Entrepreneurship
Meaning:
Entrepreneurship is a dynamic process of vision, change and creation. It
requires an application of energy and passion towards the creation and
implementation of new value-adding ideas and creative solutions.
Essential ingredients include the willingness to take calculated risks in
terms of time, equity or career; the ability to formulate an effective
venture team; the creative skill to marshal needed resources; and, finally,
the vision to recognize opportunity where others see chaos, contradiction
and confusion.
Case study:
ROLLER COASTER ENTREPRENEUR CARL MILER’S MASTERWORK
DESTROYED BY RISING SEA LEVELS AFTER GLOBAL WARMING
INDUCED HURRICANE SANDY (US).
Main Differences Between
Entrepreneur and Intrapreneur
1. One of the major differences between an Entrepreneur and an
Intrapreneur is that the former is the initiator or the founder of a
Startup company. While the latter is merely an employee in an
existing company.
2. Both of them are involved in developing innovative ideas and
projects but their objectives are different. An Entrepreneur aims
to produce something new in the market and of socio-economic
value. While an Intrapreneur aims to make innovations for
enhancing an established company’s efficiency and productivity.
3. The risks taken by an Entrepreneur are much more diverse than
that of an Intrapreneur. Also, the rewards reaped by the former
are exceptionally larger than that of the latter.
5 .Being the founder of a company, an Entrepreneur has to
raise funds for his business plans all by himself. An
Intrapreneur, on the other hand, gets funds from the
company for which he works.
[Link] Entrepreneur is not dependent on anyone for taking
any decision. He is the founder of the company and
therefore no one but himself is his boss. An Intrapreneur,
on the other hand, is bounded by the rules and regulations
of the company for which he works. Consequently, he has
to depend on the final nod of the owner of the company
before undertaking any innovations in products, processes
or services
Google (Alphabet)
Google has embraced the intrapreneurial culture from their inception. And, now it
is known as one of the perfect intrapreneurship examples. Some of their best
products are the outcome of its 20% time policy. Google allows twenty percent of
the total time that an employee spent working in the organization for personal
projects. Some of its key products like Gmail, Google News, Google AdSense,
Driverless Cars, Google Glasses, etc. have come into existence due to its
intrapreneurial spirit.
Krishna Bharat created Google News which is a highly successful product of
Google. He was a research scientist at Google. The news aggregator platform
collates news from 25,000 news websites and based on artificial intelligence
pushes the right news towards the right audience. He also opened Google’s
research and development center in Bangalore.
Similarly, Paul Buchheit created a beautiful template for Gmail and came up
with ideas like search functionality and extra storage facility that no other player
in the industry was providing, which ultimately lead to the success of Gmail.
SONY Computer Entertainment
Young kids today are crazy about Sony’s gaming console
PlayStation. PlayStation is an international video gaming brand
that grew within Sony Corporation, and soon grew to become a
leader in the gaming console industry. In the late 80’s, Ken
Kutaragi, one of Sony’s junior engineers tinkered with his
daughters gaming console and was able to create a better product.
But very few people know that Playstation received stiff
resistance from Sony’s top management because, back then,
nobody knew the future of the gaming industry. Many people
thought that it was just a trend and it will not last long. But the
group CEO Norio Ohga supported the project and in 1994 when
the first PlayStation was launched, it received blockbuster sales.
A separate company was made with the name Sony Computer
Entertainment. Ken was made the CEO of this newly created
subsidiary and subsequently he was made the group Chairman
and CEO. Nobody questioned the future of the gaming industry
after that.
SAP
SAP is aLabs India
software giant, based out of Germany, and a market
leader in Enterprise Resource Planning (ERP) application. In
India, the company runs a program named InnVent abbreviation
for innovation and venture challenge to motivate their employees
to think out-of-box. They want employees to look beyond their
normal work.
Hemant Rachh who was a product expert at SAP Labs India had
come up with a remarkable idea that could help organizations
convert all their leads into sales with the help of an AI (artificial
intelligence) powered software. Rachh won the award at InnVent
and moved to San Francisco to work full-time on the start-up
project. What helped them at SAP Lab India was intrapreneurial
culture and mentorship. Rachh and his colleagues could have left
their job but what made them stick to the organization was
venture capital funding that their organization ready to provide
and that too with their corporate job. The chances of succeeding
were quite high in the corporate incubation program.
Java Programming Language
Intrapreneurs:
Patrick Naughton, James Gosling, Bill JoyCompany:
Sun MicrosystemsYear Launched:1995The circuitous route Java took to
market began when Patrick Naughton, a 25-year-old, up-and-coming
programmer, told Sun CEO Scott McNealy he was leaving the company.
McNealy asked Naughton to give him an assessment of what Sun was doing
wrong, and the programmer responded that Sun, then known for its business
workstations, was missing out on the fast-growing PC consumer market. His
12-page e-mail quickly became a rallying cry to change Sun’s direction.
Naughton stayed, and Sun set up a group dedicated to breaking into the
consumer market. Group member James Gosling created an elegant
object-oriented programming language called Oak (renamed Java), which
Sun initially hoped would be used by Time Warner in its cable set-top boxes.
When that deal fell through, it looked like the language would be
abandoned. It took Bill Joy, a Sun co-founder.
Entrepreneurship
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D74
Shark tank :Aspiring entrepreneurs pitch their
business ideas to moguls, known as the
"Sharks," in hopes of landing investment funds
in this U.S. adaptation of the British and
Japanese reality hit Dragons' Den.
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Startup Revolution
Startup India is a flagship initiative of the
Government of India, intended to build a
strong eco-system for nurturing innovation
and Startups in the country that will drive
sustainable economic growth and
generate large scale employment
opportunities.
SCENARIO IN INDIA.
The ongoing initiative of Startup India was
launched by the Government of India in
2016. The objective is to boost startup culture
and create an environment of
entrepreneurship in India.
Startup Ecosystem In India
What is a startup Ecosystem
A startup ecosystem is formed by people,
startups in their various stages and various
types of organizations in a location
(physical or virtual), interacting as a
system to create and scale new startup
companies.
i
The ongoing initiative of Startup India was
launched by the Government of India in
2016. The objective is to boost startup culture
and create an environment
of entrepreneurship in India.1
India is the 3rd largest start-up hub in the
world.
About 31945 start-ups under the Startup India
Initiative.
SALIENT FEATURES OF STARTUP
INDIA ACTION PLAN
Startup India Hub – To create a single point of contact
for the entire Startup ecosystem and enable knowledge
exchange and access to funding.
Compliance Regime based on Self-Certification - To
reduce the regulatory burden on Startups, allow them
to focus on their core business and keep compliance
cost low.
Rolling out of Mobile App and Portal - A single
platform for Startups to help in interaction with
Government and Regulatory Institutions to fulfill
business needs and also enable information exchange
among various stakeholder
Top 10 Startups In India
Unacademy. An e-learning start-up, Unacademy was
founded in 2015 in the Indian city of Bengaluru. ...
Udaan. ...
CRED. ...
upGrad. ...
Razorpay. ...
Meesho. ...
Skyroot Aerospace.
Unacademy
Founded in 2015, the platform was initially
introduced as a YouTube channel by Gaurav
Manjal back in 2010. With its primary headquarters
residing in Bengaluru, Unacademy is India’s biggest
learning platform which brings together expert
Educators for millions of students who are in the
requirement of enhanced quality education.
Business Incubators
Meaning of Business Incubators
Business incubators are organizations geared
toward speeding up the growth and success of
startup and early stage companies. They’re
often a good path to capital from angel
investors, state governments,
economic-development coalitions and other
investors.
A business incubator is a workspace created to
offer startups and new ventures access to the
resources they need, all under one roof.
Example :T Hub
Stages of Business
Incubation
The whole process of business incubation is broadly
divided into three categories:
Physical Facility Support
This refers to the incubation service provided within
the physical facility.
Networking Facilities
After the physical facility, business incubators help the
start-up with networking facilities so as to grow the
business.
Support Services
Once the business is up and running, the incubators
offer various support services to the businesses in
order to run the business smoothly.
What do they do?
Incubators provide numerous benefits to owners of
startup businesses.
office and manufacturing space is offered at
below-market rates, and their staff supplies advice
and much-needed expertise in developing business
marketing plans as well as helping to fund
fledgling businesses.
Finances
Help with business basics.
Networking activities.
Marketing assistance.
Market Research.
High-speed Internet access.
Help with accounting/financial
management.
Access to bank loans, loan funds and
guarantee programs.
Help with presentation skills.
iCreate aims to convert knowledge-based and technology-driven
innovations into successful startups. The incubator helps with
Funding, Product development, Testing and Trials, Mentoring,
Professional Consultancy, IPR issues, Manpower for day to day
operations. And other areas as recommended by the Seed Support,
and Management Committee of STEP/TBIs.
Focus Area: Project/Venture must encompass components of
technology, innovation, and potential for a global market. It
invests in Technology, Healthcare, Green Energy, Agro & Food
Processing companies.
Noteworthy Startups: Purple Docs, Hubilo
Funding: The average ticket size is 25 lakhs- 45 lakhs INR.
However, in a few exceptional cases, seed support is raised to Rs.
100 lakhs.
Location: First floor, GMDC Building, 132 Ft Ring Road,
Vastrapur, Ahmedabad 380 052, India.
Website: [Link]
IAN is a network of Angel Investors that are more than willing to
invest in startups that have potential. They provide high-quality
monitoring, vast networks, and game-changing inputs on strategies
and execution. Their experience and background help them to
assess potential and risks at a very early stage.
Focus Area: Startups in domains of Agriculture, E-Commerce,
Education, Financial Services, Gaming, Healthcare, Hospitality,
Information Technology, Internet, Lifestyle, Manufacturing, Mobile,
Retail, Semiconductor, Services, and Social-Impact.
Noteworthy Startups: WOW! Momo, Box8, FabAlley
Funding Amount: Up to USD 1 mn, with an average of USD 400-600K.
Location: 6th Floor, Block C, Eden Park Hotel, Shaheed Jeet Singh
Marg, New Delhi.
Website: [Link]
Social Entrepreneurship
Defining social entrepreneurship. One problem is that a social business can cover
everything from not-for-profits, through to charities and foundations, to cooperative and
mutual societies and all the way to for-profit businesses.
London Business School Dean, Laura Tyson, defined the social entrepreneur as a
person ‘driven by a social mission, with a desire to find innovative ways to solve social
problems that are not being or cannot be addressed by either the market or the public
sector’.
Social entrepreneurs are sometimes referred to as ‘public entrepreneurs,’ ‘civic
entrepreneurs’ or
social innovators’. Wherever they are, they play the role
of change agents by:
• adopting a mission to create and sustain social value (not just
private value)
• recognising and relentlessly pursuing new opportunities to
serve that mission
• engaging in a process of continuous innovation, adaptation
and learning
• acting boldly without being limited by resources currently in
hand, and
• exhibiting heightened accountability to the constituencies
served and for the outcomes created.
Rural Entrepreneurship
Definition: Rural entrepreneurship refers to the
development of a new enterprise which pioneers
new products and services, creates a new market
for its offerings or uses advanced technology, in
the rural area.
In simple terms, the entrepreneurship which
springs up in non-urban areas is termed as rural
entrepreneurship. This leads to the establishment
of industrial units in rural areas.
Need for Rural
Entrepreneurship
Problems of Rural
Entrepreneurship
Paucity of Funds
Lack of technical know-how
Lack of training and development
Non-availability of skilled labors
Risk Element
Legal Formalities
Lack of technical knowledge
Lack of Quality Control
Lack of communication and market insights
Lack of storage and transportation facilities
Old and obsolete technology, machinery and equipment
Lack of promotional strategy
Lack of infrastructural facilities
Poor quality standards
Rural Entrepreneurship
Palle srujana events and activities
Ref video link:
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Categorization for
entrepreneurs:
According to
[Link] of business
[Link] of technology
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[Link] of development
[Link] and gender
Types of entrepreneurs
Business entrepreneurs-Concerned with
manufacturing
Trading Entrepreneurs: Not concerned with
manufacturing
Industrial entrepreneur: tailor made
Corporate Entrepreneur: performs innovative skill
in corporate undertakings
Agricultural entrepreneur: Agricultural activities
Retail entrepreneurs:
Service Entrepreneurs
Health entrepreneurs
Women Entrepreneurs
Segment of Women
Entrepreneurs
Self help groups
Grass root entrepreneurs
Mid rung entrepreneurs
Upper crust
Psycho social barriers by
women entrepreneurs
Poor self image
Inadequate motivation
Discriminating treatment
Faulty socialisation
Role conflict
Cultural values
Lack of courage and self confidence
Inadequate encouragement
Lack of social acceptance
Unjust social ,economic and cultural
system
Lack of freedom of expression
Afraid of failures and criticism
Susceptible to negative attitudes
Non-persistence attitude
Low dignity of labour
Entrepreneurial mind set
Today’s younger generation are referred
as Gen X and today 21’st centuary will be
eventually known as Generation E.
As most of them are entering into business
at an early age
Entrepreneurs mindset include
characteristics such as people who are
innovative,risk takers,spot opportunities
and exploit.
Entrepreneurial stress
Four causes of stress
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[Link] of business
[Link] problems
[Link] to achieve
[Link] need for control
[Link] of distrust
[Link] desire for success
[Link] optimism
Dealing with stress
Networking.
Getting away from it all.
Communication with employees.
Finding satisfaction outside the company.
Delegating.
Exercising rigorously.
