Chapter -1
Entrepreneurship
Topics Covered:
Introduction to Enterprise, Entrepreneur, Entrepreneurship, Qualities or Characteristics of successful entrepreneur/ Competency requirement for Entrepreneurs, Types of entrepreneur, Importance or Pros and Cons of being an Entrepreneur, Factors influencing Entrepreneurship (OR) Barriers to Entrepreneurship.
Women Entrepreneurs – Push and Pull Factors effecting entrepreneurs, Role of women as an Entrepreneur’s, Problems of Women Entrepreneurs, Steps taken by Government, Institutions support for Women Entrepreneurship.
The word ‘entrepreneur’ is derived from the French word ‘entreprendre’. It means ‗to undertake‘. Thus, entrepreneur is the person who undertakes the risk of new enterprise. Its evolution is as follows:
EARLY PERIOD: The earliest definition of the entrepreneur as a go-between is Marco Polo. He tried to establish trade route to the far East. He used to sign a contract with a venture capitalist to sell his goods. The capitalist was the risk bearer. The merchant adventurer took the role of trading. After his successful selling of goods and completing his trips, the profits were shared by the capitalist and the merchant.
MIDDLE AGES: The term entrepreneur was referred to a person who was managing large projects. He was not taking any risk but was managing the projects using the resources provided. An example is the cleric who is in charge of great architectural works such as castles, public buildings, cathedrals etc.
17th CENTURY: An entrepreneur was a person who entered into a contractual arrangement with the Govt. to perform a service or to supply some goods. The profit was taken (or loss was borne) by the entrepreneur.
18th CENTURY: It was Richard Cantillon, French Economist, who applied the term entrepreneur to business for the first time. He is regarded by some as the founder of the term. He defined an entrepreneur as a person who buys factor services at certain prices with a view to sell them at uncertain prices in the future 19th CENTURY: The entrepreneurs were not distinguished from managers. They were viewed mostly from the economic perspective. He takes risk, contributes his own initiative and skills. He plans, organizes and leads his enterprise.
20th CENTURY: During the early 20th century Dewing equated the entrepreneur with business promoter and viewed the promoter as one who transformed ideas into a profitable business. It was Joseph Schumpeter who described an entrepreneur as an innovator. According to him an entrepreneur is an innovator who develops untried technology.
21th CENTURY: Research Scientists live De Bone pointed out that it is not always important that an individual comes up with an entirely new idea to be called an entrepreneur, but if he is adding incremental value to the current product or service, he can rightly be called an entrepreneur.
Enterprise
Enterprise is defined here as the application of creative ideas and innovations to practical situations. This is a generic concept that can be applied across all areas of education. It combines creativity, ideas development and problem solving with expression, communication and practical action.
Entrepreneur
An entrepreneur is ordinarily called a businessman. He is a person who combines capital and labour for the purpose of production. He organizes and manages a business unit assuming the risk for profit. He is the artist of the business world.
In the words of J.B. Say, ―An entrepreneur is one who brings together the factors of production and combines them into a product‖. He made a clear distinction between a capitalist and an entrepreneur. Capitalist is only a financier. Entrepreneur is the coordinator and organizer of a business enterprise.
Joseph A Schumpeter defines an entrepreneur as ― one who innovates, raises money, assembles inputs and sets the organization going with the ability to identify them and opportunities, which others are not able to fulfill such economic opportunities‖.
Entrepreneurship
Entrepreneurship is the act and art of being an entrepreneur or one who undertakes innovations or introducing new things, finance and business acumen, in an effort to transform innovations into economic goods. According to A.H. Cole, ―Entrepreneurship is the purposeful activities of an individual or a group of associated individuals undertaken to initiate, maintain or organize a profit oriented business unit for the production or distribution of economic goods and services‖
Some facts about entrepreneurs and entrepreneurship:
E:xamine needs, wants, and problems to see how they can improve the way needs and wants are met and problems overcome.
N: arrow the possible opportunities to one specific "best" opportunity.
T:hink of innovative ideas and narrow them to the "best" idea.
R:esearch the opportunity and idea thoroughly.
E:nlist the best sources of advice and assistance that they can find.
P:lan their ventures and look for possible problems that might arise.
R:ank the risks and the possible rewards.
E:valuate the risks and possible rewards and make their decision to act or not to act.
N:ever hang on to an idea, no matter how much they may love it, if research shows it won't work.
E:mploy the resources necessary for the venture to succeed.
U:nderstand that they will have to work long and hard to make their venture succeed.
R:ealize a sense of accomplishment from their successful ventures and learn from their failures to help them achieve success in the future.
Qualities of an Entrepreneur
The characteristics of an entrepreneur that contribute to success are the result of his achievement motivation. The characteristics of achievement motivated persons as identified by McClelland have been discussed in, the chapter on ―Future of Entrepreneurship in India.‖ A successful entrepreneur must be a person with technical competence, initiative, good judgement, intelligence, leadership qualities, self-confidence, energy, attitude, creativeness, fairness, honesty, tactfulness and emotional stability.
1. Willingness to Make Sacrifices and Assume Risks: -A new venture is full of difficulties and unanticipated problems. In such an inhospitable environment entrepreneur has to be prepared to sacrifice his time, energy and resources in order to carry out the venture and make it success.
2. Mental ability: Mental ability consists of intelligence and creative thinking. An entrepreneur must be reasonably intelligent, and should have creative thinking and must be able to engage in the analysis of various problems and situations in order to deal with them. The entrepreneur should anticipate changes and must be able to study the various situations under which decisions have to be made.
3. Clear objectives: An entrepreneur should-have a clear objective as to the exact nature of the goods to be produced and subsidiary activities to be undertaken. A successful entrepreneur may also have the objective to establish the product, to make profit or to render social service.
4. Human Relations Ability: The most important, personality traits contributing to the success of an entrepreneur is emotional stability, personal relations, consideration and tactfulness. An entrepreneur must maintain good relations with his customers if he is to establish relations that will encourage them to continue to patronize his business. He must also maintain good relations with his employees if he is to motivate them to perform their jobs at a high level of efficiency. An entrepreneur who maintains good human relations with customers, employees., suppliers, creditors and the community is much more likely to succeed in his business than the individual who does not practice good human relations. Human relations ability can also be referred to as tactfulness.
5. Communication ability: Communication ability is the ability to communicate effectively. Good communication also means that both the sender and the receiver understand each other and are being understood. An entrepreneur who can effectively communicate with customers, employees, suppliers and creditors will be more likely to succeed than the entrepreneur who does not.
6. Technical knowledge: An entrepreneur must have a reasonable level of technical knowledge. Technical knowledge is the one ability that most people are able to acquire if they try hard enough. An entrepreneur who has a high level of administrative ability, mental ability, human relations ability, communication ability, and technical 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 shy away from becoming entrepreneurs because the one thing they cannot be taught is coping with human emotions.
7. Motivator: An entrepreneur must build a team, keep it motivated and provide an environment for individual growth and career development.
8. Business secrecy: An entrepreneur must be able to guard business secrets. Leakage of business secrets to trade competitors is a serious matter, which should be carefully guarded against by an entrepreneur. An entrepreneur-should be able to make a proper selection of his assistants.
9. Self-confidence: Entrepreneurs must have belief in themselves and the ability to achieve their goals. This is the greatest asset of a successful entrepreneur. He must have the confidence to make choices alone and bounce back when he fails.
10. Long-term involvement. An entrepreneur must be committed to the project with a time horizon of five to seven years. No ninety-day wonders are allowed.Success of an entrepreneur demands the ability to work long hours for sustained – periods of time entrepreneur must have an intense desire to complete a task or solve a problem.
11. Initiative: An entrepreneur must have initiative accepting personal responsibility for actions, and above all make good use of resources.
12. Goal setter: An entrepreneur must be able to set challenging but realistic goals.
13. Socially responsible: The changing environment calls for a socially conscious entrepreneur who is not threatened by progress of others. He should not involve in the activities which would harm the other person. He should expand his entrepreneurial activities, in order to help in creating conditions for social change ans for development of business which benefits the society.
14. Optimism: -Successful entrepreneurs are not worried by the present problems that they face. They are optimistic about the future. This enhances their confidence and drives them towards success. Some of the world‘s greatest entrepreneurs failed before they finally succeeded.
These personal traits go a long way in making an entrepreneur a successful man/woman. But however, no entrepreneur possesses total strengths. In such cases, he associates and/or acquires and thus strengthens his enterprise. PROS AND CONS OF BEING AN ENTREPRENEUR
The advantages and disadvantages of being an entrepreneur are equally weighted. Being an entrepreneur one can create wealth for society and be satisfied. But running a business show on ones own capabilities if not that easy. Entrepreneur has to undergo several hardships. In this backdrop, Pros and Cons of being an entrepreneur are discussed in the following paragraphs.
Advantages (Pros)
Many a time people may ask for themselves as to the advantages they enjoy by owning ones own business. Although it is very difficult to give an insight to into this question, it may however be said that it all depends up on the extent of involvement of an individual in a business activity. For some people simply being their own boss is enough to keep them happy.
1. Converting an idea into money: Being an entrepreneur, one may push up ones innovative ideas into reality. A entrepreneur is dynamic, creative, skilful, and is ready to take calculative risk, he / she puts societal resources into societal use. At the same time, entrepreneur, besides enjoying economic gain, makes the society more enjoyable.
2. Be your own boss: Many people would like to enjoy their lives independently. They feel excited by doing so. They possess high capacity to take risk and — to have adventurous life. These personal traits of entrepreneur, provides an opportunity to the society to improve the standard of living.
3. Originality, respected: The creative and original business ideas of an individual can be used for societal benefit and with this the originator respected in the society. Originators feel that they can offer a new service / product that no one has offered before.
4. Competition: By adapting innovative ideas of entrepreneur the product / service can be produced at a low cost. This facilitates the organization to face competition in the market. Besides this, society can get quality product
5. Better utilization of skill and knowledge: Several people in a society will have entrepreneural skills. But most of them hesitate to use their skill and knowledge for the benefit of the society. The advantage of becoming an entrepreneur is that creative skill and knowledge of an individual can be used for the benefit of the society otherwise which would go wasted.
6. Alternative to current career: The advantage being that they not only get satisfaction of becoming entrepreneurs, but also their creative skill will be used for the benefit of the society. Persons having entrepreneural skills will be having alternative to their present career, if opportunity come in their way. 7. Business opportunity: In any society business development process is a continuous activity. In such an atmosphere, very many business opportunities will be cropping up in different sizes and magnitudes. People with entrepreneural ability can seize such opportunities and have personal gain. This also facilities the society to tap the resources for improving the standard of living of the people.
Besides these, entrepreneurs will have the advantages:
(a) of managing their time for better living having flexible operations in their own business
(b) optimized earning for their full efforts
(c) enjoy independence
(d) work wherever they want, whenever they want, and however they want and
(e) become role models for success. They are not being paid what they are worth and would rather work on their own and earn the money they should be earning for their efforts.
Disadvantages (Cons)
Entrepreneur has several risks. Being an entrepreneur, one has to undergo several ordeals. Particularly in small business activitie, there are very many hurdles come in the way of business development. Some of the key disturbing factors are analyzed in the following paragraphs.
(1) Remuneration: Entrepreneur works on his own for economic gain. But he / she is not assured of positive economic gain. It will work both ways. On the one hand, becoming an entrepreneur, one forgoes regular income. The reward for risk-bearing in entrepreneurship may be positive or negative. If he/she continuously suffers loss, there will be no alternative except to close the business. Therefore, in entrepreneurship development, reward may be positive or negative.
(ii) Benefits: Being an entrepreneur, a person may not gain much in initial stages. The start-up problems being more, it takes considerable time to reap the benefit of being an entrepreneur. Even in long-run, benefits will not be extra-ordinary. Most of the entrepreneurs will be enjoying normal prof its and build up reasonable assets.
(iii) Time management: As entrepreneur will be taking more risk, time is very precious for him. Time is money for him. One cannot enjoy time in self-employment as one enjoys in paid employment. He/she has to dedicate himself/herself to the business. Managing time becomes a critical factor. The work schedule of an entrepreneur is never predictable. An emergency can come up in a matter of a second and late hours will have to be put in. He will be on his toes all the time to manage time effectively. He cannot have casual approach.
(iii) Management: Entrepreneur will be the boss of one‘s own business and decision-making will be again a critical factor. One should have sound decision support system to take good decisions on all the issues concerned with the business. Decision should not be post-poned. Post- poning the decision means, post-poning the evil. Being the monarch of the situation, entrepreneur should have better management of his affairs, has to take sound decision.
(iv) Experience: Entrepreneurship feature is an inherent quality of an individual. In most of the cases it will be in genes. Very few acquire the entrepreneural skills when they enter into their own business. An unskilled person with an unskilled staff will have a difficult time in running the business. Working with employees who ―do not know the ropes‖ becomes a tough time for an entrepreneur.
TYPES OF ENTREPRENEURS
Entrepreneurs may be classified in a number of ways.
A. ON THE BASIS OF TYPE OF BUSINESS.
1) Business Entrepreneur: He is an individual who discovers an idea to start a business and then builds a business to give birth to his idea. (I.e, any kind of business).
2)Trading Entrepreneur: He is an entrepreneur who undertakes trading activity i.e; buying and selling manufactured goods.
3) Industrial Entrepreneur: He is an entrepreneur who undertakes manufacturing activities.
4) Corporate Entrepreneur: He is a person who demonstrates his innovative skill in organizing and managing a corporate undertaking. i.e.Narayana Murthy – Infosys.
5) Agricultural Entrepreneur: They are entrepreneurs who undertake agricultural activities such as raising and marketing of crops, fertilizers and other inputs of agriculture. They are called agricultural entrepreneurs.
B. ON THE BASIS OF USE OF TECHNOLOGY:
1) Technical Entrepreneur: They are extremely task oriented. They are of craftsman type. They develop new and improved quality goods because of their craftsmanship. They concentrate more on production than on marketing.
2) Non-Technical Entrepreneur: These entrepreneurs are not concerned with the technical aspects of the product. They develop marketing techniques and distribution strategies to promote their business. Thus they concentrate more on marketing aspects.
3) Professional Entrepreneur: He is an entrepreneur who starts a business unit but does not carry on the business for long period. He sells out the running business and starts another venture.
C. ON THE BASIS OF MOTIVATION:
1) Pure Entrepreneur: They believe in their own performance while undertaking business activities. They undertake business ventures for their personal satisfaction, status and ego. They are guided by the motive of profit. For example, Dhirubhai Ambani of Reliance Group.
2) Induced Entrepreneur: He is induced to take up an entrepreneurial activity with a view to avail some benefits from the government. These benefits are in the form of assistance, incentives, subsidies, concessions and infrastructures.
3) Motivated Entrepreneur: These entrepreneurs are motivated by the desire to make use of their technical and professional expertise and skills. They are motivated by the desire for self-fulfillment.
4) Spontaneous Entrepreneur: They are motivated by their desire for self-employment and to achieve or prove their excellence in job performance. They are natural entrepreneurs.
D. ON THE BASIS OF STAGES OF DEVELOPMENT:
1) First Generation Entrepreneur: He is one who starts an industrial unit by means of his own innovative ideas and skills. He is essentially an innovator. He is also called new entrepreneur. Ex. 1) Sanjeev Aggarwal, Co-founder and CEO, Daksh 2) Subroto Bagchi, Co-founder and Chairman, Mindtree 3) Sanjeev Bikhchandani, Founder and Executive Vice Chairman, Info Edge 4) Dr Ashish Gupta, Co-founder, Tavant Technologies and Junglee 5) Zia Mody, Founder and Senior Partner, AZB & Partners 6) Satya Narayanan, Founder, Career Launcher 7) Vijay Shekhar Sharma, Founder and CEO, One97 Communication
2) Second Generation Entrepreneur: He is an entrepreneur who inherit the family business firms and pass it from one generation to another. Ex. Mukesh Ambani and Anil Ambani, Ratan Tata.
3) Classical Entrepreneur: He is one who develops a self supporting venture for the satisfaction of customers‘ needs. He is a stereo type or traditional entrepreneur. Ex. Aquaguard low cost filters.
E. CLASSIFICATION ON THE BASIS OF ENTREPRENEURIAL ACTIVITY:
1) Novice: A novice is someone who has started his/her first entrepreneurial venture.
2) Serial Entrepreneur: A serial entrepreneur is someone who is devoted to one venture at a time but ultimately starts many. He repeatedly starts businesses and grows them to a sustainable size and then sells them off.
3) Portfolio Entrepreneurs: A portfolio entrepreneur starts and runs a number of businesses at the same time. It may be a strategy of spreading risk or it may be that the entrepreneur is simultaneously excited by a variety of opportunities.
F. CLASSIFICATION BY CLARENCE DANHOF:
Clarence Danhof, On the basis of American agriculture, classified entrepreneurs in the following categories:
1) Innovative Entrepreneurs: They are generally aggressive on experimentation and cleverly put attractive possibilities into practice. An innovative entrepreneur, introduces new goods, inaugurates new methods of production, discovers new markets and reorganizes the enterprise. Innovative entrepreneurs bring about a transformation in lifestyle and are always interested in introducing innovations.
2) Adoptive Or Imitative Entrepreneurs: Imitative entrepreneurs do not innovate the changes themselves, they only imitate techniques and technology innovated by others. They copy and learn from the innovating entrepreneurs. While innovating entrepreneurs are creative, imitative entrepreneurs are adoptive. Ex. Producers of cellular phones like Orange, Walkman etc.
3) Fabian Entrepreneurs: These entrepreneurs are traditionally bounded. They would be cautious. They neither introduce new changes nor adopt new methods innovated by others entrepreneurs. They are shy and lazy. They try to follow the footsteps of their predecessors. They follow old customs, traditions, sentiments etc. They take up new projects only when it is necessary to do so.
5) Drone Entrepreneurs: Drone entrepreneurs are those who refuse to adopt and use opportunities to make changes in production. They would not change the method of production already introduced. They follow the traditional method of production. They may even suffer losses but they are not ready to make changes in their existing production methods.
G. ON THE BASIS OF AGE and Gender: 1. Women Entrepreneurs 2. Young Entrepreneurs
H: According to Area 1. Urban Entrepreneurs 2. Rural Entrepreneurs
I.Other Classification of Entrepreneurs
According to this, entrepreneurs may be broadly classified into commercial entrepreneurs and social entrepreneurs.
1. Commercial Entrepreneurs: They are those entrepreneurs who start business enterprises for their personal gain. They undertake business ventures for the purpose of generating sales and profits. Most of the entrepreneurs belong to this category.
2. Social Entrepreneurs: They are those who identify, evaluate and exploit opportunities that create social values and not personal wealth. Social values refer to the basic long standing needs of society. They focus on the disadvantaged sections of the society. They play the role of change agents in the society. In short, social entrepreneurs are those who start ventures not for making profits but for providing social welfare. Ex. Mandesi Foundation, Maharashtra, IDF Kunigal, Bief- Tumkur.
Intrepreneurs
The term intrapreneur was coined in USA in the late seventies. Many senior executives of big companies in America left their jobs and started small business of their own. They left the organisation because they did not get any opportunity to apply their own ideas and innovative ability. These entrepreneurs become successful in their own ventures. Some of them caused a threat to the corporations they left. This type if entrepreneurs have come to be called Intrapreneurs. They believe strongly in their own talents. They have desire to create something of their own. They want responsibility and have a strong drive for individual expression and more freedom in their present organisational structure. When this freedom is not forthcoming, they become less productive or even leave the organisation to achieve self actualisation elsewhere.
BARRIERS TO ENTREPRENEURSHIP (OR) FACTORS EFFECTING ENTREPRENEURSHIP
Entrepreneurial development is very slow in under developed and developing countries. This is due to the presence of several factors. Gunnar Myrdal pointed out that Asian societies lack entrepreneurship not because they lack money or raw material but because of their attitudes. These barriers to entrepreneurship are classified into three as follows:
A. ENVIRONMENTAL BARRIERS
Following are the important environmental barriers to entrepreneurship:
1) Non-Availability of Raw Material: -Non-availability of raw materials especially during peak season is one of the obstacles inhibiting entrepreneurship. This leads to competition for raw material.
2) Lack of Skilled Labour: -This is the most important resource in any organization. Unfortunately, desired manpower may not be available in an organization. This is either due to the lack of skilled labour or due to lack of committed or loyal employees in the organization.
3) Lack of Good Machinery: -Good machines are required for the production of goods, because of rapid technological developments, machines become obsolete very soon. Small entrepreneurs find it difficult to get large amount of cash for installing modern machinery.
4) Lack of Infrastructure: -Lack of infrastructure facilities is a major barrier to the growth of entrepreneurship particularly in under developed and developing economies. The infrastructural facilities include land and building, adequate and cheap power, proper transportation, water and drainage facilities etc. 5) Lack of Fund: -There are various methods by which an entrepreneur arranges for funds, e.g., own savings, borrowings from friends and relatives, banks and other financial institutions. Many people do not enter into entrepreneurial activities because of lack of funds.
6) Other Environmental Barriers: -Lack of business education, Lack of motivation from government, corruption in administration, high cost of production etc. are the other environmental barriers that inhibit the growth of entrepreneurship in underdeveloped countries.
B. PERSONAL BARRIERS
Personal barrier are those barriers that are caused by emotional blocks of an individual. Some of the personal barriers may be outlined as below:
1) Unwillingness to Invest Money: -Even though people have money, still they do not come in entrepreneurship. They are not willing to take the risk of investing money in business.
2) Lack of Confidence: -Many people thing that they lack what it takes to become an entrepreneur. They feel that they could not master all the skills. Thus most people are reluctant to become entrepreneurs.
3) Lack of Motivation: -When an individual starts a new venture, he is filled with enthusiasm and drive to achieve success. But when he faces the challenges of real business or bears loss, or his ideas don‘t work, he loses interest or motivation.
4) Lack of Patience: -The desire to achieve success in the first attempt or to become rich very soon is the prime motivating factor of modern youth. When such dreams do not come true , they lose interest. This gradually drives to fail in business.
5) Inability to Dream: -Entrepreneurs, who are short on vision or become satisfied with what they achieve, sometimes lose interest in further expansion/growth of business.
C. SOCIAL BARRIERS
The social attitude inhibits many people even from thinking of starting a business. The important social barriers are as follows.
1) Low Status: -The society things that entrepreneurs are the people who exploit the society. Thus the attitude of the society towards entrepreneurs is not positive. 2) Custom and Tradition of People: -Most people want a real job. Even parents who are entrepreneurs wouldn‘t like their children to be entrepreneurs. Thus lack of support from society and family hinder the growth of entrepreneurs
Women Entrepreneurs
Women Entrepreneurs may be defined as the women or a group of women who initiate, organize and operate a business enterprise. Government of India has defined women entrepreneurs as an enterprise owned and controlled by a women having a minimum financial interest of 51% of the capital and giving at least 51% of employment generated in the enterprise to women. Like a male entrepreneurs a women entrepreneur has many functions. They should explore the prospects of starting new enterprise; undertake risks, introduction of new innovations, coordination administration and control of business and providing effective leadership in all aspects of business.
Push-Pull factors and Women in business
• Push Factors – Death of bread winner – Sudden fall in family income – Permanent inadequacy in income of the family • Pull Factors – Women‘s desire to evaluate their talent – To utilize their free time or education – Need and perception of Women‘s Liberation, Equity etc. – To gain recognition, importance and social status. – To get economic independence. •
Role of women as an Entrepreneur’s
1) Imaginative: It refers to the imaginative approach or original ideas with competitive market. Well-planned approach is needed to examine the existing situation and to identify the entrepreneurial opportunities. It further implies that women entrepreneur‘s have association with knowledgeable people and contracting the right organization offering support and services.
2) Attribute to work hard: Enterprising women have further ability to work hard. The imaginative ideas have to come to a fair play. Hard work is needed to build up an enterprise..
3) Persistence: Women entrepreneurs must have an intention to fulfill their dreams. They have to make a dream transferred into an idea enterprise; Studies show that successful women work hard.
4) Ability and desire to take risk the desire refers to the willingness to take risk and ability to the proficiency in planning making forecast estimates and calculations.
5) Profit earning capacity: she should have a capacity to get maximum return out of invested capital.
Problems of Women Entrepreneurs in India Women in India are faced many problems to get ahead their life in business. A few problems can be detailed as;
1. Lack of support unlike male entrepreneurs: The greatest deterrent to women entrepreneurs is that they are women. A kind of patriarchal – male dominant social order is the building block to them in their way towards business success. Male members think it a big risk financing the ventures run by women.
2. Lack of support from financial institutions: The financial institutions are skeptical about the entrepreneurial abilities of women. The bankers consider women loonies as higher risk than men loonies. The bankers put unrealistic and unreasonable securities to get loan to women entrepreneurs. According to a report by the United Nations Industrial Development Organization (UNIDO), ―despite evidence that women‘s loan repayment rates are higher than men‘s, women still face more difficulties in obtaining credit,‖ often due to discriminatory attitudes of banks and informal lending groups (UNIDO, 1995b).
3. Lack of access to external sources of fund: Entrepreneurs usually require financial assistance of some kind to launch their ventures – be it a formal bank loan or money from a savings account. Women in developing nations have little access to funds, due to the fact that they are concentrated in poor rural communities with few opportunities to borrow money.The women entrepreneurs are suffering from inadequate financial resources and working capital. The women entrepreneurs lack access to external funds due to their inability to provide tangible security. Very few women have the tangible property in hand.
4. Lack of support from the family members: Indian women give more emphasis to family ties and relationships. Married women have to make a fine balance between business and home. More over the business success is depends on the support the family members extended to women in the business process and management. The interest of the family members is a determinant factor in the realization of women folk business aspirations.
5. Lack of managerial skills: Another argument is that women entrepreneurs have low-level management skills. They have to depend on office staffs and intermediaries, to get things done, especially, the marketing and sales side of business. Here there is more probability for business fallacies like the intermediaries take major part of the surplus or profit. Marketing means mobility and confidence in dealing with the external world, both of which women have been discouraged from developing by social conditioning. Even when they are otherwise in control of an enterprise, they often depend on males of the family in this area.
6. Lack of knowledge of latest technology: Knowledge of latest technological changes, know how, and education level of the person are significant factor that affect business. The literacy rate of women in India is found at low level compared to male population. Many women in developing nations lack the education needed to spur successful entrepreneurship. They are ignorant of new technologies or unskilled in their use, and often unable to do research and gain the necessary training.
7. Low level of risk taking attitude: Low-level risk taking attitude is another factor affecting women folk decision to get into business. Low-level education provides low-level self-confidence and self-reliance to the women folk to engage in business, which is continuous risk taking and strategic cession making profession. Investing money, maintaining the operations and ploughing back money for surplus generation requires high risk taking attitude, courage and confidence. Though the risk tolerance ability of the women folk in day-to-day life is high compared to male members, while in business it is found opposite to that.
8. Lack of Self Confidence: Achievement motivation of the women folk found less compared to male members. The low level of education leads to low level achievement and advancement motivation among women folk to engage in business operations and running a business concern.
9. High cost of Production: Finally high production cost of some business operations adversely affects the development of women entrepreneurs. The installation of new machineries during expansion of the productive capacity and like similar factors dissuades the women entrepreneurs from venturing into new areas.
10. Lack of Training: Many women lack access to training that will go a long way in helping them in developing business skills. Regular training is a necessity in this competitive environment.
Steps Taken By Government
The growth and development of women entrepreneurs required to be accelerated because entrepreneurial development is not possible without the participation of women.
Therefore, a congenial environment is needed to be created to enable women to participate actively in the entrepreneurial activities. There is a need of Government, non-Government, promotional and regulatory agencies to come forward and play the supportive role in promoting the women entrepreneur in India.
The Government of India has also formulated various training and development cum employment generations programs for the women to start their ventures. These programmes are as follows:
1. Steps taken in Seventh Five-Year Plan:
In the seventh five-year plan, a special chapter on the ―Integration of women in development‖ was introduced by Government with following suggestion:
(i) Specific target group:It was suggested to treat women as a specific target groups in all major development programs of the country.
(ii) Arranging training facilities:It is also suggested in the chapter to devise and diversify vocational training facilities for women to suit their changing needs and skills.
(iii) Developing new equipments: Efforts should be made to increase their efficiency and productivity through appropriate technologies, equipments and practices.
(iv) Marketing assistance:It was suggested to provide the required assistance for marketing the products produced by women entrepreneurs.
(v) Decision-making process:It was also suggested to involve the women in decision-making process.
2. Steps taken by Government during Eight Five-Year Plan:
The Government of India devised special programs to increases employment and income- generating activities for women in rural areas. The following plans are lunched during the Eight- Five Year Plan:
1. Prime Minister Rojgar Yojana and EDPs were introduced to develop entrepreneurial qualities among rural women. 2. ‘Women in agriculture’ scheme was introduced to train women farmers having small and marginal holdings in agriculture and allied activities. 3. To generate more employment opportunities for women KVIC took special measures in remote areas. 4. Women co-operatives schemes were formed to help women in agro-based industries like dairy farming, poultry, animal husbandry, horticulture etc. with full financial support from the Government. 5. Several other schemes like integrated Rural Development Programs (IRDP), Training of Rural youth for Self employment (TRYSEM) etc. were started to alleviated poverty.30- 40% reservation is provided to women under these schemes.
3. Steps taken by Government during Ninth Five-Year Plan:
Economic development and growth is not achieved fully without the development of women entrepreneurs. The Government of India has introduced the following schemes for promoting women entrepreneurship because the future of small scale industries depends upon the women- entrepreneurs:
(a) Trade Related Entrepreneurship Assistance and Development (TREAD) scheme was lunched by Ministry of Small Industries to develop women entrepreneurs in rural, semi-urban and urban areas by developing entrepreneurial qualities.
(b) Women Component Plant, a special strategy adopted by Government to provide assistance to women entrepreneurs.
(c) Swarna Jayanti Gram Swarozgar Yojana and Swaran Jayanti Sekhari Rozgar Yojana were introduced by government to provide reservations for women and encouraging them to start their ventures.
(d) Women Development Corporations were introduced by government to help women entrepreneurs in arranging credit and marketing facilities.
(e) State Industrial and Development Bank of India (SIDBI) has introduced following schemes to assist the women entrepreneurs. These schemes are: (i) Mahila Udyam Nidhi (ii) Micro Credit Scheme for Women (iii) Mahila Vikas Nidhi (iv) Women Entrepreneurial Development Programmes (v) Marketing Development Fund for Women
4. Steps taken by Government during Tenth Five-Year Plan:
The tenth plan suggests a threefold strategy for empowering women through: a) Social Entrepreneurship b) Economic or Commercial entrepreneurship c) Gender Justice
6. Steps taken by Government during Eleventh Five-Year Plan:
Self Help Groups(SHGs)
The concept of Indira Kranthi Patham has been evolved with an objective of enabling all the rural poor families to improve their livelihoods and quality of life.
Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS):
The Mahatma Gandhi National Rural Employment Guarantee Act 2005 came into force on 2nd February 2006. The Act gives legal guarantee of providing atleast 100 days of wage employment to rural households whose adult members are willing to do unskilled manual labour.
7. Steps taken by Government during Twelve Five-Year Plan: Better consultation and co-ordination in industrial policy making. Create large employment: textiles and garments, leather and footwear; gems and jewelry; food processing industries. The problems of women in these industry are given importance.
7. Training programmes: The following training schemes specially for the self employment of women are introduced by government:
(i) Support for Training and Employment Programme of Women (STEP). (ii) Development of Women and Children in Rural Areas (DWCRA). (iii) Small Industry Service Institutes (SISIs) (iv) State Financial Corporations (v) National Small Industries Corporations (vi) District Industrial Centres (DICs)
8. Mahila Vikas Nidhi:
SIDBI has developed this fund for the entrepreneurial development of women especially in rural areas. Under Mahila Vikas Nidhi grants loan to women are given to start their venture in the field like spinning, weaving, knitting, embroidery products, block printing, handlooms handicrafts, bamboo products etc.
9. Rashtriya Mahila Kosh:
In 1993, Rashtriya Mahila Kosh was set up to grant micro credit to pore women at reasonable rates of interest with very low transaction costs and simple procedures.
Institutional Support for Women Entrepreneurs
The growth and development of women entrepreneurs have accelerated because entrepreneurial development is not possible without active participation of women.
So a suitable environment has been created for growth of women entrepreneurs. Because of the importance of women entrepreneurs, a number of institutions have emerged for growth of women entrepreneurs.
The followings are some of associations or institutions which have played pivotal role for growth and development of women entrepreneurs:
1. Small Industries Development Bank of India (SIDBI)
Small Industries Development Bank of India is a national level institution which extends facilities for growth of small scale industries. This organization has introduced two special schemes for small scale industries by women. These are:
MAHILA UDYAM NIDHI MAHILA VIKASH NIDHI
These tow special schemes for women entrepreneurs provide equity and developmental assistance to women entrepreneurs.
These organizations provide financial assistance to women to start entrepreneurial work in the field of spinning, weaving, knitting, embroidery and block printing. Besides the above schemes, SIDBI has lunched the following schemes to provide assistance to women entrepreneurs: Micro Credit Scheme Women Entrepreneurial Development Programme Marketing Development Fund for Women.
2. Small Industries Development Organization (SIDO)
Small Industries Development Organization is the primary objective of this organization is to conduct various programmes including Entrepreneurship Development programme for women.
This organization has introduced various development programmes in the areas of TV repairing, leather goods, screen printing and preparation of circuit boards.
3. Consortium Of Women Entrepreneurs (CWEI)
Consortium Of Women Entrepreneurs of India is a voluntary organization consisting of NGOs. SHGs various voluntary organizations and individual business enterprises.
It was formed in the year 2001 with the basis objective of providing technological up gradation facilities to women entrepreneurs. Besides extending technological up gradation facilities, it facilitates in the sphere of marketing and export support.
4. Women India Trust (WIT) The promoter called Kamila Tyabji has taken initiative for establishment of this trust in 1968. The sold objective of this trust is to help women entrepreneurs.
With the establishment of Kamila Trust in U.K., it has facilitated its members to market their product in London. It has also extended export support to the countries like Australia, Europe and Germany.
5. Self Employed Women Association (SEWA)
Self Employed Women Association is a trade union of women which was registered under Trade Union Act, in 1972. The primary objective of this organization is to empower women entrepreneurs in rural sector.
Most of members of this organization are originated from unorganized sector. At present SEWA has shifted its operations from rural areas or level to global level and receive substantial grant from international organizations like Ford Foundation and UNICEF.
6. Self Help Groups (SHGs)
Self Help Groups is regarded as an association consisting of small group of self employed women entrepreneurs. The women entrepreneurs may be either from rural or urban areas.
The primary objective of SHG is to take care as welfare of its associated members. It provides financial assistance as welfare of its members through financial institutions and non-government organizations.
7. Federation of India Women Entrepreneurs (FIWE)
Federation of India Women Entrepreneurs came into existence in the year 1993 on the outcome of resolution in 7th International conference of women entrepreneurs. It has helped women entrepreneurs in diversified activities through interaction with various women organizations and associations.
8. National Bank for Agriculture and Rural Development (NABARD)
National Bank for Agriculture and Rural Development is an autonomous organization. The primary objective of this autonomous arganisation is to provide liberal credit facilities to women entrepreneurs. The followings are some of essential characteristics of NABARD on liberal credit to women entrepreneurs. 1. It launched the project in 12992 to provide finance to SHG. 2. It provides facilities on resources and training in NGO Formation. 3. It arranges training to bank official on formation of SHG. 4. It provides refinance to bank against lending to SHG.
Successful Women Entrepreneurs
Kiran Mazumdar Shaw
Kiran Mazumdar-Shaw is an Indian entrepreneur. She is the Chairman & Managing Director of Biocon Limited a biotechnology company based in Bangalore (Bengaluru), India. Kiran Mazumdar-Shaw was born on March 23, 1953 in Bangalore, India.
Mazumdar-Shaw completed her schooling from the city‘s Bishop Cotton Girl‘s High School (1968). She wanted to join medical school but instead took up biology and completed her BSc Zoology Honors course from Mount Carmel College, Bangalore University (1973). She later did her post-graduation in Malting and Brewing from Ballarat College, Melbourne University (1975).
She worked as a trainee brewer in Carlton and United Breweries, Melbourne and as a trainee maltster at Barrett Brothers and Burston, Australia. She also worked for some time as a technical consultant at Jupiter Breweries Limited, Calcutta and as a technical manager at Standard Maltings Corporation, Baroda between 1975 and 1977.
She started Biocon in 1978 and spearheaded its evolution from an industrial enzyme manufacturing company to a fully integrated bio-pharmaceutical company with a well-balanced business portfolio of products and a research focus on diabetes, oncology and auto-immune diseases. She also established two subsidiaries: Syngene (1994) to provide development support services for discovery research and Clinigene (2000) to cater to clinical development services. Her pioneering work in the sector has earned her several awards, including the prestigious Padma Shri (1989) and the Padma Bhushan (2005) from the government of India. She was recently named among TIME magazine‘s 100 most influential people in the world. She is on the Forbes list of the world‘s 100 most powerful women and the Financial Times‘ top 50 women in business list She is also a member of the board of governors of the prestigious Indian School of Business and Indian Institute of Technology Hyderabad.
Aishwarya Nair
‖And clearly, our grandfather is our inspiration. First, he set up a successful textile business (The Leela Lace) right from scratch and then he began the hospitality venture when he was 64 years old. There‘s no stopping him,‖ Aishwarya says. A brand that is dedicated to luxury, the sisters have added a breath of fresh air to the workplace. With Aishwarya capitalizing on her talent in the bakery department, she is constantly innovating by organizing pastry exhibitions and gourmet pet food in the food and beverage division. Pets-a family fetish-are the driving force behind a lot of work they do. Sahachari foundation, founded by Lakshmi Nair, their mother, is a charitable organization that works towards promoting art and culture. It is through this foundation that Aishwarya launched her bakery brand, Docle, a part of whose proceeds, still go to the Bombay Society for the Prevention of Cruelty to Animals. While Amruda boasts of owning two cats, Aishwarya goes on to tell us about her Yorkshire terrier and two turtles. ―We also had a rabbit, but he was stolen while our house was being renovated. Can you believe that?‖ adds Aishwarya with shock. ―The Sahachari foundation is very close to my heart. And the way the girls are taking my work forward, I‘m hoping to hand over the reigns to them after me,‖ says Lakshmi, a devoted lover of the arts. ―I always had a creative flair. And my family recognized it at the right time and channelled it towards food and beverage,‖ says Aishwarya, who picked up her skill for baking at the Mandarin Oriental Hotel, New York City, where she worked soon after her specialized course in culinary arts management at the Culinary Institute of America, New York. If you think she has her hands deep in the dough, there‘s still more. Also responsible for wine acquisition for the group, she hosts exclusive wine tastings in all the seven operating properties in India. She is also working with two international fine dining brands, Megu and Le Cirque, both of which launched in The Leela Palace, New Delhi.
Swati Parimal
Swati A. Piramal is the Vice Chairperson of Piramal Life Sciences Limited and Director of Piramal Healthcare Limited.Dr. Piramal received one of India‘s highest civilian honour‘s, the Padmashri award, by the President of India, Ms. Pratibha Patil on 4th April, 2012 She has been nominated as one of the 25 Most Powerful Business Women in India eight times and is now a member of the Hall of Fame of the Most Powerful Women. She was the first woman in 90 years to head the Apex Chamber of Commerce ASSOCHAM in 2009 – 10. She has contributed towards innovations in Public Health Services and other projects. She has been a part of public policy related to health care which led to major policy changes that help reduce the spread of life-threatening diseases.
Dr. Swati Piramal also serves on Indian government public policy expert committees for trade, planning, environment, arts, women‘s entrepreneurship, national integration and regional development.Holding the board positions in several healthcare,financial, manufacturing and service companies she also serves on the boards of Indian and international academic institutions. Dr. Piramal is a member of many Indian and foreign business councils, and has received numerous Indian and international awards.
Dr. Swati Piramal has been elected as a member of the most prestigious and the oldest boards in the world – The Harvard Board Of Overseers. She is one of the five new Overseers elected to the board for a six-year term. The Harvard Board Of Overseers is more than 350 years old. President John F. Kennedy served on the board in 1957.
Rajshree Pathy
Rajshree Pathy, is an eminent entrepreneur from Coimbatore, Tamil Nadu, India. She is the Chairperson and Managing Director of the Rajshree Group of Companies and Founder of India Design Forum.[1] The Rajshree group has varied interests – Food and Agro business, Energy, Real Estate, Travel, Health and Hospitality and Arts. She also promotes performing arts and contemporary art movement in Coimbatore through the Contemplate Art Gallery and COCCA. Rajshree Pathy is the daughter of famous industrialist Shri G. Varadaraj, of PSG Families engaged in Charities and Educational Institutions for more than a century. Her father was also a former Rajya Sabha MP. She is married to S.Pathy, Chairman & Managing director of Lakshmi Mills. Rajshree Sugars and Chemicals Ltd. is a company with interests across integrated fields such as Sugar, Distillery, Power Co-Generation and Biotechnology. The range of products includes White Crystal Sugar, Alcohol, Organic Manure, Bio-products and Power. A specialty Demerara Sugar is marketed under the brand name RSCL Sugar Brown. RSCL with its Corporate office in Coimbatore, has three modern sugar-manufacturing units located in Tamil Nadu one at Varadaraj Nagar, Theni District, the second at Mundiampakkam, Villupuram District and the third at Gingee, Villupuram District. RSCL also has a Sugar factory located at Zaheerabad, Medak District in Andhra Pradesh.
Radhika Roy
Radhika Roy is an Indian media baron and co Chairperson and Managing Director, NDTV. Radhika Roy has over ten years of experience in print journalism, with leading publications such as ―Indian Express‖ and ―India Today‖. In the mid-80s, she co-founded NDTV. Radhika has won the Ernst & Young Entrepreneur of the Year award for Information, Communication and Entertainment in the year 2003.
Radhika Roy married Prannoy Roy in 1972 and they have a daughter Tara RoyRadhika is the sister of a Rajya Sabha member and CPI (M) politician, Brinda Karat. A media titan in her native India, Radhika Roy is a former speech pathologist who pursued her dream of becoming a journalist and transformed a garage-startup production company into an internationally renowned news operation comprising three channels and over 1,000 employees. Widely recognized for her uncompromising devotion to journalistic and business ethics, Roy—cofounder, co-owner, and managing director of New Delhi Television (NDTV)—has consistently demonstrated that empires can be built without sacrificing principles. Together with her husband, Prannoy, she has galvanized Indian television, with such accomplishments as breaking the government‘s hold on television news by founding the country‘s first privately owned news channel.
After persistent lobbying for airtime on the state‘s public television broadcaster, Doordarshan, NDTV busted through with The World This Week, a weekly international news program produced by Radhika Roy. A combination of hard work, a strong product, and fortuitous timing helped the Roys build brand awareness, as the program covered such seminal international events as the fall of the Berlin Wall and the conflict in China‘s Tiananmen Square. NDTV‘s success attracted the attention of the Tata Group, one of India‘s oldest and largest business conglomerates, which signed on to sponsor a daily news bulletin called News Tonight, making Roy the producer of India‘s first privately produced nightly news show.
In 2003, Roy launched NDTV24x7 (English language) and NDTV India (Hindi channel) to retain editorial control over the news they were producing. She espouses a bold business philosophy based on being unafraid to take chances, and has backed that up by repeatedly tackling the establishment: ―We‘ve taken risks, gone against the norm, and broken new groun
Vandana Luthra
Not too many entrepreneurs can be said to be embodiments of their enterprise. But Vandana Luthra of New Delhi is certainly one. She is slim and svelte. She is, of course, beautiful in the classical Indian mold, and she carries herself with the grace that only comes with enormous self confidence.
It‘s the sort of self confidence that is engendered, quite possibly, from the knowledge that one is entirely self made. And that Ms. Luthra certainly is. She‘s the founder and mentor of the VLCC, India‘s leading slimming, beauty and fitness brand, and one with seven outlets in Abu Dhabi, Dubai and Sharjah, and an eighth center scheduled to open in Al Ain in May. There are VLCC slimming, beauty and fitness centers in Muscat and Bahrain, and by next year there will be a total of some 28 across the Middle East.
The largest number of VLCC centers, of course, is in Ms. Luthra‘s native India – 150 of them in 75 cities. She facilitates professional development through her vocational training school, the VLCC Institute of Beauty, Health & Management, which currently has 43 campuses in 35 cities.―The entrepreneur as an educator – that would be a fair way to characterize me,‖ Ms. Luthra said. ―Fitness and well-being are a matter of education, and for that you need skilled trainers.‖
Her own training after graduating from Delhi University was in nutrition and cosmetology in Germany. Then Ms. Luthra took a series of specialized courses and modules in beauty care, fitness, food and nutrition and skin care in London, Munich and Paris.And then she returned to her middle-class home in New Delhi, India‘s capital, and started a neighborhood beauty parlor. It was an instant success, and it emboldened her – with the canny assistance of her swarthy but handsome husband Mukesh – to start VLCC.
Neelam Dhawan
Neelam Dhawan, Microsoft India managing director, leads Microsoft's sales and marketing operations in the country. A Stephenian (graduated in 1980), she passed out of Delhi's Faculty of Management Studies in 1982. Back then, while she was keen to join FMCG majors like Hindustan Lever and Asian Paints, both companies rejected Dhawan as they did not want to appoint women for marketing.
Indu Jain
Indu Jain has many identities: spiritualist, entrepreneur, humanist, educationalist, great lover of art and culture. She was the Chairman of the The Times Group, the biggest and the most powerful media house in India. The company was bought from a British group. Now, her two sons Samir and Vineet are running the company. Among the major products of the company, The Times of India, the largest selling English daily newspaper of the world.
Ekta Jeetendra Kapoor
Ekta Jeetendra Kapoor (b. 7 June 1975) is an Indian TV and film producer. She is the Joint Managing Director and Creative Director of Balaji Telefilms, her production company. Ekta Kapoor is the daughter of Jeetendra and Shobha Kapoor and the sister of Tusshar Kapoor who is also a Bollywood actor. She did her schooling at Bombay Scottish School, Mahim and attended college at Mithibai College.
She has produced numerous soap opera, television series and movies. Her most popular television series include Hum Paanch, Kyunki Saas Bhi Kabhi Bahu Thi, Kahaani Ghar Ghar Kii, Kasautii Zindagii Kay, Kahiin To Hoga, Kaahin Kissii Roz, Kkusum, Kaisa Ye Pyar Hai, Kasamh Se andBandini . She is currently producing Pavitra Rishta, Bade Achhe Lagte Hain, Parichay, Kya Huaa Tera Vaada & Gumrah End Of Innocence.
She branched out into Bollywood movie production in 2001 beginning with Kyo Kii… Main Jhuth Nahin Bolta . Kucch To Hai and Krishna Cottagebased on supernatural themes followed in 2003 and 2004. Kyaa Kool Hai Hum starring her brother Tusshar Kapoor proved to be her breakout hit and went on to become one of the highest earners of 2005. She then went on to co- produce Shootout at Lokhandwala with Sanjay Gupta which became her a profitable venture at the box office. Mission Istanbul and EMI – Liya Hai Toh Chukana Parega in collaboration with Sunil Shetty followed. The years 2010 and 2011 proved to be important for her with critical and commercial success such as Love Sex aur Dhokha, Once Upon a Time in Mumbai, Shor in the City, Ragini MMS and The Dirty Picture. Her upcoming productions include Kyaa Super Kool Hai Hum, Lootera, Shootout at Wadala, Once Upon a Time Again, Ek Thi Daayan, Gippie, Milan Talkies & Ragini MMS 2
Farah Khan
Farah Khan born 9 January 1965) is an Indian film director and choreographer. She is best known for her choreographic work in numerous Bollywood films. Khan has choreographed dance routines for more than a hundred songs in over 80 Hindi films. Khan has since become a noted Hindi film director as well. In addition Khan has worked on international projects such as Marigold: An Adventure in India, Monsoon Wedding and the Chinese film Perhaps Love.Khan was studying sociology at St. Xavier‘s College, Mumbai when Michael Jackson‘s Thriller was telecast. She was so inspired, that although she hadn‘t danced before that, it soon became her vocation. She learned to dance basically on her own, and set up a dance group. When the top choreographer of the time, Saroj Khan walked out of the film Jo Jeeta Wohi Sikandar, Farah got her break, and this was her first film to choreograph. This was followed by many more songs which became national hits. She met actor Shahrukh Khan on the set of Kabhi Haan Kabhi Naa and the two have since become good friends and started working together.
Khan‘s father Kamran was a successful stunt filmmaker. Her mother Menaka is of Zoroastrian origin and is the sister of screenwriter Honey Irani and former child actor Daisy Irani. In May 2012 Farah Khan admitted to having had a tummy tuck. Film personalities Farhan Akhtar and Zoya Akhtar are Farah‘s cousins.
Farah married Shirish Kunder, the editor of her film Main Hoon Na, on 9 December 2004. They have since worked together on each other‘s films, such as Jaan-E-Mann, Om Shanti Om, and Tees Maar Khan. Farah gave birth to triplets on 11 February 2008; one son, Czar, and two daughters, Diva and Anya.
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Compiled By: Ashwini.V, Faculty MLA AHL
Books Referenced
1. ENTREPRENEURIAL DEVELOPMENT – RENU ARORA, S.K. SOOD. 2. MANAGEMENT OF SMALL SCALE INDUSTRY – VASANTH DESAI 3. ENTREPRENEURIAL DEVELOPMENT – C.S.V MURTHY