Be an Entrepreneur!

Dr. R. N. Pinjari

Entrepreneurship

is the process of creating something

new with value by devoting the necessary time and effort,

assuming the accompanying financial, psychic, and social
risks, and receiving the resulting rewards of monetary
and personal satisfaction of independence. Robert

Hisrich

Entrepreneurship is an act of initiative, drive, commitment,

diligence, perseverance, organized effort, and achievement

outlook, to undertake some specific functions of performing

productive activities and the capacity to bear and

associated with the investment.

Economic

Policy

Paper

on

through Educational Reform-Bangladesh

Entrepreneurship

Development

Entrepreneurship: Concepts
(The Revised GEM Model)
Basic Requirements:
Institutions Infrastructure
Economic Stability
Health & Primary Education

Efficiency Enhancer:
Higher Education & Training
Goods & Labour Market
Efficiency
Financial Market

Innovation & Entrepreneurship:

Entrepreneurial Finance
Entrepreneurship Education
R& D Transfer etc

Entrepreneurship: The Importance

Central to the development of economy
The micro and small enterprises (MSEs) constitute
over 90% of total enterprises in most of the
economies.
Employment generation
MSE sector accounts for about 49% of the
manufacturing output and around 43% of the total
export of the India (in term of value).
Ministry of MSME-GOI

 The nation that fosters an infrastructure of linkages among

and between firms, universities and government gains

competitive advantage through quicker information diffusion
and product deployment..US Council on Competitiveness

1998
Leading knowledge based economy in the World (Lisbon

Council) and key issue for the EU is to build a climate in

which entrepreneurial initiative and business activity can
thrive..

green

Commission-2003

paper

on

entrepreneurship-

EC

Who are entrepreneurs?

Common traits
Original thinkers

Risk takers
Take responsibility for own actions
Feel competent and capable
Set high goals and enjoy working toward them

Common traits
Self employed parents

Between 30-50 years old

Well educated 80% have college degree and 1/3 have a graduate level
degree

Entrepreneurial Characteristics
Risk Taker

Businesses face risk. Entrepreneurs minimize risk through

research, planning, and skill development.
Perceptive

Entrepreneurs view problems as opportunities and challenges.

Curious
Entrepreneurs like to know how things work. They take the time
and initiative to pursue the unknown.

Imaginative
Entrepreneurs are creative. They imagine solutions to problems that
encourage them to create new products and generate ideas.
Persistent
True entrepreneurs face bureaucracy, make mistakes, receive criticism, and
deal with money, family, or stress problems.
Goal-setting
Entrepreneurs are motivated by the excitement of staring a new business.
Once achieved, they seek out new goals or ventures to try.
Hardworking
Entrepreneurs need a great deal of energy to see a venture start and succeed.

Yet they are not deterred by the long hours to achieve their goal.

Self-confident

Entrepreneurs believe in themselves. Their self-confidence takes care

of any doubts they may have.

Flexible
Entrepreneurs must be flexible in order to adapt to changing trends,
markets, technologies, rules, and economic environments.
Independent
An entrepreneurs desire for control and the ability to make decisions

often makes it difficult for them to work in a controlled environment.

Entrepreneurial Skills
A skill is the ability to do something specific or to translate knowledge
into action.

Research Skills
Entrepreneurs need to identify what they need to know and use
research techniques to obtain it.

Gathering Information
Reliable and relevant sources of information may include

books
periodicals
indexes and databases
the Internet

consultants
professionals
schools

Using Information

After information is acquired, it needs to be sorted into relevant

data that answers the entrepreneurs initial questions.

Management Skills
Management

skills

for

entrepreneurs

involve

planning,

organizing, directing, and controlling.

Planning
Entrepreneurs develop financial, production, and marketing
plans means overall business plan.
12

Organizing
Organizing the venture is vital. The key to this is timemanagement.

Directing
Entrepreneurs learn how to motivate their staff by encouraging
initiative and self-direction. This inspires a sense of shared
responsibilities to grow the business.
Controlling
Entrepreneurs need to develop budgets and keep accurate
bookkeeping and accounting records.
13

Relationship Skills

Running a business means building good relationships with staff, suppliers, and
customers.
Staff Relationships
Employees need to feel that they are treated fairly, are rewarded for their efforts,
and have their needs met.
Supplier Relationships
They act as sources of information for the new business. Suppliers also require
feedback to know how to improve their service.
Customer Relationships
The entrepreneur and his or her staff must develop a positive relationship with the
customer.

Successful and Unsuccessful

Entrepreneurs

Successful

Unsuccessful

Creative and Innovative

Poor Managers

Position themselves in shifting

Low work ethic

or new markets

Inefficient

Create new products

Failure to plan and prepare

Create new processes

Poor money managers

Create new delivery

Entrepreneurial Initiatives in India

Institutes of national importance that have been setup through an act of

parliament (IITs, IIMs, NITs, AIIMS, IISc etc.) are the main leaders in the field
of knowledge transfer.

Examples:
o

Organizing Competitions like Great Idea, helping and incubating ideas.

IIT Kharagpur: Nina Saxena Excellence in Technical award (Yearly).

Top Incubation Center

1. Centre for Innovation, Incubation&
Entrepreneurship (CIIE) - IIM Ahmedabad
Set up in 2001
Since inception CIIE has 15-odd innovations grow out of the
incubation centre in varied technologies

2. Society for Innovation and Entrepreneurship (SINE)- IIT

Bombay
Set up in 2004
It currently has 16 companies under its incubation programme

Cell for Tech Innovation, Development & entrepreneurship support- IIT Chennai
Set up in 2000
Organises national level competitions, Breakthrough (general business
plan competition) and Genesis (social entrepreneurship plan competition)

4. Society for Innovation and Development (SID) - IISc, Bangalore

Set up in 2006
The investigator is given a seed capital for Rs 20 lakh a year for two years

as soft loan for the approved plan

5.

The SP Jain Centre for Entrepreneurship DevelopmentSPJIMR

16-week 'Start Your Own Business' programme-a public
programme held every six months.

6. Technology Business Incubator (TBI) - BITS Pilani

In association with DST, BITS has established Technology

Business Incubator in the area of embedded systems and

VLSI design back in 2004

So far, TBI has helped spawn ten companies.

7.

Technology Incubation and Entrepreneurial Training Society

(TIETS) IIT Kharagpur

Set up in 2005, So far, the institute has been able to
incubate two companies through Concipio over the last
three years. Besides, an in house panel has helped 11-12
ventures take wing

8. Nirma Labs, Nirma University, Ahmedabad

Established in 2004, Nirma Labs used to pride itself in a
three-step model for students who were interested to
start their own businesses-training, incubation and
funding.

Industry-Academia Interface

Entrepreneurial Initiatives in IndiaGovernment and Non Government Support

NASSCOM has signed a Memorandum of
Understanding (MoU) with University Grants
Commission (UGC), for
Faculty Development Programme (FDP)
Re-skilling the faculty in IT
Framework for co-operation to catalyze industryacademia interface

The National Entrepreneurship Network

(NEN)
The National Entrepreneurship Network (NEN) is a
network of academic institutions across India
performing research & developing and delivering
world-class education, skill-building programs,
networking
activities
and
company-starting
assistance to new, high-growth entrepreneurs.

 NEN was launched in 2003 through an India-wide selection

process to select the Founding Partner Institutions to anchor this
network. The five NEN Partners are:
Birla Institute of Technology and Science- Pilani
Indian Institute of Technology- Bombay
Indian Institute of Management- Ahmedabad

Institute of Bioinformatics and Applied Biotechnology- Banglore

S P Jain Institute of Management and Research- Mumbai

Goal:
NENs goal is to launch 2,500 entrepreneurs who will create a minimum of
500,000 jobs by 2014.