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Entrepreneurship Essentials
Manoj Kumar Mondal
Rajendra Mishra School of Engineering Entrepreneurship
IIT Kharagpur

Topic: Introduction - Motivation

Lecture #: 01 (02.01.2024)
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Questions to Be Answered

• Why should one learn entrepreneurship?

• Techno-economic contributions of entrepreneurs?

• Why should one aspire to become an entrepreneur?

• Roles of entrepreneurs in the progression of our civilization?

• Entrepreneurship and GDP growth?

• What makes the present situation perfect for startups?

• Is it the right time to start a startup?

• Can we compete with global companies?

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Why Should One Learn Entrepreneurship

1
Solving problems and creating wealth
Solving key problems bogging the society.
Personal, family, and societal development and growth
Job creation, government income, GDP growth

2
Prepare for top jobs
Contemporary firms are progressively seeking individuals possessing
entrepreneurial attributes.

3
Corporate entrepreneurship
Be successful in Corporate Entrepreneurship that refers to the practice of
fostering an entrepreneurial mindset, innovation, and risk-taking within a
large organization to drive business growth and create new opportunities.
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Motivation

01• To study entrepreneurship

• To become entrepreneur
• To become job-market-fit
• To prepare to be corporate entrepreneur
02• To become an entrepreneur

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Create Something New and Feel the Sense of

Achievements

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What do you want to achieve?
Self actualization
• Create a venture
• Give jobs Esteem
• Government income
Love and belonging
• Nation building
• Create wealth for
Safety needs
self, family and
community
Physiological needs

Maslow's hierarchy of needs

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Gautam Adani

• Dropped out of college to pursue his dream.

• Family had a poorly performing textile business.
• He started to manage brother’s plastic business.
• Started PVC in late 1980s.
• 1994 – Adani Exports
• 1996 – Adani Power
One of the key factors in the rise of the Adani Group has
been Adani's ability to identify and capitalize on opportunities in
key sectors. He created synergies between businesses to
reduce costs, improve efficiencies, and acquire customers.
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The First
Unicorn of
2023
• Founded in 2021 by
Stanford University
dropouts Aadit Palicha
and Kaivalya Vohra has
become the first unicorn
of the year in India
• It has raised $200
million in a Series E
round of funding at a
valuation of $1.4 billion,
making the online
grocery company India’s
first unicorn of 2023.

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Entrepreneur
o Dictionary definition of entrepreneur: ‘one who organizes,
manages, and assumes the risks of a business or enterprise’.
o Entrepreneurs have a compelling vision or a dream to achieve
something extraordinary and a comprehensive plan to execute it.
o They identify opportunities in adversities or translate adversities
into opportunities. Failures don’t deter them.
o Identify solutions to workaround the adversities or risks and
accomplish desired goals.
o Comfortable with uncertainties and ambiguities, the ability to
identify opportunities that others will never see and to focus on
them, to be resolute, persevering, brave, open to ideas and advice.

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Corporate Entrepreneurship

a) Corporate entrepreneurship is a process by which teams within an established company conceive, foster,
launch, and manage a new business that is distinct from the parent company but leverages the parent’s
assets, market position, capabilities, or other resources.

b) Under the Corporate Entrepreneurship environment, employees within the organization are encouraged to
behave as entrepreneurs, be creative, and proactive, and embrace calculated risk to achieve higher goals
in pursuing disruptive innovation within the larger mission of the organization using the resources,
capabilities, and security of the company to draw upon.

c) Under Corporate Entrepreneurship (Intrapreneurship), a person within a large corporation takes direct
responsibility for turning an idea into a finished product through assertive risk-taking, proactive
leadership actions, and disruptive innovation.

d) Intrapreneurship has evolved as a corporate management style integrating risk-taking, innovative

approaches, and motivational techniques – more traditionally the province of ENTREPRENEURSHIP - in
the work culture.
e) a person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation.

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A total of 110 Indian

startups have entered
the unicorn club to
date
These unicorns have
raised a total of $93
billion and valued
$347 billion
Zomato, Nykaa,
PolicyBazaar, Paytm
23 out of 100 unicorns are profitable Freshworks,
57 are hugely in loss Delhivery ideaForge,
OYO was among the top loss-making companies ( loss came
down to 1286 cr in 2023)
Mamaearth, Yatra,
SWIGGY’s loss: 2380 cr in first half of 23-24 Zaggle, Tracxn, and
Policybazaar: IPO price ₹ 980, market price: ₹ 800 Yudiz have issued
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Why Fortune 500 Companies Fail.

• 50% of Fortune 500 companies of 2000 are extinct today

• Most common answer: they lost their entrepreneurial essence.
• Remaining entrepreneurial is hard for a large company.
• Fail to preempt the market, failing to envision customers’ changing
needs, innovate to meet them, craft proactive strategies, loss of
culture to change management (adaptability), calculated risk-taking,
loss of vision of leadership.
• A leader develops leadership potential of individuals, succeeds in
communicating shared vision from the top to the bottom.

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Entrepreneurship Shared
vision
Insurgent
Vision
mission
Experimen
Balanced
tation
team

Readiness
Persistence Leadership Entrepreneurship Innovation to fail

Tolerance
to
Culture to calculated
adaptability risk
Product-
market-fit
Culture to
Customer preempt
focused competitio
n
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Socio-Economic Contributions of
Entrepreneurs: Multiplication Effect

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Definition of Some Keywords

• Entrepreneur and entrepreneurship

• Innovation, vision, alleviate pain, calculated risk

• Value proposition

• GDP

• Velocity of money

• Value of money
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Founders have three main traits:

⮚an insurgent’s mission,
⮚an owner’s mindset, and
⮚obsession with the front line.

Entrepreneurs identify opportunities in adversities.

Opportunities without much risk will vanish in no time.

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Capability and Readiness to Adapt to Changes

• Charles Darwin noticed that the species that survives is the one that is most adaptable to
externalities and not necessarily the strongest or the most intelligent. This is very true in
today’s business world. But very few corporate leaders are amenable to the constant rapid
changes.

• Never has this been more true, than in today’s highly competitive and rapidly changing
business world.

• Large, established companies are being forced to find new ways to adapt to increasing
pressure from smaller, faster and more agile companies. These new players are identifying
and exploiting opportunities by disrupting markets, taking market share and threatening the
very existence of established businesses.
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Some of the Serious Crisis that Humanity

Faces Today

• The COVID-19 , Monkey pox are some of the

• Growing inequalities existential crisis that
are threatening the
• Lost diversity, and
humankind.
• Climate change

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Crisis and Opportunities

• Winston Churchill is credited to have said:

“Never let a good crisis go to waste”.

Crisis opens up new opportunities

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Types of Business Ventures

• Innovation- and Vision-Driven Entrepreneurship –
characterised by easy scalability and growth of the business model.
• Corporate Entrepreneurship or Intrapreneurship
• Small Business
• The large corporate entities and cooperatives.
• Social Entrepreneurship
• For profit enterprise
• Not-for profit enterprise

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Vaibhav Agrawal -
Uttar Pradesh IT Grad Revamps Dad’s Kirana
Store, Turns it Into a Rs 5 Cr Startup
• Refurbished the store systematically organising the products.
Use analytics of the customer behaviour and inventory
management.
• Customer footfall and consumer spending increased. Analyzed the
supply and demand of products with seasonal variations.
• The unexpected improvement became popular through word-of-
mouth. Other grocery owners requested to refurbish their stores. Start
of journey…
• Until January 2021, Vaibhav has created or revamped 100 grocery
stores from 12 cities across India. “Majority of them belong to Tier II
and Tier III cities. Grocers are interested to change for the better. But
they could not adapt to the fast-changing business world. About ₹100
crore NW now.
https://www.thebetterindia.com/248640/kirana-grocery-stores-vaibhav-agrawal-kamla-store-the-kiryana-store-compan
y-startup-business-success-story-him16/
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Innovation and Entrepreneurship

Entrepreneurs use innovation
• To develop solutions to alleviate problems persisting in a group of people.
• To create differentiation in products or services gaining competitive
advantage.
• To alleviate risks.
• Use factors of production efficiently to delineate superior value propositions
and, in the process, innovate new business models.
• Innovation can be perceived in many contexts and not merely in products and
services development. Doing anything differently that makes better value for
customers may be termed innovation.

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Innovation and Entrepreneurship

• Schumpeter Propounded
• Creative Destruction as a way of innovation and
entrepreneurship. It leads to superior economic growth.

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Innovation and Entrepreneurship

• Innovation disrupts existing business model by
introducing better products with superior value
proposition at increasingly higher speed.

Fortune 500 firms in 1955 vs. 2014.

• In about 60 years, almost 88% of the Fortune 500
companies no longer feature in the list because they have
either become bankrupt or are no longer significant.
• And we’re all better off because of that dynamic ‘creative
destruction.’

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Innovate or Perish
• Every new employee gets a copy of the
"Facebook's little red book“ that famously
says:
“If we don’t create the thing that kills Facebook,
someone else will”
It’s a way to communicate the history, mission,
and values of the company.
One of the last pages says:
“Embracing change’ isn’t enough. It has to be so
hardwired into who we are that even talking
about it seems redundant. The internet is not a
friendly place. Things that don’t stay relevant
don’t even get the luxury of leaving ruins. They
disappear.”
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The Vision
• Vision is where the company wants to be or what it aspires
to accomplish in the long run.
• It relates to the dream and passion.
• Bill Gates envisioned to see personal computers in every
home [and not really the progression of business].
• One of Elon Musk's visions is to see humankind travel to
Mars and live there. [But the design of the spacecraft is not
part of that vision. But the vision guides the designs.]
• Vision sets the direction for your business planning.
• Founders have to be able to articulate and share a vision. A
shared vision is one of the hallmarks of business success.

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Why should one aspire to become an

entrepreneur?
Individualistic choices
• Be own boss - autonomy & freedom
• Personal wealth creation
• Economic value creation
• Social responsibility
• Corporate entrepreneurship
• Accomplishment
• Opportunity exploitation
• Solve an acute & agonizing pain
• Deep knowledge in a domain
• No other option but to start a business
• Favorable ecosystem

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Why should one aspire to become an

entrepreneur?
• Some contribution of entrepreneurs are highly
profound.
• Wealth for self & family
• Economic value creation for the nation
• Socio-economic value creation
• Contribution to the progression of our civilization

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‘Global Entrepreneurship Index’ and ‘Per-Capita GDP’

Global entrepreneurship index

Scatter plot
Note: Annual GDP is the
monetary value of all goods
and services produced within
the country in a year. Divide
that by the number of people
to get per-capita GDP.

Per Capita GDP

Clearly, countries with higher entrepreneurial activities generate higher per-

capita GDP, which in turn leads to higher government income that leads to
better infrastructure, better healthcare and better public amenities.

Data source https://thegedi.org/2019-global-entrepreneurship-index-data/

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‘Global Entrepreneurship Index’ and

‘Quality of Life Index’
Source
https://thegedi.org/2019-global-entrepreneurs
hip-index-data/
Scatter plot
Global entrepreneurship index

Based on data published in 2019

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Economic Contributions of Entrepreneurs

Entrepreneurs
• Increase government income resulting in higher
expenditure and more consumption.
• Generate employment.
• Promote savings.
• Increase consumption.
• Stimulate new demand by offering products of higher
esteem.

It is important to know what all an entrepreneur executes and facilitates.

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Economic Contributions of Entrepreneurs … contd.

• Improve technological landscape through innovations in all key areas.
• Facilitate diffusion of technologies from abroad into domestic
industries resulting in technological self-reliance.
• Bring foreign exchange that increases value for local currency.
Increased forex reserves provide enormous power to a nation
while increasing purchasing power to its citizens.
• Improve quality of life of citizen.
• Earn foreign exchange

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Reliance Industries Ltd.

Reliance Industries contributes about 10% of the direct tax
collection of our country.

Reliance Jio’s disruptive entry will expand India’s per capita GDP by
about 5.65%, says a report by Harvard Business School #.

Imagine that we have many more such companies. The GDP and
government’s income would soon multiply.

#
Appeared in the Mint on 06 April 2018

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Industrial
Revolutions

0th
Hand tools,
animal-based
manufacturing

Till 1770s 1784 1870 1969 Late 20th Century

Handheld roller First Cotton Gin was Gas & Oil, synthetic Nuclear energy, Integrations of
gins had been put into operation. fabric, dyes & electronics (PLC) & computation,
used in the Indian Steam engine: in
Wikipedia.com fertilizer, telegraph, Biotechnology, networking, and
subcontinent 1776. telephone physical processes
43

since AD 500 and

then in other
regions.Image adopted from http://canadamakes.ca/industry-4-0-next-industrial-revolution/
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Computer and automation

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Industry 4.0

• Industry 4.0: started during 1990s.

• IoT, additive manufacturing, Cloud computing, AI, e-vehicles,
Autonomous vehicle, Business intelligence, Smart machines, etc.

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4.0
• Business intelligence
• Smart factory
• Cloud computing
• Big data
• AI-ML
• Digitization
• Blockchain
• Electronic healthcare
• Autonomous transportation
• Cryptocurrency

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But where are we in this technological revolution

landscape?

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Historical GDP of India vis-à-vis the World

GDP % of % of
Year Population Period
(1990 dollars) world GDP world populati
on
1 33.750 32.00 70.000 30.3 Classical era

1000 33.750 28.00 72.500 27.15 Early medieval er

a
1500 60.500 24.35 79.000 18.00 Late medieval era

1600 74.250 22.39 100.000 17.98

1700 90.750 24.43 165.000 27.36 Early modern era

1820 111.417 16.04 209.000 20.06

1870 134.882 12.14 253.000 19.83 Colonial era
(British era)
1913 204.242 7.47 303.700 16.64
1950 222.222 4.17 359.000 14.11 Republic of India

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Historical GDP of India vis-à-vis the World

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The British landed in India in Surat on

August 24, 1608. While India has a rich
recorded history going back 4000 years
to the Indus Valley Civilisation in
Harappa and Mohenjo-Daro, Britain had
no indigenous written language until the
9th century almost 3000 years
after India.
Ref. Indiatoday website.
https://ourworldindata.org/grapher/total-gdp-in-the-uk-since-1270

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What went wrong?

• We were under seize
• We lost our entrepreneurial zeal
• It made us risk averse
• Now our parents motivate us to think of a government
job to be the most coveted career objective.
• In the process, we have become victims of many myths
• Data on failure rate of startups intimidate us
• The imperial world focused on R&D and
entrepreneurial venture creation to achieve growth.

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India

The shift in global middle-class consumption in the first half of the twenty-first century.
Source: Homi Kharas 2010, OECD Working Paper No. 285 on the Celtel. biz website at
https://tinyurl.com/y7b2pn8b.

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Myths that we are victims of and the reality

• Myth: Entrepreneurs are born, not made

• Fact: Dhirubhai Ambani, Narayana Murthy, Sunil Bharti Mittal, Sabir
Bhatia, Steve Jobs, John D. Rockefeller, Andrew Carnegie
• Myth: It takes a lot of money to start a business
• Facts: More than 80 percent of new ventures are bootstrapped.
• Myth: Entrepreneurs are born in business families
• Entrepreneurship is mostly associated with ‘First Generation Entrepreneurs’.
• Myth: Entrepreneurs are extroverts
• Fact: Blake Masters and Peter Thiel have shown that 10 out of 11 successful
entrepreneurs are introvert.

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Is failure so obvious?
• 42% of the well funded ventures fail as they want to sell
something that nobody wants to buy.
Remedy: Validated learning
• 29% of the well funded ventures fail as they run out of cash
Remedy: Understand finance and do the projected cash flow.
• 23% fail due to disharmony among founders
Remedy: follow the time-tested team building process

“All I Want To Know Is Where I’m Going To Die So I’ll Never Go

There.” – Charlie Munger

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Causes of Failure
• Running out of money

• No market need

• Disharmony among
founders

• Outcompeted

• Flawed business model

• Lack of Focus
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Factors Affecting Success of a Venture

Timing Execution Team Idea & Funding

Business Model
Most important Makes all the Complementary Ideas are dime a Too many startups
Victor Hugo difference skills dozen fail
Most powerful Google and Yahoo Should know well But business model is For running out of fund
central
whose time has
come

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The greatest success factor

• Timing
• Bill Gross provided evidence that timing is the single
biggest reason that startups succeed.
• Victor Hugo said: There is one thing that all the military in
the world cannot defeat that is an idea whose time has come.
• Why the present time is so great

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Why the present time is so great

• India now has the consumption power

• If we do not create capability, our dependence on
foreign goods will only increase making others richer.
• We have demographic advantages.
• We are rich in natural resources.
• No dearth of knowledge workers.
• Government policies are very favorable.
• Matured ecosystem in place.

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• More than 125 of the Fortune 500 enterprises have

their Global Capability Centers in India

• “The scale of technology talent that they need can only

be addressed from India.” – Said ANSR, a company
that helps Fortune 500 enterprises build, scale, and
run Global Capability Centers.

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Can we compete or is it just pipe dream?

• Hero Motor, Bajaj, TVS has driven competition out

whichever markets they entered.
• We are already the global producer of pharmaceuticals.
• Several Indian companies have reported early success
towards possible treatment of COVID.
• Two COVID Vaccines have received approval.
• We are playing leading role in the technology sphere.
• USA, Australia, and others have expressed to purchase
Tejas.
• Our indigenous passenger aircraft show promise.
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Do you have the elements to successfully

create and grow a venture?
• Almost all the qualities of successful entrepreneurs
such as leadership qualities, people skill, empathy,
finance, marketing, strong peer network, tolerance to
ambiguity can be inculcated to a large extent.
• Unless you start, you will never know what you are
really capable of.

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“If you're not failing, you're probably not

really moving forward.”

• “Fail early, fail often, but always fail

forward.”
― John C. Maxwell, Failing Forward: How to
Make the Most of Your Mistakes

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Intrapreneurship/ Corporate Entrepreneurship

Process or strategies of intrapreneurship or corporate
entrepreneurship within a company:
Employees within the organization who are creative, proactive,
have the gumption to embrace calculated risk to achieve higher
goals can pursue disruptive innovation within the larger mission
of the organization using the resources, capabilities and security
of the company to draw upon.

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Success of Zerodha

• Zerodha started operations on the August 15, 2010, to break barriers that traders and
investors face in terms of cost, support, and technology. By using disruptive pricing
models and in-house technology, Zerodha has become the biggest stockbroker in India
in terms of 7.5+ million clients, which is about 15 per cent of all Indian retail trading
volumes.
• "We always knew there was an opportunity to disrupt the existing broking or
income venture. The way the businesses were set, the incentives were not
aligned with the customer.”
• "There is a way to disrupt, just operationally, even if it's not a product. There are things
that can be done that are right for the customer,“
• Calling themselves "custodians of the customer“
• "In financial services, intermediaries make their buck by making things complex and
opaque. The first thing we wanted to do was to make it transparent,“
• Zerodha is derived from the Sanskrit word Rodha which means Obstructions. The
name Zerodha means 'No Obstructions'.
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Some Books You Can Reffer

❑ The hard thing about hard thing - by Ben Horowitz

❑ Zero to One - by Peter Thiel and Blake Masters
❑ Good to Great - by James C Collins
❑ Four Steps to Epiphany - by Steve Blank
❑ The E-Myth Revisited - by Michael E Gerber

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Other References

❑http://benbarry.com/project/facebooks-little-red-book
❑ Stel A. v, M. Carree and R. Thurik (2005), The effect of entrepreneurial activity on national
economic growth, Small Business Economics, Vol. 24, No. 3, pp. 311-321
❑ Praag C. M. Van, and P. H. Versloot (2007), What is the value of entrepreneurship? A review
of recent research, Small Business Economics, Vol. 29, pp. 351–382
❑ Aparicio S., D. Urbano and D. Audretsch (2016) Institutional factors, opportunity
entrepreneurship and economic growth: Panel data evidence, Technological Forecasting and
Social Change, Technological Forecasting and Social Change, Vol. 102, pp. 45–61
❑ Rajiv Shah, Zhijie Gao, Harini Mittal (2015) Innovation, Entrepreneurship, and the Economy
in the US, China, and India – Elsevier
❑ Sean Ammirati (2016) The Science of Growth: How Facebook Beat Friendster—And How
Nine Other Startups Left the Rest in the Dust, St. Martin’s Press.

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Thank You

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Anand Shanwal - cbinsight

• What do Uber, Facebook, and Starbucks have in common?

• They all have strong business moats — key competitive
advantages that set a company apart and make it hard for
competitors to enter.
• It’s what drove Amazon to post $96B in revenue in Q3’20. It’s
how Google has maintained its hold on over 85% of the search
engine market.
• Today, the most durable business moats are being built on
advantages like network effects, data, and repeat engagement
within a product ecosystem.
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• Ranjan kumar – iit Kharagpur ENTROPIC (emotion ai)

• YELLO.AI – CUSTOMER experience management

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© Manoj K Mondal, RMSoEE

FOUNDATIONS OF ENTREPRENEURSHIP / ENTREPRENEURSHIP ESSENTIALS

© Manoj K Mondal, RMSoEE

FOUNDATIONS OF ENTREPRENEURSHIP / ENTREPRENEURSHIP ESSENTIALS

Create Something New and Feel the

Self-actualization
Sense of Achievements Market leader

Esteem needs Approval

Organizational hierarchy
Individual’s hierarchy

Acceptance needs Market share

Security needs Business protection

Physiological needs Business survival

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