BIJU PATTANAIK(DEGREE) COLLEGE OF

SCIENCE AND EDUCATION

SUBJECT:

ROLE OF ENTREPRENURESHIP ON THE

ECONOMIC DEVELOPMENT OF ODISHA.

Submitted By: Guided By:

B.Kumar Silpi Sambit Dr. Alaka Panda

+3 6th Semester H.O.D Commerce

University Roll No.- Biju Pattnaik(degree) College

2003010190290035 of Science and Education
 CERTIFICATE
This is to certify that the thesis entitled “ROLE OF ENTREPRENEURSHIP IN THE
ECONOMIC DEVELOPMENT OF ODISHA”, is a record bonafid research work done by
B.Kumar Silpi Sambit under my guidance and supervision. It embodies the results of his
original contribution. The project has reached the standard of fulfilling the requirement of
regulation regarding to Bachelors of Commerce. No part of his project has been submitted to
any institution for the award of any degree.

I wish all the best and success in future endeavors.

Dr. Alaka Panda

H.O.D Commerce

Biju Pattnaik(degree) College of Science and Education

 DECLARATION

I do hereby declare that the Project report entitled “ROLE OF ENTREPRENEURSHIP IN

ECONOMIC DEVELOPMENT IN ODISHA” submitted by me as a partial fulfilment of
the requirements for the award of the degree of Bachelors of Commerce, in the course
curriculum. It is a record of original dissertation work carried out by me, under the guidance
and supervision of Dr. Alaka Panda .The information has been collected from genuine &
authentic sources. The work has not been submitted for the award of any other degree
elsewhere in full or part.

Date

Place: BHUBANESWAR

(B.Kumar Silpi Sambit)

University Roll no.- 2003010190290035

 ACKNOWLEDGEMENT

“The satisfaction Euphoria that accompanies the successful completion of any work would be
incomplete unless we mention the name of the person, who made it possible, whose constant
guidance and encouragement served as a beckon of light and crowned our efforts with success.”
I consider it a privilege to express through the pages of this report, a few words of gratitude
and gratitude and respect to those who guided and inspired in the completion of this project of
“ROLE OF ENTREPRENEURSHIP IN THE ECONOMIC DEVELOPMENT OF
ODISHA”.

Hence with a sense of profound humility, I would like to express my heartfelt

indebtedness and deep sense of gratitude to my guide, Dr. Alaka Panda HOD, Department
of Commerce and all faculty of Department of Commerce, Biju Pattanaik(degree) College of
Science and Education for their guidance and constant supervision as well as for providing
necessary information regarding the project and his constant support for completing the project.

Finally, I thank all those who have directly or indirectly helped me in my project. I express
my Profound thanks to all my teacher as well as friend who are the constant source of
encouragement for me.

Their guidance and supervision were very helpful in bringing this work to a
conclusion.

Date:

Place: BHUBANESWAR

(B.Kumar Silpi Sambit)

University Roll no.- 2003010190290035

 INDEX

SL.NO. CONTENTS PAGE NO.

1 INTRODUCTION 1-15

2 LITERATURE REVIEW 16-17

3 RESEACH GAP 18

4 OBJECTIVES 18

5 METHODOLOGY 19-23

6 DATA ANALYSIS AND INTERPRETATION 24-29

7 CONCLUSION 30

8 REFERENCES 31-32
INTRODUCTION

The entrepreneur who is a business leader looks for ideas and puts them into effect in fostering
economic growth and development. Entrepreneurship is one of the most important inputs in
the economic development of a country. The entrepreneur acts as a trigger head to give spark
to economic activities by his entrepreneurial decisions. It plays a pivotal role not only in the
development of industrial sector of a country but also in the development of farm and service
sector. An entrepreneur can be regarded as a person who has the initiative skill and motivation
to set up a business or enterprise of his own and who always look for high achievements. He is
the catalyst for social change and works for the common good. They look for opportunities,
identifies them and seizes them mainly for economic gains. An action-oriented entrepreneur is
a highly calculative individual who is always willing to undertake risks in order to achieve their
goals. An entrepreneur supplies risk capital as a risk taker, and monitors and controls the
business activities. The entrepreneur is usually a sole proprietor, a partner, or the one who owns
the majority of shares in an incorporated venture. According to economist Joseph Alois
Schumpeter (1883-1950), “entrepreneurs are not necessarily motivated by profit but regard it
as a standard for measuring achievement or success.”

Examples of Entrepreneurs

➢ Bill Gates, founder of Microsoft. There are probably not many people that have not
been touched by one of his products, such as Microsoft Windows, Microsoft Office and
Internet Explorer.
➢ Steve Jobs, co-founder of Apple computers, which produces Macs, iPods and iPhones,
as well as Apple TV.
➢ Mark Zuckerberg, the founder of Facebook. Pierre Omidyar, founder of eBay.
➢ Arianna Huffington, founder of the Huffington Post, a well-known online news site.
➢ Caterina Fake, co-founder of Flikr, which hosts images and videos on the internet.

❖ Characteristics & Skills

Entrepreneurs are like gamblers, and like any gambler, their chances of winning increase if
they have the right cards. Let's look at some characteristics and skills that help an
entrepreneur succeed.

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 ➢ A tolerance for risk-taking is a necessary attribute for entrepreneurs. You can think
of risk-taking as pursuing an activity even if there is a chance of a negative
consequence. Starting a business is risky, and even more so when you're using your
own money. Sometimes you can spread the risk by convincing investors to come
along on your new venture or by forming an entrepreneurial team. But at the end of
the day, you can't avoid risk if you are going to start a new business and innovate.
➢ Entrepreneurs also need creativity. Think about Steve Jobs and Mark Zuckerberg;
these two entrepreneurs brought innovative products to the market that changed the
way we live. Successful entrepreneurs innovate in one of two ways. They can bring
an entirely new product or service to the market, like the first cellular phone. On
the other hand, they can radically improve upon something in a dramatic way, just
like the iPhone changed the world of smart phones.
➢ Initiative is also required. Entrepreneurs lead. If you are not willing to start without
being pushed, your new business will never get off the ground. For example, Eddie
had an idea fresh out of college and took the initiative to start his business venture.
No one had to convince him to act; he just acted.
➢ Independence is also a paramount attribute for entrepreneurs. Nobody holds an
entrepreneur's hand, and they don't want any hand-holding. Successful
entrepreneurs must be willing to go it alone and succeed or fail on their own effort
without relying much on the other people.

❖ Need for Entrepreneurship Development

Economic development essentially means a process of upward change whereby the real pr
capita income of a country increases over a period of time .Entrepreneurship has an important
role to play in the development of a country. It is one of the most important inputs in economic
development. The number and competence of entrepreneurs affect the economic growth of the
country. The economic history of the presently advanced countries like USA, Russia and Japan
supports the fact that economic development is the outcome for which entrepreneurship is an
inevitable cause. The crucial and significant role played by the entrepreneurs in the economic
development of advanced countries has made the people of developing and under developed
countries conscious of the importance of entrepreneurship for economic development. It is now
a widely accepted fact that active and enthusiastic entrepreneurs can only explore the volume
potentials of the country’s availability of resources such as labor, capital and technology.

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 ❖ Role of Entrepreneurs in Economic Development

The role of entrepreneurs is not identical in the various economies. Depending on the material
resources, industry climate and responsiveness of the political system, it varies from economy
to economy. The contribution of entrepreneurs may be more in favorable opportunity
conditions than in economies with relatively less favorable opportunity conditions.

The problem of economic development was ergo largely the ability of the people to save more
and invest more in any country. According to him, ability to save is governed by improvement
in productivity to the increase in the dexterity of every worker due to division of labor. Smith
regarded every person as the best judge of his own interest who should be left to pursue his
own advantage. According to him, each individual is led by an „invisible hand‟ in pursuing
his/her interest. He always advocated the policy of laissez-faire in economic affairs.

In his theory of economic development, David Ricardo identified only three factors of
production, namely, machinery, capital and labor, among whom the entire produce is
distributed as rent, profit and wages respectively. Ricardo appreciated the virtues of profit in
capital accumulation. According to him, profit leads to saving of wealth which ultimately goes
to capital formation.

Thus, in both the classical theories of economic development, there is no room for
entrepreneurship. And, economic development seems to be automatic and self-regulated. Thus,
the attitude of classical economists was very cold towards the role of entrepreneurship in
economic development. They took the attitude: “the firm is shadowy entity and entrepreneur
even shadowed or at least is shady when he is not shadowy.” The economic history of the
presently developed countries, for example, America, Russia and Japan tends to support the
fact that the economy is an effect for which entrepreneurship is the cause.

The crucial role played by the entrepreneurs in the development of the Western countries has
made the people of underdeveloped countries too much conscious of the significance of
entrepreneurship for economic development. Now, people have begun to realize that for
achieving the goal of economic development, it is necessary to increase entrepreneurship both
qualitatively and quantitatively in the country. It is only active and enthusiastic entrepreneurs
who fully explore the potentialities of the country’s available resources – labor, technology and
capital.

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Akio Morita, the President of Sony who adopted the company’s products to create Walkman
Personal Stereo and India’s Gulshan Kumar of Series who skimmed the audio-cassette starved
vast Indian market are the clearest examples of such able entrepreneurs.

The role of entrepreneurship in economic development varies from economy to economy

depending upon its material resources, industrial climate and the responsiveness of the political
system to the entrepreneurial function. The entrepreneurs contribute more in favorable
opportunity conditions than in the economies with relatively less favorable opportunity
conditions. Viewed from the opportunity conditions point of view, the underdeveloped regions,
due to the paucity of funds, lack of skilled labor and nonexistence of minimum social and
economic overheads, are less conducive to the emergence particularly of innovative
entrepreneurs. In such regions, entrepreneurship does not emerge out of industrial background
with well-developed institutions to support and encourage it. Therefore, entrepreneurs in such
regions may not be an “innovator” but an “imitator” who would copy the innovations
introduced by the “innovative” entrepreneurs of the developed regions (Brozen 1954-55).

In these areas, according to McClelland‟s (1961) concept of personality aspect of

entrepreneurship, some people with high achievement motivation come forward to behave in
an entrepreneurial way to change the stationary inertia, as they would not be satisfied with the
present status that they have in the society.

Under the conditions of paucity of funds and the problem of imperfect market in
underdeveloped regions, the entrepreneurs are bound to launch their enterprises on a small-
scale. As imitation requires lesser funds than innovation, it is realized that such regions should
have more imitative entrepreneurs. And, it is also felt that imitation of innovations introduced
in developed regions on a massive scale can bring about rapid economic development in
underdeveloped regions also. But it does not mean that such imitation requires in any way
lesser ability on the part of entrepreneurs.

It is unequivocally believed that small-scale industries provide immediate large- scale

employment, ensure a more equitable distribution of national income and also facilitate an
effective resource mobilization of capital and skill which might otherwise remain unutilized.
The establishment of Entrepreneurship Development Institutes and alike by the Indian
Government during the last decades is a good testimony to her strong realization about the
premium mobile role of entrepreneurship plays in economic development of the country.

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 ❖ Role of Entrepreneurship in Economic development

The important role that entrepreneurship plays in the economic development of an economy
can now be put in a more systematic and orderly manner as follows:

• Promotes Capital Formation:- Entrepreneurs promote capital formation by

mobilizing the idle savings of public. They employ their own as well as borrowed
resources for setting up their enterprises. Such type of entrepreneurial activities leads
to value addition and creation of wealth, which is very essential for the industrial and
economic development of the country.
• Creates Large-Scale Employment Opportunities:-Entrepreneurs provide immediate
large-scale employment to the unemployed which is a chronic problem of
underdeveloped nations. With the setting up. of more and more units by entrepreneurs,
both on small and largescale numerous job opportunities are created for others. As time
passes, these enterprises grow, providing direct and indirect employment opportunities
to many more. In this way, entrepreneurs play an effective role in reducing the problem
of unemployment in the country which in turn clears the path towards economic
development of the nation. Growing unemployment particularly educated
unemployment is the problem of the nation. The available employment opportunities
can cater only 5 to 10 % of the unemployed. Entrepreneurs generate employment both
directly and indirectly. Directly, self-employment as an entrepreneur and indirectly by
starting many industrial units they offer jobs to millions. Thus, entrepreneurship is the
best way to fight the evil of unemployment.
• Promotes Balanced Regional Development:- Entrepreneurs help to remove regional
disparities through setting up of industries in less developed and backward areas. The
growth of industries and business in these areas lead to a large number of public benefits
like road transport, health, education, entertainment, etc. Setting up of more industries
lead to more development of backward regions and thereby promotes balanced regional
development. When the new entrepreneurs grow at a faster rate, in view of increasing
competition in and around cities, they are forced to set up their enterprises in the smaller
towns away from big cities. This helps in the development of backward regions.
• Reduces Concentration of Economic Power:-Economic power is the natural outcome
of industrial and business activity. Industrial development normally led to
concentration of economic power in the hands of a few individuals which results in the

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 growth of monopolies. In order to redress this problem a large number of entrepreneurs
need to be developed, which will help reduce the concentration of economic power
amongst the population.
• Wealth Creation and Distribution:-It stimulates equitable redistribution of wealth
and income in the interest of the country to more people and geographic areas, thus
giving benefit to larger sections of the society. Entrepreneurial activities also generate
more activities and give a multiplier effect in the economy.
• Increasing Gross National Product and Per Capita Income:-Entrepreneurs are
always on the lookout for opportunities. They explore and exploit opportunities,
encourage effective resource mobilization of capital and skill, bring in new products
and services and develops markets for growth of the economy. In this way, they help
increasing gross national product as well as per capita income of the people in a country.
Increase in gross national product and per capita income of the people in a country, is
a sign of economic growth. . An increasing number of entrepreneurs are required to
meet this increasing demand for goods and services. Thus, entrepreneurship increases
the national income.
• Improvement in the Standard of Living:-Increase in the standard of living of the
people is a characteristic feature of economic development of the country.
Entrepreneurs play a key role in increasing the standard of living of the people by
adopting latest innovations in the production of wide variety of goods and services in
large scale that too at a lower cost. This enables the people to avail better quality goods
at lower prices which results in the improvement of their standard of living.
• Promotes Country's Export Trade:- Entrepreneurs help in promoting a country's
export-trade, which is an important ingredient of economic development. They produce
goods and services in large scale for the purpose earning huge amount of foreign
exchange from export in order to combat the import dues requirement. Hence import
substitution and export promotion ensure economic independence and development.
• Induces Backward and Forward Linkages:-Entrepreneurs like to work in an
environment of change and try to maximize profits by innovation. When an enterprise
is established in accordance with the changing technology, it induces backward and
forward linkages which stimulate the process of economic development in the country.
• Facilitates Overall Development:- Entrepreneurs act as catalytic agent for change
which results in chain reaction. Once an enterprise is established, the process of

6
 industrialization is set in motion. This unit will generate demand for various types of
units required by it and there will be so many other units which require the output of
this unit. This leads to overall development of an area due to increase in demand and
setting up of more and more units. In this way, the entrepreneurs multiply their
entrepreneurial activities, thus creating an environment of enthusiasm and conveying
an impetus for overall development of the area.
• Creating innovation :-An entrepreneur is a person who always look for changes. apart
from combining the factors of production, he also introduces new ideas and new
combination of factors. He always tries to introduce newer and newer technique of
production of goods and services. An entrepreneur brings economic development
through innovation.
• Entrepreneurs Create New Businesses:- Path breaking offerings by entrepreneurs, in
the form of new goods & services, result in new employment, which can produce a
cascading effect or virtuous circle in the economy. The stimulation of related businesses
or sectors that support the new venture add to further economic development. For
example, a few IT companies founded the Indian IT industry in the 1990s as a backend
programmers' hub. Soon the industry gathered pace in its own programmers‟ domain.
But more importantly, millions from other sectors benefited from it. Businesses in
associated industries, like call center operations, network maintenance companies and
hardware providers, flourished. Education and training institutes nurtured a new class
of IT workers offering better, high-paying jobs. Infrastructure development
organizations and even real estate companies capitalized on this growth as workers
migrated to employment hubs seeking new improved lives. Similarly, future
development efforts in underdeveloped countries will require robust logistics support,
capital investment from buildings to paper clips and a qualified workforce. From the
highly qualified programmer to the construction worker, the entrepreneur enables
benefits across a broad spectrum of the economy.
• Entrepreneurs Also Create Social Change:-Through their unique offerings of new
goods and services, entrepreneurs break away from tradition and indirectly support
freedom by reducing dependence on obsolete systems and technologies. Overall, this
results in an improved quality of life, greater morale and economic freedom. For
example, the water supply in a water scarce region will, at times, force people to stop
working to collect water. This will impact their business, productivity and income.

7
 Imagine an innovative, automatic, low-cost, flow-based pump that can fill in people's
home water containers automatically. Such an installation will ensure people are able
to focus on their core jobs without worrying about a basic necessity like carrying water.
More time to devote to work means economic growth. For a more contemporary
example, smart phones and their smart apps have revolutionized work and play across
the globe. Smart phones are not exclusive to rich countries or rich people either. As the
growth of China's smart phone market and its smartphone industry show, technological
entrepreneurship will have profound, long lasting impacts on the entire human race.
Moreover, the globalization of tech means entrepreneurs in lesser-developed countries
have access to the same tools as their counterparts in richer countries. They also have
the advantage of a lower cost of living, so a young individual entrepreneur from an
underdeveloped country can take on the might of the multi-million-dollar existing
product from a developed country.
• Personal Growth:-Entrepreneurship has created millions of good jobs. In a startup
workplace, jobs often call for creativity and collaboration, leading to personal
development. Those exposed to entrepreneurship have higher confidence and greater
independence. Not bound by the hierarchy and restrictions of large corporations, young
entrepreneurs can take on greater responsibility, work flexible schedules and use
creative solutions to problem solve. The freedom associated with entrepreneurship
comes with certain challenges. Entrepreneurs often work long hours and risk their
personal assets in developing their business.
• Entrepreneurship puts new business ideas into practice.:-In doing so, it creates jobs
that facilitate personal development. With their innovative and disruptive ideas,
entrepreneurs can tackle social problems too. It’s a worthy pursuit to consider, but if
it’s not for you, see how to pass down its principles to the next generation and enroll in
How to Encourage and Teach Our Children Thus, it is clear that entrepreneurship serves
as a catalyst of economic development. On the whole, the role of entrepreneurship in
economic development of a country can best be put as “an economy is the effect for
which entrepreneurship is the cause

❖ ENTREPRENEURSHIP IN ODISHA

Talking about Entrepreneurship in coastal Odisha, cities of Bhubaneswar, Cuttack and Puri
have emerged as the start-up hubs. Odisha government has a target of generating 0.4 million

8
jobs by promoting 0.15 million enterprises in the MSMEs (micro, small & medium enterprises)
sector during 2015-19 financial year.

The MSME department is giving final touches to an entrepreneurship

development policy. There are not many start-ups in Odisha. After Tier 1 cities like Bangalore,
Delhi –NCR, Hyderabad and Chennai, smaller cities like Cochin, Bhubaneswar, Jaipur and
Indore are emerging as the new start-up hubs of India. Since the last decade Bhubaneswar has
seen sprawling growth of start-ups. Mind fire Solutions has emerged as a leading start-up. Mind
fire Solutions is an offshore software development company providing customized services
and solutions.

Another firm, Tatwa Technologies was founded by Mr. A.K Mohanty and
Tapendra Senapati in 2002 as an IT services company, now Tatwa Technologies has ventured
into Business Technology Services, Mobility & m-Commerce solutions. Other examples
include HelloDoctor24x7 Pvt. Ltd , SakRobotix, Medioctor, AMOKart, thoomri.com etc. One
of the key factors that make Bhubaneswar a start-up hub is the presence of world class
educational institutes like IIT, NISER, CET, IIIT, CIPET etc. that provide global exposure.
Emergence of IT giants like Infosys, TCS, Wipro and Mindtree in Bhubaneswar also acts as a
catalyst for the fast-growing start-up culture in the city.

The youth of the city is talented, enthusiastic and innovative. This year
the World Bank has ranked Bhubaneswar as the best place to do business in India. The venture
capitalists have also studied about the situation and taking course of action in this regard. While
interacting with the business thinks tankers it is found that “Bhubaneswar acts a great
destination to start and validate customers. Having a limited demand, the cash burn would be
lower, facilitating the stability of business model before entering Tier-1 cities.

➢ GROWTH RATE

The growth rate of the country visa-vis Odisha represents significant contribution of multi
factors. The trend of development is shifting due to physical as well as social infrastructure’s
pre-requisiteness. In the past few years, most of the states have witnessed a shift in focus of the
state governments towards improving infrastructure facilities within the state (GoI-2011). As
per the report of the planning commission that BIMAROU states precipitate is comparatively
low than national average.

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In recent years the state government has also been emplacing on social sector spending as
reflected in the increase in social sector expenditure to GSDP (SGDP) ratios across the states
during the period under review of last five years. Here, the social sector expenditure is meant
for social services, expenditure on food storage, rural development, capital out lays and loans
etc. The growth rate and expenditure on development sector is proportionately related to each
other. In addition to this it can also be stated that the economic growth could be increased
through increasing the numbers of business units, resulted as width of employment will be
more as well as additionally gives value to economic growth of the family and state also.
However, across the country, employment is a major chunk to address. the state like Odisha,
has planned to work out more on promoting social entrepreneur and venture capitals.

INDIA ODISHA

14% 2018-2019 12% 2017-2018

26% 23%
2018-2019 2018-2019
13% 21%
2019-2020 2019-2020
2020-2021 21% 2020-2021
20% 27% 2021-2022 23% 2021-2022

(Source-Economic survey of Odisha)

With the initiatives of government, the start-up companies are coming forward to contribute
significantly in national growth. In this regards, integrated efforts of the state and central
governments should support for growth in a sustained manner. The economies of low growth
rate of the states are mostly agrarian economy having stumpy skillets. Particularly in case of
Odisha, it would be better to promote agrarian based entrepreneurs, which could bring
significant changes gradually. In Odisha, the government has planned out to work on start-up
locations across the state.

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 • ENTREPRENEURSHIP DEVELOPMENT IN ODISHA

In last two decades there are many colleges are set up in Orissa. Near about 100 numbers of
colleges are running in the state. More than 45000 numbers of students are taking admission in
colleges every year. Every college is having their own entrepreneurship development cell as
per the guidelines of AICTE. The students are having their regular class in the final semester.
The aim and objectives for having own entrepreneurship development cell is to create
awareness regarding entrepreneurial education for entrepreneurship development. Students are
given lectures to become successful entrepreneur in their future life by taking the opportunity
from the Government. Due to less no of job opportunity in market the technical education
become less chosen by the students. In this regard students should be encouraged to become
entrepreneur in their future life.

➢ Government of India Initiatives for Entrepreneurship Development

Name of Schemes

1. Prime Minister’s Employment Generation Programme and Other Credit Support

Schemes [ PMEGP]
2. Development of Khadi, Village and Coir Industries
3. Technology Up gradation and Quality Certification
4. Marketing Promotion Schemes
5. Entrepreneurship and Skill Development Programme
6. Infrastructure Development Programme
7. Schemes of NSIC

➢ Government of Odisha Initiatives for Entrepreneurship Development

Entrepreneurship is characterized by the ability to organize, manage and assumes the risks of
a business enterprise with aim to generate wealth, employment and social good.

Entrepreneurship serves as the genesis for developing a vibrant micro, small and
medium enterprise (MSME) sector which is an indispensable component of competitive
economies. Odisha MSME Department formulated a Development Policy in 2016 through a
consultative process involving stake holders including Industry, Associations, Financial
Institutions, Experts and Government Departments concerned with an objectives to Encourage
new manufacturing capacity, Provide a conducive eco-system for promotion and growth of

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MSMEs in potential sectors, to provide opportunities to local entrepreneurial talent
Entrepreneurship Development Models of Odisha Decades of 1980-2000 experienced a
considerable growth and development of small and medium enterprises (SMEs) in Orissa.

De-licensing, direct foreign investment, trade liberalization, policy reforms etc.

were the innovations made. Protectionist attitude and subsidy culture were almost eroded.
Investments were made cheaper. But competition was intensified and gradually made complex.
Policy changes attempted to raise preparedness of SMEs to share the market, develop inter-
industry competition, render production of quality products and services. Govt. adopted mostly
used 9 models (Source : The final draft of the Odisha Entrepreneurship Development Policy
2014 http://www.msmeodisha.gov.in ] which are;

1. Strategic Alliance Model for Small & Medium Enterprises (SMEs)

2. Radio Programme Model for Entrepreneurship(RPE)

3. Resource Potential Model for No-Industries District (NID)

4. Enterprise Education Model for SMEs

5. Marketing Model for SMEs

6. Entrepreneurship: A Professional Business Model

7. EDP Models for Orissa: from Management to subject inputs

8. Corporate Instinct Model for SMEs

9. Entrepreneurship Model for Women

❖ Top 5 Entrepreneurs from Odisha

Being an entrepreneur may be the ‘in’ thing these days, but entrepreneurship is a tough task.
You get to chase your dreams, live your passion and build something new – but all this comes
with a bagful of risk and challenges. Be it concerned parents or future in-laws, a stable and
secure job makes everyone comfortable. But a few young entrepreneurs from Odisha have
chosen the path less travelled. Instead of being a job seeker, they have created jobs for others.
We have listed 5 such young Odia entrepreneurs who have successfully raised millions of
dollars of funding to get their start-up ball rolling.

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 1. RITESH AGRAWAL, FOUNDER & CEO, OYO ROOMS

Ritesh Agarwal is the 21-year-old founder of hotel listings

startup called OYO Rooms. He is born and brought up in
Bissam Cuttack, a village in Rayagada district. His
venture OYO Rooms, partners with property owners across
India and makes sure the facilities meet up to the standard with
a starting price of 999 rupees. Through OYO platform, guests
can check in and out instantaneously instead of waiting at a
reservation desk. Ritesh Agarwal has raised $25 million
(Rupees 150 Crore) from Lightspeed, Sequoia and others to build a branded budget hotel
network across India.

2. SANTOSH PANDA, CO-FOUNDER & CEO, EXPLARA

Santosh Panda founded an Event ticketing platform

called Explara in 2009. It handles about 1,000 transactions a day
and expects revenue of Rs 50 crore for financial year 2015-16.
Recently Explara has raised $500K (Rs 3.2 Crore) in its Pre-Series
A funding from businessman Ness Wadia, Singapore Angels and
Hyderabad Angels to enter into movie ticketing. Earlier it sells
tickets in event categories such as sports, travel and food, now tied
up with about 30 single theatres and multiplexes in Maharashtra
and Gujarat. It will roll out the movie ticketing service next month, competing with market
leader BookMyShow.

3. SUBRAT KAR, CO-FOUNDER & CEO, VIDOOL

Subrat Kar founded Vidooly, a video analytics start-up which is

recently listed as the top 10 hottest start-ups by the NASSCOM.
It has raised about $1 million (Rs 6.4 Crore) from Bessemer
Venture Partners. Founded last August, the company came up
with a product that helps content creators and channels on
YouTube to attract more viewers to their videos. It helps
companies with advice on what keeps people interested in a
video, better engagement, and revenue. This engineering graduate is born and brought up in
Jajapur town of Odisha. Since there are no other players in India who do such products, Subrat

13
and his co-founders Ajay Mishra and Nishant Radia expecting to leverage the first mover
advantage.

4. SRIKUMAR MISHRA, FOUNDER, MD & CEO, MILK MANTRA

Srikumar Mishra left a highly successful global corporate career in

2009 to founded Milk Mantra. He had prior 8 years extensive
experience in setting up new market operations, brand sales &
marketing. Milk Mantra produces a range of dairy products. The
company has a structured ethical milk sourcing programme, through
which it collects milk from more than 20,000 farmers in 500
villages. Its products are available in Odisha, Kolkata and
Jharkhand. In June 2014 Milk Mantra has raised Rs.80 Crore from venture capital funds. The
company has a vision of creating an exciting, pure and healthy dairy products brand in India.

5. SITAKANTA RAY, CO-FOUNDER, MY SMART PRICE

Sitakanta Ray from Cuttack, Odisha along with his co-founder

Sulakshan Kumar founded a venture called MySmartPrice, which
is a price comparison and search site. Ray and Kumar are both
graduates from National Institute of Technology,
Rourkela. MySmartPrice, raised $10 million (60 Crore) this July
as series B funding. They have plan to use the fresh influx of
capital to grow its focus on the offline shopping experience. The
company began life as a tech and gadget-focused price
comparison service, but over the years it has added verticals and new components to the
experience. Today, it is designed to navigate the maze of Indian e-commerce sites to find
specific products, and at the best prices possible.

❖ States’ Startup Ranking Results 2021

Odisha has participated in all the 26 Action Points under States’ Startup Ranking Framework
2020. The status of Odisha’s performance in each of the Reform Area has been graphically
represented below. Data presented is the percentile score, which is the relative performance of
the State in each Reform Area as compared to other participating States/UTs. For example, if
Odisha has a score of 75th percentile in the 'Institutional Support' Reform Area, this implies
that the State has scored higher than 75% of the participating States/UTs in that Reform Area.

14
Highlights of Odisha Startup Ecosystem

The Government of Odisha has undertaken several initiatives to boost more than 1300
registered startups in the State.

15
LITERATURE REVIEW

This is an attempt to review the available literature related to the research problem. In
this context, the researcher tries to review various research papers, books, journals and other
available literature to understand the issues related to the research problem. Review of literature
helps the researcher to undergo the work done on the particular topic before the proposed work.
A detailed and thorough literature review helps in making an inspirational base for the
substantial, meaningful research. It is necessary for the understanding and development of
conceptual content in which the problem fits.

Concept of entrepreneurship as an organized knowledge came into being

about hundred years ago. Though, the economists from Adam Smith to Marshall were talking
about it, but without assigning the name of entrepreneurship. They used the terms as employer,
the master, the merchant and the undertaker for carrying out different entrepreneurial activities
now comprising of entrepreneurship. It was Eantillon, who first brought out the term
entrepreneur(Murthy 1989) and entrepreneurship was recognized in economic literature.

Entrepreneurship is a creative and innovative response to the environment and an ability to

recognize, initiate and exploit an economic opportunity Manocha (2012). In the present
globalized world, sustainability or innovative idea-based entrepreneurship needs renewing the
process of stakeholders. However; traditional businessman doing routine-based work has not
been recognized as an entrepreneur. Considering the socio-cultural aspects that men have
higher Entrepreneurial self-efficacy (ESE) than women, it could be stated that gender role
investigation determines possible differences in entrepreneurial self-efficacy. Meanwhile niter
disciplinary and learning‐by‐doing approach helps to promote effective entrepreneur, Tan
(2006).

It can be stated that in-house or classroom education is needed to determine effective

entrepreneur. In regard to this, strenuous efforts for trained entrepreneurs are required, which
would help to achieve better performance than non- trained. Entrepreneurship is an essential
element for economic progress Acs et al (1990) as it manifests its fundamental importance in
different ways:

a) by identifying, assessing and exploiting business opportunities;

b) by creating new firms and/or renewing existing ones by making them more dynamic; and

16
c) by driving the economy forward –through innovation, competence, job creation- and by
generally improving the wellbeing of society.

Entrepreneurial development is a catalyst for economic, social and industrial development. The
entrepreneurial class provides leadership in resource change, innovation, technical progress
and capital formation to produce new knowledge, new production techniques/possibilities,
profits and economic growth. In contrary entrepreneurial self-efficacy may be comprised of
deliberation of those tasks that relate to the initiation and development of new ventures Camp
(2005).

In this regard, it is also noted that “Entrepreneurial self-efficacy is best seen as a

multidimensional construct made up of goal and control beliefs” Mateja (2010) and
propositions for how these two different dimensions will play a role during phases in the
process of starting-up a new business. Self-efficacy construct has significant pedagogical
payoffs given that entrepreneurship education should also focus on social-cognitive, psycho-
cognitive and ethical perspectives of entrepreneurship.

There are several factors responsible for the entrepreneurial intentions (Kar et al., 2014, 2017;
Kar & Tripathy, 2016). Often, these factors interact with each other in a complex manner to
result in a go or no-go decision for entrepreneurship. In this narrative research, we limit our
literature review to the perceived job loss as a motivation to take up entrepreneurship.
Entrepreneurial intention continues to be researched upon for its significance to the field .

On the other hand, the threat rigidi-ty theory indicates that the threat of job loss impairs the
innovativeness of an employee through increased irritation and decreased concentration (Van
Hootegem et al., 2019). An impending layoff is also found to adversely affect employee’s
entrepreneurial intention which is mediated by entrepreneurial self-efficacy and gestation
action (Mwangi & Rotich, 2019).

17
RESEARCH GAP

The majority of the population lives in villages, the village is the back bone of the country and
village industries play an important role in the national economy, particularly in the rural
development. Rural entrepreneurship is not only important as a means of generating
employment opportunities in the rural areas with low capital cost and raising the real income
of the people, but also its contribution to the development of agriculture and urban industries.
Rural entrepreneurship can be considered one of the solutions to reduce poverty, migration,
economic disparity, unemployment and develop rural areas and backward regions.

Lack of infrastructural facilities, adverse social, cultural an industrial environment, lack of

market information due to poor communication facility, non-availability of skilled labors, low
quality products, fear to invest in the business, competition and middleman are some of the
challenges faced in rural entrepreneurship.

OBJECTIVE OF THE STUDY

➢ To explore the comparison among the economic growth rate of India and Odisha.
➢ To explore different startups that took place in Odisha.
➢ To explore top entrepreneurs from Odisha.
➢ To explore positive impact of entrepreneurship in economic development of India
➢ To explore negative impact of entrepreneurship in economic development of India

18
METHODOLOGY

The study is exploratory by nature, where attempt has been made to explore the positive and
negative impact of entrepreneurship in the economic development of Odisha.

• Positive Impact of Entrepreneurship in Economic Development of Odisha

Following are the positive impact of entrepreneurship in India in the economic development of
India:

➢ Capital Formation

Entrepreneurs by placing profitable business proposition attract investment to ensure private

participation in the industrialization process. Entrepreneurs promote capital formation by
mobilizing the idle savings of public. They employ their own as well as borrowed resources
for setting up their enterprises. Such type of entrepreneurial activities leads to value addition
and creation of wealth, which is very essential for the industrial and economic development of
the country.

➢ Generate Employment

Entrepreneur is not the job seekers but job creators and job providers. With the globalization
process the government jobs are shrinking leaving many unemployed. In the circumstances,
the entrepreneurs and their enterprises are the only hope and source of direct and indirect
employment generation. Entrepreneurs provide immediate large-scale employment to the
unemployed which is a chronic problem of underdeveloped nations. With the setting up of
more and more units by entrepreneurs, both on small and large-scale numerous job
opportunities are created for others. As time passes, these enterprises grow, providing direct
and indirect employment opportunities to many more. In this way, entrepreneurs play an
effective role in reducing the problem of unemployment in the country which in turn clears the
path towards economic development of the nation.

➢ Improve Standard of Living of People

Entrepreneurial initiative through employment generation leads to increase in income and

purchasing power which is spent on consumption expenditure. Increased demand for goods
and services boosts up industrial activity. Large scale production will result in economies of
scale and low cost of production. Modern concept of marketing involves creating a demand
and then filling it. Entrepreneurs provide immediate large-scale employment to the

19
unemployed which is a chronic problem of underdeveloped nations. With the setting up of
more and more units by entrepreneurs, both on small and large-scale numerous job
opportunities are created for others. As time passes, these enterprises grow, providing direct
and indirect employment opportunities to many more.

➢ Wealth Creation and Distribution

It stimulates equitable redistribution of wealth and income in the interest of the country to more
people and geographic areas, thus giving benefit to larger sections of the society.
Entrepreneurial activities also generate more activities and give a multiplier effect in the
economy.

➢ Increasing Gross National Product and Per Capita Income

Entrepreneurs convert the latent and idle resources like land, labor and capital into goods and
services resulting in increase in the national income and wealth of a nation. The increase in
national income is the indication of increase in net national product and per capita income of
the country. Entrepreneurs are always on looking out for opportunities. They explore and
exploit opportunities, encourage effective resource mobilization of capital and skill, bring in
new products and services and develops markets for growth of the economy. In this way, they
help increasing gross national product as well as per capita income of the people in a country.
Increase in gross national product and per capita income of the people in a country, is a sign of
economic growth.

➢ Promotes Country's Export Trade

Entrepreneurs help in promoting a country's export-trade, which is an important ingredient of

economic development. They produce goods and services in large scale for the purpose earning
huge amount of foreign exchange from export in order to combat the import dues requirement.
Hence import substitution and export promotion ensure economic independence and
development.

➢ Facilitates Overall Development

Entrepreneurs act as catalytic agent for change which results in chain reaction. Once an
enterprise is established, the process of industrialization is set in motion. This unit will generate
demand for various types of units required by it and there will be so many other units which
require the output of this unit. This leads to overall development of an area due to increase in

20
demand and setting up of more and more units. In this way, the entrepreneurs multiply the
entrepreneurial activities, thus creating an environment of enthusiasm and conveying an
impetus for overall development of the area. The entrepreneur who is a business leader looks
for ideas and puts them into effect in fostering economic growth and development.
Entrepreneurship is one of the most important inputs in the economic development of a country.
The entrepreneur acts as a trigger head to give spark to economic activities by his
entrepreneurial decisions. He plays a pivotal role not only in the development of industrial
sector of a country but also in the development of farm and service sector.

• Negative Impact of Entrepreneurship in Economic Development of Odisha

There are various ways in which entrepreneurship is identified to have negative

(adverse)impact on the economic development of India, thus not all types of entrepreneurships
are good for economic development. As a consequence, there has even been an argument for a
tax on entrepreneurship. Herein I will briefly review this literature. The most salient adverse
effects of entrepreneurship can be due to either: (a) perverse allocation towards activities that
are personally profitable but socially destructive or unproductive; and (b) low quality
entrepreneurship that may have negative externalities.

➢ Perverse allocation of entrepreneurial talent

We have identified a view of entrepreneurship, associated with the development of the

economy, that see entrepreneurship as a ubiquitous in society, but with different impacts on
economic development, which will depend on whether entrepreneurial ability is allocated
towards productive, or non-productive, destructive or evasive ends. The latter, perverse
allocation — The ‘misallocation’ of entrepreneurial ability may hinder economic development
(Acemoglu 1995; Mehlum et al. 2003).

It is not only the absence of good institutions that may result in the inappropriate
allocation of entrepreneurial ability. Slow economic growth in itself may cause the wrong
allocation of ability and entrepreneurship. For instance, it is well known that when economic
growth is low and employment opportunities in the formal sector are scarce, that self-
employment will rise, and that this rise will include a large proportion of people with low levels
of entrepreneurial ability. However, during periods of low economic growth the incentives for
innovation, as in bringing new goods to market, will be low, since the demand for new goods
tends to have an income elasticity of greater than one. Entrepreneurs of high ability will
therefore engage in rent-seeking activities rather than productive entrepreneurship, and this re-
21
allocation of entrepreneurial talent will be greater in countries with higher levels of wealth or
natural resources from which rents may be extracted (Murphy et al. 1991:520). Thus, in such
circumstances the quality of the entrepreneurial pool in a country worsens from both the inflow
of low-ability entrepreneurs as well as the outflow of high-ability entrepreneurs. This will lead
to further restrictions from the side of credit markets, in the form of higher interest and/or
collateral requirements which may further push out talented entrepreneurs. The consequence is
that poor countries may be caught Ina self-reinforcing ‘Entrepreneurial’ Development trap.

Mehlum et al. (2003:276) present a model to show how a poor country can become
trapped in low development as a result of the misallocation of entrepreneurial talent towards
what they term ‘predation’. In their model, an entrepreneur must make a choice between
becoming a ‘predator’ or ‘prey’ (i.e., a producer). Predator activities include theft, extortion,
bribery, and fraud. Economic growth and development itself will influence this choice: they
state that ,’at a low level of development, predation is more attractive than at higher levels.’
This is because of insecure property rights. Economic growth and the inflow of new
entrepreneurs is, in their model, an escape from this trap, as economic growth increases the
incentives/profits from productive activities, as well as increasing the ability of government to
improve law enforcement. Such a new inflow of entrepreneurs has been argued to adverse
effect on economic development and even ‘Crowd-out’ rents by providing new and substitute
opportunities(Baland and Francois 2000:528).

This is however also an important reason why new entrepreneurial ventures

are often repressed in many poor countries.

Finally, Naudé (2007) discusses the role of entrepreneurs during and after conflict, and
points out that the activities of entrepreneurs during conflict, especially of destructive
entrepreneurs who benefit from the conflict, may make post-conflict transition difficult to
achieve. He argues that at least six dimensions need to be taken into consideration in addressing
the role of entrepreneurs in post-conflict situations, namely: the context of the war; the
relationship between institutions and entrepreneurship; the role played by
ethnic/immigrant(minority) entrepreneurs and entrepreneurs in diaspora; the scope of the
market; human and financial capital requirements; and appropriate forms of government
support.

22
 ➢ Low quality entrepreneurs

The ability of entrepreneur is difficult to observe and as such measures to facilitate the entry
of entrepreneurs may also encourage entrepreneurs of low ability.

De Meza and Webb (1987; extended in 1999) show that credit market imperfects
may lead to overinvestment and not underinvestment as in the Stiglitz and Weiss (1981) model,
when ability (and profits) differs amongst entrepreneurs, and accurately judge ability. In
essence high profit (ability) entrepreneurs subsidize low profit (ability) entrepreneurs. They
argue that a tax on interest rates in such a case could improve social welfare. Parker (2003)
builds on De Meza and Webb and shows that their conclusions are only likely to hold under
special conditions. Ghataket al. (2007:2) point out that entrepreneurial ability affects the
success of a firm, which in turn matters for the probability of the entrepreneur repaying a loan.
Because banks cannot observe any entrepreneur’s ability, interest rates on start-up capital will
reflect average entrepreneurial ability. If the proportion of entrepreneurs of low ability
increases, it will result in higher borrowing costs, which impose a negative externality on
entrepreneurs of high ability, who will consequently borrow and invest less.

A second channel through which the entry of entrepreneurs with low ability
might hinder economic development is through the impact of entrepreneurial ability on the
productivity of employed workers. Entrepreneurs of low ability will have less productive
workers, who will earn lower wages. By reducing wage costs, these entrepreneurs in effect
lower the opportunity costs of entrepreneurship or self-employment, and facilitate the entry of
more low-ability entrepreneurs (Ghatak et al. 2007:2).

23
DATA ANALYSIS AND INTEPRETATION OF OYO ROOMS

• RITESH AGRAWAL, FOUNDER & CEO, OYO ROOMs

Ritesh Agarwal is the 21-year-old founder of hotel listings startup called OYO Rooms. He is
born and brought up in Bissam Cuttack, a village in Rayagada district. His venture OYO
Rooms, partners with property owners across India and makes sure the facilities meet up to the
standard with a starting price of 999 rupees. Through OYO platform, guests can check in and
out instantaneously instead of waiting at a reservation desk. He has raised $25 million (Rupees
150 Crore) from Lightspeed, Sequoia and others to build a branded budget hotel network across
India. He is the Founder and Chairman of our Company, which he founded in 2012. He began
his career as an entrepreneur, and was accepted to the Thiel Fellowship in 2013. He has been
recognized as a young innovator and business leader at multiple global forums including by
Bloomberg Businessweek in the Bloomberg 50 List (2019), Financial Times in the Change-
makers 30 Most Exciting Young People (2019), Fast Company among The Most Creative
People (2018), Forbes India with the Tycoons of Tomorrow Award (2018), GQ in the 50 Most
Influential Young Leaders (2016, 2017), Forbes 30 under 30 (2016) and The Economic Times
list of 40 under 40 (2016). He serves as a FICCI Executive Committee Member and as the
Board Member of Management Development Institute (Gurgaon, India). He completed his
secondary schooling from St. Johns Senior Secondary School, Kota, Rajasthan and is a college
drop-out . Total No. of Shares he hold-52,23,60,000, Percentage holding = 8.21%

FINANCIAL INFORMATION FOR LAST 3 YEARS

(Source-OYO official website)

24
INTERPRETTION

Revenue Growth:- Revenue has grown at a yearly rate of 35.85% y-o-y over the last four years
(FY18 to FY22), and revenue for the 2022 year has grown by 20.69% comparing with last year
2021.

(Source-OYO official website)

INTERPRETATION

Total revenue for the company increased 18% in 2022 y-o-y with increasing sale of
accommodation services and commission from bookings also other operational services.

(Source-OYO official website)

25
INTEPRETATION

The company's equity has declined since the company's restated loss has grown under retained
earnings, hurting the company's total equity, which has decreased 47% y-o-y in FY22. This
situation has manifested itself in the decrease in book value.

(Source-OYO official website)

INTEPRETATION

The net operating loss of the company has improved in FY22 of ₹1,334 Cr. compared to ₹2,218
Cr. in FY21 because depreciation and amortization expenses decreased by ₹298.83 Cr. in FY21
from ₹391.81 Cr in FY21 primarily due to a decrease in depreciation of right of use assets as a
result of a significant reduction in the number of patron contracts with monthly minimum
guarantee payments from us, a reduction in our leased office premises, and a decrease in
depreciation of property, plant, and equipment as a result of the streamlining of operations in
the company's self-operated co-working and co-living spaces businesses due to lower demand
in FY21.

26
 (Source-OYO official website)

INTERPRETATION

Negative cash flows were observed in FY21, primarily due to operating losses and increased
working capital requirements, which were primarily attributable to a decrease in trade payables
of ₹1,391Cr, a decrease in other non-financial liabilities of ₹ 85.51Cr, and a decrease in other
financial liabilities of ₹65.61Cr, which were partially offset by a decrease in trade receivables
of ₹441.72 Cr, a decrease in other non-financial assets of ₹352.35 Cr.

((Source-OYO official website)

27
INTEPRETATION

OYO Operating Efficiency:-The operating ratios of the company are in negative which is not
good for the company, The COVID-19 pandemic has adversely impacted, travel and tourism
have been disproportionately affected, as governments have implemented travel restrictions
and as people have become reluctant to travel irrespective of such restrictions. The financial
results for the last quarter of FY20 and the whole of FY21 were materially and adversely
affected by the COVID-19 pandemic. The revenue from contracts with customers declined by
69.9% from ₹13,168.15 Cr in FY20 to ₹3,961.64Cr in FY 2021 also in 2022 revenue of the
company increased and revenue from operations can be positive in coming years.

(Source-OYO official website)

INTEPRETATION

The company’s ROA increased to roughly 63% y-o-y in FY21, although it is still negative. In
FY20 and FY21, the corporation made no significant long-term or short-term investments. The
company’s cash equivalent, on the other hand, has decreased by about 39% y-o-y in FY21 as
a result of undrawn committed borrowing facilities (INR 903.32 Cr in FY21 and INR 904.42
Cr in FY20). On the other hand, the holding company has a lien of INR 5.156Cr. (31 March
2020: INR 4.88 Cr, 31 March 2019: INR 4.57Cr.) for bank guarantees given to SREI
Equipment Finance Limited and SBI credit cards, and INR0.09 Cr (31 March 2020: INR 0.013
Cr, 31 March 2019: INR0.083 Cr) for bank guarantees given to Government authorities.

28
 (Source-OYO official website)

INTEPRETATION

Earning yield of the company remained unchanged with respect to FY21.

(Source-OYO official website)

29
 CONCLUSION

The state like Odisha, have better opportunity for start-up entrepreneurs and could draw the
attention at the global perspectives. Proactive role of the government would bring new changes
in the fields of good governance for smooth and hassle-free services, setting up start- up council
towards effectiveness and sustainability of the project, stringent action by task force and in
time funding assistance. However, still there are few areas being under bracket like; can it be
helpful to generate viable employment opportunity for low skill personnel? challenges to meet
demand and supply of services, product as well as employment and finally the capability of
existing institutes within Odisha is to be measured.

The Odisha government has decided to include entrepreneurship as a part of the school
curriculum to reach out to young minds and motivate them to be an entrepreneur instead of
running after jobs only.

The entrepreneurship has positive impact on economic development in Odisha

as it gears up capital formation, generate huge employment, improve standard of living of the
people of the nation, boost up wealth creation and decentralized distribution of economic
resources, increases Gross National Product (GNP) and per capita income, promotes country's
export trade and facilitates overall development of the nation.

Entrepreneurship will have negative/adverse impact on economic development in

Odisha in 2 conditions: (a) perverse allocation towards activities that are personally profitable
but socially destructive or unproductive; and (b) low quality entrepreneurship that may have
negative externalities the capability of existing institutes within Odisha is to be measured.

The State Government may hold quarterly sensitization workshops for various Government
departments and officials to encourage them to interact with startups to understand their
concerns. The State may train State-supported incubators through capacity development
workshops by collaborating with incubators from other States to explore mutual learning
opportunities. The training can be conducted by industry experts to mitigate operational and
functional impediments. The State may conduct monthly virtual programs spread across
various districts to sensitize potential investors on investment in startups. These programs can
be knowledge sharing sessions, and one-onone interactions to facilitate investor to investor
connect.

30
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