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- 1 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,

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