Famous Entrepreneurs In The World:-

1. Jack Ma:

Famous Entrepreneurs In The World: Jack Ma

Jack Ma is in one of the world’s famous entrepreneurs in the world; you may be surprised to know
that this was the same jack ma who did not pass the exam at school for the first attempt.

It is believed that the foreign tourists named them Jack. His real name was ‘Ma Yun’, whose
pronunciation was not easy.
Jack was not good at study, it was said that he had been failed twice in the fifth and had failed
three times in the eighth standard. Later, when he gave an entrance test for the university, he was
unable to pass the first time, but he had passed in the fourth attempt.
Jack Ma wanted to be part of the famous Howard University. It is surprising to know that their
application was rejected ten times. After that, he was selected at Hangzhou Normal University. In
addition, he took a Graduate degree in English and went to many small companies for the job
but he did not get any success.
The famous company KFC came to their city and 24 people applied for jobs, out of which only
23 were selected. Only one man was rejected, his name was Jack Ma. Even after this, Jack Ma’s
name is roaming around the world.
Something More…
Jack Ma was working as an English lecturer at Hangzhou General University for six years. After
serving 6 years, he is associated with a company of international business for the next two years.
Jack Ma got a good job, but he was not satisfied with his job. So he left the job and got out in a
new direction.
He had a plan to do something new in his mind. Jack decided that he would create a website for
China that would have all the information related to China. With the help of his friends, he created
awebsite named UGLY.com, which was quite successful.
After that Jack had another good plan, So he shared his plan with his friends, some of them had
complete confidence in Jack. Those people were sure that Jack would not fail this time and thus
alibaba.com has been established.
 Moreover, Today Alibaba.com is one of the world’s famous companies. Jack Ma – Forbes
In the beginning, only 18 people used to work in Alibaba.com. But at the present moment, about
22 thousand people have become part of this company.

2. Elon Musk:

Famous Entrepreneurs In The World: Elon Musk

In the list of top entrepreneurs, People like Elon masks are born two to four in the century. By
examining the Elon Musk, he is the one who knows how to control the future, famous
entrepreneurs in the world.
The South African-born businessman, engineer, inventor, real-life iron man and probably, the
savior of the human race. he has done an incredible amount in his 45 years. He’s the 43rd richest
person in the world with an estimated net worth of 21 billion dollars.
From childhood, at the age of ten, he had read so many books that even a graduate could not read.
At the age of 12, he made a game from a computer in the house and he sold it to an online
company for $ 500 for the first time.
The game was called blast star and he created it using Commodore Vic-20, a web version of the
game is still available online so you can play it to this day.
Since childhood, he had more focus on finding a big problem and solution.
In Real Life…
Famous entrepreneurs Elon Musk dropped out of his applied physics Ph.D. course after two days
to pursue his entrepreneurial visions. After completing two degrees in both physics and
economics he enrolled in a Ph.D. course at Stanford in 1995 when he was 24, after two days he
got bored and started a business with his brother called zip2.
Elon Musk created SolarCity, which works on sustainable energy, which works on solar energy.
He works on sustainable energy consumption made by TeslaMotors. Because of this, the problem
of pollution ended. Elon Musk invented the electric car, the driver-less car.
Today, Elon Musk is the 21st most intelligent man and successful entrepreneur in the world. Elon
Musk is a self-taught programmer and a successful rocket scientist. He did not take any formal
education for rocket science; he simply read the books and understood the entire rocket science.
 From childhood, Elon Musk had a habit of reading books. He read a book and creates a deep
vision, an obsession, and persistence.
He believes that if the team has to be extraordinary, then the team needs to be powerful, hire the
right man for the first time.

Moreover, The list of World Class Companies is zip2, x.com, PayPal, SpaceX, Tesla, SolarCity,
Hyperloop, OpenAI, Neuralink, and the other company. Worldwide SpaceX, Tesla,
SolarCity, and Hyperloop are being discussed.
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3. Larry Page:

Famous Entrepreneurs In The World: Larry Page

Google is one of the most successful search engines in the world today, and this is why Larry
Page is also counted among the famous entrepreneurs in the world.
Famous entrepreneurs Larry explains that he used to read more books and magazines on
computer science, and growing up in the same environment; Larry was more interested in
computers.
He thought that at the age of 12 he would become a successful entrepreneur.
Larry Page completed post graduation from Stanford University and he completed the Ph.D. in the
same university. At that time, he mates Google’s co-founder Sergey Brin.
In Ph.D., both ones selected their research topic world-wide-web(www) and then they went in the
research of an algorithm to link all the websites together. And to rank their pages based on their
popularity.
Some people say that he created Google alone. Everywhere you look in every book or Google
related article, you’ll see that two names come up when you search for the company’s
founders Larry Page and Sergey Brin.
Inside Story…
Google was a project started by both of them but some say that Larry is the one that did all the
work and Sergey only helped long. At first Larry page appointed himself as CEO while Brin
named Google’s co-founder served as Google’s president for a time.
Writer Nicholas Carlson wrote in 2014 that while Google is often thought of as the invention of
two young computer whizzes Sergey and Larry. The truth is, that Google is the creation of Larry
Page helped along by Sergey Brin. They’ve always done things as a team.
For the next four years, he creates tremendous research and, finally. In September 1996, he
succeeded in finding that algorithm, to link the website together.

Afterward, Larry and Brin founded Google Inc Company in 1998 with a loan of $1 million from
their friends, family, and investors. And due to its unique concept and algorithms; Google has
been successful and became the world’s most popular search engine.

4. Richard Branson:

Famous Entrepreneurs In The World: Richard Branson

1966 a 16-year-old boy suffering from dyslexia dropped out of school only to build a multi-billion
dollar empire.
He is the man whose life has been an amazing and inspirational adventure that anyone can learn
from. Branson is one of the richest people in the world today.
Richard Branson is currently 66 and his net-worth is estimated at around 4.9 Billion
dollars. The Man we are talking about today is none other than Richard Branson founder
of Virgin Group Limited.
The virgin group is a venture capital conglomerate company based out of Great Britain, which
consists of more than 400 different businesses from around the globe.
After a few years later, he started the entrepreneurial journey yet again. He was excited to enter the
music business once again. he founded V2 Records. Letter in 1993 he got into the railroad
business by the company virgin train. The same here, he also started virgin radio.
What Next…
 The virgin Empire did not just stop by the train, virgin airlines followed and then came the very
popular virgin Galactic. In April 2013, the project made an impressive Leap Forward with the test
launch of spaceship too.
Branson was delighted by the success of his first test. Branson is also known for his boarding
achievements. He challenges themselves with many record-breaking adventures including the
fastest ever the Atlantic Ocean crossing, a series of hot air balloon adventures and kite surfing
across the English Channel.
Richard Branson was not just another typical business tycoon trying to spread his empire and
make money. He cared for the world and thus he founded the Virgin unite and non-profit
organization with the help of the world he has done some great Charity work.
Virgin Unite is the working name of the virgin foundation and independent charitable lab of the
virgin group created by Richard Branson and Virgin employees in September 2004.
Well, it is no surprise that he had some rare Honors bestowed upon him.

He won the tony zenus award, the German media prize, the ISTS prize, and quite a few
honorary doctorates as well.
It’s hard to believe that someone could achieve all that much in just a lifetime. Branson virgin
group now holds more than 200 companies across 30 countries. It is the only entrepreneur to
build 8 separate billion-dollar companies in 8 different industries.
In addition, calling him one of the biggest Mughals and Entrepreneur of the 20th and 21st
century wouldn’t be an exaggeration.

5. Warren Buffett:

Top Entrepreneurs: Warren Buffett

‘It takes years for a person to make good credit and only 5 minutes to lose it, if you think
about it, then you will do things differently.’
‘If someone is sitting in tree shade, then it is because someone has planted this tree a long time
ago.’
 These are some of the words of Warren Buffett’s third richest person in the world and famous
entrepreneurs in the world. The world knows him as the magician of the stock market. Warren
Buffett has donated 3700 crores rupees to Bill and the Melinda Foundation.
The man who is considered as a synonym for success, honesty, perseverance and brilliant
intelligence is an analytical genius and the second richest man on our planet.
Today we are talking about none other than the wizard of Omaha Warren Buffett, who is
undeniably the most successful investor in history.
King Of Investments…
Buffet quickly realized the potential of this strategy. So he went to work with his mentor at his
investment partnership where he mastered his method. When Graham decided to retire, Buffet has
already saved up around 150K dollars or 1.5 million dollars in today’s dollars. So, he decided to
start his own investment partnership. Its founder dissolves the firm in 1959 to focus on the
development of Berkshire Hathaway.
Buffet made multiple similar investments where he made a substantial profit. And in less than 5
years of starting his partnership, the value of his investments grew to millions of dollars. In fact,
his personal wealth finally crossed a million dollars.
Following Berkshire Hathaway, significant investment in Coca-Cola Warren Buffett became the
director of the company from 1989 until 2006. Warren had also served as the director of Citigroup
global market holding, Graham Holdings Company, and the Gillette Company.
Later, in June 2006 Warren made an announcement that he would be giving his entire Fortune
Aveda Charity coming 85% of it to the bill and Melinda Gates Foundation. This donation
became the largest act of charitable giving in the United States history.
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6. Oprah Winfrey:

Top Entrepreneurs: Oprah Winfrey

 Oprah Winfrey, one of the world’s famous women entrepreneurs in the world, known as
the Queen of All Media. She is known for her Famous Show ‘The Oprah Winfrey Show’ and
her show ran from 1986 to 2011, which was her highest-rated television program.
In addition to the talk show host, Oprah Winfrey is also an actress, producer and a social worker.
America’s largest civilian honor has also been awarded ‘The President of Freedom’.
she was fired from her first job as an anchor. After studying communications and performing arts
at Tennessee State University in Nashville.
Turning Point…
Famous entrepreneurs Oprah took a job as a co-anchor on the Baltimore TV news station wjz-
tv. she was fired after only seven and a half months and was told she was unfit for television news
becauseshe used to be very emotional While reading the news.
But the turning point of Opera Winfrey Life came in 1986 when he started working on The Oprah
Winfrey Show. In addition, the show used to be about half an hour but its popularity increased so
much that its time was increased to 1 hour.

This show was based on the problem of women first, but later on, this topic discusses Politics,
Health, Meditation, and many more topics.
Opera Winfrey’s talk show lasted for more than two decades, with 24,000 seasons to over 5,000
episodes, and in 2013. With US President Barack Obama, She received the country’s best civilian
honor ‘The Presidential Model of Freedom’.
Oprah became the number one daytime talk show host in America and her show ran successfully
for 25 years. she has since become a media mogul. Moreover, she founded Harpo Productions co-
founded the women’s cable network oxygen launched own The Oprah Winfrey Network and
published o-Magazine.
She is also a film actress, a voice actress, and an author. In 2017 it was announced that she
would become a special contributor to the news program 60 minutes.
According to the 2016 data, Opera is the highest paid TV actress.
He is also included in the list of the most influential people of the twentieth century by Times
Magazine.

For More Buy This Book: The Path Made Clear

7. Steve Jobs:
Top Entrepreneurs: Steve Jobs
‘The ones who are crazy enough to think that they can change the world are the ones who
do’– very well said by the founder of Apple company Steve Jobs.
The American businessman was born on 24 February 1955 in California. His parents left him in a
Temple and the middle-class couple Paul and Clara adopted him.
Famous entrepreneurs Steve completed his higher school education at Monta Loma School. After
that, he got admission to Reed College, which was one of the most expensive colleges of that time.
His parents were trying their best to pay his fees but Steve did not want to be a burden on them.
He is started selling cold drinks and he did many part-time jobs but nothing worked. At last, he
left college. After that, he prepared an Operating System, ‘Macintosh‘. To sell this operating
system he made a computer and named it ‘Apple‘.
On 1st April 1976, Steve Jobs, Steve Wozniak, and Ronald Wayne founded Apple company,
because of their hard work, within a short period of time Apple becomes a company worth $2
billion dollars with over 5 thousand workers.
Hard Time…
But, because of some misunderstandings and arguments, Steve was removed from the
companyafter a discussion by the board of directors. After this incident, he was disappointed, and
then he continued his journey and founded more companies like NEXT and PIXLER, which
gained success.
At that time, Apple was in a huge loss and had taken big loans. The board of directors requested
Steve to rejoin Apple. He accepted their request and joined Apple.
 Pixler and Next were also combined with apple. After some time Steve becomes the CEO of
Apple when he returned to his own company, there were more than 250 products. Steve reduces
the number of products in Apple because he believed in quality rather than quantity.
After that, he launched many quality products like iMac iPod and iPhone, which got immense
success and profits.
Now, Apple is so successful that it has twice the amount of money that the US Treasury. Apple
has around $150 billion dollars in Axis capital; it could buy companies like Facebook, Twitter,
and Netflix.
You will be surprised to know that Apple was the first to make a digital color camera and apple
donates its $150 Billion Dollars in the US. Everyone can get $500.

On 5th October 2011, Steve Jobs died because of pancreatic cancer.

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8. Jeff Bezos:

Top Entrepreneurs:
Jeff Bezos
Jeff Bezos has become the richest man on earth; he has become the first centi-billionaire.
After graduating with a computer science degree, Instead of getting a job in the tech industry as
everyone else would do, he headed directly to Wall Street, because that’s where the money is
hiding.
It didn’t take him long to stand out from the crowd, just at the age of 26 he became the youngest
vice president at Bankers Trust, and in less than 2 years, he became the youngest Senior vice
president at ‘D E Show&Co’.
 But that was just the beginning because he discovered the most important resource of his time –
the internet, which was the future.

He quickly realized the potential of the internet and did what every other self-made billionaire
usually does, he quit his job and started his company in the garage and that’s how one of the
biggest companies was born – Amazon.com.
Abandoning your high paying job at Wall Street for the sake of selling books was not really a
great idea, but Jeff had his own vision for Amazon.
Remember, in 1990, people just heard about the internet and did not really know what is it exactly
and how does it works only strong enthusiasts used it.

Creativeness…
The idea of selling on the internet was crazy and Jeff was aware of that. Therefore, he started
listing down all the possible products that could be sold online, and books seemed like the best
option,Because books are the same everywhere, they don’t smell, they don’t expire and they are
always in demand.
In 1994, Amazon.com was registered, in just a few months, Amazon crossed all the
expectations.
When it was featured at one of the famous websites of its time, which some of you might still
remember – Yahoo, sales absolutely skyrocketed because of that an order came from all around
the world.

However, books were just the beginning, because Jeff had far bigger plans for Amazon. In 1998,
Amazon moved to DVDs and CDs and in less than a year, it expanded to toys and
electronics.
The company was growing at a much faster speed than anyone could possibly expect and in the
year 2000, sales surpassed 1.6 billion dollars. In addition, the world took notice, just a year prior to
that, Times magazine even selected Jeff as the man of the year and his net worth Reached 10
Billion dollars.
Buy Book: The Everything Store: Jeff Bezos and the Age of Amazon
9. Mark Zuckerberg:
 Top Entrepreneurs: Mark Zuckerberg
Mark Zuckerberg was a Harvard fresher with a gift for computer programming. Less than a
decade later, he is the face of a multi-billionaire power program that connects over 2 billion
peoplearound the world.
Currently, he is only 31 and he is one of the five founders of the biggest social networking
siteFacebook.
In 2016, his net worth was established that 48.9 billion dollars, it also made him one of the
youngest billionaires on this planet.

Today we are talking about the youngest and famous entrepreneurs in the world.
His coding experience begins the learning the Atari basic programming with the help of his father
but he was learning so fast that his dad needs to hire a professional developer just to train him.

He also uses his creativity to build computer games.

In college, he was already known as the programming expert due to the work he had done in High
School.

college, he built a program that helps students make decisions about the courses they wanted to
take based upon the choices of others.

Starting Something…
2004, he began writing the new website that he called Facebook along with Eduardo Saverin,
Andrew McCollum, Chris Hughes, and Dustin Moskovitz was the other four co-founders of
Facebook. The site was initially just a Harvard site but soon expands to other colleges and
universities.
The social project started gaining momentum very fast. And Mark Zuckerberg decided to drop out
of college and dedicate his time entirely to the website.
 He is the youngest ever self-made billionaire. Mark made the Forbes list of billionaires in 2008.
At the age of 23 with a 1.5 billion dollar net worth which made him the youngest ever self-made
billionaire.
Mark Zuckerberg turned down Yahoo’s 1 billion dollar offer to buy Facebook. There have been
a number of companies that have expressed interest and even made offers to buy Facebook
including Viacom, Google, Friendster, The Washington Post, MySpace, NBC, and AOL.
In 2006 Yahoo made a 1 billion dollar offer to buy Facebook from the 22-year-old Mark
Zuckerbergat the time Facebook was around 2 years old was about 9 million users and 20
million dollars in revenue. Still, Zuckerberg did not even seriously consider the offer. He had
enough vision to realize that Yahoo was undervaluing the company even with a billion dollar
offer.
Today Facebook is worth an incredible 67 billion dollars.

Buy The Book: The Accidental Billionaires

10. Sam Walton:

Top Entrepreneurs: Sam Walton

Wal-Mart, one of the most successful retail businesses in the world.
In 1950, Sam Walton opened Walton’s five-and-ten in Bentonville Arkansas. He decided that
he could increase sales if he cut his profit margin and passed the savings on to his customers; the
successful tactic quickly led to him opening up a second store. Moreover, by 1967 24 stores
bearing the name of Wal-Mart were opened across the state of Arkansas. And the company had
reached twelve point six million dollars in sales.
Less than ten years later, there were 125 stores with annual sales of 340 million dollars. In
1995, the company opened its first international location in Mexico City Mexico, which was
 followed by hundreds and, then thousands of locations being opened in countries around the
world.
Today Wal-Mart is one of the top retailers worldwide with unmatched sales numbers. In
addition, unbelievable profits despite being faced with controversies PR nightmares lawsuits. And
increasing reliance on online retailers like Amazon.
Wal-Mart…
Wal-Mart is the world’s largest company by revenue with 47.8 billion dollars in sales in 2016.
Over 62% of all sales in 2016 came from its US operation. Wal-Mart is also the largest private
employer in the world with 2.3 million employees worldwide.
The best-selling item at Wal-Mart is probably not what you would expect. But it’s consistently
been the best-selling item for a number of years.

Wal-Mart’s best-selling item is bananas and they sell over a billion pounds of them every single
year. Wal-Mart sold about 200 billion in groceries in 2016, which comprised about 56% of its total
sales. It’s the largest grocery retailer in the United States.
Wal-Mart is the world’s largest company by revenue; it beat out the second largest company a
Beijing based utility company called state grid by over 170 billion dollars.

Title: Entrepreneurship

1
Entrepreneurship Management

 - Prof. J.C. Saboo

2
What do you mean by

 Entrepreneur (oxford dictionary) Person who

undertakes an enterprise with chances of profit
or loss.
 Enterprise (oxford dictionary) Bold Undertaking
 Entrepreneur-New Encyclopedia Britannica An
individual who bears the risk of operating
business in the face of uncertainty about the
future conditions.
  Common Meaning one who starts his own, new and
small business


 Entrepreneurship It is a philosophy or process

through which an entrepreneur seeks innovation
and employment.
 Entrepreneur Entrepreneurship Enterprise
 Person Process or Philosophy Object
 Entre enter Pre before Neur Nerve
Centre

Entrepreneurship can be described as a creative

and innovative response to the environment.
4
Entrepreneurship Theories

 1600 French verb- Entreprendre to undertake

 1700 Person bearing Risks of Profit in a fixed
price contract (Risk)
 1725 Richard Cantillon Person bearing risks is
different from Capital Supplier (Risk)
 1803 J. B. Say Shifts economic resources out
of an area of lower into an area of higher
productivity greater yields (Value Addition)
 1934 Joseph Schumpeter Innovator and develops
untried technology (Productivity Innovation)

5
Entrepreneurship Theories

 1961 David McClelland highly motivated,

energetic, moderate risk taker (Need for
achievement)
 1964 Peter Drucker Searches for change,
responds to it exploits as opportunity
(Opportunity Focused)
 1980 Karl Vesper Behaviour Perceptions-
Economists, Psychologists, Businessmen,
Politicians (Environment)
 1983 Gifford Pinchot- Intrapreneur
 1985 Robert Hisrich - Creating something
different with value, devoting time effort,
assuming risks (FPS) results-rewards and
satisfaction (Leadership Vision)

How do you define an entrepreneur in the 21st

Century?
6
Entrepreneurship

 Is the process of creating something different

with value by devoting the necessary time and
effort, assuming the accompanying financial,
psychic, social risks and receiving the resulting
rewards of monetary and personal satisfaction and
independence
7
The Nature and Development of Entrepreneurship

 Entrepreneur stems from

 French Verb Entreprendre
 means between taker or go between
 New Definition involves four aspects
 The creation process
 The devotion of time and efforts
 The assumption of risks
 Rewards of independence, satisfaction, money.

8
Advantages of Entrepreneurship
9
To an Individual

 Self Employment
 Employment for near dear
 Prolonged career for next generations
 Freedom to use own ideas - Innovation and
creativity
 Unlimited income / higher retained income
 Independence
 Satisfaction

10
To the Nation

 Provides larger employment

 Results in wider distribution of wealth
 Mobilizes local resources, skills and savings
 Accelerates the pace of economic development
 Stimulates innovation efficiency

11
Factors favouring Entrepreneurship

 Growth of education- science, technology

management
 Developed infrastructure facilities
 Financial assistance
 Training facilities
 Protective and promotional policies
 Globalization

Think of numerous other factors?

12
What makes a Successful Entrepreneur?

 The urge for achievement

 Determination to win
 Win-Win Personality
 Willingness to take moderate risks
 Ability to identify explore opportunities
 Analytical ability to take strategic decisions
13

 Perseverance
 Flexibility
 Capacity to plan and organize
 Preparedness to undergo physical and emotional
stress
 Positive self concept
 Future orientation Vision
 Ethics and Values Mission

14
Who can be an Entrepreneur?

 Who can take moderate risks

 Who has ability to work hard
 Who can capitalize on opportunities
 Who has some financial strength
 Who feels the need for achievement
 Who has desire for responsibility
 Who has perception of probability of success
 Who gets stimulation by feedback
 Who possess skills in organizing
 Who can be male or female
 Who may not have previous experience

15
Characteristics of an Entrepreneur

 Mental ability
 Clear objectives
 Business secrecy
 H.R. ability
 Communication ability
 Technical knowledge
 Achievement-oriented
 Perseverance
 Ethical

 Motivator
 Self-confident
 Long term involvement
 High energy level
 Problem solver
 Initiator
 Goal setter
 Risk taker

16
Key elements of entrepreneur

 Innovation
 Vision
 Ethics Values
 Organizing Skills
 Risk taking
 Need for Achievement
Study the Profile of a Successful Entrepreneur
and identify six key elements in order of
priority
17
Entrepreneurs Background and Characteristics

 Family environment
 Education
 Age
 Physical attributes
 Marital status
 Working history
 Family contacts
 Professional contacts
 Personal values
 Lifestyle

18
Analyze your Personality

 Feelings about Control

 Feelings about Independence
 Willingness to take Risks

19
What is a job competency?

 It is knowledge, skills and attitude

 Knowledge collection and retention of
information.
 Skills are ability to do something well
(hard and soft skills)
 Motives are reasons for doing something
 (need)
 Traits characteristics way in, which a person
responds.
 Attitude reflects the way of thinking and acting
 (Self and others determine the attitude)

20

 Performance emerges from the combination of

knowledge, skills and attitude

Competency enables to perform better than others.

Competency is related to superior performance
Competency gets reflected in the job.
Competency is developed.
21

 Initiative
 Taking actions that go beyond job requirements or
demands of the situation.
 Doing things on own before being asked for or
being forced by the events.
 Taking actions to start the business and expand
into new areas, products and services.
 Seeing acting on opportunities
  Looking for and taking actions to seize
opportunities
 Seeing and acting on opportunities for business
development or for personal growth.
 Seeing unusual opportunities
 Seizing opportunities, need, procuring and
mobilizing necessary resources.

22

 Persistence
 Taking repeated actions to overcome obstacles
that get in the way of achieving goals
 Taking actions in the face of obstacles.
 Ensuring all efforts to solve a problem or
barrier.
 Information seeking
 Taking action s on own to help reach objectives.
 Personally undertaking a research or analysis to
find out answers to some problem.
 Seeking information to clarify what is needed.
 Using networks to obtain information.

23

 Concern for high quality of work

 Doing things that meet or beat existing standard
of excellence.
 Stating a desire to produce work of high quality
 Comparing work favorably to that of others.
 Making all out efforts to ensure the quality of
product or services.

24

 Work commitment to contract

 Placing highest priority for getting a job
completed.
 Taking all the effort to complete a job.
 Accepting responsibilities for failures.
 Expressing utmost concern for the customers
 Readiness to work at any level to get work done.

25

 Efficiency Orientation
 Constantly looking for ways to do things faster
or with fewer resources or at a lesser cost.
 Using business tools to increase personal or
professional efficiency.
 Expressing concern for assessing cost versus
reward of some improvements, changes or action.
 Systematic Planning
 Developing and using logical steps to reach
goals.
 Breaking a large task into several sub tasks.
  Developing plans after duly anticipating
obstacles.
 Evaluating alternatives on merits and demerits.

26

 Problem Solving
 Identifying and applying new ideas to reach the
goals.
 Identifying the root cause of the problem.
 Developing strategies in the light of objectives,
resources, and constraints.
 Generating new ideas or innovative solutions.
 Self Confidence
 Having a strong belief in own abilities.
 Sticking with own judgment in the face of
opposition or early lack of success.
 Doing something for which chances of success are
not very fair.

27

 Persuasion
 Persuading others successfully
 Selling someone an idea, product or service.
 Making someone agree to provide resources
 Convincing with confidence, competence and
respect.
 Use of Influence Strategies
 Using a variety of strategies to influence others
successfully
 Developing professional and business contacts.
 Using influential people to get own things done.
 Carefully limiting the information to be given to
others
 Using others authority and resources, but
remaining ethical

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 Assertiveness
 Confronting problems and issues with other
directly
 Speaking politely but firmly.
 Telling others clearly what they have to do
 Reprimanding those who fail to perform as
expected however close they may be.
 Monitoring
 Ensuring smooth progress of project or work.
 Personally supervising all aspects of the work to
its completion.
 Developing a system of supervision and monitoring.

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 Concern for others welfare

 Having a concern and taking actions to improve
others welfare.
  Responding positively to employees specific
needs.
 Having a concern for the welfare of employees,
their families and society at large.

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 General Aspect
 Political
 Socio-cultural
 Technological
 Legal
 Economic

Business Environment Entrepreneurship

 Elements
 Promoters / shareholders values
 Mission / objectives
 Management Structure
 Internal Power relationship
 Physical assets facilities
 Co. image/ brand equity
 Human resources
 Financial capabilities
 Technological capabilities
 Marketing capabilities

 Competitive Aspect
 Potential New Entrant
 Buyers Bargaining Power
 Suppliers Bargaining Power
 Substitute Products

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Environment

 Political System, Stability, Leadership

 Socio-cultural Culture, Community, Values,
Ethics, Attitude
 Technological Education, Absorption,
Competition, Innovation
 Legal Regulatory framework, Consumer protection,
Concern for environment, Labour laws
 Economic GDP, GNP, Resources, Fiscal, Non-fiscal
policies, Incentives and Subsidies

Remember SLEPT to memorize

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Dimensions of Environment

 SPECTACLES Social, Political, Economic,

Cultural, Technological, Aesthetic, Customer,
Legal, Environmental and Sectoral
 PEETS Political, Economic, Ecological,
Technological and Socio-demographical
 SLEPT Social, Legal, Economical, Political and
Technological
33
Factors Influencing Entrepreneurship
Individual
Economic Environment
Socio-cultural factors
Entrepreneurship
Support Systems
Political Environment
Legal Environment
Technological Environment
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Porters Model in the Competitive Environment
Potential New Entrants
Buyers Bargaining Power
Substitute Products
Industry Rivalry
Suppliers Bargaining Power
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BCG Matrix
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Political Governmental Environment

 Global
 Trade Barriers
 Trade Agreements
 Tariffs Duties
 Political Risks

 National
 Taxation
 Regulations
 Protections (Patents)
 Govt. spending

 State Govt.
 Taxation
 State Laws
 Licensing /Approvals
 Incentives

 Local Issues
 Taxations
 Zoning
 Cost of Living
 Lifestyle

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Environmental Analysis

 Scanning to detect change (identify key elements

and their characteristics)
 Monitoring to track development (that affect the
survival and profitability of the new business)
 Forecasting to project the future (such as level
of prices, inflation, interest rates,
availability of funds, market share, market
growth, etc.
 Assessing to interpret data (what does it all
mean to the entrepreneur?)

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Entrepreneurship and Economic Development
  Entrepreneurs set up Enterprises
 Entrepreneurs combines resources, put their time
and efforts and produce goods or services
 What they contribute productivity, output,
value addition, income and employment
 Entrepreneurship is a Low Cost Strategy.
Entrepreneurs perform the crucial role themselves
 The spirit of Entrepreneurship Drive, achieving
higher goals, creativity, innovative attitude.
 A dynamic society emerges and the spirit spreads
like a chain reaction.

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The Invention Process
Market Need
Technology observation
Need Analysis
Parameter Identification
Creative Synthesis
Realization
Invention, which meets the need
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Product Evolution Process
Fundamentals of Science
Development Phase
Commercial Phase
Recognized Social Need
Technology
Planning
Concept Testing
Financing
Modeling
Beginning of Technological Innovation
Manufacturing
Product Testing
Marketing
Invention / Innovation
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The Evolution Process

 Intersection of Knowledge and a recognized social

need
 Initiation of technological innovation
 Iterative Synthesis
 Development Phase
 Industrial Phase

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The Product Planning and Development Process

 Idea Stage Idea Evaluate

 Concept Stage Lab Development Evaluate
 Product Development Stage - Pilot Production
Evaluation
 Test Marketing Stage- Semi Commercial Production
Evaluation
 Commercial Stage Introduction
 Growth
 Maturity
 Decline

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Commercialization
  Role of Government
 Role of Corporate Intrapreneurship
 Role of Individuals Entrepreneurship

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 Development of Technology
 Utilization of materials
 Exploitation transformation of energy
 Understanding and application of Scientific
Principles
 The Role of Government
 Promotional
 Neutral
 Regulatory

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The Role of Smaller firm

 T- High, M-High Large skilled resources,

financial backing. Act as a Supplier or Sub
Contractor
 T- High, M-Low - Specialist firm, access to low
cost research
 T-Low, M-High Linkage with well-established
channels
 T-Low, M- Low Well Suited to small firm
 Low Tech High Volume Financial Ability
 High Tech Low Volume Strategic Ability
 Emerging Options Franchisee Sub-contractor

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Entrepreneurship and Management Students

 Enterprises in protected economy can be

mismanaged.
 Enterprises in competitive environment are
essentially to be managed.
 A Management Graduate is a person trained to
manage an enterprise. Naturally, he will deliver
the best results.
 A Management Graduate should not be just a Job
Seeker. He can and should take the role of Job
Provider.
 Experience even from HBS confirm that more
Management Graduates take Entrepreneurial Role
(after some experience) and their income is
higher than their colleagues who are in job.

An Entrepreneur has to be a Manager. But a

Manager need not be an Entrepreneur
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Entrepreneurial Decision Process

 Pull Factors
 Perception of Advantages
 Spotting an Opportunity
 Government Policies
 Motivation from Biographies or Success Stories
  Influenced by Culture, Community, Family
Background, Teachers, Peers, etc.

 Push Factors
 Job Dissatisfaction
 Relocation
 Lay-off
 Retirement
 Boredom

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Comparison of Entrepreneurs, Intrapreneurs and
Traditional Managers
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