NATIONAL INSTITUTE OF

FASHION TECHNOLOGY

ENTREPRENEURSHIP AND SUSTAINABLE BUSINESS

PRACTICES ASSIGNMENT I- INTRODUCTION AND
QUALITIES OF AN ENTREPRENEUR
By
Aastha Battu MFM/20/42
Komal Preet Kaur
MFM/20/55
Meghmala Singh
MFM/20/N659
Devanshi Rawat
MFM/20/76
Under the Guidance of
MRS. NETHRAVATHI T.S.
Submitted in partial fulfillment of the requirements for
the Degree of Master of Fashion Management Studies

NATIONAL INSTITUTE OF FASHION

TECHNOLOGY BENGALURU
(2020-2022)
 TABLE OF CONTENTS
S.No. Chapter Page No.
1 Introduction to Entrepreneurship
1.1 Definition and Characteristics of
Entrepreneurship
1.2 Who is an Entrepreneur? Meaning and Types
of Entrepreneurs
1.3 Qualities of an Entrepreneur
1.4 Process of Entrepreneurship
2 Profile of Chosen Entrepreneur
2.1. Introduction to Dr. Pushyamitra Joshi
2.2 Entrepreneurial Venture Ecofab
3 Entrepreneurial Qualities
3.1 Email Interview
3.2 Identification and Analysis of Entrepreneurial
Qualities of Dr. Pushyamitra Joshi
4 Entrepreneurial Journey
4.1 An Overview of Entrepreneurial Journey
4.2 Challenges and Risks
5 Learning Outcomes
Conclusion
Bibliography
 DECLARATION

I, hereby declare that the document titled “Assignment I- Introduction

and Qualities of an Entrepreneur” submitted to National Institute of
Fashion Technology, Bengaluru in partial fulfillment for the award of
the Degree of Master of Fashion Management is the original research
work carried out under the guidance of Mrs. Nethravathi T.S.,
Associate Professor, Department of Fashion Management Studies,
National Institute of Fashion Technology, Bengaluru.

I, further declare that the assignment or part thereof has not been
submitted in any form for any other degree or diploma. All information
included from other sources has been duly acknowledged.

By
Aastha Battu MFM/20/42
Komal Preet Kaur MFM/20/55
Meghmala Singh MFM/20/N659
Devanshi Rawat MFM/20/76
 ACKNOWLEDGEMENT

I would like to take this opportunity to express my gratitude to Mrs.

Nethravathi T.S., Associate Professor, Department of Fashion
Management Studies, National Institute of Fashion Technology,
Bengaluru for her valuable support and guidance throughout the
assignment.

I also express gratitude to my fellow group mates for their input and
hard work for the completion of this assignment. This could not have
been possible without their help.

I would also like to thank Dr. Pushyamitra Joshi for his kind
cooperation and willingness to help me to the best of his ability.

Aastha Battu
MFM/20/42
Komal Preet Kaur
MFM/20/55
Meghmala Singh
MFM/20/N659
Devanshi Rawat
MFM/20/76
 INTRODUCTION TO
ENTREPRENEURSHIP
 Definition of Entrepreneurship
Entrepreneurship is defined as the process of designing, launching and running a new business,
which is very often initially a small business, or has the capacity and willingness to develop into a
long term business venture to make a profit.

Entrepreneurship combined with land, labor, natural resources and capital can produce profit.
Entrepreneurial spirit is characterized by innovation and risk-taking abilities and is a very essential
part of a nation's ability to succeed in an ever changing and increasingly competitive global market.

The most obvious example of entrepreneurship is the starting of a new business. For example one
where a person opens an e commerce website in order to give rural artisans and the Indian
handicraft industry a wider reach. Entrepreneurship can be of varying degrees and is not
necessarily alike. It can be categorized into various sub categories, starting with small and home
businesses to multidimensional industries that were started from the ground level.

Characteristics of Entrepreneurship

▪ Economic and Dynamic Activity: Entrepreneurship is regarded an economic activity as it

involves designing, launching and running a new business in order to earn profit, by
ensuring the best possible use of scarce available resources. Since this value creation activity
is performed continuously in the midst of an uncertain business environment,
entrepreneurship is regarded as a dynamic force.

▪ Risk Bearing: Willingness to take risk is the essence of entrepreneurship without which any
entrepreneur cannot survive. It occurs due to the creation as well as implementation of new
and fresh ideas. Such ideas are often uncertain so the result may or may not be positive.

▪ Creativity and innovation: Entrepreneurship involves discovering new ideas and

converting these ideas into a viable business. The entrepreneur continuously evaluates
current modes of running a business and identifies new methods or techniques for operating
a business more efficiently.

▪ Profit: The activity of entrepreneurship is undertaken with the objective of making profit.
Profit making is the reward of the efforts made and risks assumed by the entrepreneur
throughout their entrepreneurial journey. Without profit potential, the efforts of the
entrepreneur will remain only an abstract and theoretical activity.
 Who is an Entrepreneur?
The word "entrepreneur" comes from the French verb entreprendre, which means "to undertake". An
entrepreneur is an individual who creates a new business, bearing most of the risks and in turn
enjoying most of the rewards. The entrepreneur is seen as an innovator; a source of new ideas, goods,
services, and business or procedures.

Entrepreneurs play a very key role in any economy, using the skills and initiative necessary to
anticipate needs and bring new ideas to market. Entrepreneurs who prove to be successful in taking on
the risk of a startup are rewarded with profits, fame and growth opportunities. Those who fail suffer
losses and become less prevalent in the market.

Types of Entrepreneurs

Social Entreprenur

Serial Entrepreneur

Lifestyle Entreprenur

Social Entrepreneur- This is an individual who pursues innovative solutions to social problems.
Most social entrepreneurs engage in non-profit activities and are overwhelmed by social
responsibilities and are motivated to improve socio-economic well being, educational, health,
fundamental, environmental and health conditions of the society. Rather than being driven by the
desire for profits, social entrepreneurs aim at improving quality of goods/ services while contributing
back to the community. Examples of great social entrepreneurs that ever lived include- Dr. Verghese
Kurien(Amul) and Bill Clinton(Gates Foundation).

Serial Entrepreneur- These entrepreneurs continuously come up with new ideas, start new
businesses and often times sell to investors or shareholders. They can easily duplicate their previous
successful business model or follow their experience to realize a new idea. They are high risk-takers
with many unique ideas and are not always interested in a career in a particular business. Examples of
serial entrepreneurs include Steve Jobs (Apple, NeXT, Pixar) and Andy Bechtolsheim (Sun
Microsystems, Granite Systems).

Lifestyle Entrepreneur- Unlike other entrepreneurs who grow their businesses and aim for high
return upon selling their business to investors, a lifestyle entrepreneur chooses to build a business they
are truly passionate about and grow the business for long term sustainable income. They place their
passion before profits, integrate their interests into their business and possess high expertise in order
to yield breakthroughs in their field. Examples of a lifestyle entrepreneurs differ vastly-Tim Ferriss(4
hour work week) and Chris Guillebeau(The Art of Non-Conformity), Youtubers( Lily Singh,
PewDiePie) .

There are many other types of entrepreneurs in the modern time as well.
 Qualities of an Entrepreneur
Let us look at a few qualities that are needed in order to become an entrepreneur:

Passion for Business-The entrepreneurs are self-directed, self-disciplined and very passionate
towards their business. Their sole focus is on the achievement of their goals.
Risk Bearer- Any entrepreneur accepts risks involved in the business, understands these risks as
well as manages them. Entrepreneurship in itself is the spirit or capacity for bearing risks.
Stress Taker-An entrepreneur accepts and bears any amount of stresses that may evolve in the
business.
Facing uncertainties- They face uncertainties and unexpected outcomes as well as accept them.
Execution Intelligence-Turning an idea into a viable business is an activity that involves a lot of
intelligence, knowledge and expertise.
Motivator-He/she influences and motivates other people to accomplish their goals as well.
Flexible-An entrepreneur is an open-minded person who is dynamic in nature and quite flexible in
his/her methodologies.
Tenacity Despite Failure-The courage to persist in the face of adversity, failure and disappointment
is the one quality that every entrepreneur must possess.
Independent- An entrepreneur likes to depend on nobody, be his or her own master and is a job
giver not a job seeker.
Innovator- Entrepreneurs give proper attention to new opportunities, techniques, commodities, raw
material, production or distribution system, trade, machinery, management system, etc.
Good Planner-He/she is also a good planner, decisive and action oriented in nature.
Product or Customer Focus- An entrepreneur continuously improves their product functionality and
features or continuously works to address customer needs and improve customer experience for the
services they offer.

Product or
Execution
Customer
Intelligence
Focus

Tenacity
Passion for
Despite
Business
Characteristics Failure
of Successful
Entrepreneurs
 Entrepreneurship Process
The Entrepreneurship Process can be expressed as a set of procedures or methodologies that are
followed by entrepreneurs to establish a new business venture. All the phases in the entrepreneurship
process have certain functionality which one has to pursue for setting up a new venture.

Here is a flow diagram of the different phases of Entrepreneurship process.

Idea
Generation Company
Development
Formation
And of a Business Resourcing Growth
and
Opportunity Plan
Management
Evaluation

Idea Generation and Opportunity Evaluation-Every new venture begins with an idea. We take an idea
to be the description of a need or problem that has the concept of a possible solution. At a very early
stage, the entrepreneur has to detect a problem in society and sense some opportunities along with
visualizing the market or consumer ratio. This is the step where you ask the question of whether the
idea is worth investing in. The entrepreneur begins to wonder many things like why a product or
service is not available, why not improve certain features in available products, how to generate
income to cover expenses, etc.

Development of a Business Plan-Once the opportunity is identified, a critical point in the

entrepreneurial process is to create a comprehensive business plan. An entrepreneur and his team
spend a considerable amount of time on the creation of a business plan which is critical to the success
of any new venture since it acts as a guide, benchmark and evaluation criteria to see if the firm is
moving towards its goals. Major components of a business plan are mission statement, vision
statement, goals, objectives, capital requirement, description of products and services, etc.

Resourcing-In the next step, an entrepreneur determines and evaluates resource requirements. All
innovative entrepreneurial ventures combine specific resources such as capital, talent and know -how
(accountants, lawyers and promoters), equipment, production and transport facilities. Breaking down
a venture’s required resources into components can clarify what is needed as well as when it is
needed. At each stage of the business, entrepreneur must be clear about the priority resources that
enable or inhibit moving to the next stage of growth.

. Entrepreneurship is a process, a journey, not the destination; a means, not an end. All the successful
entrepreneurs like Bill Gates (Microsoft), Warren Buffet (Hathaway), Steve Jobs (Apple Computers),
 Company Formation and Management-After funds are raised and employees are hired, the
entrepreneur initiates the business operations to achieve the set goals. Once there is a sufficiently
compelling idea and business plan, next step is to create the venture as a legal entity. In order to do
this, the entrepreneurial team will start putting the business plan into motion. This includes infancy,
incorporation, setting up, launching the new venture, business strategy, implementing business plan,
running the business, deploying of resources. An entrepreneur should decide the management
structure or the hierarchy that is required to solve the operational problems when they arise. The
entrepreneur must also focus on building success and managing the venture.

Growth-In the final step, an entrepreneur decides on the future prospects of the business, i.e. its
growth and development. Growth includes adolescence, maximizing profits, harvesting the rewards
and continuously growing the venture. Certain considerations like going for public investment or
staying private, introducing new products, adding more locations, including better features, expansion
strategies as well as the five year and ten-year plans are a part of this stage.

• The process of entrepreneurship melds all these pieces together in processes that unfold over weeks
and months, or even years if the business successful. Breaking the process down into smaller
components helps us understand the individual pieces and how they fit together. It is essential to
point out that entrepreneurship is a process-a journey not a destination; a means not an end. All the
successful entrepreneurs like Warren Buffet (Hathaway), Bill Gates (Microsoft), Jamshetji Tata (Tata
Group), Azim Premji (Wipro) and many others went through this process while forming their
enterprises.
PROFILE OF CHOSEN
ENTREPRENEUR
 Introduction to Dr. Pushyamitra Joshi
Dr. Pushyamitra Joshi completed his BCom from Madhav Mahavidhyalaya Vikram Univeristy in
2003, his post-graduation diploma in Rural Management from IMD Indore in Rural Management,
then his MBA from Medi-caps Institute of Management, Indore. He completed his PhD in rural
management (Rural marketing) from Amity Business School, Amity University, Noida.

Then Dr. Pushyamitra worked in Medi-Caps Institute, ICICI Bank, HDFC Bank, ICICI Lombard
and Localguidesworldwide.com before deciding to become a lecturer in the Royal College of
Technology, Indore and is now a Research Scholar at Amity Business School, Noida.

His research work motivated him to start a micro enterprise called "EcoFab" in order to support
rural artisans in promoting hand crafted textiles and handlooms which are eco-friendly in nature.
He has more than 8 years of experience in banking, insurance, events, marketing and education
domain with an exceptional exposure to rural marketing direct sales, team management and event
management. He also has a very keen interest and expertise in rural marketing, marketing
research, event management and education management.

You can read various articles published by him on websites like LinkedIn and research gate on
topics like Executing a startup idea already in practice, Craft Tour, Rural Business Environment,
Indian way of Enterprising, Success through entrepreneurial marketing of Indian Handicrafts and
Grass root creation to organized innovation among many others.
 Entrepreneurial Venture EcoFab
Clothing is one of the basic needs of life and is always with you everywhere you go. If your
clothing is eco-friendly and comfortable it makes your day less stressful and you feel relaxed. The
combination of natural fiber and natural colors gives you a feeling of being in tune with nature
which translates into a stress-free healthy life as well.

EcoFab stands for eco-life style fabrics. It is the brainchild of Dr. Pushyamitra Joshi. EcoFab is the
result of love between a researcher and hand block printing art practiced in rural India. The
company is mainly into hand crafted and hand dyed fabrics in natural (herbal) colors and eco-
friendly colors.

Traditionally the craft of hand block printing is an organic process used to print and dye on variety
of natural fiber-based fabrics using natural and eco-friendly colors. The company works closely
with the artisans of Bagh village for producing quality and contemporary clothing. The firm also
provides fair wages and facilities to its artisans. EcoFab passionately backs and uses fabrics printed
and dyed in Vegetable colors and other eco-friendly colors. These colors are not only good or the
environment but also good for the skin.

At EcoFab, they offer a large range of natural and bio fiber-based fabrics in both standardized and
custom made designs. Their mission is to provide traditional, eco-friendly and organic craft of
printing and dying fabrics at fair price for healthy living society. The advantage of EcoFab is that
they have a variety of traditional and modern designs at one place with an option of co-
creation/custom made designs and sizes available on request.

The small brand EcoFab by Dr. Pushyamitra Joshi is doing some excellent work in Nandna block
printing using vegetable dyes and custom orders for excellent theme-based batik. Their pure natural
fiber and bio textile-based clothing with 100% original hand block printing/hand dying work makes
them stand out in the market.

Image Source- https://ecofab.in/

EcoFab offers a wide variety of products on their website including:
❖ Handcrafted block print Jewellery and Accessories
❖ Ecoprint saris, stoles and dupattas in Women’s wear
❖ Dhoti, kurta, shirts and lungi in Men’s wear
❖ Pre-cut cotton and modal Fabric pieces, and
❖ Bed sheets and wall hangings in Home Décor.

Image Source- https://ecofab.in/

ENTREPRENEURIAL
QUALITIES
 Email Interview
How did the idea of the business come out?
Idea of doing business in marketing of rural products was there in my mind since 2006 when I
completed my MBA but in which product/industry it was not clear. After doing jobs in banking,
insurance, events and education, I finally decided to go for a PhD course to learn more about my
chosen field, rural management. Initially I had rural business consultancy in my mind but with the
able guidance and flexibility in learning during my PhD finally met my destiny. While conducting
various FGDs of rural craftsmen involved in production of traditional and heritage textiles came
to know their problems and found the huge gap in marketing. While pursuing PhD my guide and
her friends suggested I design a few products for them and when it was done, they were very
happy with it and I got paid for it too boosted my confidence to opt it as a business.

What was the key driving force?

Passion, perseverance and energy to work on my own ideas. No boundation of working in a
framed situation and working. Independence of taking decisions and its responsibility.

How were the funds raised for the business?

Savings and later borrowed from family.

What is your customer base?

Handloom lovers, Comfort clothing looking segment, eco fashion lovers.

Why did you choose this particular field of business?

During my PhD research on this subject of hand block printing I developed an immense interest in
this business. Found gaps related to marketing, immense scope and then encouragement of my
guide Dr. Anurupa B Singh motivated me to choose this field.

What did it take for you to bridge the gap between the idea you had and its execution?
Lots of field work, research, understanding of consumer behavior, learning from initial mistakes
and sticking to the objectives behind this start-up.

What motivates you every day?

Endless scope for creativity, new learning and experience to deal with a variety of problems every
day.

How did you know you wanted to be your own boss?

It was a dream to be an entrepreneur since I joined my MBA course but no family background and
experience thus opted for a job. During my job many times I had to compromise with the personal
ethics and decided to become my own boss to create a transparent system.

How do you encourage innovative ideas?

The first step is to have no fear of failure, encourage my team of craftsmen to take risk of
experimentation with proper financial support.
What are your marketing strategies?
In terms of 4Ps
Product: Differentiation strategy, Niche market strategy, Market penetration for general
products, NPD and also revival of traditional products.
Pricing: Competitive and premium
Place: Social media, Website, Blogs
Promotion: Social media advertising, referrals
USP: Transparency in terms of "Know your product" policy.

Have you made mistakes? How did you correct them?

Yes, I have made mistakes in understanding the complete production cycle, customer
behavior in this particular field and corrected them by learning the whole process.

What according to you does it take to be an entrepreneur?

Problem solving attitude, dare to take calculative risk with equal probability of failure,
positive attitude, able to convert decision right, innovative approach and continuous
learning.

What challenges did you face?

If you are not facing any challenge you are doing nothing. Every business has its own
challenge. The first challenge faced was to decide the right medium to market the products
then deciding the customer segment and product offerings. Second was related to the
external business environment, before the introduction of GST handloom and textile business
was tax free but now it is under 5% tax slab. Pandemic also affected the trend.

How did you overcome these challenges?

Hurdles and challenges are integral part of an entrepreneurial venture and life. The first
challenge I faced in choosing the wrong product and customer segment. Soon I realized it
and changed direction. Then choosing the right distribution/place mix strategy to reach the
target customer. To overcome this started marketing through social media platforms by
preparing a proper meta marketing strategy within the budget limit.

Are you happy with your decision to open this new business?
Yes, very much.

What major factors do you consider while planning for the future?
What is the current trend and how I can do something to be different rather than only
following trends.

What would you say is your style of management?

Still exploring but yes presently can say I have adopted "Affiliative style".
How do you generate new ideas?
By not restricting the flow of ideas and making observations.

What are your ideals that you follow in your business?

Transparency is the key to success.

What are the high points of your business?

Transparent system, following "Know your product" policy since inception and Strong R&D with
key partners to come up with new products not available anywhere in the market.

If you were given a chance to start over would you do anything differently?
No, every day is a new day and a fresh start. Already doing it differently every day.

Any upcoming ventures?

Yes, diversification in the eco and green product segment. New product segment i.e. eco printing
products through sales and workshops.
 Identification and Analysis of Entrepreneurial Qualities of
Dr. Pushyamitra Joshi

After conducting a detailed interview with Mr. Pushyamitra Joshi and having insights on his
approach towards his start-up, management style and experience a list of qualities can be drawn
which capture his essence as an entrepreneur.

Upon reaching out to him, we found Mr Pushyamitra to be very warm and approachable.
When asked about his inspiration for starting his own business and the key driving force, he
mentioned identifying huge gaps in the market. His interest in rural management encouraged him
to interact with artisans, comprehend their situation and urged him to rectify the problems faced
by them. From the get go, his sincere and consistent efforts towards the upliftment of the
handloom workers made it possible for him to leave a mark.

This clearly highlights his speculative nature and passion for making a difference to society.
He became a social entrepreneur, making a huge impact on the society. His work not only
became a means to empower the handloom workers and give their work a platform, but also a
chance for him to be independent and inventive at the same time.

If we take a closer look at the educational background of Mr. Joshi, we can undoubtedly spot his
zeal for acquiring knowledge, which is something that motivates him even today. He stated that
endless scope for creativity, new learning and enriching experience in his field of work is an
immaculate motivator.

Upon being asked about mistakes made, with a very positive outlook he accepted his
shortcomings while simultaneously reflecting on how without being discouraged he went ahead
and relearned things in order to improve and succeed. One can rightly call him diligent and
optimistic.

“Hurdles and challenges are an integral part of an entrepreneurial venture and life”, said Mr.
Joshi when questioned about the challenges he had encountered throughout. His description
about some of the initial challenges and mistakes had an overall tone of acceptance and
realisation. He pin-pointed as to how he swiftly adapted novice methodologies even though that
meant unlearning and relearning certain concepts. This establishes him as a quick learner and
mindful of his inaccuracies. It is also suggestive of a strong will to take on challenges rather
than to succumb to the harsh realities. Furthermore, Mr. Joshi’s quick analysis and recognition of
successive rational steps indicates his decisive and action-oriented approach and persistence.
In the words of Mr. Pushyamitra, “The first step is to have no fear” gives a lucid picture of his
perspective on hardships.
When asked about constantly generating new ideas, he mentioned how he never restricts the
flow of ideas and is keen on being observant. Transparency being one of his ideals has played a
major role in making Ecofab what it is today. When we say transparency, we are referring to the
creative freedom at the hands of the craftsman.

Being a leader has never stopped Mr. Pushyamitra to engage with and appreciate the very people
who are the centre of his venture. His compassion for the craftsman has also made him look out
for them by providing financial support and motivating them to strive and fulfil their future
endeavours. His take on management is fresh and has encouraged a healthy work place
environment. Mr. Joshi has an affiliative management style which has allowed him to
understand and be closely associated with his craftsmen.

His belief in ideation, analysis and creation is suggestive of a systematic approach and labels
him as a visionary. From developing an idea to taking it further to the sample making stage and
then finally obtaining the finished product is overseen by Mr. Joshi himself which speaks of his
involvement and concern for putting out the best in the market in order to maintain the brand
image.

When it comes to his products, he likes to be experimental while sticking to the objectives of his
venture which not only are profit oriented but also acknowledge his sensitivity towards the
environment. Adopting the concept of co-creation/customization has also enabled him to have a
better relationship with his clients.

Visionaries are the epitome of forward thinking and so is Mr. Pushyamitra. His venture not
only takes into consideration the current market scenario but has substantial future prospects
which look deeper into the whole idea of creating eco-friendly products. His plans of
diversification in the eco and green product segment and launch of a new product segment i.e.
eco printing products, is awaited and shows promise. Emphasis on being a leader and not
following the trends blindly is an idiosyncratic quality which gives Mr. Pushyamitra and his
venture an edge over others.
ENTREPRENEURIAL
JOURNEY
 An Overview of Entrepreneurial Journey
The entrepreneurial process of a new business creation starts when a business opportunity is
discovered or created by nascent entrepreneurs. This process involves a journey of improvising
and coping with uncertainty. There are many obstacles as well as pulling, pushing, and driving
forces that the entrepreneur may encounter along the way. The series of entrepreneurs'
autonomous, innovative, and improvised actions throughout the entrepreneurial process consists
of the entrepreneurial journey.

Mr. Joshi after bagging high ranking degrees in Rural Management finally met his destiny, when
under the right guidance he was presented with the opportunity to start his own business. What
motivated him was a small project he undertook while pursuing his PhD. While conducting
various Focused Group Discussions with rural craftsmen involved in the production of traditional
and heritage textiles he came across the problems faced by them and found a huge gap in
marketing. A gap, he thought could be bridged by an idea he had back in the year 2006. Another
source of motivation was to explore his creativity and be his own boss, which he couldn’t while
working in several different sectors such as Banking, Insurance, Events and Education. Having
an inclination since the very beginning towards this business and the energy to work on his ideas
with utmost dedication allowed him to stay prompt and spawn innovative ideas.

He started with a small investment which was his savings and later during the course had to
borrow a sum from his family. Ample field work, research, understanding of consumer behavior
and strict adherence to his objectives which he defined as the business grew. Below is a list of
objectives which encompass the essence of his ideology behind starting EcoFab.

1. Raise awareness among customers about original hand block printing craft of rural India.
2. Encourage rural artisans to innovate by keeping the traditional craft alive.
3. Improve living conditions of rural artisans by providing them quality raw materials, tools,
contemporary designs and better working environment.
4. Provide original, eco-friendly, best quality and customized designed hand printed and
hand dyed clothing to end customers at a fair price.
5. Rejuvenate and promote the eco-friendly crafts and handloom produced by rural artisans
of India.

His belief in continuous learning and experimentation opened multiple avenues for him. Over the
span of time, he has faced numerous challenges but he never stopped working hard and
improvising. His passion for work and tenacity has helped him reach the place he is today.
 Challenges and Risks
With great ideas comes great risk and in order to taste success one must overcome the fear of
failure. Success consists of going from failure to failure, without loss of enthusiasm. Mr. Joshi’s
faith in the above ideology has encouraged him to look beyond the setbacks.

Throughout his entrepreneurial journey, several challenges have crossed his path. His first
challenge was to decide the right medium to market the products. In an attempt to expand the
reach of his products, identifying the right medium was crucial. Upon choice of medium, the
following challenge revolved around customer segment and product offerings. Obstacles enabled
Mr. Joshi to work his way around and came up with the idea of marketing his products on a
social media platform while keeping in check the limitations of his budget. Internal environment
was not the only factor contributing to the problems; the external environment played an equal
role.

On July 1, 2017 when GST was introduced in India by Prime Minister Narendra Modi, the
handloom and textile industry was in a fix. Earlier, businesses in the industry were tax free,
however, now they are under a 5% slab. Much like all other businesses in India, Ecofab also
faced many problems due to this economic change.

To add on, the onset of this global pandemic COVID-19 also affected the business greatly. We
all know COVID-19 has kick-started a major transformation in the fashion industry as customers
are spending as much as 50% less on clothing and accessories and focusing on groceries and
essential items. Like many other fashion brands all over the world, Mr. Joshi also faced many
difficulties in the lockdown period, some of which including a sudden stalling of orders, ceased
cash flow and subpar sales. But what works in the favour of Ecofab is the ideology it stands
behind. More than discounts, because marketing is what will drive more sales for retailers post
the pandemic as well. During COVID-19, there has been an increase in the number of people that
choose to interact with a brand or buy from them after seeing that they support a cause that is
commonly shared. So, the target audience for the brand stays loyal to it even in an environment
like today.
LEARNING OUTCOMES
Mr. Pushyamitra Joshi and several other social entrepreneurs are a great source of
inspiration for budding entrepreneurs. It is through journeys of such enthusiasts that one
can derive inspiration and improvise to deliver services which cater to the needs while
also making a difference. One of the key learning points of this assignment has been to
realise the importance of making observations and to think beyond personal needs.
Working for the welfare of the society at large with dedication and perseverance not only
gives a sense of fulfilment but can also be devised to generate profits.

Another key learning outcome is the emphasis on being self-assured and disciplined
clubbed with passion for a chosen field of work. It also throws light on the importance of
assembling the right team of like-minded individuals who can contribute in magnifying
the output by drawing optimum efficiency from the available inputs. Proper Planning,
Organising and Executing a new project or a venture helps to define the goals better and
acts as a pathway that ultimately results in fulfilment of those goals. Of utmost
importance is also the idea of being open to new opportunities that the business can
expand towards and identification of what the customers are actually looking for. They
should have advanced knowledge on how they will assess upcoming business
opportunities and also have a deep understanding of their own failures and successes.

We also realised that with each passing day an entrepreneur also has to deal with new
challenges and to surpass those he/she needs to be open to new learning and most
importantly be patient and dedicated towards it. These challenges may or may not
sometimes even lead to failures but one shall not get demotivated by them and rather
learn from those mistakes for future purposes. Thus, an entrepreneur should always do
proper analysis before indulging in new activities and take calculated risks for their
businesses.

This has also helped us to get a better understanding of the some of the challenges that
are faced by an Entrepreneur in the real world and the factors affecting it. It gave us a
clearer vision about the elements that are involved with the day to day working of these
Entrepreneurs do not anymore just focus on creating profits but also focus on keeping
their employees motivated and energetic, build a healthy relationship between the
organization and its people, giving back to the communities, etc.
CONCLUSION
In order to be successful in sustainable business practices, often requires entrepreneurship
and innovation. Both of these are relevant for-profit and non-profit ventures alike.

It can be viewed as recognizing change, pursuing opportunity, taking on risk and

responsibility, innovating, making better use of resources, creating new value that is
meaningful to customers, and doing it all over again and again. Being an entrepreneur
requires taking on significant responsibility and comes with significant challenges and
potential rewards. Entrepreneurship is a mind-set, an attitude; it is taking a particular
approach to doing things.

The motivations for becoming an entrepreneur are diverse and can include the potential for
financial reward, the pursuit of personal values and interests, and the interest in social
change. For an innovation to be relevant for sustainable businesses, it has to be meaningful
and affect a large number of stakeholders. Successful entrepreneurship often requires
creativity and innovation in addressing a new opportunity or concern in a new way.

It also helped us to understand that the role of an entrepreneur involves a great deal of risk
and uncertainty. Although, it is also said that entrepreneurship is a well rewarding experience.
One can pursue their own passion and also indulge in the activity of money making, while
being their own boss. It’s only the period of challenges and hurdles that one has to surpass in
order to reap the benefits of the hard work and sacrifice put in. It helps an entrepreneur to
avail the freedom of control and shape their own professional life’s. It’s allows them to
absolutely enjoy the work that they do.

It can be easily concluded that the job of an Entrepreneur is not an easy one and they should
to be a versatile person as it requires them to perform various types of functions. A huge
degree of the growth of the enterprise depends upon the way the entrepreneur undergoes
functions such as innovation, organization, management, risk-taking and decision making.
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