Preface
In today’s world there are no kings or kingdoms to inspire us, their place has been taken by the ultra rich and ultra successful handful of extremely risk loving “Entrepreneurs” like Dhirubhai Ambani, Azim Premji, Narayan Murthy, Kumar Mangalam Birla, and very young and highly ambitious entrepreneurs like Binny Bansal, Bhavesh Aggarwal and so on. The success cum struggle stories of these entrepreneurs is inspirations for all the young dreamers of today!
Entrepreneurs play a key role in an economy especially in a developing one like India. An entrepreneur is a risk taking individual who while riding high on his innovativeness, passion and ability to coordinate means of production come out with novel products and services. Through his skills and initiative, he anticipates current and future needs and brings new products and services to market. Entrepreneurs, who prove their grit and creativity by adding new dimensions in the market, get rewarded seen as an innovator, a source of new ideas, goods, services and business or procedures. Embarking on the entrepreneurial career path to “being your own boss” is though exciting yet challenging. However before embarking on entrepreneurial journey, an entrepreneur should ask the following questions:
• Do I have the personality, temperament and mindset to take on the world on my own terms?
• Do I have the required resources and support to devote all my time to my venture?
• Do I have the required network to seek help and advice as needed? their expertise?
dependencies on external factors? in the existing market? how my competitors will react?
scalability plans ready for larger markets?
does not work?
This book helps us in understanding and answering all these questions and giving wings to the many dreamers who want to make big in life through creativity, passion and hard work.
The main objective of writing this book is to provide readers with a comprehensiveship” and also to inspire them with the dream of becoming the next BIG Entrepreneur.
Unit one covers the basics about the entrepreneurship, the type of entrepreneurs and the role of entrepreneurship in economic development of a country.neurs, the medium and small enterprises and also information about the family business that has been proliferating in India since the time immemorial.
The third unit covers the contents with reference to making of the business plans while highlighting the importance of creativity and innovation. It also covers the various challenges to be faced by the businessman while detailing about the business planning process and how business can be scaled further by an entrepreneur.
The fourth unit considers the mobilisation of resources and the challenges related to them. It covers the topic like writing the funding proposal plan and traditional sources angel investors and business incubators.
of India to promote entrepreneurship culture in India.
This book explains various concepts, techniques, ways and challenges related with Entrepreneurship with relevant case studies at appropriate places.
still, there may be some unintentional errors. Readers are welcome to send all comments, suggestions and improvement ideas at drvandana.srcc@gmail.com. We will ensure that suggested changes will be appropriately accommodated at the relevant places in the book.
Best of Luck to all the students for their examinations and a bigger exam called ‘life’!
Dr.VandanaJain
Associate Professor Shri Ram College of Commerce
University of Delhi
Chapter 1: Basics of
Chapter 2: Dimensions of Entrepreneurship
Types of Entrepreneurs
Chapter 3: Women Entrepreneurship
Chapter 5: Business Groups and Family Business
Chapter 6: Profiles of Noted Indian Entrepreneurs
Chapter 7: Creativity and Innovation
Chapter 8: Sources of Business Ideas
Chapter 9: Feasibility Study
Chapter 11: Business Processes
Managerial Aspects
2 Dimensions of Entrepreneurship
Understand evolving dimensions of Entrepreneurship– Intrapreneurship, Technopreneurship, Netrpreneurship, Cultural entrepreneurship, International entrepreneurship, Ecopreneurship and Social entrepreneurship Learning Objectives
Opening
Case :
The Edible Cutlery: An alternative to plastic cutlery
In 2013, The falling level of groundwater in the region of Hyderabad, persuaded Indian Environmentalist, Narayana Peesapaty to examine the reasons for dwindling water reservoirs. The examination of rainfall records, revealed nothing unusual, but he observed a massive that replacement of Millet - the poor man’s food, with rice - an ever thirsty crop, requiring 60 times more water than millet, has led to the farmers as well as the Government, he toyed with the idea of producing “edible cutlery”, using Millet. To nurture his idea, he quit his job and cutlery went Viral, he started receiving corporate orders. His idea of edible cutlery using millet, not only boosted the production of Millet in the hazardous plastic cutlery. To further augment the production of Millet - a sustainable crop - the government declared the year 2018 - as the National Year of Millets.
Introduction
“Virgin could never have grown into the group of more than 200 companies it is now, were it not for a steady stream of intrapreneurs who against the grain.” –
Richard Branson, Founder, Virgin Atlantic Airlines
DIFFERENT DIMENSIONS OF ENTREPRENEURSHIP
2.1 Intrapreneurship
It is the practice of entrepreneurship by an employee in an established organization to convert a lucrative idea in to a business opportunity. Intrapreneurs can be either the employees or even leaders in an organization riding high on self motivation, creativity, and innovation while assuming who take hands on responsibility for creating innovation of any kind without being asked to do so”.
2.1.1 Definition of Intrapreneurship
According to American Heritage Dictionary an intrapreneur means, “A person within a large corporation who takes direct responsibility for turning innovation”. Intrapreneurship is also known as Corporate Entrepreneurship, where formal structures for promoting intrapreneurship lead to greater organization’s employees feel discontented and demotivated to pursue the experience the need to innovate either the mechanism, or product or processes to either redo or undo or outdo the earlier ways of doing the business. If not properly stimulated and encouraged, such employees may leave the organization and start new entity of their own. But when properly nurtured, a novelty. Such Intrapreneurs while drawing from organisation’s resources, become exceptional at leading the teams and make quick decisions to seize the opportunity. as well as for the organization as they chalk out the strategy to convert unconventional, out of the box ideas into viable and lucrative business models. For example, at a reputed company Lockheed Martin, a passionate employee,
Kelly Johnson, came up with the idea of creating Advancement Development Program (ADP), popularly named as “Skunk Works”,
up with such valuable Innovation, only when they were allowed to operate
When organizations develop an ecosystem to nurture intrapreneurship then it is also referred as Corporate Entrepreneurship. Now Corporate
widely practiced by umpteen companies across the globe. Noted global companies like Google, Intel, 3M and Siemens are some of the companies that promote intrapreneurship within their organizations, allowing their employees to spend a certain percentage of their time on innovative ideas that are not related to their normal jobs. For example, animation world was swept by its feet when employee of invented Xbox, a Gaming Console. It would not have been possible without consultancy companies like have devised formal programmes to motivate their employees to innovate. Closer home Indian companies like Infosys, TCS and Kinetic India have also created new products and utilities through the various inhouse innovations developed by their creative employees.
in an organization, then the business has to look outside for entrepreneurship. In the 21st century organisation should nurture conducive environment, responsibility and risk taking amongst employees.
2.1.2 Importance of Intrapreneurship
By inculcating intrapreneurship in an organisation, while companies gain and develop a competitive edge for themselves in the industry, employees also
The Importance of Intrapreneurship in an organization can be described as below:
to identify the lucrative idea. He needs to test whether idea is user and strategies of the organization.
2. Idea presentation: The intrapreneur clearly presents the idea to other members of organization and takes their feedback and suggestions for improvement.
3. Ideas implementation: To implement the discussed proposals, the intrapreneur forms a team which puts the idea in action and converts the idea into an enterprise.
4. Strategy and Planning: help the entrepreneur/organization to win over their competitors and grab every lucrative opportunity.
5. Expansion of the enterprise: The ultimate goal of Intrapreneurship is to create that kind of entrepreneurial mindset and infrastructure which are needed to support growth in an organization.
6. Fostering Innovation in the organization: Intrapreneurship fosters organizational growth while strengthening employee morale and productivity. Intrapreneurship primarily thrives on the innovation and creativity of employees. Intrapreneurship and innovation are so without innovation.
7. Leadership: Last but the utmost task of an intrapreneur is to be the leader and drive other employees within his team and then the organization
2.1.3 Drivers of Intrapreneurship
During the recent years, there has been growing interest in intrapreneurship
1. Urgency to harness an internal environment to support and sustain innovation in an organisation.
2. Need to engage and nurture the best and brightest talent in the organization the business.
5. Need to generate new businesses facilitating growth.
2.1.4 Identifying and Cultivating Corporate Entrepreneurs
As intrapreneurs are crucial for success as well as for transformation of organizations, organizations must carefully identify its individual intrapreneurs among its employees. Those exhibiting entrepreneurial traits like vision, passion, willingness to take risks and demonstrated leadership skills should be properly trained as well as encouraged to experiment and innovate to add value to the business. A company should develop a complete creative ideas will be addressed and resultant innovations will be supported by the company.
What organization should do to promote intrapreneurial environment?
• Top management should be receptive and welcome innovative ideas with open arms.
• Adequate and timely allocation of resources to strengthen innovation.
• 360 degree of communication to facilitate two way communications between employees and senior management level to voice and illustrate ideas and suggestions.
• Orientation towards creating value rather than wealth.
• Timely recognition and reward system for nurturing intrapreneurship.
2.1.5 Rising Intrapreneurs Around the world
Beyond the success of famous entrepreneurs like Steve Jobs, Elon
Pandemic, technology and innovations are seen as the true harbinger of growth by nor only companies but by countries as well. Following is the story of Richard Montanez the developer of Flamin Hot Cheetos by U.S.A. Frito Lays company.
Richard Montanez was born and brought in very modest family and was factory as a Janitor at the age of 18. Richard while doing his mundane job also day when he heard the CEO of Frito Lays urging employee to “Act like an Owner”, Richard’s idea of developing a snack catering to traditional tastes of Latino communities, saw the light of the day. He called up the CEO of Frito Lay from the factory phone to share his idea. Enrico, the CEO liked his idea and approved his project to come up with now what is knows as “Flamin Hot Cheetos” a multi billion U.S.D. product, being a very successful and popular snack time of Frito Lay. Later on, Richard donned the hat of V.P. cultural Pepsi Co.
Some of the other noteworthy intrapreneurs in the past are. Jen Kuntang developing “Play Station” a gaming console for Sony, Paul Buchheit developing
2.1.6 Difference between Entrepreneur and Intrapreneur
BasisEntrepreneurshipIntrapreneurship
1. Engagement Creates a companyWorks within and for a company sharing
Enjoys the whole credit if successful and draws new high for further growth
Enjoys credit partially as works for an entity.
3. Constraints Financial, personal or environmental Organisational, hierarchical and environmental
Government support technology and grants
Present in large organizations and varies from one to another
5. Exposure to risk DirectIndirect, as company shields him
6. Authority and He creates his own rules and also responsible for them He has a reporting boss and
2.2 Technopreneurship
It is the application of entrepreneurship in a technology intensive context to develop new products, processes and or services for self, organization or technology to come out with novelty, he is said to be technopreneur.
A technopreneur is an entrepreneur who is technology driven, innovative and risk taker to assume unexplored path. A technopreneur enjoys both technology and business skills to capture high growth opportunity. He uses technology to arrive with new products utilities or services through a process of commercialization. Technopreneur constantly remain engaged in either armed with technology based solutions.
Some of the iconic technopreneurs like have innovated some of the most marvelous innovations for human kind. By combining their technical and intellectual knowledge with commerce, these technopreneurs have created highly appreciable products, utilities and services for society and wealth and repute for themselves. These inventions by visionary entrepreneurs have led large scores of people to experiment,
concurrent, M2M ( Machines to Machines).
Machines to Machines is a subpart of drive called as Internet of things, initiated by our Honorable Prime Minister Shri Narendra Modi. Internet of things is the drive to electronically connect machines to machines over large
Now various websites like Alibaba.com, Myntra.com, Naukri.com, Du.ac.in, Mygov.in, LinkedIn, Health.com and so on facilitate people to manage businesses, do shopping, search jobs, gain education, comply with
Government norms, socialize with society and also take care of their health while being online.
As nothing comes free of cost, too much invasion and dependence on technology has once again enslaved humankind, but this time to technology. The increasing addiction to technology has swept away people from reality meanwhile also highlighting the need to reorient entrepreneurs towards more socially and environmentally sustainable business models.
2.3 Netpreneurship (E-Entrepreneurship/Cyberpreneurship)
The virtual world of internet has opened sea of opportunities for scores of individuals, organizations, society and nations. Through a personal computer, now even through a mobile phone one can buy/sell/ use or reuse a product or service available online. Now businesses in particular startups have also noted mortar to online business to witness as well as gain the rewards of technology.
2.3.1 Meaning of Netpreneurship
Netrpreneurship is the process of identifying and pooling bunch of resources to convert a promising opportunity in to a viable business venture online. It is the internet based entrepreneurship that works through online domain only.
When a person matches his ‘intellectual capital’ with’ ‘connectivity’ employing other employees for carrying online services. A Netpreneur can be a self employed individual or one who predominantly employs several virtual employees
2.3.2 Definition of Netpreneurship
The Longman Dictionary of Contemporary English ‘’net-preneur’’, ”as someone who has started an Internet business”. A Netpreneur is a person who creates, delivers products and services through online mode.
Netrpreneurship enables the businesses and in particular startups to identify engage and retain consumer through social or company based portals for exchange of goods, services and ideas. The escalating costs, complexity and the saturated markets in brick and mortar mode has led many entrepreneurs steps through netpreneurship only. For e.g. the world’s leading company
a garage. Other similar companies include com, Flipkart.com, monster.com and so on.
Now days, with the advent of internet-based technologies like email, communicate with global employers, has made working from home much easier and enjoyable for large number of self employed people. A home small business (i.e., real estate, pet care, legal services) and for some Internetbased business including email marketing services, consulting services or e-commerce services.
Those entities that mainly operate in virtual world and engage into some establishments. Due to rise in the are created to cater to these kinds of netpreneurs who thrive their businesses through the internet medium.
As we research and experiment further between zero and one (language understood by computers), Netrpreneurship will be the face of future business, holding unimaginable potential for meteoric growth of not only businesses but also of people and their respective nations.
However, the business should also remain wary of the pitfalls of running online business. Online business may involve cyber crimes like hacking, phishing, morphing and so on.
2.4 International Entrepreneurship
capitalizing on creativity, risk taking and innovativeness, internationalize their operations across national boundaries. Through international picks the ways to reach the end customers in international markets.
across allied foreign markets meanwhile milking the economies of scale and
Some of the prerequisites for international venturing may include factors with much needed environmental scanning.
geographical spaces. Though through both the processes, the entrepreneur riding high on his innovativeness and risk taking aims to create, recreate and
of entrepreneurship. In case of international entrepreneurship, networking across foreign partners in terms of institutions or organizations is paramount to the success rate of such ventures. While in domestic entrepreneurship, the entrepreneur leverages his innate talent, skills by pooling resources with in
These startups right from the stage of inception harbor international orientation and begin their operations at international level. For example, Logitech, the computer peripherals company, manufacturing even PCs today, has international orientation right from the California and Switzerland.
2.4.1 Definition
According to renowned researchers, International entrepreneurship is the discovery, enactment evaluation and exploitation of opportunities— across national borders—to create future goods and services.”
International entrepreneurship includes various outlets through which licensing, international franchising , international cooperative alliances,
For example companies like Adidas, PepsiCo., KFC, Starbucks etc. have international operations all over the world.
Further it will also include new joint venture, IPO, when entrepreneurial activities require networking and resources to further penetrate and act as ‘Local while being Global’.
successively starting from exporting and then gradually maturing towards
Therefore, to begin with large number of start-ups may resort to exporting before leapfrogging their way in international market by gradually embracing FDI. Especially for Small and Medium size enterprises, exporting is promising opportunity through which they can gain knowledge of international markets, marketing scenario,
relevant rules and regulations and later leverage their learning and experiences to relocate their production to overseas locations also.
2.4.2
Difference between Domestic Entrepreneurship and International Entrepreneurship
Table 1
BasisDomestic entrepreneurshipInternational entrepreneurship
1. Orientation DomesticInternational
2. Format of entry Registration of entity under relevant domestic laws Registration under domestic and international laws
3. Ease of Fairly convenientComplex and dynamic
4. Technological to a single country
Technological advancement countries
5. Cultural sensitivity Understanding of local cultureing of cultural diversity among customers and employees
6. Government Compliance with domestic country relevant rules and regulations Multi Governments rules and regulations for entry, operations and exit
7. Economic system Understanding of local system economic systems and various markets Limited to market sizeUnlimited opportunities
9. Risk and LimitedHigh and unlimited
2.4.3
Factors to be Considered while Entering Foreign Markets
A careful analysis of following factors have to be done before the
Entrepreneurship & New Venture Planning
AUTHOR : VANDANA JAIN
PUBLISHER : TAXMANN
DATE OF PUBLICATION : JANUARY 2025
EDITION : 2025 EDITION
ISBN NO : 9789364557498
NO. OF PAGES : 328
BINDING TYPE : PAPERBACK
DESCRIPTION
This book is a comprehensive roadmap for anyone aiming to harness creativity, passion, and hard work to create something impactful. Aligned with the National Education Policy (NEP-2020) and the Undergraduate Curriculum Framework (UGCF-2022), this text provides students with a deep understanding of entrepreneurship—its theories, challenges, and potential for individual and societal transformation. The principal aim of this book is two-fold. First, it empowers readers with knowledge of entrepreneurship as both a theoretical and practical discipline. Whether you’re a student considering your first venture or an innovator with a promising idea, this book’s foundational concepts, case studies, and frameworks will guide you forward. Second, it inspires by showcasing how ordinary individuals have built extraordinary businesses through creativity and resilience. While primarily designed for undergraduate commerce and entrepreneurship students, this book is also valuable for:
• Aspiring Entrepreneurs seeking foundational knowledge before launching a business
• Family Business Owners aiming to modernise traditional enterprises
• Corporate Intrapreneurs looking to drive innovation within organisations
• Educators and Mentors guiding the next generation of founders and innovators
The Present Publication is the 1st Edition, authored by Dr. Vandana Jain, with the following noteworthy features:
• [Comprehensive Coverage] Aligned with UGCF-2022, each chapter covers key aspects of entrepreneurship—from foundational concepts to resource mobilisation, marketing, and government initiatives
• [Clarity and Precision] Simplifies complex theories and definitions for easy understanding
• [Chapter Schemes and Summaries] Each unit starts with an overview and ends with concise revision points to track progress
• [Practical Exercises and Case Studies] Encourages hands-on learning through:
o Scenario Analyses – Explore diverse case studies to understand market dynamics and leadership styles
o Business Plan Competition – Design comprehensive business plans, identify funding sources, and assess scalability
o Government Policy Review – Analyse initiatives like ‘Make in India’ and ‘Startup India’ that have transformed India’s entrepreneurial landscape
• [Focus on Innovation and Startup Ecosystem] Addresses India’s rise as a global startup hub by:
o Equipping students with the vision and skills to navigate a rapidly changing business environment
o Providing frameworks and resources to transform ideas into sustainable enterprises
o Enabling learners to identify and mitigate risks, bridging the gap between dreams and action