PROJECT MANAGEMENT & ENTREPRENEURSHIP

(KHU 702)
Syllabus

2
List of Books

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 Unit-1 Syllabus
• Entrepreneurship:
• Entrepreneurship: need, scope , Entrepreneurial competencies & traits,
• Factors affecting entrepreneurial development,
• Entrepreneurial motivation (Mc Clellend’s Achievement motivation theory),
• Conceptual model of entrepreneurship ,
• Entrepreneur vs. intrapreneur;
• Classification of entrepreneurs;
• Entrepreneurial Development Programmes

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 Introduction to Entrepreneurship
Entrepreneurship has become increasingly important for businesses of all sizes around
the world.

It opens new opportunities and possibilities for the businesses to create values for
themselves and for the society at large.

Despite its popularity, studies suggest that the scope of entrepreneurship remains
unknown, and therefore the prospects of entrepreneurial activities remains not fully
realised.

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Who is an Entrepreneur............
 Who is an Entrepreneur............
The term 'Entrepreneur' -French word 'Entreprendre’ (meaning to undertake
certain activities)
Entrepreneur:
1) Produces a product from his core idea
2) Sells & market the product
3) Bear overheads like :-
*Pays rent of Land and building
*wages to labor
*interest on capital
*later generate profit
 Working Definition
Entrepreneur
• An entrepreneur is a person who combines various factors of production, processes
raw material, converts the raw material into a finished product and creates utility and
sells the product in the market to earn profit.

• Entrepreneurship essentially refers to the act of starting and operating a business.

In this context, an entrepreneur aims to take risks, identify opportunities, and create
value by offering products or services that meet market needs.

• An entrepreneur is a person who evaluates the new situation in the environment and
directs the making of such adjustments or alternations in the economic or
manufacturing systems as he thinks necessary for achieving desired results.
 Entrepreneur: a catalyst for economy
In the modern day markets, the term entrepreneur has been closely linked with economic development.
An economic development can emerge due to several reasons, which includes:
(a) the launch of new source of procurement for raw materials or materials
(b) the introduction of a new production mechanism
(c) the introduction of a new quality of product, or a novel product
(d) the opening of new market
(e) the re-organisation of a business.
The people whose functions are to carry out various such activities are called entrepreneurs (Bull &
Willard, 1993)

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 Définition of an Entrepreneur
To date, several definitions have been penned to describe an entrepreneur. And
some of them are mentioned herewith:

Entrepreneur is someone who manages all the necessary resources to produce and market a
product which responds to the market scarcity (Leibenstein, 1968; Bull & Willard, 1993).

“Entrepreneurs are individuals who recognize opportunities where others see chaos
contradiction, and confusion. They are aggressive catalysts for change within the marketplace”
Kuratko (2016, p.3)

“Entrepreneur is the person who carries out new combinations, causing discontinuity. The role is
completed when the function is completed. The person may be an employee with an existing organisation or
may start a new venture. An investor per se only risks capital for a return.” Bull & Willard (1993, p. 186)

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 Characteristics of an Entrepreneur

The main characteristics of the entrepreneur are due to their sociological and psychological factors. Some of those
characteristics are mentioned below:

Entrepreneurs are vision-oriented people

Entrepreneurs have a high need in achievement

Entrepreneurs do not rely on fate or luck, however they try to control their own lives

Entrepreneurs undertake moderate risks, which is why they look for high earning on their investments

Entrepreneurs have the abilities to deal with several ambiguous situations in their ventures. They face these ambiguous
situations and circumstances regularly because they do certain jobs and tasks which are entirely new by nature.

Entrepreneurs have the tendency to be productive and efficient with in a given period of time.

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 ENTREPRENEURSHIP
May defined in various ways, but the four key elements involved in it are:

i. Innovation.
ii. Risk-taking.
iii. Vision.
iv. Organizing skill.

The capacity and willingness to develop, organize and manage a business venture
along with any of its risks in order to make a profit. The most obvious example of
entrepreneurship is the starting of new businesses.
 Entrepreneurship refers to the process of creating and managing a new
business venture to achieve financial success and make a positive impact
on society
• Creation of TOMS Shoes: Financial Success:
– TOMS Shoes was founded in 2006 by Blake Despite initial challenges and skepticism, TOMS
Mycoskie after a trip to Argentina, where he Shoes achieved remarkable financial success,
witnessed children living without shoes. driven by its innovative business model and
compelling social mission and responsibility.
– Inspired by the concept of "One for One,"
Mycoskie created TOMS with the mission of Positive Impact on Society:
providing a pair of shoes to a child in need for TOMS Shoes has made a significant positive
every pair of shoes sold. impact on society through its innovative
• Managing a New Business Venture: approach to corporate social responsibility.
– Mycoskie launched TOMS as a for-profit By providing shoes to children in need, TOMS
business venture, aiming to blend has helped improve their health, education, and
entrepreneurship with social impact. overall quality of life, while also raising
– He managed the business operations, including awareness about the importance of footwear in
sourcing materials to ensure the sustainability
impoverished communities.
and growth of the company.
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 “Entrepreneurship is a composite of three basic elements-invention,
innovation and adaptation” Johnson
• Invention:
– In 2007, Brian Chesky and Joe Gebbia, the founders of Airbnb, were struggling to pay rent for their apartment in San Francisco.
– Got idea of renting out air mattresses on their floor to attendees of a local conference to earn extra money.
– This initial idea was an invention in itself – using spare space in their apartment to accommodate travelers when hotels were
fully booked.
– It was a creative solution to a common problem: the high demand for accommodation during peak times.
• Innovation:
– Form the idea Chesky and Gebbia realized the potential to create a platform that would connect travelers with hosts offering unique
and affordable accommodations.
– They innovated by developing the Airbnb platform, which allowed hosts to list their properties and travelers to find and book
accommodations directly.
– Airbnb's innovation extended beyond traditional hotel stays to include a wide range of unique and personalized lodging options,
such as apartments, houses, treehouses, and even castles.
• Adaptation:
– As Airbnb grew, the founders faced various challenges, including regulatory issues, safety concerns, and user experience
enhancements.
– They adapted their business model and strategies to address these challenges by implementing features such as identity verification,
host insurance, and customer support services.
– Airbnb also expanded its offerings beyond accommodations to include experiences and activities hosted by locals, catering to
travelers seeking authentic and immersive experiences.

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The art of identifying opportunities, taking calculated risks, and bringing
new ideas to life by creating new businesses or organizations.
Let's illustrate this definition with the case
study of Elon Musk and his ventures,
including Tesla, SpaceX, and Neuralink: • Bringing New Ideas to Life:
• Identifying Opportunities: – Musk's ventures represent
– Elon Musk identified opportunities in electric innovative solutions to complex
vehicles, renewable energy, space problems.
exploration, and neural interface technology. – Tesla produces electric vehicles and
– He recognized potential for disruption and energy products, SpaceX develops
innovation in these emerging industries.
reusable rockets and aims for Mars
• Taking Calculated Risks: colonization, and Neuralink works
– Musk invested personal wealth and
on brain-computer interface
resources into ventures like Tesla, SpaceX,
and Neuralink. technology.
– He took bold risks, such as developing – Musk's ability to translate visionary
reusable rocket technology and investing in ideas into tangible products
electric vehicles when they were not showcases the transformative power 16
mainstream.
 Entrepreneurship entails bearing the risk of buying at a certain price and
selling at uncertain prices.” Ricardo Cantillon
• John's Mobile App Startup Case Study:
• Buying at a Certain Price:
– John, a tech enthusiast, develops a new mobile app aimed at improving productivity for remote workers. He invests time,
resources, and funds into developing the app, including software development, user interface design, and testing.
– John's investment represents the "buying" phase of entrepreneurship, where he incurs costs to bring his product to
market. He has a clear understanding of the expenses associated with developing and launching his app.
• Selling at Uncertain Prices:
– Once John completes development, he faces the challenge of selling his mobile app at uncertain prices in the market. The
demand for productivity apps may fluctuate based on user preferences, competitor offerings, and market trends.
– John sets an initial price for his app based on competitor analysis, perceived value, and pricing strategies. However, he
cannot predict with certainty how users will respond to his pricing and whether they will be willing to pay for his app.
• Bearing the Risk:
– As an entrepreneur, John bears the risk of buying resources at certain prices and selling his app at uncertain prices in the
market.
– If John fails to attract users or generate sufficient revenue from app sales, he risks financial losses and the viability of his
startup.
– John must navigate the uncertainties of the app market, adjust his pricing strategies, and effectively market his app to
mitigate risks and maximize user adoption and profitability.
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 Other Definitions
• “Entrepreneurship is any kind of innovative function that could
have a bearing on the welfare of an entrepreneur.” Joseph A.
Schumpeter
• A.H. Cole said that Entrepreneurship is the purposeful activity
of an individual or a group of associated individuals,
undertaken to initiate, maintain or aggrandize profit by
production or distribution of economic goods and services

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 Milkymist: Entrepreneurship story of a young boy.
Established 2000 Crore dairy product Venture
In 1992 in 17 Yr. old school boy realized the following concerns in
his father business.
• Very low profit in the milk selling business of his father(30
Paise to 1 Rs. Per Litre)
• Margin was barely 3-5% even negative sometimes.
• Shorter Shelf life of milk, Had to sell the milk within 10 Hours
to make profit or else lead to loss.
• Logistics was difficult lead to problem in business expansion.

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MilkyMist
Case Study Mechanism
• He started the strategy of value addition by commoditization of
milk following the principle.

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MilkyMist
Case Study Example of value addition

( RICE+URAD+OTHER) MAKE IDLI 3KG 3KG BATTER CAN MAKE 60 IDLIS AND THEN
Buy and Sell only Model
BATTER AND THEN SELL@80 Rs. KG) 20 Rs./ KG OTHER COST AND SELL@40 PER
PLATE OF 3 IDLIS)

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MilkyMist
Case Study How Milky Mist apply the philosophy of Value addition
Procured Milk and Turned into other dairy products and seen the effect of value
addition

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MilkyMist
Case Study What benefits Owner( Satish Got)
• Competitors reduced by large extent
• Margins increased
• Shelf life of product increased

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MilkyMist
Case Study Learning from the case study till now
• If you are in a business of just purchasing and selling you may
kill your own margins with price wars.
• But if you use value addition you can escape the price wars of
market and actually make a profit.

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MilkyMist
Case Study Challenges
• Southern part of India 1990 the consumption of Cheese was very less and usually used
in big hotels.
• Majorly due to less adaption of refrigeration by common people(20%).
• In Late 1991 Globalization effect impacted the economic growth and market opened up
and many people got good jobs.
• Every individual and people become aware of nutrition and health and realized cheese
as important source of protein especially vegetarian. Suddenly cheese started selling to
great extent that lead to further challenges.
1. Milk source was fragmented leading to scattered supply (No internet , very less
highways, and transport No contract with farmers.)
2. Less loyal farmers, so lead to less supply of milk.
3. Inconsistent quality of Milk.
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MilkyMist
Case Study How he solved challenges
• Scattered milk supply: He identified an area in south called erode milk belt, due to Kaveri water
availability, most of the farmers nourish their dairy animals in that area only and made erode as
largest milk producing belt. Lead to easy procurement of milk.
• Challenge of farmer loyalty was solved by identifying the challenging problems of farmers life and
helped in solving them( Lack of loans, Animal care and providing better cattle seed, Education of
latest technology, Weekly payments of due’s to given them better cash flow and is digital now a
days.)

These effort of Milky Mist lead to :

High quality of Milk
Consistent Supply of Milk
No worry of competitors stealing their business.

Lesson : Helping the partners lead to mutual benefits and long term growth.
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MilkyMist
Case Study With Sufficient supply How Milky-Mist managed to
sell their products compared to its competitions
• Initially started with 5-Star hotels with strict quality regulation of
cheese with perfect consistency compared to local vendors.
• But 5-start market was limited so they moved to Kirana stores.
• Expanding to Kirana stores further posed challenges.
1. Kirana stores don’t have chillers to store the cheese.
2. Transportation from factory to stores was a big problem as shelf life paneer with
refrigeration is less than 48 hrs.
So Company had only 48 hours to ship distribute and sell cheese
and get spoiled immediately if customer don’t have refrigerator.

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MilkyMist
Case Study Solution to Problem of Logistics and
refrigeration to increase the shelf life
• High cost solutions
• Decided to distribute 20K chillers to their retailers.
• Installed chilling technologies in the transportation trucks.
• This made milky-mist one of first company to make cold storage supply chain without
outsourcing the same to ensure quality.
Further Problem>
• Due to trucks beings of 3rd party, drivers were shutting down the refrigeration in between leading to less
shelf life.
• Delay in scheduled delivery.

So milky mist decided to purchase the trucks of their own to control journey time and quality of
product.

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MilkyMist
Case Study Problems and opportunity from the solution

• After owning trucks, the return journey of all the trucks was
wasted, leading to increased transport cost.
• Milkymist applied strategy(for say if truck transport milk to
Kashmir , on return they might carry apple from Kashmir to
cover the loss).
• This how milkymist found gap in market and leveraged to earn
further profit.
• And today milkymist have more than 250 cargo trucks with GPS
Navigation to keep track of data and location.
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MilkyMist
Case Study Lesson Learnt
• If you use value addition and branding you can beat the price wars and
competitors.

• While good companies focus on find maximum profit from their partners,
Great companies collaborate with their partners to help them deliver
maximum value, as a result end up increasing their profit margins.

• Even though outsourcing gives the cash flow, it takes away your control
over quality. It can lead to higher cost initially but it will pay you dividend
beyond your imagination.
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 ENTERPRISE :

The final result, that is, the business which is established after
undertaking the process of entrepreneurship is called an enterprise.
 Types of Participants
• DOERS : Achievers
Individuals who actively pursue their entrepreneurial ventures and are committed to
achieving their goals. They take action, make decisions, and work towards realizing their
dreams in the entrepreneurial realm.
• DREAMERS : Doing something but not their dream project. They might be working on
projects that align with their interests or skills but may not necessarily be pursuing their
passion projects.
• DWADLERS : Undecided
These individuals are characterized by their indecision and lack of clear direction in
entrepreneurship. They may have ideas or aspirations but struggle to take decisive
action or commit to a particular path.
• DUDS : This category includes individuals who have abandoned or given up on their
entrepreneurial aspirations. They may have initially pursued entrepreneurial endeavors
but ultimately decided to abandon their ideas or projects for various reasons.
 Byju(DOER)
• Byju Raveendran identified a gap in traditional education and aimed to
revolutionize learning through technology.
• He founded Byju's, an e-learning platform, in 2011.
• Byju's offers interactive learning materials and personalized tutoring for
competitive exams and school curriculums.
• Byju demonstrated exceptional initiative in content development, effective
technology utilization, and nationwide expansion.
• Byju's is among India's most successful edtech startups, valued at billions of dollars.
• Byju's has positively impacted millions of students across the country.
Byju Raveendran embodies the spirit of a "DOER" in Indian entrepreneurship by
transforming his vision into a highly successful venture.
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 DREAMSER(SNAPDEAL)
• Kunal Bahl, co-founder, and CEO of Snapdeal, began the venture in 2010 with Rohit
Bansal.
• Bahl was motivated by the internet's potential to revolutionize retail in India,
aspiring to democratize access to products and services nationwide.
• His vision aimed to cater to consumers in smaller towns and cities where retail
options were limited.
• Despite facing stiff competition from Flipkart and Amazon India, Bahl remained
committed to making online shopping accessible and affordable for millions of
Indians.
• Bahl's resilience, adaptability, and unwavering pursuit of his entrepreneurial dreams
characterized him as a "dreamer" in Indian entrepreneurship.
• Through persistence and strategic adjustments, Bahl successfully transformed
Snapdeal into one of India's leading e-commerce platforms.
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 DWADDLER(VINDO DHAM)
• Vinod Dham, known as the "Father of the Pentium chip," initially struggled to find
his intrest in the semiconductor industry.
• After moving to the United States from India, Dham worked at NCR Corporation and
later joined Intel in the 1980s.
• Despite his technical expertise, Dham faced challenges in identifying the right
entrepreneurial opportunity. He worked on various projects at Intel but hadn't
found a breakthrough venture aligned with his aspirations.
• Dham experienced uncertainty and indecision during the early years of his
entrepreneurial journey. His perseverance eventually led to his involvement in the
development of the Pentium microprocessor at Intel.
• The Pentium chip revolutionized computing technology and solidified Dham's
reputation as a pioneer in the semiconductor industry.
• his involvement with the Pentium project, Vinod Dham could be considered a
"dwaddler" in the sense that he faced uncertainty and indecision in his
entrepreneurial journey. 35
 DUDS(ABONDONERS)
• Co-founder and CEO of Housing.com: Rahul Yadav was the co-founder and CEO of Housing.com, a
prominent real estate platform in India.
• Housing.com initially achieved significant traction and investment due to its innovative approach to
the online real estate market.
• Yadav's leadership style was marked by outspokenness and confrontational behavior towards
investors, board members, and the media.
• The board of directors eventually removed Yadav from his position as CEO due to his inability to
effectively lead the company.
• Yadav's leadership failures and controversies resulted in the abandonment of his entrepreneurial
aspirations.
• His story serves as a cautionary tale about the dangers of unchecked ego and leadership dysfunction
in the startup ecosystem.
• Yadav's downfall highlights the importance of effective leadership, collaboration, and ethical conduct
in sustaining entrepreneurial ventures.
• Yadav's trajectory underscores the need for entrepreneurs to prioritize professionalism, collaboration,
and ethical behavior in their endeavors.
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 Objective of Entrepreneurship
• Provides doors to world of opportunities for personal growth
• Getting Basic concepts of Entrepreneurship and business
knowledge
• Develop entrepreneurship mindset
• Fosters creativity and Innovation
• Increases chances of success
• Nation service as you become able to create job opportunities
for others as well.
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 Entrepreneurship Process
• Find an Idea
• Make Plans
• Arrange the resources required
• Start your business
• Learn and change
• Grow
• Make People happy

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 Need of Entrepreneurship
• Creating Jobs
(e.g. Flipcart, Amazon created jobs for logistics, customer service, technology, and supply chain management)

• Innovation
(e.g Through its innovative use of technology and engaging content, BYJU'S has transformed the way students learn)

• Economic growth
(e.g. Paytm, founded by Vijay Shekhar Sharma in 2010, is a leading digital payments platform in India, played a pivotal role in
driving the country's digital economy forward)

• Problem Solving
(e.g. Swiggy, founded by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini in 2014, is a food delivery platform that
addresses the problem of food delivery in urban areas.
• Making life easier
Ola, founded by Bhavish Aggarwal and Ankit Bhati in 2010, is a ride-hailing platform that has made transportation
more accessible and convenient for millions of people in India
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 Functions of Entrepreneurship
• Opportunity Recognition: Identifying needs, trends, gaps
• Innovation: Creativity, new ideas, solutions
• Resource Acquisition: Funding, talent, technology, infrastructure
• Risk Management: Assessment, mitigation, uncertainty
• Business Planning and Strategy: Objectives, target markets, competition
analysis
• Marketing and Sales: Customer needs, positioning, messaging
• Financial Management: Budgeting, forecasting, cost control
• Networking and Relationship Building: Connections, collaborations,
stakeholders
• Adaptability and Flexibility: Agility, change, responsiveness
• Leadership and Team Building: Motivation, empowerment, collaboration
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 SCOPE of Entrepreneurship

Business Startups Creating new company e.g. Flipkart, founded as a small online bookstore and grew into one of India's largest e-
commerce platforms.

Innovative Technology Refers to the development and application of novel solutions e.g. swiggy

Social Entrepreneurship Business principles to address social, cultural, or environmental challenges, Akshaya Patra Foundation, which
provides nutritious meals to school children
E-Commrerce buying and selling of goods and services over the internet. E.g. Amazon India, an online marketplace that offers a
wide range of products and services to customers
Frachising Franchising is a business model where an entrepreneur (franchisee) purchases the rights to use a company's
business model in exchange for a fee or royalty. E.g. McDonald's, which operates on a franchise model
SME and Medium Enterprises Example: Zomato, a restaurant discovery and food delivery platform, started as a small-scale venture and grew into
a successful SME
Consulting and services Consulting and services businesses offer expertise, advice, and solutions to individuals and organizations. E.g.
Deloitte India, a professional services firm offering consulting, audit, tax, and advisory services to clients in India
and worldwide.

Artistic Ventures involve creative endeavors such as art, music, literature, film. E.g. Vishal-Shekhar, a music composing duo in
Bollywood, who have created numerous hit songs
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 Economic Factors
• Market Demand:
– During periods of economic growth, consumer spending tends to increase, creating opportunities for entrepreneurs to introduce new
products or services.
– Conversely, during economic downturns, consumer confidence and purchasing power may decline, affecting demand and potentially
constraining entrepreneurship growth.
• Access to Funding:
– Economic stability and investor confidence play a crucial role in determining the availability of funding for entrepreneurs.
– Access to capital markets, venture capital, and bank loans depends on prevailing economic conditions, interest rates, and investor risk
appetite.
• Government policies and reguations
Government policies, including taxation, trade regulations, intellectual property laws, and business licensing requirements, can either support
or inhibit entrepreneurship development

• Global Economic Trends:

– Entrepreneurship growth is influenced by broader global economic trends, including trade policies, currency exchange rates, and
international market dynamics.
– Entrepreneurs need to adapt their strategies to navigate changes in global economic conditions and capitalize on emerging opportunities
in international markets.

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 Social Factors
• Attitudes Towards Entrepreneurship:
– Social attitudes towards entrepreneurship can vary widely across cultures and
societies.
– Cultures that celebrate entrepreneurship, innovation, and risk-taking tend to
foster a supportive environment for aspiring entrepreneurs, encouraging them to
pursue their business ideas.
• Social Networks and Support Systems:
– Strong social networks and support systems, including family, friends, mentors,
and professional associations, provide aspiring entrepreneurs with guidance,
encouragement, and resources.
– Access to supportive networks can boost confidence, provide valuable advice,
and facilitate access to funding and market opportunities.

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 Cultural Factors
• Cultural Norms and Values:
– Cultural norms and values shape perceptions of entrepreneurship, risk-taking,
and success within a society.
– Cultures that value individual achievement, innovation, and entrepreneurial
endeavors tend to foster a conducive environment for entrepreneurship growth.
• Perceptions of Failure:
– Cultural attitudes towards failure can significantly impact entrepreneurship.
Cultures that stigmatize failure may discourage individuals from taking
entrepreneurial risks and pursuing innovative ventures.
– In contrast, cultures that view failure as a valuable learning experience and a
natural part of the entrepreneurial journey are more likely to support
entrepreneurial experimentation and resilience.

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 Personality Factors
• Entrepreneurial Mindset:
– Personal characteristics such as ambition, resilience, creativity, and adaptability play a crucial role
in entrepreneurship.
– Entrepreneurs with a strong entrepreneurial mindset are better equipped to navigate challenges,
seize opportunities, and sustain growth in their ventures.
• Risk Appetite:
– Personal risk tolerance varies among individuals and influences their willingness to undertake
entrepreneurial ventures.
– Entrepreneurs with a high tolerance for risk are more inclined to pursue innovative ideas, invest
resources, and withstand the uncertainties inherent in entrepreneurship.
• Motivation and Passion:
– Personal motivation and passion drive entrepreneurial endeavors. Entrepreneurs who are
passionate about their ideas and committed to their vision are more likely to overcome
obstacles, persevere through setbacks, and achieve long-term success.

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 Other factors includes
• Technological factors : (Advances in technology, including digitalization,
automation, artificial intelligence, and the Internet of Things (IoT), have transformed
the entrepreneurial landscape., access to ICT)
• Political Factors:
(Stable political environments promote investor confidence, encourage business
growth, and attract foreign investment)
• Legal Factors:
(Clear and transparent legal frameworks, including property rights protection,
contract enforcement mechanisms, and dispute resolution mechanisms, are
essential for fostering entrepreneurship.)
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 Traits of an Entrepreneur
Some of the common traits of entrepreneurs are :

Risk takers:

Flexible

Knowledgeable

Independent

Energetic

Creative

Dynamic leader
Responsive to suggestions or
criticisms
Resourceful

Initiators

Persistent

Passion

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 Types of Entrepreneurship
There are generally four entrepreneurial types:

Achievement Salesman
entrepreneur entrepreneur

Technology
Manager
entrepreneur

Source: Adapted from Carsrud & Brannback, 2007) 50

 Types of Entrepreneurship
Achievement entrepreneur

Primarily associated with the desire to achieve.

These types of individuals are usually having an enormous amount of energy and capabilities to take charge.
They take initiatives and do not wait for things to happen.
They often possess the leadership qualities and have a great sense of commitment and responsibility in their
ventures.
These types of individuals are good in several business related aspects and they try to accomplish their
objectives, whilst heading their missions.

e.g. Mukesh Ambani (Reliance Industries Limited),

N. R. Narayana Murthy (Infosys),
Azim Premji (Wipro Limited),
Ratan Tata (Tata Group)

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 Types of Entrepreneurship
Salesman entrepreneur:

 These individuals possess skills to interact with people and have very good soft side of the management
aspects.
 These people are typified for having the feelings of the consumers’ needs and wants.
 They usually use the soft sales approach whilst pursuing the growth of their ventures.
 They have enormous talent for connecting with people and spend most of their time in marketing their
products/services and permit other people to manage their businesses.
 These individuals therefore devote their time to understand who and how are the consumers in the market.
 They develop a proper vision for marketing and sales practices to reach wider consumer groups.

Vijay Sales( Nanu Gupta)

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 Types of Entrepreneurship
Technology entrepreneur:

 Individuals belong to this category, are generally idea developers.

 These individuals often possess great ideas
 They have the capabilities to develop innovative processes and invent novel products or services.
 As these individuals possess qualities to create several ideas they have a good analytical intelligence and
take calculated risks in their ventures.
 Although these individuals possess good analytical intelligence to make way through several situations,
however, at times their missions can become a bit idealistic.

e.g. Paytm, Ola, Byjus

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 Types of Entrepreneurship
Manager:
 These types of individuals possess the qualities of taking charge of the missions.
 Individuals belonging to this type of entrepreneurship are very competitive by nature but not as co-
operative as one would expect in a team work.
 They are usually found to take positions of high authority, such as external investors or sometimes act as
board of directors.
 They prefer to work in larger organisations than small entrepreneurial businesses.
 They seek comfort in making effective marketing strategies, but not necessary selling products or services.
 Their ways to sell are different, they employ logic and carefully thought persuasions, as mechanisms to sell
their ideas.
 They have rich experiences, strong management skills and possess strength in managing existing businesses

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 Entrepreneurship opportunities
Entrepreneurship offers several opportunities and some of those opportunities are:

(a) expansion of entrepreneurial activities through the advent of the internet and the
explosion of e-commerce on a global scale.
(b) Integration in social and political fabrics in several emerging economies.
(c) increasing economic situations in middle income house-holds in several economies.
(d) increase in cross-border engagements and market entry mechanisms such as strategic
alliances, subsidiaries, joint ventures etc.
(e) evolving trends in channel structures among the developed world.
(f) increased engagements in global markets concerning social responsibility and ethics (Ramachandran &
Gokila, 2012).

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 Entrepreneurship avenues
Contemporary markets offers several avenues for entrepreneurial activities:

Firstly, entrepreneurs can seek information to understand the balance of trade

relationships between the exports in potential markets and the merchandising
imports.

Secondly, entrepreneurs can conduct extensive research to understand the political

aspects of the global economy to seek other outlines for strategic and operational
aspects concerning barriers to enter a market.

Thirdly, entrepreneurs can understand the developments of any domestic market of a

country and comprehend how these nations protect their industry by establishing
tariffs, quotas, boycotts, non-tariff, monetary and market barriers (Ramachandran &
Gokila, 2012).

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 Entrepreneurship challenges
Although entrepreneurship activities are beneficial, however they come with certain challenges. Some of those
challenges are mentioned herewith:

Knowledge gap between the developed,

emerging, frontier and under developed
markets for conducting business

Difference in accounting systems in several

countries

Variable rates of return

Non-convertibility of the currencies

Communication gaps

Language barriers

Source: Adapted from Ramachandran & Gokila (2012).

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 Entrepreneurship challenges
In addition, to the previously mentioned challenges, there are also some other challenges commonly found in
entrepreneurship

Political unrest and legal concerns

Cultural differences
Discrepancies in the use of
technology
Complexity in the markets

Supply chain concerns

Lack of specific infrastructure in
some countries or regions
Financial markets and their
volatility
Source: Adapted from Ramachandran & Gokila (2012). 58
59
 Mc Clellend’s Achievement motivation
theory
• A theory that states achievement, power, and affiliation are three
important needs that help explain motivation.
• need for achievement (nAch) The drive to excel, to achieve in
relationship to a set of standards, and to strive to succeed.
• need for power (nPow) The need to make others behave in a
way in which they would not have behaved otherwise.
• need for affiliation (nAff) The desire for friendly and close
interpersonal relationships

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Achievements:

• Finding solutions
• Acquire complex skills
• Setting challenging goals and achieve
• Regular Feedback
• Rewards and recognition
• Praise
• Problem solver

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Affiliation
• Favour for the team work
• Maintain Interpersonal relation
• Reduce high risk and uncertainty
• Value relations

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Power
• Desire to control and influence others
• Like to win arguments
• Try to beat their competitors
• Status/ Prestige
• Control others
• Dominating

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