crore turnover to boot and set to clock Rs.20 crore by year-end. For Sarath, his mother, who once sold idlis on the pavements of Chennai and worked as an ayah, is a pillar of strength. “Her sacrifice eggs me on,” says Sarath. Apart from bringing up four children, Sarath’s mother worked as a cook for the mid-day meal scheme for 11 years and got paid just a rupee each day.

Having completed SSLC, she moved on to teach under the same scheme for five years. Even then, her salary was insufficient. So Sarath’s mom sought refuge in the food business to supplement her meager income. As she rolled dough in the form of idlis, dosas, bhajjis and appams, it was Sarath’s job to sell them in the neighbourhood. “For kids living in a slum, idlis for breakfast is something very special,” says Sarath even to this day.

A natural entrant to the food business with acquired acumen in childhood, Sarath has trained his sight higher. From the current 250 people, he’s aiming to recruit 2,000 people by next year, and probably, 5,000 in the next two years. 140

Sarath Babu said, "When I was in my third year at BITS, I organized an event. My friends thought my management skills were very good and suggested that I pursue a course in management."

His firm, Food King catering services, was inaugurated at Ahmedabad by IIM-A Chairman and Chief Mentor of Infosys N.R. Narayanamurthy. Sarath is all set for a brilliant innings.

Jumping-in to kick start a business right after college should have been tough. But this bold mindset & compulsion came from his childhood perils.

Initially, his catering business, with two units in Ahmedabad, was Rs.2, 000-per -day in the red. “But I burnt the midnight oil literally to get a solution,” Sarath says. It’s worth a mention here that Sarath spent most of his childhood in the dark, without electricity. He focused on volumes rather than spartan servings, and started taking contracts from institutions and companies.

To bag an order, Sarath even slept on the platform of Mumbai’s railway station. “That’s one of my finest nights I’ve ever had,” Sarath reminisces. Today, Food King is targeting 100 clients, including 50 top institutions and 50 corporates for the snacks business — South Indian, North Indian and Chinese food.

He now envisions Food King’s Palace (food malls) across cities where all kinds of Indian food would be served at “economical rates”. Is he really worried about inflation or price-rise in food products? When most of the restaurants have increased their prices, Sarath sees an opportunity to serve at a cheaper price. “Sourcing from one place makes a lot of difference. I will tap this opportunity,” says Sarath. Today, he drives a Chevrolet to take his mother for a ride to oversee his business units in Chennai. “Next, I want to build a house for my mother,” says Sarath.

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35. SATHISH BABU, D. – UNIVERCELL

From selling vacuum cleaners as a door to door salesman owning a business selling mobile telephone sets is quite an impressive advance for a young man. D. Sathish Babu not only made that transition a decade ago, but he has firmly established himself as arguably the foremost multi location vendor of mobile telephones of all sizes and brands in India within a decade of launching himself in business.

The tag-line of the company he runs reads UniverCell, the Mobile Expert. Anybody who has every shopped for a mobile phone in this part of the world known this is no empty boast. Sathish Babu, a mathematics graduate, began his career as a sales executive with Eureka Forbes where he steadily rose to the post of regional sales manager during nine year tenure. He left the company in 1997 to start his own business venture, bitten by the bug to be “my own boss”.

It was still the early days of the Indian mobile phone retailing. The industry was highly fragmented and disorganized. Mobile handsets were expensive, the grey market dominated and there were few showrooms around to showcase mobile products.

Sathish Babu entered this scene selling postpaid mobile connections as a Skycell Teleshop. He soon decided he would provide a nice ambience in which his customers would be able to choose the cell phone instruments they liked in comfort and served well by intelligent, courteous, efficient salespersons.

Using his savings and some capital from the family, Sathish started UniverCell in 2000 in Chennai. Since then, Sathish and UniverCell have spun a success story to be the largest mobile phone retailer and among the better known brands in India. Statistics are available to show that one out of every 142 three handsets sold in the market is from UniverCell. Its customer base stands at a vast 5 million, with 100,000 people buying its handsets every month.

From a single store with 32 employees in 2000, UniverCell has grown to 170 stores with over 1350 employees across southern India. The company continues to be recognized as the top retailer by all major mobile manufactures and enjoys the best of concessions and incentives.

Sathish Babu has promoted the brand through every available mass media tool of advertising. Innovative marketing and a consistent presence across media have been the hallmark of Univercell’s journey as far. Celebrity endorsement is for instance a big part of its advertising campaigns with film actor R. Madhavan as its brand ambassador. With effective advertising campaigns and market promotion, Sathish Babu has made sure that UniverCell is well entrenched in the hearts and minds of the buying public all over India. The presence of large retail outlets, print, television, event promotions, billboards and FM radio broadcast, are constant reminders to customers existing and prospective keeping in line with the focus of aggressive expansion, UniverCell has started SIS (Shop in Shop) model stress within Music World of RPG group.

UniverCell has the distinction of being the first mobile phone retailer to provide a warranty on every purchase, keeping in mind the stiff competition the grey market poses. Recently UniverCell launched an exclusive Mobile Theft and Damage Insurance along with Oriental Insurance Co. Ltd. to cover all risks not covered under the manufacturer’s warranty. It was also the first mobile retailer to implement the touch and feel concept, besides offering several exchange offers.

Determined to take UniverCell and mobile phone retailing to the heights of excellence, Sathish constantly looks to incorporate innovative modern retailing concepts into his own organization. The series of core improvements 143 initiated five years ago has now resulted in a world-class retailing organization that is powered as much by technology as by its people. The foundation for growth well in place, UniverCell has its sights on replicating its success Pan India. These same investments in technology and processes have earned UniverCell the ISO 9000-2001 certification for quality management systems.

Strong relationships with all the manufacturers, the e-portal @ www.univercell.in and wap.univercell.in, its pan Indian presence, UniverCell has been able to leverage efficiencies of scale, providing the highest levels of service and options to consumers. UniverCell presenting a single face to its customers assures the same level of support (warranties, service, etc) from every single outlet across the country.

THE ENTREPRENEUR

Sathish and UniverCell have been cresting the wave of the Indian mobile revolution from the retailing front, growing and evolving to become India's largest mobile retailer and one of India's best known brands.

Sathish Babu is determined to go places. They are all set of move into the next phase of expansion. With the Indian cell phone market still quite away from reaching saturation, Univercell’s future looks bright.

36. SEEMA KAKKAR –REMANIKA

STARTING YEARS

“In 1993, I designed my first label called Rudraksh for Ensemble-Tarun Tahiliani’s retail chain of stores. It was haute couture for elite class. I got very encouraging response but fashion was still at a very nascent stage in India- even rich people of South Mumbai, especially women, were not open to trendy clothes those days. I use to regularly interact with people on the streets and realized that youth in suburban pockets such as Bandra and Lokhandwala were 144 open to experiment with their clothes but they did not have choices at affordable prices as designers in India were into haute couture and catering to high profile individual clients. There was a need gap in the market. That is how seeds of Remanika were sown. In 1994, I rented out a 100sq ft space in Kemps Corner in South Mumbai and opened the first Remanika store selling ‘Go- sexy’- trendy youth wear and club wear for women”, says Seema.

THE INITIAL YEARS

“When I started in 1994, I could not even afford shelves and hangers, and all the clothes used to be displayed on the floor. I paid rent in the evening on a daily basis from money generated through day sales. One fine day, with barely few months into the business, I got notice to vacate the store. The following one year was very stressful. There were times when I had to sell clothes on staircases and loft of the mall. I had to sell my car and house to stay put in the business. After some time I rented another 600 sq ft of space on a different floor in the same premises. Thankfully, clients repaid my faith and business grew steadily’ she says.

TURNING POINTS

The first store was opened in 1994 and then the opening of second store in 1999. In 2000, she started retailing the products through Pantaloon, and later from Shoppers Stop, K-Lifestyle, and Pyramid stores. She has now 10 self- owned stores and retails her products through 80 other outlets. The employee strength is 400 and has grown 100% over the years.

37. SHAHNAZ HUSAIN - SHAHNAZ HUSAIN HERBALS

There are perhaps few others who can stand testimony to the truth of these words, as Shahnaz Husain, India’s pioneer in herbal cosmetics. 145

Credited with single-handedly placing Indian herbals on the world cosmetic map, her success story-that of young girl from a conservative Muslim family who rose to become an international trailblazer in the field of herbals- is by now history.

President of CIDESCO, the first Asian to enter Selfridges in London and break a 40 year old sales record, GQM Commitment to Quality award, FICCI’s outstanding woman entrepreneur, US magazine Success’s World’s Greatest Women Entrepreneur – the list of accolades and achievements is endless.

An entrepreneur in the truest spirit of the word, the lady has a whopping 80 percent of the domestic herbal market, and sales counters in the best stores internationally, be it the Seibu chain in Japan, Bloomingdales in the US, Galeries Lafayette in Paris, Harrods and Selfridges in London … it goes on.

“Though I was married at a very young age, I always knew that I was made for something more,” begins Shahnaz.

Not prepared to sit back as a housewife and mother the age of 16, the young Shahnaz set about writing for magazine to earn money so that she could fund her education. Staying with husband Nasir in Tehran, Shahnaz found the ideal opportunity in the international beauty schools there. After studying cosmetic chemistry in international beauty schools in certain centres including London, Paris and Denmark for close to eight years, Husain hit upon the idea of exploring the 4000 year old Indian ayurvedic system, so that she could research and develop herbal cures and treatments.

“I had seen the debilitating effect of synthetic cosmetics abroad; there was no doubt in my mind that the herbal system would work,” recalls Shahnaz. 146

She returned to India to set up shop in one room, with a start up investment of Rs.35, 000, she borrowed from her father. The going was tough – Shahnaz had priced her product well above the existing market.

“I began with just one product – Shalife, a massage cream. My facial were priced at Rs.100, while you get one the market for a paltry Rs.6,” reminisces Husain. However, that did not stop the crowds from coming in, and soon, Shahnaz had more clients she could handle.

“I would go to a place for one day, offer free prescriptions and advice, inaugurate the salon, and go back,” says Shahnaz. It worked – today, there are more than 600m salons in India and abroad.

The Shahnaz group of companies has acquired a global presence, with exports to 132 countries including those in the Middle East, South East Asia, Australia and all over Europe. Recently, the company has been approved by a Fortune 500 investment company to explore business opportunities.

The strategy was one she applied with great success internationally as well – at one point, during a makeup demonstration in Russia, Shahnaz was asked to stop as the floor was caving in under the pressure of the people who had turned up to watch. Interestingly, Shahnaz has never advertised her products, a fact that had Harvard in the US wanting to use her marketing system as a case study.

17 herbal lines, with many more in R&D, Husain is busy expanding her empire by adding health resorts, signature garments, accessory lines and more to her portfolio.

38. SHAMIT KHEMKA- SYNAPSE INDIA : the entrepreneur, leader and achiever

They say, “You must first be a believer, if you want to be an achiever.” 147

Shamit Khemka owns one of India’s leading software and web development outsourcing companies, Synapse Communications Pvt. Ltd. and Sampatti.com, the much popular online real estate service. He has already bagged numerous national and international recognitions for being an emerging young entrepreneur.

He is a man who has proud credentials of being the one to gift India its first Bulletin Board System with e-mail services. He is also the one to establish country’s first online real estate database that allows every property buyer and seeker to enroll their needs and specialties - all for free.

THE FLIGHT… TOWARDS A GOAL SET HIGH

From a computer whiz-kid to become a CEO of a tremendously progressive MNC, the journey Shamit took was interspersed with challenges. Just as it is always in ready abundance for the one who has set to move ahead.

While Synapse Communications has grown 10 times (both revenue and manpower-wise) since its inception in 2002, Sampatti.com, Shamit’s another creation, has garnered rave reviews from real estate industry specialists and allied service providers alike for its techno-innovative and effective service delivery model.

From a standard 30-men company, today, Synapse boasts of over 300 employees - spread in different specialty areas. It ably caters to diversified business specialties via the arms by the names of Synapse India, Synapse web solutions, Synapse interactive etc. While its Noida office exemplifies the best of a state of-the-art infrastructural facility, an upcoming specialty centre at NEPZ, Greater Noida, is expected to feature futuristic readiness towards taming every challenge from emerging technological needs.

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SHAMIT – THE MAN OF HIS MEN

Shamit Khemka, the entrepreneur, like all of his successful counterparts, knows the role of employees in an organization. Talk to any of his employees. You would immediately get to know hundreds of pro-employee rules and regulations that they enjoy being in Synapse. Understandably, a job opportunity in Synapse attracts more applicants in comparison to what a similar offer from others in the same business promises of.

ON COURSE TO MORE…

In a scenario when in the name of better profits, private sector companies implement innovative rules to sap employees to the extent of no return; Mr. Shamit Khemka too implements innovativeness.

He applies it to install a prized balance between business growth and employee satisfaction. Be it with Synapse India, Synapseco, or any other extensions of Shamit Khemka’s services to an increasing list of global clients, he marches on ahead while setting newest standard of professional commitment. On the course of scaling newer heights with his people, Shamit proves his taste for integrity by practising a professional culture where individual growth complements to organizational growth.

BORN LEADER

Someone said, ‘A leader is born, not made.’ May be it is his business background that has helped him to develop essentials for leading a team of people and motivate them to work for a common cause. 149

SMART THINKER

If his love for information technology and internet inspired him to venture in the world of IT services at a meagre age of twenty, his ability to smartly handle a situation is largely responsible for his success today.

39. SHASHI RUIA – ESSAR GROUP

Shashi Ruia is one of India’s foremost entrepreneur industrialists. He is the co-founder and Chairman of the Essar Group, an organization that in less than four decades became among the top five Indian companies in each of its six core businesses.

The Essar Group is a diversified business corporation with a balanced portfolio of assets in the manufacturing and services sectors of Steel, Energy, Power, Communications, Shipping Ports & Logistics, Construction and Mining & Minerals.

When Nand Kishore passed away in 1969, the responsibility of growing his fledgling business fell on his two sons. Shashi Ruia and brother Ravi established Essar, a company whose first major project was to build a breakwater at Chennai port. Over the next four decades, Essar became the Essar Group. Essar employs more than 50,000 people across offices in Asia, Africa, Europe and the Americas.

Ably supported by his brother Shashi Ruia led the company into businesses, like shipping, marine construction, steel, power, telecom, offshore engineering and oil exploration, which were at one point dominated by multinationals and public sector units. The brothers, who share a very strong bond as well as the same office, seized on every available opportunity and helped Essar pioneer many firsts in Indian corporate history. Essar, for instance, was the first company to set up a sponge iron plant in the west coast 150 of India, the first independent power producer and among the first to introduce mobile telephony services.

Essar draws strength from the integrated nature of its various businesses and their collective synergies. Shashi Ruia has been the driving force behind this integration strategy. Widely regarded as one of the architects of modern India, he has a passion for education and mentoring young talent. He considers all employees of Essar a part of his extended family.

Ruia said he himself was 'not an MBA but only an MBB (Marwari by birth),' but he imbibed the spirit of enterprise from his father who took him along wherever he went to start a business. The lessons he learnt as an understudy to his father were productive and helped in building the Essar Group which now has a strong presence in steel, petrochemicals, telecom, engineering and construction, he added.

Ruia said that young graduates could draw inspiration from great entrepreneurs like Dhirbubhai Ambani and Ratan Tata. He said India has the potential to grow stronger and that it was true China was far ahead especially in the fields of steel, cement and automobiles.

Collecting jewels of wisdom all along his professional carrier, which spans in decades, Ruia worked in almost all sectors of business. In fact, Ruia has not only masterminded the group's business strategy but has also consolidated a whole range of activities through backward and forward integration. And the reach of the Group can be gauged from the fact that Essar Steel Ltd, the flagship company of the Group, encompassed businesses in the area of ports, harbours, submarine, oil and gas pipelines and installations, modifications and maintenance of offshore oil field platforms, super deep land drilling rigs and submarine gas pipeline.

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With total assets of more than $5 billion, and annual revenues of more than $2.2 billion, Essar Group has become one of India's leading and most diversified private sector conglomerates.

The Group, under the watchful eyes of Ruia has been able to utilize the synergy and propel its growth into a large business conglomerate. In fact, after the successful completion of its multi-crore construction project of Sardar Sarovar Nigam Ltd (SSNL), Essar is now working on a project for the state government-owned Gujarat State Petroleum Corporation Limited (GSPCL) for its gas pipeline project. And with Ruia as the guiding star, even scaling sky will not be a difficult feat for the Essar.

It's no wonder that the Essar Groups under the leadership of Shashi and his brother Ravi Ruia who is a Vice-Chairman of the company, was ranked 37th in the list of billionaires in the country.

40. SHIV NADAR - HCL

Shiv Nadar has been the only entrepreneur in the last decade, apart from Azim Premji of Wipro, to successfully manage hardware business and software ventures. In fact Nadar has successfully straddled the entire spectrum of Information technology: from hardware, software and services, to training.

The HCL Empire, which spawns from Japan in the east to US in the west, was conceived in a garage in Noida near New Delhi when Nadar quit his job with DCM and, armed with Rs.1.5lakh, started making and selling calculators in 1976. His big break came when he ventured into the hardware business.

Armed with a degree in Electrical Engineering in 1967, he started work as a systems analyst at Cooper Engineering and within a year moved out to DCM as a senior management trainee. The next seven years of his life were spent uneventfully as he climbed up the ladder and started Data Products 152

Division. He was heading until he quit in 1975 and laid the foundation of HCL group from an attic in Noida.

PREDICTED THE COMPUTER BOOM

People laughed at him when he predicted the future for Information Technology in the country and the scope it provided to HCL. His understanding was that sooner or later when the time comes, HCL could cash on the computer boom in the country. He proved them wrong and had the last laugh as within a short span of three years HCL was able to develop India’s first micro processor based commercial computer, HCL-8c.

By this time the HCL team was able to gather in-house expertise for developing the hardware, controllers, languages, systems software utilities and even application software for its computers. Finally with the technology jump in the next four years 8c became a museum piece, HCL was able to step in with an advanced version, also developed in-house. This symbolized the galloping pace of changes in the international market and HCL’s nascent efforts to move along.

Since 1993, he has stopped running companies and confines himself to once-a-quarter meeting with CEOs. He now heads the group apex body of HCL Corporation, whose charter is to set standards and create policies in areas such as new business opportunities, financial and accounting practices, HRD and corporate communications.

41. SINGH, K.P. – DLF GROUP

Kushal Pal Singh, with a net worth of $35 billion, is the fourth richest Indian in the world. He heads the DLF Group, India's largest real estate developer, which has interests in Delhi, Chandigarh, Kolkata, etc. 153

In 1960, Singh quit the Indian Army to join the American Universal Electric Company, a joint venture between Universal Electric Company of Owosso, Michigan, and Singh's family. Later he established Willard India Limited along with a Philadelphian company ESB Inc. He joined DLF Universal Limited as the Managing Director in 1979. Singh's greatest achievement is that he transformed Gurgaon, a barren village then, into one of the favourite real estate destinations of India. Today he presides over closely held DLF Group, India's largest real estate developer with an estimated land bank of 3,000 acres in prime city locations. Singh, who owns 99.5% of parent DLF Universal with his family, is worth, at least $5 billion.

His showpiece: a busy, 10-mile-wide township called DLF City in Gurgaon, situated south of Delhi, in the neighboring state of Haryana. Some just refer to it as the "new city" or Delhi's tech city. It is a sight to behold. A barren expanse of farmland has been transformed into a sprawl of office and residential towers, interspersed with bright, busy malls, monuments to the country's new found consumerism.

DLF City boasts restaurants, hospitals, schools, hotels and an 18-hole Arnold Palmer signature golf course. Gurgaon is no longer the back of beyond but a suburb much sought after by those who cannot afford Delhi's prices or would rather live closer to where they work. By laying a modern foundation in a country whose physical plants usually lag its intellectual assets, Singh put Gurgaon on the map as a destination for global companies. They have flocked there to situate their Indian headquarters or back offices. If Bangalore is India's software services capital, Gurgaon is the call center hub. DLF has 100 million square feet under development in residential, commercial and retail projects all over the country. 154

Pramod Bhasin, President and Chief Executive of leading outsourcing firm Genpact, calls DLF Corporate Park, the first office tower Singh built in Gurgaon, "the birthplace of India's business- process outsourcing industry."

Despite these odds, Bhasin never regretted moving. "We got the kind of space, both in size and quality that just was not available in the center of Delhi. DLF really understands what companies like ours need. They are quick, and they deliver on their word," says Bhasin. Once GE took the plunge, DLF landed other big-name corporate tenants, including Nestle, PepsiCo, British Airways, American Express, IBM and Ericsson.

At a time when the industry practice was to sell and not lease, DLF offered long-term leases, which suited companies that did not want to load assets on their books. DLF benefited from the steady rentals during a market downturn when property sales stagnated. Singh's refusal to cut quality corners ensured that DLF could get premium prices for its properties.

Singh's introduction to GE's legendary CEO Welch came in 1989, when the company was still scoping out India. Singh set up a meeting with then Prime Minister Rajiv Gandhi. Welch's book Jack: Straight from the Gut recalls that Singh also led him to Azim Premji as GE was looking for a partner for its medical systems business. Today Premji, by virtue of his building software power Wipro is one of Asia's richest men.

In an interview Welch recalls, "K.P. was the igniter of the flame for GE coming to India. He was the perfect ambassador because he opened our eyes to a great country, and we fell in love with it."

The patriarch scrambled to enter the car battery and electrical motors field, assigning K.P. Singh to make it work. Young Singh found a mentor in George Hoddy, founder of Universal Electric in Michigan, a joint-venture partner. Hoddy, recalls, "K.P. was not afraid to work hard. He followed 155 directions very carefully and mastered manufacturing." But the diversification strategy came a cropper in the Indian market.

Regrouping again, Singh and his father-in-law recommitted themselves to real estate, vowing to break the state's stranglehold by all lawful means. Over 15 years Singh assembled the Gurgaon holdings, starting with 40 acres that his father-in-law still held. The surrounding families had an average landholding of 4 to 5 acres, with half a dozen relatives sharing the title. To win their trust, he attended weddings, mediated family disputes, helped out during illnesses.

Singh's leap of faith in Gurgaon paid off in spades. The average cost of the 3,000 acres that DLF initially amassed in Gurgaon was $2,000 an acre--a tiny fraction of today's market value.

"Gurgaon was deserted when K.P. first took me there to see it 25 years ago. But he had the gumption to go relentlessly after it," says Deepak Parekh, Chairman of home mortgage company HDFC, which started lending to DLF early in its expansion drive. Along the way Singh insisted his buyers also be on the up-and-up. Real estate in India is full of off-the-books transactions, the better for tax dodges and to avoid once-prohibitive mortgage terms. Also, builders flout codes and often see their handiwork ripped down.

42. SUBHASH CHANDRA GOYAL - ZEE TV

Achievements : Subhash Chandra is the founder of Zee TV, India’s first private TV channel. This one time rice trader from Hissar, Haryana, has today become a media baron and his other interest includes packaging, theme parks, lotteries, and cinema multiplexes.

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He launched Zee Telefilms Limited in 1992 as a content supplier for Zee V – India’s first Hindi satellite channel. Before the launch of Zee TV, viewers in India were under the firm grip of Doordarshan, the state-controlled terrestrial network.

After the launch of Zee TV, he commenced Siti Cable operations in 1995 and also started a joint venture with News Corporation. In 1995, he launched two new channels, Zee Cinema and Zee News. In 2000, Zee TV became the first service provider in India to launch Direct to Home services. In a short span of time, Zee TV has become a big media and has given tough competition to international media moghuls such as Rupert Murdoch.

Subhash Chandra Goyal after completing high school, began his entrepreneurial career as a rice trader in Hissar. He became wealthy by exporting rice to the Soviet Union. In the 1970s, he entered the packaging business; his Essel Packaging Company was started by making laminated covers for the Food Corporation of India, to store surplus agricultural harvests. Subhash Chandra Goyal invested his profits in land, on which he built Esselworld, a 753-acre popular amusement park in Mumbai. The next logical step was Zee-TV. The idea of Zee-TV took shape during the Gulf War, when Chandra was watching CNN in the office of Ashok Kurien, an advertising executive who was marketing Esselworld.

Subhash Chandra Goyal launched Zee-TV in an era when many Indians were eager to obtain news of the Gulf War. The huge audiences attracted by Zee-TV and by Chandra’s related companies helped boost his net worth to billions of dollars. However, Zee-TV is only one of the members Subhas Chandra Goyal’s family of companies, which includes Zee Music, which markets cassettes; Zee Cinema, a movie pay-channel; Siticable, a cable television company; Zee Education (ZED), a computer training company; Zee Multinational Worldwide, a Mauritius-based company; and Zee Telefilms, the 157 flagship company that produces the television programming. Subhash Chandra Goyal has also teamed up with his main competitor in private television broadcasting, Rupert Murdoch who owns STAR-TV, as part of his News Corporation. Subhash Chandra Goyal and Murdoch own equal shares in Asia Today Ltd (ATL), a Hong Kong-based broadcasting company that provides television programming to various broadcasting stations.

In 2000, the Zee group of companies was positioning itself to tap the tremendous business opportunity offered by digital communication services in India. For instance, Subhash Chandra Goyal’s Siticable Company, which he owns jointly with Rupert Murdoch, is gearing itself to transmit voice, video, and data for entertainment and e-commerce purposes. Siticable, with six million subscribers in 2000, eventually becomes the biggest provider of cable internet services in India. Subhash Chandra Goyal is also launching a $755 million satellite telephony venture called Agrani (Sanskrit for "staying ahead"), establishing a Zee Internet portal, and building 18 multiplex theater-cum- entertainment centers, called ‘E-Citi’ in six states in India at a cost of over $ 100 million. Subhash Chandra Goyal’s vision is to turn his broadcast software operations into a media, entertainment, and telecommunications conglomerate.

Subhash Chandra Goyal understands very well the importance of building a high-quality media conglomerate. The value of Zee’s stock rose by a drastic 15,000 percent in seven years after the company became public in 1993, making it the fastest-rising Indian stock of all time. From Oberoi Towers, Chandra rules the world of laminate packaging, supplying over 1,200 million laminated tubes annually to the likes of Colgate Palmolive and Hindustan Lever, and, on the side, beams programs to an audience of over 200 million people worldwide. Subhash Chandra Goyal with his perfect outlook regarding Indian business domain has reached a height of immense popularity in his versatile projects. 158

43. SUBRATA ROY – SAHARA GROUP

Subrata Roy Sahara is the Chairman and Managing Worker of the Sahara Group of companies based in India. Sahara India Pariwar is today the largest first generation conglomerate of India. The group is successfully diversified into the fields of Finance, Real Estate, Media & Entertainment, Tourism & Hospitality, Services & Trading and Consumables. From an asset base of $ 43 in 1978 when it was founded, the group has today exponentially grown to become a conglomerate with assets having a market value of more than Rs.2,15,000 crores.

It owns satellite TV stations, a bank, an airline, 33, 000 acres of real estate and employs 700,000 people. Its directors are film stars, sporting heroes and politicians. Sahara India Pariwar is the most famous company you have never heard of. Its founder is Subrata Roy, the son of a mill worker in the impoverished state of Bihar in northeast India. With just 2,000 rupees he set up a savings scheme in 1978 for poor farm workers, visiting his customers door- to-door on a Lambretta scooter.

Today, Sahara’s Para Banking empire extends to 32 million customers, many of them making weekly deposits to the bank’s army of workers who visit doorsteps across the subcontinent. It is the financial backbone of a business empire said to be worth £7 billion but it is the marketing hoopla and showbiz that will be the key to selling Sahara to expatriate Indians. And it is all good publicity for the Sahara developments, satellite towns, shopping malls and gated luxury leisure complexes catering to India’s burgeoning middle class. The modest rural savers who entrust their rupees to Sahara’s doorstep bankers are funding Amby Valley, a lavish complex of swimming pools, hotels and villas an hour and a half from Bombay, and the Sunderbans project, a floating city near Calcutta with water sports and a tiger conservation scheme. 159

There is an airline, Air Sahara, two satellite TV channels and a weekly newspaper, Sahara Time . Last year the company announced plans to expand into life insurance and the ambitions are wider still, to capture the Indian diaspora in Europe and America and, ultimately, the whole world, in the welcoming embrace of the Sahara family.

44. SUNIL BHARTI MITTAL -BHARTI GROUP

Sunil Bharti Mittal is an Indian businessman. He is the Chairman and Managing Director of the Bharti group since 2001. The $5 billion turnover company runs India's largest GSM-based mobile phone service.

He has built the Bharti group, along with two siblings, into India's largest mobile phone operator in just ten years. The UK based telecommunication giant, Vodafone and Singapore's SingTel both own stakes in the recently renamed flagship company Bharti Airtel. The group also has partnerships with Axa for insurance and with the Rothschild family for exporting fruits and vegetables.

ENTREPRENEURIAL VENTURES

A first generation entrepreneur, he started his first business in 1976 at the age of 18, with a capital investment of Rs.20, 000 borrowed from his father. His first business was to make crankshafts for local bicycle manufacturers.

In 1980 he sold his bicycle parts and yarn factories and moved to Mumbai. In 1982 he became the exclusive dealer for Suzuki Motors's portable electric-power generators imported from Japan. The importing of telecom equipment was banned by the Indian Government as ITI (Indian Telecom Industry) monopoly practices and sole OEM for Department of Telecommunication. 160

By 1982, Mittal had started a full-fledged business selling portable generators imported from Japan and that gave him the chance to involve himself in activities like marketing and advertising. Things went smoothly until the government banned the import of generators as two Indian companies were awarded licenses to manufacture generators locally.

Sunil Mittal got interested in push button phones while on a trip to Taiwan, and in 1982, introduced the phones to India, replacing the old fashioned, bulky rotary phones that were in use in the country then. Bharti Telecom Limited (BTL) was incorporated and entered into a technical tie up with Siemens AG of Germany for manufacture of electronic push button phones. By the early 1990s, Mittal was making fax machines, cordless phones and other telecom gear.

The turning point came in 1992 when the Indian government was awarding licenses for mobile phone services for the first time. One of the conditions for the Delhi cellular license was that the bidder has some experience as a telecom operator. Mittal clinched a deal with the French telecom group Vivendi. Two years later, Sunil secured rights to serve New Delhi. In 1995, Bharti Cellular Limited (BCL) was formed to offer cellular services under the brand name AirTel. Within a few years Bharti became the first telecom company to cross the 2-million mobile subscriber mark. The company is also instrumental in bringing down the high STD/ISD, cellular rates in the country by rolling the countries first private national as well as international long-distance service under the brand name IndiaOne. In 2001, the company entered into a joint venture with Singapore Telecom International for a $650-million submarine cable project, the countries first ever undersea cable link connecting Chennai in India and Singapore.

Mittal has to his credit the breaking up of the 100 year old monopoly of state run companies to operate telecom services in India. Now he heads a 161 successful empire focused on different areas of business through independent joint venture companies with a market capitalization of approximately $ 2 billion, employing over 5,000 people and still growing. Bharti Foundation has funded over 50 schools in Madhya Pradesh and also donated Rs.200 million to IIT Delhi for building a Bharti School of Technology and Management.

In 2006, he struck a joint venture deal with Wal-Mart, the US retail giant, to start a number of retail stores across India. In 2006, he attracted many key executives from Reliance ADAG, NIS Sparta and created Bharti Comtel.

45. SWAMINATHAN, M. S. – MSSR FOUNDATION

Mankombu Sambasivan Swaminathan is an Indian agriculture scientist, born 1925, in Kumbakonam, Tamil Nadu. He was the second of four sons of a surgeon. He is known as the "Father of the Green Revolution in India“, for his leadership and success in introducing and further developing high-yielding varieties of wheat in India. He is founder and Chairman of the MS Swaminathan Research Foundation, leading the 'Evergreen Revolution'.

EDUCATION

M. S. Swaminathan’s childhood was happy and secure and he was strongly influenced by the strong moral character and work ethic of his parents. When Swaminathan was 11 years old, his father died unexpectedly. Swaminathan bonded with and learned much from his uncle, a teacher and scholar of English literature, Tamil and Sanskrit at Madras University. His early schooling was at the Native High School and later at the Little Flower Catholic High School in Kumbakonam. He was only 15 years old when he graduated from high school in 1940. He went to Maharaja’s College in Ernakulam and earned a Bachelor’s degree (B.Sc.) in zoology. 162

Swaminathan was strongly influenced by Mahatma Gandhi’s belief in ahimsa or non-violence to achieve Purna swaraj (total freedom) and swadeshi, (self-reliance) on both a personal and national level. During this time of wartime food shortages he chose a career in agriculture and enrolled in Coimbatore Agricultural College where he graduated as class valedictorian with another B.Sc, this time in Agricultural Science. He learnt an important lesson while doing field extension work at Coimbatore: Men and women toiling daily in the fields know their jobs better than a scientific expert. " Trust the judgement of farmers. "

In 1947, the year of Indian independence he moved to the Indian Agricultural Research Institute (IARI) in New Delhi as a post-graduate student in genetics and plant breeding and obtained his post-graduate degree there with high distinction in Cytogenetics in 1949.

He began his lifelong association with UNESCO by receiving a UNESCO Fellowship to continue his IARI research on potato genetics at the Wageningen Agricultural University, Institute of Genetics in the Netherlands. Here he succeeded in standardizing procedures for transferring genes from a wide range of wild species of Solanum to the cultivated potato, Solanum tuberosum . In 1950, he moved to study at the Plant Breeding Institute of the University of Cambridge School of Agriculture. He earned his Ph. D degree here in 1952. His work presented a new concept of the species relationships within the tuber-bearing Solanum .

Degrees in hand, Swaminathan accepted a post-doctoral research associateship at the University of Wisconsin, Department of Genetics to help set up a USDA Potato Research Station. Despite his strong personal and professional satisfaction with the research work in Wisconsin, he declined the strong offer of a full time faculty position there, because his purpose of getting 163 a foreign education was to equip himself for serving the cause of Indian agriculture. He returned to India in early 1954.

Swaminathan's poor, overpopulated homeland was importing vast amounts of grain. "Importing food was like importing unemployment," he recalls. "Seventy percent of our people were employed in agriculture. We were supporting farmers in other countries." By 1966, Swaminathan was Director of the Indian Agricultural Research Institute in New Delhi, spending his time in fields with farmers trying to help improve their productivity. Fertilizers were a dead end: when the wheat plant's pod grew more seeds, its stalk collapsed under the weight. With help from the Rockefeller Foundation, Swaminathan found a cross-bred wheat seed, part-Japanese and part-Mexican, that was both fruitful and staunch.

That was the breakthrough in the Green Revolution, but there was a lot more work to be done. Indian farmers, immersed in traditional ways, had to be convinced to grow the new wheat. In 1966, Swaminathan set up 2,000 model farms in villages outside New Delhi to show farmers what his seed could do. Then came the hardest part. He needed the government to help--specifically, to import 18,000 tons of the Mexican seed at a time of fiscal hardship. Swaminathan lobbied then-Prime Minister Lal Bahadur Shastri. "He probably thought nothing could be worse," Swaminathan recalls. "Famine was imminent. There was a willingness to take risks." The first harvest with the new seeds was three times greater than the previous year's.

But the revolution was still incomplete. Only Punjab state had the right irrigation for the new technologies, the state-run food collection and distribution networks were notoriously inefficient, and new fertilizers and pesticides were needed, along with credit lines for small farmers. Political leadership was vital to solve that tangle of problems, and Swaminathan found it in Shastri's successor. "Indira Gandhi was a strong nationalist," he recalls. 164

"She wanted an independent foreign policy, and food was a political weapon." Gandhi bluntly asked him how India could be free of imports and gave Swaminathan a free hand to organize a new agricultural program. Today, India grows some 70 million tons of wheat a year, compared to 12 million tons in the early '60s.

Swaminathan now believes farmers must adopt more eco-friendly methods, and he is using his influence to spread the message. And although populations continue to mushroom, he maintains that still greater harvests are possible. All that is needed, he says, is "inspiration, perspiration and luck." The greatest stroke of luck for hundreds of millions of Asians has been Swaminathan's revolution.

Improved agricultural yields alone transformed India from a "begging bowl" to a "breadbasket" almost overnight, nearly doubling the total crop yield from 12 million tons to 23 million tons in four crop seasons.

His enthusiasm for passing on knowledge has earned him a reputation as a lucid educator. And his record of community service and political leadership has won him recognition as a profound humanitarian.

Dr. Swaminathan has long held that the key to enhancing the prosperity of India-and many other nations-is to make agriculture the cornerstone of the economy. By taking this new information to the farmer-at the farmer's level, with field demonstration plots- Dr. Swaminathan bypassed the stumbling block of illiteracy and converted a generation of Indians to a belief in the effectiveness of modern agriculture.

Dr. Swaminathan has often been noted for his understanding of the breadth of the entire food systems. His service in government is testament to this: in several political leadership positions, he established programs of ecological rehabilitation, rural development and technology transfer. His 165 programs effectively helped subsistence farmers reap their fair share of credit and income while conserving national resources. "Ultimately," Swaminathan has stated, "it is the political will of the country to have policies in place which will stimulate production by small farmers. Without it, all research, technology...any external advice will go in vain."

46. SWARAJ PAUL – CAPARO

Swaraj Paul, an India based business magnate and philanthropist has founded the multinational company Caparo, the UK based steel and engineering group in 1978. He was knighted by the British Queen in the year 1978 and became the Lord Paul of Marylebone and a member of the House of Lords.

Swaraj Paul was born in 1931 in Jalandhar. His father used to run a small factory of making steel buckets and farming equipments. Swaraj was educated at Punjab University and obtained a master’s degree in Mechanical Engineering from the Massachusetts Institute of Technology (MIT) in the US. He joined the Apeejay Surrendra Group, founded by his father after his returning to India in 1953. It helped him to build up a diversified industrial group.

The twist of fate came when Swaraj went to England in 1966 hoping to find a cure for his leukemia-stricken two-year-old daughter, Ambika. Shattered by her death, he took over the operations of Apeejay Overseas and relocated permanently to London. He buried himself in work and there began his spectacular business career in Britain.

In 1968, he started buying and selling steel in a one-man business and acquired a small tube unit, Natural Gas Tubes (NGT). This developed into one of the leading UK producers of welded steel tube and spiral-welded pipe. He bought more units gradually, mainly in the steel products manufacturing 166 industry and founded Caparo Group in 1978. Her Majesty the Queen knighted Swaraj Paul in the same year, thereby making him The Lord Paul of Marylebone and a member of the House of Lords the life peer.

Lord Paul reflects on the main events of his life in his memoirs, ‘Beyond Boundaries`. It contains the details of his business career, including his attempted takeover of the DCM and Escorts group. It also portrays his association with the famous and the mighty, including the Indian political dynasty of Indira Gandhi and her sons Sanjay and Rajiv. Beyond Boundaries is a window into the making of one of the most outstanding success stories of modern times. He has also written the biography of Indira Gandhi and was awarded the "Padma Bhushan" by her in 1983.

The "Bharat Gaurav" honour was awarded to him by the Indian Merchant’s Chamber. He holds the position ‘Pro-Chancellorship` of Thames University in1998 and its Governorship (1992-97). Swaraj Paul was honoured with the Chancellorship of the University of Wolver Hampton and the University of Westminster. He is a member of the Foreign Policy Centre Advisory Council and MIT`s Mechanical Engineering Visiting Committee. He is the Chairman of the Olympic Delivery Committee with the key task of initiating measures to acquire land and provide infra-structure for the London Olympics 2012.

This strict vegetarian donated twenty lakh rupees to the victims of the October 2005 earthquake in India’s Jammu and Kashmir. Swaraj Paul stepped down from the management of the Caparo group in 1996, handing over his empire to his three sons. 167

47. JRD TATA – TATA GROUP

Achievements: JRD Tata had the honour of being India’s first pilot; was Chairman of Tata & Sons for 50 years; launched Air India International as India’s first international airlines; received the Bharat Rathna in 1992.

JRD Tata was born in 1904 in Paris. His mother was French, while his father was Parsi. JRD’s full name was Jehangir Ratanji Dadabhoy Tata and he was popularly known as Jeh to his friends. His father Ratanji Dadabhoy Tata and Sri Jamsetji Tata shared their greatness from the same great-great-grand father, Ervad Jamshed Tata, a priest of Navasari.

JRD was the second son of four children. He was educated in France, Japan and England before being drafted into the French army for a mandatory one-year period. JRD wanted to extend his service in the forces but destiny had something else in store for him. By leaving the French army, JRD’s life was saved because shortly thereafter, the regiment in which he served was totally wiped out during an expedition in Morocco.

JRD Tata joined Tata & Sons as an unpaid apprentice in 1925. He had great interest in flying. In February 1929, JRD became the first Indian to pass the pilot’s examination. With this distinctive honour of being India’s first pilot, he was instrumental in giving wings to India by building Tata Airlines, which ultimately became Air India. His passion for flying was fulfilled with the formation of the Tata Aviation Service in 1932.

In 1938, at the age of 34, JRD was elected Chairman of Tata & Sons making him the head of the largest industrial group in India. He started with 14 enterprises under his leadership and half a century later in 1988, when he left, Tata & Sons was a conglomerate of 95 enterprises which they either started or in which they had controlling interest. JRD was the trustee of Sir Dorabji Tata Trust from its conception in 1932, which remained under his wings for over 168 half a century. Under his guidance, this Trust established Asia’s first cancer hospital, the Tata Memorial Center for Cancer Research and Treatment, Bombay in 1944. It also founded the Tata Institute of Social Sciences, 1936, the Tata Institute of Fundamental Research, 1945 and the National Center for Performing Arts.

In 1948, JRD launched Air India International as India’s first international airlines. In 1953, the Indian Government appointed JRD as Chairman of Air India and a Director on the Board of Indian Airlines – a position JRD held for 25 years. For his crowning achievements in aviation, JRD was bestowed with the title of Air Commodore of India.

JRD Tata cared greatly for his workers. In 1979, Tata Steel instituted a new practice; a worker is deemed to be “at work” from the moment he leaves home for work till he returns home from work. The company is financially liable to the worker if any mishap takes place on the way to and from work. Tata Steel Township was also selected as a UN Global Compact City because of the quality of life, conditions of situation, roads and welfare that were offered by Tata Steel.

JRD Tata received a number of awards. He received the Padma Vibhushan in 1957 on the eve of the silver jubilee of Air India. He also received the Guggenheim Medal for aviation in 1988. In 1992, because of his selfless humanitarian endeavours JRD Tata was awarded India’s highest civilian honour, the Bharat Rathna – one of the rarest instances in which this award was granted during a person’s life time. In the same year, JRD Tata was also bestowed with the UN Population Award for his crusading endeavours towards initiating and successfully implementing the family planning movement in India, much before it became an official governmental policy. 169

JRD Tata died in Geneva, in 1993 at the age of 89. On his death, the Indian Parliament was adjourned in his memory – an honour not usually given to persons who are not Members of Parliament.

48. TULSI TANTI - SUZLON ENERGY

Tulsi Tanti is the Chairman and Managing Director of Suzlon Energy, the $10 billion worth wind power based company. He along with his three siblings own 70% of the company. He is from Gujarat where he started his first venture which was in textiles, and then he moved into wind energy production and founded Suzlon Energy. He is worth $930 million as per Forbes.

A commerce graduate and a diploma holder in Mechanical Engineering, Tulsi Tanti originally hails from Gujarat and is presently based in Pune, Maharashtra. Tulsi Tanti was earlier into textiles. He started his textile business in Gujarat. But he found the prospects stunted due to infrastructural bottlenecks. The biggest of them all was the cost and unavailability of power, which formed a high proportion of operating expenses of textile industry.

In 1990, Tulsi Tanti invested in two wind turbines and realized their huge potential. In 1995, he formed Suzlon and gradually quit textiles. Suzlon Energy is the fifth largest wind turbine manufacturer in the world and the largest in Asia. It is presently building what will be among the world's largest wind parks of its kind at 1,000 MW capacity.

Suzlon is currently concentrating on a global expansion drive. It recently acquired Hansen Transmissions, a Belgian maker of wind-turbine gearboxes. Suzlon is also building a rotor-blade factory in Minnesota and has invested $60m in a factory in Tianjin, China.

"Clean, green power is the best option," has been Tanti's motto and he has been working ceaselessly towards this goal. The internationally acclaimed `Time' magazine has recently named Tanti as one of the global "Heroes of the 170

Environment" for successfully resurrecting the fledgling wind industry in India. In spite of being a relative newcomer to the field of manufacturing wind energy, Suzlon has been giving reliable service to global clients at competitive rates all over the world and has also set up a marketing outfit in Denmark to woo customers outside India. The company has already made an impact in China, US and Australia.

So how did this small-town commerce graduate and mechanical engineer from Rajkot, Gujarat grow into a power to be reckoned with in the area of wind energy in India? Tulsi Tanti along with his three brothers who had inherited their father's construction business, decided to step into an uncharted path - that is in the textile business, in the late 1980s. Producing polyester yarn was the starting point and later on they added furnishing fabrics to this burgeoning business. However, they found that they were not able to achieve expected success and sustain their business because of power-shortage and power-failure in Surat, where their textile business was stationed.

At this point, they took upon themselves to develop wind power. Initially when the Tantis pooled together a sum of $600,000 by selling some of their family property, they went around enthusiastically as they tried to shop for technology. The Tanti brothers wanted to craft their own wind turbines as they were all engineers and were qualified adequately. However, they found that no one was ready to part with their technology if they were not being given a stake in the Suzlon equity venture. However, Tantis did not lose heart and persevered. As luck would have it, Sudwind, a smaller company from Germany nosedived in 1997, giving the Suzlon people an opportunity to employ the Sudwind engineers and create an R&D centre in Germany. An additional acquisition of another technological company further added to the self-sufficiency of Suzlon. 171

At the time he was managing the family textile business in Surat, a city in western India. The business was languishing, mainly because electricity was extremely expensive for businesses and the power grid was plagued with outages. It was a source of great annoyance for Tanti. In 1994, he ordered two wind turbines from Danish manufacturer Vestas, essentially taking his factory off the power grid.

Other business owners began showing an interest in his solution, prompting Tanti to wonder whether he might be in the wrong business. Was not wind energy the real business of the future? He discussed his ideas with his three brothers. Together they scraped together $ 600, 000 in seed capital, founded Suzlon Energy and moved to Pune.

There was only one problem. None of the four brothers, all engineers, knew anything about wind energy. But as customers, they were all too familiar with the inadequacies of the industry. The turbines were supplied by the manufacturer, installed by another company and maintained by a third. By the time a turbine was up and running, the customer was often at his wits' end.

Tanti, realizing that a change was sorely needed, came up with the idea of offering a complete package of wind energy services. Suzlon would simply handle everything. Customers would not even have to install wind turbines on their own premises -- instead, a customer could buy a turbine at a faraway wind farm and would then own that turbine's output.

WITHOUT A FIGHT

The innovative aspect of Tanti's idea had more to do with the service he was providing than with any feat of engineering. But it was a concept that would revolutionize the wind energy business.

The brothers planned to purchase the sophisticated technology abroad, eventually producing the turbines in India, where low production costs would 172 give them an unbeatable competitive edge. But there was only one problem: The leading European manufacturers were not about to give up their engineering achievements without a fight.

Suzlon was forced, grudgingly, to enter into joint venture agreements without gaining access to the technology. Tanti began his operations as a distributor of wind turbines manufactured by the German company Sudwind. Despite his initial reluctance, the arrangement would prove to be a stroke of luck for Tanti's business.

Although Sudwind, a small company founded by students at the Technical University of Berlin, built exceptional turbines, its engineer-owners knew very little about running a business. Sudwind went into bankruptcy in the late 1990s and Tanti seized the opportunity, acquiring parts of the Germany company's R&D division. But instead of simply moving the technology to India, Tanti hired the former Sudwind employees and set up an R&D laboratory in the northern German city of Rostock. Existing designs were fine- tuned at the laboratory, which also served as a training ground for young Indian technicians, who would later return to India to build turbines with their newly acquired expertise.

Similarly, Tanti managed to acquire a Dutch blade manufacturer. In 1999, when the Indian state of Maharashtra, where his business was located, passed a law that allowed companies to claim the costs of installing wind turbines as a tax deduction, Tanti had it made. By 2002 sales at Suzlon quadrupled to $131 million.

ONE OF THE WORLD'S TOP WIND COMPANIES

Four years ago, investors urged him to sell the company. Tanti begged off, telling them: "In a few years, Suzlon will be buying up the leading European companies." As it turned out, he was right. 173

Tulsi Tanti, till some years ago, was known for his achievements and for being the 4th richest man in India. Now with a flourishing business and offices in the US, Europe and Australia, he has soared even further. Suzlon Energy makes wind turbines, which is the industry jargon for modern windmills used for generating electricity. At present, Suzlon can be considered as being one of the prime examples of India's manufacturing prowess.

His more established competitors in Europe realized long ago how much of a threat this short man, with his carefully combed hair and thin moustache, posed.

Speaking to TIME about the journey to become one of the most successful entrepreneurs in renewable energy, Mr. Tanti said: "Yes, green business is good business, but it's not just about making money. It's about being responsible."

Mr. Tanti played a leading role in resurrecting the fledgling wind industry in India, taking what was a fledgling industry just over a decade ago and building the foundations for what is over a 2,000 MW an year market today. This rapid growth of the market has led India to become the fourth leading wind power market in the world.

49. VARGHESE KURIEN – NDDB

Achievements : Known as the father of the white revolution in India, winner of the Ramon Magsaysay Award, awarded with the Padma Shri in 1965, Padma Bhushan in 1966, and the Padma Vibhushan in 1991.

Dr. Varghese Kurien is also called the Milkman of India. He was the architect behind the success of the largest dairy development programme in the world, christened Operation Flood. He was the Chairman of the Gujarat Cooperative Milk Marketing Federation Ltd. (GCMMF). And his name was synonymous with the Amul brand. 174

Born in 1921 in Kozhikode, Kerala, Dr. Varghese graduated with Physics from Loyola College, Madras in 1940. Subsequently, he did his B.E. (Mechanical) from Madras University and went to USA on a Government scholarship to do his Masters in Mechanical Engineering from Michigan State University. In between, he completed special studies in Engineering at the TISCO Institute at Jamshedpur, Bihar, in 1946 and underwent nine months of specialized training in dairy engineering at the National Dairy Development Institute of Bangalore.

Dr. Varghese returned from US in 1948 and joined the Dairy Department of The Government of India. In 1949, he was posted as Dairy Engineer at the Government Research Creamery, a small milk powder factory, in Anand, Gujarat. Around this time, the newly formed cooperative dairy, Kaira District Cooperative Milk Producers’ Union Ltd., was engaged in a battle of survival with the privately owned Polson Dairy, which was a giant in its field. Enthused by the challenge, Dr. Varghese left his Government job and volunteered to help Shri Tribhuvandas Patel, the Chairman of Kaira, to set up a processing plant. This led to the birth of AMUL and the rest is history.

In 1965, the Prime Minister Lal Bahadur Shastri, created the National Dairy Development Board (NDDB), under the leadership of Dr. Varghese Kurien to replicate the success story of AMUL throughout the country. In 1973, Dr. Kurien set up GCMMF to market the products produced by the dairies. Under Dr.Varghese Kurien’s stewardship, India became the largest producer of milk in the world. During his illustrious career, Dr. Kurien won many accolades and awards. These include the Ramon Magsaysay Award for Community Leadership in 1963, The Padma Shri, the Padma Bhushan, Krishi Ratna Award, Wateler Peace Prize Award of Carnegie Foundation, World Food Prize Laureate, International Person of the Year, by the World Dairy Expo, Madison, Wisconsin, USA and the Padma Vibhushan. 175

50. VIJAY MALLYA– UB GROUP

Achievements: Chairman of the United Breweries Group, launched a new domestic airline called Kingfisher Airline, Rajya Sabha MP.

Prior to being entrusted with the responsibilities of a classical Indian corporate conglomerate, Vijay Mallya worked for the American Hoechst Corporation (now Sanofi-Aventis) in the US and with Jenson & Nicholson in the UK. Since 1980, he assisted his father, famous industrialist Vittal Mallya, the then Chairman of The UB Group, in managing the important Brewing and Spirits Divisions and in re-launching the Kingfisher Brand of Beer. In 1983, the sales volume of the UB Spirits division was approximately 2.85 million cases and UB's beer business trailed behind that of Golden Eagle from Mohan Meakins. Also included in the Group were activities such as pharmaceuticals, agrochemicals, paints, petrochemicals and plastics, the manufacture of electro- mechanical batteries, the manufacture of food products and carbonated beverages, a fast-food pizza chain and several medium and small scale industrial units.

In 1988, Mallya became a non-resident Indian to pursue global opportunities and to transform The UB Group into India's first multinational company. While, in the initial stages, overseas representative offices had been commissioned, the real break came in 1988 when Mallya, in a leveraged buyout, acquired the global Berger Paints Group with operating companies across four continents. The exit strategy for this investment was profitably executed when Mallya successfully directed five Initial Public Offerings on the London, Singapore, Nairobi, Jamaica and Abidjan Stock Exchanges. The paints business was divested for significant value in 1996.

Mallya also founded a software company in the US in 1993 which was subsequently listed on the NASDAQ in 1996 and which provides a considerable window of opportunity to the vast US market. He also initiated 176 several ventures for the promotion and globalization of UB brands and, in particular, Kingfisher and McDowell.

In 2007, United Spirits Limited, the flagship of The UB Group, acquired a hundred percent of premium scotch distillers Whyte & Mackay and Liquidity Inc, a United States-based maker of specialty vodkas. The Delaware-based Liquidity Inc produces specialty brands like Pinky Vodka and Marakesh.

The UB Group's Brewing Division has also assumed undisputed market leadership with a national market share in excess of 48%. Through a process of aggressive acquisition and market penetration, The UB Group today controls 60% of the total manufacturing capacity for beer in India. The flagship brand, Kingfisher, is now sold in over 50 countries worldwide having received many accolades for its quality.

Kingfisher, one of the flagship brands of The UB Group, has partnered with NDTV , India's leading broadcast group in a first-of-its-kind media alliance for the promotion of NDTV Good Times . The NDTV Good Times channel would leverage from the editorial credibility and quality of the NDTV group and the strong lifestyle appeal of the Kingfisher brand and icon, to offer Indian viewers a world-class television entertainment experience.

Under his dynamic leadership, the group has diversified business interest ranging fro alcoholic beverages to life sciences, engineering, agriculture, chemicals, IT and leisure.

In 2000, Vijay Mallya entered politics, took over as the President of the Janatha Party and became a Rajya Sabha MP. In 2005, Vijay Mallya established Kingfisher Airline. In a short span of time, Kingfisher Airlines has carved a niche for itself. In 2010, it made acquisition of Air Deccan, the no- frill airlines, the first of its kind in India. 177

Vijay Mallya has other interests too apart from business. He has won trophies in professional car racing circuits and is a keen yachtsman and aviator. He has also won numerous trophies in horse racing including several prestigious Derbies. 178

CHAPTER 5

FINDINGS AND SUGGESTIONS

1. AJAY PIRAMAL - PIRAMAL ENTERPRISES LIMITED

• Ajay Piramal took the company to a place among the top five pharmaceutical companies in India through a string of overseas acquisitions.

• Manufacturing is finite but human intellect is infinite.

2. AMAR BOSE - BOSE CORPORATION

• Amar Bose first displayed his entrepreneurial skills and his interest in electronics at young age, when, he enlisted school friends as co-workers in a small home business repairing model trains and home radios.

• Basically, Bose is a technocrat who focused his research on acoustics and using his entrepreneurial acumen developed his career in the field of acoustics.

3. S. ANANTHARAMAKRISHNAN – AMALGAMATION GROUP

• Remembered for his successful business practices, efficient management of the labour unions and for triggering the growth of the automobile industry of Chennai which has earned the city the epithet "Detroit of India". As a result he himself came to be remembered as the "Henry Ford of South India."

• Was responsible for the rapid expansion of the Amalgamations Group in the 1940s through take overs.

179

4. ANIL AGARWAL – VEDANTA GROUP

• Anil is unafraid of risk; once he has defined his goal, he will go to do it. That is how he has turned around his companies. More importantly, his attitude is to plough back what he has earned.

• Anil thought in terms of scale at a time when he had none. He is the creative, new Indian entrepreneur, generating development and jobs and aiming big.

• A pioneer who set India on the global metals and mining map.

• Led the Vedanta Group’s primary listing on the London Stock Exchange, a ‘first’ for an Indian business house.

5. AZIM PREMJI - WIPRO

• Premji firmly believes that ordinary people are capable of extraordinary things. He believes that the key to this is creating highly charged teams. He takes a personal interest in developing teams and leaders. He invests significant time as a faculty in Wipro’s leadership development programs.

• Premji has a fanatical belief in delivering value to the customer through world-class quality processes.

• These are changing times. Yet in the middle of all the changes there is one thing that constantly determines success. Some call it leadership. But to his mind, it is the single-minded pursuit of excellence.

• Premji the businessman practices what he preaches. When it comes to upholding personal values, there is no margin for error.

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6. BHAI MOHAN SINGH - RANBAXY LABORATORIES LTD.

• In early 1970s when Indian adopted a regime of process patents in the Bhai Mohan Singh quickly realized that one could make any product in the world through reverse engineering.

7. BRIJMOHAN LAL MUNJAL - THE HERO GROUP

• Brijmohan Lal Munjal is the first generation entrepreneur who started very small and through sheer hard work and perseverance made it to the top.

• Brijmohan changed the rules of the business by trusting his gut instincts; introducing business norms that were ahead of their time, and by investing in strategic relationships.

• Brijmohan built a series of bonds and networks with hundreds of family members, vendors, dealers and employees. These networks are now the glue that holds the Hero Group together.

• Brijmohan has been personally responsible for kindling a spirit of entrepreneurship amongst his employees, and today, 40 of his former employees are successful entrepreneurs.

• "Don't dream if you can't fulfill your dreams'' Brijmohan Lal Munjal is often fond of saying.

• He could always visualize the applicability of technology before others could.

• A frugal upbringing and a value system modeled on the famous Gurukul system - which stresses the sanctity of the teacher-pupil relationship - 181

imbibed in Brijmohan a strong sense of social commitment and responsibility.

8. CHETAN MAINI - REVA ELECTRIC CAR

• Few among us have the luxury of pursuing a hobby so seriously that in the end a mere extension of it will help us make a living. Chetan Maini is such a rare example.

• He loves challenges. When he faces a challenge, he seems to get a lot more energy and get the thought process in place that pushes him forward. His business has been about challenges from day to day and that is what really keeps him going. Some of those may be frustrating at points, but when he sits back, looks at the issue, he generally tries and changes that to an opportunity and refocuses his efforts.

• As for handling criticism, he always looks at what or how he could get out from that. If someone is being critical, it is because they are seeing a perspective that he does not see. So if someone has been critical, he expresses his point of view, the advantages, and tries to convince them his perspective and at the same time, hears their perspective and tries to see what he should do differently to change their mindset.

• “Have an idea that you absolutely believe in. Surround yourself with people who share that dream and focus on areas that are actually your weaknesses”, he says.

9. DEEPAK PAREKH – HDFC

• Deepak Parekh is unofficially dubbed the government's informal crisis- manager. 182

• He has served as an invaluable problem-solver with innovative, creative and credible alternate inputs that have shaped policy.

• It was his vision and entrepreneurial acumen that enabled HDFC to create a niche in housing finance and emerge as the market leader.

• Known as a tough task master in HDFC, Parekh has the knack of retaining his best people; hardly a single person from the company's senior cadre - be it director, general manager or deputy general manager - has left the organization in the last so many years. Employees attribute this to Parekh's outstanding leadership qualities.

10. DHIRUBHAI AMBANI – RELIANCE GROUP

• Dhirubhai Ambani is remembered as the one who rewrote Indian corporate history and built a truly global corporate group.

• He is credited with shaping India’s equity culture: attracting millions of retail investors in a market till then dominated by financial institutions.

• He says “Till my last breath I will work. To retire there is only one place, the cremation ground.”

• Remained on the top till the end by virtue of his ability to dream big and translate it into reality through the strength of his tenacity and perseverance.

• He is an example of what an ordinary Indian fired by the spirit of enterprise and driven by determination can achieve in his own lifetime.

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11. EKTA KAPOOR - BALAJI TELEFILMS

• It was hard work, passion, and a fire in the stomach titanic struggle for almost six long years which brought success to Ekta Kapoor.

• From the beginning she has worked, eaten and slept only with television - thinking of concepts, casting, styling, selecting technicians, shooting and scheduling, marketing and acquiring the new skills required to succeed.

• Success has changed her completely. She is now craving for more, open to improvement and determined to make it to the top.

12. GALLA RAMACHANDRA NAIDU – AMARARAJA BATTERIES

• With his intense zeal and highly focused approach, Galla Ramachandra Naidu propelled Amara Raja Batteries in the top league of battery companies in India.

• He has promoted and established many companies from the conceptual stage which are now well established and profit making.

• He saw the opportunity for marketing the latest technology batteries in India.

• He always took bold decisions. When the company was started, he made a decision to depend heavily on fresh recruits.

13. GAUTAM ADANI - ADANI GROUP

• It is his uncanny ability to spot scalable businesses that makes Adani a visionary. 184

• He owes his success to opportunities that came knocking on his door, but more so to those he saw when no one else did.

• Adani is known to be a keen learner.

• He values management expertise above all and has built a strong team of professionals to drive the group’s rapid growth.

• He believes in domain expertise. Secret behind Adani’s huge success - he entered sectors which were still nascent and were largely government-owned. He chose consciously such that there was not too much competition.

• He may use his instinct to spot an opportunity, but after that everything is well planned.

14. GHANSHYAM DAS BIRLA – BIRLA GROUP

• Ghanshyam Das Birla is considered as a doyen of Indian Industry.

• G.D. Birla was a multi-faceted personality.

• This noted businessman had to cover a number of obstacles as the British and Scottish merchants with unethical and monopolistic methods tried to close his business.

15. GOENKA. R.P. – RPG GROUP

• Goenka is one of the visionary Indian businessmen who wanted to take advantage of post-independence emerging opportunities, move on the fast track and grow. Within a short time, Rama Prasad Goenka successfully forged business relationships with an amazing number of top multinationals and paved the way to usher in new technologies to India. 185

• Throughout his life, Rama Prasad Goenka has taken keen interest in building business bridges for India with leading countries of the world and attracting technology and investments from abroad.

16. JEYSINGH THOMAS - AVT GROUP

• Jeysingh Thomas was an entrepreneur and philanthropist, who contributed to tapping technology to tackle the vagaries of monsoon.

• When many of the agri-businesses in the country were unable to cope with the challenges because of their cyclical nature, he was among those who successfully moved from a commodity based business to value addition.

• Effective identification of markets and technological joint ventures contributed to his success.

• His efforts at value addition in agro-processing were innovative.

• He had a sharp business mind and made friends for life and kept his word.

17. JINDAL, O.P. - JINDAL GROUP

• Jindal always had the conviction that India should be self-reliant in every sector of industry. He visited several foreign countries to elicit latest industrial technical development and know-how. He acquired a great deal of knowledge, which he aptly applied to enhance production of his industrial establishments.

• He was a successful industry visionary and would remain as a role model for others. 186

• On account of his dedicated services to various sections of society particularly, of the poor and backward classes, he was revered by all. Jindal always advocated for granting a rightful place for weaker sections in politics. He was above caste, politics and wanted all to come up regardless of their caste, colour and creed. He firmly held the view that all differences in life that exist today can be amicably resolved with meaningful meetings and dialogues.

• Jindal's philosophy was that without the upliftment of weaker and backward sections of society our dream of being a leading nation of the world shall remain unfulfilled.

• Jindal's mantra was “where others saw walls he saw doors”. Then whether it was opening doors or breaking down walls he always led the way.

18. JOHN YESUDHAS, V.F. – WAVETEL

• Wavetel gave Chennai the concept of the first retailer delivering mobile phones to doorsteps.

• Yesudhas has set up a chain which has given employment to 300 youngsters and has served 15 lakh Chennaites so far.

• They are also the first store (in the mobile market in Chennai) to get ISO certification for all their chain stores.

• He brought in many innovative schemes like ‘buy one get one free’ in the mobile industry and that sort revolutionized the trade.

• When it comes to offers, Wavetel is the trendsetter. 187

• He is the first mobile retailer in the country to start a 24x7 call centre for the customers which other dealers across the country followed.

19. KALLAM ANJI REDDY - DR REDDY'S LABS

• Dr Reddy’s Labs has been credited with turning the Indian bulk drug industry from dependence on imports to self reliance and finally into the export-oriented industry that it is today.

• Anji Reddy’s strategy is to expand, to create and to achieve much more at a much faster pace and with a great degree of self-confidence.

• He saw to it that the moment they got into a city, they started as many stores as possible there. Only that made business sense.

• As founder and its Chairman, it is his fervent wish that the innovative spirit shall endure and will be passed on to the successive generations of chemists and others and that this will form the backbone of this great institution.

• He believes that through efficiency, they are helping the consumers save more.

20. KARSANBHAI PATEL – NIRMA

• Karsanbhai Patel’s is a legendary rags to riches journey during which he shattered established business theories and rewrote new ones.

• The process of detergent production is labour intensive and this gives employment to a large number of people.

• Nirma focuses on cost reduction strategies to make a place for itself in the market. 188

• Nirma has always been known for offering quality products at affordable prices and thus creating good value for the consumer’s money.

• Apart from other educational institutions, Nirma has also set up Nirma labs , which prepares aspiring entrepreneurs to effectively face the different business challenges.

21. KIRAN MAZUMDAR-SHAW - BIOCON LTD

• Kiran was not content to be an employee in a company.

• She set doable goals.

• Her unique vision has steered Biocon’s transformation from an industrial enzyme company to an integrated bio-pharmaceutical company with strategic research initiatives.

• She is a successful technocrat of global standing.

22. KISHORE BIYANI – PANTALOON

• Kishore Biyani is the unchallenged king of retail. He has the knack of catching rivals off-guard and striking where it hurts most.

• He is the man you are most likely to ignore at the Pantaloon or Big Bazaar store, as he stands in a corner observing the way you shop. But make no mistake; what he may lack in sartorial style, he more than makes up through his observation powers.

• He believes in taking quick decisions especially striking deals with other companies. He leaves the task of relationship building to his managers. 189

• A retailer by karma and a nationalist by dharma, Kishore Biyani prides in being Indian and advocates ‘Indianness’ as the core value driving his company.

• He stresses on the importance on continuous “Introspection” and is a firm believer in learning, unlearning and re-learning all the time.

• His passion is ‘observing’. He is a compulsive reader.

23. KOCHOUSEPH CHITTILAPPILLY -V GUARD

• Kochouseph had a clear vision and foresight about the market potential for voltage stabilizers in the days to come because of the poor quality of power available and the potential for electronic items.

• He gives importance to self-esteem, mental peace, happiness and health. This is a sincere remark from a genuine, straightforward businessman who values ethics to the hilt.

• He is a leader as well as a team player and gives full credit to his employees.

• It is perhaps his penchant to be original, passion for his brand, and a common sense approach to management that keeps V-Guard stand apart from the crowd.

• V-Guard scores on quality and after-sales service.

24. MOHAN SINGH OBEROI - OBEROI GROUP

• Oberoi can be aptly termed as the father of the Indian hotel industry.

• He was among the first to recognize the potential of the tourism industry, its ability to contribute to India’s economic growth and 190

generate direct and indirect employment. He worked tirelessly to put the Indian hotel industry on global tourism map.

• Certainly he did not give much of the credit to luck. True, he stood at the right time at the right place to confront his destiny, but this was just physical happenstance.

• Perhaps the one philosophy responsible might be his dictum. “I never worry. It clutters the brain. The problem may not happen, and even if it does, worrying will only come in the way of a clear-headed solution.”

25. NARAYANA MURTHY, N. R. – INFOSYS

• Narayana Murthy had the vision to forge ahead in the computer and IT industry and rightly picked up his colleagues who later became his co-promoters of Infosys.

• The life lessons he has learnt are the importance of learning from experience, the power of chance events, a growth mindset, and self- knowledge what ultimately helps develop a more grounded belief in oneself, courage, determination, and, above all, humility, all qualities which enable one to wear one's success with dignity and grace.

• He emphasizes that entrepreneurship, resulting in large-scale job creation, is the only viable mechanism for eradicating poverty in societies.

26. NARESH GOYAL - JET AIRWAYS

• When the government opened the airline industry to private competition, Naresh Goyal jumped at the opportunity. He got in front of the wave before it reached the shore. 191

• Following the bad times in the airline industry, Naresh Goyal joined hands with his prominent rival Vijay Mallya's Kingfisher Airlines, thus making Jet Airways-Kingfisher not only the largest market player, but also enabling both the airlines that would otherwise head for a collapse to economize and save. This shows his business acumen keeping business interests above personal interests.

27. DR. PRATAP C REDDY - APOLLO HOSPITAL GROUP

• Dr. Pratap Reddy revolutionized the health care system in India.

• He pioneered the establishment of private hospitals in India.

• Dr. Reddy has been pro-active in modifying government regulations to suit current medical trends.

• He helped to ease import restrictions and made the government take a liberal view on organ transplants among others.

• Apart from this hospital work, he encourages research work and facilitates exchange programmes for doctors with other medical institutes so that they may have a constant upgrade of knowledge and remain at par with the best in technology and knowledge across the world.

28. RAMNATH GOENKA - INDIAN EXPRESS GROUP

• Ramnath Goenka is regarded as the first media baron of India.

• Ramnath Goenka took over the loss-making Madras edition of The Free Press Journal, drove the delivery van himself to dispatch the papers and started publishing it successfully. 192

• He founded the Indian Express. Following this, both the Indian Express and Ramnath Goenka openly challenged the British Raj.

• His critics believe that his passion for politics was the fire that led the newspapers from Indian Express Group on a blazing trail.

29. RAMOJI RAO – RAMOJI CITY

• ''Discipline, inspiration and perspiration,'' is what media baron Ramoji Rao, attributes to his success.

• He is one of the most versatile and hugely successful entrepreneurs in the country today and has to his credit a host of flourishing businesses.

• Ramoji Rao is able to handle his varied businesses because he believes in delegating authority and maintaining transparency in all his deals.

• He knows that there is no substitute for hard work. ''I set a goal and then go ahead with dogged determination till I have accomplished what I set out to achieve.''

30. RANGANATHAN, C. K. - CAVINCARE

• If you do not differentiate, you perish.

• Teamwork is the main reason for his success. Ranganathan believes in team effort and collective, collaborative effort in decision making.

• He has good professionals who work really hard.

• The other reason of his success is innovation.

• He has the ability to take a risk and the ability to take a step forward. 193

• He would like to be known for creativity and for injecting and spreading the 'I can' spirit.

• He has proved that with a humble background it is possible to come up in life. He wants to create similar people and kindle their desire. That is his vision and mission.

31. RAO , G.M . - GMR GROUP

• A visionary businessman, G.M. Rao recognized the huge business potential in entering the infrastructure space, with the opening up of the power sector in the 90s in India.

• His commitment to the core infrastructure sector has resulted in the Group exiting some of the highly lucrative businesses of banking, insurance, breweries and jute.

• G.M. Rao has laid a strong emphasis in building a transparent and system driven organisation.

• This serial entrepreneur, with a penchant for executing projects before time, has always been ready to seize every opportunity that came his way.

• G.M. Rao’s thrust is on combining the best of entrepreneurial spirit with a dynamic team of professional managers who work in an enabling and vibrant organisational culture, to sustain and consistently meet his vision for the Group of ‘Building Entrepreneurial organisations that make a difference to society through Creation of Value’.

• G.M. Rao relishes beating competition decisively. Right from those watershed college elections to bid for road projects where seasoned 194

players were left guessing how the numbers worked, he has a will to win.

• “My father has always believed in focusing on one project till such time that we secure it,” says G.M.Rao’s younger son. “This is why we have managed to be successful in whatever we have taken up. Perseverance and single-point focus is the clear message for all of us.”

• Passion for challenge has not only seen G.M. Rao scripting his own story, but also changing his characters and goals to cope up with changing scenarios.

32. RAUNAQ SINGH - APOLLO TYRES

• Raunaq Singh grabbed every opportunity which came his way.

• He started his corporate journey without a pedigree, higher education or money, essential ingredients for success in corporate India, making it possible for ordinary folks to dream big.

• He was among the first post-partition breed of businessmen who came to India after the creation of Pakistan with nothing to fall on.

• He was a great advocate of economic liberalization and globalization of the Indian business.

• He strived to put the Indian industry on the global map and worked diligently towards this goal until the last day of his life.

33. SABEER BHATIA - HOTMAIL

• Sabeer Bhatia’s greatest accomplishment was not to build the company but to convince people that this is their company...how this would ultimately benefit them. 195

• His role is an enabler and did not do the work.

• Ask what he does, and he will tell you only that he works in hi-tech, just like hundreds of thousands of other young people in the Valley.

• He has a very regal air; he is a deep listener, a gentle giant.

• What really set Sabeer apart from the hundreds of entrepreneurs is the gargantuan size of his imagination or dream.

34. SARATH BABU – FOOD KING

• Sarath encourages youngsters to become entrepreneurs, so that they could provide jobs to other people. He also tells children - it does not cost 'money' to dream.

• Food business is not just about selling but also taking care of quality and the people associated with it, Sarath points out. And how does he manage his team? “I ask them to write their dreams on a piece of paper and advise them to think of developing themselves,” says Sarath.

35. SATHISH BABU, D. – UNIVERCELL

• The ability to attract, develop and retain a spirited, motivated and committed workforce is one of the key reasons for UniverCell's success.

• Judicious investment in technology and people has seen to that.

• Sathish Babu strives to constantly incorporate innovative retailing concepts into his organization.

• Training and constant motivation are important elements of the organization’s culture and Sathish Babu’s young staff are known for their job knowledge, high morale articulation and pleasant demeanour. 196

• Studying the buying behavior of his customers, Sathish understood that what consumers really wanted was to make intelligent and informed shopping decisions in an ambience that combined both comfort and a high degree of service.

• “Opportunities are plenty. What is needed is a positive mind. Obstacles will be there but you can overcome them as long as you do not accept defeats as final. Try, try, and try. You can succeed. Perseverance will see you through. This is how we have grown. Nothing can be achieved without sacrifice. Even small, small sacrifices can give you greater happiness. For instance, when building the business, it becomes inevitable to miss a few family functions and other social occasions”, he says.

36. SEEMA KAKKAR –REMANIKA

• There are no festivities in commitment. If you have made a commitment, it has to be fulfilled; no matter, whether it’s a vendor, customer or employees.

• Seema would recommend designers-fresh out of college-to work for at least five years in established companies before starting on your own.

• Have a long-term vision, and remember time is never lost for following your passion.

37. SHAHNAZ HUSAIN - SHAHNAZ HUSAIN HERBALS

• Shahnaz Husain has become known for her specialized clinical treatments and therapeutic products for specific problems.

• Shahnaz has never been one to rest on her laurels. 197

• She has always looked ahead, towards newer challenges, incorporating the latest techniques and introducing unique innovations. Her natural instincts and foresight have always led her to the next frontier, with her finger on the pulse of international demands.

• Hers is the story of the human spirit that transcends geographical boundaries and encompasses the entire world. It is a story that is an inspiration to others to follow their dreams with faith and courage.

• The lady invented a marketing style uniquely her own; she decided to make the brand a personality-driven one, flying in to various cities to lecture on herbals and Ayurveda, inaugurating Shahnaz franchises and salons, and returning the same day.

• In retrospective, Shahnaz attributes her success to her sheer grit and determination. “I do not believe in destiny – the word fail does not exist in my dictionary. I never fail, because I never stop trying,” she says.

• Having completed over 25 years in the business, the self-taught marketing miracle reveals her formula for success. “In life, you get what you negotiate. Any woman has the capacity to do what I did – it does not matter what you want, what matters is how badly you want it.”

38. SHAMIT KHEMKA- SYNAPSE INDIA

• Shamit Khemka is a staunch believer of hard work and integrity.

• He performs silently and continues to let his works talk for them.

• Shamit faced every challenge that tried to hinder his progress with inerrant determination. 198

• He adds up his excellent managerial skills to become a complete package that embodies the perfect prescription for success - both individually and for all who contribute to his team.

• Shamit’s ability of identifying futuristic opportunities helps him to move ahead of the time. His ability to smartly handle a situation is largely responsible for his success today.

• Shamit Khemka has a knack of playing the lead role in every activity that he indulges himself in.

• To walk with the pace of time, and stay ahead of it, he garners information by reading books and browsing through the net. He keeps his eye on latest trends and styles and encourages every member of his team to enhance their knowledge base.

• If a strong value system works as the fundamental of this man, it results into his committed determination that gets reflected in the form of several successful endeavors.

• Like a true leader, he keeps his team aware of any impending challenge and motivates them to achieve the newer height by conquering the limits.

• If foresightedness and hard work are two mandatory requirements to be known as a successful individual, Shamit has both the pre-requisites aplenty.

39. SHASHI RUIA – ESSAR GROUP

• Shashi Ruia imbibed the spirit of enterprise from his father who took him along wherever he went to start a business. 199

• The story of great businesses in the history of world has not been written by wealth but by innovation, enterprising attitude, skill and an ability to see beyond the present. Shashi Ruia probably is one such individual, who has written his own history by dint of his courage and never-say-die attitude.

• Ruia has not only masterminded the group's business strategy but has also consolidated a whole range of activities through backward and forward integration.

• Widely regarded as one of the architects of modern India, he has a passion for education and mentoring young talent. He considers all employees of Essar a part of his extended family.

40. SHIV NADAR - HCL

• Nadar’s contemporaries say that his great attributes include ability to execute a business strategy ruthlessly and ambition to become the number one in the business he enters into. These traits are complemented by his hands-off management style: he adopts an idea and then gives his employees a free hand to execute and build the business.

• In many respect he has been way ahead of times, he is a visionary who thinks beyond his time and his gift from god is the ability to find the right people for the right job, give them the right freedom to operate and reap the benefits, says a former associate. Another feels that the main reason for his success has been his ability to be a venture capitalist and entrepreneur at the same time.

• While most others prefer a hands-on approach, he is the man who does the least himself, apart from strategic thinking or prioritizing and leaves 200

it to his team to find the best path to capture the objective. But is not that leadership is all about.

• While he is quick to reward performers, Nadar is known to be ruthless when performance is not quite up to his exact standards. The ruthless attitude, in the final analysis, is the reason for his success.

• According to a former HCL group executive, Nadar is clinical while evaluating new business proposals. He demands clear answers broken into bottom line numbers. The questioning and discussions are so incisive and frank that story goes that if Nadar is convinced, the business will succeed.

• The bearded high tech entrepreneur nurtured HCL in his signature style of decentralized management making it a billion dollar group with 100 offices worldwide. In the process, he created wealth for himself, his associates and investors.

• In all these years, Nadar never lost sight of being a visionary. The corporate restructuring he undertook over the years resulted in several companies, each with a chosen professional head.

• In a short span of time, Shiv Nadar has reached pinnacle of success by his hard work, vision and entrepreneurial spirit.

41. SINGH, K.P. – DLF GROUP

• Singh says that observing Welch's toughness with GE's managers in close quarters provided a model for running DLF: Think big and be a sector leader.

• DLF always aims for the very best from day one. 201

42. SUBHASH CHANDRA GOYAL - ZEE TV

• Subhash Chandra Goyal was the first in India who sought to harness the huge business potential of satellite television channels.

• It was Subhash Chandra’s vision that helped give birth to the satellite TV industry in India and inspired others to follow suit.

• Zee TV became the first service provider in India to launch Direct to Home services.

• Zee group of companies positioned itself to tap the tremendous business opportunity offered by digital communication services in India.

• Subhash Chandra Goyal understands very well the importance of building a high-quality media conglomerate.

• He was the first in the television industry to introduce employee stock options.

43. SUBRATA ROY – SAHARA GROUP

• The company is the vision of a man who thinks he is the father of all his employees.

• Subrata Roy believes he is the guardian of this family who has the right to love and scold all members.

• He boasts that employees are not union members. It is private, a family affair with no owner, the profits reinvested or distributed to good causes.

• The Sahara website says – “Our employees are not employees. They are family members. All belong to Sahara and Sahara belongs to all.” 202

44. SUNIL BHARTI MITTAL -BHARTI GROUP

• Sunil Bharti Mittal was one of the first Indian entrepreneurs to identify the mobile telecom business as a major growth area and launched services in India.

• Always on the move and making an impact and excelling in whatever he did, this clear thinking risk taker has changed the face of the Indian ICT space.

• In spite of his deep involvement in work, Mittal the man is calm, seldom ruffled and very down to earth.

• ‘We are very fair to the people we work with (suppliers, buyers, staff). We wanted to prove that even with meagre capital we could do bigger things. Now a corporation, we are working to make it an institution. There is no employee-owner situation here. Everybody is a co-owner and now owns stock. It is a very enabling environment. There is no hire- and-fire here’ he says.

45. SWAMINATHAN, M. S. – MSSR FOUNDATION

• Swaminathan’s stated vision is to rid the world of hunger and poverty. Dr. Swaminathan is an advocate of sustainable development, especially using environmentally sustainable agriculture, sustainable food security and the preservation of biodiversity.

• His motto is "if conservation of natural resources goes wrong, nothing else will have a chance to go right." He said, that: "I am firmly convinced that hunger and deprivation can be eliminated sooner than most people consider feasible, provided there is a synergy among technology, public policy and social action". 203

• He is widely recognized as the architect of the "Green Revolution" in India, which radically improved agricultural yields through the introduction of genetically superior grain varieties.

• Dr. Swaminathan has proven that he is not only a brilliant scientist, but a capable administrator as well.

• His infectious enthusiasm and love of humanity have inspired and motivated thousands of others to give whole-heartedly to the cause he has chosen for his life's work: humbly serving the rural poor.

• Swaminathan combined all the great components of a revolutionary: vision, dedication, energy and follow-through.

46. SWARAJ PAUL – CAPARO

• Swaraj Paul, an India based business magnate and philanthropist has founded the multinational company Caparo, the UK based steel and engineering group having learnt business lessons from his father at a young age.

• His company developed into one of the leading producers of welded steel tube and spiral-welded pipe in the UK.

• Lord Paul lives a very simple life despite being one of the richest people in the UK.

47. JRD TATA – TATA GROUP

• As an industrialist, JRD Tata is credited with placing the Tata Group on the international map.

• Leadership, according to JRD meant motivating others. 204

• Mr. Tata was able to harness a team of individualistic executives, capitalizing upon their strengths, downplaying their differences and deficiencies; all by the sheer weight of his leadership.

• JRD initiated a programme of closer “employee association with management” to give workers a stronger voice in the affairs of the company. He firmly believed in employee welfare and espoused the principles of an eight hours working day, free medical aid, workers’ provident fund scheme, and workmen’s accident compensation schemes, which were later adopted as statutory requirements in India.

48. TULSI TANTI - SUZLON ENERGY

• Mr. Tanti is recognized for his personal vision and leadership in creating Suzlon – one of the world’s leading wind power players.

• Tulsi Tanti, an entrepreneur, has made a long-lasting impression abroad and brought glory to the ingenious and astute spirit of contemporary India by exploring the possibilities of non-conventional energy.

• Tulsi is a tiger with a burning desire to play on the global stage. He wants Suzlon to be among the top three wind energy companies in the world. He has the determination of an uncannily shrewd businessman to be the biggest renewable energy player in the world.

• When the Government of Maharashtra made an announcement that it would support the creation of wind power, Tanti and team took upon themselves to develop wind power. Tanti, realizing that a change was sorely needed, came up with the idea of offering a complete package of wind energy services.

• Despite his serious demeanor and modest appearance, Tanti is known for his cunning and aggressive takeover tactics. 205

49. VARGHESE KURIEN – NDDB

• Varghese Kurien is known as the Father of White Revolution (in India) or the Milkman of India.

• He is one of the very few people who are not money driven in their cause but work round the clock to bring about a change for the common man.

• He brought the benefits of modern technology and marketing to the ordinary dairy farmer.

• Kurien's cooperative venture was built on a simple but compelling logic - mass consumption and mass production must go hand in hand to bring all round prosperity.

• Kurien's professional life has been dedicated to empowering millions of humble Indian milk producers, in whom he saw an unsuspected economic resource and potential at the bottom of the pyramid. '' Without their involvement, we cannot succeed. With their involvement, we cannot fail ...'' remains his simple but fail-safe inspiration.

50. VIJAY MALLYA – UB GROUP

• Vijay Mallya initiated the process of defining a corporate structure with performance accountability, inducting professional management and consolidating the unwieldy empire into individual operating divisions.

• He has focused on areas of core competence and transformed the vastly diversified UB conglomerate into a handful of key operating businesses. 206

• Mallya is known for his myriad interests, his flashy flamboyant style of leadership and his unorthodox style of management. His entrepreneurial style, his trade acquisitions etc., reveal sharp business acumen.

• Following the Government of India's liberalized economic policies, Dr. Mallya decided that the UB Group would only retain interests in businesses that were globally competitive and which did not depend upon fiscal tariff protection. He also decided to focus on areas of core competence and transformed the vastly diversified UB conglomerate into a handful of key operating businesses.

• On entering the new millennium, the UB Group is considerably more focused and has dramatically increased value for its shareholders through its various operating businesses.

• Under his dynamic leadership, the group has grown into a multinational conglomerate of over sixty companies. During this process, UB acquired several companies abroad.

207

SUGGESTIONS

The following suggestions are made to resolve the various issues relating to entrepreneurship in small scale industries. The suggestions are given categorically to the government, to the banks and other financial institutions and to the entrepreneurs.

5.1 SUGGESTIONS TO THE GOVERNMENT

(i) In order to run industrial enterprise on efficient lines, proper training, motivation and wide expose become extremely important. It is universally accepted that "entrepreneurs can be taught and made." In India, illiteracy has been the main stumbling block for entrepreneurship development. Therefore, the first step to adopt is to provide suitable education and training to the people. The encouragement and development of entrepreneurship culture should become the core part of our education system, so that the young men and women can become "job givers" and not "job seekers"

(ii) Unutilized capacity of an industry is an index of its problems and all the problems faced by industry leads to underutilization of installed capacity. Power scarcity is the main reason for underutilization of capacity. Every possible step should be taken to improve the power condition of the state on priority basis.

(iii) Severe penalties may be levied on entrepreneurs found misusing the funds or otherwise seeking financial assistance by under-hand means. Preventive measures should be taken to provide a check on the malpractices of small units.

208

(iv) The government must provide efficient and effective consultancy services to the entrepreneurs.

(v) Unhealthy competition among the small units as well as large units should be discouraged as far as marketing problems are concerned. The state government needs to be active in this regard. As a sign of encouragement to local entrepreneurs, government departments should procure products produced by these entrepreneurs.

(vi) Raw-material banks needs to be opened up in states. Scarcity of raw-materials and their high prices as a result of it, are the main problem of raw-materials.

(vii) Both the central and state governments should give wide publicity so as to reach the information to all the entrepreneurs about policies, incentives, schemes, programmes, etc., relating to small scale industries.

(viii) As far as possible, in order to reduce the competition from the large sector, the small scale industrial units should operate in the areas reserved for them. Similarly, more number of items should be reserved for the exclusive production of the small scale sector.

(ix) Law and order problems need to be tackled properly by the Government so that there is a conducive atmosphere for the entrepreneurs to run their businesses without any hindrance.

5.2 SUGGESTIONS TO BANKS AND OTHER FINANCIAL INSTITUTIONS

i) It is a common understanding that all who want bank loans are not necessarily genuine entrepreneurs or businessmen. There are some who want to get loan merely to divert it for non-productive purposes. It may 209

not be difficult for banks to identify such persons. But while doing so, banks should not discourage genuine entrepreneurs. ii) The financial agencies must treat loan seekers as customers and not beggars. iii) The level of confidence of both entrepreneurs and bankers can be improved by constant follow-up and monitoring. It will help in developing a feeling of partnership among bankers and entrepreneurs in the growth of small enterprises. iv) The commercial banks and financial agencies may establish more small scale industrial specialized branches at least one in every district head quarters to cater to the financial needs of small entrepreneurs. v) Application procedures and approval criteria should be made simple and quick loan approvals should be done at the branch level. vi) Design appropriate saving schemes suitable for the poor; these are valued, and they are an important source of mobilising funds at rural levels. vii) Timely and adequate finance extending upto the operational cycle of the activity must be available to the entrepreneurs. viii) Banking services should be available near to the entrepreneurs / enterprise; if necessary, the banker should go to the borrower, rather than other way round. ix) Banks need to re-think about their loan giving policies to the entrepreneurs. Shortage of working capital is the main factor responsible for slow commencement of an industrial unit. So, proper handling of this problem is very important. 210

5.3 SUGGESTIONS TO THE ENTREPRENEURS

i) The entrepreneurs should develop a proper industrial plan before starting a unit. Undertaking of feasibility study either by himself or through outside agencies can be very helpful in this regard.

ii) The entrepreneurs should take proper training through the government and non-governmental agencies before starting a unit; this enables the entrepreneurs to protect their units from sickness.

iii) The entrepreneurs should employ latest techniques of production and skilled labour so as to improve the quality of the products and marketing.

iv) As the competition is found to be a major problem in many units, the entrepreneurs should try to divert to less competitive areas and before they venture, they should analyse the demand.

v) Low level of education should not deter one to start an industrial venture, though, it is a fact that people with higher educational levels are finding their entry into industry easier. Moreover, higher the level of education, the greater is the chance to start a venture as a first generation entrepreneur.

vi) The spread of schooling has cut across the business of religion. None of the entrepreneurial religions are placed in a disadvantageous position, by comparison.

vii) Low level of parental education does not prove hindrance to entrepreneurship.

viii) Urban background is not a pre-condition of industrial entrepreneurship. 211

ix) What is an ambition for one entrepreneur may be a compulsion for another. It is the entrepreneurs' attitudes that ultimately make the difference.

x) Previous experience in manufacturing and encouragement of family members / relatives / friends facilitates entrepreneurship.

xi) Ambitions motivate men. It activates men, broaden their vision and make the life more meaningful.

xii) Many of the entrepreneurs expect a lot from the state government and other non-government agencies. But never expect its exact fulfillment.

xiii) Previous experience or employment in the industry should form a basis for selecting the right type of industries.

xiv) For starting a venture, the availability of enough finance is the most important factor. Without it, the idea to start business or venture will always remain a simple wish.

xv) One should have some basic and essential managerial skills in the functional areas like finance, production and marketing for entering into industrial entrepreneurship.

xvi) 21-30 years' age group is the right time for starting an industry.

xvii) Attending EDPs can help the entrepreneurs in running enterprises smoothly and profitably. xviii) Labour should be given full opportunity of being trained. The problem of absenteeism of labour needs to be looked into with a humane approach. There should be employer-employee friendly relationship inside the industrial unit. 212 xix) Entrepreneurs need to re-think about their banking habits. Banks are here to help the entrepreneurs but it does not mean that these helps from the banks are taken for granted. Timely repayment of bank loans is the need of the hour. xx) The small scale industrial units should maintain proper books of accounts. Statutory obligation should be imposed on the units to maintain and prepare their books of accounts by professional accountant. xxi) Everyone cannot be a successful entrepreneur. An individual must have certain values and traits to be a successful entrepreneur. The traits and values are need for achievement, need for power, positive work value; moderate job anxiety, risk taking propensity, internal control orientation, high level of aspiration and preference for participative and nurturant-task styles of leadership.

213

BIBLIOGRAPHY

PRIMARY DATA

1. Interview with Tulsi Tanti, 15 th July 2010; also see Charles Assissi, et al., There's something about Tulsi, Business India, Mumbai, 29 th Dec 2007.

2. Interview with Anil Agarwal, 18 th February 2010; also see Lancelot Joseph and Roy Pinto, A man of mettle – Anil Agarwal, Business India, Mumbai, 29 th July, 2007.

3. Interview with Kochouseph Chittilappilly, 16 th June 2010; also see his TV interview with NDTV, We grew because of our quality, New Delhi, 5th February, 2008.

4. Interview with Ranganathan, C.K., 25 th August 2010; also see Venkatesh Krishnamoorthy, C K Ranganathan -The inspiring success story of CavinKare, Chennai, 22 nd March 2007.

5. Interview with Vijay Mallya, 20 th January 2011; also see Raj Sekher, N.R. The Strides of UB under Vijay Mallya, Deccan Herald, Bangalore, 16 th May 2010.

6. Interview with Sarath Babu, Chennai, 11 th January 2010.

7. Interview with Sathish Babu , Chennai, 30 th December 2010.

8. Interview with John Yesudhas, Chennai, 28 th April 2010.

9. Interview with Shiv Nadar, Chennai, 10 th September 2010.

10. Interview with Jeysingh Thomas, Chennai, 13 th June 2009.

214

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164. Sharma, R.K., Industrial Entrepreneurship in a Developing Economy, Kalyani, Ludhiana, 1989.

165. Sharma S.V.S, Developing Entrepreneurship: Issues and Problems, Life and Light Printers, New Delhi, 1979.

166. Sharma, S.V.S., Small Entrepreneurial Development in some Asian Countries, Light and Life, New Delhi, 1979.

167. Sharma S.V.S. and Akhouri, M.M.P., Small Entrepreneurship Development in North Eastern India, SIET, Hyderabad, 1978. 227

168. Singh, Baljit, The Economics of Small Scale Industries - A case study of Small Industrial Establishment in Moradabad, Ashish Publishing House, Bombay, 1961.

169. Singh K. and Joshi, A., A Study in Entrepreneurship and Management, Orient Longman, New Delhi, 1975.

170. Singh, N.P., Emerging Trends in Entrepreneurship Development- Theories and Practices, IFDM, New Delhi, 1985.

171. Singh, S., Entrepreneurship and Social Change, Rawat Publications, Jaipur, 1985.

172. Sood, Dr. S.K. and Renu Arora, Entrepreneurial Development, Kalyani Publishers, New Delhi, 2004.

173. Srinivasan, Dr. N.P. and Dr. Gupta C.B., Entrepreneurship Development: Text and Cases, Sultan Chand & Sons, New Delhi, 1999.

174. Srinivasan, Dr. N.P. and Gupta, C.B. and Entrepreneurial Development, Sultan Chand and Sons, New Delhi, 2001.

175. Srivastava S.B., A Practical Guide to Industrial Entrepreneurs, Sultan Chand & Sons, New Delhi, 1992.

176. Stevehson, H. (Ed.) and Kao, J., Entrepreneurship-What it is and How to Teach it, Harvard University Press, Harvard, 1989.

177. Subbarao, P.S., Entrepreneurship and Small Business Management, Discovery Publishing House, New Delhi, 2001.

178. Subhasish Das and Lakshman Prasad, Entrepreneurial Climate: An Assorted Coverage, Excel Books, New Delhi, 2008.

179. Tandon, B.C., Environment and Entrepreneur, Chugh Publications, Allahabad, 1975.

180. Thomas W. Zimmerer and Norman M. Scarborough, Essentials of Entrepreneurship and Small Business Management, Prentice - Hall of India Private Ltd., New Delhi, 2006. 228

181. Timberg, T.A., The Marwaris from Traders to Industrialists, Vikas Publishers, New Delhi 1978.

182. Uddin, S., Entrepreneurial Development in IQ.dia, Mittal Publications, New Delhi, 1990.

183. Udai Pareek, Prayag Mehta, and Venkateswara Rao T., Developing Entrepreneurship, Learning Systems, Indian Institute of Management, Ahmedabad, 1978.

184. Dr. Vasanth Desai, Small Scale Industries and Entrepreneurship, Himalaya Publishing House, Mumbai, 2008.

185. Venkata Rao, B.S., A Multi-dimensional Approach to Development of Entrepreneurs-Significance of Training and other inputs, SEDME, Hyderabad, 1975.

186. Venkatapathy, R., Psychological Characteristics of Entrepreneurship, SEDME, Hyderabad, 1980.

187. Venkateswara Rao T., Udai Pareek and Prayag Mehta, Developing Entrepreneurship, Learning Systems, Indian Institute of Management, Ahmedabad, 1978.

188. Verma S.B., Entrepreneurship and Employment: Strategies for Human Resource Management, Deep & Deep Publication Pvt Ltd., New Delhi, 2005.

189. Vesper, K.H.: Entrepreneurship and Public Policy, Carnegie Mellon University, Pittsburgh, 1983.

190. Vepa Ram, K., Modern Small Scale Industries Problems and Prospects, Sage Publications, New Delhi, 1980.

191. Vijaya Banu P., Entrepreneurship Development, Angel Printers, Kumbakonam, 2006.

192. Wilken, P.H.: Entrepreneurship-A Comparative and Historical Study, Ablex, New Jersey, 1979.

193. Winter D.G. and McClelland, D.C., Motivating Economic Achievement, The Free Press, New York, 1969. 229

RESEARCH WORKS

1. Aitken, H.Q.H.: Entrepreneurial Potential in Underdeveloped Countries, Ph.D. Dissertation, University of Tennessee, Tennurel, 1967.

2. Deshpande, M.U, Small Scale Industrial Entrepreneurship in a Developing Region, Marathwada University, Maharashtra, 1979.

3. Gaikwad, V.R., and Tripathi, R.N., "Socio-Psychological Factors Influencing Industrial Entrepreneurship in Rural Areas, National Institute of Community Development, Hyderabad, 1970.

4. Saini, J.S., Effectiveness of Entrepreneurship Development Programmes in Northern India, Doctoral Research, Department of Business Management, Punjabi University, Patiala, 1993.

5. Sharma, C.P.: Industrialization of Punjab, Role of State Development Institution, Ph.D. Thesis submitted to Punjabi University, Patiala, 1986.

ARTICLES

1. Bhargava, R.K., Importance of Small Scale Industries, Commerce (Supplement) 124 (3190), 24 June, 1972.

2. Bhat, A.R., Development of Small Industries in Free India, Commerce, 125 (3196), 19 August, 1972.

3. Bhatia, B.S., Entrepreneurship in Punjab: Problems and Opportunities Appraised, Commerce, Vol. 113, No. 2888, September 10, 1966.

4. Gaikwad, V.R., and Tripathi, R.N., Socio-Psychological Factors Influencing Industrial Entrepreneurship in Rural Areas, National Institute of Community Development, Hyderabad, May 1970.

5. Guha Amalendu, Parsi Seths as Entrepreneurs, Economics and Political Weekly,Vol. V, No. 36, August, 29, 1970. 230

6. Gupta S.K., Entrepreneurship Development Training Programme in India, Small Enterprise Development, Vol. 1, No.4, December 1990.

7. Hazarika, Jatin, National Seminar on Entrepreneurship Development - Keynote Address, IIE Guwahati, 10th December 1998.

8. Himachalam, D., Entrepreneurship Development Programme: Need for Revival, Banking and Finance, January 2001.

9. Khanka, S.S., Making the Entrepreneurial Society with reference to North East India, National Seminar on Entrepreneurship Development, I I E, Guwahati, 2000.

10. Mali, D.D., Developing Entrepreneurship in North East - Experiences and Strategies, Keynote Address, ICSSR, 2005.

11. Mathew, P.M., Union Budget and Small Enterprises, Economic and Political Weekly, Vol. XXXII, No. 14, April 5, 1997.

12. Nagayya, D, Data Base in Researchable Areas in the Small Enterprise Sector, National Seminar on Entrepreneurship Development, IIE, Guwahati, December 1998.

13. Nagayya, D. and Appa Rao, P.B., Perspective of Entrepreneurship Education and Training, National Seminar on Entrepreneurship Development, IIE, Guwahati, Dec 1998.

14. Nandy, Ashish, Entrepreneurial Man, Economic and Political Weekly (Supplement), Vol. VIII, No. 47, Nov. 24, 1973.

15. Nixon Singh E. and Bijoykumar Singh E., Entrepreneurship in Manipur: Problems & Prospects, Paper presented in the V Annual Conference of North Eastern Economic Association, Assam, Dec 2002.

16. Pathak, H.N., The Entrepreneur Technician and Manager in Small Scale Units, Economic and Political Weekly, Review of Management, Vol. VII, No. 48, November, 1972, pp. M 179 M 187.

17. Ram Charan, Competing for Growth, Business Standard, Chennai, Volume IX, No.1, February 2011.

18. Ranju Sarkar, Scripting the future, Business Standard, Chennai, Volume 231

IX, No.1, February 2011.

19. Shirsat B.G., Charge of the entrepreneurs, Business Standard, Volume IX, No.1, February 2011.

20. Vepa, Ram K., Small Can Be Beautiful - Recommendations on Small Enterprises, Economic and Political Weekly, Vol. XXXII, NO. 27, July 5, 1997.

21. Vepa Ram K., Entrepreneurship for Development of Backward Areas, National Productivity Council, New Delhi, 1973, PP. 14 -15.

22. Vander Veen, J.H., Commercial Orientation of Industrial Entrepreneurs in India, Economic & Political Weekly, Vol. XIII. No.3, Sept. 1975, pp. 318-30.

NEWSPAPER REPORTS

1. Arun Shourie, Charge of the Indian Brigade, Indian Express, 04/4/2004.

2. Balasubramanian D., The Innovation Quarter to Success, The Hindu, 22/01/09.

3. Bureau Report, TN announces policy on Micro, SME sectors, Business Line dated 23/2/2008.

4. Entrepreneurs in India and China, the Economist, February 23 – March 5, 2009.

5. Entrepreneur and philanthropist Jeysingh Thomas passes away, The Hindu, 19/10/2009.

6. Harshika Udasi, Drama Queen Gets Real, The Hindu, 29/07/2007.

7. Hemamalini Venkatraman, TN readies new MSME policy, The Economic Times dated 20/2/2008.

8. India’s shining hopes, The Economist, 21/2/2004.

9. Innovative India, The Economist, 03/04/2004. 232

10. Madhusudhan Veeraraghavan, Growth of SMEs in manufacturing, The Economic Times dated 11/3/2008.

11. Rajat Gupta, Creating Indian Entrepreneurs, India Today, February 12, 2001

12. The Rise of India, Business Week, 12/4/2004.

13. Vijay Kelkar, India on the growth turnpike, October 2003.

14. Vinita Nayar, Doing the city pride, The Hindu, 22/08/2009.

REPORTS AND SURVEYS

1. All Manipur Entrepreneurs' Association (AMEA), Economic Development Towards 2001 AD.

2. Cashin, P. & R. Sabay, Regional Economic Growth and Convergence in India, Finance and Development, IMF, March, 1996.

3. Census of India, 2001.

4. Government of Punjab, Department of Industries, Administrative Reports, Chandigarh.

5. Government of Punjab, Department of Industries, Records, Chandigarh.

6. Government of Punjab, Department of Planning, Draft Five Year Plan, Chandigarh.

7. Government of Punjab, ESO, Statistical Abstract of Punjab, Chandigarh, Annual Issues.

8. Government of India, Guidelines for the Preparation of Feasibility Reports, Planning Commission, New Delhi.

9. Manimala, M. : Emergence of Pioneering Innovative Entrepreneurship - A Psychological Model, Working Paper, p. 24, II M, Ahmedabad, August, 1986. 233

10. Ministry of Industry, India, Report of the Expert Committee on Small Enterprises, New Delhi, 1997.

11. McCrory, James: Case studies in Latent Industrial Potential: Small Industry in North Indian Town, Ministry of Commerce, Government of India, New Delhi, 1956.

12. Punjab State Industrial Development Corporation, Chandigarh, Annual Reports, 1990 - 2000.

13. Punjab Financial Corporation, Chandigarh, Annual Reports, Chandigarh, 1990-2000.

14. Punjab Small Industries and Export Corporation, Chandigarh, Annual Reports, Chandigarh, 1999 – 2000.

15. Reserve Bank of India (RBI), Compendium of Circulars on Small Scale Industries, (July 1978 - December 1999) Mumbai, March, 2000.

16. Report of the Fiscal Commission, Government of India, New Delhi, 1950.

17. Shivaraman, S.: Entrepreneurship and Enterprise Growth A Survey, IIM Bangalore, Bangalore, 1982.

PERIODICALS

1. Business India, Kolkata

2. Business World, New Delhi

3. Economic and Political Weekly, New Delhi

4. IBA Bulletin, Mumbai

5. Indian Manager, New Delhi

6. Industrial Herald, Chennai

7. Productivity, New Delhi

8. Yojana, New Delhi

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JOURNALS

1. Akhouri, M.M.P., Self - Employment through Entrepreneurship Development Strategies, an experiment in Assam, National Labour Institute Bulletin, Jan.-June 1980, pp. 49-58.

2. Akhouri M.M.P. and Bhattacharya S.K., Profile of a Small Industry Entrepreneurship, SEDME, Vol. 2, No.1, SIET, Hyderabad, 1975.

3. Ashish Nandy, Entrepreneurial Cultures and Entrepreneurial Man; Economic and Political Weekly, Review of Management, Vol. VIII, No. 47, November 24, 1973, pp. M98-M106.

4. Batra, G.S., Entrepreneurship Business: Failure and Turnaround Management, South Asian Journal of Management, Hyderabad, Vol. 2, No. 394, July-Dec. 1995.

5. Baumol, W.J., Entrepreneurship in Economic Theory, American Economic Review, May 1968, pp. 64-71.

6. Bhat, R.S., Growth of Entrepreneurship in Small and Medium Sectors, Indian Journal of Public Administration, Vol. XX. No.3, July- September, 1974.

7. Bhatia, B.S., New Industrial Entrepreneurs-Their Origins and Problems, Journal of General Management, Autumn, 1974, pp. 72-73.

8. Burgelman, RA: Designs for Corporate Entrepreneurship in Established Firms, California Management Review, California, 26(3), Spring 1984.

9. Chadha, V. and R.S. Johar, "Industrial Development of Punjab: Pattern, Problems and Perspective", in PSE Economic Analyst, Amritsar, Vol. II, Dec., 1980.

10. Chandra, Poojary M., "Small Scale Sector: Myth and Reality", Economic and Political Weekly, Vol. XXXI, No.21, May, 25, 1996.

11. Collins, E.G.C., The Entrepreneur sees herself as Manager, Harvard Business Review, Harvard, July 1982, pp. 140. 235

12. Desai, A.N., Exploration of Entrepreneurial Talents, Indian Journal of Industrial Relations, Delhi, Vol. 10, No.3, 1981.

13. Desai, A.V., The Origins of Parsi Enterprise, Indian Economic and Social History Review, Bombay, Vol. 5, Dec. 1988, pp.307-17.

14. Entrepreneurship Skills, Special Edition, MBA Review, IUP Publications, Hyderabad, 2010.

15. Hussain, Abid, Small Enterprises Protection, Laghu Udyog, Vol. XXII & XXIII, No.6 to 7, Jan- Sept 1998.

16. Jha, L.K., Role of New Entrepreneurs, Southern Economist, Vol. IX, Annual Number, May I, 1970.

17. Lal, Sudarshan, What Do We Mean By Small Industries?, Yojana, Vol. No. XVII Nos. 23 and 24, January 1974.

18. Left, N.H., Industrial Organization and Entrepreneurship in the Developing Countries, Economic Development and Cultural Change, July, 1978, pp. 616-21.

19. Mahima Rai, Horning Entrepreneurial Skills: Role of B Schools, MBA Review - Special edition on Entrepreneurial Skills, Hyderabad, 2010.

20. Manalel, James, How Beautiful is Small, SEDME, Vol. XXIV (4), No.4 Dec 1997.

21. Maichique, M.A., Entrepreneurs, Champions and Technological Innovation, Sloan Management Review, California, Winter, 1980, pp. 56-76.

22. Mary Kay Copeland, Strategies for developing Entrepreneurship: Nature or Nurture?, MBA Review - Special edition on Entrepreneurial Skills, Hyderabad, 2010.

23. Mohamed, S. E, Marketing in 21 st Century, Indian Journal of Marketing, XXXII (11), 15-20.

24. Nandy, A., Entrepreneurial Cultures and Entrepreneurial Men, Economic and Political Weekly, Vol. VII, No. 47, Bombay, Nov. 1974, pp. 98-105. 236

25. Papanek, G.F., The Development of Entrepreneurship, American Economic Review, Vol. LII, May, 1962, p. 46.

26. Prasain, G.P., Devi Sancharita R.K., Women Traders in Manipur - A Case Study, Indian Journal of Commerce, Vol. L. No. 193, Part IV, Dec 1997.

27. Sujatha Mukherjee, Profiling the Urban Women Micro - entrepreneurs in India, The IUP Journal of Entrepreneurship Development, Volume II, No.3, 2010.

28. Surinder Kapur, Raghavendra Rao and Sanjeev Bikhchandani, Genesis- Creating value through entrepreneurial initiative, Vikalpa, April-June 2007.

29. Timmons, J.A., Characteristics and Role Demands of Entrepreneurship, American Journal of Small Business, 3 (1987), pp. 5-17.

30. Tripathi, D., Occupational Mobility and Industrial Entrepreneurship in India - Historical Analysis, Developing Economies, March 1981, pp. 52- 68.

31. Verma, M.C., Entrepreneurs Attitudes towards Organizing and Risk- taking, Indian Psychological Review, 1978, pp. 213-29.

32. Vries, M.K.D., The Dark Side of Entrepreneurship, Harvard Business Review, Harvard, Nov.-Dec. 1985, pp. 160-67.

33. Indian Journal of Commerce, New Delhi

34. Indian Journal of Entrepreneurship, Ahmedabad

35. Indian Journal of Marketing, New Delhi

36. Vikalpa, Ahmedabad

WEBSITES

1. www.oneindia.com , Entrepreneurship 237

2. How to Become a Successful Entrepreneur, Martin Ofori Atta, infibeam.com

3. Successful Entrepreneurs–Those Who Have Made It Big, www.franchiseindia.com

4. Top 10 entrepreneurs of India? www.answers.com

5. The Successful Entrepreneur’s Guidebook, www.flipkart.com

238 i

VITAE

L. Suresh Mallya is Undergraduate in Mechanical Engineering and Post graduate in Management, Foreign Trade, Economics and Commerce, and M Phil in Management. He has 16 years industrial experience in Production, Marketing and Sales and 13 years experience in the academic field. Currently, he is working as Assistant Professor in the Department of Management Studies in SRM Valliammai Engineering College, Chennai.

PUBLICATION DETAILS

NATIONAL JOURNAL

Effectiveness of Microfinance Industry against the Backdrop of Global Recession, Vol. No. 8, April 2010, SRM Management Digest, Page 165 – 169.

INTERNATIONAL JOURNAL

The Latest Trends in Retailing in Indian Scenario, Volume 4, Number 2, July 2010, International Journal on Information Sciences and Computing, Page 62 - 68.

NATIONAL CONFERENCES

1. 29 th and 30 th April 2011, Creating Indian Entrepreneurs – Thrills & Thorns, National Conference on Developing a Modern Entrepreneurial Society, Business School, B.S. Abdur Rahman Crescent University, Chennai.

2. 23 rd April 2011, Indian Budding Entrepreneurs – the Imponderables, National Conference on Innovation & Technology Management, Department of Management Studies, RMK Engineering College, Chennai.

3. 5th March 2011, Microfinance: Present Predicament in India, National Seminar on Managing for Inclusive Growth and Sustainable Development, Department of Management Studies, University of Madras, Chennai. 239 ii

4. 13 th &14 th August 2010, My days of research with Dr. MGR University, National Conference on Academic Research, Department of Management Studies, Dr. MGR University, Chennai.

5. 16 th April 2010, Globalization: Developing Countries and India, National Conference on Building Global Leadership, Department of Management Studies, St. Joseph’s College Of Engineering, Chennai.

6. 10 th April 2010, Microfinance – Need of the Hour, National Conference on Financial Engineering and Knowledge Discovery, St. Mary’s School of Management Studies, Chennai.

7. 12 th March 2010, A study on Indian MSMEs, National Conference on Winning Strategies for Business Development and Information Processing, Department of Management Studies, Sakthi Mariamman Engineering College, Chennai.

8. 31 st March 2008, MSMEs – Backbone of Indian Industrial Sector, National Conference on Empowering the Bottom of the Pyramid, Department of Management Studies, Velammal Engineering College, Chennai.

9. 25th January 2008, Women Entrepreneurship through Gender Lens, National Conference on Management Perspectives in Global Era, Department of Management Studies, Dr. MGR University, Chennai.

10. 29 th March 2007, Ancient Indian Advice for Modern Management, National Seminar on Indian Ethos and Spiritual Values for Organisational Management, Department of Management Administration, Annamalai University, Chidambaram.

11. 8th March 2007, Employee Retention Strategies in the Changing New Global Order, National Conference on Challenges to Globalization and Strategies to Overcome them, Department of Management Studies, MNM Jain Engineering College, Chennai. 240iii

INTERNATIONAL CONFERENCES

1. 29 th January 2010, Identifying Customers and their TQM requirements, International Conference on Globalization and Consumer Protection, Department of Business Administration, Kalasalingam University, Srivilliputhur.

2. 29 th January 2010, A Framework to Integrate Manufacturing and Service Dimensions of Quality, International Conference on Globalization and Consumer Protection, Department of Business Administration, Kalasalingam University, Srivilliputhur.

3. 22 nd – 24 th December 2009, Contributing in Retailing in Indian Context, International Conference on Retail Excellence, School of Management, SRM University, Chennai.

4. 3rd & 4 th April 2009, Global recession – Impact on Indian Human Resources, International Conference on Transnational Business: Challenges & Strategies, Department of Management Studies, Dr. MGR University, Chennai.

5. 20 th - 22 nd December 2007, Entrepreneurship Development – Challenges and Remedies, International Conference on Global Entrepreneurship, School of Management, SRM University, Chennai.

6. 21 st & 22 nd September 2007, Exchange Rate Management Policy, Pros and Cons to Indian Economy, International Conference on Global Business Strategy in Competitive Environment, Sai Ram Engineering College, Chennai.