Entrepreneurship in the Contemporary Knowledge Based Economy’

Entrepreneurship In The

Contemporary Knowledge Based

Economy

Edited By Dr Archana Krishnan

ISBN: 978-93-5258-231-0

Disclaimer: The opinions expressed in the articles are those of the authors alone. The Institute of the Editor is not responsible for the same.

©Institute of Innovation in Technology and Management

D27/28, Institutional Area Janakpuri. New Delhi,India.

Editor: Dr Archana Krishnan, Assistant Professor, Department of Management Studies, Institute of Innovation in Technology and Management, Janakpuri, New Delhi. Preface

Entrepreneurship is the euphoric word in the present economic environment of India when the government is going all over to promote ideas, skills and concepts that can be commercialized. In this scenario it is important to discuss the nuances encompassing the very idea of turning an individual into an entrepreneur and also the challenges faced in the process. In order to sensitize the student fraternity of the Institute of Innovation in Technology and Management along with th other Institutes of Delhi-NCR a Management Conclave was held on 5 February 2016.The theme of the conclave was ‘Entrepreneurship in the Contemporary Knowledge Based Economy’. The conclave provided an opportunity to budding entrepreneurs to share latest developments, ideas, research, best practices in the fast changing entrepreneurial environment as a result of knowledge explosion. The theme also highlighted how entrepreneurship is driven and entrepreneurs are motivated to sustain themselves in the knowledge driven society. In the present times of deep uncertainty and turmoil, the only source of wealth is what individuals, organizations and nations are able to create with what they know. Well-formulated and implemented strategies have always been the foundation of business excellence – the only source of wealth in any economy. The students from across the educational community in Delhi-NCR participated. There were 29 research papers presented in the same. This book is a compilation of selected papers from the conclave.

I would like to express my sincere gratitude to the Chairman Shri J.C.Sharma, IITM Group of Institutions, for his encouragement in coming up with this edited volume. Besides I would like to express my deep gratitude to Prof. (Dr.) C.P.Chawla, Director, Institute of Innovation in Technology and Management, who has constantly encouraged us to conduct the conclave and bring out the book of the same. I hope that this book enriches the existing body of work available on entrepreneurship.

Dr Archana Krishnan TABLE OF CONTENTS

S.No Topic And Author Name Page No 1 Women Entrepreneurship 1 Transition From Homemaker To Sophisticated Business Women Mridul Arora & Arushi Tanwar

2 Make In India: Scripting India’s Entrepreneurial Journey 6 Aaina Anand & Amish Suri

3 Digital Marketing Revolution: Becoming A Consumer To A 14 Modern Marketer Anurag Singh

4 Role Of FDI In Make In India Mission 19 Biny Pal Singh & Gill Raman Solanki

5 Study On Goods And Services Tax - A Stiff Need In India 24 Deepanshu Bajaj

6 An Empirical Study On Women Perception Towards 29 Entrepreneurship Himanshi & Chestha Khurana

7 Reshaping Entrepreneurship Development Education In India 32 Karan Sharma

8 Youth Entrepreneurship- Challenges And Opportunities 38 Parteek Kathpal

9 Emerging Environment Of New Entrepreneurs: Role Of 43 Government Agency In Creating A Sustainable Environment For New Entrepreneurs Priya Garg & Niharika Abrol

10 Make In India: “Re-Thinking” “Re-Inventing”: 46 An Appraisal Of The Make In India Initiative Priyanka Yadav & Anjali Rawat

11 The Relation Of Spirituality And Stress Of The Entrepreneurs 54 Raman Solanki & Maneet Singh Tuteja

12 Make In India: Turning Vision Into Reality 64 Jatin Gandhi & Rishabh Jain

13 Women-Empowerment Through Women Entrepreneurship 69 Saheb Dua

S.No Topic And Author Name Page No

14 Threads Of Freedom: A Case Study To Know The Practices Of 74 A Social Enterprise Tofu Sharmila Wilson & Aman Alam

15 Social Entrepreneurship: A Case Study Of Aravind Eye Care 78 Hospital

Shivi Sakhuja & Prachi Kalra

16 Role Of Make In India Campaign In Promoting Entrepreneurship 84 Shreya Gupta

17 Social Network, Ethnicity & Entrepreneurship 92 Shristi Verma & Meghna Sharma

18 Gennext Entrepreneurs-Exploring The New Types Of 100 Entrepreneurs In The Indian Marketplace Shruti Khosla

19 Make In India – A Road To Made In India 105 Shubham Mittal And Madhur Varshney

20 The New Era Of Nascent Enterepreneurs 108 Siddhanth B Iyer & Amit Kumar

21 Changing Era Of Women Entrepreneurship 117 Surbhi Tanwar & Smriti Manav

22 Frugal Innovation: A Case Study Of Narayana Hrudayalaya 124 Shivika Chopra & Urmila Kundan

23 A Study On Relationship Between Entrepreneurship Orientation, 130 Leadership And Financial Performance Vishal Kumar

Women Entrepreneurship Transition from Homemaker to Sophisticated Business Women

Mridul Arora and Arushi Tanwar Institute of Innovation in Technology and Management, New Delhi

ABSTRACT INTRODUCTION Entrepreneurship has been a male- We may refer to Women entrepreneurs as dominated field since times unknown. With “Woman or a group of women who ideate, an increase in educational and financial initiate, manage and run a business opportunities, women have carved out a enterprise”. The government of India has niche for themselves in this patriarchal defined women entrepreneurs based on domain. Technically, a "women women participation in equity and entrepreneur" is any women who organize employment of a business enterprise. and manages any enterprise, usually with Accordingly, a woman run enterprise is considerable initiative and risk. However, defined as “an enterprise owned and quite often the term "women-owned controlled by a woman having a minimum business" is used relative to government financial interest of 51% of the capital and contracting. In this instance, the giving at least 51% of the employment entrepreneur (a woman) owns (more than generated in the enterprise to women”. 50%), controls and runs the enterprise. Women constitute 48% of the population The paper begins by providing a brief of our country. But, out of the entire about the hardships faced by the population of entrepreneurs in our country, disadvantaged women historically. only 10% are women. Traditionally, Further, it explores the growing women had been confined to their homes awareness and opportunities available and were stereotyped as "those meant for globally that support the budding household chores, giving birth to children entrepreneurs. Then, it covers the and bringing them up". With the advent of struggles and the life of a few such women time, due to changing economic entrepreneurs, who with their courage, conditions, women stepped out of the hard work, creativity and determination, confined space and started selling the three have challenged the stereotypical notion in Ps - Pickles, Papads and Powder - that the minds of many and emerged as were an extension of their kitchen successful market leaders. The paper also activities. Some of them entered the field deals with government policies of hospitality, education, public relations, encouraging women entrepreneurs. catering and beauty clinics and products. Gradually, they have ventured into science Keywords: Constraints, women and technology, medicine, sports, entrepreneurship, economic impact, manufacturing and other such fields that success stories, policies were never considered socially as a woman's cup of tea. The boom in e-

commerce segment has opened the gates of 2. Pull Factors: These factors are more further opportunities for women to strike a personal in nature. They are associated balance between their family and with a feeling of independence and self- professional lives. expression. Some of them are:

In the words of Mr. Kamal Singh:  Desire for wealth, social status and “A woman entrepreneur can be defined as power a confident, innovative and creative  Financial independence woman capable of achieving self-  Strong network of contacts economic independence individually or in  Cooperation and support of family collaboration, generates employment  Desire to transform an innovative opportunities for others through initiating, idea into a successful venture establishing and running the enterprise by  Utilization of available skill-sets keeping pace with her personal, family and CATEGORIES OF WOMEN social life.” ENTREPRENEURS IN INDIA CONSTRAINTS: GENERAL AND First Category GENDER SPECIFIC  Established in big cities Woman Entrepreneurship has been a topic  Having higher level technical & neglected both by society in general and professional qualifications due to patriarchal setup. It is unfortunate  Non-traditional Items that not only women have lower  Sound financial positions participation rate in entrepreneurship, the fields like retail, education etc. are Second Category considered less important than male  Established in cities and towns dominated fields. Financial opportunities  Having sufficient education are also not easy to gain for women. As a  Both traditional and non-traditional consequence, equal opportunity between items men and women from the perspective of  Undertaking women services- entrepreneurship is still not a reality. kindergarten, crèches, beauty clinics, health clinic etc. FACTORS IMPACTING WOMEN ENTREPRENEURSHIP Third Category  Illiterate women 1. Push Factors: These factors are related  Financially week to regular responsibilities and basic  Involved in a family business such necessities required to survive. They are as Agriculture, Horticulture, more important to women than men. Some Animal Husbandry, Dairy, of them are: Fisheries, Agro Forestry,  Insufficient Family Income Handloom, Power loom etc.  Dissatisfaction with Salary

 Difficulty in finding job  Flexible working schedule

SUCCESS STORIES business and invested in the new one. Again, the initial batches of medicine were Despite all the hurdles, some women have utter failures, but she did not stop and left no stone unturned and emerged as persevered. Now, Biocon is a leading strong entrepreneurs. Some of them are: brand for in pharmaceutical industry and Kiran Mazumdar Shaw, Biocon has given better lives to many suffering Kiran (59), Chairman and Managing from Diabetes and cancerous diseases. Director (CMD) - Biocon Limited, Ekta Kapoor, Balaji Telefilms graduated in Zoology from Mount Carmel The reigning 'Queen of Indian Television College, Bangalore. Later she completed Industry', Ekta, the creative director Balaji her post-graduation in Brewing and Television, has been loved and appreciated Malting from Ballarat College, Melbourne for her famous women-centric series of University. Later, she gained professional daily soaps. She started her career with a experience while working with as a trainee comedy show Hum Panch which was a brewer in Carlton and United Breweries, grand success. She attributes her success to Melbourne, maltster at Barrett Brothers her involvement in all the aspects of her and Burston, Australia. serials, be it the selection of artists, script In 1978, she started Biocon, which over writing or their look for the desired role. the years has progressed from being an Ekta faced an extreme blow in the year Industrial enzyme manufacturing firm to a 2007-08 and 2008-09 when all her shows fully integrated bio-pharmaceutical were getting off the screen and her tie-up company. Under her leadership, Biocon with Star TV, that gave her the super has established itself as the forerunner of position came to a halt. But, with all the biomedicine research, especially on strength, vitality and courage she bounced diabetes and cancer. She is also on the back and ventured into the film industry board of the esteemed Indian School of and some of the more refreshing TV series. Business and IIT, Hyderabad. Kiran has Thus, she continues to rule the hearts of also been conferred with the prestigious the audience with her presence. Padma Shri (1989) and the Padma Bhushan (2005) from the government of Shahnaz Hussain, Shahnaz Hussain's India. Her life has not been without Herbals : failures. She was just 25, had no family "My Mantra to success," said Ms. Shahnaz money to depend on and on top of Hussain "is important to have a dream everything a woman. In one of the with that there must a total faith & interviews, she stated that the initially she confidence in one's own abilities". Being failed to get anybody to finance her one of the leading entrepreneurs she had venture and to recruit people that she made it big globally. Her company, desired to be in her company. In fact, the Shahnaz Hussain Herbals is a $100 million first 15 years of Biocon were all about enterprise now. When she began her survival. She started Biocon as an enzyme career, she had limited resources and the manufacturing company. Later, in the concept herbal cosmetics were practically early nineties, her focus shifted to unknown. She researched and prepared her Biomedicine. So, she sold her initial products. Also, with her enthusiasm, she

conducted presentations, seminars etc. to GOVERNMENT POLICIES AND make people aware of such products. For INITIATIVES her, India and Ayurveda became her identity and over a period of time she Considering the growth potential in differentiated her brand with these natural women, the Indian government started qualities. Shahnaz was awarded considering women as a separate target Padmashree by the Government of India in entity in the seventh five-year plan. Also, the year 2006, for the wonderful the need to train women and provide them contribution to Indian identity and marketing assistance was identified. economy globally.  Women co-operative schemes - These were formed to provide end-to-end Suchi Mukherjee, Lime Road support to women who were in varied Suchi, had graduated from St. Stephan's industries such as agriculture, dairy college, Delhi followed by a post- products, horticulture etc. graduation degree from London School of  Integrated Rural Development Program Economics. She received many awards and (IRDP) - this program was focussed on recognitions and worked with many brands the training of rural youth to promote like Skype, Gum Tree and virgin Media self-employment in order to reduce before coming to India at the age of 39 and poverty by making people self- starting Limeroad.com. She revolutionized sufficient. Under this scheme, 30 - 40% the way online products were bought from reservation is provided to women. the online market in India. She lived a  Trade Related Entrepreneurship dream life that anybody would aspire for. Assistance and Development (TREAD) But, she felt that her ambition was not - introduced by Ministry of Small getting fulfilled. Hence, she decided to Industries to develop women create her own brand that connected her entrepreneurs in rural, semi-urban and country with the virtual world globally. urban areas to inculcate entrepreneurial

abilities in women. Other successful women are:  Women Development Corporations -  Jyoti Naik, President, Lijjat Papad Helps women in getting finance and  Lalita D.Gupte, JMD, ICICI Bank. marketing facilities for their venture.  Naina Lal Kidwai, Deputy CEO,  Rashtriya Mahila Kosh: In 1993, HBSE. Rashtriya Mahila Kosh was set up to  Preetha Reddy, Managing Director, grant micro credit to poor women at Apollo hospitals. reasonable rates of interest with very  Priya Paul, Chairman, Apeejay low transaction costs. Park Hotels.  Rajshree Pathy, Chairman, Other schemes include: Rajshree Sugars & Chemicals ltd.  Swarna Jayanti Gram Swarozgar  Ranjana Kumar, Chairman, Yojana and Swaran Jayanti Sekhari NABARD. Rozgar Yojana  Marketing Development Fund for Women

 Mahila Udyam Nidhi REFERENCES  Micro credit Scheme for Women  Cohoon, J. McGrath, Wadhwa, Vivek  Mahila Vikas Nidhi & Mitchell Lesa, (2010), The Anatomy  Women Entrepreneurial Development of an Entrepreneur - Are Successful Programmes Women Entrepreneurs Different From  Micro Cordite Scheme for Women Men? Kauffman, The foundation of Apart from these, Consortium of Women entrepreneurship. Entrepreneurs has successfully assisted  SME Unit website: http:// www. women entrepreneurs to nurture their oecd.org/sti/smes. venture with innovative techniques,  Female Entrepreneurship: Program marketing and finance. Guidelines and Case Studies; world bank.org/Female Entrepreneurship. Many NGOs and voluntary organizations  Steps taken by the government to also help rural and urban women in setting develop women entrepreneurs; www. up their business plan. publishyourarticles.net/women- entrepreneurs-in-india. CONCLUSION

Women have constantly proved their mettle when given an opportunity, be it the conventional household fields or the new innovative ones.

Women have carved a niche for themselves in the male-dominated society and are second to none. Thus, if moulded and handled efficiently they can contribute immensely to our country's economic growth by meeting the challenges in global markets and featuring excellence in entrepreneurial arena.

Make In India: Scripting India’s Entrepreneurial Journey

Aaina Anand and Amish Suri Institute of Innovation in Technology and Management, New Delhi

ABSTRACT industrialization, diversifying and upgrading their production structure, relinquishing sole This paper examines an initiative of dependence on agriculture and producing the Government of India to encourage increasing complex finished products. It is multinational and domestic, companies to very evident that poorest countries in the produce their products in India. It was world do not have an adequately developed launched by Prime Minister Narendra manufacturing base, thus do not have Modi on 25 September 2014. India would adequate capabilities to process raw emerge, after initiation of the program in material, to produce high quality 2015, as the top destination globally commodities and materials and off course for foreign direct investment. Make in India, have the increased dependence on imports of main objective is to focus on job creation capital goods and technology from other and skill enhancement in twenty-five sectors parts of the world. of the economy. The initiative also aims at Productivity growth and technological high quality standards and minimising the advancement lie at the root of economic impact on the environment. The initiative development, which is why manufacturing is hopes to attract capital and technological so important. investment in India. Hence we will discuss  Most technological breakthroughs have the India tech vision in 2035 considering the been associated with the manufacturing key sectors with their future technologies. sector, such as the steam engine, the The technology vision 2035 also will internal combustion engine, aeroplanes, mentioned environment, minerals, habitat steel ships and semiconductors. and water as important areas where future  Efficiency across all sectors of the technologies will be able to solve day to day economy has improved as a result of problems of citizens by better utilization of technology diffusion from the available resources and skilled manpower. manufacturing sector.  Manufacturing is also important for KEYWORDS: Job Creation, Skill Enhancement, creating good jobs. The International Labor Investment, Future Technologies. Organization says countries with a high share of employees in industry tend to have INTRODUCTION more people in wage-employment, rather Since the industrial revolution, almost all than in informal, vulnerable jobs. countries that have managed the transition from low to high income have undergone

For the past 40 years, the output and  India has had a trade surplus in services employment shares of manufacturing in the that covers only one-fifth of its trade world‟s economies have declined, and those deficit in goods. of services have increased. With the  Manufacturing sector led growth of increased scope for productivity growth and nominal and per capita GDP While India tradability of services, some developing ranks 7th in terms of nominal GDP, it countries have started to believe that they ranks a dismal 131st in terms of per can skip the industrialization phase. capita GDP  Export-oriented growth model will THE INDIAN SCENARIO improve India's Balance of Payments

and help in accumulating foreign India is often described as the poster child of exchange reserves (which is very a developing country successfully riding on important given the volatility in the the back of services-led growth; however global economy with multiple rounds of there remains a lot of scope of improvement Quantitative Easing announced by major in this sector of the economy. The growth of economies). services in information technology and  Foreign investment will bring technical business process outsourcing has led to expertise and creative skills along with significant job creation and poverty foreign capital. The concomitant credit reduction. And services do have more rating upgrade will further woo economic advantages than 40 years ago. investors. Technological advance is more easily incorporated into telecommunications,  FIIs play a dominant role (relative to financial and business services. In some FDI) in the Indian markets. However, digitalized services, the cost of expanding FIIs are highly volatile in nature and a production is getting close to zero. The sudden exodus of hot money from India revolutions in information and can affect a nosedive in the bellwether communication technology and transport indices. Make in India will give an equipment have also made services more unprecedented boost to FDI flows, tradable. However the robust services sector bringing India back to the global contribution poses structural challenges to investment radar. the of the Indian Economy and International  The urge to attract investors will Trade actuate substantial policies towards improving the Ease of Doing Business in NEED FOR DEVELOPING A ROBUST India. The Government of the day will have MANUFACTURING BASE IN INDIA to keep its house in order (by undertaking  Services have been stuck at about 20% ground-breaking economic, political and of international trade since the 1990s. social reforms) to market Brand India to the For the past 20 years. world at large.

India‟s Prime Minister, Narendra Modi, the  Pharmaceuticals former chief minister of Gujarat – a  Renewable Energy powerhouse in western India –  Roads and Highways manufacturing has proclaimed grand plans  Railways for expanding the manufacturing sector and  Thermal Power improving infrastructure, so it is likely India  Oil and Gas will gain world shares in manufacturing  Space production in the near future  Leather MAKE IN INDIA  Construction From automobiles to agro-products,  Aviation satellites to submarines, television to  automobile components telecom, pharma to biotech, paper to power  Chemicals and Electronic System. plants, roads to bridges, house to smart cities, profit to progress whatever you desire to make- MAKE IN INDIA. Prime Minister OBJECTIVE: Narendra Modi launched the Make in India • To provide work opportunities. programme on 25 September 2014 in a • To renovate India into global function at the Vigyan Bhavan. The prospect manufacturing hub. of this scheme is to ensure that the • To increase economic growth. manufacturing sector which contributes • To persuade both domestic and foreign around 16% of country‟s GDP is eventually companies to invest in India. increased to 25% in next 5 years. Single- Make-in-India is a lion's step, said Prime window clearances, minimal procedures & Minister Narendra Modi today, after cutting out of entire red-tapism - PM Modi launching the logo of his ambitious recognize Make in India as a boost for campaign to attract companies to India. employment & growth. Major prospect of Make-in-India is a lion's step, said Prime this scheme focuses on 25 sectors. These Minister Narendra Modi today, after sectors are: launching the logo of his ambitious campaign to attract companies to India. The  Automobiles, textiles and Garments logo is the silhouette of a lion on the prowl,  Biotechnology made entirely of cogs, symbolizing  Wellness manufacturing, strength and national pride.  Defence The national emblem, Ashok Chakra, also  Manufacturing, Ports has four lions. For better or for worse, this  Food Processing forces Chinese officials to think like  Mining business people, so they are much incentivized to make sure that you end up  Media and Entertainment making money.  Information Technology and The Indian bureaucracy is nowhere as business process management interested in seeing that you make money.

Also the lack of democracy helps. Basically Industrial production is warming when you have a bad economy, Indian The pick-up in investments is starting to politicians can blame another political party show in the country‟s industrial production and get votes, and if all else fails you can numbers. Official data show India‟s blame foreigners for anything that goes industrial production increased an average wrong. Party A blames Party B for 2.7% year-on-year in the seven month everything that goes wrong. Party A gets period from October to May. Nothing into power, Party B blames Party A and spectacular one may say. But it is a nothing really changes. significant step up from the measly 0.6% increase during the comparable period a year The Modi government has vowed to remove earlier. these hurdles and make the nation an ideal Foxconn signs to invest billions destination for investors to set up industries.

BOOST FOR MAKE IN INDIA Foxconn has operational units since 2006 in the Special Economic Zone of Chennai, 48% Growth in FDI Equity Inflows Tamil Nadu. This unit is closed as of December 24, 2014. This affected 22,000 The growth in FDI has been significant after employees. As of mid2015 Foxconn the launch of Make in India initiatives in Technology was in talks to manufacture September 2014, with 48 percent increase in Apple's iPhone in India. In 2015 Foxconn FDI equity inflows during October 2014 to announced that it would set up twelve April 2015 over the corresponding period factories in India and it would create last year. In 2014-15, country witnessed around one million jobs for the people of unprecedented growth of 717 percent, to US India. Foxconn will invest in India in $ 40.92 billion of Investment by Foreign manufacturing, energy and e-commerce Institutional Investors (FIIs). The FDI sectors in 2015. Foxconn will also bring inflow under the approval route saw a supply chain companies in India. India will growth of 87% during 2014-15 with inflow work with Adani for more efficient of US$ 2.22 billion despite more sectors expansion of Foxconn in the country. On having been liberalized during this period August 8, 2015, Foxconn signed MOU with and with more than 90 percent of FDI being Government of Maharashtra to set up on automatic route. These indicators electronic manufacturing plant in showcases remarkable pace of approval Maharashtra with the investment of $5 being accorded by the government and billion within the 5-year period. Recently it confidence of investors in the resurgent started manufacturing products of one plus India. India stands committed to have a FDI and Gionne. policy and regime which is investor friendly and also promotes investment leading to GM multiplied down increased manufacturing, job creation and With an aim to put its troubled past behind overall economic growth of the country. it, General Motors, the world‟s third-largest

9 carmaker, announced a major overhaul of its and supply of energy in the wake of present near two-decade old operations in India. ride-hailing app Uber Technologies General Motors Co. recently announced it With an aim to put its troubled past behind will invest another $1 billion and plans to it, General Motors, the world‟s third-largest launch 10 new models by 2020. It has carmaker, announced a major overhaul of its struggled to gain market share in India but near two-decade old operations in India. its decision to pour in more funds and retool General Motors Co. recently announced it so it can make cars for domestic will invest another $1 billion and plans to consumption and export shows it expects launch 10 new models by 2020. It has things to improve. struggled to gain market share in India but Mercedes Benz has brought into the “Make its decision to pour in more funds and retool in India” program in two different areas. so it can make cars for domestic Firstly, in the luxury car segments, it has consumption and export shows it expects decided to manufacture more of its things to improve. components in India – thus increasing the Mercedes Benz has brought into the “Make localization of its new model C220 CDI to in India” program in two different areas. 60%. Secondly, Mercedes Benz has also Firstly, in the luxury car segments, it has decided to manufacture its luxury buses in decided to manufacture more of its India, to be exported to Africa and South components in India – thus increasing the East Asian markets. The trials have already localization of its new model C220 CDI to begun and full-fledged exports will start 60%. Secondly, Mercedes Benz has also from early 2016. Competition for low cost decided to manufacture its luxury buses in manufacturing cannot be underestimated. India, to be exported to Africa and South Following Mercedes‟s lead, its German East Asian markets. The trials have already competitor BMW has also decided to begun and full-fledged exports will start increase its localization to 50%. BMW has from early 2016. Competition for low cost already signed deals with approximately 20 manufacturing cannot be underestimated. companies who supply its Following Mercedes‟s lead, its German components. Volvo is also now in the competitor BMW has also decided to exploratory stage of exporting its range of increase its localization to 50%. BMW has buses to other markets. Renault, the French already signed deals with approximately 20 automobile major, has also improved companies who supply its components. localization of its KWID model to 98% – the Volvo is also now in the exploratory stage of KWID is expected to be launched later this exporting its range of buses to other year. The US behemoth, Ford, has also markets. Renault, the French committed to invest Rs 4000 to Rs 5000cr automobile major, has also improved for R&D, in its Chennai facility. localization of its KWID model to 98% – the Uber is ramping up its roll out. While it is a KWID is expected to be launched later this services company and not a manufacturer, year. The US behemoth, Ford, has also

10 committed to invest Rs 4000 to Rs 5000cr consumption and to ponder over what kind for R&D, in its Chennai facility. of energy sources/technology is required in Uber is ramping up its roll out. Uber coming next few decades. Whether, we Technologies is ramping up its commitment need, all together a new/alternative source to India. India is already its second-largest an energy crisis is matter of thinking. market in terms of cities served. To meet Medical and health care growing demand, Uber recently announced Aiming for becoming a developed economy will invest $1 billion over nine months to in the future, envision a Healthy build its network in India. India where individuals make better THE FUTURE - INDIA TECH VISION decisions around their nutrition, health and 2035 wellness regardless of caste, creed, gender Technologies and socioeconomic status thereby reducing the disease-burden due to the changing life- It is Education salutary to note that 2035 style. A holistic approach is proposed would mark 200 years of Macaulay‟s by TIFAC under Technology Vision Minute on Education, a document that, for 2035 Exercise to bring in a new health care better and for worse, has had a determining ecosystem which will be better-equipped to impact on fully utilize the potential of technological  the content and methodology of what has innovations encompassing to each bench of been and is being taught in Indian population. educational institutions Transportation  the medium of instruction through which Transportation is the foundation of our these have been and continue to be entire economy and quality of life. It links taught. us to the global economy, allowing us to Energy Technologies import and export both goods and materials, India growing population and need for moving people and ideas anywhere, economic growth is intricately linked with anytime, on time at an affordable price. higher energy consumption in all sectors India has a large and diverse transport either for domestic, transport, industry or system and comprises of a various of modes agriculture use. Changing lifestyle, rising of transport, at the same time with the rising people's aspiration for better quality of life population and the per capita income the and need to increase the country's human travel needs are increasing which has not development index, India is poised to only created the challenge of capacity increase its energy demand & consumption. constraints in various modes of transport but Currently India is facing acute gap between also there is a rise in the congestion level, supply and demand of energy and challenges emission accidents etc. There is also a rising are ahead to us to maintain sustainable demand for a comfortable transport at the growth and provide electricity to unreached same time it has to be affordable and (especially in rural areas). We citizens are environment friendly. decisive factor for India future energy

This together with challenges posed by of improving food and nutritional security, various modes of transportation system from but also by the concerns for environmental within and overseas would force exploration protection, sustainability and profitability of new technologies and various options for assisted through technological strides and transportation. There is a necessity to have hard work of Indian farmers. Perhaps the an integrated transport structure in which biggest trend occurring in agriculture today various modes of transportation system is that we are seeing a generational turnover; interface with each other seamlessly, the there will be more rapid ingestion of new advanced technologies relevant to the needs technologies in future. Quite simply, we are of the Indian situation that are needed to going to witness more change on the farm in provide safe, comfortable reliable, the next 10 to 20 years than we have seen in economical, and environmentally friendly the last 60! That‟s providing even yet more mobility to all. seeking your brilliant opportunity for thought process and innovative ideas, innovative technologies innovation. Hence, the main focus of which were never thought of before, your this Technology Vision 2035exercise is on dream for the transportation sector. how India will feed itself in the future and what the need to produce more food means Agriculture from its natural resource base. Agriculture helps to meet the basic needs of Manufacturing human beings by providing food, clothing, shelter, medicine and recreation etc. Hence An object made of a material which is as we can say agriculture is the most important transparent as a glass but also has the enterprise in the world. Agriculture is the strength of steel! Sounding news isn't it? backbone of the Indian economy and despite Years down the line, a smart laboratory in concerted industrialization in the last 65 some part of India would have developed years since Independence agriculture in this technology and some industry would India is the main source of employment in have manufactured products based on this. the country. India is an agro based economy. Materials also contribute a major share in It provides the food grains to feed the large the development of industry, infrastructure population of over 1.2 billion. It is also the and a wide array of consumer goods. In the supplier of raw material to many industries. area of Materials, India enjoys a Thus, the very economic structure of the comparative advantage mainly because of country rests upon agriculture. the significant resource endowments, excellent R&D infrastructure, Engineering In the coming decades, Agriculture will face and Manufacturing capabilities, large challenging situations on the demand and domestic market and highly qualified supply dynamics, economic equity, energy, scientists and technologists. In materials employment, and ecology & climate fronts technology, a seemingly small improvement in the years to come. can open up massive market opportunities. In future, agriculture development in India would be guided not only by the compulsion

Interestingly, the document talks about indigenous capabilities in defence, technology which still dwells in the pharmaceuticals, chemicals, automobiles, imagination, saying these may become real etc., it is very critical for the manufacturing as “a result of curiosity driven, paradigm sector to develop. shattering research A study from Deloitte‟s global index for 38 CONCLUSION India‟s first prime minister, Jawaharlal nations indicates that India is the fourth Nehru strived to „make in India‟ by erecting most competitive manufacturing nation, so high protective barriers to trade, public the ground is ripe to make India into a sector reservations and various tariffs and global manufacturing powerhouse. To quotas. The policy completely ignored the ensure long term growths and build a nation interests of the consumers who had to put up which is sustainable as well as self-reliant, with inferior products and higher costs India needs to take strong measures. coupled with inefficient public sector “MAKE IN INDIA” is one of the correct enterprises. India departed from that initiatives undertaken in this respect. The unsustainable strategy in 1991. The new combined expertise that India has in the slogan should have a different connotation services sector combined with the new not merely in terms of its tapestry but also found emphasis on developing real content. manufacturing along with the existing presence of strong SME‟s will surely take Today, making India an important India to the next level and help it develop investment destination requires a systematic into the next superpower of the world. It is approach involving both policies and quite early to say whether make in India is a institutions. The existing systems and success or not but it is certainly a right step processes must undergo significant changes in the right direction. to remove structural rigidities, improve the quality of institutions and infrastructure, and REFERENCES create a favorable climate for fostering  http://economictimes.indiatimes.com/ne technological and business progress. The ws/economy/policy/make-in-india-gets- distributional coalitions deeply entrenched ambitious-future-technologies-like- in the Indian political system will not easily flying-cars-e-sensing-on- allow such changes. Union policymakers wishlist/articleshow/50449657.cms will thus need a clear understanding of what needs to be done and must cooperate with  http://www.makeinindia.com/policies state-level governments to design strategies  http://www.dailypioneer.com/columnists for this long journey. /oped/build-a-nation-to-make-in- india.html Considering that India needs to generate one million jobs per month for the next 20 years to absorb its burgeoning working-age population and additionally develop

Digital Marketing Revolution: Becoming a Consumer to a Modern Marketer Anurag Singh Institute of Information Technology and Management, New Delhi

ABSTRACT anything. Keywords: Traditional Marketing, Digital Marketing Today's marketers are facing challenges and opportunities in the marketing of their INTRODUCTION products. They have step ahead from traditional marketing to modern and digital Digital Marketing can be defined as marketing. The cost efficiency and easy promoting the firm's products and services access of digital and innovation tools have on the Internet apart from advertisements on helped the marketers in promoting the television, radio, and mobiles etc. using products in this digital world ranging from different marketing tools. Digital marketing television, mobiles to internet, emails etc. consists of various parts such as e- Digital marketing has provided a platform marketing, internet marketing (through where firms can freely interact with the company's website), email marketing, social customers and developing a good customer media marketing etc. Social media relationship with them. With this vision and marketing is the most popular category of perspective, more and more firms as well as digital marketing. The increasing individuals are opting for digital marketing. competition and the new changes and The article focuses how digital marketing technologies emerging in digital marketing has affected the businesses as well as the have the paved the way for digitization of consumers, various forms of digital firms. It has become the need of the hour. marketing, its features and its impact on Companies who want sustainability for a sales of the firm and how in the future , it longer period will have to make suitable can become every business need. Digital investments in this area ranging from hiring marketing and the way people modify it professionals to training of the existing emerges all the time. The job of a business employees to make them adaptable with the person or an industrialist is to manufacture digital marketing tools. a new product which solves a particular ClicksBazaar.com is an Internet Marketing problem of the consumer, finds a way to Company. It provide various services like fabricate it, turn earnings, appointing a web designing, corporate designing, app merited team. The entrepreneur is not development, SEO, content writing, brand required to adhere to everything proceeding management etc. The company strives to in the digital marketing. But the provide best services to its customers at a entrepreneur cannot be so unsophisticated reasonable cost and that to standardize. It to think that he/she don't need to know also caters personalized needs of the customers.

INTRODUCTION OF DIGITAL MARKETING

To maintain customer loyalty, the use of digital channels has received little attention irrespective of the untapped opportunities lying within it and this can help us to keep in touch with the customers and is cost efficient. It sounds like the approach of digital marketing is practically or operationally known but conceptually and theoretically it is being developing. Many researchers and scholars have given their own broad definition. Some definitions include all the four P's while some recognize the terms such as "interactive marketing", "one to one marketing" and "e-marketing". Most of the companies assess digital Hence, in this paper, digital marketing refers marketing to some degree, with more than a to interrelationship between the customer portion accomplishing "very successful" and the brand or the company using digital results. channels and information technology. The interaction may be a two- way process An inefficient digital marketing strategy between the marketer and the consumer. The becomes a hindrance pursued by low budget conversation may be for the whole audience to fund the programs. or personalized messages may be there. The cost incurred in digital marketing is Email or email marketing has retained the relatively lower than that compared to face position as one of the best or productively to face selling or selling through middlemen used digital marketing tool, but the division or distributors. Many countries in Asia are between email and other digital marketing taking the advantage of digital marketing tools is concluding. which include e-commerce opening which has become a necessity for betterment of the competition.

The Digital Marketing Strategy varies according to the objectives. However, reducing customer service and marketing costs carry minimum importance.

TRADITIONAL MARKETING VS DIGITAL MARKETING

Traditional marketing is procedure consisting of advertising and market research so as to make it popular in the eyes of the customers. Digital marketing uses digital media mediums like radio, television, mobile phones and does not restraint itself to Internet only. The following comparison is given below:

TRADITIONAL DIGITAL MARKETING MARKETING One campaign can be Many campaigns carried for a longer can be carried over time. a long time and changes and innovations can be done time to time. No competence to Competence to make the advertising make the or campaign viral. advertising or campaign viral. Narrow reach to the Broad reach to the customers due to lack customer due to use of use of technology of technology. 24/7 year-round 24/7 year-round publicity is not publicity is possible. possible. One way Two way consultation. consultation. Feedback can be Feedback can be received during received anytime working hours. Lavish and prolonged Economical and process. speedy process. Outcome is Outcome is measurable but measurable but longer time is outcome can be

16 required to calculate generated with less the outcome time. RESEARCH METHODOLGY It accommodates It accommodates Secondary data has been used. Analysis has print, broadcast, online advertising, been done from online campaigns on social telephone etc. e-mail marketing, media platforms. Business magazines, social media journals, blogs, business news etc., have marketing, text been studied and observed to collect suitable messaging, affiliate data. Advice and suggestions have been marketing, search taken from experts and scholars having engine expertise in the area of digital marketing. optimization, pay per click(PPC) etc. ANALYSIS

 The numbers of customers have VARIOUS FUNDAMENTALS OF increased due to increased engagements DIGITAL MARKETING with the company's website and on social media platforms.  Pay-per Click  More and more companies are opting for  Online Advertising digital marketing.  Social Media Marketing  Firms who have opted for digital  Email Marketing marketing of their products and services  Text Messaging through company's website or any other  Affiliate marketing medium, their revenue has increased.

 Search Engine Optimization  Now the customers can see the latest  Niche Blogging products or services of the firm at  Generating Leads different geographical or demographic OBJECTIVES regions.  To promote the company's website on  Shopping through company's app in the social media platforms such as Face mobile has increased (also called m- book, Twitter, LinkedIn etc. commerce).  To improve customer loyalty. FINDINGS  To identify potential customers and  Customers have now started shopping increase customer engagement with online through e-commerce websites of them. different companies  To perform guess posting, blogging,  They can easily make comparison SEO (off page as well as on-page). between two products of different  To build up good image and goodwill in companies of similar nature. the eyes of stakeholders of the company.  Customers can ask their queries through  To make it competent in relation with company's website or on social media other companies. platforms.

17 o Customers have also started becoming digital marketing both are interdependent on marketers for different companies (also each other. Using tools like content known as affiliate marketer). blogging, niche marketing etc. and building RECOMMENDATIONS brand awareness about the product are often  Startup firms should opt for digital given due an insignificant part of the marketing since greater advertisement on company, which is a wrong thinking. On internet and other areas will fetch them many occasions, what a customer senses potential customers. about your product on the internet or in the  Individuals who want do part time jobs media long before they even get at random or wanted to get expertise can enter this to touch or use it. If your company does not field. have both of these facets, working together  Companies should create their apps so in composition, then you could be kicking that their reach between the customers off your problems with building awareness increases. about the product. Also it may support the  Customers should be encouraged to Digital India Campaign inaugurated by the become affiliate marketers , as Prime Minister of India Shri. Narendra introduced by some companies ( For e.g. Modi. Flipkart Affiliate Program)

CONCLUSION REFERENCES Digital marketing has emerged as an  https://www.american.edu/soc/communi important part of strategic decisions of the cation/upload/Laura-Mayes.pdf firm. The firm is giving due respect and  http://ascend2.com/home/wp- importance, since it plays a vital role in content/uploads/Digital-Marketing- generating revenue and sales for the firm. It Strategy-Summary-Report.pdf faces fewer barriers. Companies can use  http://epub.lib.aalto.fi/pdf/wp/w400.pdf devices such as billboards, tablets, mobile phones, television etc. and on internet  http://www.executiveboard.com/exbd- through viral marketing, social media resources/content/digital- marketing, e-mail marketing, search engine evolution/pdf/Digital-Evolution-in-B2B- optimization etc. Like one said by a great Marketing.pdf man "Rome was not built in a day”, same  http://researchleap.com/wp- can be applied to digital marketing, the content/uploads/2015/04/6.- company needs to adapt to changes taking Effectiveness-of-Digital-Marketing-in- place in the digital marketing and promote the-Challenging-Age-An-Empirical innovation. Changes will take place slowly Study1.pdfttp://www.digitalads.org/docu and steadily. Nowadays, maximum ments/NPLAN_digital_mktg_memo.pdf companies are using it, but a day will come when every individual entrepreneur will be using digital marketing. Technology and

Role of FDI in Make in India Mission

Biny Pal Singh Gill and Raman Solanki Institute of Innovation in Technology and Management, New Delhi ABSTRACT INTRODUCTION The Indian manufacturing sector is the Make in India is an international marketing typical example of an industry that has strategy, conceptualized by the Prime considerable potential. The aim of the Minister of India, Narendra Modi on 25 scheme is to make sure that the September 2014 to draw investments from manufacturing sector which is currently businesses throughout the world and make contributing around 16% of country‟s GDP India rise as the manufacturing Hub. The is increased to 25% in next 5 years. Make in aim is to uplift the share of manufacturing in India scheme wipes out the unnecessary country’s gross domestic product from laws and regulations. 3 sectors which have a stagnant 16% currently to 25% by 2022, as major contribution in the GDP of any mentioned in national manufacturing policy, country are manufacturing, agriculture and and to initiate 100 million jobs by 2022. The services. According to the current primary objective behind the initiative is to contributions of these 3 sectors to Indian focus on 25 sectors of the economy for job economy manufacturing is limited to 16% creation as well as skill enhancement. Make which is the lowest. There exist lots of in India is the key to revitalization of Indian opportunities to be considered as far as economy. It is one of the schemes that may Indian manufacturing sector is concerned. A contribute in pulling back the economy from number of business men and entrepreneurs clutches of recession. The aim of Make in visualize make in India initiative as a step India initiative is to correct the composition towards the betterment of our economy. of Indian GDP which is the primary cause of VNS Global Services group CEO Keshav recession. Currently India’s GDP is majorly Murugesh once said “digitization campaign tilted in favor of service sector. Secondary such as digital India, Make in India, creating research is utilized for the purpose of the smart cities and other digitization projects study and this paper discusses about Make initiated by the Indian Government in the in India scheme, its opportunities , past one year has been made for the challenges, changes needed and some betterment of India. Major objective of this illustrations of different investors, invested scheme focuses on 25 sectors. The sectors so far. Make in India campaign surely are Automobiles, textiles and Garments, makes India one of the major destination for Biotechnology, Wellness, Defense , investment and global hub for Manufacturing, Ports, Food Processing , manufacturing and innovation. Mining, Media and Entertainment, IT and BPM, Pharmaceuticals, Renewable Energy, Keywords: Gross domestic product, Job Roads and Highways, Railways, Thermal Creation, Skill enhancement. Power, Oil and Gas, Space, Leather ,

Construction, Aviation, automobile Building an effective ecosystem for components, chemicals and Electronic export and developing an System “. infrastructure which will support export growth and attracting more VISION foreign and local investments  A Step Towards conversion of India into 3. Claim Leadership At Global Global Manufacturing Hub. Level:  To Provide Employment efficiently and Sustaining and expanding as fast as possible. competitiveness, changing mindset  To Provide Economic Growth A Growth in FDI Tremendous Boost.  To Ensure That India Gets Investment From Both Local And International (Foreign) Companies.

TRANSFORMATION APPROACHES CONCENTRATED ON MANUFACTURING

To achieve a manufacturing led transformation, India would need to undertake a structured and planned approach that is scattered among three levels: 1. Revive manufacturing: The required infrastructure will not only ensures an effective as well as efficient supply chain and key inputs feeding into the manufacturing process but also creates a seamless link between production hubs and end markets both domestic and global.

Domains emerge from these areas requiring significant change to revive domestic manufacturing: Bright side of Investing in Industry  Financial environment Sector  Land acquisition  Administrative environment • Make in India scheme will give rise to  Legal & regulatory environment large scale employment opportunities for 2. Gain Upper Hand Over The Global low skill workforce since majority of Competition: workforce in India comprises of low skilled.

• India is majorly dependent on FDI to keep investment into the country under automatic a positive economy. Make in India scheme route. Reforms such as uplifting more will influence and attract more FDI to sectors under the automatic route, increasing revitalize Indian economy. the FDI capital and simplification of the • Any manufacturing hub needs supply of procedural delays have to be initiated. There parts which is a major factor in the boon for is also a need to improve SEZs in terms of SME‟s. Make in India will help in their size, road and port connectivity, power generating indirect employment through supply assurance and decentralization of the SME‟s. decision-making process. • Manufacturing sector will help to reduce India‟s trade deficit by the medium of Geographical disparities of FDI should be exports. removed: The issue of geographical •Effective Job Creation, Enforcement disparities of FDI in India needs to be towards Secondary and Tertiary sector, addressed on priority bases. Serious efforts boost directed towards national economy. are being made by Many states to simplify • Converting India into a self-reliant country regulations for setting up and operating the and to give its economy global recognition. industrial units in there provision.

SUGGESTIONS FOR INCREASED Promotion of Greenfield projects: A large FLOW OF FDI INTO THE COUNTRY increase in India‟s volume of FDI has been contributed by Merger and Acquisitions Need for Flexible Labor Laws: China is (M&A's) rather than large Greenfields getting maximum FDI in the sector of projects. M&A's not necessarily imply manufacturing, which has helped the infusion of new capital into a country if it is country become one and only manufacturing through reinvested earnings and intra giant of the world. India can grow its company loans. An environment that is manufacturing sector if infrastructure Business friendly must be created on priority facilities are given some improvements and to attract large Greenfields projects. labor reforms are taken under consideration. Some Initiatives are required for adoption of Develop debt based market: India is more flexible labor laws. having a well-developed and equity market but does not have a well-developed system Revision Of Sectorial Capital: Though the of debt market. Steps should be brought Government has hiked the sectorial cap for forward to improve the depth and liquidity by the foreign companies over the years, it is of debt market as many companies perhaps time to revisit issues pertaining to limits in prefer leveraged investment rather than some sectors such as coalmining, insurance, investing their own cash. real estate, and retail trade, which are not included in the small-scale sector. Opening Education sector to FDI: India is Government should encourage more having a large number of working

21 population. However, due to poor quality of scheme also focuses on producing products primary as well as higher education, there is with zero defects and zero effects on still an acute shortage of talent. FDI in environment. Education Sector is much below one percent. By changing the status of primary REFERENCES and higher education in the country, FDI in  Dunning John H. Institutional this sector must be encouraged. Reform, FDI and European Transition Economies”, International Power to research and development in the Business and Governments in the country: India needs to consciously work 21Cambridge University Press, towards attracting greater FDI into R&D as 2004, 1-34. a means of making country‟s technological  Pami Dua, Aneesa I, Rashid, Foreign prowess and competitiveness more Direct Investment and Economic strengthen. Activity in India, Indian Economic Review, Department of Economics, CONCLUSION Delhi School of Economics 1998; 33(2):153-168. Indian holds the capacity to push its GDP to  Alam MS. FDI and Economic 25% in next few years. The government of Growth of India and Bangladesh: A India has initiated number of steps further comparative study, Indian Journal of encouraging investment and further improve Economics 2000; (1):316, 115. business environment. “Make in India”  Sharma K. Export Growth in India: mission is one such long term initiative Has FDI Played a Role? Center which will make the dream of transforming Discussion Paper, No. 816, India into manufacturing Hub a reality. Economic Growth Center, Yale Start-ups in the core manufacturing sectors University, 2000. are destined to play a crucial role in the  Pailwar V. Foreign Direct success of „Make in India‟ ambitions, said Investment Flows to India & Export experts at a panel discussion at the 11th Competitiveness. Productivity 2001; India Innovation Summit 2015. “Start-ups in 42(1):115- 122. the fields of telecom, defense  Chakraborty C, Basu P. Foreign manufacturing, automobile, Internet of Direct Investment and growth in Things, financial technology modules and India: A Co-integration Approach. mobile internet have immense potential to Applied Economics 2002; succeed in the scheme of „Make in India‟,” 34(9):1061-1073. said Siddhartha Das, general partner, Venture East addressing aspiring  Sahoo D, Mathiyazhagan MK. entrepreneurs at the discussion on Economic Growth in India: Does “Entrepreneurship - Role of Startups Foreign Direct Investment Inflow towards Make in India”. Make in India matter?” The Singapore Economic

Review 2003; 48:151-171.  Klaus E Meyer. Foreign Direct  Iyare Sunday O, Bhaumik Pradip K, investment in Emerging Economies, Banik Arindam. Explaining FDI 2005. Inflows to India, China and the www.emergingmarketsforum.org. Caribbean: An Extended  Khor Chia Boon. Foreign Direct Neighborhood Approach, Economic Investment and Economic Growth, and Political Weekly, 2004, 3398- 2001. 3407. www.oocities.com/hjmohd99/theses.  Kearney‟s AT. Global Services html. Locations Index, 2007.  Ms. Sapnahooda. A study of FDI and www.atkearney.com Indian Economy; Doctor of  Dunning John H. Institutional philosophy from national institute of Reform, FDI and European technology (deemed university) Transition Economies”, Haryana, 2011.  International Business and Governments in the 21Cambridge University Press, 2004, 1-34.

Study on Goods and Services Tax - A stiff need in India

Deepanshu Bajaj Institute of Innovation in Technology and Management, New Delhi

ABSTRACT a set up under which the Centre will levy First of all we must understand the a Goods and Services Tax, concurrently meaning of GST and its cascading effect with the States. of tax on the transaction of goods and In the Budget Speech for the financial services. Overall, “Goods and Service year-2006-07, Shri P. Chidambaram, the Tax (GST) is a comprehensive tax which then Finance Minister stressed upon to will be levied on the manufacture, sale move towards a national level GST to be and consumption of goods and service at shared between the Centre and the a national level. GST referred to a States. He also proposed that GST may composite tax on goods and services be launched w.e.f. 1st April, 2010. Since which has a value addition at each stage this proposal involved reform having comprehensive and continuous /restructuring of not only indirect taxes chain of set-of benefits from the levied not only by the Centre but also by producer‟s/ service provider‟s point and the States, the responsibility of preparing up to the retailer‟s level and the final tax a design and road map for the shall be borne by the consumer. GST implementation of GST was assigned to will be levied on all the transaction of the Empowered Committee of the State goods and services. Thus, in principle, Finance Ministers (EC). In April, 2008, GST does not differentiate between the EC (Empowered Committee) „goods' and „services'. presented its report titled “A Model and Keywords: GST, goods and services Roadmap for Goods and Services Tax (GST) in India” consisting its INTRODUCTION recommendations about the design and structure of GST for consideration. In 2000, the BJP Government set up the Later on after incorporating some “Empowered Committee” with the suggestion made by the Department. Of objective to facilitate a switch over from Revenue, first discussion paper on the existing National level central excise Goods and Services Tax in India was duty and state-level sales tax model to a released by the EC on 10th November, Value Added Tax (VAT) Model. The 2009 with the objective of obtaining Kelkar Task Force worked out on the inputs from all stakeholders and debating “Fiscal Responsibility and Budget this issue. The Empowered Committee Management Act, 2003” recommended (EC) proposed that a dual GST Module through its Consultation Paper that the may be implemented in the country present a structure of Central Excises which was duly accepted by the Centre. and State imposed Sales Tax, including Under this Module, it was proposed that Central Sales Tax, will be substituted by two components viz. the Central GST to

be levied and collected by the Centre and indirect taxes in the country. the States GST to be levied and collected Furthermore, Central Sales Tax (CST) is by the respective States. The E.C. levied on the inter-State sale of goods by recommended that various taxes such as the Central Government, and collected Central Excise duty, additional Excise and retained by the exporting States also. Duty, Service Tax, and additional duty Apart from this, many States also levy an of customs(equivalent to excise), State entry tax on the entry of goods in local VAT, entertainment Tax, Taxes on areas. lotteries, Betting and Gambling and Entry Tax (not levied by local bodies) This multiplicity of taxes at the State and may be subsumed within the GST. Central levels has resulted in a complex indirect tax structure in the country that On this proposal made by the too exists with hidden costs for the trade Empowered Committee, the Centre and industry. Apart from this, there is no nominated a Joint Working Group uniformity of tax rates and structure of consisting of officers from the Central taxes across the States. The cascading and the State Governments to examine effect of taxes due to „tax on tax‟ also the GST related issues which was later affects the business industry as a whole. on trifurcated into three Sub-Working The States do not have the credit policy Groups to work separately on draft for the manufacturer producing goods legislations required for promulgation of having benefits for exemption of Sales GST viz. Tax, VAT and vice-versa. Further, there Process/forms to be followed in GST is no policy decision that the State which regime and requirement of IT already paid tax on producing the goods infrastructure for the smooth and services in one State can avail implementation of proposed GST. exemption in the other States. Hence, the Prominent IT Professional, prices of goods and services get inflated Dr. Nandan Nilekani was also nominated automatically enhanced to the maximum to look for the development of IT extent invariably due to „tax on tax‟. systems requirement for effective implementation of the GST. The introduction of GST would bring transparency in the system of tax scheme RATIONALE BEHIND MOVING followed by the various States in the TOWARDS GST country also uniformity of distribution of fiscal powers as envisaged in the The Constitution empowers the Central Constitution. The proposed dual GST Government to levy Excise Duty on envisages clear taxation policy in India manufacturing and service tax on the for the same taxable events, i.e., supply supply of services. Further, it empowers of goods and services, simultaneously the State Governments to levy sales tax levied by both the Centre and the States. or value added tax (VAT) on the sale of Therefore, both Centre and States will be goods. This exclusive division of fiscal empowered to levy GST across the powers has led to a multiplicity of supply chain management i.e. from the 25

stage of manufacture to the consumer CST, and hence GST brings nothing new end. The credit of GST paid on inputs at to the table. every stage of value addition would be NEED OF GST available for the discharge of GST liability on the output, thereby ensuring Introduction of a GST will replace the GST is charged only on the component existing multiple tax structures of Centre of value addition at each stage. GST and State. Promulgation of GST is quite implementation would ensure that there imperative in the emerging economic is no extra tax burden due to „tax on tax‟ environment. Services are used or in the country. consumed in production and distribution of goods and vice versa. Therefore, The GST will simplify and harmonise separate taxation of goods and services the indirect tax ambiguities in the result in splitting of transactional values country. It is expected that after and actual value of goods and services promulgation of GST the cost of after taxation leads to greater production and inflation will be rolled complexities, administration and back in the country, thereby making the compliances costs. Integration of commerce industry in India more various taxes into the GST system would competitive, not only domestically but make it possible to give full credit for also at international arena. It is also inputs taxes being collected by the expected that introduction of GST will Centre and the States. GST, being a foster a common or seamless Indian destination-based consumption tax market and also divulge significantly to would also help in removing economic the growth of the economy. distortions and will help in the Furthermore, GST will broaden the tax development of a common national base, and would prove better tax market. compliance due to a robust IT SALIENT FEATURES OF THE infrastructure. Due to the seamless PROPOSED GST transfer of input tax credit from one stage to another in the chain of value The proposed GST will be implemented addition, there is an in-built mechanism as dual GST: Both Centre and States in the design of GST that would levy GST across the value chain i.e. tax incentivize tax compliance by traders. will be levied on every stage of supply of goods and services. The Central With heterogeneous State laws on VAT, Government would levy and collect the debate on the necessity for a GST has Central Goods and Services Tax been reignited. The best GST systems (CGST), and States Governments would across the world use a single GST, while levy and collect the State Goods and India has opted for a dual-GST model. Services Tax (SGST) on all transactions Critics claim that CGST, SGST and within a State. IGST are nothing but new names for Central Excise/Service Tax, VAT and

Inter-State Transactions and the IGST GRANT OF COMPENSATION Mechanism:- TO THE STATES

The IGST tax amount accumulated Primarily, it is presumed that due to through the tax credit shall be adjusted switch over of indirect tax structure towards payment of IGST and remaining from origin base to destination base, balance shall be used for clearance of some States might face revenue outstanding CGST and SGST in order deficit. To cope up the same the and stream. Centre has committed to compensate all the losses born by the States for a CENTRAL TAXES TO BE period of 5 years. Accordingly, clause SUBSUMED: 19 has been incorporated in the draft  Central Excise Duty Constitution (122nd) Amendment  Additional Excise Duty Bill, 2014 to provide for the grant of  The Excise Duty levied under the compensation to States as per law, on Medicinal and Toiletries Preparation the recommendation of the Goods and Act Services Tax Council.  Service Tax BENEFITS TO THE  Additional Customs Duty, GOVERNMENT commonly known as Countervailing  It will cover all types of person Duty (CVD) carrying on business activities, i.e.  Special Additional Duty of manufacturer, job-worker, trader, Customs-4% (SAD) importer, exporter, all types of  Cesses and surcharges in so far as service providers, etc. they relate to supply of goods and  All the traders, business services. entrepreneurs will come under the State Taxes to be subsumed: purview of GST to pay both the types  VAT/Sales Tax of taxes i.e. CGST and SGST on all  Central Sales Tax (levied by the the transactions. Centre and collected by the States)  Traders, manufacturers and business entrepreneurs, registered under  Entertainment Tax CGST will be entitled to claim ITC  Octroi and Entry Tax (all forms) for collection of GST from the  Purchase Tax buyers on all origin base transactions  Luxury Tax to destination base transactions.  Taxes on lottery, betting and  Importers have to register under both gambling CGST and SGST as well.  State cesses and surcharges in so far  If a company is having four branches as they relate to supply of goods and in four different states, all the four services. branches will be considered as ‟Tax Payers‟ under the jurisdiction of

State Governments.

BENEFITS AFTER (122nd) Amendment Bill, 2014 will be PROMULGATION OF GST presented in Parliament. The present threshold prescribed in PRESENT STATUS OF GST different State VAT Acts creates “The success of GST implementation variation from State to State as no depends upon the constitution uniform pattern is followed in States. amendment bill, which has to be passed The existing threshold of goods tax by two third majorities in both the under State VAT is Rs. 5 lakhs for a houses of Parliament and at least by 50% majority of bigger States and a lower of state legislatures. There was a very threshold for North-Eastern States and broad consensus across all parties. Special Category States. A uniform State Unfortunately, the same is lying pending GST threshold across the States is by the opposition parties on the desirable to meet the challenges faced by following three reasons:- the entrepreneurs promoting their  The GST rate to be prescribed in the businesses in the Indian economy. To bill. overcome this, the Empowered  Scrapping of 1% additional tax for Committee has recommended that a inter-state movement of goods and services. threshold of gross annual turnover of  Redressal mechanism may be set for Rs.10 lakhs both for transactions related adjudicating disputes between states to goods and services in all the States as per the guidelines of Supreme and Union Territories may be adopted Court. and releasing of adequate compensation  To cap the GST rate at 18% in the to the States (particularly, the States in Constitutional Amendment Bill. North-Eastern Region and Special Category States such as Chhattisgarh) The government is hoping to rollout the GST dispute between the parties and where lower threshold is prevailed in the implement the same from April 1 this VAT regime. Keeping in view of the year, but the Constitution Amendment interests of entrepreneurs promoting Bill was stuck in Rajya Sabha as it could small scale industries, the States not be taken up for discussion in the considered that the threshold for Central Winter Session of Parliament. Now, the GST for goods may be kept reserved at Government is hopeful that GST Bill will be passed in the forthcoming Budget Rs.1.5 crore and the threshold for Session this year. services should also be considered REFERENCES appropriately high to avoid dual control  http://www.gstindia.com/ and extra burden on them. This raising of  https://www.quora.com/How- threshold will protect the interest of will-the-goods-and-sevices-tax- entrepreneur as well as small traders in GST-work-in-I the country. A Compensation Scheme  http://www.gstindia.com/goods- and-service-tax-gst-india-a- for small traders and business summary/ entrepreneurs has also been envisaged  http://www.gstindia.com/concept under GST and will be tabled on the -note-on-gst/ floor of the House when the Constitution  http://www.mse.ac.in/seminar/Ch airman%20lecture.pdf 28

An Empirical Study on Women Perception towards Entrepreneurship

Himanshi and Chestha Khurana Institute of Innovation in Technology and Management, New Delhi

ABSTRACT setup to promote women entrepreneurship. Women have broken the boundaries set by The commercial banks and the financial the world and entered into entrepreneurship. institution are an important part of this They have proved to be equal and give neck network. Financial assistance at to neck competition to men and emerged as concessional rates is also provided to smart and dynamic entrepreneur. women to set up their venture. Training in Increasingly women owned business is management areas should be given to prevalent in almost all countries. The hidden women. At the national level and the state entrepreneurial potentials of women are level, there is a requirement to set up changing with the changes in society. Skill, Women Industrial Development Bank in the knowledge and adaptability in business are existing banks and financial institutions, and the key factor for women to enter into advisable separate cell called “Women business. Entrepreneurs Guidance Cell” should be KEYWORDS: Women Entrepreneur developed. More and more research should be organized to identify the problems, which INTRODUCTION are faced by them. Plant visit should be Women Entrepreneur is a person who organized to help them to learn the way how accepts challenges role to meet her personal to behave, how to take decisions etc. the needs and become financially independent social and economic status of women should and stable. Introduction Women have break be increased. Country can generate socio the boundaries set by the world and entered economic benefits by developing women into entrepreneurship. They have proved to entrepreneurs be equal and give neck to neck competition “WOMEN” AS ENTREPRENEURS IN to men and emerged as smart and dynamic INDIA entrepreneur. Women enter into Increasing women owned business in almost entrepreneurial ventures due to many all countries, women, and the hidden reasons. Entrepreneurship helps women to entrepreneurial potentials of women is overcome the dominance showed by their changing with the changes in society. Skill, family members and the society as a whole. knowledge and adaptability in business are Therefore, enhancement of entrepreneurship the key factor for women to enter into among women is given special attention. business. Skill, knowledge and adaptability in Due to this view, a special character in the business are the key factor for women to seventh plan has converted into the enter into business. Women Entrepreneur is integration of women in economic a person who accepts challenges role to development. As the new industrial policy meet her personal needs and become has stressed, Entrepreneurial Development financially independent and stable. Programme (EDPs) are conducted for Introduction Women have break the women. Besides this, many institutions are boundaries set by the world and entered into

29 entrepreneurship. They have proved to be the help of statistical techniques such as pie equal and give neck to neck competition to chart and bar diagram. For the purpose of men and emerged as smart and dynamic this study secondary data has been collected entrepreneur. through websites, journals and newspapers. Various research papers and articles related Women are aware of their rights working to entrepreneurship development in India conditions with help of mass media. Women have also been reviewed. are becoming job creators then job seekers. They are establish themselves as designers, ANALYSIS AND INTERPRETATION interior decorators, exporters, publishers,  80% of the Girls accept that they have garment manufacturers and still searching attended the seminar on Enterprise new ways of economic participation. Creation whether organized by College or outside College Premises; whereas In India, majority of population is 20% of girls disagree that they did not constituted by women. But still Indian have attended the seminar of Enterprise women entrepreneurs are facing some Creation. drawbacks like Lack of confidence in their  64% girls are studying Enterprise strength and competence. Socio-cultural Creation as a part of their course barriers Market-oriented risks Motivational curriculum while the other 36% girls factors Knowledge in Business have not studied such subject in their Administration Awareness about the course. financial assistance Exposed to the training  40% of the Girls accepted that they have programs identifying the available resources entrepreneur in family, where 60% girls are from service class family. OBJECTIVES OF THE STUDY  50% of the girls strongly desire to be an 1. To analyze the perception of women to entrepreneur whereas 24%has no desire become entrepreneurs. to be an entrepreneur and 26% of the 2. To offer various suggestions to improve girls moderately desire to be an the status of women entrepreneurs. entrepreneur.  36% girls believe they will get very RESEARCH METHODOLOGY much financial support from the family, where 44% of the girls believe they will The study was based on survey method. The get little support in terms of finance and data for the study has been collected through the remaining 20% believe they will get two sources - Primary Data and Secondary no support from the family. Data. Questionnaire consisting of 11  60% girls think society discriminates questions has been used as a tool for primary amongst Women Entrepreneurship and data collection. The responses to the give more important to men, where 30% questions were of dichotomous type. The girls believe society make little responses to the questions prepared for the discrimination and 10% girls believe purpose were sought from a sample of 50 society does not discriminate amongst female students of graduation of Women Entrepreneurship. Management stream.  78% of girls think a woman is strong contender and can balance work life and Convenience sampling was administered in personal life where 22% girls believe it the study. The data has been analyzed with is hard to manage for a women to

manage the both. CONCLUSION  40% girls are aware about the schemes In this analysis we assume that girls find introduced by the Government for Women Entrepreneurship as a challenging promoting Women Entrepreneurship as task as it also enhances their creativity, they have knowledge of current affairs, though they belong from a business class where 60% of girls are unaware about family thus they get more family support. the schemes. On the other hand girls from Service Class  16% girls wants to pursue Family still desire to be an Entrepreneur but Entrepreneurship to experience the field, they face hurdles such as non-supportive 18% takes it as a hobby, 26% as means family, financial problems, society of survival, 32% wants venture discrimination etc. to accomplish such task. something new (creativity) and 8% have The future will see more Women their own personal purpose. Entrepreneurs who are dominated by the men. FINDINGS Majority of respondents are aware about the SUGGESTIONS Women Entrepreneurship through seminars Though the students are taught subject inside or outside college premises. It has related to entrepreneurship in their been found that majority of respondents says curriculum but the practical aspects of the that they have attended the Women same in not covered in details. It is therefore Entrepreneurship as there part of course suggested that the syllabus of the subject curriculum which means they are should be redesigned to cover the practical knowledgeable about being an Women aspects. The other students who do not have Entrepreneurs. Majority of respondents this subject should be made aware regarding believe being an Entrepreneur is a entrepreneurship opportunities available in challenging and has a very bright future in the market through seminars, workshops etc. coming future thus they desire to be an Entrepreneur development cell in the Entrepreneur in future. It has been found institute should arrange seminars, that majority of respondents will get workshops etc. for developing students complete financial support from their entrepreneur skills. families / husband / in- laws. It has been The Government should promote its found that majority of respondents believe schemes related to entrepreneurships society discriminates amongst Women development programmes for women to Entrepreneurs, where only few respondents create entrepreneurial awareness among thinks society plays a fair game to both. them. REFERENCES Majority of respondents are highly  Palaniappan, G., Ramanigopal, C. S. & motivated and takes a women as a strong Mani, A. (2012), a study on problem and contender that she can balance work life and prospect of women enterpreneurs with personal life much better. It has been found special reference to erode district, ijmra, that few of respondents say yes that they are 2(3), ISSN: 2249-5894. aware about the Schemes introduced by the  http://www.indianjournals.com/ijor.aspx Government for the Women Entrepreneurs  http://thefinancialbrand.com/44554/socia whereas majority of respondents are 8% unaware about such schemes.  http://www.academia.edu/5438610/IJM RA-PS 8% -

Reshaping Entrepreneurship Development Education in India

Karan Sharma Institute of Information Technology and Management, New Delhi

ABSTRACT

The Indian economy needs emergence of Entrepreneurial education and early new, innovative and enthusiastic motivation of potential entrepreneurs and entrepreneurs and education is an important challenges faced by the entrepreneurs. This factor in developing entrepreneurial paper tries to explain the role of educational competencies in individuals. India is a institutions in developing and nurturing the young country with average of about 63 per Entrepreneurial competencies in the youth. cent population currently being in the It also discusses the steps taken towards the working age group of 15 to 59 years. Studies promotion of entrepreneurial education. have found that entrepreneurship prevalence rates are highest in the 25-34 age groups. Keywords: Entrepreneurship, Indian But this advantage could become a barrier if economy, educational institutions. the youth is notable to develop the appropriate skills including entrepreneurial INTRODUCTION skills. The educational institutes have a Entrepreneurship is the process of designing major role to play in this. After 1991, when a new business, i.e. a startup India opened its economy to the world a company offering a product, process or greater emphasis have been laid down upon service. The entrepreneur perceives a new the entrepreneurship. Attempts at various business opportunity and often levels have been made to promote exhibits biases in their perception and entrepreneurship among individuals. subsequent decision to exploit the Unfortunately, the education system opportunity. The exploitation of prevailing in India prepares individuals to entrepreneurial opportunities may include seek for traditional employment rather than design actions such as to develop a business instilling the confidence to do something plan, acquire the human, financial and other that one likes. It is important to note that the required resources, and to be responsible for curriculum in universities is designed such its success or failure Entrepreneurship is the that it results in an individual as a jobseeker process of designing a new business, i.e. and not job provider. Universities need to a startup company offering a product, process differentiate between their related business or service. The entrepreneur perceives a new and entrepreneurial courses. business opportunity and often Entrepreneurship is the need of hour and exhibits biases in their perception and educational institutions play a vital role to subsequent decision to exploit the opportunity. fuel entrepreneurship in the youth. This The exploitation of entrepreneurial paper aims at explaining the importance of opportunities may include design actions

such as to develop a business plan, acquire ENTREPRENEURSHIP EDUCATION the human, financial and other required IN INDIA resources, and to be responsible for its success or failure. Entrepreneurship education is an important Entrepreneurship may operate within factor in determining and developing an entrepreneurship ecosystem which entrepreneurial qualities in individuals. The includes government programs and services entrepreneurial education in India post- that promote entrepreneurs, entrepreneurship independence was a result of government resources (e.g., business incubators and seed focusing to design the measures for accelerators), entrepreneurship education, encouraging self-employment and founding training and financing (e.g., loans, venture small and medium enterprises. As the capital financing, and grants). economy transitioned from being primarily agrarian into one that has significant Entrepreneur is loanword from French. First contribution from other sectors, it was felt used in 1723, today the that the most pressing requirement was term entrepreneur implies education that would enable need-based qualities of leadership, initiative and entrepreneurs to make forays into these innovation in new venture design. emerging sectors. Consequently, in the Economist Robert Reich has called team- 1960s and 70s,entrepreneurship education building, leadership, and management was almost exclusively delivered in the form ability essential qualities for the of training programs, offered by institutions entrepreneur. Historically the study of under the aegis of State and Central entrepreneurship reaches back to the work in Governments, and by financial institutions the late 17th and early 18th centuries receiving support from the Government. of Richard Cantillon and Adam Smith, Some of these institutions include. which was foundational to classical  Training and counseling institutions economics, and contemporarily, (NISIET, SISI, TCOs, EDI) entrepreneurship is studied in the discipline  Financial institutions like SBI, IDBI, of management. TDICI, RCTC, etc.  Development boards (STEPs, EDCs, Entrepreneurship is set of activities TBIs) undertaken by an individual in order to bring together various resources and ideas and But it was not until post liberalization phase combine them to process a commercially in India after 1991 when the country not just acceptable product. In simple words saw the potential of entrepreneurship as an entrepreneurship is the process of changing employment generator but also as a means ones idea into a successful business venture. of economic growth and wealth creation. By Entrepreneurs are an important resource to a the end of 90’s entrepreneurs viewed great country. They create employments. success of Indian firms particularly in IT sectors. This encouraged several institutions, NGO’s, B-schools, industrial units and

consultancies to strengthen the entrepreneurship program. IIM-Calcutta has entrepreneurial ecosystem in the country and international collaboration with Yale to establish the mode of education which University’s entrepreneurship program for was not based only on training. Some of innovation. The Narsee Monjee Institute of these include Management Studies (NMIMS) in Mumbai  NIESBUD (National Institute for offers a two-year course on family business Entrepreneurship and Small Business management tailored to groom individuals Development) who are taking over a family-owned  NSTEDB (The National Science & business. The Indian School of Business Technology Entrepreneurship (ISB) in Hyderabad offers executive Development Board) management and post graduate programs in  TiE (The Indus Entrepreneurs) entrepreneurship education.  NEN (The National Entrepreneurship Network) ROLE OF EDUCATIONAL INSTITUTES IN ENTREPRENEURSHIP Entrepreneurship education is still at nascent DEVELOPMENT stage in India, according to surveys in 2010, there were some 1,500 students getting Education is of paramount for an individual Entrepreneurship education from the who wants to bring his idea successfully into institutions that are solely into the market. And educational institutes can Entrepreneurship education, while 4,700 help these individual in nurturing and students had enrolled to entrepreneurship developing necessary skills and programs at various business schools and competencies. These Institutions provide institutions across India, which increased to guidance, allow for routines to develop and 44,500 students enrolled to such programs. ultimately reduce the uncertainty of social Many top business schools in the country interaction. The B-Schools are the most such as IIMs, XLRI and SP Jain Institute of appropriate nursery of shaping and Management offer specific programs in developing management graduates for Entrepreneurship. IIM-Ahmadabad’s Centre entrepreneurship who possess integrity and for Innovation, Incubation and ethical standards, a deep sense of social Entrepreneurship has short and long term responsibility, a commitment to the up- programs. liftment of their communities, understand The NS Raghavan Centre for protection and sustainability of the Entrepreneurial Learning in IIM-Bangalore environment, and the improvement of the has a management program designed for people’s quality of life. entrepreneurs and family businesses. They also have tie-ups with Babson College in The educational institutions plays important Massachusetts, known for their role in development of entrepreneurial entrepreneurship options and the London competencies through various courses, School of Business, known for their global training and development programs. These may be in the form of short term or long

term programs, requiring graduation or no Social interaction is an important skill for a by an individual. successful entrepreneur. An entrepreneur has to regularly interact with bureaucratic Entrepreneurship is the activity driven by departments and market personals at early need for achievement of an individual and startups. Educational institutions impart these institutions help the individuals with communication skills and personality motivational training. Individuals are development through their various encouraged by the course structure and programs. activity based programs by the institutions to identify, develop and sharpen their skills and At the B-school level, the programs are competencies. Case studies of various developed to cater to students of all successful entrepreneurs help them to disciplines. The topics covered include new Identify the processes and potholes in their venture planning and venture creation, entrepreneurial journey so that they can business strategy and formulation, learn and formulate their strategies based on innovation, leadership and management, them. Also case studies prepared by the technology management, venture capital institutions help the individuals to link funding, finance and operations, etc. As part themselves and encouraged by their role of the curriculum, business schools also models, which provides a positive create a business in-house experience for motivation. new entrepreneurs to develop their ideas into a business plan and thereby simulate the Educational institutions provide a platform experience of working in a start-up. for individuals to nurture their creativity and innovativeness. These play an important role The Entrepreneurship Development Institute both in financial and technical assistance to of India (EDI), which operates under the the individuals through guides, mentors and Government of India at designated locations, consultants. offers post graduate diploma courses in business entrepreneurship, management, Patenting ones product not only gives an NGO management, etc. It also provides individual legal protection over duplication programs for working professionals with of his product but also helps him to gain flexible schedules and a distance learning higher profit margins, reduce competition option for those unable to attend on campus and results in bigger market share. Also it is programs. an asset to an individual but most of the entrepreneurs fail to realize the importance The National Entrepreneurship Network of these intellectual properties. Educational (NEN) designed a game called the ‘Rs.50 institutes help individuals realize their Exercise’ for the classrooms of certain Importance and sometimes even help in the schools. The students are given an initial process of filing a patent for their product. investment amount of Rs.50. They have to work in teams and come up with ideas to

start a virtual company. By the end of the India) day, they observe their earnings and also gain from the learning through an innovative S P Jain Institute of  exercise. Management and Research, Mumbai

 Financial institutions like SBI (State Bank of India), IDBI (Industrial Development Bank of India), and TDICI Presently various Institutions which provide (Technology Development and entrepreneurship education are: Information Company of India).  Entrepreneurship Development Cells Institute UG PG like NSTEDB (National Science & level level Technology Entrepreneurship Indian School of Business  Development Board), AICTE (All India Hyderabad Council for Technical Education), and UGC (University Grants Commission). IIM Ahmedabad 

XLRI Jamshedpur  SUGGESTIONS The CBSE Board has adopted the IIM Lucknow  entrepreneurship as a course for class 11th and 12th and many institutions are also IIM-Kozhikode  adopting this as a course but ICSE board should also adopt this as a course in their IIM-Bangalore  curriculum so as to provide students’ knowledge about entrepreneurship. So it is IIM Indore  recommended that like CBSE other central and state boards must also include FMS, Delhi  Entrepreneurship development in their curriculum at 10th onwards, to provide better IMT Ghaziabad  understanding to students about entrepreneurship, its importance and scope. Indian Institute Of  An entrepreneurship dedicated structure like Entrepreneurship, EDC (Entrepreneurship development cells) Guwahati within the university should be formed, which closely collaborates, co-ordinates and EDII(Entrepreneurship   integrates faculty-internal entrepreneurship Development Institute of

support and ensures viable cross-faculty form of full time courses, training and collaboration. development programs. Also the government has taken several measures CONCLUSION regarding promotion and development of entrepreneurial education in India but still The role of educational institutions in there is a lot to achieve in order to flush the entrepreneurship development cannot be market with new, innovative and neglected as these are the breeding pools for enthusiastic entrepreneurs. And several the entrepreneurs. In India the awareness measures should be taken both by the about the entrepreneurship is still low due to government and top educational institutions various factors. Individuals still prefer to to support and promote entrepreneurial seek for employment rather than starting education at a faster pace. their own venture. This is because our education system is designed such that it REFERENCES kills Creativity and innovation. There is a great  http://www.f1gmat.com/entrepreneurshi need for higher educational institutions to p-development-india# move away from conventional memory  http://www.slideshare.net/VaralakshmiS based learning to a system that is more ethepalli/entrepreneurship-development- focused to foster creativity and innovation 12225692 There is a need for educational institutions  http://www.yourarticlelibrary.com/entre to realize their importance and role in preneurship/entrepreneurship- entrepreneurship development. Higher development-programmes-edps-in-india- education should facilitate the students to a-historical-perspective/40705/ develop cross sector, multi-disciplinary  http://www.scribd.com/doc/25299363/G skills and find innovative solutions to the rowth-of-Entrepreneurship-in- problems faced by the people in the society. India#scribd In this regard some of the institutions are  http://dobato.blogspot.in/2006/02/scope- offering entrepreneurial education in the of-entrepreneurship-development.html

Youth Entrepreneurship- Challenges and Opportunities

Parteek Kathpal Institute of Innovation in Technology and Management, New Delhi

ABSTRACT to “undertake”. Nobody can be left in any doubt as to the importance of innovation In 21st century, building entrepreneurs are that has transformed the quality of our overtaking share of existing past lives.” An entrepreneur is a person who is entrepreneurs with their creative mindset able to look at the environment, identify and innovative skills of pursuing business. opportunities to improve the Age is neither a limit nor an exception to environmental resources and implement realize true potential or the way you want action to maximize those opportunities to live your life. The youth have more (Robert E. Nelson). orientation towards novelty and doing an older thing with modern approach. This Risk taking ability, Self-confidence, research paper represents the overall Decision making ability, Knowledge of status, opportunities and challenges to the cumin growing to harvesting technology, emerging youth entrepreneurship. The Economic motivation, Market orientation, youth is bringing up the new innovative Risk factors, Soil and firm condition of and creative ideas which are one of the experiences, Water resources, Water major factors for the economic quality and volumes, need to cumin for all development. The boom in youth technical factors, Ability of co-ordination entrepreneurship attributes more towards to cumin related activities, Achievement, their risk taking ability and making new Motivation, etc. indicators are behaviour innovations. There are many examples of of entrepreneurial. young entrepreneurs at only the age of 20 Bygrave and Hofer in1891 defined the or under that who are been well known for entrepreneurial process as involving all the their entrepreneurship success. functions, activities, and actions associated Keywords: Youth Entrepreneur, with perceiving of opportunities and Innovation, Challenges and Opportunities. creation of organizations to pursue them”

METHODOLOGY GENERAL TREND OF THE YOUTH

The research paper is based upon the Nowadays, there is a trend is set among secondary data. Data is been collected students for first completing their from internet, government websites, graduation and them many go for post- books, magazines, graduation and after that some also opt for PhD .The ultimate aim behind all these INTRODUCTION degrees and education is to get a great highly paid and a respected job, it is not The term “entrepreneurship” comes from common to find youth entrepreneurs, the French verb “entreprendre” and the social or business, willing to contribute German word “unternehmen”, both means

towards society. The major finding says You have to knock on opportunity‟s door that young entrepreneurs have to face lots and they are all around.” of problems, but they can overcome those The fact remains that there are by using internet, newer technologies, and opportunities available everywhere in and innovations. around us. What is actually required is to General Qualities of Entrepreneurs have the lenses to see and recognize the same. There exist innumerable business Confidence opportunities in the environment for unleashing by the entrepreneurs. Communication Opportunities such as tourism, Creativity consultation or production or it may all depends upon your interest line.

Challenging SOME YOUNG ENTREPRENEURS

Charitable RITESH AGARWAL

Competitive

Craving

These above are the general qualities of an At the age of 18 he came up with the idea entrepreneur or you can also quote them as of budget hotel chain „Oravel stays‟ which 7C‟s of an entrepreneur. provides bed and breakfast. But with more analysis of market he found out there are YOUTH IN ENTREPRENEURSHIP no basic facilities provided for the budget traveller in most of the hotel, thus he According to one survey conducted by converted his „Oravel Stays‟ to „OYO Government of India, the average age of rooms‟. Each and every room is provided entrepreneur is 43. In fact, one-fourth of with air-conditioning, Spotless linen, the entrepreneurs are under 35, in which complimentary breakfast, free wifi and the median age at which individuals in the hygienic washrooms. Now Rithesh has sample became entrepreneurs was 27. 350 hotels providing 4000 rooms with 500 OPPORTUNITIES FOR YOUTH employees. ENTREPRENEURS ANKIT BHATI AND BHAVISH While thinking about business AGGARWAL opportunities, I am reminded of the statement of Douglas MacArthur given as opening quotation: “There is no security on this earth – only opportunity.” Regarding the availability of (business) opportunities, the views of Thomas J. Watson also seem quite worth citing: The young and energetic company based “Opportunity never knocks on the door. in Mumbai providing cabs,auto,shuttles.

The company today has presence across 19 They may have a lot of theoretical cities, of which nine were added in the last knowledge but they lack in their practical 45 days. The three-year-old company is knowledge, and everyone knows without valued at $1 billion, according to sources. any practical knowledge many failure The founders are the younger on list with decisions or steps are been taken in the their personal fortunes estimated at Rs. firm. 2,385 crore each. There are many other examples of the FINANCIAL RESOURCES young entrepreneur such as the founders of Finance is the blood of any business, Flipkart(Sachin Bansal and Binny Bansal) without which it if very difficult to establish and run any business. And this is Images bazaar(Sandeep Maheshwari) the biggest problem of young entrepreneur. As they are young, they don‟t have And many much. accumulated capital, and obtaining the CHALLENGES FOR THE YOUTH support of bankers, managing the working ENTREPRENEURS capital, lack of credit resources is very difficult.

Work Competition BUSINESS NETWORK experience The young entrepreneurs‟ faces problems Financial Business of business networks or the social resources network links.They lack in their network in their market so faces very problems to get a Entrepreneurial good name and fame in the market. attitudes and Market barriers skills ENTREPRENEURIAL SKILLS AND ATTITUDES Lack of Discovering new awareness opportunities The youth entrepreneurs lack a lot in their

entrepreneurial skills and attitudes. They COMPETITION have no clear knowledge about the performance and dealings regarding the In India there are large numbers of firm. entrepreneurs, some of them have set business, goodwill, brand name in the market. This is the important problem MARKET BARRIERS before young entrepreneurs. The young entrepreneurs have to face a heavy This is also a big problem in front of competition. young entrepreneurs, and without marketing it is very difficult to sell out WORK EXPERIENCE product in the market. For marketing the The young entrepreneurs lacks in their products entrepreneurs have to be at the work experience as they have no practical mercy of middlemen who pocket the experience of any organisation or firm. chunk of profit. The elimination of

middlemen is difficult, because it involves the outside world. Make Entrepreneurship a lot of running about. a core subject in business schools, including topics relating to business ethics. LACK OF AWARENESS Explore ideas for flexibility of vocational The youth is being not aware all about the education with mainstream education for entrepreneurship knowledge .There is lack greater linkages between theory and of awareness between them. They do not practice have a clear cut image of the GOVERNMENT entrepreneurship in their minds. Educational institutions /R&D centres can In developing countries, the benefits of help out to make awareness among the innovation by entrepreneurs depend on the youth. characteristics of the system of innovation within which they are embedded. The DISCOVERING NEW better the system of innovation, the more OPPORTUNITIES able a developing country will be to tap The major challenge for the youth into global technology Government should entrepreneurs is to discover new frame policies that encourage new opportunities. As we all know there are entrepreneurs‟ demands and which shall countless opportunities but discovering a ease their work. one best new opportunity for a youth IMPORTANCE OF PROMOTING entrepreneur is a great challenge for them. YOUTH ENTREPRENEURSHIP

PROMOTION OF THE YOUNG EMPLOYMENT OPPORTUNITIES ENTREPRENEURSHIP More the organisations, more the FINANCIAL INSTITUTES employment. India is a very populated They can help promoting the youth country which consists of unemployed entrepreneurship by providing easy finance people in a huge amount so higher facilities, various schemes for the young employment opportunities are been entrepreneurs, explore innovative options required. such as venture debt, soft loans etc. for INNOVATION start-ups. Launch Entrepreneurship Outreach events (not just in schools and Nobody can be left in any doubt as to the colleges, but also through the media). importance of innovation. The youth is fully filled up with the creative ideas EDUCATIONAL INSTITUTIONS/R&D which leads to innovation and builds a CENTRES great living for the country. Develop content, learning methods, ECONOMIC DEVELOPMENT pedagogy, examination systems and curricula that encourage critical and lateral As we all know a successful firm always thinking, incorporate case studies of real generates revenue in a very huge amount life situations in the curriculum so that and they also support the social issues and students are able to get a concrete feel of sincerely work for the social welfare. The

entrepreneurs contribute much towards the REFERENCES rise of GDP.  Lipsey R.G, K.I. Carlaw and C.T. DEVELOP NEW SKILLS AND Bekar, Economic Transformations: EXPERIENCES General Purpose Technologies and Long-Term Economic Growth. The youth entrepreneurship helps out in  Dr. N. Santhi and S. Rajesh developing skills and experiences among Kumar, Entrepreneurship the youth. They acquire huge amount of Challenges and Opportunities in practical experiences and their skills are India. been also enhanced.  Prof. K. Kumar, Research on CONCLUSION Business and Entrepreneurship History of India– Reflections on Young entrepreneurs are the wheels on the State of the Art and Future which a country can run its economy. Directions. Innovation can play an important role in  ‟ENTREPRENEURSHIP‟, a study catch-up and growth in a global economy. by National Knowledge The young entrepreneurs have their own Commission, Government of India. set of challenges and opportunities. There  Innovation and Entrepreneurship in are lots of problems young entrepreneurs Developing Countries, by United have to face but they can use internet, Nation‟s University. innovations by their creativity to overcome those problems. Government, financial institutions, educational institutes or R&D, support is been required to build up the young entrepreneurs towards success.

The study of entrepreneurship has relevance today, not only because it helps entrepreneurs better fulfil their personal needs but because of the economic contribution of the new ventures. Entrepreneurship acts as a positive force in economic growth by serving as the bridge between innovation and market place. The innovations are been the major factor for increasing a better lifestyle.

Emerging Environment Of New Entrepreneurs: Role of government agency in creating a sustainable environment for new Entrepreneurs

Priya Garg Institute of Innovation in Technology and Management, New Delhi Niharika Abrol, Maitrey College, University of Delhi

ABSTRACT opportunities, complimenting and Social Impulsion is impossible without giving supplementing economic growth and in the opportunity and the environment to the bringing about social stability and Balanced new entrepreneurs. This speech puts forward Regional Development. a view, supporting the environment. For the new entrepreneurs as a process that Entrepreneurship is a combination and catalyzes social change and addresses the interaction of environment factors like- Socio important issues which needs to be handled economic environment Family background very delicately and in an appreciating way. Standard of education and technical On 15th August 2015, Indian Prime Minister knowledge Financial stability Government had done. The same thing i.e. he had policy Encouraging government policy and announced the „Startup India‟, „Standup social recognition influence a person to India‟, imitative in his Independence Day become an entrepreneur. This one can say speech, which we can see as a support that entrepreneurship as developed with towards the “Emerging Environment of New civilization. Entrepreneurs”. Keywords: Social Inclusion, Startup India, Entrepreneurship as megatrend of 21st Important Issues. century Entrepreneurship is fast emerging as a transformational megatrend of the 21st INTRODUCTION century. Emerging new enterprises are the key drivers of economic growth; they are the Globalization is one of the major trends that life blood of any expanding economy, bring in a bunch of competitiveness. It leads generating jobs, introducing products and to the player stands up stiffly to excel in this services, promoting greater upstream and competitive market and of these players are downstream value chain activities. In recent the entrepreneurs. An entrepreneur is the one times, SMEs playing an important role in who introduce economic goals and then work social and economic advancements. towards achieving them in the best possible manner. Also every country’s working government is looking towards SMEs as a sword to fight He is the one that introduces something against the of poverty menace, promote innovative that the people are unaware of and social inclusion, to uplift the socially weaker perceives opportunities for profitable and backward classes etc. According to the investment. The entrepreneurs’ idea depends organization for economic cooperation and largely upon the complex, uncertain and development, SMEs on an average contribute versatile environment. As it is this around 50% or more to the GDP, provide environment favorability that helps in employment to an estimated 60% of the total economic growth, generation of employment workforce, create up to 70%of new job

opportunities and account for about 30% of stands by for Micro Unit Development and exports. refinanced Agency Bank. It is a public sector financial institution in India. It provides loan The government of many countries is unable at low rates to Micro Industries and to create employment opportunities for the non-banking financial institutions which youth in their country; this creates a problem provide credit to MSME’s. of unemployment. To curb and control this problem, the governments of many According to a report publish by United developing countries came with an idea of Nations Development Program, the promoting new entrepreneurs. The startup contribution of the micro, small and medium campaign the developing country like India, enterprises (MSME) sector to the GDP in the government recently started the startup developing countries ranges between 50% - campaign; under this the government of India 70%. MSME are where the many unveiled the action plan for startup in the entrepreneurs and future large companies country. start, thus supporting them is vital in terms of economic development. Policy makers are Prime minister of India on 16th January 2016 moving towards actively promoting announced a self-certification scheme in entrepreneurship opportunities based on an neglect of nine labor and environmental laws integrated approach that brings together both and said there will be no inspection during government and industry entities. the first three years of launch of the venture. Such type of bold decisions were very Entrepreneurship boost to living standard necessary to boost the emerging environment The policy makers are making this type of for new entrepreneurs .these types of action policy because they know entrepreneurs are plan are seen as key to employment often thought of as national assets to be generation and wealth creation. refined, motivated and remunerated to the Supporting environments are increasingly greatest possible extent. Entrepreneurs can essential to successful entrepreneurship and change the way we live and work. If are steadily evolving throughout the world. successful, there resolutions may improve are standard of living. IDEAL ENTREPRENEURIAL ENVIRONMENT In short, in addition to creating wealth from In support for the new entrepreneurs, ideal there entrepreneurial ventures they also entrepreneurial environment comprises of create jobs and the conditions for a five pillars: Access to funding Culture for flourishing society. Evidence indicates that development of entrepreneurs Supportive Entrepreneurial Capital plays a very regulatory and tax regimes Educational important role in the production function system that support entrepreneurial mindsets, model presented that’s why a developing listens understands and leads A Coordinated countries government is helping and approach that solves the problems faced by providing new entrepreneurial emerging the entrepreneurs. Naturally developed environment for boosting their business as economies are ahead of emerging market in well as improving the economic condition of this regard. that company.

The Indian government in previous year The following are four reasons why started MUDRA BANK Scheme. MUDRA entrepreneurship capital is important to the

economy: Entrepreneurs create new India that have massive entrepreneurs curial employment opportunities. New potential and depends almost entirely on entrepreneurs offer new goals and services, SMEs to grow its national economy. result in new employment which can produce a cascading effect of virtuous circle in the CONCLUSION economy, adding to National Income. Entrepreneurship is commonly believed to be enormously and this is so because thy shift Entrepreneurial ventures literally generate resources from areas to low productivity to new wealth, new and improved offerings, areas of higher productivity yield and this products or technologies from entrepreneurs arises an uncertain situation of success. This or new markets to be developed and wealth process of entrepreneurship is a dynamic be created. Additionally, the cascading effect process of creating wealth and emerging of increased employment and higher earnings environment adds to the optimistic edge. contribute to better national income in form of higher tax revenue and higher government In under developed economies like India, a spending. Entrepreneurs also create social new species of entrepreneurs is desirable. change. Entrepreneurship has to serve national objective. A high sense of responsibility is Through their unique offerings of goods and this essential attribute of emergent services, entrepreneurs break away from entrepreneurship In India. tradition and indirect support freedom by reducing dependence on obsolete system and REFERENCES technologies. Community Development.  http://www.dawn.com/news/1200626 Environment is regularly nurture  http://www.digitale-chancen.de/transfer/ entrepreneurial ventures by other likeminded  http://www.fairfaxcounty.gov/hr/pdf/work individuals. They also invest in Community  http://www1.worldbank.org/publicsector/ Projects and provide financial support to L local charities.  http://www.witiger.com/internationalbusi  http://www.unesco.org/new/fileadmin/MU The global microfinance market also has the LT potential to help small enterprises become  http://www.entrepreneur.com/article/2473 tax paying members of the formal economy.  http://www.entrepreneur.com/article/247 In many countries, Credit Guarantee Scheme  http://socialjusticehry.gov.in/welfare% (CGS) are used by banks, For Example, in  http://www.un.org/press/en/2011/ga1114 India MIDRA bank initiative taken by the  https://www.researchgate.net/publication government of India discussed previously, to ease the constraints SMEs face in accessing finance. Government startup programs have become the some valuable sources of help.

More than ever before, it is interactive that government’s policy makers and business leaders come together to support and advance entrepreneurship, which has proven to be essential to socio economic development worldwide, essentially in a country such as

Make in India: “Re-thinking” “Re-Inventing”: An appraisal of the Make in India Initiative

Priyanka Yadav and Anjali Rawat, Institute of Innovation in Technology and Management, New Delhi

ABSTRACT INTRODUCTION

Make in India is a vision set by our Prime The Make in India initiative was designed Minister Mr. Narendra Modi in order to see and targeted at making India a our country standing among the most manufacturing hub and initiating economic developed and prosperous countries and to transformation through eliminating the accomplish his vision he have introduced unnecessary laws and regulations, making certain strategies, policies and objectives. bureaucratic processes easier, make Therefore, he introduced a campaign as- government more transparent, accountable. Make in India. “Make in India” is an The project targeted a manufacturing initiative that could attract the industrialists growth of 10% on a sustainable basis. Make to transform India into a manufacturing hub in India consist of certain key roles and that would help in job creation and objective which are important and need to providing development and employment to be implemented at each and every phase of the youth. As India is ranked 142nd in the development avoiding ever if and buts from “ease of doing business”. Gradually, with the vision and mission. time both Indian and foreign businessmen are facing difficulties to start a business in The initiative was formulated by our India. The obstacles like poor Infrastructure visionary Prime Minister Mr. Narendra in India and lack of connectivity within the Modi to see our country standing among the cities in India are acting as a huge hurdle most developed and prosperous countries. for development purpose. The other Assisting the vision strategies, policies and bottlenecks are taxation, government objectives were introduced. Target is to policies, labor laws, ease of obtaining influence the industrialists to transform licenses and land acquisition. India must India into a manufacturing hub and further also compete with its neighbors as the other provide development and employment. nations are also introduced with the growing economies by the outside world. Highlights of the Make in India initiative are This paper puts forward a view of make in to focuses on new ideas and initiatives such India as a process that initiates need of as- First Develop India and then Foreign change required in the economy. The issues Direct Investment, Look-East on one side and their suggestions are also discussed. and Link-West on the other, Highways, Keywords: Make in India, Development, facilitate investment, foster innovation, build government policies best-in-class manufacturing infrastructure.

This involves certain objectives such as- to industry moreover; Make in India will make investing in manufacturing more help in the enhancement of foreign direct attractive to domestic and foreign investors, investment (FDI) in India. to give the Indian economy global  Introducing various industrial corridors recognition, to create competitive industrial i.e. The Delhi Mumbai Industrial environment, to development infrastructure, Corridor (DMIC), The Chennai- to invite latest technologies and to generate Bengaluru Industrial Corridor (CBIC), employment and skill formation. The Bengaluru-Mumbai Economic Corridor (BMEC), etc. in order to plan OBJECTIVE and develop smart cities. To appraise the “Make In India” initiative  The initiative of industrial development formulated by Indian Government provided employment to the youth of India. METHODOLOGY  India‟s manufacturing infrastructure and The paper adopted the SWOT analysis capacity for innovation is poised for technique to analyze the initiative and data phenomenal growth: new smart cities was collected from various policy and industrial clusters, being developed documents and the researches previously in identified industrial corridors having done on the topic. Suitable suggestions were connectivity, new youth-focused given on the basis of observed analysis. programs and institutions dedicated to developing specialized skills. ANALYSIS Taking the advantage of the strengths, make Focusing on the methodology planned to be in India campaign could go a long way, but adopted, a SWOT analysis of the data simultaneously it is important to identify and collected was performed. The research was remove the weaknesses. The paper identified initiated with identification of the Strength the following weaknesses of “Make in India” concept followed by Delays in land acquisition, Delays in weakness, threat and opportunities. municipal permission, Delays in supply of materials, Delays in award of work, Initially the paper discussed the strength‟s: Operational issues dragging down the  This campaign focuses on certain sectors implementation of the projects, Movement that are beneficial for development of projects through multiple departments at purpose and growth of the economy such the state and Central levels, Involvement of as Automobiles, Automobile multiple agencies, Requirement of various Components, Aviation, Biotechnology, approvals across different stages of the Chemicals, Construction, Defense project cycle. Manufacturing, Electrical Machinery etc. Opportunities are the areas helps in  Focusing on certain sectors of the economy will provide skilled labor to the increasing the horizon of the initiative taken. Make in India will open various doors for

the Indian manufacturers in the form of ROAD AHEAD increased investment, improved product Plan to develop new smart cities and quality and greater market to cater. industrial clusters in selected industrial Simultaneously, it will improve the corridors. Work on 5 smart cities- Dholera, economic base of the country with High Shendra-Bidkin, Greater Noida, Ujjain and percentage of FDI, more of foreign Gurgaon, is in progress as a part of the exchange reserves and high employment Delhi-Mumbai Industrial Corridor. New opportunities youth-oriented programs to develop specialized skills. Impetus has also been After discovering the SWOT analyses on given on developing Industrial Corridors. make in India here are some suggestions so „National Industrial Corridor Development that the weaknesses of make in India could Authority‟ has been created to coordinate, be removed and the process could be integrate, monitor and supervise accomplished in more effective and efficient development of all Industrial Corridors. way. The suggestions are as follows:- New Industrial Clusters have been proposed. Single window clearances, Effective 21 Industrial projects under Modified coordination between Centre and state Industrial Infrastructure Upgradation governments, Digitization of all the Scheme have been approved with an government departments, Electronic filing increased emphasis on use of recycled water. and fulfillment of procedures, Creation of a Approval accorded to 17 National central cloud where all States should have Investment and Manufacturing zones access, making all approvals electronically. (NIMZ). 100% FDI under automatic route in construction and operation and maintenance FOCUS in specified Rail Infrastructure projects. Make in India campaign focuses on various Government of India is building a pentagon sectors which are as follows- Automobiles, of corridors across the country to boost Automobile Components, Aviation, manufacturing and to project India as a Biotechnology, Chemicals, Construction, Global Manufacturing destination of the Defense Manufacturing, Electrical world. Machinery, Electronics Systems, Food Processing, IT, Leather, Media and Entertainment, Mining, Oil and Gas, Pharmaceuticals, Ports and shipping, INDUSTRIAL CORRIDORS IN INDIA Railways infrastructure, Renewable Energy, Roads, bridges and Highways, Space, DELHI MUMBAI INDUSTRIAL Textiles and Garments, Thermal Power, CORRIDOR Tourism, Hospitality and Wellness. The Delhi Mumbai Industrial Corridor (DMIC) was launched by the government in 2006 spans the six states of Uttar Pradesh, Haryana, Madhya Pradesh, Rajasthan,

Gujarat and Maharashtra. The corridor project, being developed in co-operation ENHANCEMENT OF FOREIGN with the government of Japan, is one of the DIRECT INVESTMENT (FDI) largest infrastructure projects planned in India, aiming to develop new industrial New policies are introduced to enhance cities as “Smart Cities”. foreign direct investment those are as follows- CHENNAI-BENGALURU- Government eases FDI norms in 15 major CHITRADURGA INDUSTRIAL sectors. India's defense sector now allows CORRIDOR consolidated FDI up to 49% under the The Chennai-Bengaluru Industrial Corridor automatic route. FDI beyond 49% will now (CBIC) project was initiated in December be considered by the Foreign Investment 2011 by the governments of India and Japan Promotion Board. Govt. approval route will to improve the infrastructure in the Chennai be required only when FDI results in a and Bengaluru. The 560 km corridor change of ownership pattern. Private sector between Chennai – Bengaluru – Chitradurga banks now allow consolidated FDI up to will have an Influence area spread across the 74%. Up to 100% FDI is now allowed in states of Karnataka, Andhra Pradesh and coffee/rubber/cardamom/palm oil & olive Tamil Nadu. oil plantations via the automatic route. Manufacturers can now sell their products BENGALURU-MUMBAI ECONOMIC through wholesale and/or retail, including CORRIDOR (BMEC) through e-commerce without Government The Bengaluru-Mumbai Economic Corridor Approval. (BMEC) project was initiated in February 2013 in collaboration with the United INDUSTRALISATION Kingdom. The 1,000 km corridor would India‟s manufacturing infrastructure and attract enhanced investments in capacity for innovation is poised for manufacturing sector and would lead to phenomenal growth: new smart cities and increased industrial activity in the states of industrial clusters, being developed in Maharashtra and Karnataka. identified industrial corridors having

connectivity, new youth-focused programs

and institutions dedicated to developing AMRITSAR-KOLKATA INDUSTRIAL specialized skills. CORRIDOR (AKIC) The setting up of Amritsar-Kolkata FACTORS IMPACTING THE EASE OF Industrial Corridor (AKIC) was approved in DOING BUSINESS IN INDIA January 2014. AKIC will be developed in a band of 150-200 km on either side of the Delays in land acquisition, Delays in Eastern Dedicated Freight Corridor (EDFC) municipal permission, Delays in supply of in a phased manner. materials, Delays in award of work, Operational issues dragging down the

implementation of the projects, Movement smartphones with Rupees 1000 crore of projects through multiple departments at investment in R & D, Airbus Helicopters the state and Central levels, Involvement of and Mahindra Defence, a Mahindra Group multiple agencies, Requirement of various subsidiary, has recently announced a plan to approvals across different stages of the produce helicopters to cater to India's project cycle. military requirements etc.

COMMON SOLUTIONS TO IMPROVE Though there is a positive feel for the THE EASE OF DOING BUSINESS programme to meet its objectives, there are some serious issues at ground level, which Single window clearances, Effective require immediate attention to sustain the coordination between center and state momentum built up recently. These issues governments, Digitization of all the have been explained below: government departments, Electronic filing Land Acquisition: Setting up the proposed and fulfillment of procedures, Creation of a new industrial corridors and priority sector central cloud where all States should have industry as construction, infrastructure, access, making all approvals electronically. manufacturing and mining etc. under the ISSUES AND CHALLENGES programme would have vast land requirements. This is a major issue of Under the "Make in India" programme, concern as the current land laws make the Government has already commenced acquisition of land more complex and costly. concerted efforts to enhance the ease of The other developing countries e.g. doing business and kick-start manufacturing Bangladesh, Vietnam and Thailand also growth. It has also relaxed FDI limits in have comparative advantage in providing critical sectors like defense, construction and cheap manufacturing locations to the foreign railways. Some state governments are trying investors. A key question is whether the to create a conducive environment for this government will be able to master the purpose. difficult balancing act between providing Sensing the positive intentions of these sufficient rights and safeguards to initiatives of the Government under Make landowners while easing land acquisition in India programme, there has been some procedures. encouraging responses from various Infrastructure: To increase the productivity, multinational companies i.e. Mercedes to profitability and competitiveness, the double its India assembly capacity to 20,000 manufacturing sector needs sound physical units, Ford to ship India-made EcoSport to and administrative infrastructure. The USA, Spice Group to invest Rs. 500 crore in immediate concerns are irregular power India, Hitachi to set up auto-component supplies in most states, poor roadways, plant in Chennai, Huawei opened a new R & railways and port infrastructure, insufficient D campus in Bengaluru, Iphone maker number of universities and colleges Foxconn in talks to build first Apple plant in providing higher and relevant education, India, LG to start domestic manufacturing of

inadequate quality of education etc. These compliance cost that is incurred in respect of infrastructure issues are some of the factors, each of the taxes and it is observed that which are making Make in India programme unclear rules and regulations and assertive is a big challenge. tax authorities are at the heart of numerous Labor: Another issue, that may be very high-profile tax litigation cases involving critical to the implementation of Make in foreign companies. A key focus will also be India programme, is the Indian Labor on the extent to which India will be able to market, which is characterized by world‟s reform its antiquated tax regime. most restrictive labor laws. Besides leading SUGGESTIONS to strong unionization, these laws are The issues and challenges may appear to be outdated in the current context. India has having simple solutions, but the devil lies in some of the world‟s most restrictive labor details and these would require long-term laws. A key question is whether both the strategies and multi-thronged approach. union and state governments will be able to Thus the success of the "Make in India" ease these laws in a way that fosters more programme is dependent not only on the employment and industrial activity in labor- solutions to these issues, but a number of intensive sectors, and in light of strong other pro-active measures can play a crucial opposition from unions. role. Some suggestions have been made here Training issues: The priority sectors under in this regard: the programme are highly capital intensive The land acquisition issue requires an active and require highly skilled labor. Preparing consideration from the Government to high skilled workforce by proper education ensure provisions of suitable cheap land for and training to meet the demands of such investment. The decisions related to land industry is again a big challenge for the acquisition should be taken expeditiously at Government. In the absence of proper the state as well as district administration training, only a small proportion of total level, keeping in mind the interest of all youth population will be benefitted out of stake-holders. Though the Land Acquisition this and would fail the purpose of Bill has already been initiated but it might employment generation under the require some fundamental changes before programme. getting acceptance. Land acquisition should Tax: One of the major impediments to a be faster while taking care of the displaced smooth business, especially in the population. manufacturing sector, is the uncertain and For infrastructure development, the use of unpredictable indirect tax regime. The Public-Private-Partnership (PPP) model may current indirect tax system is plagued with be adopted to address the infrastructure multiplicity of taxes - at different rates - at issues in the implementation of Make in multiple points. The absence of any setting India programme, but the issues related to off mechanism results in cascading effect of PPP model are to be resolved. In India, we these taxes. This is accentuated by a huge have a weak form of PPP model due to lack

of flexibility in the contractual agreement states and should come up with a solution, and huge delay in dispute redressal. It calls where the states do not stand to lose any for right enabling environment for PPP revenue and simultaneously the initiatives for infrastructure development. manufacturing sector gets a clear and fair Therefore transparency in government taxation system. procedures, enacting new legislations, ease The issues relating to training and of norms and rules of National PPP Policy, intellectual property rights need a long term appropriate risk allocation, fast dispute strategy and lot of efforts, but there is an redressal system and good governance are immediate need to make a beginning on need for hour to implement Make in India these issues. These issues require setting up plan successfully. of institutions of education, training and The issues and challenges related to labor research and nurturing them without any also demand to be addressed on priority. political interference. The manufacturing According to World Bank, India has one of sector should be encouraged to participate the most rigid labor markets in the world. directly and indirectly in these activities by This is one of the biggest constraints in providing them tax benefits for investments implementing Make in India initiative. made in this regard. Labor laws which are restrictive and To compete with the cheap manufacturing outdated in the present context are needed to sources i.e. China. The manufacturing of be revisited. We require more flexible labor goods should be encouraged in India instead laws e.g. increasing ceiling on layoffs of of importing those goods. The government workers and discouraging them to form should put more efforts to enhance the unions and go on strike but providing competitiveness of the Indian domestic minimum wages to all employees. manufacturing industry by encouraging To address the tax related issues, the them to increase productivity, decrease lead implementation of a centralized goods and times, implement various quality control services tax (GST) may simplify the techniques and green practices. The currently complex indirect taxation system. countries like China might be losing on the It will replace all the indirect taxes as central advantage of vast pool of low-wage workers, excise duty, service tax, value added tax, as it is having double-digit increases in octoroi and luxury tax etc. The Goods and China‟s minimum wages. This would Services Tax will be a huge step forward in compel many companies to look for other making India a single market. The GST is a low-cost alternatives. On this front, India stated priority area for the government, but it has an advantage over Southeast Asian continues to face resistance from some states countries such as Vietnam and Indonesia as that are worried about losing revenues and these countries lack the deep supply of are keen to keep certain tax items excluded workers available in India. We need to from it. The Government of India should strengthen our low skill manufacturing to bring on board all the state governments and complement the inherent capabilities of deliberate upon the issues concerning the skilled labor force, which is already

recognized all over the world for making  http://www.makeinindia.com/policy/new- complex things and for its frugal initiatives retrieved on 30/7/15. engineering. It is thus the most opportune  The Economics Times (2014). The India moment for India to make the environment ranks 142 in latest "Ease of Doing investor friendly from the perspective of Business" report: World Bank, Oct 30. manufacturing sector. low skill  The Economics Times (2015). Sonny to manufacturing. Make in India via Foxconn, July 3 REFERENCES retrieved from http://timesofindia.indiatimes.com/tech/te  Das R. and Zalewski J. (2014). Making ch-news/Sony-to-Make-in-India-via The most of Make in India retrieved from Foxconn/articleshow/47917999.cms on http://www.forbes.com/sites/riskmap/201 10/8/15. 4/12/01/making-the-most-of-make-in-  Thomas A. M. (2015). An Economic india/ on 20/7/15. Analysis of the Make in India Program  Ease of doing business in India (2014). retrieved from www.alexmthomas.com Retrieved from on 4/8/15. https://www.kpmg.com/IN/en/IssuesAndI nsights/ArticlesPublications/Documents/ KPMG-CII-Ease-of-doing-business-in- India.pdf accessed on 2/8/15.

The Relation Of Spirituality and Stress of the Entrepreneurs

Raman Solanki and Maneet Singh Tuteja Institute of Innovation in Technology and Management, New Delhi

INTRODUCTION ABSTRACT Stress plays an important role in the life of Spirituality is to ‘know’ who you are and the the individuals whether it is businessman, knowledge of yourself understanding the students, teachers and other professions. To highest spiritual qualities and attributes cope with the stress people use meditation, which are love, peace, purity and bliss. listen to good music, fun etc. depend upon Spirituality is a resilient and controversial which type of stress is occurring. Managing variable that has evidenced an ability to stress is all about taking charge: of your help people better cope with stress. This thoughts, emotions, schedule, and the way empirical research paper attempts to you deal with the problems. Spirituality is to identify the relation between spirituality and know about oneself and the understanding of stress. Four types of indicators are used for some supreme power through which the measurement of stress such as behavioral world is governed. Spirituality is not just indicators, emotional indicator, sleep about the god and religion, it is something indicator and personal habits. Hypothesis related to elite power, it is a faith which said if spirituality is high then stress will be connects a normal human being to their soul. low or if spirituality is low then stress will ―a person’s experience of, or a belief in, a be high. In young generation entrepreneurs power apart from his or her own existence‖ the stress of making it big or to follow the (Mohr, 2006). Spirituality is the bridge footsteps of previous Generation between what we are and where we want to entrepreneurs affects them. Data is reach or we can say it is hopefulness. collected through the questionnaire based on spirituality index and stress index. 75 Spirituality is the choice of human being to New Entrepreneurs have taken as surrender him to one supreme power that is participants to find out the rate of meaningful and desirable for him ―An spirituality in entrepreneurs and correlation active choice to surrender oneself to God's is used to determine the relation between will‖ (Wong-McDonald, 2000, p. 149). spirituality and stress. The objective of the Sometimes people believe on supreme study was to effect of spirituality on stress power only to mitigate the deleterious which is a key to function a business effects of the life. smoothly. Keywords: Spirituality, Faith, Spiritual coping has been effective in Stress, Supreme Power, Entrepreneurs, protecting individuals from the negative Religion effects of death of a loved one, natural disasters, chronic illness, and acts of

terrorism (Zinnbauer, Argument, Cole, Rye, Emotional distress — some combination of Butter, Belavich, Hipp, Scott, & Kadar, anger or irritability, anxiety and depression, 1997). In other words spiritual is the faith the three stress emotions. and trust who save the people from the Muscular problems including tension negative things. Spirituality is the way to headache, back pain, jaw pain and the reduce the negative effects of life such as: muscular tensions that lead to pulled death, stress, illness etc. muscles and tendon and ligament problems. Stomach, gut and bowel problems such as Stress is the body’s instinctive response to heartburn, acid stomach, flatulence, external environment cues as well as to diarrhea, constipation and irritable bowel one’s inner thoughts and feeling. Stress syndrome. arises when we try to control the Transient over arousal leads to elevation uncontrollable things. American institute of in blood pressure, rapid heartbeat, sweaty stress says that palms, heart palpitations, dizziness, ―Everyone knows what stress is, but migraine headaches, cold hands or feet, nobody really knows.‖ Means we know shortness of breath and chest pain. about the stress and the reason of the stress but we don’t focus on it in the initial stage EPISODIC ACUTE STRESS when its effects the mind then we starts to Episodic stress is a severe acute stress find the solution. which means a human being experiences TYPES OF STRESS this type of stress every day in a daily life Basically, there are two types of stress: one not just once in a while. This type of stress is related to positive stress called eustress is usually seen in people who make self- which motivate and improve performance of inflicted, unrealistic or unreasonable the individual and other one is negative demands which get all clamored up and stress called distress which demotivate and bring too much stress in their attempt to decrease performance of the individual, it accomplish these goals. The symptoms of can lead to mental and physical problems. episodic acute stress are the symptoms of extended over arousal: persistent tension According to the situation, stress is of three headaches, migraines, hypertension, chest types (The Stress Solution by Lyle H. pain and heart disease. Miller, PhD, and Alma Dell Smith, PhD.): Chronic stress: While acute stress can be Acute stress: Acute stress is thrilling and thrilling and exciting, chronic stress is not. exciting in small doses, but too much is This is the grinding stress that wears people exhausting, because it is short term, acute away day after day, year after year. Chronic stress doesn't have enough time to do the stress destroys bodies, minds and lives. It extensive damage associated with long-term wreaks havoc through long-term attrition. stress. The most common symptoms are: It's the stress of poverty, of dysfunctional families, of being trapped in an unhappy

marriage or in a despised job or career. It's the stress that the never-ending "troubles" NON-RELIGIOUS SPIRITUALITY have brought to the people of Northern A second type of spirituality is non-religious Ireland; the tensions of the Middle East have spirituality. It centers on doing something brought to the Arab and Jew, and the endless positive. This gives a sense of peace in one’s ethnic rivalries that have been brought to the spirit. Non-religious spiritual acts often people of Eastern Europe and the former mean creating things or making something Soviet Union. by hand. This act gives a sense of satisfaction. Fans of the television show In entrepreneurial life, it has been found that NCIS may recall a scene. After Agent Gibbs the eustress helps to build their future but it solves a disturbing crime, he retreats to his depends on the personality of the basement. There he quietly, carefully works Entrepreneur and the way of motivation on his hand made boat. The message is he/she takes. Problem of achieving target, simple. The act of creating something fed poor profits, lack of funds etc. create an his soul. The acts of destruction he saw took acute stress but when it happens regular way away his sense of peace. Building something it converts into chronic stress. of beauty gives back his inner peace. His spirit is nourished back to health. Making Spirituality perspective predominately the boat gives meaning and purpose to his speaks about some power which originates life. This is an example of non-religious from inside, it also involves a feeling of spirituality. being connected with one’s work and with others (Ashmos and Duchon, 2000; Neck REASON OF THE STUDY and Millimam, 1994.) to connect with the one’s work and others depend upon the 1) What is the relationship between individuals. The most common types of spirituality, stress, and academic spirituality that can be experienced by an performance? 2) How do spiritual individual are: entrepreneurs use their spirituality to cope RELIGIOUS SPIRITUALITY with stress and how does this impact their business performance? 3) Do spiritual It is related to belief in a being greater than people feel more positively about their oneself. There are different ways to connect business performance than less spiritual with greatness like some people connect to it people? Why or Why not? To answer these through prayer, church and books. Most of questions, took a mix methods approach us get spirituality, peace and faith from the incorporating both qualitative and church, temples, gurudwara and some quantitative research strategies. people gets it only through the books like LITERATURE REVIEW the Gita, Ramayana, Bible or Quran. The Many researches have been studies done on main thing behind the spirituality is to get a stress and spirituality on academic sector peace of body as well as mind. and focused external factors as

environmental, economic demands, affects agreeableness, conscientiousness, trait anger the stress more instead the internal factors as and neuroticism (Elise E. Labbe´ and Ashley personal habits, perception, attitude etc., The Fobes, 2010). A person who is highly literature defines stress as a process in which spiritual has a lower state anger. For women, environmental demands tax or exceeds a higher spirituality was significantly person’s ability to adapt resulting in associated with higher contentment as well psychological and biological changes that as with lower stress levels. Stress and place a person at risk for disease (Cohen, spirituality of the individual depend on the Kessler, &Gordan, 1997). Perceptions of age as well as gender (Jessica Tartaro, Linda stress vary from one individual to the next J. leuken, Healther.E.gunn, 2005). The lack because stressors have the potential to elicit of relationship between contentment and different responses based on people’s stress, even given women’s significantly subjective experiences (Dwyer & higher stress levels, indicates that, for Cummings, 2001). women, contentment is strongly associated Spirituality is a protective factor that has with an internal factor of spirituality as demonstrated surprising reliability as a opposed to environmental factors coping mechanism and protective factor in represented by stressful life events (E. Don the literature (Clark, 2004; Gartner, 1991; Poage, Kay E. Ketzenberger, James Olson, Karren, Hafen, Smith, &Frandsen, 2002; 2009). Perceptions of stress vary from one individual to the next because stressors have Pargament, Maton, & Hess, 1992). the potential to elicit different responses Spirituality is man’s relationship with the based on people’s subjective experiences creator (Wong-McDonald, 2000). In the (Dwyer & Cummings, 2001).spirituality can Judeao-Christian perspective, spirituality has happen in a different way either through been defined as ―an active choice to yoga, listening to religious music, share surrender oneself to God's will‖ (Wong- problems with others. Yoga practices McDonald, 2000,). Stress has been defined enhance muscular strength and body as a significant life change that can be flexibility, promote and improve respiratory positive or negative (Holmes &Rahe, 1967). etc. beyond this, it reduce stress, anxiety, More specifically, stress can be explained as depression and chronic pain, improve sleep an interruption of psychological pattern and enhance overall wellbeing and homeostasis‖ (Burchfield, 1979). Research quality of work life (Catherine woodyard, shows that young entrepreneurs are not just 2011). affected by an academic load, but that the current economic climate has led to OBJECTIVE increased financial stress for this population The objective of this study is to determine (Northern, O'Brien, & Goetz, 2010). the level of spirituality and stress in the life Spirituality depends upon the personality of of entrepreneurs and also to find out that the individual and stress occurs due to whether spirituality plays any role in personality traits like extraversion, reducing stress of entrepreneurs. The

objective of this study is to determine the business life where entrepreneurs have level of spirituality and stress in the stress of loss, family, money. done on assess the spirituality and stress spirituality. Four types of indicators are used but after work on the literature review of for measurement of stress such as behavioral past researches which shows that level of indicators, emotional indicator, sleep the spirituality in the entrepreneur life is not indicator and personal habits. Survey was high as compare to other, (Clark, 2004; Park selected on the basis of convenience. A 81 & Bonner 2008). The objectives of the items in questionnaire in which 48 questions study are as: are related to stress index and rest of the related to spirituality, which showed  To find level of the spirituality among effective and time saved and instruction girls and boys of IIT students who are associated with the format and to identify now running a business. items that were tried to easily understand by  To examine the spirituality really does the employees. matter in entrepreneurs’ life.  To examine the methods cope up with Respondents were asked to indicate them the stress other than spirituality in disagreement or agreement into 6 directions entrepreneurs life for spirituality index it was as which ranging NULL HYPOTHESIS from 1 to 6: strongly disagree, disagree,  There is no significant relationship somewhat disagree, somewhat agree, agree between the spirituality, stress and and strongly disagree. For stress it was as business performance. which ranging from 1 to 5: never, almost  There is no significant relation between never, some of the time, most of the time age and gender and almost always.

RESEARCH METHODOLOGY In the stress index, Q1to Q5 are related to sleep indicators; Q6 to q14 are related to The study is based on the primary data and behavioral indicators; Q15 to Q35 are related data is gathered through distribute the to emotional indicators; Q36 to Q40 are questionnaire among the specific target of related to general questions of stress; Q41 to entrepreneurs of former Indian Institute of Q48 are related to physical indicators. Technology students. The age group of the entrepreneurs was25 to 50 year so, it was In the spirituality index: Q1 to Q10 indicates easy to focus the spirituality and stress level spiritual support subscale, Q11 to Q18 on the target sample size. indicates spiritual openness subscale and rest of the questions related to god or supreme MEASUREMENTS OF VARIABLES power.

Spirituality support subscale and spirituality Reverse scoring: Q1, Q3, Q7, Q8, Q21, openness subscale is used to determine the Q31, Q32, Q33 are reverse scored. Each

subscale is scored separately scoring is kept RESULTS AND DISCUSSIONS continuous. Participants were 47 (31boys and 18 girls) Data collection: Primary data were collected former engineering students and research through the questionnaire distributed among scholars of IIT Delhi from the Department the former engineering students, now of Paper Technology. 75 questionnaires entrepreneurs of specific department. Survey were distributed and 47 returned. was based on the convenience sampling Respondent rate were 62% in which some method. A predominantly quantitative participants from boys didn’t give the approach was adopted for the study, answers of some questions. The average respondents were selected randomly. Some mean of the age of the entrepreneurs was data related my research was collected 35 years in this study. through personal interviews with the entrepreneurs. This study has been done at the end of the reunion that was organized at IIT Delhi Sample size: During the survey 75 recently. The overall stress score and questionnaires were distributed among the spirituality score among entrepreneurs are former engineering students, who are now tabulated in Table1. Correlation of entrepreneurs and 47 questionnaire got spirituality and stress are tabulated in Table2 return back, which shows 62% respondent and test of normality is tabulated in Table3. rate. The findings reveal that the stress level is significantly related to the spirituality of the Statistics used: Statistical data were entrepreneurs. Some information was analyzed using Statistical Package for the collected through personal interviews, Social Sciences 20 (SPSS 20) and Microsoft according to which boys adopt different excel 2010. Correlation analysis was used to things to get relief from the anxiety such as determine the relationship between the smoking, drinking, and workout etc. Alcohol spirituality, stress and entrepreneurs. Data may be used as a tool to reduce coding strategies were used to analyses the psychological distress (Marx and Sloan, qualitative data. 2003). But girls do religious and non- religious activities for reducing the stress. Graph1 shows that if spirituality is high then stress will be low and if spirituality is low then stress will be high it means spirituality and stress are inversely proportionate to each other.

Stress of the Entrepreneurs

Spirituality of the entrepreneurs

GRAPH 1: Representation of the Spirituality and Stress The result showed that mean score of spirituality and stress level of entrepreneurs is 121.14 and 120.76 respectively out of the total score of the spirituality and stress was 192 and 280 respectively. TABLE1: Spirituality and Stress Descriptive Statistics

N Minimum Maximum Mean Std. Skew-ness Kurtosis Deviation

Statistic Statistic Statistic Statistic Statistic Statistic Std. Statistic Std. Error Error

Spiritualit y 121.1489 47 61.00 158.00 24.25676 -.625 .347 -.364 .681

120.7660 Stress 47 76.00 190.00 25.75825 .362 .347 -.239 .681

Valid N 47 (list wise)

The correlation (-0.519) indicates that relation between the spirituality and the stress of the entrepreneurs is negatively related to each other which shows significant relationship between spirituality and stress. Result reveals that when spirituality of entrepreneurs in any terms whether religious, non -religious and toxic is high then stress of the entrepreneurs will be decreased. In other terms when spirituality of the entrepreneurs increases then stress decreases. TABLE 2: Correlation of Spirituality and Stress Correlations

Spirituality Stress

Pearson Correlation 1 -.519** Spirituality Sig. (1-tailed) .000 N 47 47 Pearson Correlation -.519** 1 Stress Sig. (1-tailed) .000 N 47 47

**. Correlation is significant at the 0.01 level (1-tailed).

TABLE 3: Test of Normality Tests of Normality

Kolmogorov- Smirnova Shapiro-Wilk

Statistic df Sig. Statistic df Sig.

Spirituality .105 47 .200* .952 47 .050 Stress .094 47 .200* .978 47 .521

*. This is a lower bound of the true significance. a. Lilliefors Significance Correction

A Shapiro-Wilk’s test (p>0.05) (Shapiro &Wilk, 1965, Razali&Wah 2011 ) and visual inspection of their histogram, normal Q-Q plots showed that the spirituality and stress were slightly normally distributed of entrepreneurs with the skewness of -1.80 ( SE =0 .347) and a kurtosis of -0.53 (SE= 0.681) for spirituality of the entrepreneurs where the skewness of 1.04 ( SE=0.347) and a kurtosis of -0.35 ( SE= 0.681) for the stress. Stress is highly normally distributed than the spirituality normality curve.

This study showed the relationship between the spirituality and stress. According to the results, spiritual person is a person who always tries to cope with the stress and find out the relevant solution of the problem. Spirituality can be in terms of faith, belief, hope about oneself which helps individual to fight with the stress.

LIMITATIONS Personality of the individual like extraversion, agreeableness, Entrepreneurs have the power to conscientiousness, trait anger, and develop and modify their career in neuroticism decide the level of stress interesting and creative way but due to acceptance. Characteristics of the some stresses like family pressure, personality are the crucial for the financial problems, improper guidance, research related to stress and unrealistic expectations etc. spirituality. Self-efficacy has been Entrepreneur stress is highly affected defined as a sense of personal control by the financial aspect. This paper and the perception that one has the didn’t focus on the financial stress of ability to minimize, reduce, or tolerate the entrepreneurs. Financial problem, a particular situation (Bandura 1977). family problem, group cohesiveness These were the limitation of this study are important variables for the and also serve as suggestions for the measurement of stress and spirituality future researcher who are interested to of the entrepreneurs. do research in the area of stress and spirituality.

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Make In India: Turning vision into reality

Jatin Gandhi and Rishabh Jain Institute of Innovation in Technology and Management, New Delhi

ABSTRACT contributes around 16% of country‟s GDP is Entrepreneurship as important aspects of increased to 25% in next 5 years. the economy. The concept of Make in India scheme Eliminates Entrepreneurship is very vital in today’s Unnecessary laws and regulations and to world it means becoming master of your promote 3 sectors namely Agriculture, own Fate. The aim of the make in India Manufacturing and Service sector which movement is to take a share of contributes to India GDP at a vast. Out of manufacturing in country’s gross domestic which India GDP is wholly and heavily product from stagnant 16% currently to favour of Service Sector. So the objective of 25% by 2022, as stated in national this scheme is to ensure the manufacturing manufacturing policy, and to create 100 sector which contributes around 16% of million jobs by 2022. The major objective India GDP is increased to 25% in next 5 behind the initiative is to focus on 25 sectors years. Major objective of this scheme of the economy for job creation and skill focuses on 25 sectors. The sectors are enhancement. Currently India’s service Automobiles, textiles and Garments, sector is booming and India’s GDP is Biotechnology, Wellness, Defence, heavily and wholly favour of service sector. Manufacturing Ports, Food Processing, So because of this our Prime Minister Mining, Media and Entertainment, IT and Narendra Modi launched this campaign BPM, Pharmaceuticals, Renewable Energy, Make in India to convert India into next Roads and Highways, Railways, Thermal Global Manufacturing Hub. Secondary Power, Oil and Gas, Space, Leather, research is used for the purpose of the study Construction, Aviation, automobile and this paper discusses about Make in components, chemicals and Electronic India scheme, its opportunities, challenges, System. changes needed and some examples of Indian economy is going through bad phase. different investors, invested so far. Sweeping economic reforms are need of hours to pull back economy from clutches of KEYWORDS: Gross Domestic Product, Recession. It is viewable that in such a short Job creation, Skill enhancement, Start ups span, Modi Government has identified the reasons why economy is in bad shape. At INTRODUCTION the same time Narendra Modi Government has taken right steps to bring Indian The Indian manufacturing sector has the economy back on track. Make in India great potential to convert India into next campaign is Right Step in Right Direction. Global Manufacturing Hub. The objective of Make in India is recognized globally and this scheme is to ensure to rise and to take has featured in “100 Most Innovative manufacturing sector to the next level which Global Projects”. Make in India initiative

aims to correct the composition of Indian five years to produce mobile devices, TVs, GDP which is the root cause of recession. electronic products, batteries and key electronic. "Indian Government Initiative is to globally Components, among others, which could attract entrepreneurs and innovators in make it the biggest foreign investor in the various fields to make this campaign government‟s „Make in India‟ programme successful in all respects” so far. They are planning to make some 400 OBJECTIVES million handsets here. Half of these will be manufactured for the Indian market and the Ultimate objective is to make India a next rest for exports to Middle East, Africa and big thing and to convert India into Global Russia. Manufacturing Hub. Companies across the world would be invited to make investment Automobile makers with manufacturing and set up factories and expand their facilities in India are looking beyond South business in India and use India‟s highly Asia, Africa and Latin American markets for talented and skilled manpower to create exports. Swedish commercial vehicle (CV) world class zero defect products, To convert maker Volvo Bus Corporation on Tuesday India into Global Manufacturing Hub, To said that it will export „Made in India‟ buses Provide Employment, Boost Economic to developed markets in Europe, a move that Growth, To make new way for developing will enhance prime minister Narendra entrepreneurs in India, To urge both local Modi‟s „Make in India‟ campaign. The and foreign companies to invest in India. company plans to unveil the first such bus in Mission is to manufacture in India and sell Europe by the end of the year. the products worldwide. Japan‟s Sony Corp. will start making its ADVANTAGES OF INVESTING IN popular Bravia television sets in India as INDUSTRY SECTOR part of the government‟s Make in India initiative. “India has been an important Make in India scheme will create large scale strategic market for Sony. Sony sees huge employment opportunities to low skill potential in television business as more and workforce since majority of workforce in more Indian customers are expected to India are low skilled. Make in India scheme switch from CRT (cathode ray tube) to LCD will attract more FDI to revitalize Indian televisions over the next few years. Bravia economy. Through manufacturing sector it televisions account for more than 40% of will help the Indian Economy to reduce Sony India‟s overall sales. With products India‟s trade deficit through more of exports now being manufactured locally, Sony plans and less of imports. to strengthen its distribution channel in India. INVESTORS IN DIFFERENT SECTORS FOR MAKE IN INDIA After global competitors like Xiaomi and Motorola, smartphone maker Asus is now Foxcon is set to invest over $2 billion (Rs mulling manufacturing in India and has set 12,800 crore) initially to establish up an internal team to study the prospects of manufacturing plants in India over the next domestic manufacturing.

The Taiwanese firm, which currently has a In 1970 1$ = Rs. 4 Today 1$ = Rs. 68 share of about 2% in the Indian smartphone .Estimated 1$ by end of the year = Rs.72. market, aims to raise it to 5% by 2016.India Dollar is not getting stronger, rupee is offers a huge opportunity but current getting weaker and nobody else is smartphone penetration is just 10%. responsible for the fall, except us.

In addition, Home appliances manufacturer A Cold Drink produced for 70-80 paisa sold Bosch and Siemens shall be starting first at Rs. 9-10. Stop drinking them, Drink manufacturing plant in the country, to be set Lemon juice, Lassi, Fruit juice or butter up at a cost of Rs. 350 crore. The facility, milk instead of foreign drinks. Likewise aimed at making India as an export hub for start to use Indian made products in all the South East Asian region. Switzerland- needs. If we check most of the products we based chocolate maker Barry Callebaut is use, half of the things are foreign made. looking at setting up a manufacturing unit in People use these foreign made products & India as part of its global expansion plans to Government has to pay in dollars for the cash in on the Rs. 3,000 crore domestic same, thus value of rupee Decreases. market. Barry Callebaut currently has only commercial operations in the country. At Same features comes at Indian mobile Rs present, the $5.2 billion Swiss chocolate 17k means we waste Rs 24k and these 24k maker has 50 manufacturing facilities across go to south Korea in dollars .None of the Europe, Africa, North and South America as Indian products are inferior in quality, they well as Asia-Pacific. might look a bit less fancy. CHALLENGES MOMENTS OF CHANGE The Ultimate challenge of Make In India campaign is to tackle with elements that “Make in India” boosts manufacturing trade adversely affect competiveness of and economy. Over 10,000 training centers manufacturing. The government has to chart open within 2 years. It Creates job market out plans to give special privileges to these for over 10 million people. sectors. According to World Bank, India Make in India raises the share of the ranks 142 out of 189 countries in terms of manufacturing sector in gross domestic ease of doing business. product (GDP) from its current level of India has complex taxation system and poor around 16 per cent to 25 per cent by 2022, infrastructure facilities. Rapid skill up and creating 100 million new manufacturing gradation is needed because skill intensive jobs over the same period. sectors are dynamic sectors in India, Otherwise these sectors would become Indians should need a wakeup call for uncompetitive. consuming Indian made products. More than India should motivate research and which is 30000 crore rupees of foreign exchange is currently less in India and should give more being siphoned out of our country on room for innovation development. products such as cosmetics, snacks, tea, beverages, etc. which are grown, produced and consumed here.

DATA COLLECTION “Make in India” mission is one such long term initiative which will realize the dream Data has been collected through secondary of transforming India into manufacturing source. A lot of research paper and project Hub. Start-ups in the core manufacturing work was taken as the base for this research sectors are poised to play a crucial role in and this paper discusses about Make in the success of „Make in India‟ ambitions, India scheme, its opportunities, challenges, said experts at a panel discussion at the 11th changes needed and some examples of India Innovation Summit 2015 . different investor, invested so far. “Start-ups in the fields of telecom, defence manufacturing, automobile, Internet of FINDINGS Things, financial technology modules and mobile internet have immense potential to The campaign has boosted the succeed in the scheme of „Make in India‟,” manufacturing trade and economy, making said Siddhartha Das, general partner, the manufacturing industry to raise its share Venture East addressing aspiring in the GDP. It created job market for over entrepreneurs at the discussion on 10 million people. Inspiring generation of “Entrepreneurship - Role of Start-ups startup entrepreneurs towards Make in India”. Make in India scheme also focuses on producing products ANALYSIS with zero defects and zero effects on It‟s based on secondary data. This campaign environment. will make more industries to come up in India and setup their operations and deliver product and services to the customer at FDI is surging: Foreign direct investment competitive prices. between October and May was up 40 to $23.7 billion from the same period a year CONSUMPTION OF MORE INDIAN earlier. Net investments by foreign PRODUCT institutional investors or the money coming through financial markets, totaled % $40.92 It will work well with the "Invest India" - billion in the fiscal year ended March 31, an initiative by the Commerce ministry to roughly seven times as much as in the prior make it very simple to get investment year. approvals for manufacturing. This will create a job market for over 1crore. Industrial production is warming: The pick- Government has started skill development up in investments is starting to show in the programme which will generate more skilled country‟s industrial production numbers. worker. Official data show India‟s industrial production rose an average 2.7% year-over- CONCLUSION year in the seven month period from Indian has the capacity to push the GDP to October to May. Nothing spectacular one 25% in next few years. The government of may say. But it is a significant step up from India has taken number of steps to further the measly 0.6% increase during the encourage investment and further improve comparable period a year earlier. business climate.

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Women-Empowerment through Women Entrepreneurship

Saheb Dua

Institute of Innovation in Technology and Management, New Delhi

ABSTRACT marriage, home, children as well as occupation. They accepted the part of the Women Empowerment involves making responsibility for success and growth of women powerful so they can take their own their business. In 80’s, the number of decisions regarding their life and wellbeing women opting highly sophisticated technical in the society and families. It is empowering and professional education increased. They women to make them able to get their real entered into family businesses as equally rights in the society. The rights for which participating partners. The women of the work women empowerment stands are: to 90’s were capable, confident, competent, make their own decision and choices, have and as service. They were clear of their equal social status in the society, get equal goals, process and the direction of goal opportunity for education, get equal accomplishment. These women were bold, employment opportunities without any knows how to live alone, travel alone and gender bias, get comfortable and safe grow children alone when failure in working environment, rights to participate marriage and life partnership occurs. In most in every social meetings, religious places of the cases they moved out shone and like temple and public activities, have equal outperformed their male rights for social and economic justice, counterparts.21st century is the century of having complete control of their own life telecom, IT and financial institution. and to live their life freely with sense of self- Women’s excel in all these industries have worth, respect and dignity. The present made them emerge as great leaders in the paper discusses that women can be society. But with all these ups, still in many empowered through entrepreneurial parts of world women and girls are still ventures and gives them the confidence to facing difficulties to live their lives realize their dreams. according to them. Women have not been Keywords: Women Empowerment treated in good way by men all throughout time. They have been denied their rights, INTRODUCTION their opportunity. It is very familiar happening on a daily basis in offices, Earlier women were confined in the four factories, sports, schools and entertainment. walls of their homes and were made to do household works. The time changed and bought changes in their lives. The women in seventies show new frontiers and developed However, in the West, things are not only aspirations but ambitious for self- dramatically different. They are not treated employment. These women wanted as atrociously as in the East. Women in

West have the right to get educate and they rest half population of the country in every have no limit on how far they want to study. walk of life. Women in West have high profile career and India is a famous country proving the command respect and good salaries too. But, common proverb like “unity is diversity”, women in the West do have to deal with where people of many other religious beliefs discrimination. The most common is are in the Indian society. Females have been unequal biased salaries. This is common in given a special place in every religion, almost every career-sports, multinational which is working as covering the eyes of companies, films, schools etc. They also people and help in the continuous way of face several problems in getting a job many ill practices (including mental and position where they are making competition physical) against women as a norm since with man. Males are maximally favored ages. In the old aged thinking of Indian over the female employee. Thus, there are a society, there was custom of sati-pratha, lot of differences in the way women are dowry taking from bride’s family, sexual- treated in the West and the East, but there violence, domestic-violence, female- are also some similarities. infanticide, parda-pratha, wife-burning, sexual-harassment at work place, child- NEED OF WOMEN EMPOWERMENT marriage, child-labor, etc. including other IN INDIA discriminatory practices. All such type of physical and mental ill practices is because As we know that India have tendency of of male superiority complex and male female dominance, where females are controlled system of society. dominated in every area and forced to be Socio political rights “right to work, right to responsible for only family care and live in education, right to decide for themselves, for the home including other many restrictions. the women were completely restricted by the The need of women having authority arises male member of families. Some of the ill- because of the gender biased thinking and practices against women have been disposed male domination in the Indian society since by the open minded and great Indian people long time. Women are suppressed by their who raised their voices for the family members and society for many discrimination against women. reasons. They have been aimed for many In the recent years, various constitutional types of violence and discrimination by the and legal rights have been implemented by male member in the families and society in the government of India in order to India and other nation as well. There is a eliminate ill practices and gender ritual of worshiping many female gods in discrimination against women. However, in India including giving honor to the female’s order to solve such a big issue, the forms in the society. But, it does not mean continuous effort of everyone including that only respecting or honoring women can women is required. Modern society is being alone fulfill the need of development in the more aware about the women rights which country. It needs the empowerment of the results in the increasing number of several

70 self-help groups, NGOs, etc. working in this reason may be that they have to deal female direction. Women are being more broad customers. No basic professional education minded and breaking the societal-barrier to is needed for this enterprise. Anyone who is achieve their rights in all direction even able to read and write can do diploma or crimes are going side by side. degree courses for starting this venture. This Some acts passed by the Parliament are enterprise can be started with minimum “Equal Remuneration Act-1976”, Dowry expense and which can be expended later Prohibition Act-1961, Immoral Traffic on. It is find that as age increases exposure (Prevention) Act-1956,”Medical termination and expertise in the field increases which in of PregnancyAct-1971”, Maternity Benefit turn increases further investment and profit. Act-1961, Commission of Sati (Prevention) Thus we can see how this venture can be Act-1987, Prohibition of Child Marriage used as important tool for empowering Act-2006, Pre-Conception & Pre-Natal women. The suggestions after doing this Diagnostic Techniques (Regulation and analysis were, as follows: Prevention of Misuse)Act-1994, Sexual Harassment of Women at Work Place  Women can be motivated towards this (Prevention, Protection and) Act-2013, etc. enterprise by providing financial support in order to provide women with legal rights. lie loan on low interest. In order to provide safety to women and  Training programme at minimum or no reduce crime against women in India, fees charged, organized by government. government has passed another act Juvenile-  Seminars and conferences for these Justice (Care and Protection of Children) entrepreneurs can be organized for Bill, 2015 (especially after Nirbhaya case literate group. when an accused juvenile was released).  Interaction with successful entrepreneurs This act is the replacement earlier Indian of this field. juvenile delinquency law of 2000 Juvenile-  Policies should be made for empowering Justice (Care and Protection of Children) women in this field. Act, 2000 in order to reduce the juvenile age  There should be a common forum from 18 to 16 years in cases of heinous between entrepreneurs running this offenses. venture in different reasons where their experiences. This will help in updating their knowledge. FINDINGS AND SUGGESTIONS NATIONAL BEST PRACTICE In present study it is found that enterprise is appropriate for those women entrepreneurs Government should identify the states or the who are having problem outside home due regions where the schemes are implemented to family responsibilities or their culture. in the best manner. They could act as the They can start this venture inside their models for other states or regions to follow. home. There is no restriction of caste or We should keep in mind that we need not to marital or age on these entrepreneurs. The follow world best practices; the national best

71 practices will be enough to gain the desired boost in moral which helps to make their target. own unique identity.  Overall development of society: The PERFOMANCE OF STATE IN main benefit of Women Empowerment WOMEN EMPOWERMENT is there will be an overall development of the society and country.  Economic Benefits: Women empowerment helps women to stand on their own, become independent and also to earn for their family which grows country’s economy.  Reduction in domestic-violence: women who are uneducated are at higher risk for domestic violence than an educated woman. Women who educate herself become more confident then uneducated women. Education provides vital knowledge of surroundings and helps to build self-confidence. Source: Yojana.gov.in  Reduce Poverty: Sometimes, the only IMPORTANCE OF WOMEN money earned by male members of the EMPOWERMENT family is not sufficient to meet the needs of family, in that way women can help to  Under-Employed and Unemployed: feed family too by working as male are Women population constitutes around doing. 50% of world population. A huge  National Development: Women are number of women around world are increasingly participating earnings of unemployed. The world economy suffers women help the family to come out a lot because of unequal opportunity of poverty trap. for women at workplaces.  Equally intelligent & competent: CONCLUSION Women are equally giving competition nowadays, even ahead of men in many The famous saying said by the “Pandit economic activities. Jawaharlal Nehru”- “To awaken the people,  Talented: Women are talented as men. it is the women who must be awakened. Earlier females were not allowed for Once she is on the move, the family moves, higher education like males and hence the village moves, the nation moves”. In their talent was wasted. But now, they order to really bring women empowerment are also allowed to opt for higher in Indian society needs to understand and education as it encourages and give them eliminate the main cause of the practices against women which are male-controlled

72 and male dominated system of society. It every area and showing their great interest needs to be open minded and change old in each field. Finally, after years of hard mind set against women together with the struggle they are actually getting their rights. constitutional and other legal provisions. Women empowerment is the better REFERENCES treatment of any big or small problems  Abzug, C. the female gender in North related to human’s economy. In few last Ghana. Accra & Ghana: Worldwide. years, the advantages of the women empowerment are coming out in front of us.  Arhin, W, women in the informal sector: The case of women n iAccra.Accra, Women are being more thinking about their health, education, career, job and Ghana: Grassroots. responsibilities towards society, family and  Personal communication with women of country. They are taking participation in ruler area(village burari ,savroop nagar new delhi india).

Threads of Freedom: A case study to know the practices of a social enterprise TOFU

Sharmila Wilson Institute of Innovation in Technology and Management, New Delhi Aman Alam Motilal Nehru College, University of Delhi

ABSTRACT INTRODUCTION

The term “social entrepreneurship” is The organisation was setup by Pritham being adopted and used more extensively Raja, Soumil Surana and Adarsh Nungoor as way to draw upon business techniques who are just 27 years old. Pritham grew up to find solutions to social problems. If we in Muscat and during his college days, he go in deep, the scope of social was very active in women’s rights issues. entrepreneurship has not been utilized to He shared that once he came across a the fullest. woman whose husband had forced her to sleep with a friend because he had lost a This paper seeks to do this by studying the bet. Stories like these horrifying to all of case of a Bengaluru-based social us. enterprise and a clothing brand, who seeks employment for victims of sex trafficking The life of such women bothered him a lot. in ngos and employ them in their own firm He left a great job in US came back to to help them find their way back to life and India and started participating in solving live it with respect and dignity. It all starts these women related problem Pritham told with a belief that TOF possess “a steady that went he spoke to Sunita Krishnan in job should be at the heart of any Hyderabad and a couple of organisations reintegration effort.” They use their firm asking them where and how can they help. to fulfil their pursuit to empower the He realised that they were not trained and women who have escaped the shackles of skilled enough to participate in rescue sex slavery, it looks at what social operations. That was not their cup of tea. entrepreneurs do and achieve for the community, and for themselves at the wide Pritham and his friends Soumil and Adarsh scope of their world, and at the help that is decided to fix this and they started TOF. available and needed. TOF has faced Adarsh runs the service and co-ordinates many obstacles but they passed each of with various partners to ensure that the them and, finally found the solution to this reintegration of these women goes as social demon – Threads of Freedom. This planned case study of successful social Rehabilitating the victims of sex entrepreneur draws out an important trafficking is never an easy task. There are social issue. various social stigmas that comes in the Keywords: Employment, social and moral way. In many cases, these girls cannot support, development return to their families because it is the

74 families that would have sold them in the MODULES OF TOFU first place. Companies won’t employ them as victims lack training, and also because The sex trafficking victims TOFU helps they lack confidence. Such girls end up rehabilitate are not only provided with a spending years together in one or the other steady job, but also training, rehabilitation homes, which hurt them accommodation, counselling, any type of psychologically and make them weak. It financial assistance, Medicare, and becomes harder and sometimes next to everything else that is required to take care impossible for them to come out of their of them until they fully stand on their feet. trauma and past horrors. On the market end TOFU do two things. First, they work with other companies and INNOVATIVE YET SIMPLE START brands and produces clothes for them. TOF or TOFU started their strive to try Second, they also run their own clothing and fix this social issue, and ensure that brand. Some profits earned on the market sex slavery victims get better acceptance in front are reinvested into the service the society. Their strategy was innovative programmes of the organisation which yet simple. They went to textile factories completes the full cycle of the self- and said guaranteed a certain number of sustainable model. orders for your clothes, and in return, asked for employment of their CHALLENGES FACED beneficiaries (these victims). This was a A major problem rescuers faced was that wining situation at both ends. of rehabilitation. Even after a victim was TOFU bought apparels from its partner rescued, where they could possibly be manufacturers, which act as a financial taken was still a big question. incentive for the factories to hire more of Another was motivating them and of trafficking victims. The clothes bought by course social stigma. TOFU are then sold to other brands or consumers and the revenue from these HOW DO THEY DO IT sales feed the overall programme built to TOFU works with several rescue agencies help improve the lives of the victims. which help in rescuing victims of sex FUNDAMENTAL BELIEF trafficking bring them back into the society. Joining hands with non-profits, They have built certain processes and also government agencies and garment have partnered with garment manufacturers, they were able to provide manufacturers, NGOs, and government these women with proper training, organisations to ensure that each and every employment and much needed sex trafficking survivor who joins their counselling. programme is guaranteed a well-paying job and a good life style ahead. Once the trafficking victims were admitted into their life saving program, they were provided with full medical care, food and accommodations. They were put under training and were then sent for

75 employment at a partner facility, after that place orders from them. Except the factory point of time they were provided owner and the HR, no one is aware about accommodations and food but at a the girl’s background. Everything they do subsidized rate. Counsellors’ are available ensures that the confidentiality of the for these members of the ToFu family woman is maintained which ultimately 24X7, 365 days. make them win their lives back. They are very particular about the confidentiality of The partnerships they maintain are the these victims. most unique and critical part of their process. As an incentive to hire people PROFIT SCOPE OF TOFU from their program, they had to place orders with each manufacturing unit. The As a for-profit organization, they manage benefit is that these units will have enough this entire process. They ensure the quality income to cover employee wages and of the manufactured products and ensuring Threads of Freedom is able to accomplish the safety and wellbeing of the rescued the entire process, from hiring of women, to marketing and selling our employees to sales of apparels. clothes, they work hard to develop win- win outcomes for our customers, the Once people are hired, they are manufacturers and the rescued women. incorporated into the fold like any other employee. They are not singled out as SUCCESS SO FAR different nor do they necessarily work on Till now TOFU is working with a the clothes we purchase. In this way, manufacturer who has 14 factories across candidates are able to sustain anonymity, India, and agreement with some other while simultaneously ensuring job security leading apparel brands to produce clothes and specializing in any area of their for them through their process is under choosing. way.

PARTNERS OF TOFU IN THIS TOFU has successfully employed 28 NOBLE WORK women with their partners. The The company is working with the organisation currently has the potential to Department of Women and Child, employ over 100 more through their Karnataka Government, International current partners Justice Mission, and NGOs like Sneha, ROAD AHEAD and Vidyaranya. As a brand of clothing, TOFU is also INTEGRATION OF GIRLS INTO expected to make its debut in leading retail THE WORKFORCE stores soon.

Asking these women to work in a separate ToFU’s current plan is expansion. Help as line would certainly not help. So they many victims as possible. They had a fund came up with a credit system in which the raiser done in the US last year to help manufacturer gets a credit for every man these victims and, the organisation has hour a rehabilitated woman works for raised over $25,000 and is currently using them, and a credit point is debited as they

76 those funds to build their network across It would be interesting to conduct study on Karnataka. social entrepreneurship in the framework of non-profit organizations and companies, It must be noted that every year 3,000– in order to compare their respective social 4,000 victims are rescued from sex entrepreneurship models. Another scope is trafficking racket in the country but the study that also emphasizes social reaching all of them is very difficult but entrepreneurship in the framework of organisations like TOF seems to be companies is to study the characteristics of creating a promising future and a ray of their engagement in social hope for some of these people if not all of entrepreneurship, and to compare them them. with the corporate social responsibility in CONCLUSION: STANDING OUT order to distinguish the practices that are AMONG OTHERS specific for social entrepreneurship.

This part aims to present the conclusions, ACKNOWLEDGEMENT derived from the empirical findings and With the completion of our project analysis in this study that answers the entitled “Threads of Freedom”, we research question and the research Aman and Sharmilaa would like to extend purpose. our sincere gratitude to Dr. Archana TOF a manufacturer of garments has taken Krishnan who encouraged and motivated up the responsibility of helping sex us to think out of the box and to always trafficking slaves which is highly look for such inspiring case studies. Her appreciable.no one thinks about these support was unflinching & very important people but this firm has taken up the in the completion of our report and to give responsibility to bring them back on tracks it the final shape. We sincerely thank her of life with respect, confidence and for all efforts she made which took us to dignity. This is an innovative step and has light whenever it seemed dark and difficult a bright future. to go ahead with the study .we are thankful to TOF family for rendering their support LIMITATIONS OF THE CASE and sharing their work and strategies with STUDY us and cooperating with us.

This case was studied within limited frame REFERENCE of time and resources. All victims could not be contacted for this research, only few  www.mytofu.org – official website members of TOF could be contacted due  http://social.yourstory.com/2016/01/pri paucity of time and accessibility. It also tham-raja-tofu/ - your story lacks empirical findings.  google.co.in

SCOPE OF FURTHER STUDY

This study introduces social entrepreneur in profit making organisation,

Social Entrepreneurship: A Case Study of Aravind Eye Care Hospital

Shivi Sakhuja and Prachi Kalra Institute of Information Technology and Management, New Delhi

ABSTRACT The entrepreneur develops a business model, acquires the human and other required Social entrepreneurship as a practice and a resources, and is fully responsible for its field for scholarly investigations provides a success or failure. Entrepreneurship operates unique opportunity to challenge, question within an entrepreneurship ecosystem. and rethink concepts and assumptions from different fields of management and business Social entrepreneurship is the attempt to research. Social enterprise is increasingly draw upon both business and nonprofit recognized for its economic, social and techniques to find solutions to social environmental contribution to society and a problems. This concept may be applied to a wealth of social enterprise research is now variety of organizations with different sizes, emerging from practioners and academic aims, and beliefs. alike. The paper puts forward a view of MODERN DEFINITION Dr.G.Venkataswamy, the founder of Aravind Although there are various arguments eye care hospital, who wanted to eradicate associated with social entrepreneur. Thus, so needless blindness from the country. Social far there has been no clear cut definition of entrepreneurship is seen as differing from social entrepreneurship, so many different other forms of entrepreneurship in the types of fields and disciplines are associated relatively higher priority given to promoting with social entrepreneurship. Social social value and development versus entrepreneurs are referred to as capturing economic value. The case study is Philanthropists, environmentalists, social conducted on Aravind Eye Care Hospital activists and other socially oriented India and its functioning as social enterprise practitioners. For a clearer definition of in India. social entrepreneurship, it is necessary to set Keywords: Entrepreneurship, Social the function of social entrepreneurship apart Entrepreneurship, Aravind Eye Care from other socially oriented activities and Hospital India. identify the boundaries within which social INTRODUCTION entrepreneurs operate.

Entrepreneurship is the process of starting a Social entrepreneurship ventures focus on business or other organization. maximizing gains in social satisfaction, rather than maximizing the profit unlike traditional corporate businesses. In modern society social entrepreneurship offers a selfless form of entrepreneurship that

focuses on the welfare of the society. In sustain, social businesses and social simple words, entrepreneurship becomes a enterprises. Another famous British social social venture when it transforms social entrepreneur is Andrew Mawson OBE, who capital which ultimately affects the society was given nobility in the year 2007 because positively. of his recreation of work including Popular innovators that are associated with the Bromley by Bow Centre in East London. the term include Bangladeshi Muhammad Social entrepreneurs and entrepreneurship Yunus and Pakistani Akhter Hameed Khan. may be found throughout history but Yunus was the founder of Grameen Bank, although the terms are comparatively new. which mastered the concept of microcredit There are few important people whose work for helping innovators in various developing has influenced the modern definition of countries like Asia, Africa, and Latin "social entrepreneurship". These include- America. He received a Nobel Peace Prize Florence Nightingale, founder of the first for his efforts and also inspired programs nursing school and developer of modern such as the Info lady social Entrepreneurship nursing practices, Vinoba Bhave, founder of Programme. In addition, Stephen Goldsmith, India's Land Gift Movement and Robert former Indianapolis mayor, focused on Owen, founder of the cooperative social efforts on a more local level, movement. Some of the most successful involving the private sector in providing social entrepreneurs effectively influenced services to multiple cities. the civic, governmental, and business worlds during the nineteenth and twentieth HISTORICAL BACKGROUND centuries. The ideas promoted by such In the 1960s and 1970s the terms social pioneers were taken up by mainstream entrepreneur and social public services in schools, welfare and entrepreneurship were primarily used in the health care. literature on social change. These terms were extensively used in the 1980s and EXAMPLES OF SOCIAL 1990s, and were promoted by Bill ENTREPRENEURSHIP Drayton the founder of Ashoka. From the As far as social entrepreneurship is 1950s to the 1990s Michael Young was a concerned, India is often considered as the leading promoter of social entrepreneurship main hub for impact investing, and the and during 1980s, Professor Daniel Bell at world‟s laboratory for testing new ideas. Harvard explained 'the world's most The country is clearly a very important successful entrepreneur of social enterprises' market as there are billion dollars waiting to as he created more than sixty new be invested in social enterprises and success organizations worldwide, which included stories like Husk Power Systems, dLight, the School for Social Entrepreneurs (SSE) Rangsutra, Waterlife and Vaatsalya which exists in the Australia, UK, and Healthcare continuously making the rounds Canada and which helps individuals to in global social entrepreneurship realize their potential and to set up and community. India‟s journey in relation to

social entrepreneurship has been led by the lighting systems have been installed in the vision and hardwork of qualified past 18 years. His sincere efforts made him individuals, unlike other countries like the won, Asia‟s „Nobel‟ prize, the Ramon UK, Korea, Italy, and Singapore where the Magsaysay Award in 2011, for “his great purpose is being driven by government and efforts to put solar power technology in the large private enterprises (especially Korea). hands of the weaker section of the society, through his social enterprise SELCO India.” Dr Verghese Kurien, father of the India’s milk revolution: Vikram Akula, founder of SKS Microfinance: Kurien‟s contribution to the social entrepreneurship movement in India is In 1998 Akula founded SKS Microfinance historical. Although Tribhuvandas Kishibhai to provide micro-loans and insurance, and Patel might have founded the Kaira District within a time period of 12 years, had taken Co-operative Milk Producers‟ Union (now the company to a mainstream IPO of $347 known as Amul) in 1946 but if it wasn‟t for million in 2010. His basic knowledge in Varghese Kurien who had just arrived from microfinance went back to the time in 1994- the US after completing his Master‟s 95 when as a Fulbright Scholar in India, Degree, the co-operative would never have Akula handled a government funded become a household name. research project that provided micro-credit to poor farmers for food security. He was Anil Kumar Gupta, IIM-A professor and named in Time‟s list of 100 most influential founder of Honeybee Network: people in 2006. Since 1981, Gupta a professor at Indian ARAVIND EYE CARE HOSPITAL Institute of Management, Ahmedabad, is a true advocate of the grassroots revolution. INTRODUCTION He‟s famous for identifying rural innovators, In order to provide affordable eye care helping executing their inventions, services to a country which has protecting supplementing grassroots approximately 20 million blind citizens and innovations and inventions. the intellectual 80% of it is due to curable cataracts. Dr. property rights of inventors by filing patents Govindappa Venkataswamy, at the age of 58 and creating a knowledge network at initiated, the Aravind Eyecare Hospital different levels for which is popularly known as the Harish Hande, co-founder Selco Solar: McDonald„s of cataract surgery. With the bed strength of more than 4000 beds and Hande, co-founded Selco in 1995, to provide serving 0.25 million patients every year, it is renewable energy solutions to India‟s poorer one of the world„s largest eye care hospital sections of the society. Firstly when he serving the poor section of the society. Poor initiated, he had problems in creating people having cataract can regain their eye- awareness about solar and had to install the sight at a price as low as $40 or free of cost, first lighting solutions free of cost to present if they are not able to afford. It was its value. More than 1.35 lakh solar home presented by this non-profit community that

it is practically possible to merge high for cataract surgeries done on poor patients quality, low cost, world scale and from eye camps, after his retirement, He sustainability. Aravind business model has established a non-profit trust, which was been seen as a innovative business model by named, the Govel Trust. He made himself as many organizations and has proven that eye the Chairman and his two brothers, two care can be provided at low cost and still sisters and their spouses, and an ex officio can also yield sustainability and even member, namely, the Madurai Main Rotary profitability. Aurolab, which is a successful President as trust members. manufacturing unit of Aravind hospital has In 1976, the Govel Trust started running a produced 6%-7% of the low-cost lenses modest 11 bed hospital in Dr. V.‟s brother's world-wide in 2002, which were sold in house at Madurai, namely, Aravind Eyecare more than 100 countries. This Organization Hospital, with a mission of catering the poor has been a source of case studies and is blind people of the country. In this hospital, referred not only nationally, but five beds were reserved for patients who internationally as well. would pay to get treatment and six beds were reserved for those who would be It was in the year 1976, Padmashree Dr. G. offered free treatment. Venkataswamy, popularly referred to as Dr. In the year 2003, the Aravind Eye Hospital V, got retired from the Government Medical (AEH) at Madurai had now grown to a 1500 College, Madurai as the Head of the bed hospital performing about 95,000 eye Department of Ophthalmology. Instead of surgeries every year. There were four more settling for a quiet retired life, Dr. V. was Aravind Eye Hospitals located at, determined and yet decided to continue the Coimbatore, Theni, Tirunelveli and work he was doing at the Government Pondicherry in addition to Madurai Medical College, which included organizing eye camps to check sight in rural areas, AIMS AND OBJECTIVES OF prescribe the need of corrective glasses, do ARAVIND EYE HOSPITAL (AEH) cataract and other surgeries as needed and also use to advise corrective and preventive  To eliminate needless blindness by measures: In other words, providing quality providing appropriate compassionate eye care services. These services were to be and high quality eye care for everyone. provided to both the poor and the rich alike.  Provide eye tissues for research and To Dr.G.Venkataswamy this was more than training. a job to spend his time: he was a person who  Provide grief and support counseling to was passionate to eradicate needless donor families. blindness. His vision was simple yet grand  To procure, process and distribute that is to eradicate needless blindness at corneal tissues of the highest quality least in Tamil Nadu, i.e his home state, if not for transplantation. in the entire India. With this mission, Dr. V  Equip the eye bank personnel. started a modest hospital with his personal  Promote awareness programmes savings and with partial government support among the society.

BUSINESS MODEL OF ARAVIND EYE established its own lens manufacturing HOSPITAL (AEH) facility named Auro lab and blood bank to reduce costs. The rate of infection in Dr. V's vision was to eradicate needless Aravind was about four per thousand blindness in India. For this he wanted to surgeries which was outstandingly lower copy the service efficiency of McDonald‟s than the international norm of six per fast food restaurant and sought to adapt it to thousand surgeries. Aravind is able to earn his own eye care system to cope up with the their patients trust and satisfaction through increasing numbers of patients being treated. their efficiency, pricing options, and Innovative, generous, and fair, Dr. V welcoming environment and because of this structured patient fees into four basic loyalty, previous patients often become categories: free, minimal payment, regular, Aravind‟s best advertisers. To ensure and premium. Individuals can choose maximum impact, Aravind conducts between any of these and will receive the outreach operations that dispatches teams of same quality care no matter which option doctors and nurses to rural communities to they go for. Aravind established a program screen patients. These are people who wherein doctors visited remote villages to cannot afford to pay for the trip into the city conduct eye camps sponsored by various to seek treatment at one of Aravind‟s organizations such as Sathya Sai hospitals, and are not aware of the Organization, Rotary International and opportunities that exist for them in the city. Lions Club International. These The camps reduce the level of fear and organizations took care of the costs of the uncertainty associated with hospitals, cities, camp, transporting the patients to surgery and eye-surgery. These eye-camps are and their rehabilitation costs while Aravind reaching individuals who may not have did the surgery free of cost. Aravind had sought out eye-care, and this is broadening only full time doctors, no part time or the potential market for Aravind. visiting doctors were employed (unlike in many other hospitals which gave facilities PRESENCE OF ARAVIND EYE for doctors who would come and see the HOSPITAL (AEH) patients). Private practice was not allowed for any of the doctors. Aravind focused on Aravind Hospital started in 1976 as an 11- rotating doctors between paid and free bed hospital in Madurai. Later on Aravind wards, concentrating on efficiency and expanded to five more cities in Tamil Nadu hygiene and thereby eliminating differences including Udumalaipettai, Salem, Dindigul, between the surgeries done for paid and free Tirupur, Thoothukudi, and neighboring patients. Pondicherry. Aravind is in process of setting up a hospital in Chennai at a cost of Rs.1.4 Aravind started performing 5 times the billion with a capacity to perform 60,000 number of cataract surgeries that were surgeries per year. The group also has four performed in the India and 16 times more partnership projects — with the Rajiv than that of the entire U.S. Aravind Gandhi Charitable Trust located in Amethi,

Birla Corporation in Kolkata, another one in principle is in terms of market development Lucknow and Shanghvi Trust in Amreli, and through that demand generation. This is Gujarat. Apart from this, Aravind is also in a a process of converting a need into a process of setting up its first overseas demand and in this process they get a venture in Nigeria, Africa in partnership significant percentage of this demand to with Chanrai Group which is expected to be their own facilities. The second core the largest eye-care facility in Africa which principle is of excellence in ensuring a high will have the capacity to perform 10,000 level of efficiency in providing the surgeries annually. treatment, including outpatient services and surgeries. The third core principle is of REPLICATION AND SCALE quality. The aim is to ensure that the patient In its 40 years of existence, Aravind has regardless of whether he is a free or a paying grown to include several eye hospitals, local patient gets value for his investment in time eye-care centers, community outreach or money. The fourth principle is of clinics, ophthalmic pharmaceutical sustainability wherein they set the prices not manufacturing plant, an IOL educational and according to the costs but on how much the training programs, and a research various economic strata of the community foundation. It is therefore clear that the can afford to pay. They then work Aravind model is scalable and replicable backwards to maintain the costs within these because Dr. V successfully formed 5 estimates. This leads to not just financial additional hospitals, after his original start- feasibility but also to a higher order of up in Madurai. The LAICO consulting management, as well as inculcating a certain group has taught Aravind‟s techniques to culture in the organization. The combination other business groups across the globe as of all these principles builds a sustainable well. model that they have demonstrated over the past 40 years. AWARDS AND RECOGNITION REFERENCES  FICCI award for the Best Private Hospital in India  Aldrich, H. and Zimmer, C. (1986)  Conrad N. Hilton Humanitarian Prize “Entrepreneurship Through Social (2010) Networks” in The Art and Science of  Champalimaud Vision Award (2007) Entrepreneurship, eds. D. L. Sexton,  Gates Award for Global Health (2008) D.L. and R. W. Wilson, pp.154-167.  India‟s Most Innovative Hospital Award Massachusetts: Babson College. at India Healthcare Awards (2011)  Ashoka (2001) www.ashoka.orgBirley, S., Cromie, S. and Myers, A. (1990) FINDINGS AND CONCLUSION “Entrepreneurial Networks: their Emergence in Ireland and Aravind‟s Business Model is fundamentally Overseas.” International Small Business built on a few core principles. The first Journal, 9, 4.

 Blair, T. (1997) First Policy Speech as  http://www.academia.edu/11219091/Ara Prime Minister, London. vind_Eye_Care_systems_A_Model_with  Bjerke, B. and Hultman, C.E. _a_Vision_of_gifting_eye_sight_to_the_ (2002), Entrepreneurial Marketing: the Needy growth of small firms in the new  http://healthmarketinnovations.org/sites/ economic era. Edward Elgar. default/files/Aravind,%20Process%20Ev  Brockhaus, R. H. (1982) “The aluation.pdf Psychology of the Entrepreneur” in  https://en.wikipedia.org/wiki/Aravind_E Encyclopaedia of Entrepreneurship, eds. ye_Hospitals C.A. Kent, D.L. Sexton and K.H.  http://www.academia.edu/4267520/RIG Vesper. Englewood-Cliffs, New Jersey: HT_TO_SIGHT_A_MANAGEMENT_ Prentice-Hall. CASE_STUDY_ON_ARAVIND_EYE_  Bygrave, W. (1989) “The HOSPITALS Entrepreneurship Paradigm (I): A  https://theartoflivingfree.wordpress.com/ Philosophical Look at its Research 2012/09/29/aravind-eye-care-systems-a- Methodologies.” Entrepreneurship social-entrepreneurial-case-study/ Theory and Practice, 14(I) pp.7-26.  http://www.aravind.org/default/aboutusc  Carland, J.W., Hoy, F. and Carland, ontent/genesis J.A.C. (1988) “Who is an  http://zenithresearch.org.in/images/storie Entrepreneur?” Is a Question Worth s/pdf/2012/Jan/ZIJMR/36%20Bhupinder Asking.” American Journal of Small %20Chaudhary%20Right%20to%20Sig Business, Winter. ht.pdf

Role of Make in India Campaign in Promoting Entrepreneurship Shreya Gupta Institute of Information Technology and Management, New Delhi

ABSTRACT make plans accordingly and run the Entrepreneurs are an integral part of every business to satisfy these needs. country. They play a major role in shaping the countries future, they generate Entrepreneurs are an asset to every employment as well as they work towards economy and help the country and the development of the society. Promoting economy in many ways. They bring in entrepreneurs is one of the most important innovation and new ideas, surge social tasks which have to be fulfilled by the change as well as also add to the national government of every country. This income of the country. Promoting the research paper is designed to study the role entrepreneurs is a requisite in a country of make in India campaign of the Indian like India as India being a developing government towards the promotion of country, promoting and empowering its entrepreneurs in the country and also about entrepreneurs will help the country to the obstacles in the path of the Make in develop more. In this regard, the India campaign. The paper includes the Government of India is promoting sector wise study of the campaign and also entrepreneurs under schemes such as the measures taken by the government for ‘Start-up India’ and ‘Make in India’. These the entrepreneurs of the country. It schemes have been initiated to promote the includes the current position of the country development of entrepreneurship in the in ease of doing business index as well as country. The purpose of this paper is to facts about the economy of the country. study the role of Make in India initiative in Further it involves a discussion over the contributing towards entrepreneurship role of make in India towards the development which would further lead to promotion on entrepreneurs of the country. the economic development of the country Keywords: Entrepreneurs, Development and pave the way for India to become an economic superpower. INTRODUCTION MAKE IN INDIA CAMPAIGN Entrepreneurs play a major role in The Make in India campaign is an development of any economy. They shape initiative of the Government of India. This the future of any country. Entrepreneurship campaign includes new initiatives planned is the task or the process of designing a to facilitate investment, encourage new business and the person who innovation, protect intellectual property undertakes this task of developing a and invent best-in-class manufacturing business is called an entrepreneur. The infrastructure. It aims to promote main role of an entrepreneur is to identify multinational and domestic companies to the need in the market and analyse it and manufacture their products in India. The once the need has been identified, they motive is to make India a manufacturer’s

paradise and further contribute to overall Automobile, Automobile components, economic development. Chemicals, IT & BPM, Pharmaceuticals, The major aims behind the make in India Textiles and garments, Ports & shipping, initiative are: Aviation, Leather, Tourism & hospitality, Wellness, Railways, Construction,  To cover numerous sectors of the Defence manufacturing, Renewable economy for becoming a foundation of energy, Mining , Bio-technology, jobs and skill enrichment. Some of Electronic systems, Electrical machinery, these sectors include: automobiles, Thermal power, Roads and highways, chemicals, IT, textiles, ports, leather, Space, Oil and gas, Media & entertainment tourism and hospitality, railways, and Food processing. renewable energy, bio-technology, and This initiative also emphasises on policies electronics, etc. regarding the FDI, intellectual property  To increase GDP growth and tax rights (IPR), national manufacturing, etc. proceeds of the country.  To aim at escalating the quality POLICIES REGARDING THE FDI standards and lowering down the UNDER MAKE IN INDIA impact on the environment. CAMPAIGN  To be a magnet for capital as well as The Government of India has taken technological investment in India. multiple processes to increase the Foreign Direct Investment in India. Recent policy The Make in India campaign understands measures which are taken to increase FDI that entrepreneurs are risk takers who start in India include: up a new business on their own. They are  100% Foreign Direct Investment innovators who introduce new ideas to allowed in medical devices, telecom serve the market and the customers. sector and single-brand retail. Entrepreneurs play an indispensable role in  Foreign Direct Investment restriction every economy as they create new has been increased in insurance & sub- business ventures, add to the national activities from 26% to 49% under the earnings, and sponsor community initiative to promote the course of FDI development in the country. Entrepreneurs in the country. are not simply businessmen but are a big  Foreign direct investment in defence asset to the country. sector has been increased from 26% to Keeping this in view, the Indian 49% under Government direction. government came up with the make in Foreign Portfolio Investment up to India initiative which is further explained 24% sanctioned under automatic route. below: Foreign direct investment above 49% The Hon’ble Prime Minister, Narendra is also allowed on case to case bases Modi on 25 September 2014 launched the which are approved by the Cabinet Make in India initiative with the main Committee on Security. objective of job creation and skill  100% foreign direct investment enrichment of entrepreneurs in twenty-five allowed in construction, operation and sectors of the economy namely:

maintenance of particular activities of  Deregulation of items which have twin Railway sector under automatic route. use i.e. military as well as civilian  Foreign direct investment in applications. commodity exchanges, stock  A check-list of required compliances exchanges & depositories, petroleum will be placed on refining by PSUs, courier services Ministry’s/Department’s web portal. under the government route has now  All registers required to be maintained been brought under the automatic by the business should be replaced route. with a single electronic register, so that  Restrictions are removed under the tea the repairs becomes easy. cultivation sector.  Services of all Central Govt.  Foreign direct investment limit has Departments & Ministries will be been raised to 74% in credit incorporated with the eBiz(online information & 100% in asset portal) – a single window IT platform reconstruction companies. for services by 31 Dec. 2014.  These initiatives focus on increasing  Environmental clearances process is GDP growth and tax revenue in the made online. country. The initiative also aims at  All returns filed online through a increasing the simplicity of doing unified form. business in India along with increasing  No assessment should be undertaken quality standards and minimising the without the authorization of the Head impact on the environment. of the Department.  For all non-risk, non-hazardous MEASURES TO PROMOTE EASE businesses a system of self- OF DOING BUSINESS certification to be introduced.  There are various measures taken under Make in India campaign to MEASURES TO PROMOTE promote ease of doing business in MANUFACTURING India such as making an online portal, The Make in India plan also aims to so the work can be done easily and promote national manufacturing. The 24×7. The following are the other vision of the plan is to: measures taken by the government:  Ensure sustainability of growth,  Procedure of applying for Industrial particularly with regard to License & Industrial Entrepreneur environment. Memorandum is made online on 24×7  Increase manufacturing sector growth basis through online portal. to 12-14% per annum over the medium  The capacity of Industrial license has term. been extended to three years under the  Increase the share of manufacturing in Make in India initiative. the country’s Gross Domestic Product  Major components of Defence from 16% to 25% by 2022. products’ list do not need licensing  Create 100 million further jobs by anymore. 2022 in manufacturing sector.

 Increase domestic value accumulation R&D by offering rebates on R&D and technological depth in expenditure. manufacturing.  Enhancing the global competitiveness AUTOMOBILE COMPONENTS-100% of the Indian manufacturing sector. Foreign Direct Investment (FDI) is  Create suitable skill sets among rural allowed under the automatic route in the migrants and the urban poor for auto components sector, subject to all the comprehensive growth. relevant laws and regulations. AUTOMOTIVE MISSION PLAN MEASURES TO PROTECT 2O16–26: Indian automotive industry to INTELLECTUAL PROPERTY rise 3.5 to 4 times of the current value of Make in India also aims at safeguarding USD 74 Billion to USD 260 Billion. India intellectual property which in fact to be along with the top three automotive includes: industries in the world. Generate 65  Establishing a vivacious IP regime in Million more jobs and to contribute 12% the country. of India's GDP.  Efficient processing of IP applications AVIATION-The AAI is liable for by inducting additional manpower, developing, financing, operating, and augment IT facilities and automation in maintaining all public sector airports. New Intellectual Property Offices. airports are permitted under the Greenfield  Adopt best practices in IP processing. Airport Policy 2008. Investment in airports  Strengthening public delivery of IP is promoted under the PPP Policy of the services. Government of India. Regional Air  Promoting utmost levels of simplicity Connectivity Policy offers eye-catching and user-friendliness. incentives in the form of exemption of landing, parking and navigation fees to These are on the whole plans under the airlines operating at elected airports in Make in India initiate further sector wise non-metro areas. plans are also made under the campaign which are given below. BIO-TECHNOLOGY-USD 3.7 Billion Sector Wise Plans to be spent on biotechnology from 2012- Make in India also aims at attaining certain 17. sectors wise plans in case of 25 sectors. These are: CHEMICALS-Industrial licensing has been abolished for the most part sub- AUTOMOBILE- Six Million-plus sectors except for certain harmful and vehicles to be sold yearly, by 2020. dangerous chemicals. The government is Automatic sanction for foreign equity continuously matching the list of reserved investment up to 100% with no minimum chemical items for production in the small- investment criterion. Manufacturing and scale sector, thereby facilitating greater imports in this sector are exempt from investment in technology upgradation and licensing and approvals. The back-up of modernisation.

 CONSTRUCTION-USD 1 Trillion  FOOD PROCESSING-100% FDI is investments for infrastructure sector allowed in the automatic course for most anticipated during 2012-17. USD 650 food products. Billion investments in urban infrastructure  IT &BPM-National Policy on Information nearly over next 20 years. Technology 2012 aims to increase  DEFENCE MANUFACTURING-INR revenues of IT and BPM industry to USD 250 Billion to be invested in 7-8 years in 300 Billion by 2020 and expand exports to defence sector. The defence procurement USD 200 Billion by 2020. is governed by the Defence Procurement  LEATHER- Excise duty on footwear with Procedure (DPP). The government has leather uppers and which have retail price now decided to amend the DPP every year. more than Rs.1000 has been reduced to 6%. The tanning industry has adopted Zero ELECTRICAL MACHINERY-The Liquid Discharge (ZLD) systems to meet electrical machinery industry has been environmental regulations. delicensed. This has facilitated the entry of worldwide majors into the electrical MEDIA & ENTERTAINMENT- machinery industry in India. The dream is to build India the country of choice for the BROADCASTING CARRIAGE invention of electrical equipment and SERVICES: Foreign Direct Investment reach a harvest of USD 100 Billion by (FDI) in Teleports, Multi-System balancing exports and imports. Operator, DTH, cable networks in DAS areas, mobile TV, Headend-in-the-Sky ELECTRONIC SYSTEMS-The Broadcasting Services are permitted up to vision is to create an internationally 74% with FDI, up to 49% under the competitive ESDM industry to meet the Automatic route. FDI beyond 49% (up to country’s desires and serve the 74%) is allowed under the government international market. The purpose is to route. FDI in local cable networks and build a bionetwork for a globally MSO in non-DAS areas are allowed up to competitive ESDM sector in the country 49% under the Automatic route. by attracting investment of about USD 100 BROADCASTING CONTENT Billion and generating employment for 28 SERVICES: FDI in FM radio is Million people at various levels. The permitted up to 26% under the government ultimate aim of the policy is to develop route. FDI uplinking of ‘News and Current core competencies in planned and core Affairs’ TV channels is allowed up to 26% infrastructure sectors like automobile, under the government route. FDI avionics, telecommunications, industrial, uplinking of ‘Non-News and Current medical, solar, information and Affairs’ TV channels/down linking of TV broadcasting, railways, intelligent channels is allowed up to 100% under the transport systems, etc. A number of state government route. governments have also distinct policies in electronics. PRINT MEDIA: 26% FDI under the government approval route is permitted in the publishing of newspapers and periodicals trading with current affairs and

news. 100% FDI under the government PORTS & SHIPPING-Major ports are approval route is approved in under the jurisdiction of the Government publishing/printing of scientific and of India and are governed by the Major technical magazines/speciality Port Trust Act, 1963, except Ennore Port, journals/periodicals. . 26% FDI under the which is administered under the government approval route is permitted in Companies Act, 2013. Non-major ports are the periodical of Indian editions of foreign under the command of the particular state magazines dealing with news and current governments’ maritime boards. A affairs 26% FDI under the Government perspective plan of the government approval route is allowed in publication of includes: Development of two major ports duplicate editions of foreign newspapers. as well as two port hubs. Plans to implement full mechanisation of cargo MINING- As per Mines & Minerals management and association at ports. Development and Regulation (Amendment) Act, 2015 all mining leases WELLNESS-100% Foreign Direct for major mineral deposits shall be granted Investment (FDI) is allowed in the for the episode of 50 years. Mining leases AYUSH sector. in respect of notified minerals such as bauxite, limestone, iron ore and TOURISM & HOSPITALITY- The manganese ore shall be approved through vision is to enhance employment possible public sale. within the tourism sector as well as to advance economic amalgamation through OIL & GAS- Exploration activities of developing linkages with other sectors; natural gas fields and oil , infrastructure policy objectives include positioning the related to marketing of petroleum products tourism sector as a major instrument of and natural gas, infrastructure, marketing economic growth, positioning India as a of natural gas and petroleum products, universal brand, acknowledging the vital petroleum products' pipelines, natural gas role of private sector and developing pipelines market study, formulation and integrated tourism circuits. petroleum refining in private sector, subject to the existing sectoral policy and THERMAL POWER-100% Foreign dogmatic framework in the oil marketing Direct Investment (FDI) is allowed under sector and the policy of the government or the automatic route in the power sector private participation in exploration of oil (except atomic energy), subject to the and the discovered fields of natural oil related laws and regulations. companies - 100% FDI, automatic route. TEXTILES-100% FDI is approved under PHARMACEUTICALS-The aim is to the automatic route in the textile sector; create third largest pharmaceuticals market investment is subject to all related laws by 2020 in terms of growth. USD 45 and regulations. Billion in revenue by 2020, income of USD 55 billion by 2020 as base case, and SPACE-Foreign Direct Investment (FDI) can grow to USD 70 billion in a hostile up to 74% is approved in satellites- case scenario. establishment and operation, subject to the

sectoral guidelines of the Department of initiative has taken multiple steps to Space/ISRO, under the government route. promote the entrepreneurs in the country.

ROADS & HIGHWAYS-100% Foreign To understand whether the Make in India Direct Investment (FDI) is permitted under Campaign would be able to fulfil the needs the automatic route in the road and of entrepreneurs or not, first there is a need highways sector, subject to applicable laws to take a look at what are the necessary and regulation. requirements of an entrepreneur:

RENEWABLE ENERGY-Foreign Direct  An entrepreneur wants resources to Investment (FDI) up to 100% is allowed invest in his business under the automatic route for renewable  Ease in the paperwork for starting energy generation and allocation projects business subject to necessities of The Electricity  Protection of his new ideas Act, 2003. These needs are focused in the Make in India is a developing country with a India initiative. The initiative has cleared population of 1.22 billion India is ranked the image of the country and more and nd 2 in terms of population and the country more companies are keen to invest in India has a population growth rate of 1.28% as India has a huge market. Further this (2013), the country has a GDP of 1.84 investment or FDI will promote new trillion dollars (2012). The country has a entrepreneurs as more and more people large population which is a drawback but will invest in their ideas. The initiative looking from the other view we can say focuses on promoting the ease of doing that India has a huge market and there is a business in India. These initiatives are huge demand and this demand can be divided under the head of central fulfilled by new entrepreneurs and so government and state government promoting them will help in development initiatives; an online portal is also made so of the country. that work can be done 24x7. The formalities are reduced for doing business The Economy of India is the seventh- so that setting up a business is no more a largest in the world by nominal GDP. test for the entrepreneurs. Despite being the seventh largest economy India is ranked 142 (out of 189) in the ease OBSTACLES IN THE PATH OF of doing business index created by the MAKE IN INDIA CAMPAIGN World Bank group. India has moved from 116th rank to 142nd rank from 2006 .;–  Red Tapism 2015 i.e. India has descended 26 ranks in  Corruption the past decade.  Resistance to Change  Global competition The make in India aims to improve and  Impact of global economic slowdown promote ease of doing business in the country as well as developing the manpower and skilled labour in India. This

DISCUSSION towards empowerment and creation of entrepreneurs. After the study we can The initiative is working towards confidently say that the Make in India promotion of entrepreneurs. Various initiative will make a positive impact on effective rules for protection of intellectual creation, promotion and empowerment of property rights so that people are enthused the entrepreneurs of India only if the to innovate and come up with new ideas as obstacles such as slow judgment making, well as focus is also on promoting inflow red tapism, confrontation in the country etc of funds in the country. India is a are taken care off. promising country and FDI is the need of the hour and this is being taken care by the Campaign. REFERENCES  Retrieved from Multiple actions are being taken to http://www.makeinindia.com/policy/ne promote and empower the entrepreneurs of w-initiatives the country so that the future of the  Retrieved from http://www. country rise and shines. All the needs of makeinindia.com/policy/foreign-direct- the entrepreneurs are kept in mind by the investment Make in India campaign. Make in India is not only focusing on manufacturing goods  Retrieved from http://www. or services but also on manufacturing makeinindia.com/policy/intellectual- entrepreneurs. But for the effective property-facts implementation on this plan the  Retrieved from government has to heave above all the http://www.makeinindia .com/policy obstacles in the country such as slow /national-manufacturing judgment making, red tapism,  Retrieved from confrontation in the country etc. http://www.makeinindia.com/sectors  Retrieved from CONCLUSION http://www.nationmaster.com/country- info/profiles/India/Economy/All-stats The research was conducted to find  Retrieved from whether Make in India initiative is https://en.wikipedia.org/wiki/Ease_of_ promoting towards entrepreneurship or doing_business_index not. The campaign includes multiple steps

Social Network, Ethnicity & Entrepreneurship

Shristi Verma and Meghna Sharma Institute of Innovation in Technology and Management, New Delhi

ABSTRACT The results show the economic success for This study focused on the contrasts with the the small and socially isolated groups classic market-based discrimination in achieving good entrepreneurship important ways. The reason of emerging of ethnic entrepreneurship is due to the opportunities. This also leads to the discrimination that is faced by the small and generation of occupational stratification, isolated groups. As immigrant group is along with the ethnic lines. The success of referred to the group of people who leaves the ethnic group supports the model‟s one country in order to settle in another underlying mechanism. Introduction: (Social country. They move from their native network, ethnicity &entrepreneurship) countries to some another country for the Species variety is a feature of any vital sake of economic opportunities- people want -better life-better job-more money, political ecosystem and so is mankind. Species freedom, push or pull motivation etc. These variety is a feature of any vital ecosystem groups exhibit high level approach in those and so is mankind. This has led to melting sectors which are of narrow range. For pot of different cultures within most example- shop owners, nail care salons, own countries, with many challenging new culture convenience stores etc. An Ethnic opportunities but also with many frictions group or Ethnicity is referred to a category and threats for the host countries. Our age is of people who identify with each other based on common ancestral, social, culture or of mass migration; of both voluntary and national experience. Ethnic economy refers forced movements as a result most of the to ethnic self-employed. This occurs when metropolitan cities have seen a massive ethnic minority forms their own private influx of people with different socio- sector. cultural or ethnic origins. In recent years Keywords: Ethnic entrepreneurship, ethnic entrepreneurs have become an Ethnicity, Entrepreneurship indigenous and significant part of the local INTRODUCTION economy.

As Entrepreneurship has become the most Highly cohesive groups develop business in important topic throughout the world specific occupations with an incline towards whether it is developing countries or entrepreneurships. With each other‟s help developed countries. Ethnic group has and support these minority groups construct reciprocal relationship with the a small social group and start working in entrepreneurship. We develop the social common interests. The groups vary in term networks where non-work relationships of specialization and ethnicity with the facilitate the acquisition of the sector specific skills. change in geographical boundaries.

Entrepreneurs are people who develop grocery stores than other immigrants, and business or businesses by bearing the risk Gujrati speaking Indians are 108 times more and social network is a social structure likely to operate motels. Likewise, Greeks formed up of sets of dyadic ties & other concentrate in the restaurant sector, and social interactions between the social actors. Middle Eastern immigrants cluster in Ethnicity whereas is a category of people grocery stores and liquor store who identify with each other based on common social, cultural or national ENTREPRENEURSHIP experience. It is primarily inherited status. It is the process of launching and running a All together the terms are on the same new business, i.e. a startup company wavelength and are tied up strong as people offering a product, process or service, with similar cultural background have a whether for profit or non-profit venture. better understanding towards one another Hence, the entrepreneur must be able to and they build certain minority groups stand in an all new space without any doubt which then form social groups during and strong approaches. interaction processes. Whenever people The ethnic executive with their untapped identifies with each other on the ground of job-creating potential offer (i) different ethnicity in a different demographic set up management style and approaches within they generate self-employment and come up urban economic life which reflect their together as cohesive teams. Kuznets (1960) cultural diversity; (ii) many opportunities for observes that “all minorities are urban revitalization of local economies, characterized, at a given time, by an thereby increasing economic and cultural occupational structure distinctly narrower diversity, reducing unemployment and than that of the total population and the social exclusion, mitigating the problematic majority.” employment situation of young people in the Specialization is a core element of ethnic ethnic segment and raising living standards groups as it gets them recognition in the in ethnic groups that often belong to the lion‟s share. Protrusive example of such more disadvantaged segments in society. ethnic expertise is the Gujarati Indian motel “Ideas are easy. Implementation is hard. “An owners in the United States. The Chinese entrepreneur has good business ideas and launderers in early twentieth century in can turn the ideas into reality with hardship. California, and also Korean dry cleaners in Turning an idea into reality by an the United States are some groups that entrepreneur calls upon sorts of skills, which migrated and settled as ethnic entrepreneurs. are general and people managed. General The concentration can be very sharp, with a management skills are required to organize striking 45% of adult Korean males being the physical and financial resources needed self-employed, in contrast to 15% of the to run the business & people management adult male immigrant population as a whole. skills are required to obtain the necessary Yemi are 75 times more likely to own

support from others for the business to OBJECTIVES succeed. Objective of this study are: In this research In context of kinship relationships and social paper we are trying to find out how deeply bonds it is plausible that there are special social network, ethnicity and connections between ethnic-minority firms entrepreneurship is related together. The and their co-ethnic customers. Several main focus is on (i) to provide a deeper studies show intra-cluster ethnic loyalty, understanding of the motivation and while highly intensive communication orientation of ethnic entrepreneurs and behavior among the ethnic community identification of different personal value provides competitive advantages for ethnic systems, preferences, goals and strategies firms. Hence, socio-cultural bonds appear to and management styles of ethnic create a more than average loyalty between entrepreneurs, (ii) to quantify on the one the ethnic firm and his/her clients. The hand, the contribution of ethnic ethnic firms seem to create specific impact entrepreneurship to the innovative capacity, and construct a relationship with its (iii) to characterize strategies to market customers. expansion by ethnic entrepreneurs and to understand the role of public policies in PROBLEM STATEMENTS favoring break-out strategies.

Most of the immigrants suffer from The term social network has also attained a prolonged unemployment and experience newer approach for itself i.e. of internet. difficulties in getting into the labor market Ever since the dawn of the internet age there so they engage themselves in small has been one element which has been businesses. Such as in South Africa, self- exceptionally significant in connecting employment and rates of ownership have people of similar ethnicity. It allows family, grown rapidly amongst immigrants mainly friends and other interested individuals to after the birth of democracy in 1994. The connect along. The use of Face-book, firm owners started their businesses with the Gmail, My space etc. permits the eye to avoid ethnic discrimination and entrepreneurs to conduct themselves in front unemployment. Many researchers postulate of a wider mass. Social network sites have that this background characteristic of become one vast platform for ambitious minorities and their labor market position entrepreneurs. pushed other groups to enter self- employment. The executives pull their The values like thrift, close family and relatives into business as to improve their religious ties and trust, enable some social and economic status in the host immigrant groups to compete successfully in country. The aim of the study is to identify business. Case Study: If we refer to the the role ethnicity and culture play in psycho analysis of the Indian movie “kal ho developing entrepreneurship. na ho” the Indian family tried to adapt to the foreign culture in the restaurant business and could not portray it well and whereas their

competitors who were Chinese were doing Since interactions have been restricted to be well because of their portrayal of their own random, the analysis has so far abstracted culture. Then after they converted the from changes in the social structure that restaurant according to their culture it could arise in response to the productive became successful as due to their keen value of interaction. The question here that knowledge about their own belonged arises is that whether the society split up in society. smaller social groups, formed around occupation, to capitalize on interaction. If Workers produce goods and entrepreneurs such splinter groups could form costless, produce services in the form of selling the then social interaction would no longer be goods. Industry knowledge is important to able to generate occupational stratification entrepreneurs but not to workers, since along ethnic lines. entrepreneurs are their own managers and have to rely on their own judgment when The splinter groups will not arise so they make business decisions. The more an long as preferences are sufficiently diverse, entrepreneur socializes with other and so long as different social relationships entrepreneurs, the more knowledge is are not close substitutes for one another. exchanged. THEORETICAL BACKGROUND Since the early 1980‟s, self-employment among ethnic minorities has increased The study is based on the characteristics of significantly in Europe. Entrepreneurship the entrepreneurs‟ social networks which affects the economy both directly and shed the light on the creation of the new indirectly, and at various levels, through venture for the immigrants groups and innovation, completion and restructuring ethnic groups in the non-occupational sector (Wennekers and Thurik, 1999). The for their subsequent success. Social countries are sometimes restrictive regarding networks is defined as the networks or migrant start ups. Like India after relationships form on the basis of high trust independence became a close economy but either directly or indirectly links between the also when allowed trade was not an easy to individuals together in a social group. Social make host country. Also, many European networks or relationships are analyzed on countries have relatively high legal and the basis of the interaction between the administrative barriers for business startups. linked groups. Sociologists are successful in In last decades migrant enterprises have finding out the resources that are embedded become more embedded in the European under the social relations and the social urban economy. With the rising number of network structure for the entrepreneurship migrant entrepreneurs, the largest cities in opportunities for the concerned. Many Europe have acquired a more cosmopolitan models and theories are prepared for the outlook and have become dynamic concerned. One of the model is:”TRIPLE multicultural economies. PLUS MODEL” by Kamann(1998) that combines the social, economic and geographical space. The first revolves

around the small and medium entrepreneurs helps in providing the resources and other whose economic relations are rooted in important elements required for the history and where certain culture coherence entrepreneurship. was found. The second type revolves around the subsequent parts and the large SOCIAL INTERACTION- FACTOR OF companies in an area. Further the PRODUCTION interactions between the individuals can be Social interaction and productivity are explained by the Triple plus Model. complementary to each other. The main focus is on two factors –workers and entrepreneurs. Workers produce goods and producers provide services in the form of selling their goods. Industry knowledge is more important for the producers as compare for the workers which further leads to the right of taking the business decision solely with the producers. As the social interaction plays a very important part too. As whenever socializing during any gathering or any cultural or religious functions, one entrepreneur exchange his knowledge with the other entrepreneur leads to increase in knowledge as well as an increase in the social interaction links which Figure 1: The Triple plus Methodology. may or may not yield good results for them Source: Adapted from Kamann (1989), in future. The more entrepreneurs socialize Page: 286. with the other entrepreneur, the more Material relations are concerned with the knowledge will exchange and the more exchange information of the material goods, strong relations will be formed. That‟s why services and capital flow. Social networks it is said that social interaction and are also concerned with the direct exchange productivity therefore are complementary of information, strategy formulation and with each other in the entrepreneurial sector goal setting. The shock analysis is and entrepreneurial productivity increases concerned with the threats of the economic with the number of friends and family sector and political factors that affect the social in that sector. In addition to mentoring, networks. The plus is concerned with the social relationships can improve the ability cultural and the cognitive elements that have to extend the credit. Social ties help in its impact on the social networks. Social increasing the cost of breaking a contract, network approach suggests individuals‟ and in addition show the social behavior is contingent on the nature and the repercussions of economic and legal structure of social relationship, which also penalties.

Skill specificity and multi-sector extension around the occupation and capitalize on interactions? If such splinter groups could It is applies only when all the form costlessly, then the interactions would entrepreneurial activities are taken: if, for no longer generate occupational example: operating a dry cleaning shop stratification to the ethnic groups. requires similar skills that are required for operating a motel or any other shop. If skills This section shows that splinter groups will are sector specific then, a multi-sector skill not arise as long as preferences are not framework can‟t be appropriate to use. present in their groups which somehow difficult because preferences are diverse and For example: let‟s take an economy with cannot be completely present in a small just two entrepreneurial sectors along with social group. So the social interaction is the two groups of minority sector of same directly proportional to the size of the group. size and both have the equal demand for Smaller the size of group, lesser the social both the services. If the demand for one interactions between them. entrepreneurial sector falls short, then the efficient outcome for one of the minority DIVERSITY AND ETHNIC group is to specialize in that sector and the ENTREPRENEURSHIP other group to be specializing in the other sector which is completely arbitrary. But the Development of ethnic groups in the field of real picture shows that in this multi-sector entrepreneurship has become a new concept. economy with the sector-specific skills It can be evaluated as the fruit of the cultural similar groups consequently specialize in diversity as well as it can be seen as a different business sectors. catalyst of the development of the cultural diversity. As a result, there is emergence of An extension for future should include both minority groups in labor market as well as in the general and specific skills. It should have the line of owned business. Many factors are complete focus in stratifying the overall examined that influence the ethnic entrepreneurial activities as well as in other entrepreneurship and that are: structural and activities: like, for example in US where the cultural factors. Structural factors includes Koreans are strongly clustered in some of discrimination, high unemployment etc. the business activities and along with that Cultural factors includes specific values, they have being overrepresented in almost in culture features further including loyalty, all other business activities too. motivation etc. the immigrant group or ethnic group have the basic qualities of RELATIONSHIPS IN A SOCIAL becoming an entrepreneur that is they have NETWORK the courage of taking the risk as well as they As interactions in a social network has being have the particular kind of mind set and restricted to be random. The main question attitude for setting up their own business and arise that whether the majority group should becoming an entrepreneur. Self-employment split up into smaller social groups, formed also plays an important as it is not only the way of earning a living, but also an essential

way of getting the social acceptance and skills or assets that can be easily transferred recognition. to their native country geographically. They fall short on the parameter of innovation. MOTIVATION FOR BECOMING AN Ethnic groups doesn‟t go for innovation, ENTREPRENEUR they learn the skills which are already The reason why ethnic groups are more existed for setting up the business. They likely to become an entrepreneur is learn the concerned skills and arrange the “MOTIVATION”. As discriminated by the capital needed. And whenever they find the people due to various reasons gives them correct time and they feel confident they set motivation of becoming an entrepreneur. up their own business. There are many risks Due to lack of education facilities leads to like financial, social, family and career risks an increase in lesser number of employment that hinders the entrepreneurs but an opportunities which further contributes to advantage lies within the ethnic group that increase in the level of unemployment the career risk and social risk are less further left only with the path of becoming distinct for them. Reasons to justify this are: an entrepreneur by the immigrant and ethnic firstly, a failed ethnic entrepreneur due to groups. The most influencing reason for the the difficult circumstances he had to begin concerned is the success of the existed with, will probably be accorded more entrepreneur who belongs to the ethnic understanding than his counterpart. groups or immigrants groups. The strategy Secondly, the job that immigrants do doesn‟t of the ethnic group for becoming an involve high level of education or it doesn‟t entrepreneur is begin with the selling or involve number of degrees. But it is doing the business in the traditional compulsory for them to have basic products, services or communication knowledge. Thirdly, if any of the family channels. The orientation of the ethnic group members is working in the same enterprise, is internal. As this helps in rotating credits, then they will get enough time to spend with protected markets and a proper labor force. their loved ones leading to decrease in the Not only had this had it also helped in social risk for them. creating more loyalty between the ethnic CONCLUSION firm and their clients. So that‟s ethnic firms are called „safe heavens‟ because it includes By distinguishing the market conditions and internal orientation, ethnic labor force, social relations, the social relationships ethnic customers and traditional sector. helps in reducing the cost of acquiring of specific sector skills. As with the growth ETHNIC STRATEGIES ethnic groups in the field of The main focus of ethnic groups is to entrepreneurship not only improve the establish portable business so that whenever economic scales but it also lead to they want to go to their homeland, they can improving the conditions of the immigrants go easily by winding up or by shutting down group and ethnic groups. And it is also it. This can be achieved by acquiring the proved that social networks or relationships

or interactions yield self-employment the business. This presents the immigrants opportunities for the minority groups. winning the lost ground but only at one Results show that participation of ethnic condition that they will not subjected or groups has become an important aspect of hinder by the „discrimination‟. With this the entrepreneurship activities. But the new concept, the ethnic entrepreneurship restructuring of the western culture has now become a vital aspect of modern urban created an obstacle for them but at the same life and fulfills a key economic and social time has given the opportunities for doing role for ethnic communities.

Gennext Entrepreneurs-Exploring The New Types Of Entrepreneurs In The Indian Marketplace Shruti Khosla Institute of Innovation in Technology and Management, New Delhi

ABSTRACT that the entrepreneurial contribution spells the difference between prosperity and The impact of India's Gen Next is already poverty among nations. visible in many spheres but perhaps none A successful entrepreneur knows the more than in the emerging profile of its changes which take place around him in the entrepreneurial class. environment and is ready to grasp to the India is a huge proportion of self-employed changing needs of the society. He initiates talent, abilities and drives to transform the in its working population, and even now, by resources into profitable ventures. some estimates, over 65 per cent of all adult Indians in the working age group are Studies on entrepreneurs have revealed that engaged in myriad self-employing vocations personality and cultural or social factors are with agriculture, retail/wholesale trade and related to entrepreneurial behaviour. Traits such as self-confidence, creativity, professional services being the largest. persistence, calculated risk taking capacity, An organization works only because of the v determination, need for achievement, efforts put in by an individual, who would individuality, leadership, versatility, be prepared to assume responsibility of optimism and liking for challenges leading the enterprise with him. For that, the characterize the entrepreneurial person. person should have special quality that is known as entrepreneurship. INTRODUCTION

Entrepreneurship emerges and functions in India has been seeing some extraordinary sociological and cultural environment. It entrepreneurs in the last 100 years and more, could be conceived as an individual’s free and the business that they started to continue choice activity or a social group’s to provide a very visible growth momentum occupation or profession. to the economy.

The entrepreneurs perform vital function in A generation ago there were largely two economic development of a nation. They "classes" of entrepreneurs in India. These have been referred to as the human agents were the mega-scale ones which included needed to mobilize capital, to exploit natural major business houses such as Tata and resources, to often develop innovative Birla and a host of others, and the small and products or concepts, to create markets and medium ones that gave their existence half to carry on business. It may be construed to the policy of reserving thousands of

100 articles of normal consumption for small- more aggressively entering potentially scale entrepreneurs. exciting sectors such as agri- and biotechnology, food processing, healthcare The big became bigger due to their ability to delivery, education, clean and efficient successfully compete for licences and their energy, consumer-oriented services such as ability to successfully seek public capital by travel and hospitality, food services, micro- way of equity and debt. finance, etc, setting themselves up to join the ranks of the next decade's mega- The small started up of the SSI reservation entrepreneurs. policy but the same policy subsequently Just as increasing middle class of consumers came in the way of their becoming medium- provides strength to the domestic scale enterprises, including logistics, human consumption backbone, this rapidly resource development and training, enlarging 'middle class' of entrepreneurs will education, healthcare, real estate, provide tremendous strength to India's infrastructure development, food and economic growth for decades to come. hospitality, etc. RESEARCH METHODOLOGY They are, in many ways, more "genuine" entrepreneurs since most of them are starting Secondary sources were referred in this case out in a field that is much more level than study method. Out of the available ever, and hence the competitive landscape entrepreneurs in India, these few successful for them is also much more challenging. entrepreneurs, who had their investment options from their own sources, were The aspirations of most of this new breed of entrepreneurs are way beyond just achieving considered for this study. Based on the a comfortable living. They dream big, and hypothesis proposed as above, a sample of while they may have respect for the big- successful Indian entrepreneurs is carefully entrepreneurs of today -- which include, selected for the study. beyond the Tata, Birla and Godrej families, the Ambanis and the Mittals, Mahindras, The methodology chosen is case study Ruias and Munjals -- they are not overawed method; the history is studied well, the by them. Indeed, many such till-recently factors determined as to identify their "middle-class" entrepreneurs (Adani, GMR mystery of accomplishment. Suggestions are and GVK, to name a few) have already made to resolve the various issues relating to joined the ranks of mega-entrepreneurs. entrepreneurship in small scale industries. Hundreds more will do so in the next decade.

These Gen Next entrepreneurs are also far more attuned to the emerging needs of the

Indian (and global) economy and hence are

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CASE STUDY DISCUSSION Flipkart has also emerged as one of the RITESH AGARWAL largest employer in the online retail market. Company has witnessed various ups and Inventor of the budget hotel- OYO downs, biggest failure was experienced in ROOMS. He started his career at age 17. He the year 2014 with the failure of Big Billion is the first resident Indian to win the Thiel Sale, Flipkart recently completed the second Fellowship. More recently, he was named edition of Big Billion Sale held between by Forbes in its "30 Under 30" list in the October 13 and 17, where it is reported that consumer tech sector. they saw a business turnover of 300 million Net worth In March 2015, OYO Rooms in gross merchandise volume. raised $25 Million. After that in July ZOMATO 2015, OYO Rooms raised $100 million ZOMATO is a restaurant search and He first started Oravel Stays at the age of 18, discovery service founded in 2008 by and then converted it into OYO Rooms. . Deepinder Goyal and Pankaj Chaddah which OYO Rooms is India's largest budget hotel operates in 23 countries, including India, chain and is present in over 160 cities across Australia and the United States. It features the country. OYO Rooms is not an restaurant information such as scanned aggregator of budget hotels but instead menus and photos sourced by local street focuses on the standardization of hotels in teams, as well as user reviews and ratings. the non-branded hospitality sector. Total net worth-Zomato’s total funding to OYO Rooms is considered to be one of the ~$225 million which comes from a close very few start-ups which are non- set of four investors – Info Edge, Sequoia copycat. Ritesh Agarwal’s idea of OYO India, Vy Capital, and now Temasek Rooms was to solve the problem of the lack The website began by listing restaurants of predictability, affordability, accessibility in Delhi NCR, and quickly expanded and availability at budget stays to Kolkata and then Mumbai.. FLIPKART The company expanded its business in 2013 Founded by Sachin Bansal and Binny to various other countries like Bansal, in the year 2007 flipkart, has Auckland and Wellington etc. emerged as one of online selling portal with Some more up gradations were made in the a major chunk of market share. The founders app like there were more choices in the are the alumni of the Indian Institute of languages like English, Spanish, and French. Technology Delhi The article not only explored the The first product they sold was the contribution made by the gen next book Leaving Microsoft to Change the entrepreneurs in the urban areas, but also World. With a workforce of 33,000 people

102 explored their role in rural areas also. Rural His target is to sell at least one vehicle in areas could only achieve the exposition to each of India's 6.5 lakh villages in the next the recent and innovative techniques, when five years. the entrepreneurs take the responsibility on AMPERE VEHICLES their shoulders. Based in: Coimbatore INNOVATIVE SOLUTIONS BY ENTRPRENEURS IN RURAL INDIA What it does: Makes electric bikes EVOMO-RESEARCH & USP: These bikes are used for local ADVANCEMENT distribution by small entrepreneurs Abhinav Kumar CEO, EVOMO Target Revenue: Rs 100 crore in the next four years Based in: Ahmedabad Funding: Rs 20 cr from Forum Synergies USP: Aims to replace non- licensed local and Spain's Axon Capital In Coimbatore, transport vehicles electricbike maker Ampere Vehicles is Funding: Rs 5 lakh from NID selling thousands of bikes being used by What it does: Designs and makes low cost retailers to distribute water and milk in rural utility vehicle villages. As a young automobile engineer Abhinav Founded in 2008 by Hemalatha Kumar dreamt of joining a professional Annamalai, 45, a computer engineer, the racing team. But a casual visit to rural Uttar company is expected to reach revenue of Rs Pradesh, where he saw a range of locally 100 crore within the next four years. manufactured vehicles being used to ferry IKURE TECHSOFT people and goods, changed the 27 year old' s Based in: Kolkata career ambitions. He realised there was consumer demand for a transport vehicle What it does: Sets up rural health centres that was both affordable and reliable. Target Revenue: Rs 1 crore this year Soon he quit his job at autoparts maker, Funding: Rs 45 lakh from Intellecap Impact Sona Koyo Steering Systems to set up his Investment Network and Calcutta Angels; own venture, Evomo, in 2010. Evomo's Rs 70 lakh from WEBEL Kolkata based rural utility vehicle costs Rs 1.5 lakh, which iKure Techsoft has built a network of rural is less than the price of a Tata Nano, dubbed health centres where doctors are available the world's cheapest car. Kumar said he through the week and pharmacists dispense manages to keep costs low by using locally only accredited medicines. In addition the sourced material and drawing from global company has built a backend software design ideas that are past the patent platform on which all health records are protection stage.

103 stored. This is used to centrally monitor key and marketing for entering into industrial metrics such as doctors' attendance, entrepreneurship. treatment prescribed and pharmacy stock  Labour should be given full opportunity management. of being trained. The problem of absenteeism of labour needs to be looked Sujay Santra, iKure's founder said the into with a humane approach. There idea for the business came to him when he should be employer-employee friendly realised that his relatives and friends in a relationship inside the industrial unit. West Bengal village could not relate to his  Everyone cannot be a successful work at a US technology firm. "I was not entrepreneur. An individual must have doing anything which would impact them certain values and traits to be a directly," said Santra, 36, who left Oracle to successful entrepreneur. The traits and launch his healthcare venture. values are need for achievement, need SUGGESTIONS TO THE for power, positive work value; ccx ENTREPRENEURS moderate job anxiety, risk taking propensity, internal control orientation,  The entrepreneurs should develop a high level of aspiration and preference proper industrial plan before starting a for participative and nurturing-task unit. Undertaking of feasibility study styles of leadership either by himself or through outside REFERENCES agencies can be very helpful in this

regard.  http://sbinfocanada.about.com/cs/startup  The entrepreneurs should employ latest  http://isites.harvard.edu/fs/docs/icb.to techniques of production and skilled  http://www.un.org/esa/earthsummit/zimb labour so as to improve the quality of the ab products and marketing.  http://www.yesweb.org/gkr/res/bg.entrep  As the competition is found to be a major  https://cloudsecurityalliance.org/star/ problem in many units, the entrepreneurs  http://www.alliedacademies.org/articles/ should try to divert to less competitive  http://www.borjournals.com/Research_p ape areas and before they venture, they  http://www.partnerships.org.au/Library/s should analyse the demand.  http://www.ucl.ac.uk/hr/docs/recruitment  For starting a venture, the availability of  http://www.garage.com/resources/critica enough finance is the most important https://www.scribd.com/doc/40869199/ factor. Without it, the idea to start Abse business or venture will always remain a  http://www.taaleem.edu.in/life-tcis.html simple wish.  https://www.depositaccounts.com/blog/2  One should have some basic and 01  http://www.privilegepromotions.co.uk/p essential managerial skills in the  http://www.grin.com/en/e-book/312879/ functional areas like finance, production a-c

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Make in India – A road to Made in India Shubham Mittal and Madhur varshney Shyam Lal College, University of Delhi

ABSTRACT government launches its most attractive program called “Make in India” on 25th Make in India is an initiative of the September 2014. On 29 December 2014, Government of India. On 25 PM, Modi, his cabinet ministers, chief September,2014 the Prime Minister of secretaries of states as well as various Republic of India, Mr. Narendra Modi industry leaders attended a workshop which launched this program in a function at was organized by the Department of Vigyan Bhavan, New Delhi. The campaign Industrial Policy and Promotion. After this was designed by Wieden and Kennedy, an initiative taken India surpassed China and American advertising agency. Make in India USA as top global Foreign Direct of NaMo Govt. has to be differentiated from Investment (FDI) with 32%. With the Made in India. To make India a conversion of Red tape into Red carpet and manufacturing hub we have to attract FDI in the agenda of ease of doing business, GOI this particular sector by filling the gap of was trying to make India a globally investment by unwilling Indian Business recognized economy in all sectors of it. The and helpless public sector. It is timely main objective of it is to create jobs and skill strategic call raised by current govt. in a enhancement in all twenty-five sectors of the view of global economic crisis. Our current economy. High quality standards and eco- GDP is 7.4% and we are world‟s fastest friendly environment were also being taken economy of the world. We have to improve care off in this initiative. This campaign our manufacturing sector and gain world hopes to attract capital and technological confidence in it as we gained in the IT investment in India. This campaign was sector. Several hurdles are there. We need designed by Wieden & Kennedy. This political wisdom, consensus, foresight rather slogan has following major justifications than confrontation based on outdated and connotations in contemporary setting:- controversies to succeed in this mission of inclusive balanced growth. Through this 1. The main focus is to invite FDI in our research paper we want to show that: How manufacturing sector. As our Prime Make in India is complementary to Made in Minister said ‘Come, Make in India’. India? What are problems in that and ways Make in India a manufacturing base. to overcome that? Keywords: Make in India, 2. The contribution of manufacturing Make in India, FDI, Inclusive balanced sector in India‟s GDP is 17.18% as compare growth, Political free market, to china which contributes 34% approx. More than 50% of India‟s population is MAKE IN INDIA With a view of making dependent on agriculture which contributes India a Manufacturing Hub, the Modi only 16-17% to India‟s GDP.

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3. Our current GDP is 7.4% but it has to Intellectual property (innovations) to employ increase as GOI wants that our economy Indian manpower and land to manufacture will grow more than 8% and this can be goods in India for domestic market and/or achieved through efficient policies, export market. Since private sector has bleak improving performance and give boost to demand prospects due to economic crisis in manufacturing sector. developed world and Governments have no 4. Comparatively cheap land and labor (as money to invest, foreign investors are compared to China, Japan, and Australia) focusing their attention to emerging must attract manufacturers from these economies like China and India where huge countries to make India their manufacturing demand potential, cheap land and labor base. Surplus land and labor may be exist. Now China's cheap land and labor gainfully used for manufacturing. advantage is waning away due to rising cost 5. Import to meet domestic need in Defense curve of these inputs. Even Chinese sector involves outflow of foreign exchange Industries and MNC's based in China are in and also hidden cost in the form of bribes. search of more competitive locations like Import of goods to meet civilian craze for India to relocate their manufacturing units. foreign goods involves forex outgo. Thus, The same is true about Japan also. balance of trade and bop pressure can be Therefore, the clarion call given by Namo eased by dual positive inflow of FDI and Govt. at Centre is very well-timed - negative outflow of forex due to reduced Welcome! Make in India. A significant defense and civilian import of goods. point to be considered is this that the Indian 6. The country will get benefit of foreign Business lost confidence in UPA-2 Govt. technology which foreign entrepreneurs will due to rampant corruption, red-tape, long bring in addition to investment. Thus, briefly delay in big project clearance under the we may say that 'Make in India” is a red pretext of environment clearance and land carpet Welcome invitation to, technology, acquisition legal hassles. They are so entrepreneurship and managerial skills to dejected that they consider doing business in make India their manufacturing base either India a crime or sin. The Indian private for domestic market, or for export market or capital is not willing to invest in India's both. manufacturing sector due to their bitter experience with UPA-2 Govt. Now, new MADE IN INDIA (NaMo) Govt. at Centre is trying Made in India involves Swadeshi land, very hard to restore Business Confidence in labor, capital, entrepreneurship and Govt. but opposition is also leaving no stone technology or intellectual property. Made in unturned to project NaMo Govt. Pro- India refers to India's own Brand Equity in Business-anti farmer, labour and the poor. Indian and/or foreign markets. Like 'Amul‟ Development must be our national agenda Butter- -Taste of India. As against this, with political consensus based on shared Make-in-India is not a Brand. It is an wisdom and foresight rather than segmented invitation to foreign capital, technology or confrontational myopic politicking. People

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have given a clear mandate to NaMo for Stand up India”. This initiative provides the 'Sabka Saath Sabka Vikas.' Our democracy young generation of India to start the should lead to deliberated timely decisions business with their innovative ideas and rather-than intense political confrontations thinking. We know that Narendra Modi of Industry Vs. Agriculture, Swadeshi Vs. lauds in his speeches that any country can be Videshi which are outdated and outlived. A developed only with the efforts of its young few salient differences based on army. Here young army means our young implications need be noted carefully. Made generation whom has the potential to build in India will involve capital outflows in the our country and make India a „brand‟. In form of dividend, interest and royalty, actually we should focus on Make India a capital, etc. in the log-run. Unless it is brand with the help of local manufacturers covered by exports, it may amount to rather than with the help of foreign postponement of present bop pressures to investors. future. As against this, Made in India may CONCLUSION not be able to provide solution to present Make in India and made in India both can be bop imbalance unless it leads to growth of beneficial for India. India can benefit exports, import substitution. But, it will not temporarily from outsourced manufacturing involve any forex outflow in future. A plants but it cannot stress it beyond a limit. careful Social-Cost-Benefit Analysis of It should rather focus more on encouraging Make-in-India vs. Made-in-India must be research and development and bringing carried out by independent policy research industrial innovation. Make in India should group experts to help decision makes arrive be a start to achieve the long term goal of at a well informed decision on this issue. It made in India. should not be presented as option's choice Today‟s India credibility is stronger than (compulsion) before the nation. ever. There is visible momentum, energy HOW MAKE IN INDIA and optimism. Make in India is opening COMPLEMENT TO MADE IN INDIA? investment doors. Multiple enterprises are When “Make in India” slogan was raised by adopting its mantra. The world‟s largest current government in September 2014 to democracy is well on its way to becoming male India, a Manufacturing hub. As our the world‟s most powerful economy. PM said that his govt. is trying to convert REFERENCES Red tape into Red carpet, provide favorable  Yojna Magazines. environment to foreign investors and, of  www.quora.com course, single window clearance. As against  www.pbr.co.in/May2015/14.pdf this, I want to argue that- When the local  http://www.careerride.com/view.asp manufacturers will get the same x?id=18872 environment to do business? When will we  https://en.wikipedia.org/wiki/Make_i see the next entity like „AMUL‟ in India? n_India These questions can be answered with the new initiative of NaMo govt. “Startup India,

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THE NEW ERA OF NASCENT ENTEREPRENEURS Siddhanth B Iyer and Amit Kumar Institute of Innovation in Technology and Management, New Delhi

ABSTRACT INTRODUCTION

This paper reviews the literature on the The word “entrepreneur” is derived from the emerging environment provided to the new French verb enterprendre, which means „to age entrepreneurs for helping them achieve undertake‟. This refers to those who their economic and developmental targets. “undertake” the risk of new enterprises. An Alongside promoting overall development of enterprise is created by an entrepreneur. The the society by setting up platforms through process of creation is called their innovative ideas, products and “entrepreneurship”. services. It also puts forwards the views of Richard Cantillon (1680s – May 1734) entrepreneurs on how startups deal with the defined the term as a person who pays a problems in their nascent stages .It clarifies certain price for a product and resells it at an the issue’s being faced by startups initially uncertain price: "making decisions about along with the solutions available for all of obtaining and using the resources while the issues ranging from financials to consequently admitting the risk of emotional and motivational barriers .There enterprise." are many other initiatives like the following In the 20th century, economist Joseph which have been undertaken by the Schumpeter (1883-1950) focused on how government of India like ‘Make in India’-a the entrepreneur‟s drive for innovation and new national program designed to facilitate improvement creates upheaval and change. investment, ’Invest India’-It is the country’s Business expert Peter Drucker (1909-2005) official agency dedicated to investment took this idea further, describing the promotion and facilitation, ’Startup India’- entrepreneur as someone who actually to promote not only employs but also to searches for change, responds to it, and initiate and motivate innovative citizens to exploits change as an opportunity. become employers, ’Skill India’ – It is the According Mark Cuban “Someone who can first of its kind focused on developing skills define the business they want to create, see for the case of the employs, Other funding where it is going, and do the work to get programs and competitions to aid bright there.” innovative ideas, Simplified procedures for In simple terms Entrepreneur is an acquiring a license for businesses and individual who is willing to take up risks in trades, Now along with government parties form of series of steps in order to achieve or there are also private players slowly design a new commercial activity or invading, innovating and investing in this business (trade). domain. KEYWORDS: Entrepreneurs, Nascent, Investment, Innovative, Financial

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IMPORTANCE OF markets to be developed and new wealth ENTREPRENEURSHIP: created. Entrepreneurs Create Social Entrepreneurs are the national assets to be Change: Through their unique offerings of ploughed, motivated and remunerated to the new goods and services, entrepreneurs break greatest possible extent. Entrepreneurs can away from tradition and indirectly support create revolutions if they succeed as their freedom by reducing dependence on innovations improve our lifestyle. They obsolete and out dated systems and create jobs and the fill a gap in the society. technologies. Overall, it improves the People exposed to entrepreneurship quality of life, greater morale and economic frequently express that they have strength freedom. Community Development: and more opportunity to learn, creative Entrepreneurs regularly nurture freedoms, higher self-esteem and they have entrepreneurial deeds by other like-minded a sense of control to live their lives. As a individuals. They invested their capital in result, experienced businessman‟s like community projects and provide financial political leaders, economists, and educators support to local charities. This enables believe that fostering a substantial further development beyond their own entrepreneurial culture will maximize ventures. Economic Development: individual and collective economic and Entrepreneurship involves creation and use social success on a local, national, and of innovative ideas, maximization of output global scale. It has an important role in the from given resources, development of context of a developing nation like India managerial skills, etc., and all these factors which is being leeched by problems like are essential for the development of population, unemployment, poverty, economy of a country. illiteracy, hunger and under-employment. POPULATION ENGAGED CONTRIBUTION OF ENTREPRENEURSHIP: It has been noticed that the main population Entrepreneurship is one of the key factors of which engages in the entrepreneurial field our economy. Small businesses create by rises mainly from the youngsters with age entrepreneurial individuals, many of whom 20s – 30s amongst the whole universe set go on to create big businessess later in and some of the fascinating and inspiring future, have not only created wealth but also examples are William Henry Gates III jobs, opportunities and enhancements. (October 28, 1955) computer programmer Entrepreneurs add to the National Income: also known as Bill Gates who later on Entrepreneurial deeds literally generate new became one of the youngest billionaire, wealth. Existing organizations may remain Steven Paul Jobs (February 24, 1955) confined to their own regular markets and formed a crew with the co-founders (Steve may or may not obtain high income. New Wozniak and Ronald Wayne) and and improved offerings, products or established the footstones for Apple.inc and technologies from entrepreneurs enable new the chairman, chief executive and co- founder of the social networking website

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Facebook Mark Zuckerberg and many more entrepreneur should do is to manage it. A of the great personalities have been typical businessman in the middle age was dominating the market with their unique and an adorer. The individual who took charge innovative fresh ideas at a very young age of great architectural works used to build lying between the 20 – 30 years of age. castles and castling, buildings for publics, abbeys, and cathedrals. Connection of risk HISTORY with entrepreneurship is said to start developing in the 17th century. An The history of entrepreneurship is mainly entrepreneur contracts with the government connected with the change in fabrication of to deliver a nursing or to supply stipulated legislation, polity, policies and governance, products. John law was one of the best and the „inter‟ as well as „intra‟ development entrepreneurs in that period. Richard being carried out rigorously wwithin Cantillion, a well-known English economist national and international economies. at the beginning of 17th century, understood Business analysts have studied over time Law‟s mistake. He viewed the entrepreneur and have come up with their reasoning as a risk venture person, look on those behind business transformation over time. merchants, farmers, craftsmen, and other This historical quest has applied the sole proprietors “buy at a certain price and Schumpeterian module in the definition of sell at an uncertain place, therefore they entrepreneurship. Unlike the recent operate it on a risk”. In the earliest of 18th management scholarship, it has not focused century, the person with capital was primarily on new factory formation, but differentiated from the one who wants rather on the varying forms that innovative capital to open his business. The activity has taken and on the role of entrepreneur was distinguished from the innovatory entrepreneurship in driving capital provider. One reason for the changes in the historical context of business, differentiation was the industrialization that industry, and the economy. In earlier is spreading throughout the world. Thomas periods, Marco polo, an Italian. He wanted Edison, a scientist is the inventor of many to trade and develop a novel trade routing inventions. He was developing new thought-out to connect with the Far East. As innovative technologies but he was a result, he signed a contract with a money - incapable to finance his inventions himself. eyed fellow to sell his goods. In the contract Edison was an entrepreneur not a capitalist the insurance loan rate is 22.5% which is (a person who provides money) in the late taken by merchant-adventurer including 19th & 20th centuries, entrepreneurs were insurance. In middle centuries, the word considered as same as managers and they all „entrepreneur' was used to describe both the were looked upon alike as „eeconomic „performer‟ and the „person‟ who managed perspective generators'. The entrepreneur large production schemes. Individual organizes, develops and manages an character did not take any risk because all enterprise for personal gain. In the middle of the estates used to be provided for by the 20th century, the function of entrepreneur government of the country, all an

110 became to remake the design idea of business from it. Moreover, earlier it would production by developing a new technique be very tough to reach out and build ones i.e. innovations. Innovation, the task of brand, but now with the availability of large developing some new and improved spectrum print media, app based digital versions of ideas, goods, products or media, social media and many more cost – services from the ones already existing, it is effective and public means one can very actually one of the most difficult tasks for an easily reach out to the masses and build his eentrepreneur. When we look at or her brand. Finances were again a very big entrepreneurship from the economic-history, concern during earlier periods but in the this context allows us to look and search at recent decades a lot of government and the flow of events in time & space such as private parties have begun to provide funds, inventions and innovations, where they finance, grants, fellowships, loans and occurred and their impact on the society. partnership opportunities so as to resolve this issue as well. Although still it exists to CURRENT TRENDS some extent, but the family stigma of Current trends in the entrepreneurial sector starting up an own business was one of the are based on gradual advancements since the biggest hurdles for any entrepreneur and in advent and implementation of various global many parts of the world religion, social class and trade related advancements. Recently and gender would also be a direct impact after trade liberalization and globalization, factor on the same. With gradual many enterprises in different sectors have modernization and liberalization of rules, sprung up. Entrepreneurs from all social setups and policies the society has backgrounds of the society have come ahead begun to outgrow all these stigmas and and begun with their individual start – ups. gradually the pace and number of people With time and advancements there has been picking entrepreneurship as their prime heavy transformation in policies, taxations, career choice is on the rise. It in the initial technologies and finances days used to be looked upon as wealth promoting/encouraging more and more creation or as a failsafe when one couldn‟t aspirants to step up and attempt to initiate. find a satisfactory job. But today As a venture in the initial stages, the first entrepreneurship has come far ahead of all and the foremost issue was how to start off, these perceptions and risks and has become get officiating done and begin to work. more of a shared value creating exercise that Those issues have been eased and now creates jobs for others, promotes social and resolved to a great extent due to opening of economic development of all stake holders international doors and legal frameworks involved and fills a gap or need in the have been set so as to facilitate setting up society. and officiating of ventures. Further with GOVERNMENT INITIATIVES mentorship and expertise now available at a phone call or email, makes it is much easier The government has taken several initiatives to develop venture plans and draw out the to promote entrepreneurial endeavors such

111 as follows that will not only benefit the several steps of legal procedures which entrepreneurs but will also be beneficial to usually took time and even while processing the country as a whole; them at a regular basis I have to maintain and undertake several levels like GIP (good Make in India: Make in India is a industrial practices), GMP (good revolutionary step taken by the Indian manufacturing practices), labor laws and the government to promote and encourage regular complex checking of the quality of companies and organizations to produce my produced and processed goods/service their goods, products and services in India sand at the final stage while forwarding it for India as well as the world. Make in India and selling it to the whole sellers or to the was launched under the administration of the customers the taxation process and other Prime Minister Narendra Modi on 25th legal processes but existence of make in September 2014 with the belief that India India simplified most of the processes would emerge as the world wide hub for the making it easier and efficient with various national as well as international corporations one stop solutions to all nodes and which would even promote foreign legalizations. investment. The main objective of this initiative is to job creation and skill Skill India the main objective of the enhancement for the betterment of the programme „Skill India‟ by the government localized population and it was also which was launched on 15th July 2015 is to suggested that this theme would enable India create opportunity and scope for the Indian to grab better qualitative goods as it would youths by sharpening their skills holistically open up for new industries providing so as to support all enterprises with industry competitiveness and thus quality shifts. ready workforce. The new programme aims at developing of skill to 5 crore youth from Through entrepreneur‟s view point, make in the country by 2020. Providing professional India is a the oopportunity to open up an trainings and support for all occupations industry in 25 different fields including from weavers, masons, tailors, real estate, automobile and its components, aviation, construction, transportation, tourism, various chemical and many more priorit sectors with other fields and sectors. Another remarkable an option to help financially by reducing feature of the „Skill India‟ scheme is the basic duties and taxations etc. It focuses on overall personality development and decreasing the paper work making legal grooming to shape up an entrepreneur out of processes easier for the investor and every individual right from their younger entrepreneur, for example decreasing the ages the students by shaping there levels of documentation for the communication skills, life and positive import/export from 7 to 3 levels. thinking skills, managerial, behavioral and Now let us understand the benefits attached employability skills. with the make in India theme in lay man From the prospective of the entrepreneur the terms: I being an entrepreneur procuring raw schemes under this programme that is materials that is to be processed involved

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National Policy for Skill Development and Startup India, Standup India: this scheme Entrepreneurship 2015, Pradhan Mantri launched on 16th January 2016 under the Kaushal Vikas Yojana (PMKVY), Narendra Modi government Start-up India; Recognition of Prior Learning (RPL) and Stand up India, the Commerce and Industry Skill Loan would 1st help person first Ministry has started fleshing out a develop his market skills then the other framework to encourage start-ups and boost managerial skills and with the guidance job creation with the main objective to provided by the scheme workers he can educate India to the startup way. The easily open up his own venture, and in the structure will be a complete ecosystem for case of fiscal deficit the person will even get start-ups. The final framework, for which loan according to his/her plan for building the Ministry is working overtime, is up his venture‟s platform or even procure expected to be unveiled and will be coming quality skilled government certified labor soon. The key incentives provided for the from the Skill India centers increasing the startups under this scheme are: Tax quality and credibility of his brand. subsidies for 3 years for the firms which get established after 1st April 2016 with Hassle Digital India: the program initiates to free registration through Mobile apps. At the transform India into a digitally powered and same time easy exit through the proposed live online nation under which many of its Bankruptcy code and 80% returns on Patent policies were launched and one of these applications making it even easier and less were the providing of trade and other risky for the risk takers thus more advisable. licenses online. Digital India aims to make This plan also focuses of to motivate and the whole country equally accessible unleashing the women entrepreneurs by digitally from remote areas to the well making the financial inclusion in reach. organized cities which would even benefit in quality communications and in the working Invest India: Invest India is the country‟s of entrepreneurs and their enterprises. This official agency dedicated to investment will integrate services across departments or promotion and facilitation. Invest India jurisdictions, Availability of services in real encourages foreign investors all over the time from online & mobile platforms, world to invest in India & build their Digitally transformed services which would companies or to invest in new Indian automatically improve in ease of doing startups to earn a lot of profit for both the business, Making financial transactions hands. India is the growing organization and electronic & cashless, Leveraging it has a bulk of startups that are ready to get Geospatial Information Systems (GIS) for their jobs. Invest India acts as the first point decision support systems & development of contact for foreign investors. India is the and with the other functionalities; it can thus 10th-largest economy in the world based on be expressed as the „Digital India‟ lacks in market-exchange rates. India is the 8th- direct implementation on startups but it may largest economy in the world based on boost the working of a venture. market-exchange rates. The Indian government made a number of policy

113 changes during the past 10–15 years which EXAMPLES could help foreign investors to easily invest in India. India is one of the youngest Paytm: Paytm is one of the leading mobile countries in the world, and the average age wallet payment gateway app and web – of Indians is 25 which are likely to get based service provider in India. Now younger. Even the average age of Americans recently they have spanned their scope into is around 35 and somehow it is same in the e-commerce. It has grossed for over 15 other countries also. And it has been seen million orders per month. They won good that most of the innovation and out of box funding right in their initial phases. themes are presented by the youngsters thus it would be more likely to invest in as India Housing.com: Housing.com, founded by a is the growing power and its young team of 9 IITians; is a real estate e- population is its secret weapon. Invest India commerce based on big data, predictive scheme aims to promote the investment for trend analytics and preference matrices. the Indian new upcoming industries. They employ a lot of technology and have a record of winning a series of fundings and PRIVATE INSTITUITION’S scaling up very fast. INITIATIVES There have been several examples of private Zivame: Zivame is a online lingerie store, humongous institutions initiating there with product ranges consisting of: bridal helping hands to the struggling new comers lingerie, plus size lingerie, every day for example the TATA‟s investment in the wear, shapewear, leisure OLA Cabs making its return back to the wear, nightwear and swimwear for women, market and the investment of the Flipkart to solving the problem of unavailability due to the Myntra com. Private Educational any possible reason. Richa Kar, CEO of Institutions such as Apeejay Education Zivame.com said that Zivame.com provides Society setting up incubation centers for all the necessary lingerie styles to a woman. entrepreneurs. Times Group, HT Media Through this a women, has the freedom to conducting various events and competitions choose and to decide about wearing lingerie to recognize talent that can be trained, without any hesitation. groomed and supported on their way to Redbus: Redbus is an online bus venturing, and many more instances. These reservations portal and app based service are very modern and innovative methods to provided available for all types of obtain a good holding in a profitable and smartphones and computers solving the need growing venture, it helps in creating brand to physically go out to a travel agent or a bus value, quick growth and in fact at times station to do the same. Recently redbus got helps in elimination of competition, if the acquired by the ibibo Group for $138 controlling stakes are brought by a Million. competitor.

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OYO Rooms: OYO rooms are a web portal Entrepreneurs are now focusing on filling a plus app based room‟s reservations. Rooms gap or meeting the rising needs of the with free-Wi-Fi, food etc. are their initial society or particular segment of it solving a offering. But now they scaled up out of problem being faced by people. But all economy rooms to three start, four star, five along they are making sure that what they star and even luxury as well as premium are doing is what they are passionate about. suites. Ritesh Agarwal, is the founder and Although earlier entrepreneurs were also as CEO of OYO Rooms. He started his journey passionate but there were a lot of limitations of entrepreneurship at the age of 17.He left which the modern day digital, legal, policy his college ad launched his first start‐up based and financial aids/support systems Oravel Stays Pvt. Ltd. in the year 2012. have seem to removed extending the scope of not just starting up but also of growing FreeCharge: It is an online payment the startup venture into a populous and gateway plus mobile wallet service provider, thriving enterprise. We have government through which all recharges and bills can be agencies making a lot of efforts and paid. It was founded by Kunal Shah in 2010 initiatives in order to set the tone and and recently Snapdeal acquired FreeCharge develop an ecosystem that not only can give with a deal of around $400-$450 Million. rise to enterprises but also can incubate and Around 75million of mobile recharge are nurture it so as to help it grow into a done every day in India and out of which 2- sustainable business. And then there are 3million is done online. It now provides the several private players now entering in to option of paying for your restaurant and the field providing much better other daily life expenses beginning with a opportunities, tools and platforms for deal with fast food giant McDonalds. entrepreneurs to come out and explore. This CONCLUSION way the private parties not only get to invest and profit out of some good talent but they With about 4,500 start-ups at various stages also get hands on some stakes in the venture of growth, our country is already the third potentially controlling the possibility of largest in the global born every day, and market share losses or competition itself. now we expecting to grow this number to a REFERENCES higher value with the start-up ecosystem. Almost four start-ups are latest legal, policy  http://blog.ediindia.ac.in/digital-india- and schematic interventions. Stories of entrepreneurship/ professionals leaving well-paid jobs and  http://www.mapsofindia.com/my- starting-up have become so common that it india/society/skill-india-a-new- does not raise eyebrows any more. programme-to-be-launched-in-march- Entrepreneurship is no longer just about 2015 starting a new business, now it has grown up  https://www.quora.com/How-will- to be more of a journey for the pursuit of Digital-India-help-young-entrepreneurs- what is one‟s most passionate thing.

115 who-are-building-services-that-are-  http://www.mapsofindia.com/my- internet-based-in-India india/government/start-up-india-  http://www.indianweb2.com/2015/01 stand-up-india-pm-modis-job- /14/13-govt-venture-capital-firms- creation-drive startups-india/  http://www.digitalindia.gov.in/  https://www.quora.com/What-is-  http://www.wojtan.com/1305/busine Team-India-Start-up-India-Stand-up- ss-law/ India  http://www.247pressrelease.com/pre  https://in.finance.yahoo.com/news/st ss-re artup-india-stand-india-educate-  http://www.yourarticlelibrary.com/en 220700365.html trep

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Changing Era of Women Entrepreneurship Surbhi Tanwar and Smriti Manav Gitarattan Institute of Business Studies (GIBS), New Delhi

ABSTRACT Entrepreneurship has been a male- job creators. They are flourishing as designers, dominated phenomenon from the very early interior decorators, exporters, publishers, age but time has changed the situation and garment manufacturers and still exploring new brought women as today's most memorable avenues of economic participation. This paper and inspirational entrepreneurs. The makes an attempt to understand the Changing position and status of women in any society pattern in the women entrepreneurship, taking is an index of its civilization and progress. data from secondary sources. This paper aims Women have yet to make a visible and to underline the issues related to women lasting impact of their economic entrepreneurship through the analysis of this participation, although in rural households data available. they have always contributed, in part or whole, to the earnings in the family. Introduction However, unrecognized by policy or The term „entrepreneur‟ has been derived from legislation, their contributions are often the French word „entreprendre‟ means to relegated to home-based work in the undertake. The term entrepreneur may be informal sector. Women are equally defined as “an entrepreneur is a person who competent in running business but still lacks combines capital and labour for production”. behind in spite of women empowerment „Women Entrepreneur‟ is a person who accepts movement in our country, there are social, challenging role to meet her personal needs and cultural and economic hurdles in the way of become economically independent. A strong women entrepreneurship and the major desire to do something positive is an inbuilt problem is lack of entrepreneurial quality of entrepreneurial women, who is environment. In spite of having the potential capable of contributing values in both family and talent, women are deprived of and social life. With the advent of media, opportunities, information and education. A women are aware of their own traits, rights and strong desire to do something positive is an also the work situations. The challenges and inbuilt quality of entrepreneurial women, opportunities provided to the women of digital who is capable of contributing values in era are growing rapidly that the job seekers are both family and social life. With the advent turning into job creators. They are flourishing as of media, women are aware of their own designers, interior decorators, exporters, traits, rights and also the work situations. publishers, garment manufacturers and still The challenges and opportunities provided exploring new avenues of economic to the women of digital era are growing participation. rapidly that the job seekers are turning into

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Women Entrepreneurship In India

ELECTRICITY

Most Important Traits To Be A AT ENGINEERING PRESENT ELECTRONIC Successful Women Entrepreneur THERE ARE S 4 ES 100 80 60 ENERGY 40 20 0 Series1

KIDS

EARLIER THERE WERE 3 Ks KITHCHEN KNITTING KEY CHALLENGES 70 60 50 40 30 start-up 20 phase 10 0 at present POWDER legal product… financial personal THEN technology CAME 3

PS PAPAD PICKELS Some Famous Examples Of Successful Women Entrepreneurs In India 1. INDIRA NOOYI This brilliant corporate women started her career in Boston Consulting group. She joined Pepsi Company in 1994; she turned the company into a bold risk taker. In 1998 Pepsi acquired Tropicana. In 1997 Pepsi started its own fast food chain. She became the president of Pepsi cola in 2001. Wall street journal included her name in the top fifty Women to watch in 2005.Simultaneously

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Fortune Magazine also declared her 11th most and had a strong presence in over hundred powerful Women in business. countries, from the US to Asia 2. DR KIRAN MAZUMDAR SHAW She is the 7. LALITA GUPTE & KALPANE chairman & managing Director Biocon Ltd.Who MORPARIA Joint Managing Directors of ICICI became India‟s richest Women in 2004.She Bank, have made immense contribution to the founded Bicon India with a capital of Ten banking sector in India. thousand in her garage in 1978.The initial 8. EKTA KAPPOR Who is popularly known as operation was to extract an Enzyme from the „soap queen‟, Creative Director of Balaji Papaya. Her application for loans were turned Telefilms is credited for bringing about a down by banks-on three counts-Biotechnologies revolution in the Indian small screen industry. then was a new word, the company lacked She is a rare combination of beauty and brain assets, and women Entrepreneurs were still a and a great inspiration for budding rarity. Today her Company is the biggest entrepreneurs. Biopharmaceutical firm in the country. 3. NAINA LAL KIDWAI She was the first Problems Faced By Women Entrepreneurs Indian Women to graduate from Harvard The major problems encountered by Women business school. Fortune magazine listed Entrepreneurs are Kidwai among the world‟s top fifty corporate 1. Lack of Working Capital: To be Women & to women from 2002- 2003.According to the do something on their own becomes quite Economic times she is the first women to head difficult for them because of lack of Access to the operations of Foreign Banks in India. Also funds as Women do not process any tangibles she was awarded the Padmashree. security. 4. VAIDYA MANOHAR CHHABRIA 2. Motivational Factor: Self Motivation, Chairman of Jumbo Group . The wife of a late Attitude to take up risk and behavior towards Manohar Rajaram Chhabria is now leading the business society, family support, financial Jumbo Group, a Dubai based Dollar 1.5 billion assistance from public and private Institutions business conglomerate. She was ranked 38th and also environmental suitable for Women to establish business units Most powerful women by the Fortune Magazine 3. The family structure is generally male in 2003. dominated hence the Male members think it a 5. NEELAM DHAWAN, Managing Director of big risk financing the ventures run by women. Microsoft India. She is well known figure in IT Greatest deterrent to women entrepreneurs is Industry of India. Before joining Microsoft, she that they are women. worked in almost all the top IT Companies. 4. The financial institutions are skeptical about 6. SHAHNAZ HUSAIN She is another the entrepreneurial abilities of women. The successful Women entrepreneur of India. She bankers consider women loonies as higher risk popularized herbal treatments for beauty and than men loonies. The bankers put unrealistic health problems. Her company Shahnaz Husain and unreasonable securities to get loan to Herbals was the largest of its kind in the world women entrepreneurs.

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5. Women's family obligations also bar them  Prime Minister‟s Rojgar Yojana from becoming successful entrepreneurs in both (PMRY) developed and developing nations. "Having  Women‟s Development Corporation primary responsibility for children, home and Scheme (WDCS) older dependent family members, few women  Working Women‟s Forum can devote all their time and energies to their  Indira Mahila Yojana business"  Indira Mahila Kendra 6. The male - female competition is another  Mahila Samiti Yojana factor, which develop hurdles to women  Rashtriya Mahila Kosh entrepreneurs in the business management  Khadi and Village Industries process. Despite the fact that women Commission entrepreneurs are good in keeping their service prompt and delivery in time, due to lack of Women Entrepreneurship in India organizational skills compared to male States No of Units No. of Women % entrepreneurs women have to face constraints Registered Entrepreneurs from competition. Tamil Nadu 9618 2930 30.36 7. Low risk bearing ability- Women in India Uttar 7980 3180 39.84 leads a protected life. They are less educated Pradesh and economically not self- dependent. All these reduce their ability to bear risk involved in Kerala 5487 2135 38.91 running an enterprise. Risk bearing is an Punjab 4791 1618 33.77 essential requisite of a successful entrepreneur. Maharashtra 4339 1394 32.12 In addition to above problems, inadequate infra Gujarat 3872 1538 39.72 structural facilities, shortage of power, high cost Karnataka 3822 1026 26.84 of production, social attitude, low need for Madhya 2967 842 28.38 achievement and socioeconomic constraints Pradesh also hold the women back from entering into Other States 14576 4185 28.71 business. & UTS GOVERNMENT SCHEMES FOR WOMEN Total 57,452 18,848 32.82 EMPOWERMENT

The government programme for women OPPORTUNITIES FOR WOMEN development began as early as 1954 in India but ENTREPRENEURS the actual participation began only in 1974. At Opportunities for Women Entrepreneurs · present, the Government of India has over 27 Education is a boon to mankind, while lack schemes for women operated by different of education to a person is a bane now-a- departments and ministries. Some of these are: days. Throughout the world, we can observe  Integrated Rural Development that the ratio of women entrepreneurs is Programme (IRDP) growing tremendously. The emergence as  Training of Rural Youth for Self- well as development of women Employment (TRYSEM) entrepreneurs is quite visible in India and

120 their over-all contribution to Indian should permit by statute to extend purely economy is also very significant. Today the trade related finance to women role of Women entrepreneur in economic entrepreneurs. And lastly women‟s development is inevitable because women development corporation has to gain access are entering not only in selected professions to open-ended financing. but also in professions like trade, industry and engineering. Women Work Participation The industrial structure and the enterprises Country Percentage are undergoing a radical change. India (1970-1971) 14.2 Information Technology has transformed the India (1980-1981) 19.7 very technique of doing business. India (1990-1991) 22.3 Individually, business ownership provides India (2000-2001) 31.6 women with the independence they crave USA 45 and with economic and social success they need. Nationally, business ownership has UK 43 great importance for future economic Indonesia 40 prosperity. Globally, women are enhancing, Sri Lanka 35 directing, and changing the face of how Brazil 35 business is done today. Ultimately, female (Source: business owners must be recognized for who http://www.indianmba.com/Faculty_Colu they are, what they do, and how mn/FC1073/fc1073.html) significantly they impact the world‟s global CATEGORIES OF WOMAN economy. ENTREPRENEURS Women should be considered as specific Women Entrepreneurs can be categorized in target group for all development three groups programmes. Govt. should extend better The First group consists of women who are educational facilities and schemes to women educated and professionally qualified. folk. Adequate training programs on They take initiative and manage business as management skills should be provided to men do. Women entrepreneurs with basic women community. Encourage women‟s managerial training and educational participation in decision making. Vocational qualification usually head medium and large training should be extended to women units. community to enable them to understand the The second group consists of women who production process and management. may not have educational or formal Training on professional competence and training in management but have leadership skills should be extended to developed practical skills required for tiny women entrepreneurs. Activities in which or small scale enterprises. They chose the women are trained should focus on their products with which they are familiar e.g., marketability and profitability. State Finance handicrafts, garments, retail, beauty salons Corporations and financing institutions etc.

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The third group of women entrepreneurs a) Changing family structure as nuclear works in cities and slums to help women families, women perception regarding as a with lower means of livelihood. There is a significant partner in providing for the service motivated organization to assist family. economically backward section of society. b) Increasing education and competence, the Such entrepreneurs like Lizzat Papad and emerging women entrepreneurs have proven Sasa Detergents need government support in that they can contribute in management and marketing and getting finance at strategy in the same way as their male concessional rates. counterparts. 2. Contextual Factors- Contextual Factors WOMEN ENTREPRENEURS RISING can be classified as follows: ABOVE THE CHALLENGES a) Enterprises are becoming gender neutral. Today when businesses are facing a severe b) Technological Advancements have crunch in entrepreneurial talent, if women provided immense flexibility to women so don‟t play a meaningful role in business, that they can work from anywhere and at then half of the country‟s potential talent any time when it is convenient to them. pool will remain under- utilized. Presently Though the changing role of women in the status of women in India tends to conjure business is being gradually acknowledged up pictures of illiteracy, exploitation, the journey is still fraught with immense discrimination and low life expectancy. challenges. The women entrepreneur still Driving forces for women entrepreneurial faces a lot of problems. Banks and other activities are survival and to feed one‟s financial institutions often do not consider family another reality which is driving a women entrepreneurs as “serious” applicants new paradigm is that of a booming nation, for setting up their projects and they are powered by female business leaders. In last hesitant to provide financial assistance, couple of decades there has been a especially to unmarried women taking into significant growth in female entrepreneurs consideration that either the parents will who are becoming increasingly visible and return the loan. successful in the professional and public Moving in the market is a tough job for sphere. Evidences are that women women entrepreneurs in Indian society. entrepreneurs are gradually acquiring the Women due to their limited exposure to required confidence, leadership and business transactions are often hesitant and managerial skills for succeeding in business. shy of handling money matters. Some of the The shift in the role of women in business is essential managerial functions like sales, taking place due to two factors that can be financial control, availability of skilled classified as personal factors and contextual workforce, power supply etc. pose critical factors of motivation for women challenges to women entrepreneurs entrepreneurs: especially in the initial period when they 1. Personal Factors-Personal Factors can be themselves are required to tend to all these classified as follows: functions.

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Impact of family on women in India during assistance from family, society and their formative years cannot be ignored as a Government can make these Women constraint. Young girls in India are seldom Entrepreneurs a part of the mainstream of encouraged to take up higher studies as their national economy and they can contribute to parents believe that their daughter will the economic progress of India in this era of ultimately get married and look after her globalization. Ultimately, every family. Young girls are encouraged to take impoverished woman who manages against up hobbies which would keep them all odds to become a successful entrepreneur homebound, as a result of which, their is heroic. And that heroism is why The understanding to the external world such as World Bank and its donor nations, as well as banks, utility services; commercial activities leading businesses, universities and NGOs etc are vicariously gained through the are now focused so intently on lending experiences of their fathers, brothers or any women-owned SMEs a hand. If you give a other male members of the family. It woman in a developing country just a little precludes them from having much bit of support for a business, she may well interaction with the social networks which leverage that support into a brighter future facilitates access to venture capital funding. for herself, her children, her neighbors and At home girls are brought up to be nurturers the world that we all share. who will support the demand of the other REFERENCES members of the family. This fosters a deep 1. Dhameja S K (2002), Women seated sense of obligation in the psyche of Entrepreneurs: Opportunities, performance, the women to fulfill such expectations of problems, Deep publications (p) Ltd, New their family members. Devoting the required Delhi amount of time and energy to start and grow 2. Rajendran N (2003), Problems and a business is therefore held against the time prospects of women Entrepreneurs" spent in conducting the duties towards the SEDME, Vol. 30 no.4 family. This fosters feeling of guilt and 3. Sharma, Women Entrepreneurs: stress in the women entrepreneur and often Challenges & Opportunities, annual prevents them from focusing on the international conference activities required for sustaining an 4. www.internationalseminar.org entrepreneurial venture. 5.http://www.womensweb.in/articles/women CONCLUSION -entrepreneurship-in-india/ Women have the potential and the 6. http://www.indianmba.com/Faculty determination to set up, uphold and Column /FC1073/fc1073.html supervise their own enterprises in a very 7.http://c.ymcdn.com/sites/www.network2000m systematic manner. Appropriate support and d.org/resource/resmgr/PDFs/KPMG_Women_E encouragement from the Society in general ntrepreneurs_Pas.pdf and family members in particular is required 8. http://www.womensweb.in/articles/women- to help them scale new heights in their entrepreneurship-in-india/ business ventures. The right kind of

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FRUGAL INNOVATION: A CASE STUDY OF NARAYANA HRUDAYALAYA

Shivika Chopra and Urmila Kundan Institute of Information Technology and Management, New Delhi channels. Several US universities have programs that develop frugal solutions. ABSTRACT Such efforts include the Frugal Innovation Frugal Innovation is the process of Lab at Santa Clara University and a two reducing the complexity and cost of a quarter project course at Stanford good and its production. Designing University, the Entrepreneurial Design for products for such countries may also call Extreme Affordability programs. More for an increase in durability and, when recently, programs in development selling the products, reliance on engineering have emerged; these unconventional distribution channels. additionally focus on engineering around Several US universities have programs the institutional and environmental that develop frugal solutions. Such efforts constraints commonly found include the Frugal Innovation Lab in developing countries. at Santa Clara University and a two HISTORY quarter project course at Stanford University, the Entrepreneurial Design The group was founded in 2000 by Dr. for Extreme Affordability programs. This Devi Shetty under the guidance of the case study is on Narayana Health Asian Heart Foundation. Today, it has 31 (Hrudayalaya). hospitals in 19 locations. In 2013, Narayana Hrudayalaya Pvt. Ltd. changed Keywords: Frugal Innovation, Designing its brand name to Narayana Health. Devi Products, Distribution Channels, Shetty is the chairman of the group. A Narayana Hrudayalaya Raghuvanshi is the Vice Chairman, MD INTRODUCTION & Group CEO. Frugal Innovation is the process of The chain has 1500 full-time Doctors and reducing the complexity and cost of a 15,000 employees. An average of 150 good and its production. Usually this surgeries is performed every day and an refers to removing nonessential features average of around 80,000 outpatients is from a durable good, such as a car or seen every month. phone, in order to sell it in developing FRUGAL INNOVATION BY countries. Designing products for such NARAYANA HRUDAYALAYA countries may also call for an increase in durability and, when selling the products, Narayana Health (formerly known reliance on unconventional distribution as Narayana Hrudayalaya) is a multi-

124 specialty hospital chain in India, 1990s. Dr Shetty then worked at the Birla headquartered in Bengaluru. Heart Foundation in Kolkata (Calcutta The company won the "Good Company" then). At the time, he would see over 100 award for its quality, affordability and heart patients daily. Most needed surgery scale. The business model of Narayana but never came back for it. This intrigued Health became a Global Healthcare and him. He soon found out that the high cost Harvard Business School case study. The of cardiac surgery (Rs 1.50 lakh then) was hospital chain is among the largest the reason. He realised that almost 80 per telemedicine networks in the world. cent of health-care expenses in the country were borne out of pocket. Even Narayana Health’s vision is "To provide worse, 47 per cent of rural and 37 per cent high quality health care, with care and of the urban population either borrowed compassion, at an affordable cost, on a money or sold assets to pay for medical large scale." expenses. Indians are genetically three ABOUT NARAYANA HEALTH times more vulnerable to heart attacks. (HRUDAYALAYA) Yet only 120,000 heart surgeries were performed annually when the need was Type Public Company for two million. "It was clear costs had to Industry Health Care Services come down," says Dr Shetty. Founded 2000 Quality health care and affordability did Headquarters Bengaluru, India not go hand in hand. Those seeking Key People Dr. Devi Shetty , affordability had to be content with Chairman Dr. A. government hospitals, while quality Raghuvanshi , seekers had to spend their way into Vice Chairman, private hospitals. Dr Shetty began MD and Group searching for a model that would marry CEO affordability and quality. "I was certain of Number of 15,500 one thing though - charity is not scalable Employees while a sound business model is," he says. Slogan Health for all. All for Health. In 2001, he founded Narayana Hrudayalaya (later renamed Narayana Health or NH) in Bangalore with a BIGGEST INNOVATIONS THIS mission to take affordable health care to CENTURY the people. What started as a 280-bed “Hands that serve are more sacred than hospital then has, in the last 13 years lips that pray." The words of Mother grown to become a 26-hospital network Teresa had a profound effect on Dr Devi with 6,900 beds across 16 cities Shetty, who was the late Nobel laureate's employing 13,000 people and 1,500 personal cardiac surgeon in the early doctors. It has so far performed over 100,000 cardiac surgeries and 250,000

125 cath lab procedures. The group performs into this vision that they must provide 150 major surgeries (including 44 cardiac high tech, high quality care to all, surgeries) daily. NH says about 12 per irrespective of means," cent of all cardiac surgeries done in the Also, frugality is the watchword at NH. country are performed at its hospitals and It does not buy all its equipment. It leases 50 per cent of its patients are from the some on a pay per use basis. This keeps economically-weaker sections. capital costs low. Great emphasis is Narayana Hrudyalaya has been able to given to maintaining equipment and achieve this innovation by bringing the extending its life. The buildings are cost of surgery down. According to an designed to keep costs low, too. NH's article by Vijay Govindarajan, innovation Mysore Hospital was designed and built guru and Coxe Distinguished Professor at at a cost of Rs 18 lakh per bed, when the Tuck School of Business at Dartmouth thumb rule cost of a similar hospital is College, US, in Harvard Business Review, Rs. 50 lakh to Rs. 1 crore a bed. Narayana Hrudyalaya's average cost of a At times, no doubt, the frugal approach bypass surgery is $1,500 (Rs 90,000) did not work. The concept of zero compared to $1, 44,000 in the US, inventory, for instance, was one such. $27,000 in Mexico and $14,800 in NH did not store consumables and got Colombia. Interestingly, Narayana suppliers to deliver them just in time. Hrudyalaya`s cost of cardiac surgery is There were problems and the measure significantly lower than what it was in was reversed, and an in-house store set India 13 years ago. up. The lower cost has not come at the There are challenges, of course. Cash expense of quality. Narayana flow is always a problem as over 50 per Hrudyalaya's mortality rate (1.27 per cent) cent of the outstanding is from the and infection rate (one per cent) for a government. "We never have money," coronary artery bypass graft procedure is says Viren Shetty, son of Dr Shetty and as good as that of US hospitals. Incidence Vice President (Strategy and Planning) at of bedsores after a cardiac surgery is NH. This has forced the hospital to shift globally anywhere between eight and 40 to an asset light model for expansion. per cent. At Narayana Hrudyalaya, it has been almost zero in the last four years, "We prefer not to invest in land or points out Dr.Shetty. building but just in equipment," he adds. "The most important reason for NH's NH, meanwhile, continues to grow and Dr execution success is its commitment to Shetty's target is to reach 30,000 beds. He purpose. Organizations that pursue bold is confident that India will soon become dreams can inspire their employees to the first country in the world to achieve the impossible. NH attracts disassociate health care from affluence. doctors, nurses and other staff who buy "The wealth of a nation has little to do with

126 quality of health care its citizens can impose any taxes on the medical enjoy," he says. Not many will disagree equipment and other consumables that the hospital will import. Tersigni insisted on BUSINESS MODEL OF NARAYANA the need to get creative and try everything HEALTH ( HRUDAYALAYA) within the realm of possibility to check Anthony R Tersigni hopes to learn a great the rising cost of healthcare delivery while deal from Narayana Hrudayalaya on hoping that the Cayman hospital will be providing medical care at an affordable able to provide affordable healthcare to price in the US. He would know best how patients from the US at a significantly important it is to find cost-effective means lower cost than in the US. of providing quality healthcare, being the president and CEO of Ascension Health On the funding for the hospital, Dr. Shetty Alliance, the Catholic healthcare did not give details on how he planned to organisation and which is one of the fund the project, only saying that he could major healthcare providers in the US. raise it from anywhere and that there were people showing interest in investing in it. In 2010, the US had seen a spending of $2.6 trillion on healthcare which is 18 per ACHIEVEMENTS cent of the GDP, and cost has only been  Kashi Utkarsh’s Volunteers efforts rising. paid them when one of our students Dr Devi Shetty-promoted Narayana Nagendra Kumar who went to Hrudayalaya had been invited by Cayman Navodaya Vidayalaya in 2004 through Islands government to set up a health city their coaching classes got selected in and Ascension got to hear of it and IIT-JEE this year 2011.His JEE rank decided on a joint venture. was AIR246(SC category). He got Electrical Engineering (Power), Four- The project will be put up with an year B.Tech. Course, IIT Delhi investment of $50-$60 million. He hopes (D012).He has been tutored at for the experience of working with NavodayaVidalaya for IIT-JEE and Narayana Hrudayalaya to help Ascension has been fully guided all the time by know how to eliminate costs. “Our costs their volunteers are significant and we need to take many  Operation of Pinki, a 11 year old child out. We need to reduce costs through with a hole in her heart. For Pinki they innovative approaches and bring it to the arranged Rs.90,000. She was operated US,” he added. at Narayana Hrudayalaya Bangalore According to people familiar with the by Dr. Devi Shetty in year 2003.She is development, the cost saving from the healthy child today. hospital project vis-a-vis the US would be  For 2004 tsunami they collected in the range of 30 per cent or more. Rs.1,00,000 and 100 ton of food (rice Significantly, Cayman Islands which is etc.), medicines and clothes. These better known as a tax haven, will not

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things were distributed by their team AWARDS AND RECOGNITIONS members themselves in South India.  WHO India conferred Public Health  20 students have been selected in Champion Award under the category Jawahar Navodaya Vidyalaya of Innovation (2015) Entrance Exam till now through the  Gold Award winner in Customer special Navodaya classes conducted Service by Asian Hospital by KU and now these students are Management Awards (2014) studying in Jawahar Navodaya  Winner of ABP News Brand Vidyalaya, Gagokhar, and Varanasi. Excellence Award (2014)  At present 40 children working in the  Philanthropy Award, Forbes India messes of IT hostels are taught daily (2013) at Gyaan Udyaan by girls of IT and in last 14 years many mess children had  Porter Prize for Industry Architectural received basic education due to this Shift (2013) effort. These children are given  NH Bangalore receives FICCI rewards on the basis of their regularity Healthcare Excellence Award for and performance. Maharaj of their Addressing Industry Issues (2012) respective messes are awarded with  NH ranked 36th among 'World's 50 gifts for their co-operation. most Innovative Companies' by Fast  They organized medical camps in Company (2012) basti every year to monitor the health  Ahmedabad, Narayana Multispeciality and hygienic conditions of people in Hospital (2010) basti. Through this annual medical  Bangalore, Narayana Institute of camp we have provided treatment to Cardiac Sciences (2010) many people for their various diseases. For Example; there were CONCLUSION cases of Night Blindness in some Narayana Health (formerly known children which were diagnosed during as Narayana Hrudyalaya) is a multi- one of our medical camp. specialty hospital chain in India,  They organize a blood donation camp headquartered in Bengaluru. every year in IT-BHU, which has provided maximum number of blood Narayana Health’s vision is "To provide units to Blood Bank of Sir Sunderlal high quality health care, with care and Hospital, BHU than any other blood compassion, at an affordable cost, on a donation camp all over the Varanasi. large scale." A record collection of 375 units of Dr Devi Shetty, who was the late Nobel blood was donated by IT students on laureate's personal cardiac surgeon in the 21 August 2011. early 1990s. Dr Shetty then worked at the Birla Heart Foundation in Kolkata

(Calcutta then). At the time, he would see

128 over 100 heart patients daily. He is the REFERENCES founder of the model Narayana  https://en.m.wikipedia.org/wiki/Frugal Hrudyalaya which helped to reduce cost _innovation for the heart surgeries. ) in Bangalore with a mission to take affordable health care to  https://en.m.wikipedia.org/wiki/Naray the people. What started as a 280-bed ana_Health hospital then has, in the last 13 years  https://en.wikipedia.org/wiki/Frugal_i grown to become a 26-hospital network nnovation with 6,900 beds across 16 cities  https://en.wikipedia.org/wiki/Narayan employing 13,000 people and 1,500 a_Health doctors. It has so far performed over  https://www.businesstoday.in/magazin 100,000 cardiac surgeries and 250,000 e/cover-story/biggest-india-innovation cath lab procedures. The group performs -narayana-health/story /205823.html 150 major surgeries (including 44 cardiac  www.kashiutkarsh.com/achievements/ surgeries) daily. NH says about 12 per cent of all cardiac surgeries done in the  www.wap.business- country are performed at its hospitals and standard.com/article/companies/ascen 50 per cent of its patients are from the sion-to-replicate-low-cost-model-of- economically-weaker sections. narayana-hrudayalaya-11208 130 00 35_1.html Narayana Hrudyalaya's average cost of a bypass surgery is $1,500 (Rs 90,000) compared to $1, 44,000 in the US, $27,000 in Mexico and $14,800 in Colombia. Interestingly, Narayana Hrudyalaya`s cost of cardiac surgery is significantly lower than what it was in India 13 years ago. NH, meanwhile, continues to grow and Dr Shetty's target is to reach 30,000 beds. He is confident that India will soon become the first country in the world to disassociate health care from affluence.

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A Study on Relationship Between Entrepreneurship Orientation, Leadership And Financial Performance

Vishal Kumar Institute of Innovation in Technology and Management

ABSTRACT ENTREPRENEURSHIP

Although the extant literature indicates that Entrepreneurship is the willingness to take both entrepreneurial orientation, leadership risks and develop, organize and manage a and the financial performance influence firm business venture in a competitive global performance, there is limited literature marketplace that is constantly examining how these three important evolving. Entrepreneurs are pioneers, organizational variables relate to each innovators, leaders and inventors. other, and how they interact to influence Entrepreneurship is the development of a firm performance within the context business from the ground up — coming up businesses. Therefore, the purpose of this with an idea and turning it into a profitable paper is to review the extant literature on business. But while the definition of entrepreneurial orientation, leadership and entrepreneurship may be simple, its financial performance of the firm and then execution is much more difficult. build a logical framework depicting the interrelationships between financial "Entrepreneurship is the journey of performance, leadership, entrepreneurial opportunity exploration and risk orientation and organizational effectiveness management to create value for profit and/or within the context of businesses. social good," said Ajay Bam, a lecturer at Specifically, the paper advances a the Lester Center for Entrepreneurship at the conceptual research framework which University of California, Berkeley's Haas explicates some pathways through which School of Business. Bam said leader behaviors influence the firm entrepreneurship entails recognizing the entrepreneurial orientation and further right opportunity, finding resources — such effect the financial performance of the as funding and tools — to pursue the overall firm effectiveness. Finally, the paper opportunity and creating the right team to do outlines a future research agenda for so. People who are thinking about starting effectively leading entrepreneurial their own business must really be aware that organizations within the business sector. successful entrepreneurship involves much more than having a great concept, said Keywords- Entrepreneurship orientation, Elizabeth Amini, CEO and co-founder of Leadership, Financial performance, Anti-Aging Games LLC, a company that Economy develops online games to train memory and focus, and an adjunct professor at the

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University of Southern California's Marshall  Leadership skills: The ability to develop School of Business. a vision for the company and to inspire employees to pursue it is imperative for "Most people think being an entrepreneur is success all about coming up with an idea, but that's just one part. HISTORY OF ENTREPRENEURSHIP IN INDIA An entrepreneur is someone who can take any idea, whether it be a product and/or After Second World War there was a service, and have the skill set, will and massive destruction in the country as well as courage to take extreme risk to do whatever in the economy. The major concern was to it takes to turn that concept into reality and how to stabilizes, develop and improve the not only bring it to market, but make it a country‘s economy. This lead to economic viable product and/or service that people development and strengthened interest in want or need. entrepreneurship in order to create new entrepreneur who are ready to start up new Traits of successful entrepreneurs venture that will help in economic  Ability to plan: Entrepreneurs must be development. This resulted in the belief in able to develop business plans to meet education and training to inculcate and goals in a variety of areas, including develop entrepreneurial capabilities in finance, marketing, production, sales and people so that they could set up their own personnel. enterprises.  Communication skills: Entrepreneurs This lead to birth of training efforts for the should be able to explain, discuss, sell promotion of entrepreneurship in the and market their goods or services. country i.e. the 'Technician Scheme'  Marketing skills: Good marketing launched in the year 1969 by two state-level skills, which result in people wanting to agencies of Gujarat. The scheme offered buy goods or services, are critical to 100% finance without collaterals. A large entrepreneurial success. number of people took advantage of this  Interpersonal skills: The ability to scheme. The real gain of the scheme was the establish and maintain positive realization that there is vast entrepreneurial relationships with customers and clients, potential available in the country that could employees, financial lenders, investors, be tapped and developed through lawyers and accountants, among others, appropriate training intervention. is crucial to the success of the entrepreneur's business venture. This led the Gujarat Industrial Investment  Basic management skills: Even if Corporation (GIIC), along with other state- entrepreneurs hire others to deal with the level agencies to conceptualize, mount and day-to-day tasks of the business, develop, in 1970, a 3-month long training entrepreneurs need to know whether program known as Entrepreneurship their company has the correct resources. Development Programmed (EDP).

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However, with the number of programmes Entrepreneurship Development Institute of increasing, the need for having a separate India was set up as an autonomous body state-level organization to look into under the Societies Registration Act on selection, training and development of first- April 20, 1983. generation entrepreneurs was strongly felt. Thus, the Gujarat Centre for Venture capital as the business of investing Entrepreneurship (CED), the first of its kind in new or young companies with innovative in the country, came into existence in 1979 ideas emerged as a prominent branch of with the support of Government of Gujarat Entrepreneurial finance in the beginning of and the industrial promotion and assistance the 20th century. Wealthy families such as agencies in the state. the Vanderbilt family, the Rockefeller family and the Bessemer family began Soon the success story of Gujarat private investing in private companies. One experiment spread far and wide and the Ford of the first venture capital firms, J.H. Foundation encouraged the Gujarat team to Whitney & Company, was founded in 1946 test out EDP strategy in a few less and is still in business today. The formation developed states like Rajasthan, Assam, etc. of the American Research and Development Several development agencies in other parts Foundation (ARDC) by General Georges F. of the country mounted their own EDPs and Doriot institutionalized venture capital after Gujarat CED provided professional support the Second World War. In 1958, the Small to a few of these. With increasing number of Business Investment Companies (SBIC) organizations seeking such support from license enabled finance companies to Gujarat CED, it was felt necessary to set up leverage federal US funds to lend to a National Resource Organization growing companies. Further regulatory committed to entrepreneurship education, changes in the USA –namely the reduction training and research. of capital gains tax and the ERISA pension The idea took a concrete shape when the reforms- boosted venture capital in the Industrial Development Bank of India, the 1970s. During the 1980s and 1990s, the apex financial institution which had evinced venture capital industry grew in importance keen interest in the Gujarat experiment and experienced high volatility in returns. joined hands with Industrial Credit and Despite this cyclicality and crisis such as Investment Corporation of India (ICICI), Dot Com; venture capital has consistently Industrial Finance Corporation of India performed better than most other financial (IFCI), State Bank of India (SBI) and investments and continues to attract new sponsored this national-level institution. The investors. Government of Gujarat also expressed its LEADERSHIP willingness to support it. Thus the Entrepreneurship Development Institute of Leadership is both a research area and a India (EDI) came into existence in the year practical skill, regarding the ability of an 1983. individual or organization to "lead" or guide

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other individuals, teams, or entire the input of others. Managers possess total organizations. In the broadest sense of the authority and impose their will on word, a "leader" is someone who brings employees. No one challenges the decisions people together and guides them toward a of autocratic leaders. Countries such as common goal. Anyone can tell others what Cuba and North Korea operate under the to do, but effective leadership requires much autocratic leadership style. This leadership more than the ability to assign tasks to a style benefits employees who require close group. supervision. Creative employees who thrive in group functions detest this leadership DIFFERENT TYPES OF LEADERSHIP style. STYLES Participative Different types of leadership styles exist in work environments. Advantages and Often called the democratic leadership style, disadvantages exist within each leadership participative leadership values the input of style. The culture and goals of an team members and peers, but the organization determine which leadership responsibility of making the final decision style fits the firm best. Some companies rests with the participative leader. offer several leadership styles within the Participative leadership boosts employee organization, dependent upon the necessary morale because employees make tasks to complete and departmental needs. contributions to the decision-making process. It causes them to feel as if their Laissez-Faire opinions matter. When a company needs to A laissez-faire leader lacks direct make changes within the organization, the supervision of employees and fails to participative leadership style helps provide regular feedback to those under his employees accept changes easily because supervision. Highly experienced and trained they play a role in the process. This style employees requiring little supervision fall meets challenges when companies need to under the laissez-faire leadership style. make a decision in a short period. However, not all employees possess those Transactional characteristics. This leadership style hinders the production of employees needing Managers using the transactional leadership supervision. The laissez-faire style produces style receive certain tasks to perform and no leadership or supervision efforts from provide rewards or punishments to team managers, which can lead to poor members based on performance results. production, lack of control and increasing Managers and team members set costs. predetermined goals together, and employees agree to follow the direction and Autocratic leadership of the manager to accomplish The autocratic leadership style allows those goals. The manager possesses power managers to make decisions alone without to review results and train or correct

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employees when team members fail to meet supervisory bodies for auditing the certain goals. Employees receive rewards, such as fiscal issues and taxations. The extent to bonuses, when they accomplish goals. which this financial information should be disclosed depend upon firms‘ features, that Transformational Leadership is, being private or public character of the The transformational leadership style firm, its size, or the firm‘s being quoted or depends on high levels of communication unquoted. from management to meet goals. Leaders Financial performance is the firm‘s ability to motivate employees and enhance generate new resources from day to day productivity and efficiency through operations over a specific period of time communication and high visibility. This (Peterson and Peterson, 1996). Broadbert style of leadership requires the involvement and Cullen (2005); Kaplan and Norton of management to meet goals. Leaders focus (2000) opine that the financial performance on the big picture within an organization and measures can be divided into two major delegate smaller tasks to the team to forms. The traditional measures which are accomplish goals. based on accounting/ financial data (the ENTREPRENEURSHIP AND effect of actions on one year‘s profit return FINANCIAL PERFORMANCE on equity and return on investment) which RELATIONSHIP reflects a firm‘s past financial performance and On the market based measures derived A firm‘s financial performance and from stock market values (Economic Value operations are integrally connected. Studies Added and Market Value Added have shown that, the concept of firm‘s approaches) which are based on valuation performance is multidimensional in nature principles. To test the financial performance (Aktan and Bulut 2008; Wiklund and effects of corporate entrepreneurship (CE), Shepherd 2005). Within firm performance, the performance measurement scale of this the focus has always been on the financial research was adapted from the frequently side; hence it is traditionally defined in used traditional financial criteria. financial terms. In addition, shareholders, investors and other stakeholders are Successful entrepreneurial accomplishments interested to get information about the firm‘s will inevitably affect the firm‘s financial performance conditions frequently. performance in the long run, barely in the Financial performance information (return short run; there might be no association on equity, return on investment, sales among innovativeness dimension of CE and growth and profitability) is the most firm‘s financial performance criteria due to extremely explicit and valid information project investments and firm‘s internal among the other performance dimensions resource usages or possible losses (Aktan (Zhao et al. 2011). On the other hand and Bulut, 2008; Hayton, 2005). Thus, the financial information should also be first signals of successful entrepreneurial available particularly for regulatory and accomplishments may be obtained from

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marketplaces, sales growth and market On the other hand, entrepreneurs must share. Then, in the long run, these understand the four basic problems that can improvements in the competitive position in limit investors‘ willingness to invest capital: the marketplace may create higher financial returns as the outcomes of innovativeness  Uncertainty about the future: in terms of dimension of CE. Therefore, more than one start-ups development possibilities, criterion, that is, sales and profit were used market and industry trends. The greater to reveal the association between the uncertainty of a venture or project, innovativeness dimension of CE and the greater the distribution of possible financial performance of manufacturing outcomes. firms.  Information gaps: differences in what Entrepreneurial finance is the study of value various players know about a company‘s and resource allocation, applied to new investment decisions. ventures. It addresses key questions which  ―Soft Assets‖: these assets are unique challenge all entrepreneurs: how much and rarely have markets that allow for money can and should be raised; when the measure of their value. Thus, lenders should it be raised and from whom; what is are less willing to provide credit against a reasonable valuation of the startup; and such an asset. how should funding contracts and exit decisions be structured.  Volatility of current market conditions: financial and product markets can The Problem change overnight, affecting a venture‘s current value and its potential Many entrepreneurs discover they need to profitability. attract money to fully commercialize their concepts. Thus they must find investors – SOURCES OF ENTREPRENEURIAL such as their own employer, a bank, an angel FINANCING investor, a venture capital fund, a public stock offering or some other source of Financial Bootstrapping financing. When dealing with most classic Financial Bootstrapping is a term used to sources of founding, entrepreneurs face cover different methods for avoiding using numerous challenges: scepticism towards the financial resources of external investors. the business and financial plans, requests for It involves risks for the founders but allows large equity stakes, tight control and for more freedom to develop the venture. managerial influence and limited Different types of financial bootstrapping understanding of the characteristic growth include Owner financing, Sweat equity, process that start-ups experience. Minimization of accounts payable, joint utilization, minimization of inventory,

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delaying payment, subsidy finance and management teams. Their main objective is personal debt. to make a profit by selling the stake in the company in the medium term. They expect External Financing profitability higher than the market to compensate for the increased risk of Businesses often need more capital than investing in young ventures. owners are able to provide. Hence, they source financing from external investors: Key differences between business angels angel investment, venture capital, as well as and venture capital: with less prevalence crowd funding, hedge funds and alternative asset management.  Own money (BA) vs. other people‘s While owning equity in a private company money (VC) may be generally grouped under the term  Fun + profit vs. profit private equity, this term is often used to  Lower vs. higher expected IRR describe growth, buyout or turnaround  Very early stage vs. start-up or growth investments in traditional sectors and stage industries.  Longer investment period vs. shorter investment horizon Business Angels Buyouts A business angel is a private investor that invests part of his or her own wealth and Buyouts are forms of corporate finance used time in early stage innovative companies. to change the ownership or the type of Apart from getting a good return, business ownership of a company through a variety angels expect to have fun. It is estimated of means. Once the company is private and that angel investment amounts to three times freed from some of the regulatory and other venture capital. Its beginnings can be traced burdens of being a public company, the to Frederick Terman, widely credited to be central goal of buyout is to discover means the ―Father of Silicon Valley‖ (together with to build this value*. This may include William Shockley), who invested $500 to refocusing the mission of the company, help starting up the venture of Bill Hewlett selling off non-core assets, freshening and Fred Packard. product lines, streamlining processes and replacing existing management. Companies Venture Capital with steady, large cash flows, established Venture capital is a way of corporate brands and moderated growth are typical financing by which a financial investor takes targets of buyouts. participation in the capital of a new or young There are several variations of buyouts: private company in exchange for cash and strategic advice. Venture capital investors  Leveraged buyout (LBO): combination look for fast-growing companies with low of debt and equity financing. The leverage capacity and high-performing

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intention is to unlock hidden value  Is it worthy to invest time and money in through the addition of substantial this business? amounts of debt to the balance sheet of  What is the cash burn rate? the company.  How to minimize dilution by external  Management buyout (MBO), investors? Management buy in (MBI) and Buy in  Scenario analysis and contingency plan? management buyout (BIMBO): private equity becomes the sponsor of a A start-up‘s Chief Financial Officer (CFO) management team that has identified a assumes the key role of entrepreneurial business opportunity with a price well financial planning. In contrast to established above the team‘s wealth. The difference companies, the start-up CFO takes a more is in the position of the purchaser: the strategic role and focuses on milestones with management is already working for the given cash resources, changes in valuation company (MBO); the management is depending on their fulfillment, risks of not new (MBI) or a combination (BIMBO). meeting milestones and potential outcomes  Buy and built (B&B): the acquisition of and alternative strategies. several small companies with the DETERMINATION OF THE objective of creating a leader (highly FINANCIAL NEED OF A START-UP fragmented sectors such as supermarkets, gyms, schools, private The first step in raising capital is to hospitals). understand how much capital you need to  Recaps: re-leveraging of a company that raise. Successful businesses anticipate their has repaid much of its LBO debt. future cash needs, make plans and execute  Secondary Buyout (SBO): sale of LBO- capital acquisition strategies well before company to another private equity firm. they find themselves in a cash crunch.  Public-to-private (P2P, PTOP): takeover of public company that has been Three axioms guide start-up fund raising: ‗punished‘ by the market, i.e. its price does not reflect the true value.  As businesses grow, they often go through several rounds or stages of ENTREPRENEURIAL FINANCIAL financing. These rounds are targeted to PLANNING: IMPORTANCE specific phases of the company‘s growth and require different strategies and types Financial planning allows entrepreneurs to of investors. estimate the quantity and the timing of  Raising capital is an on-going issue for money needed to start their venture and keep every venture. it running.  Capital acquisition takes time and needs to be planned accordingly. The key questions for an Entrepreneur are:

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Four critical determinants of the financial Venture capital method need of a venture are generally distinguished: To determine the future value of a start-up, a venture capital investor is guided by the  Determination of projected sales, question: What percentage of the portfolio their growth and the profitability company should I have at exit to guarantee level that I get the IRR committed with my  Calculation of start-up costs (one- investors? time costs)  Estimation of recurring costs The valuation of the future company can be  Projection of working capital broken down into four steps: (inventory, credit and payment policies. This determines the cash  Determination of company‘s value at needed to maintain the day-to-day exit business)  Requested fraction (percentage) of the VC at exit? Typically, venture capitalists are part of a  Number of shares to be bought in the fund. Their average size in Europe includes current round of financing to get the five investment professionals and two desired percentage of the company supports. They generate income through  Estimation of maximum price per share management fees (on average 2.5% annual willing to pay in current round of commission) and carried interest (―Carry‖, financing on average 20-30% of the profits of the fund). Usually there is more than one round of financing. Venture capital investors Valuation in Entrepreneurial Finance generally prefer staged investments to reduce the money invested at the higher risk Financial planning also helps to determine and control entrepreneurs via milestones. the value of a venture and serves as an Entrepreneurs benefit from dilution in future important marketing tool towards rounds by reducing the price of the shares to prospective investors. be exchanged for financing.

Traditional valuation techniques based on WHY ARE ENTREPRENEURS accounting, discounting cash flows IMPORTANT TO THE ECONOMY: (Discounted cash flow, DCF) or multiples do not reflect the specific characteristics of a Entrepreneurs Create New Businesses start-up. Instead, the venture capital method, the First Chicago or the fundamental Path breaking offerings by entrepreneurs, in methods are usually applied. the form of new goods & services, result in new employment, which can produce a cascading effect or virtuous circle in the

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economy. The stimulation of related enable new markets to be developed and businesses or sectors that support the new new wealth created. venture adds to further economic development. Additionally, the cascading effect of increased employment and higher earnings For example, a few IT companies founded contribute to better national income in form the Indian IT industry in the 1990s as a of higher tax revenue and higher backend programmers' hub. Soon the government spending. This revenue can be industry gathered pace in its own used by the government to invest in other, programmers‘ domain. But more struggling sectors and human capital. importantly, millions from other sectors benefited from it Businesses in associated Although it may make a few existing players industries, like call center operations, redundant, the government can soften the network maintenance companies and blow by redirecting surplus wealth to retrain hardware providers, flourished. Education workers. and training institutes nurtured a new class of IT workers offering better, high-paying Entrepreneurs Also Create Social Change jobs. Infrastructure development organizations and even real estate Through their unique offerings of new goods companies capitalized on this growth as and services, entrepreneurs break away from workers migrated to employment hubs tradition and indirectly support freedom by seeking new improved lives. reducing dependence on obsolete systems and technologies. Overall, this results in an Similarly, future development efforts in improved quality of life, greater morale and underdeveloped countries will require robust economic freedom. logistics support, capital investment from buildings to paper clips and a qualified For example, the water supply in a water- workforce. From the highly qualified scarce region will, at times, force people to programmer to the construction worker, the stop working to collect water. This will entrepreneur enables benefits across a broad impact their business, productivity and spectrum of the economy. income. Imagine an innovative, automatic, low-cost, flow-based pump that can fill in Entrepreneurs Add to National Income people's home water containers automatically. Such an installation will Entrepreneurial ventures literally generate ensure people are able to focus on their core new wealth. Existing businesses may remain jobs without worrying about a basic confined to the scope of existing markets necessity like carrying water. More time to and may hit the glass ceiling in terms of devote to work means economic growth. income. New and improved offerings, products or technologies from entrepreneurs For a more contemporary example, smart phones and their smart apps have

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revolutionized work and play across the Italy may provide an example of a place globe. Smartphone‘s are not exclusive to where high levels of self-employment have rich countries or rich people either. As the proved to be inefficient for economic growth of China's Smartphone market and development. Research reveals that Italy has its Smartphone industry show, technological in the past experienced large negative entrepreneurship will have profound, long impacts on the growth of its economy lasting impacts on the entire human race. because of self-employment. There may be truth in the old saying, "too many chefs and Moreover, the globalization of tech means not enough cooks spoil the soup." entrepreneurs in lesser-developed countries have access to the same tools as their The Role of States counterparts in richer countries. They also have the advantage of a lower cost of living, Regulations play a crucial role in nurturing so a young individual entrepreneur from an entrepreneurship, but regulation requires a underdeveloped country can take on the fine balancing act on the part of the might of the multi-million dollar existing regulating authority. Unregulated product from a developed country. entrepreneurship may lead to unwanted social outcomes including unfair market Community Development practices, pervasive corruption, financial crisis and even criminal activity. Entrepreneurs regularly nurture entrepreneurial ventures by other like- Findings from United Nations University minded individuals. They also invest in also indicate the possible implications of community projects and provide financial ―over nurturing" entrepreneurship. Wim support to local charities. This enables Naudé argues that ―while entrepreneurship further development beyond their own may raise economic growth and material ventures. welfare, it may not always result in improvements in non-material welfare (or Some famous entrepreneurs, like Bill Gates, happiness). Promotion of happiness is have used their money to finance good increasingly seen as an essential goal.‖ causes, from education to public health. The qualities that make one an entrepreneur are Paradoxically, a significantly high number the same qualities that motivates of entrepreneurs may lead to fierce entrepreneurs to pay it forward. competition and loss of career choices for individuals. With too many entrepreneurs, The Other Side of Entrepreneurs levels of aspirations usually rise. Owning to the variability of success in entrepreneurial Are there any drawbacks to cultivating ventures, the scenario of having too many entrepreneurs and entrepreneurship? Is there entrepreneurs may also lead to income an ―upper limit‖ for the number of inequalities, making citizens more – not less entrepreneurs a society can hold? – unhappy.

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REFERENCES  http://venturebeat.com/2013/06/08/st artups-financial-terms/  http://timreview.ca/article/497  http://www.investopedia.com/articles  http://www.forbes.com/sites/startupv /personal-finance/101414/why- iews/2012/06/08/5-essential- entrepreneurs-are-important- qualities-for-entrepreneurial- economy.asp leadership/#69cf85895fd8

 http://smallbusiness.chron.com/5- different-types-leadership-styles- 17584.html

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